ATHENS, Greece--(BUSINESS WIRE)--Danaos Corporation (“Danaos”) (NYSE: DAC), one of the world’s largest independent owners of containerships, today reported unaudited results for the period ended June 30, 2021.

Highlights for the Second Quarter and Half Year Ended June 30, 2021:

• Adjusted net income¹ of $68.9 million, or $3.34 per share, for the three months ended June 30, 2021 compared to $42.5 million, or $1.71 per share, for the three months ended June 30, 2020, an increase of 62.1%. Adjusted net income¹ of $126.9 million, or $6.17 per share, for the six months ended June 30, 2021 compared to $75.8 million, or $3.06 per share, for the six months ended June 30, 2020, an increase of 67.4%.
• Operating revenues of $146.4 million for the three months ended June 30, 2021 compared to $116.8 million for the three months ended June 30, 2020, an increase of 25.3%. Operating revenues of $278.5 million for the six months ended June 30, 2021 compared to $223.0 million for the six months ended June 30, 2020, an increase of 24.9%.
• Adjusted EBITDA¹ of $103.7 million for the three months ended June 30, 2021 compared to $80.1 million for the three months ended June 30, 2020, an increase of 29.5%. Adjusted EBITDA¹ of $200.0 million for the six months ended June 30, 2021 compared to $152.0 million for the six months ended June 30, 2020, an increase of 31.6%.
• Total contracted operating revenues were $1.75 billion as of June 30, 2021, including the Gemini vessels that were acquired in July 2021, with charters extending through 2028 and remaining average contracted charter duration of 3.4 years, weighted by aggregate contracted charter hire.
• Charter coverage of 92% for the next 12 months based on current operating revenues and 90% in terms of contracted operating days.
• We have collected an aggregate amount of $69.5 million of mandatory repayment of ZIM and HMM notes plus accrued interest of nearly $10 million in the six months ended June 30, 2021. Additionally, we have sold 2 million ZIM ordinary shares for net proceeds of $76.4 million in the six months ended June 30, 2021.
• Danaos has declared a dividend of $0.50 per share of common stock for the second quarter of 2021, which is payable on August 30, 2021 to stockholders of record as of August 16, 2021.

Danaos’ CEO Dr. John Coustas commented:

"The containership market has maintained its positive momentum, which is reflected in increasing rates for both containers and vessel charters. Danaos is continuing to secure charters for its vessels for periods of between three and five years. It is noteworthy that some of these charters do not even begin until the middle of 2022. The market appears to be in short supply until at least the end of next year, and we have strong leverage to this dynamic.

The pandemic is continuing to cause inefficiencies in the transportation chain, and there is no obvious indication that conditions will normalize in the near term. Travel bans or restrictions are continuing to impede our efforts to normalize crew changes. Despite considerable difficulty in joining and repatriation, our vessel schedules have not been affected.

Our liquidity was enhanced in the second quarter by a total of $152.6 million from the redemption of the Zim and HMM bonds and the disposition of 2 million shares of Zim stock. In the aggregate our cash balance at the end of the quarter was $294.4 million.

Financially, Danaos is in a very strong position, with cash and marketable securities totaling over $600 million, a $1.75 billion backlog of charters extended out over an average of 3.4 years and a very manageable debt repayment schedule. We are also generating significant free cash flow on the back of exceptionally strong market conditions. This gives us the capacity and the confidence to grow our core business when opportunities appear. To that end, we exercised our option to purchase 51% of Gemini, our joint venture, taking full ownership of the entity and its assets. This added approximately $160 million of contracted revenue and approximately $117 million of contracted EBITDA to our backlog, while these vessels are expected to contribute $31 million of EBITDA over the next 12 months. The effective date of the transaction was July 1, 2021, meaning it will be immediately accretive in the third quarter.

Further we sourced an opportunity to buy six modern eco-design 5,460 TEU vessels built in 2014 and 2015 at a significant discount to their charter free values. These vessels are tied to below market, though still profitable, charters expiring from mid-2022 to mid-2024. They are of similar specification to newbuilding designs offered today, and we expect to recharter them at levels significantly higher than their existing charters. We were able to fund these growth opportunities using cash on our balance sheet, and we will evaluate whether we will increase our leverage with respect to these acquisitions moving forward.

Once again, the market dynamics are in our favor, and we will continue to deliver the best results possible for our shareholders."

Three months ended June 30, 2021 compared to the three months ended June 30, 2020

During the three months ended June 30, 2021, Danaos had an average of 60.0 containerships compared to 57.1 containerships during the three months ended June 30, 2020. Our fleet utilization for the three months ended June 30, 2021 was 99.1% compared to 97.1% for the three months ended June 30, 2020.

Our adjusted net income amounted to $68.9 million, or $3.34 per share, for the three months ended June 30, 2021 compared to $42.5 million, or $1.71 per share, for the three months ended June 30, 2020. We have adjusted our net income in the three months ended June 30, 2021 for the gain on our investment in ZIM of $196.3 million, gain on debt extinguishment of $111.6 million and a non-cash fees amortization and accrued finance fees charge of $3.9 million. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.

The increase of $26.4 million in adjusted net income for the three months ended June 30, 2021 compared to the three months ended June 30, 2020 is attributable mainly to a $29.6 million increase in operating revenues, a $3.8 million decrease in net finance expenses, and a $0.5 million increase in the operating performance of our equity investment in Gemini Shipholdings Corporation (“Gemini”), which were partially offset by a $7.5 million increase in total operating expenses.

On a non-adjusted basis, our net income amounted to $372.8 million, or $18.10 earnings per diluted share, for the three months ended June 30, 2021 compared to net income of $38.5 million, or $1.55 earnings per diluted share, for the three months ended June 30, 2020. Our net income for the three months ended June 30, 2021 includes gain on our investment in ZIM of $196.3 million and gain on debt extinguishment of $111.6 million.

Operating Revenues
Operating revenues increased by 25.3%, or $29.6 million, to $146.4 million in the three months ended June 30, 2021 from $116.8 million in the three months ended June 30, 2020.

Operating revenues for the three months ended June 30, 2021 reflect:

• a $23.6 million increase in revenues in the three months ended June 30, 2021 compared to the three months ended June 30, 2020 mainly as a result of higher charter rates and improved fleet utilization; and
• a $6.0 million increase in revenues in the three months ended June 30, 2021 compared to the three months ended June 30, 2020 due to the incremental revenue generated by five vessels acquired in 2020.

Vessel Operating Expenses
Vessel operating expenses increased by $4.3 million to $32.9 million in the three months ended June 30, 2021 from $28.6 million in the three months ended June 30, 2020, primarily as a result of the increase in the average number of vessels in our fleet and by an increase in the average daily operating cost of $6,241 per vessel per day for vessels on time charter for the three months ended June 30, 2021 compared to $5,787 per vessel per day for the three months ended June 30, 2020. The average daily operating cost increased mainly due to the COVID-19 related increase in crew remuneration in the three months ended June 30, 2021. Management believes that our daily operating cost remains among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation
Depreciation expense increased by 3.2%, or $0.8 million, to $26.1 million in the three months ended June 30, 2021 from $25.3 million in the three months ended June 30, 2020 mainly due to the acquisition of five vessels and installation of scrubbers on nine of our vessels in the year ended December 31, 2020.

Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs decreased by $0.4 million to $2.5 million in the three months ended June 30, 2021 from $2.9 million in the three months ended June 30, 2020.

General and Administrative Expenses
General and administrative expenses increased by $1.1 million to $7.1 million in the three months ended June 30, 2021, from $6.0 million in the three months ended June 30, 2020. The increase was mainly attributable to increased management fees due to the increased size of our fleet and other corporate administrative expenses.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses increased by $1.7 million to $5.0 million in the three months ended June 30, 2021 from $3.3 million in the three months ended June 30, 2020 primarily as a result of the increase in commissions due to the increase in revenue per vessel and the increase in average number of vessels in our fleet.

Interest Expense and Interest Income
Interest expense increased by 33.8%, or $4.6 million, to $18.2 million in the three months ended June 30, 2021 from $13.6 million in the three months ended June 30, 2020. The increase in interest expense is a combined result of:

• a $2.2 million improvement in interest expense because of a decrease in our average indebtedness by $69.6 million between the two periods (average indebtedness of $1,465.3 million in the three months ended June 30, 2021, compared to average indebtedness of $1,534.9 million in the three months ended June 30, 2020) and a decrease in our debt service cost by approximately 0.36%;
• a reduced by $6.7 million recognition through our income statement of accumulated accrued interest that had been accrued in 2018 in relation to two of our credit facilities that were refinanced on April 12, 2021. As a result of the refinancing, the recognition of such accumulated interest has been decreased; and
• a $0.1 million increase in the amortization of deferred finance costs and debt discount related to our debt.

Net proceeds from issuance of our $300 million Senior Notes in February 2021 together with the net proceeds from a new $815 million senior secured credit facility and a new $135 million leaseback arrangement, each drawn down on April 12, 2021 were used to refinance a substantial majority of our indebtedness.

As of June 30, 2021, our outstanding bank debt, gross of deferred finance costs, was $1,165.9 million, which includes $300 million aggregate principal amount of our Senior Notes, and our leaseback obligation was $237.2 million. These balances compare to bank debt of $1,392.6 million and a leaseback obligation of $135.2 million as of June 30, 2020.

Interest income increased by $7.9 million to $9.5 million in the three months ended June 30, 2021 compared to $1.6 million in the three months ended June 30, 2020 mainly as a result of collection of accrued interest on ZIM and HMM bonds, which were redeemed by the issuers thereof during the 2021 period.

Gain on investments
The gain on investments of $196.3 million relates to change in fair value of our shareholding interest in ZIM, which completed its initial public offering and listing on the New York Stock Exchange of its ordinary shares on January 27, 2021. In June 2021, we sold 2,000,000 ordinary shares of ZIM resulting in net proceeds of $76.4 million. The remaining shareholding interest of 8,186,950 ordinary shares has been fair valued at $367.8 million as of June 30, 2021, based on the closing price of ZIM ordinary shares on the NYSE on that date.

Gain on debt extinguishment
The gain on debt extinguishment of $111.6 million in the three months ended June 30, 2021 related to our debt refinancing on April 12, 2021, as described above.

Other finance costs, net
Other finance costs, net decreased by $0.4 million to $0.6 million in the three months ended June 30, 2021 compared to $1.0 million in the three months ended June 30, 2020 due to the decreased finance costs on the refinanced debt.

Equity income on investments
Equity income on investments increased by $0.5 million to $2.2 million of income on investments in the three months ended June 30, 2021 compared to $1.7 million in the three months ended June 30, 2020 due to the improved operating performance of Gemini, in which the Company had a 49% shareholding interest.

Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $0.9 million in each of the three months ended June 30, 2021 and June 30, 2020.

Other income, net
Other income, net was $0.2 million in the three months ended June 30, 2021 compared to nil in the three months ended June 30, 2020.

Adjusted EBITDA
Adjusted EBITDA increased by 29.5%, or $23.6 million, to $103.7 million in the three months ended June 30, 2021 from $80.1 million in the three months ended June 30, 2020. As outlined above, the increase is mainly attributable to a $29.6 million increase in operating revenues, a $0.5 million increase in the operating performance of our equity investees and a $0.3 million decrease in other finance expenses, which were partially offset by a $6.8 million increase in total operating expenses. Adjusted EBITDA for the three months ended June 30, 2021 is adjusted for the gain on investments of $196.3 million, gain on debt extinguishment of $111.6 million and stock based compensation of $0.6 million. Tables reconciling Adjusted EBITDA to Net Income can be found at the end of this earnings release.

Six months ended June 30, 2021 compared to the six months ended June 30, 2020

During the six months ended June 30, 2021, Danaos had an average of 60.0 containerships compared to 56.4 containerships during the six months ended June 30, 2020. Our fleet utilization for the six months ended June 30, 2021 was 98.9% compared to 94.2% for the six months ended June 30, 2020. Adjusted fleet utilization, excluding the effect of 188 days of incremental off-hire due to shipyard delays related to the COVID-19 pandemic, was 96.1% in the six months ended June 30, 2020.

