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Energy Services of America to Hold Investor Meetings at the 37th Annual ROTH Conference
Energy Services of America to Hold Investor Meetings at the 37th Annual ROTH Conference HUNTINGTON, W.Va., March 11, 2025 /PRNewswire/ -- Energy Services of America (Nasdaq: ESOA), today announced management will host 1x1 investor meetings as part of the 37th Annual ROTH Conference on Monday, March 17, 2025. Investors that are interested in attending the conference or scheduling a meeting should contact their ROTH representative or can submit a request here. About Energy Services Energy Services of America Corporation (NASDAQ: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 1,300+ employees on a regular basis. The Company's core values are safety, quality, and production. View original content:https://www.prnewswire.com/news-releases/energy-services-of-america-to-hold-investor-meetings-at-the-37th-annual-roth-conference-302397461.html SOURCE Energy Services of America Corporation
Smackover Lithium Successfully Completes Derisking of DLE Technology With Final Field-Test at South West Arkansas Project
Smackover Lithium Successfully Completes Derisking of DLE Technology With Final Field-Test at South West Arkansas Project Field-Pilot DLE Facility Exceeds Key Performance Criteria to Confirm Engineering Design for South West Arkansas Project Large Volumes of DLE Product Sent to Third Party Vendors for Conversion to Battery-Quality Lithium Carbonate These Samples Will Be Used in the Qualification Process With Potential Off-Take Partners LEWISVILLE, Ark., March 11, 2025 (GLOBE NEWSWIRE) -- Smackover Lithium, a Joint Venture ("JV") between Standard Lithium Ltd. ("Standard Lithium" or the "Company") (TSXV:SLI) (NYSE:A:SLI) and Equinor, has achieved one of the last technical milestones in the development of the South West Arkansas ("SWA") project located in Lafayette and Columbia Counties, Arkansas. The JV, in partnership with Koch Technology Solutions ("KTS"), successfully completed the final Direct Lithium Extraction ("DLE") derisking step for the SWA project, a critical step toward commercialization. Over a three-month period, the JV and its partners operated an onsite DLE field-pilot plant, where it surpassed key performance criteria (more details provided below). Additionally, large-volume samples of the concentrated and purified DLE product have been sent to third-party vendors. These vendors will convert the DLE product into battery-quality lithium carbonate while also being assessed as potential equipment suppliers for the commercial project. The resulting samples will play a key role in the qualification process with prospective off-take partners. Highlights of this final derisking pilot include: Lithium recovery far exceeded the design criteria. During sustained operation, the DLE field-pilot plant recovered over 99% of the lithium from brine sourced from the SWA project's International Paper Company ("IPC-1") well, far exceeding the 95% recovery used in the current design (average lithium content of the incoming brine was 427 mg/L);Rejections for key contaminants were within acceptable tolerance of (i.e. just above or below) the design criteria;The field-pilot plant processed over 2,385 barrels (100,170 gallons) of brine from the IPC-1 well;Field-pilot plant completed over 497 DLE cycles;These recent data from the field-pilot plant testing supplement the 28,367,185 gallons of brine processed, and the 11,206 cycles of DLE completed at Standard Lithium's Demonstration Plant in El Dorado, Arkansas, operating since 2020;The heart of the plant is the same KTS Li-ProTM Lithium Selective Sorption (Li-Pro LSS) technology, as described in the Company's recent news release (28 October 2024);The field-pilot plant has produced approximately 970 gallons (3,672 litres) of concentrated and purified lithium chloride solution (6% LiCl solution);The 970 gallons of 6% LiCl solution is currently being sent off-site to three separate potential carbonate equipment vendors; and,The three vendors are expected to produce, in total, approximately 27 kg of battery-quality lithium carbonate, anticipated in May 2025. Standard Lithium's President and COO, Dr. Andy Robinson commented "This field-pilot is the final step in derisking DLE technology for Smackover brines; we're now ready to commercialize this technology. For 5 years, Standard Lithium has been operating a large-scale Demonstration Plant in Arkansas, and we've processed over 28 million gallons of real, live Smackover brine. This large Demonstration Plant has been invaluable in developing, streamlining and optimising the flowsheet. The field-pilot was the final step to demonstrate that we can reliably process brine from our SWA project, extract lithium in real-time, and convert to a battery-quality lithium carbonate product. Smackover Lithium has now completed the necessary testing of the flowsheet, and can complete the FEED work and feasibility study." Figure 1 Standard Lithium operators checking performance of the DLE field pilot. The larger blue and white enclosure houses the pre-treatment, filtration and DLE (LSS column) process steps. Figure 2 Standard Lithium operators monitoring performance of the filtration process step. Qualified Person Marek Dworzanowski, EUR ING, CEng, HonFSAIMM, FIMMM, a qualified person as defined by National Instrument 43-101, and a Consulting Metallurgical Engineer who is independent of the Company, has reviewed and approved the relevant scientific and technical information in this news release. About Smackover Lithium Smackover Lithium is a joint venture between Standard Lithium and Equinor. Formed in May 2024, Smackover Lithium is developing two Direct Lithium Extraction ("DLE") Project Companies in southwest Arkansas and east Texas. Standard Lithium owns 55% interest and Equinor holds the remaining 45% interest in the two project Companies, with Standard Lithium retaining operatorship. For more information on the joint venture, please visit www.smackoverlithium.com. About Standard Lithium Ltd. Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction ("DLE") and purification process. The Company's flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California. Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol "SLI"; and on the Frankfurt Stock Exchange under the symbol "S5L". Please visit the Company's website at www.standardlithium.com. About Equinor Equinor is an international energy company committed to long-term value creation in a low-carbon future. Equinor's portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Norway, Equinor is the leading operator on the Norwegian continental shelf and is present in around 30 countries worldwide. Our partnership with Standard Lithium to mature DLE projects builds on our broad US energy portfolio of oil and gas, offshore wind, low carbon solutions and battery storage projects. For more information on Equinor in the US, please visit: Equinor in the US - Equinor About Koch Technology Solutions (KTS) Koch Technology Solutions is the technology licensing business of Koch Engineered Solutions (KES). KTS creates value for its customers across a growing portfolio of technologies including direct lithium extraction, the polyester value chain, and 1,4-Butananediol plus its derivates. KTS combines its exclusive technologies, expertise, and capabilities with those of other KES companies to provide overall solutions to optimize customer's capital investments and existing manufacturing assets. Investor and Media Contacts: Chris LangStandard Lithium Ltd.investors@standardithium.com Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward looking information" within the meaning of applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target", "plan", "forecast", "may", "will", "schedule" and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, continued operation of the demonstration plant and the field-pilot DLE plant, outcomes of commercialization, regulatory or government requirements or approvals, the reliability of third party information, continued production of lithium chloride solutions, consistent ongoing lithium recovery quantities, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements or information. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations. Figures accompanying this announcement are available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/e0081645-6f2c-4fa8-9545-b3d522d892ef https://www.globenewswire.com/NewsRoom/AttachmentNg/8f0f751b-d576-4338-983a-a8b25f5c6d7e Figure 1 Standard Lithium operators checking performance of the DLE field pilot. The larger blue and white enclosure houses the pre-treatment, filtration and DLE (LSS column) process steps.Figure 2 Standard Lithium operators monitoring performance of the filtration process step
Baker Hughes, NextDecade Enter Framework Agreement for Rio Grande LNG Expansion Trains
Baker Hughes, NextDecade Enter Framework Agreement for Rio Grande LNG Expansion Trains HOUSTON, March 11, 2025 (GLOBE NEWSWIRE) -- Baker Hughes (NASDAQ: BKR), an energy technology company, and NextDecade Corporation (NASDAQ: NEXT) and announced Tuesday that they have entered into a framework agreement whereby NextDecade plans to utilize Baker Hughes' gas turbine and refrigerant compressor technology (Equipment Packages) and enter into contractual services agreements to perform maintenance work for these Equipment Packages for Trains 4 through 8 at the Rio Grande LNG Facility. "Utilizing Baker Hughes' industry-leading rotating equipment and their maintenance services is critical to ensuring the Rio Grande LNG Facility operates efficiently and reliably," said Matt Schatzman, chairman and CEO of NextDecade. "We look forward to continuing our collaboration with Baker Hughes as we progress our plans to make the Rio Grande LNG Facility one of the largest LNG production and export facilities in the world." "Baker Hughes is proud to continue our long-standing relationship with NextDecade, providing advanced gas technology solutions that enhance the efficiency and reliability of their LNG operations," said Lorenzo Simonelli, chairman and CEO of Baker Hughes. "This agreement is a further example of our commitment to delivering innovative solutions in support of increasing energy demand." NextDecade is making excellent progress on commercializing Rio Grande LNG Trains 4 and 5. The Company expects to make positive final investment decisions and commence construction on Trains 4 and 5 and related infrastructure at the Rio Grande LNG Facility, subject to, among other things, maintaining requisite governmental approvals, finalizing and entering into EPC contracts, entering into appropriate commercial arrangements, and obtaining adequate financing to construct each train and related infrastructure. NextDecade is developing and beginning the permitting process for Trains 6 through 8, which are wholly owned by NextDecade and are cumulatively expected to increase the company's total liquefaction capacity by approximately 18 million tonnes per annum once constructed and placed into operation. Baker Hughes expects orders, in relation to this agreement, as NextDecade's project progresses. About Baker Hughes Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com. About NextDecade Corporation NextDecade is committed to providing the world access to reliable, lower carbon energy. We are focused on delivering secure, low-cost, and sustainable energy solutions through the safe and efficient development and operation of natural gas liquefaction and carbon capture and storage infrastructure. Through our subsidiaries, we are developing and constructing the Rio Grande LNG natural gas liquefaction and export facility near Brownsville, Texas, with approximately 48 MTPA of potential liquefaction capacity currently under construction or in development. We are also developing a potential carbon capture and storage project at the facility that is expected to make meaningful impacts toward a lower carbon future. NextDecade's common stock is listed on the Nasdaq Stock Market under the symbol "NEXT." NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words "anticipate," "contemplate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "might," "will," "would," "could," "should," "can have," "likely," "continue," "design," "assume," "budget," "guidance," "forecast," and "target," and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations, perceptions of historical trends, current conditions and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in NextDecade's periodic reports that are filed with and available from the Securities and Exchange Commission. The taking of a final investment decision on Trains 4 and 5 at the Rio Grande LNG Facility is subject to, among other things, maintaining requisite governmental approvals, finalizing and entering into EPC contracts, entering into appropriate commercial arrangements, and obtaining adequate financing to construct each train and related infrastructure. Additionally, any development of additional expansion trains at the Rio Grande LNG Facility or CCS projects remains contingent upon receipt of requisite governmental approvals, execution of definitive commercial and financing agreements, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws. Contacts Baker Hughes Investor Relations:Chase Mulvehillinvestor.relations@bakerhughes.com+1 346-297-2561 NextDecade InvestorsMegan Lightmlight@next-decade.com832-981-6583 Baker Hughes MediaChiara Toniatochiara.toniato@bakerhughes.com+39 3646 382 3419 NextDecade MediaSusan Richardsonsrichardson@next-decade.com832-413-6400
NextDecade, Baker Hughes Enter Framework Agreement for Rio Grande LNG Expansion Trains
NextDecade, Baker Hughes Enter Framework Agreement for Rio Grande LNG Expansion Trains HOUSTON, Mar. 11 /BusinessWire/ -- NextDecade Corporation (NextDecade or the Company) (NASDAQ:NEXT) and Baker Hughes (NASDAQ:BKR) announced today that they have entered into a framework agreement whereby NextDecade plans to utilize Baker Hughes' gas turbine and refrigerant compressor technology (Equipment Packages) and enter into contractual services agreements to perform maintenance work for these Equipment Packages for Trains 4 through 8 at the Rio Grande LNG Facility. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250310876591/en/ "Utilizing Baker Hughes' industry-leading rotating equipment and their maintenance services is critical to ensuring the Rio Grande LNG Facility operates efficiently and reliably," said Matt Schatzman, Chairman and CEO of NextDecade. "We look forward to continuing our collaboration with Baker Hughes as we progress our plans to make the Rio Grande LNG Facility one of the largest LNG production and export facilities in the world." "Baker Hughes is proud to continue our long-standing relationship with NextDecade, providing advanced gas technology solutions that enhance the efficiency and reliability of their LNG operations," said Lorenzo Simonelli, Chairman and CEO of Baker Hughes. "This agreement is a further example of our commitment to delivering innovative solutions in support of increasing energy demand." NextDecade is making excellent progress on commercializing Rio Grande LNG Trains 4 and 5. The Company expects to make positive final investment decisions and commence construction on Trains 4 and 5 and related infrastructure at the Rio Grande LNG Facility, subject to, among other things, maintaining requisite governmental approvals, finalizing and entering into EPC contracts, entering into appropriate commercial arrangements, and obtaining adequate financing to construct each train and related infrastructure. NextDecade is developing and beginning the permitting process for Trains 6 through 8, which are wholly owned by NextDecade and are cumulatively expected to increase the Company's total liquefaction capacity by approximately 18 million tonnes per annum once constructed and placed into operation. Baker Hughes expects orders, in relation to this agreement, as NextDecade's project progresses. About NextDecade Corporation NextDecade is committed to providing the world access to reliable, lower carbon energy. We are focused on delivering secure, low-cost, and sustainable energy solutions through the safe and efficient development and operation of natural gas liquefaction and carbon capture and storage infrastructure. Through our subsidiaries, we are developing and constructing the Rio Grande LNG natural gas liquefaction and export facility near Brownsville, Texas, with approximately 48 MTPA of potential liquefaction capacity currently under construction or in development. We are also developing a potential carbon capture and storage project at the facility that is expected to make meaningful impacts toward a lower carbon future. NextDecade's common stock is listed on the Nasdaq Stock Market under the symbol "NEXT." NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com. About Baker Hughes Baker Hughes (NASDAQ: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward - making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words "anticipate," "contemplate," "estimate," "expect," "project," "plan," "intend," "believe," "may," "might," "will," "would," "could," "should," "can have," "likely," "continue," "design," "assume," "budget," "guidance," "forecast," and "target," and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations, perceptions of historical trends, current conditions and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in NextDecade's periodic reports that are filed with and available from the Securities and Exchange Commission. The taking of a final investment decision on Trains 4 and 5 at the Rio Grande LNG Facility is subject to, among other things, maintaining requisite governmental approvals, finalizing and entering into EPC contracts, entering into appropriate commercial arrangements, and obtaining adequate financing to construct each train and related infrastructure. Additionally, any development of additional expansion trains at the Rio Grande LNG Facility or CCS projects remains contingent upon receipt of requisite governmental approvals, execution of definitive commercial and financing agreements, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws. View source version on businesswire.com: https://www.businesswire.com/news/home/20250310876591/en/ back
Delek Logistics Partners, LP 2024 K-1 Tax Packages Available on Website
Delek Logistics Partners, LP 2024 K-1 Tax Packages Available on Website BRENTWOOD, Tenn., Mar. 10 /BusinessWire/ -- Delek Logistics Partners, LP (NYSE:DKL) today announced that 2024 K-1 tax packages are now available on our third-party provider's website, https://www.taxpackagesupport.com/DelekLogistics. Printing and mailing of these tax packages are currently underway. Questions regarding the 2024 Tax Reporting Package can be addressed by contacting 1-833-263-0144 between 8:00 a.m. and 5:00 p.m. CST, Monday through Friday. About Delek Logistics Partners, LP Delek Logistics Partners, LP is a midstream energy master limited partnership headquartered in Brentwood, Tennessee. Through its owned assets and joint ventures located primarily in and around the Permian Basin, including both the Midland and the Delaware Basins, and other select areas in the Gulf Coast region, Delek Logistics provides gathering, pipeline, transportation, and other services for its customers in crude oil, intermediates, refined products, natural gas, storage, wholesale marketing, terminalling, water disposal, and recycling. Delek US Holdings, Inc. (NYSE:DK) ("Delek US") owns the general partner interest as well as a majority limited partner interest in Delek Logistics Partners, LP, and is also a significant customer. Information about Delek Logistics Partners, LP can be found on its website (www.deleklogistics.com), investor relations webpage (https://www.deleklogistics.com/investor-relations), news webpage (https://www.deleklogistics.com/news-releases) and its Twitter account (@DelekLogistics). View source version on businesswire.com: https://www.businesswire.com/news/home/20250310261748/en/ back
Archrock to Acquire Natural Gas Compression Systems, Inc.