Our adjusted net income amounted to $126.9 million, or $6.17 per share, for the six months ended June 30, 2021 compared to $75.8 million, or $3.06 per share, for the six months ended June 30, 2020. We have adjusted our net income in the six months ended June 30, 2021 for the gain on our investment in ZIM of $444.2 million, gain on debt extinguishment of $111.6 million, a non-cash fees amortization and accrued finance fees charge of $9.0 million and stock-based compensation of $4.1 million. Please refer to the Adjusted Net Income reconciliation table, which appears later in this earnings release.

The increase of $51.1 million in adjusted net income for the six months ended June 30, 2021 compared to the six months ended June 30, 2020 is attributable mainly to a $55.5 million increase in operating revenues, a partial collection of common benefit claim of $3.9 million from Hanjin Shipping, a $6.2 million decrease in net finance expenses and a $0.7 million increase in the operating performance of our equity investment in Gemini, which were partially offset by a $15.2 million increase in total operating expenses.

On a non-adjusted basis, our net income amounted to $669.6 million, or $32.57 earnings per diluted share, for the six months ended June 30, 2021 compared to net income of $67.6 million, or $2.73 earnings per diluted share, for the six months ended June 30, 2020. Our net income for the six months ended June 30, 2021 includes gain on our investment in ZIM of $444.2 million and gain on debt extinguishment of $111.6 million.

Operating Revenues
Operating revenues increased by 24.9%, or $55.5 million, to $278.5 million in the six months ended June 30, 2021 from $223.0 million in the six months ended June 30, 2020.

Operating revenues for the six months ended June 30, 2021 reflect:

• a $40.9 million increase in revenues in the six months ended June 30, 2021 compared to the six months ended June 30, 2020 mainly as a result of higher charter rates and improved fleet utilization; and
• a $14.6 million increase in revenues in the six months ended June 30, 2021 compared to the six months ended June 30, 2020 due to the incremental revenue generated by five vessels acquired in 2020.

Vessel Operating Expenses
Vessel operating expenses increased by $9.4 million to $64.0 million in the six months ended June 30, 2021 from $54.6 million in the six months ended June 30, 2020, primarily as a result of the increase in the average number of vessels in our fleet and by an increase in the average daily operating cost of $6,098 per vessel per day for vessels on time charter for the six months ended June 30, 2021 compared to $5,657 per vessel per day for the six months ended June 30, 2020. The average daily operating cost increased mainly due to the COVID-19 related increase in crew remuneration in the six months ended June 30, 2021. Management believes that our daily operating cost remains among the most competitive in the industry.

Depreciation & Amortization
Depreciation & Amortization includes Depreciation and Amortization of Deferred Dry-docking and Special Survey Costs.

Depreciation
Depreciation expense increased by 4.2%, or $2.1 million, to $51.9 million in the six months ended June 30, 2021 from $49.8 million in the six months ended June 30, 2020 mainly due to the acquisition of five vessels and installation of scrubbers on nine of our vessels in the year ended December 31, 2020.

Amortization of Deferred Dry-docking and Special Survey Costs
Amortization of deferred dry-docking and special survey costs decreased by $0.2 million to $5.1 million in the six months ended June 30, 2021 from $5.3 million in the six months ended June 30, 2020.

General and Administrative Expenses
General and administrative expenses increased by $6.1 million to $18.0 million in the six months ended June 30, 2021, from $11.9 million in the six months ended June 30, 2020. The increase was mainly attributable to increased management fees due to the increased size of our fleet and increased stock-based compensation.

Other Operating Expenses
Other Operating Expenses include Voyage Expenses.

Voyage Expenses
Voyage expenses increased by $1.9 million to $9.2 million in the six months ended June 30, 2021 from $7.3 million in the six months ended June 30, 2020 primarily as a result of the increase in commissions due to the increase in revenue per vessel and the increase in average number of vessels in our fleet.

Interest Expense and Interest Income
Interest expense increased by 11.4%, or $3.4 million, to $33.3 million in the six months ended June 30, 2021 from $29.9 million in the six months ended June 30, 2020. The increase in interest expense is a combined result of:

• a $7.5 million improvement in interest expense because of a decrease in our debt service cost by approximately 0.94%, while our average indebtedness remained stable at $1,539.5 million in the six months ended June 30, 2021 compared to the six months ended June 30, 2020;
• a reduced by $10.0 million recognition through our income statement of accumulated accrued interest that had been accrued in 2018 in relation to two of our credit facilities that were refinanced on April 12, 2021. As a result of the refinancing, the recognition of such accumulated interest has been decreased; and
• a $0.9 million increase in the amortization of deferred finance costs and debt discount related to our debt.

Net proceeds from issuance of our $300 million Senior Notes in February 2021 together with the net proceeds from a new $815 million senior secured credit facility and a new $135 million leaseback arrangement, each drawn down on April 12, 2021 were used to refinance a substantial majority of our indebtedness.

As of June 30, 2021, our outstanding bank debt, gross of deferred finance costs, was $1,165.9 million, which includes $300 million aggregate principal amount of our Senior Notes, and our leaseback obligation was $237.2 million. These balances compare to bank debt of $1,392.6 million and a leaseback obligation of $135.2 million as of June 30, 2020.

Interest income increased by $8.2 million to $11.5 million in the six months ended June 30, 2021 compared to $3.3 million in the six months ended June 30, 2020, mainly as a result of collection of accrued interest on ZIM and HMM bonds, which were redeemed by the issuers thereof during the 2021 period.

Gain on investments
The gain on investments of $444.2 million relates to change in fair value of our shareholding interest in ZIM, which completed its initial public offering and listing on the New York Stock Exchange of its ordinary shares on January 27, 2021. In June 2021, we sold 2,000,000 ordinary shares of ZIM resulting in net proceeds of $76.4 million. For the six months ended June 30, 2021, the unrealized gain related to the ZIM ordinary shares still held on June 30, 2021 amounted to $367.8 million. The remaining shareholding interest of 8,186,950 ordinary shares has been fair valued at $367.8 million as of June 30, 2021, based on the closing price of ZIM ordinary shares on the NYSE on that date compared to the book value of these shares of $75 thousand as of December 31, 2020.

Gain on debt extinguishment
The gain on debt extinguishment of $111.6 million in the six months ended June 30, 2021 related to our debt refinancing on April 12, 2021, as described above.

Other finance costs, net
Other finance costs, net decreased by $0.7 million to $1.0 million in the six months ended June 30, 2021 compared to $1.7 million in the six months ended June 30, 2020 due to the decreased finance costs on the refinanced debt.

Equity income on investments
Equity income on investments increased by $0.7 million to $4.0 million of income on investments in the six months ended June 30, 2021 compared to $3.3 million in the six months ended June 30, 2020 due to the improved operating performance of Gemini, in which the Company had a 49% shareholding interest.

Loss on derivatives
Amortization of deferred realized losses on interest rate swaps remained stable at $1.8 million in each of the six months ended June 30, 2021 and June 30, 2020.

Other income, net
Other income, net was $4.

Company Contact:
Evangelos Chatzis
Chief Financial Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6480
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Iraklis Prokopakis
Senior Vice President and Chief Operating Officer
Danaos Corporation
Athens, Greece
Tel.: +30 210 419 6400
E-Mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations and Financial Media
Rose & Company
New York
Tel. 212-359-2228
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TOKYO--(BUSINESS WIRE)--Pacifico Energy K.K. (Head Office: Minato, Tokyo; Representative Director: Hiroki Matsuo) is pleased to announce the commencement of construction of a 121 MW(DC) solar power generation plant (the "Plant") in Sanda, Hyogo Prefecture from August 2021.

The EPC contractor of the Plant is juwi Shizen Energy Inc., who has extensive international experience in this field, and the Plant will be mainly constructed on the site of a golf course. Commercial operations are expected to begin in 2023. Once commissioned, the Plant will generate approximately 143 million kilowatt hours of electricity annually, contributing to a reduction of approximately 115 thousand tons of CO₂ emissions for an electricity supply period of around eighteen (18) years.

This project was mainly financed by MUFG Bank, Ltd. and Mitsubishi HC Capital Inc. with Baker McKenzie acting as legal counsel to Pacifico Energy.

Pacifico Energy has now commenced construction on fifteenth (15) solar power plants throughout Japan (including the Plant) totaling 1,293 MW(DC), eleven (11) of which (totaling 930 MW(DC)) have been completed and are now in commercial operation.

Leveraging the know-how and expertise accumulated and refined through extensive experience with development, construction and asset management of utility-scale solar power plants, Pacifico Energy will continue to develop, construct, and operate renewable energy power plants to promote a low-carbon society. Pacifico Energy is committed to its support of renewable energy as a stable, long-term, clean-power solution in Japan, and will continue to cooperate with local and regional communities to realize a more sustainable world.

Contact Information in Japan
Pacifico Energy K.K.
+81-3-4540-7830
Public Relations Division
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https://www.pacificoenergy.jp/en/contact-us/

MINNEAPOLIS--(BUSINESS WIRE)--Polaris Inc. (NYSE: PII) announced today that it has appointed Darryl Jackson to the Company’s Board of Directors effective July 29, 2021.

“On behalf of the entire Board, we are very pleased to welcome Darryl and look forward to the valuable insights and perspectives that he will bring,” said Polaris’ Board Chair, John Wiehoff. “His deep financial expertise coupled with his wealth of experience in the automotive sector will help to accelerate Polaris’ long-term growth and position the Company for continued success.”

Jackson is currently vice president at Hendrick Automotive Group, the largest privately held automotive retail organization in the United States. Prior to Hendrick Automotive Group, he served as director of the Financial Services Advisory Group at PricewaterhouseCoopers and spent nearly 20 years at Chrysler Automotive Corporation in various finance, marketing, and product planning leadership roles. Jackson is a certified public accountant. He earned his MBA from Harvard Business School and his bachelor’s degree from Central Michigan University.

Jackson will serve on the Board’s Audit Committee.

About Polaris

As the global leader in powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. With annual 2020 sales of $7.0 billion, Polaris’ high-quality product line-up includes the Polaris RANGER, RZR and GENERAL side-by-side off-road vehicles; Sportsman all-terrain off-road vehicles; Indian Motorcycle mid-size and heavyweight motorcycles; Slingshot moto-roadsters; snowmobiles; and deck, cruiser and pontoon boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with parts, garments and accessories, along with a growing aftermarket portfolio, including TransAmerica Auto Parts. Polaris’ presence in adjacent markets includes military and commercial off-road vehicles, quadricycles, and electric vehicles. Proudly headquartered in Minnesota, Polaris serves more than 100 countries across the globe. www.polaris.com

Media Contact:
Jessica Rogers
Phone: 763.513.3445
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations Contact:
Richard Edwards
Phone: 763.513.3477
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SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE:CVX) announced today that Joseph C. (Joe) Geagea, executive vice president, Technology, Projects and Services, will retire from the company after 40 years of outstanding service. Geagea will continue as an executive vice president and serve as senior advisor to chairman and CEO Michael Wirth until his retirement on or about March 1, 2022.

“I’d like to thank Joe for four decades of significant contributions to Chevron,” Wirth said. “Joe’s career has spanned the globe as well as Chevron’s many businesses. He has left an enduring mark on the company, and we are better for it.”

Geagea joined Chevron in 1982 as a design engineer. Prior to his current role, Geagea was senior vice president of Technology, Projects and Services. He served as a corporate vice president and president of Chevron Gas and Midstream, responsible for commercializing Chevron’s natural gas resources and overseeing the company’s shipping, pipeline and power operations as well as supply and trading operations. Previous positions include: managing director, Chevron Asia South Ltd., responsible for Chevron’s upstream activities in Bangladesh, Cambodia, China, Myanmar, Thailand and Vietnam; vice president, Upstream Capability, responsible for improving the delivery of support services to Chevron’s global upstream operations; vice president, Chevron International Exploration and Production Company; president, Fuel and Marine Marketing, as well as president, downstream operations in East Africa, the Middle East and Pakistan.

Outside of Chevron, Geagea serves on the board of directors of the National Action Council for Minorities in Engineering. He is a member of the American Society of Civil Engineers and the Society of Petroleum Engineers. He previously served on the board of trustees of the San Francisco Ballet Association. Geagea earned a bachelor’s degree and a master’s degree in civil engineering from the University of Illinois in 1981 and 1982, respectively.

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

Braden Reddall -- +1 925-842-2209

HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) ("Black Stone Minerals," "Black Stone," or "the Company") today announces its financial and operating results for the second quarter of 2021.