Archrock to Acquire Natural Gas Compression Systems, Inc. Business includes approximately 351,000 horsepower, comprised of 316,000 operating horsepower and a 35,000 horsepower backlog of contracted new equipmentAligns with Archrock's focus on large horsepower compression with blue-chip customersComplements and deepens Archrock's existing operations in the Permian BasinExpands Archrock's electric motor drive compression capabilities as customer demand for low carbon solutions continues to growThe $357 million transaction is expected to be immediately accretive to Archrock's earnings per share and cash available for dividend per share HOUSTON and TRAVERSE CITY, Mich., March 10, 2025 (GLOBE NEWSWIRE) -- Archrock, Inc. (NYSE: AROC) ("Archrock") and Natural Gas Compression Systems, Inc. ("NGCSI"), a high-quality provider of contract gas compression services, today announced that they have entered into definitive agreements under which Archrock will acquire NGCSI and NGCSE, Inc. ("NGCSE") (collectively "NGCS"), in a cash and stock transaction valued at approximately $357 million. "We're excited to announce our agreement to acquire NGCS, which further enhances our position as a premier provider of natural gas compression services in the United States," said Brad Childers, President and Chief Executive Officer of Archrock. "With the addition of NGCS's portfolio of high-quality, large horsepower and electric compression assets, we are increasing our scale and expanding customer relationships as demand for natural gas and compression remains robust. Additionally, by deepening our operational footprint in the premier Permian Basin and other key regions, we will continue to align our resources with profitable, high-demand market segments. We have been disciplined about transforming our portfolio by investing in attractive, high-return opportunities, and believe that this transaction will enable us to build on these efforts and drive durable, profitable growth for Archrock shareholders." Childers continued, "As with Archrock, we recognize that NGCS's success starts with its dedicated, highly-talented employees. We have a successful integration track record, and are enthusiastic about welcoming the NGCS team into the Archrock family as we work together to maximize uptime for our customers and to power a cleaner America." "Archrock shares our commitments to safety, operational excellence and putting the customer first," said A.J. Yuncker, President and Chief Executive Officer of NGCSI. "NGCS and Archrock have highly complementary operations and capabilities, and we believe our customers and employees will benefit from Archrock's scale, experience and financial strength." Compelling Strategic and Financial Benefits Increases total operating horsepower: Together, Archrock and NGCS will have pro forma operating horsepower of over 4.5 million.Expands presence in Permian Basin and other key oil and gas regions: 71% of NGCS's compression horsepower is operating in the Permian Basin; the combination is expected to increase Archrock's Permian Basin compression capacity by 10%, to approximately 2.5 million horsepower.Enhances capacity to serve growing demand for lower carbon solutions: NGCS's operating electric motor drive compression equipment totaling approximately 78,000 horsepower are complementary to Archrock's growing electric motor drive compression operations and increases Archrock's electric motor drive compression horsepower to approximately 815,000.Immediate accretion: The transaction is expected to be immediately accretive to Archrock's earnings per share and cash available for dividend per share by the end of 2025.Compelling multiple: The purchase price represents a transaction multiple of less than 7.0x expected run-rate of annualized July 2025 adjusted EBITDA, exclusive of any anticipated synergies. Transaction, Leadership and Closing Details Under the terms of the agreement, Archrock intends to fund the $298 million cash portion of the total consideration with available capacity under its ABL credit facility. Archrock will issue up to 2.312 million new Archrock common shares to the sellers to fund the remaining transaction value. The transaction funding approach is consistent with Archrock's stated target leverage ratio range of between 3.0 times and 3.5 times. The transaction has been unanimously approved by the Board of Directors of Archrock and is expected to close in the second quarter of 2025, subject to customary closing conditions. Advisors Citi is serving as financial advisor and Latham & Watkins LLP is acting as legal advisor to Archrock. Intrepid Partners, LLC is serving as financial advisor and Honigman LLP is acting as legal advisor to NGCS. About Archrock Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how the Company embodies its purpose, WE POWER A CLEANER AMERICA, visit www.archrock.com. About NGCS NGCS is a high-quality provider of natural gas compression equipment and services used in the production and transportation of natural gas, with a culture based on preventative maintenance and customer run-time. NGCS specializes in large horsepower compression for both gas lift and midstream applications. NGCS's homogenous fleet of gas-fired and electric motor drive compressors are deployed with blue-chip customers, primarily in the Permian Basin. NGCS consists of privately held companies, and NGCSI was started by six founders via a private placement in 2001. Four of the six founders started their careers as compressor mechanics. Non-GAAP Measures Adjusted EBITDA, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, debt extinguishment loss, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items. Archrock has not provided projected net income from the assets to be acquired, the most comparable financial measure calculated in accordance with GAAP, or a reconciliation of projected adjusted EBITDA to projected net income of the assets to be acquired. Archrock does not control the assets to be acquired or prepare the related financial statements. Archrock is unable to provide projected net income of the assets to be acquired or a reconciliation of the projected adjusted EBITDA of the assets to be acquired to projected net income from those assets because the calculation of projected adjusted EBITDA was based on, among other things, projected utilization and rate information combined with high-level, operating expense assumptions related to the assets to be acquired. As such, Archrock does not have sufficient information to project net income from the assets to be acquired, nor does Archrock have sufficient information regarding all of the reconciling items that may exist between projected adjusted EBITDA and projected net income for the assets to be acquired. Therefore, projected net income of the assets to be acquired and a reconciliation of projected adjusted EBITDA of the assets to projected net income from those assets are not available without unreasonable effort. Forward-Looking Statements All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Archrock. Forward-looking information includes, but is not limited to statements regarding the expected benefits of the proposed transaction, including its expected accretion and the expected impact on Archrock's EBITDA, leverage ratio, dividend growth and dividend coverage; the anticipated completion of the proposed transaction and the timing thereof; plans and objectives of management for future operations; structural and process improvement initiatives, the expected timing thereof, Archrock's ability to successfully effect those initiatives and the expected results therefrom; and statements regarding Archrock's dividend policy. While Archrock believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: the failure to complete the proposed transaction or to realize the anticipated accretion, dividend growth and coverage, potential synergies and other anticipated strategic benefits of the transaction within the expected time frames or at all; the possible diversion of management time on transaction-related issues; the risk that the requisite approvals to complete the transaction will not be obtained; changes in customer, employee or supplier relationships of Archrock or NGCS; local, regional and national economic and financial market conditions and the impact they may have on Archrock, NGCS and their respective customers; future regulatory conditions, including changes in tax laws; conditions in the oil and gas industry, including a sustained decrease in the level of supply or demand for oil or natural gas or a sustained decrease in the price of oil or natural gas; changes in economic conditions in key operating markets; the financial condition of Archrock's or NGCS's customers; the failure of any customer of Archrock or NGCS to perform its contractual obligations; changes in safety, health, environmental and other regulations; the effectiveness of Archrock's control environment, including the identification of control deficiencies; estimated transaction and integration costs associated with the proposed transaction; the retention of certain key employees of NGCS; and Archrock's ability to successfully integrate the operations of NGCS; Archrock's ability to pay dividends in the future; risks associated with the concentration of Archrock's significant customers; volatility of Archrock's common stock; the risk of dilution of Archrock's common stock; provisions in Archrock's governing documents that may make a change of control more difficult and Archrock's ability to issue preferred stock with terms that could adversely affect the voting power and value of Archrock's common stock. These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock's Annual Report on Form 10-K for the year ended December 31, 2024, and those set forth from time to time in Archrock's filings with the Securities and Exchange Commission, which are available at www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise. For information, contact: Archrock, Inc.INVESTORSMegan RepineVP of Investor Relations281-836-8360investor.relations@archrock.com MEDIAAndrew Siegel / Jed Repko / Kara Grimaldi Joele Frank212-355-4449
Precision Drilling Corporation Announces Filing of Annual Disclosure Documents
Precision Drilling Corporation Announces Filing of Annual Disclosure Documents CALGARY, Alberta, March 10, 2025 (GLOBE NEWSWIRE) -- Precision Drilling Corporation (Precision) announces that it has filed its annual disclosure documents with the securities commissions in each of the provinces of Canada and the United States Securities and Exchange Commission (SEC). Precision's 2024 Annual Report contains the audited consolidated financial statements and management's discussion and analysis for the year ended December 31, 2024. Precision's financial results for the year ended December 31, 2024 were previously released on February 12, 2025. Precision's Annual Report and Annual Information Form have been filed on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR+) and on Form 40-F on the SEC's Electronic Data Gathering, Analysis and Retrieval (EDGAR) system. The documents described above are also available on Precision's website at www.precisiondrilling.com or by emailing Precision at info@precisiondrilling.com. Precision's 2025 Annual and Special Meeting of Shareholders will be held in a virtual-only format at 10:00 a.m. MDT on Thursday, May 15, 2025. About Precision Precision is a leading provider of safe and environmentally responsible High Performance, High Value services to the energy industry, offering customers access to an extensive fleet of Super Series drilling rigs. Precision has commercialized an industry-leading digital technology portfolio known as AlphaTM that utilizes advanced automation software and analytics to generate efficient, predictable, and repeatable results for energy customers. Our drilling services are enhanced by our EverGreenTM suite of environmental solutions, which bolsters our commitment to reducing the environmental impact of our operations. Additionally, Precision offers well service rigs, camps and rental equipment all backed by a comprehensive mix of technical support services and skilled, experienced personnel. Precision is headquartered in Calgary, Alberta, Canada and is listed on the Toronto Stock Exchange under the trading symbol "PD" and on the New York Stock Exchange under the trading symbol "PDS". Additional Information For more information about Precision, please visit our website at www.precisiondrilling.com or contact: Lavonne Zdunich, CPA, CAVice President, Investor Relations403.716.4500 800, 525 - 8th Avenue S.W.Calgary, Alberta, Canada T2P 1G1Website: www.precisiondrilling.com
Summit Midstream Corporation Reports Fourth Quarter and Full-Year 2024 Financial and Operating Results & Provides Full-Year 2025 Guidance
Summit Midstream Corporation Reports Fourth Quarter and Full-Year 2024 Financial and Operating Results & Provides Full-Year 2025 Guidance HOUSTON, March 10, 2025 /PRNewswire/ -- Summit Midstream Corporation (NYSE: SMC) ("Summit", "SMC" or the "Company") announced today its financial and operating results for fourth quarter and full-year 2024 and provided full-year 2025 financial guidance. Highlights Fourth quarter 2024 net loss of $24.8 million, adjusted EBITDA of $46.2 million, cash flow available for distributions ("Distributable Cash Flow" or "DCF") of $22.1 million and free cash flow ("FCF") of $6.6 millionReduced total leverage to 3.9x1 at year-end 2024Successfully closed value- and credit-accretive acquisition of Tall Oak Midstream IIIConnected 23 wells during the fourth quarter, resulting in 156 wells connected in 2024Active customer base with over 100 DUCs behind our systems and 125 to 185 wells expected in 2025Closed the value- and credit-accretive bolt on acquisition of Moonrise Midstream in the DJ Basin on March 10, 2025Reinstated cash dividend on the Series A Preferred Stock beginning March 15, 2025Provided 2025 full-year financial guidance range2 of $245 million to $280 million in adjusted EBITDA and total capital expenditures of $65 million to $75 millionManagement Commentary Heath Deneke, President, Chief Executive Officer and Chairman, commented, "2024 was an eventful and pivotal year for Summit. We executed on several key strategic milestones, including the sale of our Northeast business that accelerated de-levering and created additional financial flexibility with the refinancing of an upsized $500 million credit facility and new Second Lien Secured notes. With the support of our unitholders, we then successfully converted the Company from an MLP to a Corporation which expanded our investor base and significantly increased our trading liquidity. In December, we closed on the value- and credit-accretive acquisition of Tall Oak Midstream in the Arkoma, which increased the company's natural gas exposure in a supply basin that is very well positioned to help meet growing Gulf Coast natural gas demand. The transaction also further enhanced the balance sheet and helped drive leverage down to 3.9x as of year-end 2024. Our operational and financial results in 2024 remained in line with expectations, driven by steady well connections, active producer engagement, and continued optimization of our asset base. As we look ahead to 2025, Summit is well positioned to continue to execute on its corporate strategy with a strong balance sheet and ample liquidity to continue advancing our growth initiatives and maximizing value for our shareholders. The recently announced bolt-on acquisition of the Moonrise gathering and processing system in the DJ Basin is another example of Summit executing on its strategy to consolidate synergistic and high free cash flow generating assets around our operating footprint. The Moonrise transaction is both value- and credit- accretive and importantly expands our operational capacity and flexibility to help meet the volumetric growth we are expecting in the coming years from our existing customer base in the DJ Basin. At the mid-point of our 2025 financial guidance range we expect to generate over $260 million in adjusted EBITDA which translates to more than $100 million of levered free cash flow, after growth and maintenance capital expenditures, that we plan to utilize to continue to de-lever the balance sheet towards our long term 3.5x leverage target. Additionally, we approved paying the quarterly Series A corporate preferred dividend in cash beginning on March 15, 2025, a necessary first step as we continue to work towards our plans to resume a common stock dividend for our shareholders in the future." ____________________ 1 As of 12/31/2024, pro forma to the Tall Oak Midstream III transaction & the $250 million Second Lien add-on executed in Jan-2025. Excludes the potential earnout liability in connection with the Tall Oak Acquisition. 2 SMC's 2025 full-year guidance includes expected financial results associated with the Moonrise acquisition. Fourth Quarter 2024 Business Highlights SMC's average daily natural gas throughput on its wholly owned operated systems increased 10.5% to 737 MMcf/d, while liquids volumes declined 2.9% to 68 Mbbl/d, relative to the third quarter of 2024. Double E pipeline transported average 613 MMcf/d and contributed $7.8 million in adjusted EBITDA, net to SMC, for the fourth quarter of 2024. Natural gas price-driven segments: Natural gas price-driven segments generated $24.6 million in combined segment adjusted EBITDA, a 22.5% increase relative to the third quarter and combined capital expenditures of $0.7 million in the fourth quarter of 2024.Mid-Con segment adjusted EBITDA totaled $12.8 million, an increase of $5.6 million relative to the third quarter of 2024, primarily due the acquisition of Tall Oak Midstream III that closed in December 2024 and an increase in volume throughput. Volume throughput on the system increased by 29% primarily due to incremental volume throughput from the Tall Oak assets, 27 new well connections in 2024 from our anchor customer in the Barnett, and the resumption of production that was temporarily shut-in in the Barnett. Currently, that Barnett customer has resumed flowing all its previously shut-in volume to-date in 2025. There are currently two rigs running, including one in the Barnett and one in the Arkoma, with 15 DUCs behind the system.Piceance segment adjusted EBITDA totaled $11.8 million, a decrease of $1.0 million from the third quarter of 2024, primarily due to a 2.5% decrease in volume throughput, an increase in operating expenses and no new wells connected to the system during the quarter.Oil price-driven segments: Oil price-driven segments generated $31.0 million of combined segment adjusted EBITDA, representing a 6.9% decrease relative to the third quarter of 2024, and had combined capital expenditures of $14.9 million.Rockies segment adjusted EBITDA totaled $23.2 million, a decrease of $1.6 million relative to the third quarter of 2024, primarily due to a 2.9% decrease in liquids volume throughput and lower freshwater sales, partially offset by a 2.3% increase in natural gas volume throughput. There were 23 new wells connected during the quarter, including six in the DJ Basin and 17 in the Williston Basin, all of which came online in December 2024, resulting in limited contribution to volume or adjusted EBITDA during the fourth quarter. There are currently three rigs running and approximately 98 DUCs behind the systems.Permian segment adjusted EBITDA totaled $7.8 million, a decrease of $0.7 million from the third quarter of 2024, primarily due to a 7.2% decrease in volumes shipped on the Double E Pipeline leading to a decrease in proportionate adjusted EBITDA from our Double E joint venture.The following table presents average daily throughput by reportable segment for the periods indicated: Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Average daily throughput (MMcf/d): Northeast (1) - 794 202 692 Rockies 131 126 128 113 Piceance 277 317 291 304 Mid-Con 329 182 241 183 Aggregate average daily throughput 737 1,419 862 1,292 Average daily throughput (Mbbl/d): Rockies 68 81 72 78 Aggregate average daily throughput 68 81 72 78 Ohio Gathering average daily throughput (MMcf/d) (2) - 826 212 779 Double E average daily throughput (MMcf/d) (3) 613 386 573 305 __________ (1) Exclusive of Ohio Gathering due to equity method accounting. (2) Gross basis, represents 100% of volume throughput for Ohio Gathering, subject to a one-month lag. (3) Gross basis, represents 100% of volume throughput for Double E. The following table presents adjusted EBITDA by reportable segment for the periods indicated: Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) (In thousands) Reportable segment adjusted EBITDA (1): Northeast (2) $ - $ 28,443 $ 30,634 $ 94,249 Rockies 23,245 22,404 93,827 87,390 Permian (3) 7,793 7,924 31,227 24,207 Piceance 11,792 16,109 52,704 59,749 Mid-Con 12,847 5,791 30,645 26,171 Total $ 55,677 $ 80,671 $ 239,037 $ 291,766 Less: Corporate and Other (4) 9,498 5,655 34,413 24,922 Adjusted EBITDA (5) $ 46,179 $ 75,016 $ 204,624 $ 266,844 __________ (1) Segment adjusted EBITDA is a non-GAAP financial measure. We define segment adjusted EBITDA as total revenues less total costs and expenses, plus (i) other income (excluding interest income), (ii) our proportional adjusted EBITDA for equity method investees, (iii) depreciation and amortization, (iv) adjustments related to minimum volume commitments ("MVC") shortfall payments, (v) adjustments related to capital reimbursement activity, (vi) unit-based and noncash compensation, (vii) impairments and (viii) other noncash expenses or losses, less other noncash income or gains. (2) Includes our proportional share of adjusted EBITDA for Ohio Gathering. Summit records financial results of its investment in Ohio Gathering on a one-month lag and is based on the financial information available to us during the reporting period. With the divestiture of Ohio Gathering in March 2024, proportional adjusted EBITDA includes financial results from December 1, 2023 through March 22, 2024. We define proportional adjusted EBITDA for our equity method investees as the product of (i) total revenues less total expenses, excluding impairments and other noncash income or expense items and (ii) amortization for deferred contract costs; multiplied by our ownership interest during the respective period. (3) Includes our proportional share of adjusted EBITDA for Double E. We define proportional adjusted EBITDA for our equity method investees as the product of total revenues less total expenses, excluding impairments and other noncash income or expense items; multiplied by our ownership interest during the respective period. (4) Corporate and Other represents those results that are not specifically attributable to a reportable segment or that have not been allocated to our reportable segments, including certain general and administrative expense items and transaction costs. (5) Adjusted EBITDA is a non-GAAP financial measure. Capital Expenditures Capital expenditures totaled $15.8 million in the fourth quarter of 2024, inclusive of maintenance capital expenditures of $4.3 million. Capital expenditures in the fourth quarter of 2024 were primarily related to pad connections and the previously announced optimization project in the Rockies segment. Year Ended December 31, 2024 2023 (In thousands) Cash paid for capital expenditures (1): Northeast $ 2,980 $ 4,695 Rockies 44,092 54,969 Permian - - Piceance 2,361 4,544 Mid-Con 1,312 186 Total reportable segment capital expenditures $ 50,745 $ 64,394 Corporate and Other 2,866 4,511 Total cash paid for capital expenditures $ 53,611 $ 68,905 __________ (1) Excludes cash paid for capital expenditures by Ohio Gathering and Double E due to equity method accounting. 