Financial and Operational Highlights

• Mineral and royalty production for the second quarter of 2021 equaled 32.5 MBoe/d, an increase of 5% over the prior quarter; total production, including working interest volumes, was 38.2 MBoe/d for the quarter.
• Net income and Adjusted EBITDA for the quarter totaled $15.4 million and $78.4 million, respectively.
• Distributable cash flow was $72.1 million for the second quarter, an increase of 34% over the first quarter of 2021.
• Announced a distribution of $0.25 per unit with respect to the second quarter of 2021, composed of a base distribution of $0.20 per unit and a special distribution of $0.05 per unit reflecting the benefit of certain positive, one-time items during the second quarter. Distribution coverage for all units on the base distribution of $0.20 per unit is 1.7x and distribution coverage on the combined base and special distribution of $0.25 per unit is 1.4x.
• Total debt at the end of the second quarter was $96.0 million; total debt to trailing twelve-month Adjusted EBITDA was 0.4x at quarter-end. As of July 30, 2021, total debt had been reduced to $81 million.
• As previously disclosed, entered into agreements promoting Haynesville and Bossier development of certain of the Company’s acreage in San Augustine County, Texas, and Austin Chalk development in East Texas.
• Subsequent to the end of the quarter, announced a new sustainability initiative in which Black Stone will use proceeds from surface use waivers on its mineral acreage supporting solar development to purchase carbon credits in an effort to offset part of the CO₂ emissions associated with its mineral production.

Management Commentary

Thomas L. Carter, Jr., Black Stone Minerals’ Chief Executive Officer and Chairman commented, “We posted robust operational and financial performance for the second quarter, with increases in production and realized prices. In addition to better fundamentals, our results for the quarter were bolstered by strong lease bonus payments and higher gas price realizations stemming from the February Texas storms. Most importantly, the positive results combined with our low debt levels allowed us to prioritize returning cash flow to our unitholders in the form of increased distributions. We look forward to building on this positive momentum into 2022.”

Quarterly Financial and Operating Results

Production

Black Stone Minerals reported mineral and royalty volume was 32.5 MBoe/d (73% natural gas) for the second quarter of 2021, compared to 31.1 MBoe/d for the first quarter of 2021. Mineral and royalty production for the second quarter of 2020 was 34.0 MBoe/d.

Working interest production for the second quarter of 2021 was 5.7 MBoe/d, and represents a decrease of 1% from the levels generated in the quarter ended March 31, 2021 and a decrease of 34% from the quarter ended June 30, 2020. The continued decline in working interest volumes is consistent with the Company's decision to farm out its working-interest participation to third-party capital providers.

Total reported production averaged 38.2 MBoe/d (85% mineral and royalty, 75% natural gas) for the second quarter of 2021. Total production was 36.8 MBoe/d and 42.6 MBoe/d for the quarters ended March 31, 2021 and June 30, 2020, respectively.

Realized Prices, Revenues, and Net Income

The Company’s average realized price per Boe, excluding the effect of derivative settlements, was $31.79 for the quarter ended June 30, 2021. This is an increase of 21% from $26.27 per Boe from the first quarter of 2021 and a 121% increase compared to $14.37 for the second quarter of 2020. Contributing to this increase was approximately $5.6 million in additional natural gas revenue recognized in the second quarter of 2021 due to realized price differentials during February of 2021 exceeding original Company projections.

Black Stone reported oil and gas revenue of $110.4 million (49% oil and condensate) for the second quarter of 2021, an increase of 27% from $87.1 million in the first quarter of 2021. Oil and gas revenue in the second quarter of 2020 was $55.7 million.

The Company reported a loss on commodity derivative instruments of $59.5 million for the second quarter of 2021, composed of a $17.4 million loss from realized settlements and a non-cash $42.1 million unrealized loss due to the change in value of Black Stone’s derivative positions during the quarter. Black Stone reported losses of $27.9 million and $19.2 million on commodity derivative instruments for the quarters ended March 31, 2021 and June 30, 2020, respectively.

Lease bonus and other income was $7.5 million for the second quarter of 2021, primarily related to leasing activity in the Austin Chalk and proceeds from surface use waivers on Black Stone’s mineral acreage supporting solar development. Lease bonus and other income for the quarters ended March 31, 2021 and June 30, 2020 was $2.4 million and $2.0 million, respectively.

There was no impairment for the quarters ended June 30, 2021, March 31, 2021, and June 30, 2020.

The Company reported net income of $15.4 million for the quarter ended June 30, 2021, compared to net income of $16.2 million in the preceding quarter. For the quarter ended June 30, 2020, the Company reported a net loss of $8.4 million.

Adjusted EBITDA and Distributable Cash Flow

Adjusted EBITDA for the second quarter of 2021 was $78.4 million, which compares to $60.0 million in the first quarter of 2021 and $72.4 million in the second quarter of 2020. Distributable cash flow for the quarter ended June 30, 2021 was $72.1 million. For the quarters ended March 31, 2021 and June 30, 2020, distributable cash flow was $53.8 million and $64.4 million, respectively.

Financial Position and Activities

As of June 30, 2021, Black Stone Minerals had $1.0 million in cash and $96.0 million outstanding under its credit facility. The ratio of total debt at June 30, 2021 to trailing twelve-month Adjusted EBITDA was 0.4x. As of July 30, 2021, $81 million was outstanding under the credit facility and the Company had $6.6 million in cash.

During the second quarter, Black Stone's borrowing base was reaffirmed at $400 million. As part of the redetermination process, the term of the credit facility was extended until November 1, 2024. Black Stone is in compliance with all financial covenants associated with its credit facility.

During the second quarter of 2021, the Company made no repurchases of units under the Board-approved $75 million unit repurchase program and issued no units under its at-the-market offering program.

Second Quarter 2021 Distributions

As previously announced, the Board approved a cash distribution of $0.25 for each common unit attributable to the second quarter of 2021. The quarterly distribution coverage ratio attributable to the second quarter of 2021 was approximately 1.4x. The distribution is composed of a base distribution of $0.20 per unit and a special distribution of $0.05 per unit reflecting the benefit of certain one-time items including the $5.6 million in additional natural gas revenues discussed above and the $5.0 million of lease bonus in excess of the Company’s original guidance of $2.5 million per quarter. Distributions will be payable on August 20, 2021 to unitholders of record as of the close of business on August 13, 2021.

Activity Update

Rig Activity

As of June 30, 2021, Black Stone had 64 rigs operating across its acreage position, an increase relative to the 59 rigs on the Company's acreage as of March 31, 2021 and the 29 rigs operating on the Company's acreage as of June 30, 2020.

Shelby Trough Development Update

Angelina County
Aethon has successfully turned to sales the initial two program wells and has commenced operations on four additional wells under the development agreement covering Angelina County. Under the terms of that agreement, Aethon must drill a minimum of four wells on Black Stone acreage in the first program year ending in September 2021, escalating to a minimum of 15 wells per program year starting with the third program year.

San Augustine County
In May 2021, Black Stone and Aethon entered into an agreement to develop certain of the Company’s undeveloped acreage in San Augustine County. The agreement provides for minimum well commitments by Aethon in exchange for reduced royalty rates and exclusive access to Black Stone’s mineral and leasehold acreage in the contract area for the Haynesville and Bossier formations. The agreement calls for a minimum of five wells to be drilled in the initial program year, which begins in the third quarter of 2021, increasing to a minimum of 10 wells per year beginning with the second program year. The Company’s development agreement with Aethon and related drilling commitments covering its San Augustine County acreage is independent of the development agreement and associated commitments covering Angelina County.

In May 2021, the Company entered into a new farmout agreement (the “Second Canaan Farmout”) with Canaan Resource Partners ("Canaan"). The Second Canaan Farmout supersedes and replaces the original farmout agreement with Canaan with respect to the area in San Augustine County covered by the Aethon development agreement. The Second Canaan Farmout covers part of the Company’s share of working interests under active development by Aethon in San Augustine County, Texas and continues until May 2031, unless earlier terminated in accordance to the terms of the agreement. Canaan will earn 80% of the Company’s working interest in the partitioned acreage from XTO (up to a maximum of 40% on an 8/8ths basis) and 50% of the Company’s working interest in other areas (up to a maximum of 12.5% on an 8/8ths basis) in wells drilled and operated by Aethon in accordance with the development agreement. Canaan is obligated to fund the development of all wells drilled by Aethon in the initial program year and thereafter, Canaan has certain rights and options to continue funding the Company’s working interests for the duration of the Second Canaan Farmout. As of June 30, 2021, no wells had been drilled under the Second Canaan Farmout. The Company will receive an ORRI before payout and an increased ORRI after payout on all wells drilled under the Second Canaan Farmout.

Austin Chalk Update

In April 2021, Black Stone entered into an agreement with several operators to test and develop areas of the Austin Chalk in East Texas where the Company has significant acreage positions. Recent drilling results have shown that advances in fracturing and other completion techniques can dramatically improve well performance in existing Austin Chalk fields. Under the terms of the agreement, the operators will participate in three multi-stage completion test wells targeting the Austin Chalk formation. Two of the wells under the test program are currently being drilled, and the third well has been permitted. In addition to the test program, Black Stone has entered into a development agreement with one of the operators and is negotiating separate agreements with each remaining operator to further develop the acreage.

In April 2021, Black Stone also entered into an agreement with a large, private independent operator to drill and complete multiple Austin Chalk wells on Company acreage within East Texas. Black Stone expects the operator to spud two wells on the acreage in 2021. If the initial wells are successful, the operator has the option to expand the Austin Chalk development program on additional Black Stone acreage.

Earlier in the year, Black Stone entered into an agreement with a large, publicly traded independent operator by which the operator will undertake a program to drill, test, and complete wells in the Austin Chalk formation on certain of the Company’s acreage in East Texas. The first well under this agreement is scheduled to be spud in the third or fourth quarter of 2021. If the initial wells are successful, the operator has the option to expand the Austin Chalk drilling program over a significant acreage position, the majority of which is owned and controlled by the Company.

Acquisition Update

In May 2021, Black Stone closed on the acquisition of mineral and royalty acreage in the northern Midland Basin for total consideration of $20.8 million. The purchase price consisted of $10.0 million in cash and $10.8 million in Black Stone common units.

Update to 2021 Guidance

The following table provides the assumptions for Black Stone’s original and current 2021 guidance. Production through the first half of 2021 exceeded the Company’s original guidance expectations. Production is anticipated to trend lower in the second half of 2021, driven in part by declines in mature plays such as the Bakken and Gulf Coast, and by lower natural gas volumes in the Shelby Trough as existing production declines in advance of the expected ramp-up in new drilling activity under the existing development deals.

Update to Hedge Position

Black Stone has commodity derivative contracts in place covering portions of its anticipated production for 2021 and 2022. The Company's hedge position as of July 30, 2021 is summarized in the following tables:

More detailed information about the Company's existing hedging program can be found in the Quarterly Report on Form 10-Q for the second quarter of 2021, which is expected to be filed on or around August 3, 2021.

Conference Call

Black Stone Minerals will host a conference call and webcast for investors and analysts to discuss its results for the second quarter of 2021 on Tuesday, August 3, 2021 at 9:00 a.m. Central Time. Black Stone recommends participants who do not anticipate asking questions to listen to the call via the live broadcast available at http://investor.blackstoneminerals.com. Analysts and investors who wish to ask questions should dial (877) 447-4732 and use conference code 5597384. A recording of the conference call will be available on Black Stone's website through September 2, 2021.

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.

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;
• cybersecurity incidents, including data security breaches or computer viruses;
• 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.

The following table shows the Company’s production, revenues, pricing, and expenses for the periods presented:

Non-GAAP Financial Measures

Adjusted EBITDA and distributable cash flow are supplemental non-GAAP financial measures used by Black Stone's management and external users of the Company's financial statements such as investors, research analysts, and others, to assess the financial performance of its assets and our ability to sustain distributions over the long term without regard to financing methods, capital structure, or historical cost basis.

The Company defines Adjusted EBITDA as net income (loss) before interest expense, income taxes, and depreciation, depletion, and amortization adjusted for impairment of oil and natural gas properties, accretion of asset retirement obligations, unrealized gains and losses on commodity derivative instruments, non-cash equity-based compensation, and gains and losses on sales of assets.