2025 Guidance SMC is releasing guidance for 2025, which is summarized in the table below. These projections are subject to risks and uncertainties as described in the "Forward-Looking Statements" section at the end of this release. These projections are also inclusive of a partial year contribution from Moonrise Midstream that closed on March 10, 2025. Our guidance range is anchored by recent drilling and completion schedules provided by our customers and is reflective of the current commodity price environment. We have taken a consistent approach to our 2025 guidance range that we did with our 2024 guidance range. If our producer customers hit their production targets and timing of planned well connects, we would expect to be near the high end of our 2025 guidance range. The midpoint of our guidance range reflects a conservative, yet appropriate, level of risking to the most recent drill schedules and volume forecasts provided by our customers. The low end of our guidance range reflects additional delays to customer drilling and completion schedules and planned well connects. We expect approximately 125 to 185 well connections in 2025. Of the expected well connections in 2025, approximately 25% are natural gas-oriented wells and approximately 75% are crude oil-oriented wells. Customers are currently running five rigs behind our systems, with more than 100 DUCs, providing line of sight to the 2025 estimated well connections and associated volume growth. We expect our natural gas gathering system throughput to range from 900 MMcf/d to 965 MMcf/d. Double E existing take-or-pay contracts of 1,020 MMcf/d will contractually increase to 1,090 MMcf/d beginning in May 2024. Liquids volumes are expected to range from 65 Mbbl/d to 75 Mbbl/d. The midpoint of our guidance range assumes strip commodity prices as of February 6, 2025 and the high- and low-end sensitizes those prices by plus and minus 10%, respectively. Adjusted EBITDA is expected to range from $245 million to $280 million. Our 2025 capital expenditure guidance of $65 million to $75 million, excluding Double E, includes capital reimbursements related to specific development projects with certain customers. Our full year 2025 growth capex guidance range is primarily related to new pad connections in the Rockies and Mid-Con segments and integration capital related to the acquisition of Tall Oak Midstream and Moonrise Midstream. Included in this range is approximately $15 million to $20 million of maintenance capex. Double E capital expenditures for 2025 are expected to be approximately $5 million, net to SMC, primarily related to a new plant connection. Summit's capital efficient operations are expected to generate a significant amount of free cash flow in 2025 resulting in further debt reduction and improved financial metrics. ($ in millions) 2025 Guidance Range Low High Well Connections Piceance - - Mid-Con 30 45 Rockies 95 140 Total 125 185 Natural Gas Throughput (MMcf/d) Piceance 245 255 Mid-Con 510 550 Rockies 145 160 Total 900 965 Rockies Liquids Throughput (Mbbl/d) 65 75 Double E Natural Gas Throughput (MMcf/d, gross) 700 700 Adjusted EBITDA Piceance $40 $40 Mid-Con 105 115 Permian 35 35 Rockies 100 125 Unallocated G&A, Other (35) (35) Total $245 $280 Capital Expenditures Growth $50 $55 Maintenance 15 20 Total $65 $75 Investment in Double E equity method investee $5 $5 Capital & Liquidity As of December 31, 2024, SMC had $22.8 million in unrestricted cash on hand and $305 million drawn under its $500 million ABL Revolver with $194.2 million of borrowing availability, after accounting for $0.8 million of issued, but undrawn letters of credit. Subsequent to quarter end, SMC executed a $250 million add-on to its existing 8.625% Senior Secured Second Lien Notes due 2029 at 103.375% of par, with proceeds used to repay a portion of the outstanding borrowings under the ABL Revolver. After giving effect to the transaction, SMC had $55.0 million drawn under its $500 million ABL Revolver with $444.2 million of borrowing availability, after accounting for $0.8 million of issued, but undrawn letters of credit. As of December 31, 2024, SMC's gross availability based on the borrowing base calculation in the credit agreement was $532 million, which is $32 million greater than the $500 million of lender commitments to the ABL Revolver. As of December 31, 2024 and including the pro forma impacts of the additional 2029 Secured Notes and Moonrise acquisition, SMC was in compliance with all financial covenants, including interest coverage of 2.8x relative to a minimum interest coverage covenant of 2.0x and first lien leverage ratio of 0.4x relative to a maximum first lien leverage ratio of 2.5x. As of December 31, 2024, SMC reported a total leverage ratio of approximately 3.9x, excluding the potential earnout liability in connection with the Tall Oak Acquisition. As of December 31, 2024, the Permian Transmission Credit Facility balance was $129.3 million, a reduction of $4.0 million relative to the September 30, 2024 balance of $133.3 million due to scheduled mandatory amortization. Summit Midstream Permian has $2.5 million of cash-on-hand as of December 31, 2024. The Permian Transmission Term Loan remains non-recourse to SMC. MVC Shortfall Payments SMC billed its customers $5.4 million in the fourth quarter of 2024 related to MVC shortfalls. For those customers that do not have MVC shortfall credit banking mechanisms in their gathering agreements, the MVC shortfall payments are accounted for as gathering revenue in the period in which they are earned. In the fourth quarter of 2024, SMC recognized $5.4 million of gathering revenue associated with MVC shortfall payments. SMC had no adjustments to MVC shortfall payments in the fourth quarter of 2024. SMC's MVC shortfall payment mechanisms contributed $5.4 million of total adjusted EBITDA in the fourth quarter of 2024. Three Months Ended December 31, 2024 MVC Billings Gatheringrevenue Adjustmentsto MVCshortfallpayments Net impactto adjustedEBITDA (In thousands) Net change in deferred revenue related to MVC shortfall payments: Piceance Basin $ - $ - $ - $ - Total net change $ - $ - $ - $ - MVC shortfall payment adjustments: Rockies $ 458 $ 458 $ - $ 458 Piceance 4,985 4,985 - 4,985 Northeast - - - - Mid-Con - - - - Total MVC shortfall payment adjustments $ 5,443 $ 5,443 $ - $ 5,443 Total (1) $ 5,443 $ 5,443 $ - $ 5,443 __________ (1) Exclusive of Ohio Gathering and Double E due to equity method accounting. Year Ended December 31, 2024 MVC Billings Gatheringrevenue Adjustmentsto MVCshortfallpayments Net impactto adjustedEBITDA (In thousands) Net change in deferred revenue related to MVC shortfall payments: Piceance Basin $ - $ - $ - $ - Total net change $ - $ - $ - $ - MVC shortfall payment adjustments: Rockies $ 2,085 $ 2,085 $ (529) $ 1,556 Piceance 19,707 19,707 - $ 19,707 Northeast 2,288 2,288 - $ 2,288 Mid-Con 40 40 - $ 40 Total MVC shortfall payment adjustments $ 24,120 $ 24,120 $ (529) $ 23,591 Total (1) $ 24,120 $ 24,120 $ (529) $ 23,591 __________ (1) Exclusive of Ohio Gathering and Double E due to equity method accounting. Quarterly Dividend The board of directors of Summit Midstream Corporation continued to suspend cash dividends payable on its common stock for the period ended December 31, 2024. The board of directors of Summit Midstream Corporation reinstated cash dividends on its Series A fixed-to-floating rate cumulative redeemable perpetual preferred shares (the "Series A Preferred Stock") for the period ended March 14, 2025. The dividend will be paid on March 15, 2025. All unpaid dividends on the Series A Preferred Stock from prior periods remain accrued. Fourth Quarter 2024 Earnings Call Information SMC will host a conference call at 10:00 a.m. Eastern on March 11, 2025, to discuss its quarterly operating and financial results. The call can be accessed via teleconference at: Q4 2024 Summit Midstream Corporation Earnings Conference Call (https://register.vevent.com/register/BIeaabb92b8f374b959ff8248ff80d2df0). Once registration is completed, participants will receive a dial-in number along with a personalized PIN to access the call. While not required, it is recommended that participants join 10 minutes prior to the event start. The conference call, live webcast and archive of the call can be accessed through the Investors section of SMC's website at www.summitmidstream.com. Use of Non-GAAP Financial Measures We report financial results in accordance with U.S. generally accepted accounting principles ("GAAP"). We also present adjusted EBITDA, segment adjusted EBITDA, Distributable Cash Flow, and Free Cash Flow, non-GAAP financial measures. Adjusted EBITDA We define adjusted EBITDA as net income or loss, plus interest expense, income tax expense, depreciation and amortization, our proportional adjusted EBITDA for equity method investees, adjustments related to MVC shortfall payments, adjustments related to capital reimbursement activity, unit-based and noncash compensation, impairments, items of income or loss that we characterize as unrepresentative of our ongoing operations and other noncash expenses or losses, income tax benefit, income (loss) from equity method investees and other noncash income or gains. Because adjusted EBITDA may be defined differently by other entities in our industry, our definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other entities, thereby diminishing its utility. Management uses adjusted EBITDA in making financial, operating and planning decisions and in evaluating our financial performance. Furthermore, management believes that adjusted EBITDA may provide external users of our financial statements, such as investors, commercial banks, research analysts and others, with additional meaningful comparisons between current results and results of prior periods as they are expected to be reflective of our core ongoing business. Adjusted EBITDA is used as a supplemental financial measure to assess: the ability of our assets to generate cash sufficient to make future potential cash dividends and support our indebtedness;the financial performance of our assets without regard to financing methods, capital structure or historical cost basis;our operating performance and return on capital as compared to those of other entities in the midstream energy sector, without regard to financing or capital structure;the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities; andthe financial performance of our assets without regard to (i) income or loss from equity method investees, (ii) the impact of the timing of MVC shortfall payments under our gathering agreements or (iii) the timing of impairments or other income or expense items that we characterize as unrepresentative of our ongoing operations.Adjusted EBITDA has limitations as an analytical tool and investors should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP. For example: certain items excluded from adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as an entity's cost of capital and tax structure;adjusted EBITDA does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments;adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; andalthough depreciation and amortization are noncash charges, the assets being depreciated and amortized will often have to be replaced in the future, and adjusted EBITDA does not reflect any cash requirements for such replacements.We compensate for the limitations of adjusted EBITDA as an analytical tool by reviewing the comparable GAAP financial measures, understanding the differences between the financial measures and incorporating these data points into our decision-making process. Distributable Cash Flow We define Distributable Cash Flow as adjusted EBITDA, as defined above, less cash interest paid, cash paid for taxes, net interest expense accrued and paid on the senior notes, and maintenance capital expenditures. Free Cash Flow We define free cash flow as distributable cash flow attributable to common and preferred shareholders less growth capital expenditures, less investments in equity method investees, less dividends to common and preferred shareholders. Free cash flow excludes proceeds from asset sales and cash consideration paid for acquisitions. We do not provide the GAAP financial measures of net income or loss or net cash provided by operating activities on a forward-looking basis because we are unable to predict, without unreasonable effort, certain components thereof including, but not limited to, (i) income or loss from equity method investees and (ii) asset impairments. These items are inherently uncertain and depend on various factors, many of which are beyond our control. As such, any associated estimate and its impact on our GAAP performance and cash flow measures could vary materially based on a variety of acceptable management assumptions. About Summit Midstream Corporation SMC is a value-driven corporation focused on developing, owning and operating midstream energy infrastructure assets that are strategically located in the core producing areas of unconventional resource basins, primarily shale formations, in the continental United States. SMC provides natural gas, crude oil and produced water gathering, processing and transportation services pursuant to primarily long-term, fee-based agreements with customers and counterparties in five unconventional resource basins: (i) the Williston Basin, which includes the Bakken and Three Forks shale formations in North Dakota; (ii) the Denver-Julesburg Basin, which includes the Niobrara and Codell shale formations in Colorado and Wyoming; (iii) the Fort Worth Basin, which includes the Barnett Shale formation in Texas; (iv) the Arkoma Basin, which includes the Woodford and Caney shale formations in Oklahoma; and (v) the Piceance Basin, which includes the Mesaverde formation as well as the Mancos and Niobrara shale formations in Colorado. SMC has an equity method investment in Double E Pipeline, LLC, which provides interstate natural gas transportation service from multiple receipt points in the Delaware Basin to various delivery points in and around the Waha Hub in Texas. SMC is headquartered in Houston, Texas. Forward-Looking Statements This press release includes certain statements concerning expectations for the future that are forward-looking within the meaning of the federal securities laws. Forward-looking statements include, without limitation, any statement that may project, indicate or imply future results, events, performance or achievements and may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "will be," "will continue," "will likely result," and similar expressions, or future conditional verbs such as "may," "will," "should," "would" and "could," including, but not limited to, statements regarding the Issuer's plans to issue the Additional Notes, the expected timing of the closing of the Offering, the intended use of the net proceeds therefrom and other aspects of the Offering and the Additional Notes. In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies and possible actions taken by SMC or its subsidiaries are also forward-looking statements. Forward-looking statements also contain known and unknown risks and uncertainties (many of which are difficult to predict and beyond management's control) that may cause SMC's actual results in future periods to differ materially from anticipated or projected results. An extensive list of specific material risks and uncertainties affecting SMC is contained in its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024, which the Company filed with the Securities and Exchange Commission (the "SEC") on November 12, 2024, as amended and updated from time to time, including by the Company's Current Report on Form 8-K filed with the SEC on January 7, 2025. Any forward-looking statements in this press release are made as of the date of this press release and SMC undertakes no obligation to update or revise any forward-looking statements to reflect new information or events. SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS December 31,2024 December 31,2023 (In thousands) ASSETS Cash and cash equivalents $ 22,822 $ 14,044 Restricted cash 2,377 2,601 Accounts receivable 77,058 76,275 Other current assets 16,014 5,502 Total current assets 118,271 98,422 Property, plant and equipment, net 1,785,029 1,698,585 Intangible assets, net 154,279 175,592 Investment in equity method investees 269,561 486,434 Other noncurrent assets 32,344 35,165 TOTAL ASSETS $ 2,359,484 $ 2,494,198 LIABILITIES AND CAPITAL Trade accounts payable $ 25,162 $ 22,714 Accrued expenses 38,176 32,377 Deferred revenue 9,595 10,196 Ad valorem taxes payable 9,544 8,543 Accrued compensation and employee benefits 11,222 6,815 Accrued interest 21,711 19,298 Accrued environmental remediation 1,430 1,483 Accrued settlement payable 6,667 6,667 Current portion of long-term debt 16,580 15,524 Other current liabilities 34,714 10,395 Total current liabilities 174,801 134,012 Deferred tax liabilities 63,326 1,425 Long-term debt, net 976,995 1,455,166 Noncurrent deferred revenue 25,373 30,085 Noncurrent accrued environmental remediation 768 1,454 Other noncurrent liabilities 20,150 28,841 TOTAL LIABILITIES 1,261,413 1,650,983 Commitments and contingencies Mezzanine Equity Subsidiary Series A Preferred Units 132,946 124,652 Equity Series A Preferred Units - 96,893 Common limited partner capital - 621,670 Series A Preferred Shares 110,230 - Common Stock, $0.01 par value 106 - Class B Common Stock, $0.01 par value 75 - Additional paid-in capital 540,714 - Accumulated deficit (183,333) - Total Company stockholders' equity 467,792 718,563 Noncontrolling interest 497,333 - Total Equity 965,125 718,563 TOTAL LIABILITIES AND CAPITAL $ 2,359,484 $ 2,494,198 SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands, except per-share amounts) Revenues: Gathering services and related fees $ 49,633 $ 67,731 $ 200,844 $ 248,223 Natural gas, NGLs and condensate sales 49,733 48,889 195,027 179,254 Other revenues 7,652 10,698 33,748 31,426 Total revenues 107,018 127,318 429,619 458,903 Costs and expenses: Cost of natural gas and NGLs 26,949 34,495 114,996 112,462 Operation and maintenance 28,043 25,450 100,968 100,741 General and administrative 14,194 10,238 55,562 42,135 Depreciation and amortization 25,323 32,030 100,647 122,764 Transaction costs 17,800 325 30,956 1,251 Acquisition integration costs 125 258 165 2,654 (Gain) loss on asset sales, net - (77) 1 (260) Long-lived asset impairment 324 85 68,260 540 Total costs and expenses 112,758 102,804 471,555 382,287 Other income, net 1,404 118 4,188 865 Gain (loss) on interest rate swaps 3,191 (3,021) 4,127 1,830 Gain (loss) sale of business (151) (2) 82,187 (47) Gain on sale of equity method investment - - 126,261 - Interest expense (20,431) (36,818) (115,446) (140,784) Loss on early extinguishment of debt (2,876) (10,934) (50,075) (10,934) Income from equity method investees 4,369 11,527 24,197 33,829 Income (loss) before income taxes (20,234) (14,616) 33,503 (38,625) Income tax expense (4,549) (502) (146,678) (322) Net loss $ (24,783) $ (15,118) $ (113,175) $ (38,947) Net loss per share Common stock - basic $ (2.40) $ (2.12) $ (12.78) $ (6.11) Common stock - diluted $ (2.40) $ (2.12) $ (12.78) $ (6.11) Weighted-average number of shares outstanding: Common stock - basic 10,652 10,376 10,600 10,334 Common stock - diluted 10,652 10,376 10,600 10,334 SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES UNAUDITED OTHER FINANCIAL AND OPERATING DATA Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) Other financial data: Net loss $ (24,783) $ (15,118) $ (113,175) $ (38,947) Net cash provided by operating activities 21,647 16,147 61,771 126,906 Capital expenditures 15,750 19,042 53,611 68,905 Contributions to equity method investees 2,449 - 3,880 3,500 Adjusted EBITDA 46,179 75,016 204,624 266,844 Cash flow available for distributions (1) 22,143 37,817 88,652 125,603 Free Cash Flow 6,570 20,436 36,321 59,042 Distributions (2) n/a n/a n/a n/a Operating data: Aggregate average daily throughput - natural gas (MMcf/d) 737 1,419 862 1,292 Aggregate average daily throughput - liquids (Mbbl/d) 68 81 72 78 Ohio Gathering average daily throughput (MMcf/d) (3) - 826 212 779 Double E average daily throughput (MMcf/d) (4) 613 386 573 305 __________ (1) Cash flow available for distributions is also referred to as Distributable Cash Flow, or DCF. (2) Represents dividends declared and ultimately paid or expected to be paid to preferred and common shareholders in respect of a given period. On May 3, 2020, the board of directors of SMLP's general partner announced an immediate suspension of the cash distributions payable on its preferred and common units. Excludes distributions paid on the Subsidiary Series A Preferred Units issued at Summit Permian Transmission Holdco, LLC. On February 28, 2025, the board of directors of Summit Midstream Corporation announced that the Board of Directors declared a quarterly cash dividend on its Series A Preferred Stock for the period ended March 14, 2025. (3) Gross basis, represents 100% of volume throughput for Ohio Gathering, subject to a one-month lag. (4) Gross basis, represents 100% of volume throughput for Double E. SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (In thousands) Reconciliations of net income to adjusted EBITDA and Distributable Cash Flow: Net loss $ (24,783) $ (15,118) $ (113,175) $ (38,947) Add: Interest expense 20,431 36,818 115,446 140,784 Income tax expense 4,549 502 146,678 322 Depreciation and amortization (1) 25,557 32,264 101,585 123,702 Proportional adjusted EBITDA for equity method investees (2) 6,936 18,415 42,038 61,070 Adjustments related to capital reimbursement activity (3) (1,975) (3,096) (9,909) (9,874) Unit-based and noncash compensation 1,863 1,408 8,561 6,566 Loss on early extinguishment of debt 2,876 10,934 50,075 10,934 (Gain) loss on asset sales, net - (77) 1 (260) Long-lived asset impairment 324 85 68,260 540 (Gain) loss on interest rate swaps (3,191) 3,021 (4,127) (1,830) (Gain) loss on sale of business 151 2 (82,187) 47 Gain on sale of equity method investment - - (126,261) - Other, net (4) 17,809 1,385 31,835 7,619 Less: Income from equity method investees 4,369 11,527 24,197 33,829 Adjusted EBITDA $ 46,178 $ 75,016 $ 204,623 $ 266,844 Less: Cash interest paid 12,371 54,273 101,779 127,022 Cash paid for taxes - - 22 15 Senior notes interest adjustment (5) 7,410 (20,363) 2,497 1,847 Maintenance capital expenditures 4,254 3,289 11,673 12,357 Cash flow available for distributions (6) $ 22,143 $ 37,817 $ 88,652 $ 125,603 Less: Growth capital expenditures 11,496 15,753 41,938 56,548 Investment in equity method investee 2,449 - 3,880 3,500 Distributions on Subsidiary Series A Preferred Units 1,628 1,628 6,513 6,513 Free Cash Flow $ 6,570 $ 20,436 $ 36,321 $ 59,042 _________ (1) Includes the amortization expense associated with our favorable gas gathering contracts as reported in other revenues. (2) Reflects our proportionate share of Double E and Ohio Gathering adjusted EBITDA. Summit records financial results of its investment in Ohio Gathering on a one-month lag and is based on the financial information available to us during the reporting period. With the divestiture of Ohio Gathering in March 2024, proportional adjusted EBITDA includes financial results from December 1, 2023 through March 22, 2024. (3) Adjustments related to capital reimbursement activity represent contributions in aid of construction revenue recognized in accordance with Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers. (4) Represents items of income or loss that we characterize as unrepresentative of our ongoing operations. For the year ended December 31, 2024, the amount includes $35.4 million in transaction costs and $4.6 million of interest income. For the year ended December 31, 2023, the amount includes the amount includes $3.8 million in transaction costs, $2.6 million of acquisition integration costs, and $1.6 million of severance expenses. (5) Senior notes interest adjustment represents the net of interest expense accrued and paid during the period. Interest on the 2025 Notes was paid in cash semi-annually in arrears on April 15 and October 15. Interest on the 2026 Secured Notes and the 12.00% Senior Notes due 2026 (the "2026 Unsecured Notes") was paid in cash semi-annually in arrears on April 15 and October 15. Interest on the 2029 Secured Notes is paid semi-annually in arrears on each February 15 and August 15. (6) Represents cash flow available for distribution to preferred and common unitholders. Common distributions cannot be paid unless all accrued preferred distributions are paid. Cash flow available for distributions is also referred to as Distributable Cash Flow, or DCF. SUMMIT MIDSTREAM CORPORATION AND SUBSIDIARIES UNAUDITED RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES Year Ended December 31, 2024 2023 (In thousands) Reconciliation of net cash provided by operating activities to adjusted EBITDA and distributable cash flow: Net cash provided by operating activities $ 61,771 $ 126,906 Add: Interest expense, excluding amortization of debt issuance costs 104,007 128,099 Income tax benefit, excluding federal income taxes (155) 322 Changes in operating assets and liabilities 17,959 19,692 Proportional adjusted EBITDA for equity method investees (1) 42,038 61,070 Adjustments related to capital reimbursement activity (2) (9,909) (9,874) Realized gain on swaps (5,041) (5,149) Other, net (3) 31,801 7,123 Less: Distributions from equity method investees 36,190 57,572 Noncash lease expense 1,658 3,773 Adjusted EBITDA $ 204,623 $ 266,844 Less: Cash interest paid 101,779 127,022 Cash paid for taxes 22 15 Senior notes interest adjustment (4) 2,497 1,847 Maintenance capital expenditures 11,673 12,357 Cash flow available for distributions (5) $ 88,652 $ 125,603 Less: Growth capital expenditures 41,938 56,548 Investment in equity method investee 3,880 3,500 Distributions on Subsidiary Series A Preferred Units 6,513 6,513 Free Cash Flow $ 36,321 $ 59,042 __________ (1) Reflects our proportionate share of Double E and Ohio Gathering adjusted EBITDA. Summit records financial results of its investment in Ohio Gathering on a one-month lag and is based on the financial information available to us during the reporting period. With the divestiture of Ohio Gathering in March 2024, proportional adjusted EBITDA includes financial results from December 1, 2023 through March 22, 2024. (2) Adjustments related to capital reimbursement activity represent contributions in aid of construction revenue recognized in accordance with Accounting Standards Update No. 2014-09 Revenue from Contracts with Customers. (3) Represents items of income or loss that we characterize as unrepresentative of our ongoing operations. For the year ended December 31, 2024, the amount includes $35.4 million in transaction costs and $4.6 million of interest income. For the year ended December 31, 2023, the amount includes the amount includes $3.8 million in transaction costs, $2.6 million of acquisition integration costs, and $1.6 million of severance expenses. (4) Senior notes interest adjustment represents the net of interest expense accrued and paid during the period. Interest on the 2025 senior notes is paid in cash semi-annually in arrears on April 15 and October 15 until maturity in April 2025. Interest on the 2026 senior notes is paid in cash semi-annually in arrears on April 15 and October 15 until maturity in October 2026. (5) Represents cash flow available for distribution to preferred and common unitholders. Common distributions cannot be paid unless all accrued preferred distributions are paid. Cash flow available for distributions is also referred to as Distributable Cash Flow, or DCF. View original content to download multimedia:https://www.prnewswire.com/news-releases/summit-midstream-corporation-reports-fourth-quarter-and-full-year-2024-financial-and-operating-results--provides-full-year-2025-guidance-302397464.html SOURCE Summit Midstream Corporation
North American Construction Group Ltd. Reschedules Fourth Quarter Results and Conference Call due to Impacts of Cyclone Alfred
North American Construction Group Ltd. Reschedules Fourth Quarter Results and Conference Call due to Impacts of Cyclone Alfred ACHESON, Alberta, March 10, 2025 (GLOBE NEWSWIRE) -- North American Construction Group Ltd. ("NACG" or "the Company") (TSX:NOA.TO/NYSE:NOA) announced today that due to the unforeseen impacts of Cyclone Alfred in the Queensland region, it is required to reschedule the release of its financial results and conference call for the fourth quarter ended December 31, 2024. The Company intends to release its financial results for the fourth quarter ended December 31, 2024 on Wednesday, March 19, 2025 after markets close. Following the release of its financial results, NACG will hold a conference call and webcast on Thursday, March 20, 2025, at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time). As disclosed in the previous communication on March 3, 2025, the Company was required to reschedule the release to allow more time to complete the year-end reporting processes within its Heavy Equipment - Australia segment. Incremental verification of parts and supply inventories is necessary due to first-year SOX reporting requirements, all within this segment which was previously a privately held entity and acquired by the Company on October 1, 2023. Commencing on Wednesday, March 5, 2025, the impacts of Cyclone Alfred in the region have been stormwater flooding, power outages, public service disruption, road closures and restrictions on domestic travel. These unforeseen impacts have substantially increased the time and effort required to travel to and access mine sites in the region to verify certain parts and supply inventories. In addition, key administrative and audit staff were required to shelter in place. For clarity, the cyclone has not impacted routine operations at the mine sites in the region. We expect the impacts to fully subside by Friday, March 14, 2024. The call can be accessed by dialing:Toll free: 1-800-717-1738Conference ID: 71653 A replay will be available through April 20, 2025, by dialing:Toll Free: 1-888-660-6264Conference ID: 71653Playback Passcode: 71653 A slide deck for the webcast will be available for download the evening prior to the call and will be found on the company's website at www.nacg.ca/presentations/ The live presentation and webcast can be accessed at: North American Construction Group Ltd. Fourth Quarter Results Conference Call and Webcast Registration A replay will be available until April 20, 2025, using the link provided. About the Company North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada and the U.S. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets. For further information, please contact: Jason Veenstra, CPA, CAChief Financial OfficerNorth American Construction Group Ltd.Phone: (780) 960-7171Email: ir@nacg.ca
Diversified Energy, FuelCell Energy, and TESIAC Collaborate to Form an Acquisition and Development Company to Leverage Coal Mine Methane and Natural Gas for Off-Grid Data Center Power Projects
Diversified Energy, FuelCell Energy, and TESIAC Collaborate to Form an Acquisition and Development Company to Leverage Coal Mine Methane and Natural Gas for Off-Grid Data Center Power Projects Projects aim to be responsive to the energy needs of data centers by offering an abundant supply of operational power within two years Projects target the provision of on-site, continuous, and scalable power generation, and securing data center uptime even in volatile market conditions The partnership would involve innovative capital structuring coupled with environmental credit cash flow generation from the fuel cell platforms and coal mine methane (CMM) Clean fuel cell technology can reduce the carbon footprint of data center and other high-volume electrical off-takers Projects aspire to create jobs and other economic benefits focused on the Appalachian region BIRMINGHAM, Ala. and DANBURY, Conn. and SAN FRANCISCO, March 10, 2025 (GLOBE NEWSWIRE) -- Diversified Energy Co. PLC (NYSE: DEC, LSE: DEC) ("Diversified Energy"), FuelCell Energy, Inc. (NASDAQ: FCEL) ("FuelCell Energy"), and TESIAC ("TESIAC") announced a strategic partnership intended to address the urgent energy needs of data centers by supplying as much as 360 megawatts of electricity to three distinct locations in Virginia, West Virginia and Kentucky. The partnership has agreed to create an Acquisition and Development Company ("ADC") focused on delivering reliable, cost efficient, net-zero power from natural gas and captured coal mine methane ("CMM") to meet the soaring demand of data centers for reliable power. The collaboration among the three companies would leverage in-basin natural gas production, advanced energy generation via fuel cell technology, and infrastructure financing to create a highly efficient, scalable, and sustainable energy solution tailored for the rapid expansion of data center power capacity requirements. Natural gas or CMM, extracted from coal mines by Diversified Energy and delivered via pipeline to fuel cells, would generate power through the electrochemical conversion of methane to hydrogen, and then to electricity. This combustion-free process is virtually free of air pollution emissions, speeding air permitting and enabling the system to be brought online faster than combustion-based systems. Heat that is co-generated by the fuel cells can be harnessed and converted to chilling for the data center, thus increasing overall system efficiency and further enhancing economic value. Importantly, this process qualifies for established environmental and tax credits that have the potential to provide meaningful cash flow in addition to the economic benefits of gas and power sales. The parties are structuring the terms of the agreement to include: Diversified Energy supplying natural gas and CMM or captured waste methane from coal mines that otherwise would have been vented into the atmosphere, from its Appalachian Basin production as the base fuel.FuelCell Energy deploying its fuel cell energy platforms, delivering distributed, high-efficiency baseload power generation, emissions management, and thermal energy solutions. This includes electricity and waste heat driven absorption chilling, ensuring data centers achieve unmatched efficiency, carbon reduction, and resilience.TESIAC leveraging its investment and development expertise, securing highly competitive financing options to accelerate deployment while maintaining long-term profitability and scalability. This unique partnership intends to create a decentralized, high-performance, and sustainable energy solution to meet the demands of data centers that enable rapidly growing AI and high-performance graphics processing units. The partnership initiative, using U.S.-made technology and materials, could create hundreds of well-paying jobs in construction, operation, maintenance, and assembly and engineering, as well as indirect economic benefits, all while driving a new era of innovation in the data center industry, alongside other high-volume electric off-take markets. Other key attributes include: Behind-the-Meter Solutions: Rather than rely on grid-based power, this model is expected to be designed to provide on-site, continuous, and scalable power generation, securing data center uptime even in volatile market conditions with optionality to sell into the grid.Disruptive Financing Model: Innovative capital structuring will target faster deployment and stronger financial resilience compared to traditional investment structures. Carbon-Optimized Power Generation: The integration of captured methane, distributed fuel cells and emissions capture ready technology to reduce a customer' s carbon footprint, setting a new industry standard. Brad Gray, President and Chief Financial Officer of Diversified Energy, said:"Our natural gas and coal mine methane asset footprint is advantageously positioned in the Appalachian Region to support the power generation needs of data centers directly. The market demand for the type of reliable, quickly dispatchable power that only natural gas can deliver is incredibly strong, and we're excited about the potential of this partnership to deploy Diversified Energy-produced natural gas and coal mine methane (CMM) and pair it with Fuel Cell's advanced industrial-scale technology to create an efficient, cost-effective, environmentally sound solution for the next generation power needs of data centers." Jason Few, President and CEO of FuelCell Energy, stated:"We're excited by the opportunity to partner with the Diversified Energy and TESIAC teams, merging their resources with our electrochemical technology to deliver a scalable, distributed baseload power solution. We believe the future of AI and other high-performance computing will require an abundant supply of clean, reliable, and locally generated power, ensuring that data centers can operate with maximum efficiency and sustainability. By leveraging an abundant supply of natural gas and coal mine methane (CMM), we're confident we can address data center energy needs more quickly and cleanly than other market alternatives, accelerating the time to revenue for data centers and their customers." Karen Morgan, Managing Partner at TESIAC, said:"We anticipate there will be multiple benefits for communities from this collaboration. Stabilizing the energy supply, while capturing methane emissions, turns an environmental challenge into an economic growth opportunity, creating steady job growth as a result of bringing the supply chain closer to the source of power and the end user. By combining our expertise with Diversified Energy and FuelCell Energy, we are creating a model for the future of data centers, one that is strategic, sustainable and built for long-term growth." The companies look forward to sharing further information about the partnership, specific projects, and development timelines soon. About Diversified EnergyDiversified Energy is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified Energy the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value. FuelCell EnergyFuelCell Energy, a pioneer in clean energy technology, provides efficient and sustainable power, carbon capture, and hydrogen solutions worldwide. The company's fuel cells have been in commercial operation for more than 20 years and are able to run on various fuels including natural gas, hydrogen, and biofuel. The company's installations have a wide variety of applications, including support of the electric grid, distributed baseload power on site for data centers, industrial operations, and major manufacturers. Founded in 1969 in Danbury, Connecticut, FuelCell Energy holds more than 450 patents that enable solutions for today's energy needs. Learn more about our groundbreaking technology at fuelcellenergy.com. About TESIACTESIAC is a trusted investment and development platform company focused on regional economic development, enabling and accelerating the transition to sustainable energy infrastructure, establishing workforce development, and accelerating community centered reinvestment opportunities. TESIAC enables integrated and interoperable systems to enhance overall efficiencies, increase operational performance, and create layers of sustainable value. TESIAC brings together an experienced interdisciplinary team and partners with new and advanced technologies, as well as flexible and innovative capital structures. TESIAC's mission-driven "Art of the Possible" (AOP) approach avoids silos, delivers optimized solutions, uses proven technologies, and is aligned with their Partner Network to maximize value to stakeholders. Forward-Looking StatementsThis announcement includes forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as "believe", "expects", "targets", "may", "will", "could", "can", "should", "shall", "risk", "intends", "estimates", "aims", "plans", "predicts", "continues", "assumes", "projects", "positioned" or "anticipates" or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. TESIAC or their respective management concerning, among other things, statements regarding the ADC partnership, including its timing, benefits and impact, descriptions of the collaboration and its operations, integration and transition plans, opportunities and anticipated future operational and financial performance. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the control of Diversified Energy, FuelCell Energy and TESIAC and all of which are based on the current beliefs and expectations of their respective management about future events, including the expected timing and likelihood of the ADC partnership, including the ability to successfully execute the collaboration, the occurrence of any event, change or other circumstances that could give rise to the termination of the ADC partnership and the risk that the ADC partnership may not achieve synergies as expected and other important factors that could cause actual results to differ materially from those projected. For further information, please contact: A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/620926c7-78b8-41b8-a3cd-b15e9ca6b518
DoorDash, TKO Group Holdings, Williams-Sonoma and Expand Energy Set to Join S&P 500; Others to Join S&P 100, S&P MidCap 400 and S&P SmallCap 600
DoorDash, TKO Group Holdings, Williams-Sonoma and Expand Energy Set to Join S&P 500; Others to Join S&P 100, S&P MidCap 400 and S&P SmallCap 600 NEW YORK, March 7, 2025 /PRNewswire/ -- S&P Dow Jones Indices ("S&P DJI") will make the following changes to the S&P 100, S&P 500, S&P MidCap 400, and S&P SmallCap 600 indices effective prior to the open of trading on Monday, March 24, to coincide with the quarterly rebalance. The changes ensure each index is more representative of its market capitalization range. All companies being added to the S&P 100 are more representative of the mega-cap market space. All companies being added to the S&P 500 are more representative of the large-cap market space, all companies being added to the S&P MidCap 400 are more representative of the mid-cap market space, and all companies being added to the S&P SmallCap 600 are more representative of the small-cap market space. The companies being removed from the S&P SmallCap 600 are no longer representative of the small-cap market space. Palantir Technologies Inc. (NASD:PLTR), Intuitive Surgical Inc. (NASD:ISRG) and ServiceNow Inc. (NYSE:NOW) will replace Dow Inc. (NYSE:DOW), The Kraft Heinz Company (NASD:KHC) and Ford Motor Co. (NYSE:F) in the S&P 100, respectively. All companies being removed from the S&P 100 will remain in the S&P 500.DoorDash Inc. (NASD: DASH), S&P MidCap 400 constituents TKO Group Holdings Inc. (NYSE: TKO), Williams-Sonoma Inc. (NYSE: WSM) and Expand Energy Corp. (NASD: EXE) will replace Borgwarner Inc. (NYSE: BWA), Teleflex Inc. (NYSE:TFX), Celanese Corp. (NYSE:CE) and FMC Corp. (NYSE:FMC) in the S&P 500 respectively. S&P SmallCap 600 constituents VF Corp. (NYSE:VFC), Alaska Air Group Inc. (NYSE:ALK) and Hims & Hers Health Inc. (NYSE: HIMS), will replace TKO Group Holdings, Williams-Sonoma and Expand Energy in the S&P MidCap 400 respectively. Teleflex, Celanese, FMC and Borgwarner will replace VF, Alaska Air Group, Hims & Hers Health, and Ambac Financial Group Inc. (NYSE:AMBC) in the S&P SmallCap 600, respectively.S&P SmallCap 600 constituents Bath & Body Works Inc. (NYSE:BBWI), ATI Inc. (NYSE:ATI) and EchoStar Corp. (NASD:SATS) will replace The Chemours Co. (NYSE:CC), Teradata Corp. (NYSE:TDC) and Neogen Corp. (NASD:NEOG) in the S&P MidCap 400 respectively.Chemours, Teradata and Neogen will replace Bath & Body Works, ATI and EchoStar in the S&P SmallCap 600 respectively.Ryman Hospitality Properties Inc. (NYSE:RHP), Element Solutions Inc. (NYSE:ESI), Freshpet Inc. (NASD:FRPT), WillScot Holdings Corp. (NASD:WSC), Mueller Water Products (NYSE:MWA), Kratos Defense & Security Solutions Inc. (NASD:KTOS) and CleanSpark Inc. (NASD:CLSK) will replace Wabash National Corp. (NYSE:WNC), Green Dot Corp. (NYSE:GDOT), Fulgent Genetics Inc. (NASD:FLGT), Nabors Industries Ltd (NYSE:NBR), Green Plains Inc. (NASD:GPRE), Mativ Holdings Inc. (NYSE:MATV) and Hain Celestial Group Inc. (NASD:HAIN) in the S&P SmallCap 600 respectively.Following is a summary of the changes that will take place prior to the open of trading on the effective date: Effective Date Index Name Action Company Name Ticker GICS Sector March 24,2025 S&P 100 Addition Palantir Technologies PLTR Information Technology March 24,2025 S&P 100 Addition Intuitive Surgical ISRG Health Care March 24,2025 S&P 100 Addition ServiceNow NOW Information Technology March 24,2025 S&P 100 Deletion Dow DOW Materials March 24, 2025 S&P 100 Deletion Kraft Heinz KHC Consumer Staples March 24, 2025 S&P 100 Deletion Ford Motor F Consumer Discretionary March 24, 2025 S&P 500 Addition DoorDash DASH Consumer Discretionary March 24, 2025 S&P 500 Addition TKO Group Holdings TKO Communication Services March 24, 2025 S&P 500 Addition Williams-Sonoma WSM Consumer Discretionary March 24, 2025 S&P 500 Addition Expand Energy EXE Energy March 24, 2025 S&P 500 Deletion Borgwarner BWA Consumer Discretionary March 24, 2025 S&P 500 Deletion Teleflex TFX Health Care March 24, 2025 S&P 500 Deletion Celanese CE Materials March 24, 2025 S&P 500 Deletion FMC FMC Materials March 24, 2025 S&P MidCap 400 Addition VF VFC Consumer Discretionary March 24, 2025 S&P MidCap 400 Addition Alaska Air Group ALK Industrials March 24, 2025 S&P MidCap 400 Addition Hims & Hers Health HIMS Health Care March 24, 2025 S&P MidCap 400 Addition Bath & Body Works BBWI Consumer Discretionary March 24, 2025 S&P MidCap 400 Addition ATI ATI Materials March 24, 2025 S&P MidCap 400 Addition EchoStar SATS Communication Services March 24, 2025 S&P MidCap 400 Deletion TKO Group Holdings TKO Communication Services March 24, 2025 S&P MidCap 400 Deletion Williams-Sonoma WSM Consumer Discretionary March 24, 2025 S&P MidCap 400 Deletion Expand Energy EXE Energy March 24, 2025 S&P MidCap 400 Deletion The Chemours Company CC Materials March 24, 2025 S&P MidCap 400 Deletion Teradata TDC Information Technology March 24, 2025 S&P MidCap 400 Deletion Neogen NEOG Health Care March 24, 2025 S&P SmallCap 600 Addition Teleflex TFX Health Care March 24, 2025 S&P SmallCap 600 Addition Celanese CE Materials March 24, 2025 S&P SmallCap 600 Addition FMC FMC Materials March 24, 2025 S&P SmallCap 600 Addition Borgwarner BWA Consumer Discretionary March 24, 2025 S&P SmallCap 600 Addition The Chemours Company CC Materials March 24, 2025 S&P SmallCap 600 Addition Teradata TDC Information Technology March 24, 2025 S&P SmallCap 600 Addition Neogen NEOG Health Care March 24, 2025 S&P SmallCap 600 Addition Ryman Hospitality Properties RHP Real Estate March 24, 2025 S&P SmallCap 600 Addition Element Solutions ESI Materials March 24, 2025 S&P SmallCap 600 Addition Freshpet FRPT Consumer Staples March 24, 2025 S&P SmallCap 600 Addition WillScot Holdings WSC Industrials March 24, 2025 S&P SmallCap 600 Addition Mueller Water Products MWA Industrials March 24, 2025 S&P SmallCap 600 Addition Kratos Defense & Security Solutions KTOS Industrials March 24, 2025 S&P SmallCap 600 Addition CleanSpark CLSK Information Technology March 24, 2025 S&P SmallCap 600 Deletion VF VFC Consumer Discretionary March 24, 2025 S&P SmallCap 600 Deletion Alaska Air Group ALK Industrials March 24, 2025 S&P SmallCap 600 Deletion Hims & Hers Health HIMS Health Care March 24, 2025 S&P SmallCap 600 Deletion Ambac Financial Group AMBC Financials March 24, 2025 S&P SmallCap 600 Deletion Bath & Body Works BBWI Consumer Discretionary March 24, 2025 S&P SmallCap 600 Deletion ATI ATI Materials March 24, 2025 S&P SmallCap 600 Deletion EchoStar SATS Communication Services March 24, 2025 S&P SmallCap 600 Deletion Wabash National WNC Industrials March 24, 2025 S&P SmallCap 600 Deletion Green Dot GDOT Financials March 24, 2025 S&P SmallCap 600 Deletion Fulgent Genetics FLGT Health Care March 24, 2025 S&P SmallCap 600 Deletion Nabors Industries NBR Energy March 24, 2025 S&P SmallCap 600 Deletion Green Plains GPRE Energy March 24, 2025 S&P SmallCap 600 Deletion Mativ Holdings MATV Materials March 24, 2025 S&P SmallCap 600 Deletion Hain Celestial Group HAIN Consumer Staples For more information about S&P Dow Jones Indices, please visit www.spdji.com ABOUT S&P DOW JONES INDICES S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets. S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spdji.com. FOR MORE INFORMATION: S&P Dow Jones Indicesindex_services@spglobal.com Media Inquiriesspdji.comms@spglobal.com View original content:https://www.prnewswire.com/news-releases/doordash-tko-group-holdings-williams-sonoma-and-expand-energy-set-to-join-sp-500-others-to-join-sp-100-sp-midcap-400-and-sp-smallcap-600-302396127.html SOURCE S&P Dow Jones Indices