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

Evan Kiefer
Vice President, Finance and Investor Relations
Telephone: (713) 445-3200
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SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE:CVX) today announced the appointment of Eimear Bonner as vice president, reporting to Chairman and CEO Michael Wirth, effective August 2. Bonner will also continue as president, Chevron Technical Center, and chief technology officer, overseeing the application of technology, research and development, and Chevron’s digital strategy.

“I welcome Eimear to Chevron’s executive leadership team,” Wirth said. “Eimear is an accomplished leader. Her perspective, earned through numerous assignments managing some of the company’s most significant assets, prepares her to serve our company and our stockholders well in this key role.”

Bonner, 47, served as general director of Chevron’s largest joint venture, Tengizchevroil (TCO), in Kazakhstan from 2018, an organization of approximately 5,000 direct employees and a total workforce exceeding 40,000. She was responsible for ensuring strong business performance, advancing TCO’s FGP/WPMP expansion project, managing relationships with stakeholders in the Kazakhstan government, partner companies and the communities, and leading TCO’s organization transformation.

She began her career as an offshore petroleum engineer in the United Kingdom, and over her 22-year career with Chevron, Bonner has held numerous leadership and engineering positions in the United Kingdom, Thailand, Kazakhstan and the United States, as well as general manager, Strategy, at the company’s headquarters. Bonner received her bachelor’s degree in chemical engineering from Queen’s University Belfast, and her master’s degrees in advanced chemical engineering and petroleum engineering from Imperial College London.

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

Braden Reddall -- +1 925-842-2209

DALLAS--(BUSINESS WIRE)--Dallas-based Energy Transfer (NYSE:ET) has joined The Environmental Partnership, a growing coalition of nearly 100 energy companies committed to continuously improving the industry’s environmental performance. The non-profit organization is focused on working with its members to adopt technology and best practices that will significantly reduce emissions.

Energy Transfer joined The Environmental Partnership as part of its overall effort to reduce its environmental footprint across its operations, which includes more than 90,000 miles of pipelines and associated facilities in 38 states and Canada. This initiative includes several projects to increase Energy Transfer’s use of renewable energy including the support of the development of the Maplewood 2 Solar farm in West Texas. Maplewood 2 delivers power to three of Energy Transfer’s cryogenic plants in the area along with numerous compressor and pump stations. Energy Transfer also has installed approximately 18,000 solar panels across the country that provide power to its metering stations.

“We have for years used a diversified mix of energy sources and emissions-reducing technologies to power our assets,” said Tom Mason, executive vice president and head of Energy Transfer’s Alternative Energy Group. “In fact, nearly 20 percent of the electrical energy we purchase on any given day originates from wind and solar sources. We are also pursuing a number of other emissions reduction efforts, including several carbon capture projects. We look forward to working with the Environmental Partnership and our industry peers to advance our emissions reduction efforts across our operational footprint.”

Energy Transfer also uses a natural gas compression system in many of its operating areas that reduces emissions through its patented ability to switch compression drivers between an electric motor and a natural gas engine. These Dual Drive compressors are often used in ozone non-attainment areas to improve air quality by providing a low-emission alternative for natural gas compression.

Energy Transfer LP (NYSE: ET) owns and operates one of the largest and most diversified portfolios of energy assets in the United States, with a strategic footprint in all of the major domestic production basins. ET is a publicly traded limited partnership with core operations that include complementary natural gas midstream, intrastate and interstate transportation and storage assets; crude oil, natural gas liquids (NGL) and refined product transportation and terminalling assets; NGL fractionation; and various acquisition and marketing assets. ET also owns Lake Charles LNG Company, as well as the general partner interests, the incentive distribution rights and 28.5 million common units of Sunoco LP (NYSE: SUN), and the general partner interests and 46.1 million common units of USA Compression Partners, LP (NYSE: USAC). For more information, visit the Energy Transfer website at energytransfer.com.

Forward Looking Statements

This press release may include certain statements concerning expectations for the future that are forward-looking statements as defined by federal law. Such forward-looking statements are subject to a variety of known and unknown risks, uncertainties, and other factors that are difficult to predict and many of which are beyond management’s control. An extensive list of factors that can affect future results are discussed in the Partnership’s Annual Report on Form 10-K and other documents filed from time to time with the Securities and Exchange Commission. In addition to the risks and uncertainties previously disclosed, the Partnership has also been, or may in the future be, impacted by new or heightened risks related to the COVID-19 pandemic, and we cannot predict the length and ultimate impact of those risks. The Partnership undertakes no obligation to update or revise any forward-looking statement to reflect new information or events.

Energy Transfer Media Relations
214.840.5820
Vicki Granado, Alexis Daniel
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Energy Transfer Investor Relations
214.981.0795
Bill Baerg, Brent Ratliff, Lyndsay Hannah
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MIAMI BEACH, Fla.--(BUSINESS WIRE)--RMG Acquisition Corporation (NASDAQ: RMGB) (“RMG II”), a publicly-traded special purpose acquisition company, reminds its shareholders to vote in favor of the previously announced business combination (the “Business Combination”) with ReNew Power Private Limited (“ReNew Power”), India’s leading renewable energy company.

Shareholders who owned common stock of RMG II as of the close of business on July 20, 2021 (the “Record Date”), may vote their shares. Shareholders as of the Record Date continue to have the right to vote their shares, regardless of whether such shareholders subsequently sold their shares and do not own such shares as of the date they cast their vote.

The extraordinary general meeting of RMG II shareholders to approve the pending Business Combination (the “Extraordinary General Meeting”) is scheduled to be held on August 16, 2021 at 9:00 a.m. Eastern Time. The Extraordinary General Meeting will be conducted virtually, and can be accessed via live webcast at https://www.cstproxy.com/rmgii/2021.

Additional information on how shareholders of record may vote their shares can be found at https://www.rmgacquisition.com/rmgb2-vote.

Every shareholder’s vote is important, regardless of the number of shares held. Accordingly, all RMG II shareholders who held shares as of the Record Date who have not yet voted are encouraged to do so as soon as possible and by no later than 9:00 a.m. Eastern Time on August 16, 2021. For the avoidance of doubt, RMG II shareholders who owned shares as of the Record Date and subsequently sold all or a portion of their shares are STILL entitled to vote, and are encouraged to do so. RMG II’s board of directors recommends you vote “FOR” the Business Combination with ReNew Power and “FOR” all of the related proposals described in the definitive proxy statement on Schedule 14A (the “Proxy Statement”) filed by RMG II with the Securities and Exchange Commission (“SEC”) on July 28, 2021.

These are the two easiest and fastest ways to vote – and they are both free:

• Vote Online (Highly Recommended): Follow the instructions provided by your broker, bank or other nominee on the Voting Instruction Form mailed (or e-mailed) to you. To vote online, you will need your voting control number, which you can find on your Voting Instruction Form. Votes submitted electronically over the Internet must be received by 11:59 p.m., Eastern Time, on August 15, 2021.

• Vote by Telephone: Follow the instructions provided by your broker, bank or other nominee on the Voting Instruction Form mailed (or e-mailed) to you. To vote via the automated telephone service, you will need your voting control number, which you can find on your Voting Instruction Form. Votes submitted over the telephone must be received by 11:59 p.m., Eastern Time, on August 15, 2021.

Additionally, you can also vote by mail:

• Vote by Mail: Follow the instructions provided by your broker, bank or other nominee on the Voting Instruction Form mailed or e-mailed to you. You will need your voting control number which is included on the Voting Instruction Form mailed or e-mailed to you in order to vote by mail. Please be sure to, (1) mark, sign and date your Voting Instruction Form, (2) fold and return your Voting Instruction Form in the postage-paid envelope provided, and (3) mail your Voting Instruction Form to ensure receipt on or before August 13, 2021.

YOUR CONTROL NUMBER IS FOUND ON YOUR VOTING INSTRUCTION FORM. If you did not receive or misplaced your Voting Instruction Form, contact your bank, broker or other nominee to obtain your control number in order to vote. A bank, broker or other nominee is a person or firm that acts as an intermediary between an investor and the stock exchange who can help you vote your shares.

If any individual RMG II shareholder, who held shares as of the July 20, 2021 record date for voting, does not receive the Proxy Statement, such shareholder should (i) confirm their Proxy Statement’s status with their broker, (ii) contact Morrow Sodali LLC, RMG II’s proxy solicitor, for assistance via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it. or toll-free call at (800) 662-5200 and banks and brokers can place a collect call to Morrow Sodali at (203) 658-9400, or (iii) contact RMG II by mail at 57 Ocean, Suite 403, 5775 Collins Avenue, Miami Beach, Florida 33140 or by telephone at (786) 584-8352.

Important Information for Investors and Shareholders

In connection with the proposed business combination, RMG II filed the Proxy Statement and other relevant documents with the SEC. Shareholders and other interested persons are urged to read the Proxy Statement and any other relevant documents filed with the SEC because they contain important information about RMG II, ReNew Power and the proposed business combination. Shareholders may obtain a free copy of the Proxy Statement, as well as other filings containing information about RMG II, ReNew Power and the proposed business combination, without charge, at the SEC’s website located at www.sec.gov.

Participants in the Solicitation

RMG II, ReNew Global and ReNew Power and their respective directors and officers may be deemed to be participants in the solicitation of proxies from RMG II’s shareholders in connection with the proposed transaction. Information about RMG II’s directors and executive officers and their ownership of RMG II’s securities is set forth in RMG II’s filings with the SEC, including RMG II’s amendment no. 2 to its Annual Report on Form 10-K/A for the year ended December 31, 2020, which was filed with the SEC on May 11, 2021. To the extent that holdings of RMG II’s securities have changed since the amounts printed in RMG II’s proxy statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/consent solicitation statement/prospectus regarding the proposed transaction when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.

Forward Looking Statements

This document contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between RMG II, ReNew Global and ReNew Power, including statements regarding the benefits of the transaction, the anticipated timing of the transaction, the services offered by ReNew Power and the markets in which it operates, and ReNew Power’s projected future results. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of RMG II’s securities, (ii) the risk that the transaction may not be completed by RMG II’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by RMG II, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the agreement and plan of merger by the shareholders of RMG II and ReNew Power, the satisfaction of the minimum trust account amount following redemptions by RMG II’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the occurrence of any event, change or other circumstance that could give rise to the termination of the agreement and plan of merger, (vi) the effect of the announcement or pendency of the transaction on ReNew Power’s business relationships, performance, and business generally, (vii) risks that the proposed transaction disrupts current plans of ReNew Power or diverts management’s attention from ReNew Power’s ongoing business operations and potential difficulties in ReNew Power employee retention as a result of the proposed transaction, (viii) the outcome of any legal proceedings that may be instituted against ReNew Power, RMG II or their respective directors or officers related to the agreement and plan of merger or the proposed transaction, (ix) the amount of the costs, fees, expenses and other charges related to the proposed transaction, (x) the ability to maintain the listing of RMG II’s securities on The Nasdaq Stock Market LLC, (xi) the price of RMG II’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which ReNew Power plans to operate, variations in performance across competitors, changes in laws and regulations affecting ReNew Power’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, including the conversion of pre-orders into binding orders, (xiii) the ability of RMG II to issue equity or equity-linked securities in connection with the transaction or in the future, (xiv) the risk of downturns in the renewable energy industry and (xv) the impact of the global COVID-19 pandemic on any of the foregoing. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of ReNew Global’s registration statement on Form F-4, the proxy statement/consent solicitation statement/prospectus discussed below, RMG II’s amendment no. 2 to its Annual Report on Form 10-K/A and other documents filed by ReNew Global or RMG II from time to time with the U.S. Securities and Exchange Commission (the “SEC”). These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and ReNew Global and RMG II assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither ReNew Power nor RMG II gives any assurance that either ReNew Power or RMG II will achieve its expectations. The inclusion of any statement in this communication does not constitute an admission by ReNew Power or RMG II or any other person that the events or circumstances described in such statement are material.