Civitas Resources, Inc. (CIVI) Investors Who Lost Money - Contact Law Offices of Howard G. Smith About Securities Fraud Investigation
Civitas Resources, Inc. (CIVI) Investors Who Lost Money - Contact Law Offices of Howard G. Smith About Securities Fraud Investigation BENSALEM, Pa., Mar. 07 /BusinessWire/ -- Law Offices of Howard G. Smith continues its investigation on behalf of Civitas Resources, Inc. ("Civitas" or the "Company") (NYSE: CIVI) investors concerning the Company's possible violations of federal securities laws. IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN CIVITAS RESOURCES, INC. (CIVI), CONTACT THE LAW OFFICES OF HOWARD G. SMITH ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@howardsmithlaw.com, by telephone at (215) 638-4847 or visit our website at www.howardsmithlaw.com. What Happened? On February 24, 2025, Civitas released its fourth quarter and full year financial results, missing consensus estimates in revenue and non-GAAP EPS. The Company also announced a 10% reduction in its workforce across all levels and that its Chief Operating Officer and Chief Transformation Officer were both terminated, effective immediately. On this news, Civita's stock price fell $8.95, or 18.2%, to close at $40.35 per share on February 25, 2025, thereby injuring investors. Contact Us To Participate or Learn More: If you purchased Civitas securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us: Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, Telephone: (215) 638-4847 Email: howardsmith@howardsmithlaw.com, Visit our website at: www.howardsmithlaw.com. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules. View source version on businesswire.com: https://www.businesswire.com/news/home/20250307805840/en/ back
Custom Truck One Source Showcases Load King Turbo Loader at WWETT 2025
Custom Truck One Source Showcases Load King Turbo Loader at WWETT 2025 KANSAS CITY, Mo., Mar. 07 /BusinessWire/ -- Custom Truck One Source, Inc. (NYSE:CTOS), a leading provider of specialty equipment to the electric utility, telecom, rail, and other infrastructure-related end markets, delivered a standout presence at the WWETT Show 2025, the world's premier event for wastewater and environmental service professionals. Attendees at Booth #4843 had the opportunity to discover the cutting-edge advancements in vacuum trucks, highlighted by the debut of the Load King Turbo Loader. The Load King Turbo Loader The Load King Turbo Loader, built on the robust Peterbilt 567 8x4 chassis, is designed for maximum performance in the toughest vacuum and environmental applications. Featuring a 3,500-gallon carbon steel tank, Jurop Helix 1500 Blower with 4,000 CFM free air rating, and high-powered Cummins X15 525HP engine, this powerhouse vacuum truck delivers efficiency, durability, and ease of operation. Additional features included: D.O.T. 412 Certified Tank - Constructed to the highest ASME standards for safety and reliability. Hydraulic Rear Door & Hoist System - Enabling quick and efficient offloading of materials. Advanced Filtration & Vacuum System - Equipped with dual cyclones, stainless steel cartridge filter, and high-capacity discharge silencer. Allison 4500 RDS Automatic Transmission - Ensuring smooth and powerful performance in demanding conditions. "We were excited to present the Load King Turbo Loader at this year's WWETT Show, demonstrating its industry-leading capabilities to Environmental professionals," said Paul Brouwers, Vacuum Product Manager at Custom Truck One Source. "This unit fills a void that was left in the environmental market for years. Now service providers have the vacuum horsepower for those difficult jobs." Innovations Displayed at Booth #4843 Custom Truck One Source showcased an outstanding array of state-of-the-art equipment at the show, featuring several Tornado Hydrovac products. Most notably, the introduction of the Tornado EF4 into the already impressive lineup of hydrovac models, taking center stage, boasting an array of new and enhanced features, offering superior performance and efficiency in the industry. Attendees engaged with Custom Truck's experts to learn more about these industry-leading solutions, participated in live product demonstrations, and experienced hands-on interactions with the equipment. Exclusive Events Hosted by CTOS Custom Truck enhanced the WWETT Show experience by sponsoring the VIP Welcome Party on Tuesday, February 18, from 5:00 PM to 8:00 PM at Lucas Oil Stadium, alongside Tornado Hydrovac. This exclusive event provided an excellent networking opportunity for industry professionals to connect and discuss the latest advancements in the wastewater and environmental services sector. ABOUT CUSTOM TRUCK ONE SOURCE Custom Truck One Source is one of the largest providers of specialty equipment, parts, tools, accessories and services to the electric utility transmission and distribution, telecommunications and rail markets in North America, with a differentiated "one-stop-shop" business model. CTOS offers its specialized equipment to a diverse customer base for the maintenance, repair, upgrade and installation of critical infrastructure assets, including electric lines, telecommunications networks and rail systems. The Company's coast-to-coast rental fleet of more than 10,000 units includes aerial devices, boom trucks, cranes, digger derricks, pressure drills, stringing gear, hi-rail equipment, repair parts, tools and accessories. For more information, please visit customtruck.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20250307069933/en/ back
Gevo Provides Business Update
Gevo Provides Business Update ENGLEWOOD, Colo., March 07, 2025 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) ("Gevo", the "Company", "we", "us" or "our"), a leading developer of cost-effective, renewable hydrocarbon fuels and chemicals with reduced greenhouse gas emissions, today reiterated the substantial potential Adjusted EBITDA1 growth we are targeting in 2025, and provided a business update. Gevo also announced that it ended the fourth quarter with cash, cash equivalents and restricted cash of $259.0 million2. Business Update Path to Positive Run-Rate Adjusted EBITDA1 Gevo North Dakota: Carbon Capture and Sequestration ("CCS") and Low-Carbon Ethanol Assets generated $150 million in revenue in its last fiscal year3 and we expect it to immediately contribute $30 million to $60 million of Adjusted EBITDA1 annually to Gevo's carbon business. This facility in North Dakota, which was recently acquired from Red Trail Energy, LLC, is one of two low-carbon ethanol plants with operational CCS that exist today. The site has an operating, fully permitted Class VI CCS well, which captures over 160,000 tons of biogenic carbon dioxide annually; generates multiple times that amount in total carbon abatement; produces approximately 67 million gallons of low-carbon ethanol, including 2 million gallons of corn fiber ethanol with an ultra-low carbon intensity; and more than 230,000 tons of low-carbon animal feed and vegetable oil. As a result, this facility has one of the lowest carbon intensity scores in the industry, at 19 gCO2e/MJ (from British Columbia) or an estimated 21 gCO2e/MJ (under the Argonne-R&D-GREET model). We note that the ethanol 45Z tax credit, which takes effect in 2025 and expires in 2027 (unless renewed by legislation), provides a statutory $0.02 per gallon per carbon intensity point below approximately 50 gCO2e/MJ. In addition, we are developing an additional alcohol-to-jet ("ATJ") project at this location for further future growth, leveraging our existing ATJ designs associated with the ATJ-60 project in South Dakota. The high quality carbon abatement credits generated at this plant are expected to further catalyze the development of the emerging market for carbon abatement products.Renewable Natural Gas ("RNG"): We have achieved excellent operational results that are expected to improve further in 2025 and generate meaningful Adjusted EBITDA1. RNG produced in 2024 was 367,000 MMBtu, which was a 17% increase over the prior year, because of a successful gas upgrade capacity expansion. 2025 production is expected to further increase to over 400,000 MMBtu as a result of compressor and reliability upgrades. Our RNG facility has been approved by the Internal Revenue Service ("IRS") to generate biogas 45Z tax credits. Based on the expected carbon intensity ("CI") score for California LCFS of (339) gCO2e/MJ, a negative number, and depending on LCFS prices, monetization of the biogas 45Z tax credit, D3 RIN prices, and price of fossil based natural gas, we expect Adjusted EBITDA1 of $9 18 million in 2025.Alcohol-to-Jet 603 ("ATJ-60") Project: The ATJ-60 project in Lake Preston, South Dakota continues to proceed towards financial close in 2025. In 2024, we received a conditional commitment for a loan guarantee with disbursements totaling $1.462 billion (excluding capitalized interest during construction) from the U.S. Department of Energy ("DOE") Loan Programs Office ("LPO") for our ATJ-60 project. With capitalized interest during construction, the DOE loan facility has a borrowing capacity of $1.63 billion. We are actively engaged with the DOE on the closing process for the conditional commitment. Our ATJ-60 project is expected to leverage American agriculture to produce both cost-effective fuels and food, which are integral for energy and food security of the United States. We believe our ATJ-60 project integrates seamlessly with existing energy infrastructure and catalyzes the development of the rural economy. The project is expected to generate 100 jobs at the facility, as well as 700 indirect positions in support, plus 1,000 high-paying trades jobs for the three years of construction5. This project is expected to have regional economic impact greater than $110 million per year. We are currently engaged with the DOE LPO on due diligence, definitive documentation, completing the environmental review process, and satisfaction of all conditions precedent that are required for financial close. We expect to incur $40 million of additional spend on ATJ-60 from January 1, 2025, until financial close. Our cumulative ATJ-60 development spending is expected to be partially reimbursed at project financial close. We may invest some or all of the reimbursed funds back into ATJ-60 as equity.Verity: We are continuing to grow our Verity business, delivering our tracking and tracing solution to the market, expanding the customer base, and achieving revenue. Verity is a software-as-a-service ("SaaS") business that achieved its goal of first customer revenue in 2024 and our grower program has grown to more than 200,000 acres, which is more than double the acreage in the program since the second quarter of 2024, with 100% farmer retention. Verity is a digital measure, report and verify ("MRV") software platform for end-to-end traceability of the regenerative attributes of agricultural and low-carbon fuel products. This enables producers and customers to measure and track those attributes and create value in the marketplace, where demand for regenerative agriculture and fuels is increasing but visibility is lacking. Verity currently has agreements with seven agriculture processing plant customers, including five ethanol plants and two soybean processing facilities, to assist in tracking environmental attributes of corn, ethanol, animal feed, corn oil, soybean oil and renewable diesel. We believe Verity can provide substantial value to growers and processors of a wide variety of agricultural products globally, in markets valued at billions of dollars.Ethanol to Olefins ("ETO"): We continue to advance our breakthrough, patented ETO technology. Our patented ETO process is designed to lower capital and operating costs of drop-in, bio-based hydrocarbon fuels and chemicals from ethanol, and adds to Gevo's global portfolio of more than 300 patents, as well as proprietary processes and know-how concerning processes to convert carbohydrates to hydrocarbons. In October 2024, we signed a development agreement and licensed our ETO technology to Axens with the goal of accelerating the commercialization of our ETO technology for fuels. The alliance between Axens and Gevo was further broadened for ATJ commercialization in December 2024 under a new collaboration agreement. The goal of the alliance is to leverage the most advantaged technologies, which includes Axens Jetanol technology combined with Gevo's plant designs, engineering, know-how, carbon tracking and complete business system. The alliance brings each partner's complementary value propositions, real-world experience, substantially de-risked technologies, plant integrations, and pre-engineered systems to the ATJ space. We also extended a joint development agreement with LG Chem to accelerate the commercialization of bio-based chemicals using ETO. The global market for drop-in, low-carbon chemicals and materials is estimated to be $400 500 billion per year. Management Comment "Our strategic acquisition of Gevo North Dakota is transformative for our company," commented Dr. Patrick Gruber, Gevo's Chief Executive Officer. "The CCS and low-carbon ethanol provides us with an immediate pathway to monetize carbon abatement through the ethanol 45Z tax credit and by selling carbon abatement in the growing market and the available pore space provides additional opportunities for CCS expansion." "In addition, our RNG business is poised for significant growth as we secure a permanent CARB LCFS carbon intensity score and monetize the biogas 45Z tax credit. Taken together, we see a path to achieving a potential run-rate positive Adjusted EBITDA in 2025, even before considering our ATJ-60 project. This is based on the hundreds of thousands of tons of carbon abatement per year that we are currently generating from this diversified, low-carbon asset base," Dr. Gruber continued. Dr. Gruber added: "We are pleased that our DOE conditional commitment is progressing towards financial close. We are pleased to see that biofuels, ethanol, and aviation fuels are listed in President Trump's Executive order "Declaring a National Energy Emergency". Our ATJ-60 project, targeted for Lake Preston, South Dakota, is expected to create 100 direct jobs, and more than an estimated 700 indirect jobs. The project is expected to employ more than 1,000 construction workers for the three years needed to build the plant. It would draw corn from more than 230 farmers, and we would expect to pay farmers a premium for their regenerative agricultural practices." "We never lose sight that we expect that Gevo's proprietary, integrated ATJ process can deliver sustainable aviation fuel ("SAF") with production cost similar to jet fuel made from crude oil," Dr. Gruber said. "But our process can do this while also eliminating the carbon emission footprint across the whole life cycle of the fuel. It's about addressing a growing market need, where customers will pay for carbon abatement, in addition to the jet fuel." For more information on our business and plans, please refer to our updated corporate presentation, in the investor section of our website: www.gevo.com About Gevo Gevo is a next-generation diversified energy company committed to fueling America's future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo's innovative technology can be used to make a variety of renewable products, including synthetic aviation fuel ("SAF"), motor fuels, chemicals, and other materials that provide U.S.-made solutions. By investing in the backbone of rural America, Gevo's business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates one of the largest dairy-based renewable natural gas ("RNG") facilities in the United States, turning by-products into clean, reliable energy. We also operate an ethanol plant with an adjacent carbon capture and sequestration ("CCS") facility, further solidifying America's leadership in energy innovation. Additionally, Gevo owns the world's first production facility for specialty alcohol-to-jet ("ATJ") fuels and chemicals. Gevo's market-driven "pay for performance" approach regarding carbon and other sustainability attributes, helps ensure value is delivered to our local economy. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market. For more information, see www.gevo.com. Forward Looking Statements This release contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements, including statements related to the expected operation of Gevo North Dakota, the expected effect of the acquisition on Adjusted EBITDA, the expected annual Adjusted EBITDA from Gevo North Dakota, and the future prospects as a combined company, the expected CI score for our RNG project, the expected annual Adjusted EBITDA from the RNG project, the financing of the ATJ-60 Project, including the DOE conditional commitment, the expected economic impact of the ATJ-60 Project, the expected further spend on ATJ-60, the expected growth and economics of Verity, the technical advances of the ETO technology, the capabilities of Axens technologies, and the market for ETO technologies. These statements relate to analyses and other information, which are based on forecasts of future results or events and estimates of amounts not yet determinable. We claim the protection of The Private Securities Litigation Reform Act of 1995 for all forward-looking statements in this release. These forward-looking statements are identified by the use of terms and phrases such as "anticipate," "assume," "believe," "estimate," "expect," "goal," "intend," "plan," "potential," "predict," "project," "target" and similar terms and phrases or future or conditional verbs such as "could," "may," "should," "will," and "would." However, these words are not the exclusive means of identifying such statements. Although we believe that our plans, intentions and other expectations reflected in or suggested by such forward-looking statements are reasonable, we cannot assure you that we will achieve those plans, intentions or expectations. All forward-looking statements are subject to risks and uncertainties that may cause actual results or events to differ materially from those that we expected. Important factors that could cause actual results or events to differ materially from our expectations, or cautionary statements, include among others, the risk that anticipated benefits, including synergies, from the acquisition of Gevo North Dakota may not be fully realized or may take longer to realize than expected; changes in legislation or government regulations affecting the future operations of the acquired assets and Gevo's other project; and other risk factors or uncertainties identified from time to time in Gevo's filings with the U.S. Securities and Exchange Commission ("SEC"). All written and oral forward-looking statements attributable to us, or persons acting on our behalf, are expressly qualified in their entirety by the cautionary statements identified above and in the section entitled "Risk Factors" and elsewhere in our Annual Report on Form 10-K for the year ended December 31, 2023 as well as other cautionary statements that are made from time to time in our other SEC filings and public communications. You should evaluate all forward-looking statements made in this release in the context of these risks and uncertainties. We caution you that the important factors referenced above may not reflect all of the factors that could cause actual results or events to differ from our expectations. In addition, we cannot assure you that we will realize the results or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. The forward-looking statements included in this release are made only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law. Media ContactHeather ManuelVP of Stakeholder Engagement & PartnershipsPR@gevo.com Investor ContactEric Frey, PhDVice President of Corporate DevelopmentIR@Gevo.com 1 Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, allocated intercompany expenses for shared service functions, and non-cash stock-based compensation to GAAP loss from operations, plus monetizable tax credits (if any) such as 45Q and 45Z. 2 Includes $69.6 million of restricted cash. 3 As reported in the SEC filings of the previous owner, Red Trail Energy, LLC, prior to Gevo's acquisition of substantially all of its ethanol and CCS assets. Based on Fiscal Year ending September 30 under the previous owner. 4 Formerly known as our NZ-1 Project. 5 Based on a report by Charles River Associates, available on Gevo's website.
KLX Energy Services Holdings, Inc. Enters Into New Credit Agreement to Refinance Existing Senior Secured Notes Due 2025
KLX Energy Services Holdings, Inc. Enters Into New Credit Agreement to Refinance Existing Senior Secured Notes Due 2025 New $232 Million Senior Secured Notes to mature March 2030 KLX also enters into new $125 Million ABL Credit Facility Company To Hold 2024 Fourth Quarter/Year End Conference Call on March 14, 2025 HOUSTON, March 7, 2025 /PRNewswire/ -- KLX Energy Services Holdings, Inc. (Nasdaq: KLXE) ("KLX", the "Company", "we", "us" or "our") announced today that it has entered agreements to refinance its existing 2025 senior secured notes by issuing approximately $232 million of senior secured notes due March 2030. The Company also announced it has entered into a new ABL credit facility due March 2028 with a $125 million commitment, a first-in-last-out facility with a $10 million commitment, and a committed incremental loan option with a $25 million commitment. The closing of the refinancing is expected to occur on or about March 11, 2025, subject to certain closing conditions. Additionally, KLX expects 2024 fourth quarter revenue to come in at the midpoint of previously disclosed guidance, and Adjusted EBITDA margin to exceed the high-end of previously disclosed guidance. "I am pleased to announce that we finished the year strong despite typical seasonal headwinds and fourth quarter budget exhaustion driven by customer frac holidays," said Chris Baker, KLX President and Chief Executive Officer. "Our continued focus on cost controls combined with favorable mix shifts in product service line contribution enabled us to significantly increase our 2024 fourth quarter Adjusted EBITDA margin compared to last year's fourth quarter. Despite the U.S. rig count being down approximately 5% over the same period, our weighting to completion and production and intervention business lines and technologies, which is primarily post frac weighted, sustained KLX's strong performance deep into the fourth quarter in the face of industry headwinds. We look forward to communicating our results and much more on March 14th." Keefer Lehner, EVP and Chief Financial Officer, added, "We are pleased to announce the refinancing of our bonds and ABL, which marks a significant milestone in our ongoing efforts to continue to strengthen KLX's financial position. This refinancing not only extends our debt maturity profile but also provides us with enhanced financial flexibility to execute our strategic initiatives, including accretive, deleveraging M&A via a supportive lender group along with enhanced liquidity features in the ABL. "With this improved capital structure, we are well-positioned to capitalize on opportunities to delever and grow while delivering value to our shareholders. We look forward to discussing the refinancing when we report Q4 2024 results next week," concluded Lehner. The Company was advised on the refinancing transactions by TPH&Co., the energy business of Perella Weinberg Partners, and Vinson & Elkins LLP. 2024 Fourth Quarter/Year End Earnings Release and Conference Call Schedule KLX will report 2024 fourth quarter and year end financial results prior to the Company's live conference call, which can be accessed via dial-in or webcast, on Friday, March 14, 2025 at 9:30 a.m. Eastern Time (8:30 a.m. Central Time). What: KLX Energy Services 2024 Fourth Quarter/Year End Earnings Conference Call When: Friday, March 14, 2025 at 9:30 a.m. Eastern Time / 8:30 a.m. Central Time How: Live via phone - By dialing 1-201-389-0867 and asking for the KLX call at least 10 minutes prior to the start time, or Live Webcast - By logging onto the webcast at the address below Where: https://investor.klx.com/events-and-presentations/events For those who cannot listen to the live call, a replay will be available through March 28, 2025 and may be accessed by dialing 1-201-612-7415 and using passcode 13751933#. Also, an archive of the webcast will be available shortly after the call at https://investor.klx.com/events-and-presentations/events for 90 days. Please submit any questions for management prior to the call via email to KLXE@dennardlascar.com. About KLX Energy Services Holdings, Inc. KLX is a growth-oriented provider of diversified oilfield services to leading onshore oil and natural gas exploration and production companies operating in both conventional and unconventional plays in all of the active major basins throughout the United States. The Company delivers mission critical oilfield services focused on drilling, completion, production, and intervention activities for technically demanding wells from over 50 service and support facilities located throughout the United States. KLX's complementary suite of proprietary products and specialized services is supported by technically skilled personnel and a broad portfolio of innovative in-house manufacturing, repair and maintenance capabilities. More information is available at www.klx.com. Forward Looking Statements This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. This presentation includes forward-looking statements that reflect our current expectations, projections and goals relating to our future results, performance and prospects. Forward-looking statements include all statements that are not historical in nature and are not current facts. When used in this presentation, the words "believe," "expect," "plan," "intend," "anticipate," "estimate," "predict," "potential," "continue," "may," "might," "should," "could," "will" or the negative of these terms or similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on our current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events with respect to, among other things: our operating cash flows; the availability of capital and our liquidity; our ability to renew and refinance our debt; our future or expected revenue, income and operating performance; our ability to sustain and improve our utilization, revenue and margins; our ability to maintain acceptable pricing for our services; future capital expenditures; our ability to finance equipment, working capital and capital expenditures; our ability to execute our long-term growth strategy and to integrate our acquisitions; our ability to successfully develop our research and technology capabilities and implement technological developments and enhancements; and the timing and success of strategic initiatives and special projects. The Company's actual experience and results may differ materially from the experience and results anticipated in such statements. Forward-looking statements are not assurances of future performance and actual results could differ materially from our historical experience and our present expectations or projections. Although we believe the expectations and assumptions reflected in these forward-looking statements are reasonable as and when made, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all). Our forward-looking statements involve significant risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Known material factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, risks associated with the following: a decline in demand for our services, declining commodity prices, overcapacity and other competitive factors affecting our industry; the cyclical nature and volatility of the oil and gas industry, which impacts the level of exploration, production and development activity and spending patterns by oil and natural gas exploration and production companies; a decline in, or substantial volatility of, crude oil and gas commodity prices, which generally leads to decreased spending by our customers and negatively impacts drilling, completion and production activity; inflation; increases in interest rates; the ongoing conflict in Ukraine and its continuing effects on global trade; the on-going conflict in Israel; supply chain issues; and other risks and uncertainties listed in our filings with the U.S. Securities and Exchange Commission, including our Current Reports on Form 8-K that we file from time to time, Quarterly Reports on Form 10-Q and Annual Report on Form 10-K. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except as required by law. Information Regarding Preliminary Results The preliminary estimated financial information contained in this news release reflects management's estimates based solely upon information available to it as of the date of this news release and is not a comprehensive statement of the Company's financial results for the three months ended December 31, 2024. The information presented herein should not be considered a substitute for full unaudited financial statements for the three months ended December 31, 2024, or audited financial statements for the fiscal year ended December 31, 2024, once they become available and should not be regarded as a representation by the Company or its management as to its actual financial results for the three months ended December 31, 2024. The ranges for the preliminary estimated financial results described above constitute forward-looking statements. The preliminary estimated financial information presented herein is subject to change, and the Company's actual financial results may differ from such preliminary estimates and such differences could be material. Accordingly, you should not place undue reliance upon these preliminary estimates. Contacts: KLX Energy Services Keefer M. Lehner, EVP & CFO (832) 930-8066 IR@klx.com Dennard Lascar Investor Relations Ken Dennard / Zach Vaughan (713) 529-6600 KLXE@dennardlascar.com View original content:https://www.prnewswire.com/news-releases/klx-energy-services-holdings-inc-enters-into-new-credit-agreement-to-refinance-existing-senior-secured-notes-due-2025-302395692.html SOURCE KLX Energy Services Holdings, Inc.
Ecopetrol publishes draft chapter on social and environmental issues, including climate, for the year 2024
Ecopetrol publishes draft chapter on social and environmental issues, including climate, for the year 2024 BOGOTA, Colombia, March 7, 2025 /PRNewswire/ -- Ecopetrol S.A. (BVC: ECOPETROL; NYSE: EC) announces that, in accordance with External Circular 031 of 2021 issued by the Superintendency of Finance of Colombia, it has published the draft chapter on practices, policies, processes and indicators related to social and environmental issues, including climate, which can be consulted in Spanish on Ecopetrol's website. Ecopetrol is the largest company in Colombia and one of the main integrated energy companies in the American continent, with more than 19,000 employees. In Colombia, it is responsible for more than 60% of the hydrocarbon production of most transportation, logistics, and hydrocarbon refining systems, and it holds leading positions in the petrochemicals and gas distribution segments. With the acquisition of 51.4% of ISA's shares, the company participates in energy transmission, the management of real-time systems (XM), and the Barranquilla - Cartagena coastal highway concession. At the international level, Ecopetrol has a stake in strategic basins in the American continent, with Drilling and Exploration operations in the United States (Permian basin and the Gulf of Mexico), Brazil, and Mexico, and, through ISA and its subsidiaries, Ecopetrol holds leading positions in the power transmission business in Brazil, Chile, Peru, and Bolivia, road concessions in Chile, and the telecommunications sector. This release contains statements that may be considered forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. All forward-looking statements, whether made in this release or in future filings or press releases, or orally, address matters that involve risks and uncertainties, including in respect of the Company's prospects for growth and its ongoing access to capital to fund the Company's business plan, among others. Consequently, changes in the following factors, among others, could cause actual results to differ materially from those included in the forward-looking statements: market prices of oil & gas, our exploration, and production activities, market conditions, applicable regulations, the exchange rate, the Company's competitiveness and the performance of Colombia's economy and industry, to mention a few. We do not intend and do not assume any obligation to update these forward-looking statements. For more information, please contact: Head of Capital MarketsCarolina Tovar AragónEmail: investors@ecopetrol.com.co Head of Corporate Communications (Colombia)Marcela Ulloa Email: marcela.ulloa@ecopetrol.com.co View original content to download multimedia:https://www.prnewswire.com/news-releases/ecopetrol-publishes-draft-chapter-on-social-and-environmental-issues-including-climate-for-the-year-2024-302395693.html SOURCE Ecopetrol S.A.
Patterson-UTI Reports Drilling Activity for February 2025
Patterson-UTI Reports Drilling Activity for February 2025 HOUSTON, TEXAS / ACCESS Newswire / March 6, 2025 / PATTERSON-UTI ENERGY, INC. (NASDAQ:PTEN) today reported that for the month of February 2025, the Company had an average of 107 drilling rigs operating in the United States. For the two months ended February 28, 2025, the Company had an average of 107 drilling rigs operating in the United States.Average drilling rigs operating reported in the Company's monthly announcements represent the average number of the Company's drilling rigs that were earning revenue under a drilling contract in the United States. The Company cautioned that numerous factors in addition to average drilling rigs operating can impact the Company's operating results and that a particular trend in the number of drilling rigs operating may or may not indicate a trend in or be indicative of the Company's financial performance. The Company intends to continue providing monthly updates on drilling rigs operating shortly after the end of each month.About Patterson-UTIPatterson-UTI is a leading provider of drilling and completion services to oil and natural gas exploration and production companies in the United States and other select countries, including contract drilling services, integrated well completion services and directional drilling services in the United States, and specialized drill bit solutions in the United States, Middle East and many other regions around the world. For more information, visit www.patenergy.com.Cautionary Statement Regarding Forward-Looking StatementsThis press release contains forward-looking statements which are protected as forward-looking statements under the Private Securities Litigation Reform Act of 1995 that are not limited to historical facts, but reflect Patterson-UTI's current beliefs, expectations or intentions regarding future events. Words such as "anticipate," "believe," "budgeted," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "potential," "project," "pursue," "should," "strategy," "target," or "will," and similar expressions are intended to identify such forward-looking statements. The statements in this press release that are not historical statements, including statements regarding Patterson-UTI's future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance that are not historical facts, are forward-looking statements within the meaning of the federal securities laws. These statements are subject to numerous risks and uncertainties, many of which are beyond Patterson-UTI's control, which could cause actual results to differ materially from the results expressed or implied by the statements. These risks and uncertainties include, but are not limited to: adverse oil and natural gas industry conditions; global economic conditions, including inflationary pressures and risks of economic downturns or recessions in the United States and elsewhere; volatility in customer spending and in oil and natural gas prices that could adversely affect demand for Patterson-UTI's services and their associated effect on rates; excess availability of land drilling rigs, pressure pumping and directional drilling equipment, including as a result of reactivation, improvement or construction; competition and demand for Patterson-UTI's services; the impact of the ongoing conflict in Ukraine; strength and financial resources of competitors; utilization, margins and planned capital expenditures; liabilities from operational risks for which Patterson-UTI does not have and receive full indemnification or insurance; operating hazards attendant to the oil and natural gas business; failure by customers to pay or satisfy their contractual obligations (particularly with respect to fixed-term contracts); the ability to realize backlog; specialization of methods, equipment and services and new technologies, including the ability to develop and obtain satisfactory returns from new technology; the ability to retain management and field personnel; loss of key customers; shortages, delays in delivery, and interruptions in supply, of equipment and materials; cybersecurity events; synergies, costs and financial and operating impacts of acquisitions; difficulty in building and deploying new equipment; governmental regulation; climate legislation, regulation and other related risks; environmental, social and governance practices, including the perception thereof; environmental risks and ability to satisfy future environmental costs; technology-related disputes; legal proceedings and actions by governmental or other regulatory agencies; the ability to effectively identify and enter new markets; public health crises, pandemics and epidemics; weather; operating costs; expansion and development trends of the oil and natural gas industry; ability to obtain insurance coverage on commercially reasonable terms; financial flexibility; interest rate volatility; adverse credit and equity market conditions; availability of capital and the ability to repay indebtedness when due; our return of capital to stockholders; stock price volatility; and compliance with covenants under Patterson-UTI's debt agreements.Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements is contained from time to time in Patterson-UTI's SEC filings. Patterson-UTI's filings may be obtained by contacting Patterson-UTI or the SEC or through Patterson-UTI's website at http://www.patenergy.com or through the SEC's Electronic Data Gathering and Analysis Retrieval System (EDGAR) at http://www.sec.gov. Patterson-UTI undertakes no obligation to publicly update or revise any forward-looking statement.Contact:Michael SabellaVice President, Investor Relations(281) 885-7589SOURCE: Patterson-UTI EnergyView the original press release on ACCESS Newswire
Comstock Announces Full Year 2024 Results
Comstock Announces Full Year 2024 Results VIRGINIA CITY, Nev., March 06, 2025 (GLOBE NEWSWIRE) -- Comstock Inc. (NYSE: LODE) ("Comstock," "our" and the "Company"), today announced its full year 2024 results, 2024 summary achievements, and our 2025 business outlook. "As of today, we achieved all of our previously published 2024 objectives for both our metals and fuels segments, including fully commissioning, operating and establishing market leadership in photovoltaic recycling, that is now rapidly growing and expanding into full industry-scale, and fuels, who has executed multiple, future revenue generating commercial agreements for industry-scale development projects, including offtakes, supply of feedstocks and joint development agreements with operationally experienced, technologically sophisticated and well capitalized customers and partners," stated Corrado De Gasperis, the Company's Executive Chairman and Chief Executive Officer. "This remarkable progress has positioned a spin-off of Comstock Fuels, that would result in two high-growth public companies, a leading renewable metals and mining company headquartered in Nevada, and a leading renewable fuels company headquartered in Oklahoma." Selected Segment Highlights from 2024 and early 2025 Comstock Metals Advanced zero-landfill photovoltaics recycling technology to TRL 7;Designed, deployed and commissioned our first commercial photovoltaic material recycling facility;Commenced production of the demonstration scale production facility;Demonstrated 100% recovery of all glass, metal, and mineral materials, ensuring the zero-landfill solution;Expanded our existing revenue generating supply commitments, including industry leading customers;Received approval for operating three shifts and expanded the dedicated team to 13 full time employees;Finalized the design and site selection for our first few "industry-scale" facilities and commenced permitting;Secured county permits for the first industry-scale expansion, including a waste-panel storage solution;Finalized and submitted state operating permits necessary for operating the first industry-scale expansion;Secured intake (tipping) revenue arrangements across the United States, including industry leading customers; andSecured offtake revenue arrangements for aluminum, glass and silver-rich tailings. "Our 2024 Metals segment performance is second only to what we have positioned for 2025. We founded and built this zero-landfill solution from almost nothing in less than two years, proving the process, revenues and costs within a complex, highly regulated environment, positioning for exceptional revenue growth (deferred and realized) in 2025, even before we commission our industry-scale facility," said De Gasperis. "Business already secured in the first quarter of 2025 will be five to six times all of 2024. We have a practical view of engineering and operating a world-class silver mine, using solar panel waste as ore, that effectively never depletes, and just keeps producing. Our development and expansion plans are working to make that a reality." Comstock Fuels Validated industry-leading yields of 140 Gasoline Gallon Equivalents (GGE) per ton from various feedstocks;Completed preliminary engineering for our first commercial demonstration scale, lignocellulosic production facility;Executed international engineering, licensing and equity agreements for five industry-scale biofuel refineries;Identified, secured and integrated the world's leading intellectual properties, technologies and solutions: Executed an exclusive near-global license and joint research agreement with RenFuel for esterification;Executed an exclusive global license and cooperative research and development agreement with the DoE's National Renewable Energy Laboratory ("NREL") for breakthrough lignocellulosic conversions;Executed an agreement with the intent to secure a nearly exclusive global license for liquid fuels applications from, and collaboration agreement with, Hexas Biomass Inc. for feedstocks; andSecured carbon capture and utilization license for further increasing yields. Secured $3 million in incentive awards from Oklahoma's Quick Action Closing Fund and earned the first $1 million; Secured $152 million in Qualified Private Activity Bonds from Oklahoma's State Treasurer's Office;Closed on a strategic Series A investment from subsidiaries of Marathon Petroleum Corp. ("MPC"); andAcquired MPC's Madison, WI, renewable fuel demonstration facility for increased pilot production capabilities. "We have created an unprecedented, extremely high yielding, extremely low-carbon (and often carbon negative), sustainable global biofuel system that integrates waste and farmed crops to fuels capable of delivering 200 million barrels (or over 8 billion gallons) of fuel per year, by 2035," said De Gasperis. "Our existing commercial process unlocks and converts wasted, unused, and purpose grown woody biomass into renewable fuels, effectively creating an endless oilwell that was hidden in plain sight." Comstock Mining Monetized the northern district claims with over $2.4 million in cash proceeds between leasing and sales;Updated our internal preliminary mine and reclamation plan for the Dayton Mine ("Dayton");Increased the magnitude of Dayton's estimated economic mineralized material and planned free cash flows;Developed actionable plans for expanding and upgrading the Dayton resource into proven and probable reserves; andAssessed productive post-mining land uses and identified prerequisites for post-mining development. "The rapidly rising industrial silver demand and ongoing geopolitical concerns, compounded by decades of questionable monetary