About RMG Acquisition Corporation II

RMG Acquisition Corporation II (NASDAQ: RMGB) is a blank check company formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or other similar business combination with one or more businesses. RMG II raised $345 million in its December 14, 2020 IPO, which was upsized due to strong demand and included the underwriters’ full over-allotment option. RMG II is sponsored and led by the management team of Jim Carpenter, Bob Mancini, and Phil Kassin, who together have over 100 years of combined principal investment, operational, transactional, and CEO and public company board level leadership experience. RMG II intends to capitalize on the ability of its management team to identify, acquire and operate businesses across a broad range of sectors that may provide opportunities for attractive long-term risk-adjusted returns. www.rmgacquisition.com/

About ReNew Power

ReNew Power Private Limited is India’s leading renewable energy independent power producer (IPP) by capacity and is the 13th largest global renewable IPP by operational capacity. ReNew Power develops, builds, owns, and operates utility-scale wind energy projects, utility-scale solar energy projects, utility-scale firm power projects and distributed solar energy projects. As of March 31st, 2021, ReNew Power had a total capacity of close to 10 GW of wind and solar energy projects across India, including commissioned and committed projects. ReNew Power has a strong track record of organic and inorganic growth. ReNew Power’s current group of shareholders contain several marquee investors including Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF and JERA.

For more information, please visit: www.renewpower.in; Follow ReNew Power on Twitter @ReNew_Power

ReNew Power

Media Enquiries
Arijit Banerjee
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Investor Enquiries
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Investor Relations
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RMG Acquisition Corporation II

For Media & Investors:
Philip Kassin
President & Chief Operating Officer
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LOS ANGELES--(BUSINESS WIRE)--Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced that it will release its second quarter 2021 financial results after market close on Monday, August 16th. This release will be followed by a conference call at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time).

The call can be accessed via a live webcast accessible on the Events Calendar page of Romeo Power’s Investor Relations website at https://investors.romeopower.com/. An archive of the webcast will be available shortly after the call for twelve months following the call.

About Romeo Power

Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process inhouse to pack the most energy dense modules on the market. To keep up with everything Romeo Power, please follow the company on social @romeopowerinc or visit romeopower.com.

For Investors
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BELMONT, N.C.--(BUSINESS WIRE)--Piedmont Lithium Inc. (Nasdaq: PLL) (ASX: PLL) (“Piedmont” or the “Company”) is pleased to provide an update on our recent accomplishments and development plans:

• Carolina Lithium Project
  • Scoping update published in June 2021 contemplating 30,000 tonnes per year (“tpy”) lithium hydroxide production on a single integrated site in Gaston County, North Carolina
    • Superior sustainability profile vs. current producers in China and South America
    • Strong projected economics – ~$1.9bb NPV and ~$400mm steady-state EBITDA
  • Expected to employ ~500 people in well-paying jobs while making Gaston County a magnet for other businesses in the EV supply chain, and driving opportunities for a broad array of local small businesses
  • Definitive feasibility study expected in the second half of 2021
  • Permitting and approval process advancing
    • Clean Water Act Section 404 Standard Individual Permit received in 2019
    • Will apply for new air permit given the shift to a single site and the Metso Outotec process
    • Local approval process commenced in July 2021
    • North Carolina state mining permit application to be submitted in August 2021
• Strategic Initiatives
  • Canada – Sayona Quebec and North American Lithium (“NAL”)
    • Piedmont owns a 39.6% effective economic interest in Sayona Quebec
    • Sayona Quebec is poised to become Canada’s largest lithium project by resource tonnage with the completion of the acquisition of North American Lithium expected in August 2021
  • Ghana – IronRidge Resources (“IRR”)
    • Piedmont is acquiring a 9.5% stake in IronRidge Resources (AIM: IRR) and may earn up to a 50% interest in IRR’s Ghanaian lithium portfolio
    • The Ewoyaa project is expected to have strong economics given its high-grade mineral resource, DMS-only process, low-cost hydro power, and close proximity to an international port
  • Piedmont has offtake agreements in place for 50% of spodumene concentrate production from Sayona/NAL and IRR Ghana, underpinning potential future growth in lithium hydroxide production
• Corporate Matters
  • Piedmont redomiciled to become a US corporation in May 2021
  • Executive team bolstered with senior appointments including COO and CFO
  • Lithium offtake discussions ongoing with leading participants in the EV supply chain
  • Strategic partnering process underway and DOE ATVM loan application to be submitted in H2 2021
  • Cash balance of approximately $143 million as of June 30, 2021

Keith D. Phillips, President and Chief Executive Officer, said, “Piedmont is positioned to become a leading producer of lithium hydroxide while positively impacting the communities in which we operate by creating jobs, attracting other EV supply chain participants, increasing the tax base, and broadly supporting other local small businesses. Through direct investment and contracted offtake, we control a significant quantity of potential spodumene concentrate production in three critical locations. We believe spodumene is the preferred feedstock for the EV supply chain and that ‘owning the resource’ is the key to value creation in the lithium industry. We look forward to constructively engaging in the permitting and approval process for Carolina Lithium and driving further value for our shareholders by advancing the Quebec and Ghana projects toward development decisions.”

Click here to view the full announcement.

For further information:

Keith D. Phillips
President & CEO
T: +1 973 809 0505
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Brian Risinger
Vice President – Corporate Communications
T: +1 704 910 9688
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HOUSTON--(BUSINESS WIRE)--Hess Midstream Operations LP (the “Issuer”), a consolidated subsidiary of Hess Midstream LP (NYSE: HESM) (“HESM” and, together with the Issuer, “Hess Midstream”), today announced that it has priced $750 million in aggregate principal amount of 4.250% senior unsecured notes due 2030 (the “Notes”) at par in a private offering. Hess Midstream intends to use the net proceeds from the offering to finance the previously announced repurchase by the Issuer of approximately 31 million Class B units from affiliates of Hess Corporation and Global Infrastructure Partners. The private offering of the Notes is expected to close on August 5, 2021, subject to the satisfaction of customary closing conditions.

The Notes are being sold only to “qualified institutional buyers” in the United States pursuant to Rule 144A and outside the United States to non-U.S. Persons in compliance with Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Notes have not been and will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Hess Midstream

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

Forward Looking Statements

This press release includes forward-looking statements within the meaning of U.S. securities laws. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. 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. You should keep in mind the risk factors and other cautionary statements in the filings made by HESM with the U.S. Securities and Exchange Commission, which are available to the public. HESM undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Investor Contact:
Jennifer Gordon
(212) 536-8244

Media Contact:
Robert Young
(713) 496-6076

Leading Data and Analytics Provider for Energy and Commodities Markets Will Provide New Pillars of Growth for Dow Jones

Growing, High Margin, Subscription-Based Business Expected To Transform the Dow Jones Professional Information Business

NEW YORK--(BUSINESS WIRE)--News Corp announced today that it has entered into an agreement to acquire the Oil Price Information Service (OPIS) and related assets from S&P Global and IHS Markit.

The scaled, highly profitable and consistently growing digital data, analytics and insights provider will become part of Dow Jones’ burgeoning Professional Information Business (PIB), which includes Dow Jones Risk & Compliance, Dow Jones Newswires and Factiva. OPIS has a revenue base that is nearly 100% digital, 95% recurring and operates at approximately 50+% Adjusted EBITDA margins¹, with modest Capex requirements.

News Corp is acquiring OPIS for $1.150 billion in a cash transaction, subject to customary adjustments, and also expects to receive an estimated tax benefit of $180 million as part of the transaction². S&P Global and IHS Markit announced in May their exploration of the divestiture of the businesses to ensure a timely merger of both companies. News Corp’s acquisition of OPIS is subject to customary closing conditions, including regulatory approvals and the consummation of the S&P Global and IHS Markit merger, which is expected in the fourth quarter of this calendar year.

Founded in 1977, OPIS today is a global industry standard for benchmark and reference pricing and news and analytics for the oil, natural gas liquids and biofuels industries, and a growing provider of insights and analytics in renewables and carbon pricing. At its core, OPIS provides end-to-end pricing and analytics information to the energy industry from the refinery to the retailer.

With this acquisition, Dow Jones will also be providing pricing and news and analytics for the Coal, Mining and Metals end markets through McCloskey, among other brands. In addition, Dow Jones will be well poised to leverage the global transition to renewables and the growth opportunities resulting from emerging energy categories like hydrogen, carbon credits, biofuels, LNG, solar, water and electric vehicles.

OPIS will also help Dow Jones in its goal of building the leading global business news and information platform for professionals. With its valuable data, which is used as a currency for the industry, OPIS has deep and trusted customer relationships with high renewal rates, and a seasoned management team with an average of 18 years of experience.

“OPIS will be the cornerstone for a rising commodities, energy and renewables digital business that we are convinced will have a positive impact on Dow Jones and News Corp,” said Robert Thomson, Chief Executive of News Corp. “We certainly believe OPIS and Dow Jones will be more than the sum of their valuable parts. Dow Jones is ideally positioned to accelerate growth at OPIS, while OPIS will be a powerful pillar, alongside Risk & Compliance, in the fast-growing Dow Jones Professional Information Business.”

OPIS and related assets revenues have grown at an approximate 10% CAGR, including acquisitions, since 2016, as disclosed by IHS Markit, and grew at a consistent rate through the 2008-2009 global financial crisis, the 2014-2015 oil market downturn and the current pandemic. In its current fiscal year (ending November 30, 2021), OPIS is expected to generate approximately $129 million in revenues, with Adjusted EBITDA growing at a faster rate, and expected Adjusted EBITDA margins exceeding 50%.

The energy and commodity pricing information industry is estimated to be at $3 billion as of 2020 (source: Burton-Taylor), with a 5-year CAGR of more than 7%. Given the large scale and global corporate and societal response to climate change, the fast-growing renewable energy markets have rising demand for the kind of data and analytics Dow Jones will be able to supply with OPIS. OPIS’ retail offerings have the ability to grow outside the US and in segments like connected cars and electric vehicles.

“Dow Jones and OPIS together can be a leading provider of energy and renewable information, combining trusted news, data, analytics, events and an interconnected professional community,” said Almar Latour, CEO of Dow Jones. “OPIS’s expertise in commodities, energy and renewables aligns with Dow Jones’ focus on building deeper specialization in specific verticals around valuable content. OPIS is expected to accelerate PIB’s growth by adding a highly profitable, growing business that can expand even faster as part of Dow Jones.”

OPIS, headquartered in Rockville, Maryland, also has offices in Mexico, the United Kingdom, France, Romania and Singapore. The company employs approximately 400 professionals globally.

News Corp will report its full year 2021 results on August 5, 2021. As of the Third Quarter year to date, Dow Jones revenues increased 4 percent while Segment EBITDA expanded 49 percent, on 21% Segment EBITDA margins, and achieved record profitability.

###

Forward-Looking Statements

This release contains forward-looking statements based on current expectations or beliefs, as well as assumptions about future events, and these statements are subject to factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. The words “expect,” "will," “estimate,” “anticipate,” “predict,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. These statements appear in a number of places in this release and include statements with respect to, among other things, the expected timing for the completion of, and the potential benefits from, the acquisition of OPIS. Readers are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Many factors, such as the risks and uncertainties related to the parties’ efforts to comply with and satisfy applicable regulatory approvals and closing conditions relating to the acquisition, could cause actual results to differ materially from those described in these forward-looking statements. The forward-looking statements in this release speak only as of this date and News Corp and Dow Jones undertake no obligation (and expressly disclaim any obligation) to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

About News Corp

News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide. More information is available at: http://www.newscorp.com.

News Corp Investor Relations
Michael Florin
212-416-3363
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News Corp Corporate Communications
Jim Kennedy
212-416-4064
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Dow Jones Corporate Communications
Matthew Hutchison
+1415-583-2119
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Board of Directors Declares Quarterly Dividend of $0.39 Per Share

FERGUS FALLS, Minn.--(BUSINESS WIRE)--Otter Tail Corporation (Nasdaq: OTTR) today announced financial results for the quarter ended June 30, 2021.

SUMMARY

Compared to the quarter ended June 30, 2020:

• Consolidated operating revenues increased 48.2% to $285.6 million.
• Consolidated net income increased 147.7% to $42.1 million primarily driven by strong Plastics segment performance resulting from unique market conditions.
• Diluted earnings per share increased 140.5% to $1.01 per share.

The corporation increases its 2021 diluted earnings per share guidance range to $3.50 to $3.65 reflecting a range of 50% to 56% growth off of 2020 reported $2.34 diluted earnings per share.