policy, created an unprecedented runup in gold and an even possibly greater set up for silver prices over the next several years. Our historic, world-class Nevada mining assets are positioned for expansion and monetization," said De Gasperis. Corporate: Capitalizing and Positioning for Profitable Growth Building on the 2024 momentum, our core objectives for 20252029 are not only achievable but poised to deliver tremendous value, including three industry-scale facilities for renewable metals, starting in Nevada, and multiple industry-scale commercial facilities, both our own, co-located and integrated with others and our licensees, for renewable fuels, starting with Oklahoma. On February 24, 2025, the Company effected a one-for-ten (1:10) reverse stock split of its issued and outstanding shares of common stock. The total outstanding share count is 24,238,453. The reverse stock split did not impact the total stockholders' equity, the number of authorized shares of common stock, or the par value per share, however, it did effectively increase the Company's authorized capital capacity needed to enable its growth plans. The growth profiles for both Fuels and Metals have developed beyond our original plans, and we have attracted some of the most sophisticated partners, for feedstocks, technologies, operations, governments, and refining and offtake, with many now evaluating direct investments, and in multiple cases exploring deeper integrations with us into an even bigger system, under our control. The Company's authorized share capacity is now more than sufficient for capitalizing on these opportunities. "These are keenly strategic capital partners to us, enabling us to solidify our capital base, unlock our valuation and extend the functionality of our system, by directly integrating and facilitating the tremendous growth," said De Gasperis. "We are proceeding with several transformative transactions for 2025, designed to ensure we unlock and deliver the value that we have created and are continuously creating. This includes consummating the highly valuable Series A investments into Comstock Fuels and subsequently spinning off the new Bioleum-based enterprise into a stand-alone, well-capitalized public company." Outlook for 2025 Our goal is to Accelerate the Commercialization of Hard Technologies for Energy Markets. We are pushing the boundaries of what is possible in technology and sustainability by leveraging our teams' unique skills, our diverse technology portfolio and our frontier research and development networks toward achieving breakthrough innovations that deliver meaningful positive impact across industries, economies, and communities. The primary focus for 2025 is the capitalization and commercialization of our renewable fuels and metals businesses and the corporate monetization of our legacy assets and investments. The remaining Corporate objectives for 2025 include: Monetize our legacy real estate and non-strategic investments for over $50 million;Ensure adequate liquidity and capital resources sufficient to support the next phases of growth;Finalize, communicate, and implement plans to unlock maximum value from a spin-off of Comstock Fuels. This ultimately results in two high-growth public companies: a renewable metals and mining company headquartered in Nevada, and a renewable fuels company headquartered in Oklahoma and with major operations already operating in Wisconsin. Comstock Fuels Comstock Fuels' biorefining technologies are commercially ready for deployment and offer growth-enabling performance for the Company and its prospective licensees and customers. Comstock Fuels is actively engaged in the planning and deployment of our first commercial demonstration facility and pursuing joint development and licensing agreements representing future revenue sources from technical and engineering services, royalties, and equity participation. The joint efforts include securing associated supply chain participants (including feedstock, site selection, and offtake), performing preliminary and final engineering, facilitating commissioning, construction, and operations with globally and locally recognized current and developing renewable fuel producers that, in certain cases, also represent a source of strategic capital for funding the projects. Our commercialization plans also include multiple, global joint development projects, with each joint development project, like SACL Pte. Limited and Gresham's Eastern (Pvt) Ltd, with the potential for generating millions of dollars of technical services and engineering revenues and license agreements for additional production facilities that generate royalty revenues. The plans also include integrating our high yield Bioleum refining platform with Hexas' high yield energy crops, when appropriate, capable of growing enough feedstock to produce upwards of 100 barrels of fuel per acre per year, effectively transforming agricultural lands into perpetual "drop-in sedimentary oilfields" with the potential to dramatically boost domestic and global energy independence. Comstock Fuels' objectives for 2025 include: Complete site selection for first commercial biorefinery project in Oklahoma, including feedstock and offtake;Plan and integrate a local, Hexas-based, fuel farm based into our first commercial biorefinery;Secure and close on sufficient subsidiary-level equity financing, that is, a Series A for Comstock Fuels Corp.;Secure sufficient project-level financing for our first Oklahoma-based commercial biorefinery project;Execute additional revenue generating commercial agreements for industry-scale joint development;Commence revenues from engineering services associated with our existing global development partners;Expand our integrated bio-intermediate pilot production capabilities, up to two barrels per day of oils and fuels; andAdvance our innovation and development efforts toward even higher yields, lower costs and lower capital. Comstock Fuels initially plans to build and own its first four U.S. based industrial scale facilities, each of which is designed to convert 1 million tons per year of woody biomass into 140 million GGE, 3.3 million barrels of advanced biofuels, including sustainable aviation fuels and renewable diesel and then increase its production facilities to 200 million barrels by 2035. Comstock Metals Comstock Metals has now been operating its first commercial demonstration facility for nearly a full year. In 2024, the facility most recently operated on two shifts and is currently operating on three shifts. Site selection for the first "Industry-scale" photovoltaic recycling facility and related storage capacity is complete, with leases and initial storage permits secured and final engineering designs and remaining permitting processes well underway. Industry-scale facilities are anticipated to operate at 100,000 tons of annual capacity. Site selection activities are ongoing for the next two Industry-scale facilities and storage sites. Comstock Metals objectives for 2025 include: Maximize three-shift production and revenue from the demonstration scale production facility;Secure sufficient project-level funding for scale-up of the first Nevada site to industry-scale;Complete permitting for our first "industry-scale" facility in Silver Springs, NV;Procure, deploy, and assemble plant and equipment for our first "industry-scale" facility in Silver Springs, NV;Complete site selection and preliminary development for two additional solar panel recycling locations;Expand the system globally with international strategic and capital partners; andAdvance and expand R&D efforts to recover more and higher-purity materials from recycled streams for offtake. Closing on direct equity and/or debt financing that accelerates the deployment of the first two industry facilities. Comstock Metals has also expanded its business into decommissioning services both as a revenue generator and a feeder for our recycling business and established preliminary markets for the sale of residual materials including aluminum, glass and silver-rich tailings. The capital expenditures for the first facility are expected to be $6 million in 2025 with commissioning in 2026. Billable revenues are expected to be five or six times greater in 2025, as compared to 2024, or approximately $2.5 million. Comstock Mining Comstock Mining has amassed the single largest known repository of historical and current geological data within the Comstock mineral district, including extensive geophysical surveys, geological mapping, and drilling data, including the Dayton resource. Gold prices have achieved multiple all-time highs in both 2024 and thus far in 2025, with a positive outlook. Comstock Mining's objectives for 2025 include: Receive cash proceeds of approximately $1.75 million from mineral leases and asset sales from the northern claims;Commercialize additional mineral development agreements that both monetize and enable resource expansion of the central district claims;Complete the preliminary mine plans that enable the economic development of the southern district claims; andCommence work for expanding and upgrading the Dayton resource into proven and probable reserves. The Company's 2025 efforts will apply economic analysis to Comstock's existing gold and silver resources progressing toward preliminary economic feasibility for the southern part of the district and the ultimate development of full mine and reclamation plans and the development of post productive land and community development plans. Summary "In 2025, we expect that we will increase our lead in fuels and metals as our systems rapidly expand nationally and globally, with well aligned and integrated partners," concluded Mr. De Gasperis. "We are attracting some of the most advanced, capable, well-capitalized and innovative enterprises into our system, network and solutions. The Series A for Fuels will be the next, most tangible evidence that both unlocks tremendous value and positions the spin out of a Comstock Fuels that creates two very high-growth, public companies, a Nevada-based metals and mining company and an Oklahoma-based biofuels company." CONFERENCE CALL DETAILS Comstock's Executive Chairman and Chief Executive Officer, Corrado De Gasperis, and its Chief Operating Officer, William McCarthy, will present an overview of the year end 2024 financial results, upcoming milestones, and how the Company's systemic platform is optimizing results on Thursday, March 6, 2025, via a webinar. Investors and all other interested parties are invited to register below. Date: March 6, 2025 Time: 4:30 p.m. ET Register: Webinar Registration HAVE QUESTIONS? There will be an allotted time following the results presentation for a Q&A session. Unaddressed questions will be reviewed by management and responded to accordingly. You may submit your question(s) beforehand in the registration form (linked above) or by email at: ir@comstockinc.com. About Comstock Inc. Comstock Inc. (NYSE: LODE) innovates and commercializes technologies that are deployable across entire industries to contribute to energy abundance by efficiently extracting and converting under-utilized natural resources, such as waste and other forms of woody biomass into renewable fuels, and end-of-life electronics into recovered electrification metals. Comstock's innovations group is also developing and using artificial intelligence technologies for advanced materials development and mineral discovery for sustainable mining. To learn more, please visit www.comstock.inc. Comstock Social Media Policy Comstock Inc. has used, and intends to continue using, its investor relations link and main website at www.comstock.inc in addition to its X.com, LinkedIn and YouTube accounts, as means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD. About RB Milestone Group LLC RB Milestone Group LLC ("RBMG") is a US-based corporate communications firm, founded in 2009, that specializes in investor relations advisory and has offices in New York City and Stamford, Connecticut. RBMG's US advisory practice delivers investor relations programs tailor-made for emerging companies that are private and publicly traded on the NYSE, NASDAQ, OTC, TSX, TSXV, CSE, ASX and AIM. RBMG refines communications strategies, weighs data, and advises clients on how to penetrate new markets. It helps clients target and secure relationships with niche US stakeholders and key industry strategics globally. Utilizing digital techniques, artificial intelligence (AI) and machine learning, RBMG has developed methods that improve traditional client IR initiatives to maximize ROI. RBMG partners with clients across a wide range of industry segments, including but not limited to, Cleantech, Consumer Goods, Energy, Healthcare, Metals & Mining, and Technology. For more information, please visit www.rbmilestone.com, or to connect by email, info@rbmilestone.com. Contacts For investor inquiries:RB Milestone Group LLCTel (203) 487-2759ir@comstockinc.com For media inquiries or questions:Comstock Inc., Tracy SavilleTel (775) 847-7573media@comstockinc.com Forward-Looking Statements This press release and any related calls or discussions may include 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. All statements, other than statements of historical facts, are forward-looking statements. The words "believe," "expect," "anticipate," "estimate," "project," "plan," "should," "intend," "may," "will," "would," "potential" and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future market conditions; future explorations or acquisitions; future changes in our research, development and exploration activities; future financial, natural, and social gains; future prices and sales of, and demand for, our products and services; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land and asset sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; business opportunities, growth rates, future working capital, needs, revenues, variable costs, throughput rates, operating expenses, debt levels, cash flows, margins, taxes and earnings. These statements are based on assumptions and assessments made by our management in light of their experience and their perception of historical and current trends, current conditions, possible future developments and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; operational or technical difficulties in connection with exploration, metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious and other metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; challenges to, or potential inability to, achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology and efficacy, quantum computing and generative artificial intelligence supported advanced materials development, development of cellulosic technology in bio-fuels and related material production; commercialization of cellulosic technology in bio-fuels and generative artificial intelligence development services; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.
TORM plc Long Term Incentive Program
TORM plc Long Term Incentive Program HELLERUP, Denmark, March 6, 2025 /PRNewswire/ -- In accordance with TORM plc's ("TORM") Remuneration Policy adopted by the Annual General Meeting of TORM plc on 14 April 2021, the Board of Directors has as part of a long-term incentive program decided to grant certain employees (the "Participants") Restricted Share Units ("RSUs") in the form of restricted stock options. The RSUs aim at incentivizing the Participants to seek to improve the performance of TORM and thereby the TORM share price for the mutual benefit of themselves and the shareholders of TORM. For 2025, the Participants will be granted a total of 1,326,087 RSUs and, subject to vesting, each RSU will entitle the holder to acquire one TORM A-share. The RSUs will vest over a three-year period, with one third of the grant amount vesting at each anniversary during the three-year period starting on 01 January 2025. The exercise price for each TORM A-share is DKK 162.38, corresponding to the average of 90 calendar days preceding the publication of TORM plc's 2024 Annual Report plus a 15% premium. Vested RSUs may be exercised for a period of 360 days from each vesting date. In addition to the RSUs granted to the Participants, Executive Director Jacob Meldgaard will be granted a total of 255,200 RSUs on similar terms as outlined above. Holders of the RSUs will have no rights as a shareholder with respect to such RSUs until such time as the RSUs vest, are exercised and TORM A-shares are issued. The RSUs include certain adjustment and acceleration provisions, exercise conditions and other terms customary for restricted stock option programs of this nature. The theoretical market value of the RSU allocation is calculated at USD 4.1m based on the Black-Scholes model. The key assumptions for the calculation of the market value are: The strike price is adjusted for future TORM dividendsThe volatility of the TORM share is estimated at 42.5%The risk-free interest rate based upon expiry of the RSUs is based on Danish government bonds with maturity corresponding to the maturity of the individual RSUs. The interest rate is between 1.96% - 2.12% depending on maturityA share price of DKK 120.40 per A-share at the time of allocationThe RSU allocation is expected to affect the P&L statement as follows: USDm 2025 2026 2027 Total Effect 2.2 1.3 0.6 4.1 Contacts Mikael Bo Larsen, Head of Investor RelationsTel.: +45 5143 8002 About TORM TORM is one of the world's leading carriers of refined oil products. TORM operates a fleet of product tanker vessels with a strong commitment to safety. environmental responsibility and customer service. TORM was founded in 1889 and conducts business worldwide. TORM's shares are listed on Nasdaq in Copenhagen and on Nasdaq in New York (ticker: TRMD A and TRMD. ISIN: GB00BZ3CNK81). For further information, please visit www.torm.com. Safe Harbor Statement as to the Future Matters discussed in this release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements reflect our current views with respect to future events and financial performance and may include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are statements other than statements of historical facts. The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. Words such as, but not limited to, "expects," "anticipates," "intends," "plans," "believes," "estimates," "targets," "projects," "forecasts," "potential," "continue," "possible," "likely," "may," "could," "should" and similar expressions or phrases may identify forward-looking statements. The forward-looking statements in this release are based upon various assumptions, many of which are, in turn, based upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although the Company believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, the Company cannot guarantee that it will achieve or accomplish these expectations, beliefs, or projections. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, our future operating or financial results; changes in governmental rules and regulations or actions taken by regulatory authorities; inflationary pressure and central bank policies intended to combat overall inflation and rising interest rates and foreign exchange rates; general domestic and international political conditions or events, including "trade wars" and the war between Russia and Ukraine, the developments in the Middle East, including the war in Israel and the Gaza Strip, and the conflict regarding the Houthis' attacks in the Red Sea; international sanctions against Russian oil and oil products; changes in economic and competitive conditions affecting our business, including market fluctuations in charter rates and charterers' abilities to perform under existing time charters; changes in the supply and demand for vessels comparable to ours and the number of new buildings under construction; the highly cyclical nature of the industry that we operate in; the loss of a large customer or significant business relationship; changes in worldwide oil production and consumption and storage; risks associated with any future vessel construction; our expectations regarding the availability of vessel acquisitions and our ability to complete acquisition transactions planned; availability of skilled crew members other employees and the related labor costs; work stoppages or other labor disruptions by our employees or the employees of other companies in related industries; effects of new products and new technology in our industry; new environmental regulations and restrictions; the impact of an interruption in or failure of our information technology and communications systems, including the impact of cyber-attacks, upon our ability to operate; potential conflicts of interest involving members of our Board of Directors and Senior Management; the failure of counterparties to fully perform their contracts with us; changes in credit risk with respect to our counterparties on contracts; adequacy of insurance coverage; our ability to obtain indemnities from customers; changes in laws, treaties or regulations; our incorporation under the laws of England and Wales and the different rights to relief that may be available compared to other countries, including the United States; government requisition of our vessels during a period of war or emergency; the arrest of our vessels by maritime claimants; any further changes in U.S. trade policy that could trigger retaliatory actions by the affected countries; the impact of the U.S. presidential and congressional election results affecting the economy, future government laws and regulations and trade policy matters, such as the imposition of tariffs and other import restrictions; potential disruption of shipping routes due to accidents, climate-related incidents, adverse weather and natural disasters, environmental factors, political events, public health threats, acts by terrorists or acts of piracy on ocean-going vessels; damage to storage and receiving facilities; potential liability from future litigation and potential costs due to environmental damage and vessel collisions; and the length and number of off-hire periods and dependence on third-party managers. In the light of these risks and uncertainties, undue reliance should not be placed on forward-looking statements contained in this release because they are statements about events that are not certain to occur as described or at all. These forward-looking statements are not guarantees of our future performance, and actual results and future developments may vary materially from those projected in the forward-looking statements. Except to the extent required by applicable law or regulation, the Company undertakes no obligation to release publicly any revisions or updates to these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Please see TORM's filings with the U.S. Securities and Exchange Commission for a more complete discussion of certain of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. This information was brought to you by Cision http://news.cision.com https://news.cision.com/torm-plc/r/torm-plc-long-term-incentive-program,c4115575 The following files are available for download: https://mb.cision.com/Main/21247/4115575/3305980.pdf 02-2025 TORM plc Long Term Incentive Program View original content:https://www.prnewswire.com/news-releases/torm-plc-long-term-incentive-program-302394866.html SOURCE Torm PLC
Dynagas LNG Partners LP Reports Results for the Three and Twelve Months Ended December 31, 2024