CEO OVERVIEW

“Otter Tail Corporation, through the efforts of our employees and unique market conditions, achieved outstanding financial results during the second quarter of 2021,” said President and CEO Chuck MacFarlane. “Each operating company improved net income during the second quarter compared with the same period a year ago. The Electric segment had a record second quarter in net earnings. The Plastics segment continues its outstanding year driven by PVC resin supply constraints, which initially occurred in the first quarter and continued through the second quarter, have resulted in continued increasing PVC pipe prices and margins at levels not previously experienced. These increased results are primarily due to the unusual and infrequent impact resulting from the extreme cold weather in February that caused resin suppliers to temporarily close various petrochemical plants in the Gulf Coast. We expect these conditions will moderate during 2022 as supply constraints are expected to continue for the remainder of 2021.

“On May 27, 2021 we retired our 140-megawatt (MW) Hoot Lake Plant marking the end of 100 years of coal-fired generation at the site. Our employees did a fantastic job operating this facility reliably and safely up to its retirement. Our replacement generation includes Merricourt, our 150 MW wind facility, and Astoria Station, our 245 MW natural gas-fired combustion turbine generation facility, which was made available to the MISO market on April 30, 2021. This facility, with fast start capability, complements our wind generation with more dispatchable capacity than Hoot Lake Plant, and with projected carbon emissions 85 percent less compared to Hoot Lake Plant’s 2005 emission levels.

“We continue to make progress on Otter Tail Power’s $60.0 million, 49.9 MW Hoot Lake Solar project, which will be constructed on and near Hoot Lake Plant property in Fergus Falls, Minnesota. We recently received approval of our Conditional Use Permit, which is our last major permit requirement. We received a favorable regulatory order from the Minnesota Public Utilities Commission (MPUC) when they approved the project in March with 100 percent allocation of costs and benefits to Minnesota customers and eligibility for recovery through the Minnesota renewable rider. The location of Hoot Lake Solar offers us a unique opportunity to re-use our existing Hoot Lake transmission rights, substation and land.

“Based on our current dispatch levels of Big Stone Plant and Coyote Station our target is to reduce carbon emissions from our owned generation resources approximately 50 percent from 2005 levels by 2025 and 97 percent by 2050. Up to 35 percent of our energy is projected to come from renewable resources by 2023.

“We continue to work through the Minnesota rate case, and on January 1, 2021, Otter Tail Power implemented approved interim rates in Minnesota in connection with its revenue increase request filed with the MPUC in November 2020. Investment in cleaner energy generation and smarter technologies are primarily driving this request along with rising costs for providing electric service. In a filing submitted to the MPUC on April 30, 2021, Otter Tail Power lowered its requested net annual revenue increase from its initial request of $14.5 million to $8.2 million, primarily due to a reduction in operating costs from amounts included in its November 2020 filing. The cost reductions result primarily from lower depreciation expense on our wind generation assets due to the extension of depreciable lives from 25 to 35 years that was approved by the MPUC and a reduction in postretirement benefit costs. We anticipate a decision from the Minnesota Public Utilities Commission in the fourth quarter.

“Otter Tail Power continues to benefit from strong rate base growth investments. These investments represent over 85 percent of our total capital spending over the next five years and include regulated investments in renewable generation, technology and infrastructure, and transmission assets. We expect this to result in a projected compounded annual growth rate of approximately 5 percent in utility rate base from year-end 2020 through 2025 and to deliver value to customers and shareholders. We continue to make system investments to meet our customers’ expectations, reduce operating and maintenance costs, reduce emissions and improve reliability and safety.

“Otter Tail Power is planning to file its Minnesota Integrated Resource Plan in all three of its jurisdictions in September 2021. We expect this filing will result in additional capital expenditures that will be incremental to our current five-year capital expenditure plan.

“Our Manufacturing Segment increased revenues and net income $38.3 million and $5.5 million, respectively, compared to the second quarter of 2020, due to strong end market demand and higher scrap metal sales prices at BTD Manufacturing. Steel prices, which are a pass through to customers, continue to exceed historical levels as mill capacity has been slow to come online after capacity reductions in 2020 related to COVID-19, creating supply chain challenges as the mills struggle to keep up with demand.

“Our Plastics Segment produced a 339% increase in quarterly earnings in the second quarter of 2021. PVC resin availability in the first quarter was constrained due to the impact of the February winter storms. These supply constraints continued into the second quarter and led to increased sales prices for PVC pipe, increased resin costs and increased operating margins resulting in a record second quarter.

“Our long-term focus remains on executing our growth strategies. For the utility, our strategy is to continue to invest in rate base growth opportunities and drive efficiency within our operating and maintenance expenses, which will lower our overall risk, create a more predictable earnings stream, maintain our credit quality and preserve our ability to pay dividends. Over time, we expect the electric utility business will provide approximately 70 to 75 percent of our overall earnings.

“The utility is complemented by well-run, strategic manufacturing and plastic pipe businesses, which provide organic growth opportunities from new products and services, market expansion and increased efficiencies. We expect these companies will provide approximately 25 to 30 percent of our earnings over the long term.

“We are increasing our 2021 earnings per share guidance to a range of $3.50 to $3.65 from our previous range announced in May 2021 of $2.47 to $2.62.”

QUARTERLY DIVIDEND

On August 2, 2021 the corporation’s Board of Directors declared a quarterly common stock dividend of $0.39 per share. This dividend is payable September 10, 2021 to shareholders of record on August 13, 2021.

CASH FLOWS AND LIQUIDITY

Our consolidated cash provided by operating activities for the six months ended June 30, 2021 was $68.6 million compared with $73.9 million for the six months ended June 30, 2020.

Investing activities for the six months ended June 30, 2021 included capital expenditures of $76.9 million compared with $119.8 million for the six months ended June 30, 2020. The decrease in capital expenditures was primarily related to Astoria Station and the Merricourt Wind Energy Center (Merricourt) being under construction in the first and second quarters of 2020 with the capital spend being substantially complete for both projects by year-end 2020.

Financing activities for the six months ended June 30, 2021 included net proceeds from short-term borrowings of $47.0 million and common dividend payments of $32.4 million. The proceeds from short-term borrowings were primarily used to fund construction expenditures. Financing activities for the six months ended June 30, 2020 included proceeds of $35.0 million from the issuance of long-term debt at Otter Tail Power Company, $35.2 million in net short-term borrowings, and $27.2 million from the issuance of common stock. Proceeds from the debt and equity issuances were used to fund construction program expenditures in 2020. We paid $29.9 million in common dividends during the six months ended June 30, 2020.

On June 10, 2021, we completed a senior unsecured note offering pursuant to which we agreed to issue $230.0 million of Otter Tail Power Company senior unsecured notes, with $140.0 million to be issued in November 2021 and $90.0 million to be issued in May 2022. We intend to use the proceeds of the notes to refinance existing long-term indebtedness, including long-term debt instruments with outstanding principal balances of $140.0 million and $30.0 million, which mature in December 2021 and August 2022, respectively, and for general corporate purposes.

The following table presents the status of the corporation’s lines of credit at June 30, 2021 and December 31, 2020:

Both credit agreements are in place until October 31, 2024.

The following table shows heating and cooling degree days as a percent of normal.

The following table summarizes the estimated effect on diluted earnings per share of the difference in retail kilowatt-hour (kwh) sales under actual weather conditions and expected retail kwh sales under normal weather conditions in 2021 and 2020.

Retail Revenues increased $3.4 million primarily due to the following:

• A $1.5 million increase in new retail revenues from an interim rate increase in Minnesota, net of estimated refunds, effective January 1, 2021 in connection with our rate case filed in November 2020.
• A $1.5 million increase in retail revenue from commercial and industrial customers primarily due to increased demand as volumes improve from 2020, which was negatively impacted by COVID-19.
• A $1.4 million increase in revenues primarily related to the recovery of Merricourt and Astoria Station project costs and operating expenses.
• Recovery of increased conservation improvement program expenditures as well as increased transmission rider revenues.

These increases in revenue were partially offset by a $2.1 million decrease in fuel recovery revenues largely due to credits provided to customers from increased margins on wholesale sales.

Transmission Services Revenues increased $2.2 million primarily due to higher transmission volume from increased electrical demand as well as increased generator interconnection revenues.

Wholesale Revenues increased $2.5 million as a result of a 147.2% increase in wholesale sales volumes and a 72.4% increase in wholesale prices driven by high market demand for wholesale energy.

Production Fuel costs increased $3.4 million mainly as a result of a 42.0% increase in kwhs generated from our fuel-burning plants due to higher demand and favorable prices for energy in wholesale markets.

Purchased Power costs to serve retail customers decreased $2.5 million primarily due to a 15.7% decrease in the volume of purchased power as our recent capacity additions provide additional generation resources to serve customer demand.

Operating and Maintenance Expense increased $3.6 million mainly due to:

• $1.4 million of Merricourt and Astoria Station operating and maintenance expenses incurred in the second quarter of 2021 as these facilities are now commercially operational.
• A $0.8 million increase in transmission tariff expenses.
• Other additional expenses including an increase in conservation improvement program expenditures, which are recovered through retail rates, increased vegetative maintenance expenses and plant maintenance expenses.

These expense increases were partially offset by, among other items, lower bad debt expense due to improving customer collections as the economic impact of COVID-19 has eased.

Depreciation and Amortization expense increased $2.4 million primarily due to Merricourt and Astoria Station being placed in service in the fourth quarter of 2020 and the first quarter of 2021, respectively.

Interest Charges increased $1.0 million primarily due to additional interest expense from a $40.0 million long-term debt issuance in August 2020, a higher level of short-term debt borrowings outstanding in 2021 and a lower level of capitalized interest due to the completion and placement in service of Astoria Station in the first quarter of 2021.

Other Income decreased $1.1 million driven by lower allowance for equity funds used during construction due to the completion of Astoria Station in the first quarter of 2021.

Income Tax Expense decreased $3.0 million due to earning production tax credits on Merricourt generation in 2021. The tax benefits of these credits are passed through to retail customers in each of our jurisdictions.

Manufacturing Segment

Manufacturing segment revenues and net income increased $38.3 million and $5.5 million, respectively, primarily due to increased sales volumes at BTD. Sales volumes in the second quarter of 2020 were negatively impacted by COVID-19 as customers implemented temporary plant shutdowns due to the pandemic. Customer demand and sales volumes in the second quarter of 2021 increased 52.4% compared to 2020 and included increases across all end markets. Also contributing to the improved financial performance was an increase in scrap revenues primarily due to increased scrap metal prices but also higher volumes, and improved gross profit margins resulting from an increase in production volumes. Operating revenues were also impacted by increased material costs, which are passed through to customers.

Partially offsetting the increase in net income from increased sales volumes, scrap revenues and gross profit margins is an increase in operating expenses, with second quarter of 2020 operating expenses impacted from initiatives taken to reduce our cost structure to mitigate the impact of declining sales volumes from the effects of the COVID-19 pandemic. Second quarter of 2021 operating expenses were impacted by increased incentive based compensation, travel and recruitment costs necessary to support higher business volumes.

Segment operating revenues and net income also benefited from increased product pricing and higher levels of horticulture sales at T.O. Plastics, along with increased gross profit margins resulting from higher production volumes.

Plastics Segment

Plastics segment revenues and net income increased $46.5 million and $17.4 million, respectively. The price per pound of polyvinyl chloride (PVC) pipe sold increased 73.9% in the second quarter of 2021 compared to the same period last year and exceeded the 52.9% increase in the cost of PVC resin and other input materials. The increase in sale prices was largely the result of continued PVC resin supply constraints as resin production facilities recover from plant shutdowns in the first quarter of 2021. The undersupply of resin has led to limited pipe inventory across the country. Significant global demand for PVC resin has also impacted PVC costs with export prices exceeding domestic prices in the second quarter. Pounds of pipe sold in the second quarter of 2021 increased 12.4% from the same period last year, as sales volumes in the second quarter of 2020 were negatively impacted by COVID-19 as distributors reduced inventory levels due to the uncertainty over the impact of the pandemic.

Corporate Costs

Our corporate net loss in 2021 was consistent with the same period last year as higher levels of performance based compensation and lower market-based gains on our corporate-owned life insurance policies in 2021 were offset by an increased income tax benefit. The increase in the income tax benefit is primarily the result of the impact of non-taxable transactions and changes in estimates of our annual effective tax rate.

2021 BUSINESS OUTLOOK

We are increasing our 2021 diluted earnings per share guidance range to $3.50 to $3.65 in light of second quarter results and forecasts for the remainder of 2021 driven by expected performance in our Plastics Segment. The midpoint of our revised 2021 earnings per share guidance of $3.58 per share reflects a 53% growth rate off 2020 diluted earnings per share of $2.34.

Segment components of our revised 2021 diluted earnings per share guidance range compared with 2020 actual earnings and prior guidance are as follows:

The following items contribute to our 2021 earnings guidance:

• We are maintaining our Electric segment guidance from our May 3, 2021 earnings release.
• We continue to expect Electric segment earnings in 2021 will exceed 2020 earnings driven by the following factors:
  • Our Merricourt and Astoria Station projects being commercially operational and our $410 million total investment in these projects fully reflected in our rate base, with a recovery mechanism in place in all three jurisdictions, partially offset by increased operating and maintenance, depreciation and property tax expenses associated with these investments, and increased interest expense due to debt issuances in 2020.
  • The impact of our filed Minnesota 2021 rate case. The MPUC has approved an interim rate increase of 3.2% or $6.9 million in annual revenues.

These increases are partially offset by:

• Increased non-labor operating and maintenance expenses related to a planned outage this fall at Big Stone Plant of $3.9 million in 2021 and increased postretirement expense caused by a decrease in the discount rate and long-term rate of return on plan assets.

• We are increasing our previous 2021 guidance for our Manufacturing segment and continue to expect segment earnings to increase compared with 2020 based on:
  • Strong performance at BTD through the first six months of the year driven by increased sales volumes across all end markets, improved scrap metal prices and improved operating margins resulting from an increase in production volumes. We expect these conditions to continue as end markets improve as our customers look to build inventory to fill the shortages created by the COVID-19 pandemic. Scrap metal revenues are now expected to be higher based on current scrap metal prices.
  • We also expect an increase in earnings from T.O. Plastics as compared to the previous guidance due to strong first half performance as well as strong horticulture markets and improving operating margins driven by product price increases implemented in the first six months as well as improved productivity in our manufacturing processes.
  • Decreased mill capacity due to COVID-19 has created raw material availability challenges as the steel mills struggle to keep up with demand. This has created concerns over our ability to obtain the steel needed to meet customer demands and continues to keep steel prices elevated above historic levels. We continue to work on increasing staffing levels to keep up with strong demand and to mitigate the impact of increasing expedited freight costs while maintaining or improving labor efficiencies.
  • Backlog for the manufacturing companies of approximately $168 million for 2021 compared with $93 million one year ago.

• We are increasing our previous 2021 guidance for our Plastics segment as operating margins during the first six months have been higher than expected driven by unique market conditions resulting from PVC resin supply constraints that began in the first quarter. These unexpected conditions arose from the extreme cold weather in February which caused resin suppliers to temporarily close various petrochemical plants. These market conditions created by this event continued into the second quarter and are expected to impact the rest of 2021. This resulted in continued increases in PVC pipe prices and operating margins at levels not previously experienced in the industry. Pounds of pipe sold in 2021 are now expected to be slightly higher than 2020 driven by strong construction and municipal markets. Resin suppliers continued to have customers on resin allocations and increase prices for raw materials due to market conditions such as availability constraints related to feedstock supplies for resin and a strong export market that has higher resin prices than the domestic market. We currently expect the supply constraints to continue for the remainder of 2021 with market conditions expected to return to more normal levels during 2022.
• Corporate costs, net of tax, are now expected to be higher driven by higher employee benefit costs related to the strong financial performance in 2021 and potential contributions to the Otter Tail Corporation Foundation.

CONFERENCE CALL AND WEBCAST

The corporation will host a live webcast on Tuesday, August 3, 2021, at 10:00 a.m. CDT to discuss its financial and operating performance.

The presentation will be posted on our website before the webcast.

Media contact:
Stephanie Hoff, Director of Corporate Communications, (218) 739-8535 or (218) 205-6179
Investor contact:
Tyler Akerman, Manager of Investor Relations, (218) 998-7110 or (800) 664-1259

Proceeds to Be Used to Improve Debt Metrics and Financial Flexibility, While Continuing to Self-fund Spending From Cash Flows, in 2021 and Beyond

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) announced today that it has entered into an agreement to sell its storage terminals in the Northeast and one terminal in Florida to Sunoco LP for $250 million. There are eight terminal locations included in the sale: Andrews AFB in Washington, D.C.; Baltimore, MD; Blue Island, IL; Jacksonville, FL; Linden, NJ; Paulsboro, NJ; Piney Point, MD; and Virginia Beach, VA. The sale is expected to close by the beginning of the fourth quarter of 2021, subject to the satisfaction of customary closing conditions.

“While these terminals are solid assets with great operations and employees, these facilities are no longer synergistic with NuStar’s core assets, which, in the current competitive climate is critical to their long-term success,” said Brad Barron, president and CEO of NuStar. “Sunoco LP has assets in NY Harbor and in the Southeast U.S. that should provide such synergistic opportunities to ensure the continued success of these facilities and employees.

“This divestiture will allow us to deploy the proceeds to further improve our debt metrics, and we continue to expect to self-fund our spending from our internally generated cash flows, in 2021 and beyond,” Barron added.

Barclays served as exclusive financial adviser to NuStar on the transaction.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes forward-looking statements regarding future events and expectations, including the timing of, the expected use of proceeds from and the other anticipated benefits from the sale of the terminal assets in the Northeast and Florida. All forward-looking statements are based on NuStar’s beliefs as well as assumptions made by and information currently available to NuStar. These statements reflect NuStar’s current views with respect to future events and expectations and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P.’s 2020 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. Except as required by law, NuStar does not intend, or undertake any obligation, to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

About NuStar Energy L.P.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 73 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels and specialty liquids. The partnership’s combined system has approximately 72 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.'s website at www.nustarenergy.com and our Sustainability page at www.nustarenergy.com/sustainability .

About Sunoco LP

Sunoco LP is a master limited partnership with core operations that include the distribution of motor fuel to approximately 10,000 convenience stores, independent dealers, commercial customers and distributors located in more than 30 states as well as refined product transportation and terminalling assets. Sunoco's general partner is owned by Energy Transfer LP.

NuStar Energy, L.P., San Antonio
Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314/210-410-8926

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:
Darin Gibbins
Vice President - Investor Relations and Treasurer
+1-713-979-4623

SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (NYSE: SWN) (the “Company” or “Southwestern”) today announced that, in connection with the anticipated acquisition of Indigo Natural Resources LLC (“Indigo”) by Southwestern, Southwestern has commenced an offer to eligible holders to exchange (the “Exchange Offer”) any and all outstanding 5.375% Senior Notes due 2029 issued by Indigo (the “Indigo Notes”) for (1) up to $700,000,000 aggregate principal amount of new 5.375% Senior Notes due 2029 issued by Southwestern and guaranteed by certain subsidiaries of the Company (the “New Southwestern Notes”) and (2) cash.

The following table sets forth the Exchange Consideration and Total Exchange Consideration for the Indigo Notes:

In conjunction with the Exchange Offer, Southwestern is soliciting consents (the “Consent Solicitation”) to adopt certain proposed amendments to the indenture governing the Indigo Notes to eliminate substantially all of the restrictive covenants and events of default.

The Exchange Offer and Consent Solicitation are being made pursuant to the terms and subject to the conditions set forth in the offering memorandum and consent solicitation statement dated August 2, 2021 (the “Offering Memorandum and Consent Solicitation Statement”).

The Exchange Offer and Consent Solicitation are subject to the consummation of the transactions contemplated by the Agreement and Plan of Merger, dated as of June 1, 2021 (the “Merger Agreement”), by and among Southwestern, Ikon Acquisition Company, LLC, a Delaware limited liability company and wholly owned subsidiary of Southwestern, Indigo and Ibis Unitholder Representative, LLC, a Delaware limited liability company, on the terms, and subject to the conditions, which Southwestern will acquire all of the outstanding membership interests of Indigo (the “Indigo Merger”).

The Exchange Offer and Consent Solicitation are subject to certain additional conditions, although Southwestern may waive any such condition at any time with respect to the Exchange Offer. Any waiver of a condition by Southwestern with respect to the Exchange Offer will automatically waive such condition with respect to the Consent Solicitation. Any amendment of the terms of the Exchange Offer by Southwestern will automatically amend such terms with respect to the Consent Solicitation. Southwestern may complete the Exchange Offer even if valid consents sufficient to effect the Proposed Amendments are not received because Southwestern may waive any such condition at any time with respect to the Exchange Offer.

Southwestern may modify or terminate the Exchange Offer and/or may extend the Early Tender Date (as defined herein), the Expiration Date (as defined herein) and/or the settlement date with respect to the Exchange Offer, subject to applicable law. Any such modification, termination or extension will automatically modify, terminate or extend the Consent Solicitation, as applicable.

Holders who validly tender and do not validly withdraw their Indigo Notes at or prior to 5:00 p.m., New York City time, on August 13, 2021, unless extended (the “Early Tender Date”), will be eligible to receive, on the settlement date, the applicable Total Exchange Consideration as set forth in the table above for all such Indigo Notes that are accepted. Holders who validly tender their Indigo Notes after the Early Tender Date but no later than 5:00 p.m., New York City time, on September 1, 2021, unless extended (the “Expiration Date”), will be eligible to receive, on the settlement date, the applicable Exchange Consideration as set forth in the table above, for all such Indigo Notes that are accepted. The settlement date will be promptly after the Expiration Date and is expected to be within two business days after the Expiration Date.

Documents relating to the Exchange Offer and Consent Solicitation will be distributed only to eligible holders of Indigo Notes who certify that they are either (a) “Qualified Institutional Buyers” as that term is defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or (b) persons that are outside of the “United States” and that (i) are not “U.S. Persons,” as those terms are defined in Rule 902 under the Securities Act, (ii) in the case of persons located in the European Economic Area or the United Kingdom, are not “Retail Investors”, (iii) in the case of persons located in the United Kingdom, are “Relevant Persons” and (iv) are not located in Canada, provided that in Southwestern’s discretion, subject to the provision of certain documentation, Southwestern may allow the participation of certain Holders located in Canada. The complete terms and conditions of the Exchange Offer and Consent Solicitation are described in the Offering Memorandum and Consent Solicitation Statement, a copy of which may be obtained by contacting Ipreo LLC, the exchange agent and information agent in connection with the Exchange Offer and Consent Solicitation, at (888) 593-9546 (U.S. toll-free) or (212) 849-3880 (banks and brokers) or This email address is being protected from spambots. You need JavaScript enabled to view it..

This press release does not constitute an offer to sell or purchase, or a solicitation of an offer to sell or purchase, or the solicitation of tenders or consents with respect to, any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Exchange Offer and Consent Solicitation are being made solely pursuant to the Offering Memorandum and Consent Solicitation Statement and only to such persons and in such jurisdictions as is permitted under applicable law.

The New Southwestern Notes have not been and, except as may be required pursuant to a related registration rights agreement, will not be registered under the Securities Act or any state securities laws. Therefore, the New Southwestern Notes may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws.

About Southwestern

Southwestern Energy Company (NYSE: SWN) is a leading U.S. producer of natural gas and natural gas liquids focused on responsibly developing large-scale energy assets in the nation’s most prolific shale gas basins. SWN’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. For additional information, please visit www.swn.com and www.swn.com/responsibility.