Dynagas LNG Partners LP Reports Results for the Three and Twelve Months Ended December 31, 2024 ATHENS, Greece, March 06, 2025 (GLOBE NEWSWIRE) -- Dynagas LNG Partners LP (NYSE: "DLNG") (the "Partnership"), an owner and operator of liquefied natural gas ("LNG") carriers, today announced its results for the three and twelve months ended December 31, 2024. Twelve months Highlights: Net Income and Earnings per common unit (basic and diluted) of $51.6 million and $1.05, respectively;Adjusted Net Income(1) of $54.2 million and Adjusted Earnings per common unit(1) (basic and diluted) of $1.12;Adjusted EBITDA(1) $115.0 million; and100% fleet utilization(2). Quarter Highlights: Net Income and Earnings per common unit (basic and diluted) of $14.1 million and $0.29, respectively;Adjusted Net Income(1) of $15.0 million and Adjusted Earnings per common unit(1) (basic and diluted) of $0.32;Adjusted EBITDA(1) of $28.5 million;100% fleet utilization(2);Declared and paid a cash distribution of $0.5625 per unit on the Partnership's Series A Preferred Units (NYSE: "DLNG PR A") for the period from August 12, 2024 to November 11, 2024 and $ 0.69999031 per unit on the Series B Preferred Units (NYSE: "DLNG PR B") for the period from August 22, 2024 to November 21, 2024;Declared a quarterly cash distribution of $0.049 per common unit for the quarter ended September 30, 2024, which was paid on December 12, 2024;On November 21, 2024, the Partnership's Board of Directors authorized the repurchase of up to an aggregate of $10 million of the Partnership's outstanding common units to be made over the following 12 months (the "Program"). Repurchases of common units under the Program may be made, from time to time, in privately negotiated transactions, in open market transactions, or by other means, including through trading plans intended to qualify under Rule 10b-18 and/or Rule 10b5-1 of the U.S. Securities Exchange Act of 1934, as amended. The amount and timing of any repurchases made under the Program will be in the sole discretion of the Partnership's management team, and will depend on a variety of factors, including legal requirements, market conditions, other investment opportunities, available liquidity, and the prevailing market price of the common units. The Program does not obligate the Partnership to repurchase any dollar amount or number of common units and the Program may be suspended or discontinued at any time at the Partnership's discretion; andDuring the fourth quarter of 2024 and through the date of this press release, repurchased 55,118 common units under the Program for total net proceeds of $0.25 million, at an average price of $4.45 per common unit. (1) Adjusted Net Income, Adjusted Earnings per common unit and Adjusted EBITDA are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP and other related information.(2) Please refer to Appendix B for additional information on how we calculate fleet utilization. Subsequent Events: Declared a quarterly cash distribution of $0.5625 on the Partnership's Series A Preferred Units for the period from November 12, 2024 to February 11, 2025, which was paid on February 12, 2025 to all Series A Preferred unitholders of record as of February 5, 2025;Declared a quarterly cash distribution of $0.677286319 on the Partnership's Series B Preferred Units for the period from November 22, 2024 to February 23, 2025, which was paid on February 24, 2025 to all Series B Preferred unitholders of record as of February 14, 2025; andDeclared a quarterly cash distribution of $0.049 per common unit for the quarter ended December 31, 2024, which was paid on February 27, 2025 to all common unitholders of record as of February 24, 2025. CEO Commentary: We are pleased with the financial results for the three months ended December 31, 2024. For this quarter, our Net Income stood at $14.1 million, with earnings per common unit of $0.29. We achieved an Adjusted EBITDA and an Adjusted Net Income of $28.5 million and $15.0 million respectively. Our financial results reflect our stable, contracts-based operating model. Currently, all six LNG carriers in our fleet are under long-term charters with international gas companies with an average remaining term of 5.9 years, as of the date of this release. We anticipate, assuming no unforeseen events, no vessel availability until 2028. As of March 6, 2025, our estimated contract backlog stands at approximately $1.0 billion. Following the refinancing of our outstanding debt in June 2024, our financial leverage has improved significantly with two of our vessels now debt-free and a reduced annual debt amortization of $44 million. With no debt maturities until 2029 and contracted cash flows above our cash breakeven point, we continue to focus on strengthening our balance sheet to ensure enduring financial flexibility and sustained enhancement of common unitholder value. Russian Sanctions Developments Due to the ongoing Russian conflict with Ukraine, the United States ("U.S."), European Union ("E.U."), Canada and other Western countries and organizations have announced and enacted numerous sanctions against Russia to impose severe economic pressure on the Russian economy and government. As of today's date: Current U.S. and E.U. sanctions regimes do not materially affect the business, operations or financial condition of the Partnership and, to the Partnership's knowledge, its counterparties are currently performing their obligations under their respective time charters in compliance with applicable U.S. and E.U. rules and regulations; andSanctions legislation continually changes and the Partnership continues to monitor such changes as applicable to the Partnership and its counterparties. The full impact of the commercial and economic consequences of the Russian conflict with Ukraine is uncertain at this time. The Partnership cannot provide any assurance that any further development in sanctions, or escalation of the Ukraine conflict more generally, will not have a significant impact on its business, financial condition or results of operations. Please see the section of this press release entitled "Forward Looking Statements." Financial Results Overview: (1) Adjusted Net Income, Adjusted EBITDA and Adjusted Earnings per common unit are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. Three Months Ended December 31, 2024 and 2023 Financial Results Net Income for the three months ended December 31, 2024 was $14.1 million as compared to $10.5 million for the corresponding period of 2023, which represents an increase of $3.6 million, or 34.3%. The increase in Net Income for the three months ended December 31, 2024 compared to the corresponding quarter of 2023 was mainly attributable to: (i) the increase in voyage revenues and the decrease in vessel operating expenses, as explained below, (ii) the decrease in interest and finance costs, as explained below and (iii) the decrease in interest rate swap losses. The above increase in Net Income was partially counterbalanced by the decrease in non-recurring other income earned from insurance claims received for damages incurred in prior years, compared to the corresponding quarter of 2023. Adjusted Net Income (a non-GAAP financial measure) for the three months ended December 31, 2024 was $15.0 million compared to $10.3 million for the corresponding period of 2023, which represents a net increase of $4.7 million, or 45.6%. This increase is mainly attributable to the increase in the cash voyage revenues and the decrease of the vessels' operating expenses, as well as the decrease of interest and finance costs compared to the corresponding period of 2023. Voyage revenues for the three months ended December 31, 2024 were $41.7 million as compared to $37.0 million for the corresponding period of 2023, which represents a net increase of $4.7 million, or 12.7%, which is mainly attributable to the increase in the revenues of the Arctic Aurora following its new time charter party agreement with Equinor ASA, which took effect in October 2023, as well as to the value of the EU ETS emissions allowances ("EUAs") due to the Partnership by the charterers of its vessels, pursuant to the terms of its time charter agreements. The same value of these EUAs, which the Partnership is obliged to surrender to the EU authorities, is included within Voyage expenses. The Partnership reported average daily hire gross of commissions(1) of approximately $71,460 per day per vessel for the three-month-period ended December 31, 2024, compared to approximately $70,000 per day per vessel for the corresponding period of 2023. The Partnership's vessels operated at 100% fleet utilization during the three-month period ended December 31, 2024 and 2023. Vessel operating expenses were $8.1 million, which corresponds to a daily rate per vessel of $14,732 for the three-month period ended December 31, 2024, as compared to $8.4 million, or a daily rate per vessel of $15,172, in the corresponding period of 2023. This decrease is mainly attributable to lower planned technical maintenance on the Partnership's vessels in the three- month period ending December 31, 2024 compared to the corresponding period in 2023. Adjusted EBITDA (a non- GAAP financial measure) for the three months ended December 31, 2024 was $28.5 million, as compared to $27.4 million for the corresponding period of 2023. The increase of $1.1 million, or 4.0%, was mainly attributable to the above-mentioned increase in cash voyage revenues of the Arctic Aurora. Net Interest and finance costs were $5.5 million in the three months ended December 31, 2024 as compared to $9.0 million in the corresponding period of 2023, which represents a decrease of $3.5 million, or 38.9%, mainly due to the reduction in interest-bearing debt in the three months ended December 31, 2024, compared to the corresponding period in 2023, resulting from the refinancing of the Partnership's indebtedness in June 2024. For the three months ended December 31, 2024, the Partnership reported basic and diluted Earnings per common unit and Adjusted Earnings per common unit, (a non- GAAP financial measure) of $0.29 and $0.32, respectively, after taking into account the distributions relating to the Series A Preferred Units and the Series B Preferred Units on the Partnership's Net Income/Adjusted Net Income. Earnings per common unit and Adjusted Earnings per common unit, basic and diluted, were calculated on the basis of a weighted average number of 36,791,279 common units outstanding during the period and in the case of Adjusted Earnings per common unit after reflecting the impact of certain adjustments presented in Appendix B of this press release. Adjusted Net Income, Adjusted EBITDA, and Adjusted Earnings per common unit are not recognized measures under U.S. GAAP. Please refer to Appendix B of this press release for the definitions and reconciliation of these measures to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP. Amounts relating to variations in period on period comparisons shown in this section are derived from the condensed financials presented below. (1) Average daily hire gross of commissions is a non-GAAP financial measure and represents voyage revenue excluding the non-cash time charter deferred revenue amortization, as well as the revenues attributable to the value of the EUAs to be provided to the Partnership pursuant to the terms of its agreements with the charterers, divided by the Available Days in the Partnership's fleet as described in Appendix B. Liquidity/ Financing/ Cash Flow Coverage During the three months ended December 31, 2024, the Partnership generated net cash from operating activities of $32.5 million as compared to $20.2 million in the corresponding period of 2023, which represents an increase of $12.3 million, or 60.9% mainly as a result of the increase in the adjusted EBITDA net of working capital changes and the decrease of interest and finance costs. As of December 31, 2024, the Partnership reported total cash of $68.2 million. The Partnership's outstanding financial liabilities as of December 31, 2024, under the Sale and Leaseback agreements between the vessel owning companies of the Clean Energy, the OB River, the Amur River and the Arctic Aurora with China Development Bank Financial Leasing Co. Ltd. amounted to $49.3 million, $65.5 million, $67.3 million and $140.8 million, respectively, gross of unamortized deferred loan fees. The financial liability is repayable within approximately four years for the Clean Energy, the OB River and the Amur River and within nine years for the Arctic Aurora. Vessel Employment As of December 31, 2024, the Partnership had estimated contracted time charter coverage(1) for 100% of its fleet estimated Available Days (as defined in Appendix B) for each of 2025, 2026, and 2027. As of the same date, the Partnership's estimated contracted revenue backlog (2) (3) was $1.0 billion, with an average remaining contract term of 6.1 years. (1) Time charter coverage for the Partnership's fleet is calculated by dividing the fleet contracted days on the basis of the earliest estimated delivery and redelivery dates prescribed in the Partnership's current time charter contracts, net of scheduled class survey repairs by the number of expected Available Days during that period. (2) The Partnership calculates its estimated contracted revenue backlog by multiplying the contractual daily hire rate by the expected number of days committed under the contracts (assuming earliest delivery and redelivery and excluding options to extend), assuming full utilization. The actual amount of revenues earned and the actual periods during which revenues are earned may differ from the amounts and periods disclosed due to, for example, dry-docking and/or special survey downtime, maintenance projects, off-hire downtime and other factors that result in lower revenues than the Partnership's average contract backlog per day. (3) $0.11 billion of the revenue backlog estimate relates to the estimated portion of the hire contained in certain time charter contracts with Yamal Trade Pte. Ltd., which represents the operating expenses of the respective vessels and is subject to yearly adjustments on the basis of the actual operating costs incurred within each year. The actual amount of revenues earned in respect of such variable hire rate may therefore differ from the amounts included in the revenue backlog estimate due to the yearly variations in the respective vessel's operating costs. Slide Presentation: The slide presentation on the fourth quarter ended December 31, 2024 financial results will be available in PDF format, accessible on the Partnership's website www.dynagaspartners.com. About Dynagas LNG Partners LP Dynagas LNG Partners LP. (NYSE: DLNG) is a master limited partnership that owns and operates liquefied natural gas (LNG) carriers employed on multi-year charters. The Partnership's current fleet consists of six LNG carriers, with an aggregate carrying capacity of approximately 914,000 cubic meters. Visit the Partnership's website at www.dynagaspartners.com. The Partnership's website and its contents are not incorporated into and do not form a part of this release. Contact Information:Dynagas LNG Partners LP Attention: Michael Gregos Tel. +30 210 8917960 Email: management@dynagaspartners.com Investor Relations / Financial Media: Nicolas Bornozis Markella KaraCapital Link, Inc. 230 Park Avenue, Suite 1540New York, NY 10169 Tel. (212) 661-7566 E-mail: dynagas@capitallink.com Forward-Looking Statements Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. The Partnership desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "project," "will," "may," "should," "expect," "expected," "pending" and similar expressions identify forward-looking statements. These forward-looking statements are not intended to give any assurance as to future results and should not be relied upon. The forward-looking statements in this press release are based upon various assumptions and estimates, many of which are based, in turn, upon further assumptions, including without limitation, examination by the Partnership's management of historical operating trends, data contained in its records and other data available from third parties. Although the Partnership believes that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond the Partnership's control, the Partnership cannot assure you that it will achieve or accomplish these expectations, beliefs or projections. In addition to these important factors, other important factors that, in the Partnership's view, could cause actual results to differ materially from those discussed, expressed or implied, in the forward- looking statements include, but are not limited to, the strength of world economies and currency fluctuations, general market conditions, including fluctuations in charter rates, ownership days, and vessel values, changes in supply of and demand for liquefied natural gas (LNG) shipping capacity, changes in the Partnership's operating expenses, including bunker prices, drydocking and insurance costs, the market for the Partnership's vessels, availability of financing and refinancing, changes in governmental laws, rules and regulations or actions taken by regulatory authorities, economic, regulatory, political and governmental conditions that affect the shipping and the LNG industry, potential liability from pending or future litigation, and potential costs due to environmental damage and vessel collisions, general domestic and international political conditions, potential disruption of shipping routes due to accidents, political events, or international hostilities, geopolitical events including ongoing conflicts and hostilities in the Middle East and other regions throughout the world and the global response to such conflicts and hostilities, changes in tariffs, trade barriers, and embargos, including recently imposed tariffs by the U.S. and the effects of retaliatory tariffs and countermeasures from affected countries, vessel breakdowns, instances of off-hires, the length and severity of epidemics and pandemics, the impact of public health threats and outbreaks of other highly communicable diseases, the amount of cash available for distribution, and other factors. Due to the ongoing war between Russia and Ukraine, the United States, United Kingdom, the European Union, Canada, and other Western countries and organizations have announced and enacted numerous sanctions against Russia to impose severe economic pressure on the Russian economy and government. The full impact of the commercial and economic consequences of the Russian conflict with Ukraine are uncertain at this time. Although currently there has been no material impact on the Partnership, potential consequences of the sanctions that could impact the Partnership's business in the future include but are not limited to: (1) the Partnership's counterparties being potentially limited by sanctions from performing under its agreements; and (2) a general deterioration of the Russian economy. In addition, the Partnership may have greater difficulties raising capital in the future, which could potentially reduce the level of future investment into its expansion and operations. The Partnership cannot provide any assurance that any further development in sanctions, or escalation of the Ukraine situation more generally, will not have a significant impact on its business, financial condition, or results of operations. Please see the Partnership's filings with the U.S. Securities and Exchange Commission for a more complete discussion of these and other risks and uncertainties. The information set forth herein speaks only as of the date hereof, and the Partnership disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. APPENDIX A APPENDIX B Fleet Statistics and Reconciliation of U.S. GAAP Financial Information to Non-GAAP Financial Information * Voyage expenses include commissions of 1.25% paid to Dynagas Ltd., the Partnership's Manager, and third-party ship brokers, when defined in the charter parties, bunkers, port expenses and other minor voyage expenses. Reconciliation of Net Income to Adjusted EBITDA (1) Includes interest and finance costs and interest income, if any. (2) Includes other income from insurance claims for damages incurred prior years The Partnership defines Adjusted EBITDA as earnings before interest and finance costs, net of interest income (if any), gains/losses on derivative financial instruments, taxes (when incurred), depreciation and amortization (when incurred), dry-docking and special survey costs and other non-recurring items (if any). Adjusted EBITDA is used as a supplemental financial measure by management and external users of financial statements, such as investors, to assess the Partnership's operating performance. The Partnership believes that Adjusted EBITDA assists its management and investors by providing useful information that increases the ability to compare the Partnership's operating performance from period to period and against that of other companies in its industry that provide Adjusted EBITDA information. This increased comparability is achieved by excluding the potentially disparate effects between periods or against companies of interest, other financial items, depreciation and amortization and taxes, which items are affected by various and possible changes in financing methods, capital structure and historical cost basis and which items may significantly affect net income between periods. The Partnership believes that including Adjusted EBITDA as a measure of operating performance benefits investors in (a) selecting between investing in the Partnership and other investment alternatives and (b) monitoring the Partnership's ongoing financial and operational strength. Adjusted EBITDA is not intended to and does not purport to represent cash flows for the period, nor is it presented as an alternative to operating income. Further, Adjusted EBITDA is not a measure of financial performance under U.S. GAAP and does not represent and should not be considered as an alternative to net income, operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income and these measures may vary among other companies. Therefore, Adjusted EBITDA, as presented above, may not be comparable to similarly titled measures of other businesses because they may be defined or calculated differently by those other businesses. It should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with GAAP. Any non-GAAP measures should be viewed as supplemental to, and should not be considered as alternatives to, GAAP measures including, but not limited to net earnings (loss), operating profit (loss), cash flow from operating, investing and financing activities, or any other measure of financial performance or liquidity presented in accordance with GAAP. Reconciliation of Net Income to Adjusted Net Income available to common unitholders and Adjusted Earnings per common unit Adjusted Net Income represents net income before non-recurring expenses (if any), charter hire amortization related to time charters with escalating time charter rates, amortization of deferred charges, class survey costs and changes in the fair value of derivative financial instruments. Net Income available to common unitholders represents the common unitholders interest in Adjusted Net Income for each period presented. Adjusted Earnings per common unit represents Net Income available to common unitholders divided by the weighted average common units outstanding during each period presented. Adjusted Net Income, Net Income available to common unitholders and Adjusted Earnings per common unit, basic and diluted, are not recognized measures under U.S. GAAP and should not be regarded as substitutes for net income and earnings per unit, basic and diluted. The Partnership's definitions of Adjusted Net Income, Net Income available to common unitholders and Adjusted Earnings per common unit, basic and diluted, may not be the same at those reported by other companies in the shipping industry or other industries. The Partnership believes that the presentation of Adjusted Net Income and Net income available to common unitholders is useful to investors because these measures facilitate the comparability and the evaluation of companies in the Partnership's industry. In addition, the Partnership believes that Adjusted Net Income is useful in evaluating its operating performance compared to that of other companies in the Partnership's industry because the calculation of Adjusted Net Income generally eliminates the accounting effects of items which may vary for different companies for reasons unrelated to overall operating performance. The Partnership's presentation of Adjusted Net Income, Net Income available to common unitholders and Adjusted Earnings per common unit does not imply, and should not be construed as an inference, that its future results will be unaffected by unusual or non-recurring items and should not be considered in isolation or as a substitute for a measure of performance prepared in accordance with GAAP.