Forward-Looking Statements

Certain statements and information in this news release may constitute “forward-looking statements.” Forward-looking statements relate to future events, including, but not limited to the Exchange Offer and Consent Solicitation. The words “believe,” “expect,” “anticipate,” “plan,” “predict,” “intend,” “seek,” “foresee,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “project,” “potential,” “may,” “will,” “likely,” “guidance,” “goal,” “model,” “target,” “budget” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements may be forward looking even in the absence of these particular words. Where, in any forward-looking statement, Southwestern Energy expresses an expectation or belief as to future results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. Management cautions you that the forward-looking statements contained herein are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to: the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids, including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to COVID-19 or other public health crises and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; our ability to fund our planned capital investments; a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate; the extent to which lower commodity prices impact our ability to service or refinance our existing debt; the impact of volatility in the financial markets or other global economic factors; difficulties in appropriately allocating capital and resources among our strategic opportunities; the timing and extent of our success in discovering, developing, producing and estimating reserves; our ability to maintain leases that may expire if production is not established or profitably maintained; our ability to transport our production to the most favorable markets or at all; the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives; the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; the effects of weather; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparative cost of alternative fuels; credit risk relating to the risk of loss as a result of non-performance by our counterparties; and any other factors listed in the reports we have filed and may file with the Securities and Exchange Commission (the “SEC”) that are incorporated by reference herein. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Additional Information about the Indigo Merger and Where to Find It

This communication relates to the Indigo Merger, and may be deemed to be solicitation material in respect of the issuance of the stock consideration for the Indigo Merger. The issuance of the stock consideration for the Indigo Merger will be submitted to the shareholders of Southwestern for their approval. In connection with Southwestern’s stockholder vote on the issuance of the stock consideration for the Indigo Merger, Southwestern filed a proxy statement on Schedule 14A with the SEC on July 20, 2021. This communication is not a substitute for the proxy statement that Southwestern filed with the SEC or any other documents that Southwestern may file with the SEC or send to its stockholders in connection with the issuance of the stock consideration for the Indigo Merger. Southwestern mailed a definitive proxy statement to its stockholders on our about July 22, 2021 in connection with Southwestern’s solicitation of proxies for the special meeting of Southwestern’s stockholders to be held to approve the issuance of the stock consideration for the Indigo Merger. This presentation does not contain all the information that should be considered concerning the Indigo Merger, including relevant risk factors that may be included in the proxy statement. It is not intended to provide the basis for any investment decision or any other decision in respect to the issuance of the stock consideration for the Indigo Merger. Southwestern’s stockholders and other interested persons are urged to read Southwestern’s proxy statement and any other relevant documents that are filed or furnished or will be filed or will be furnished with the SEC, as well as any amendments or supplements to these documents, carefully and in their entirety before making any voting or investment decision with respect to the issuance of the stock consideration for the Indigo Merger, as these materials will contain important information about the Indigo Merger, related matters and the parties to the Indigo Merger. A copy of the definitive proxy statement was sent to all stockholders of record of Southwestern seeking the required stockholder approvals. Investors and stockholders can obtain free copies of the proxy statement and other documents filed with the SEC by Southwestern through the web site maintained by the SEC at www.sec.gov. In addition, investors and stockholders can obtain free copies of the proxy statement from Southwestern by accessing Southwestern’s website at https://www.swn.com.

This communication is for informational purposes only and is neither an offer to sell or purchase, nor the solicitation of an offer to buy or sell any securities, nor is it a solicitation of any vote, consent, or approval in any jurisdiction pursuant to or in connection with the Indigo Merger or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Investor Contacts
Brittany Raiford
Director, Investor Relations
(832) 796-7906
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Bernadette Butler
Investor Relations Advisor
(832) 796-6079
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BOSTON--(BUSINESS WIRE)--MTIP (My Thuy International Port), a multi-industry joint venture port company formed with the goal of making My Thuy International Port the new transport hub of Quang Tri province and Central Vietnam, has announced that they made significant progress in the second quarter despite the ongoing challenges posed by COVID. Through the securing of additional funds for investment, the strengthening of their management team, and the ongoing support for their vision by the governments of Vietnam and South Korea, they remain confident in the ultimate success of the project, having received updated, written confirmation of an initial 30 million tons of annual cargo for export upon completion of Phase 1.

During the quarter, on March 30th 2021 a delegation of Korean commercial interests led by Mr. Park Noh-Wan, Ambassador to Vietnam, met with Quang Tri Province leadership to express support for the ongoing development of the port by MTIP. MTIP also signed an agreement to accept $8.9 million from Laos construction, mining, and investment organization Phonesack Group to develop an initial 10,000 DWT berth. In June, MTIP also added Brian Langenberg, an award-winning research analyst and strategist with 30 years experience as Deputy Director and Chief Financial Officer, to help further refine the port’s operations and adopt global best practices and standards.

MTIP Chairman Jung Tae Sung stated, “The team’s efforts remain undiminished and in June we added to the management team when Brian Langenberg, who has been working with us on a consulting basis, joined MTIP as Deputy Director and Chief Financial Officer. His 30-years as an award-winning research analyst and strategist will help us further refine our internal financial reporting structures and capital raising.”

To see the entire investor letter, please click here to view.

About MTIP:

MTIP, “My Thuy International Port Joint Venture Company”, is a greenfield development seaport project and a multi-industry port company formed on the basis of a joint venture between Development Investment Service Construction Vietnam Company Limited (DISECO Vietnam) and Golden Gate Construction Company Limited (GOLDEN GATE).

Press:
Veronica Welch
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HOUSTON--(BUSINESS WIRE)--Hess Midstream Operations LP (the “Issuer”), a consolidated subsidiary of Hess Midstream LP (NYSE: HESM) (“HESM” and, together with the Issuer, “Hess Midstream”), today announced that it intends to offer $750 million in aggregate principal amount of senior unsecured notes due 2030 (the “Notes”) in a private offering.

Hess Midstream intends to use the net proceeds from the offering to finance the previously announced repurchase by the Issuer of approximately 31 million Class B units from affiliates of Hess Corporation and Global Infrastructure Partners.

The Notes are being sold only to “qualified institutional buyers” in the United States pursuant to Rule 144A and outside the United States to non-U.S. Persons in compliance with Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The Notes have not been and will not be registered under the Securities Act or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release is neither an offer to sell nor a solicitation of an offer to buy the Notes or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the Notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Hess Midstream

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

Forward Looking Statements

This press release includes forward-looking statements within the meaning of U.S. securities laws. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. 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. You should keep in mind the risk factors and other cautionary statements in the filings made by HESM with the U.S. Securities and Exchange Commission, which are available to the public. HESM undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Investor Contact:
Jennifer Gordon
(212) 536-8244

Media Contact:
Robert Young
(713) 496-6076

Tortoise Energy Infrastructure Corp. (NYSE: TYG)
Tortoise Midstream Energy Fund, Inc. (NYSE: NTG)
Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP)
Tortoise Energy Independence Fund, Inc. (NYSE: NDP)
Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ)
Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF)

OVERLAND PARK, Kan.--(BUSINESS WIRE)--The combined 2021 Semi-Annual stockholders’ report for TYG, NTG, TTP, NDP, TPZ and TEAF has been released. This report is available online at cef.tortoiseecofin.com. Please call (866) 362-9331 or email This email address is being protected from spambots. You need JavaScript enabled to view it. to request hard copies of this report free of charge. Additionally, the unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP, TPZ and TEAF as of July 31, 2021 are as follows:

Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of July 31, 2021, the company’s unaudited total assets were approximately $569.4 million and its unaudited net asset value was $408.3 million, or $34.23 per share.

As of July 31, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 486 percent, and its coverage ratio for preferred shares was 379 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at July 31, 2021.

Unaudited balance sheet

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of July 31, 2021, the company’s unaudited total assets were approximately $284.6 million and its unaudited net asset value was $206.9 million, or $36.66 per share.

As of July 31, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 474 percent, and its coverage ratio for preferred shares was 392 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at July 31, 2021.

Unaudited balance sheet

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of July 31, 2021, the company’s unaudited total assets were approximately $85.8 million and its unaudited net asset value was $64.7 million, or $28.71 per share.

As of July 31, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 590 percent, and its coverage ratio for preferred shares was 415 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at July 31, 2021.

Unaudited balance sheet

TTP has completed approximately $4.4 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through August 31, 2021. Under the program, TTP has repurchased 248,567 shares of its common stock at an average price of $17.492 and an average discount to NAV of 21.1%.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of July 31, 2021, the company’s unaudited total assets were approximately $44.6 million and its unaudited net asset value was $41.4 million, or $22.45 per share.

As of July 31, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 1,529 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at July 31, 2021.

Unaudited balance sheet

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of July 31, 2021, the company’s unaudited total assets were approximately $126.7 million and its unaudited net asset value was $102.2 million, or $15.59 per share.

As of July 31, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 526 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at July 31, 2021.

Unaudited balance sheet

TPZ has completed approximately $4.6 million of share repurchases under the publicly announced repurchase plan allowing up to $5.0 million through August 31, 2021. Under the program, TPZ has repurchased 393,175 shares of its common stock at an average price of $11.658 and an average discount to NAV of 19.0%.

Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) today announced that as of July 31, 2021, the company’s unaudited total assets were approximately $260.2 million and its unaudited net asset value was $230.1 million, or $17.05 per share.

As of July 31, 2021, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 992 percent. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at July 31, 2021.

Unaudited balance sheet

The top 10 holdings for TYG, NTG, TTP, NDP, TPZ and TEAF as of the most recent month-end can be found on each fund’s portfolio web page at https://cef.tortoiseecofin.com.

About TortoiseEcofin

TortoiseEcofin focuses on essential assets – those assets and services that are indispensable to the economy and society. We strive to make a positive impact on clients and communities by investing in energy infrastructure and the transition to cleaner energy and by providing capital for social impact projects focused on education and senior living. TortoiseEcofin brings together strong legacies from Tortoise, with expertise investing across the energy value chain for more than 20 years, and from Ecofin, which unites ecology and finance and has roots back to the early 1990s. For additional information, please visit www.TortoiseEcofin.com.

Tortoise Capital Advisors, L.L.C. (also dba TCA Advisors) (“TCA”) is the Adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc., Tortoise Power and Energy Infrastructure Fund, Inc. and Ecofin Sustainable and Social Impact Term Fund. Ecofin Advisors Limited is a sub-adviser to Ecofin Sustainable and Social Impact Term Fund.

For additional information on these funds, please visit cef.tortoiseecofin.com.

Safe harbor statement

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

Cautionary Statement Regarding 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 the funds and TCA believe 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 the fund’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, the funds and TCA do not assume a duty to update this forward-looking statement.

Maggie Zastrow
(913) 981-1020
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Transaction Recognizes Facility’s Key Strategic Role in Region

ST. CROIX, U.S. Virgin Islands--(BUSINESS WIRE)--Limetree Bay Terminals, LLC (“Limetree Terminals” or the “Company”) today announced that it has entered into a financing agreement under which AMP Capital Investors S.A.R.L. and affiliates (“AMP Capital”) will provide the Company with up to $100 million in new capital.

Under the terms of the agreement, AMP Capital will provide Limetree Terminals’ indirect parent company, Limetree Bay Terminals Holdings II, LLC with a $50 million incremental tranche of term loans, which amount can be upsized by an additional $50 million at the election of AMP Capital. The proceeds of the term loans will be invested in the Company.

“This substantial capital infusion is a clear demonstration of the strategic importance of the Limetree Bay terminal and the vital role this large-scale logistics facility plays in the flow of materials for St. Croix and the region,” said Jeffrey Rinker, Limetree Bay’s CEO. “The transaction significantly enhances the Company’s liquidity position allowing us to build on our strategic location and world-class facilities.”

Limetree Terminals is distinct and separate from Limetree Bay Refining LLC (“Limetree Refinery”), whose operations have been suspended following the filing of voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code. Limetree Terminals is expected to continue to operate without interruption while Limetree Refinery undergoes its restructuring process.

Huntons Andrews Kurth, LLP is serving as legal counsel to Limetree Terminals and Evercore is serving as the Company’s financial advisor. Vinson & Elkins, LLP is serving as legal counsel to AMP Capital and Davis Polk & Wardwell LLP is serving as legal counsel to a group of the company’s term loan lenders.

About Limetree Bay Terminals

Limetree Bay Terminals, LLC is a world-class energy logistics hub centrally located in the Caribbean facilitating the storage, segregation, blending, and global movement of crude oils, fuel oils, bunker, gasolines, diesel, jet fuel, and liquid petroleum gases. Customers include integrated global oil majors, refiners, global trading houses, and the co-located refinery. The facility consists of 167 tanks, with a capacity of approximately 34 million barrels, and deep-water access to 11 docks including an offshore single point mooring (SPM) buoy capable of loading and discharging vessels up to VLCC size.

Forward Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “ project,” “estimate,” “expect,” “strategy,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: economic and financial conditions, including volatility in interest and exchange rates and commodity prices; the level of demand for our storage services; changes in customer demand; the extent to which we are successful in gaining new long-term relationships with customers or retaining existing ones; closures or slowdowns and changes in labor costs and labor difficulties, including stoppages; and the outcome of the pending chapter 11 bankruptcy process for Limetree Bay Refining, LLC. Any forward-looking statements made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future development or otherwise.

Kelly Kimberly and Brandon Messina
Sard Verbinnen & Co
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212.687.8080