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SM ENERGY ANNOUNCES OFFICER RETIREMENT AND NEW APPOINTMENT

SM ENERGY ANNOUNCES OFFICER RETIREMENT AND NEW APPOINTMENT DENVER, Dec. 30, 2022 /PRNewswire/ -- SM Energy Company (the "Company") (NYSE: SM) today announced the retirement of Executive Vice President and General Counsel David Copeland. Chief Executive Officer Herb Vogel comments: "David has been with our Company for 12 years and has served as a consummate legal advisor while providing dedicated leadership. We will miss David and wish him well as he is able to spend more time with his wife, children and grandchildren." The retirement of Mr. Copeland from his current position will be effective December 31, 2022 and he will remain with the Company in an advisory role until July 1, 2023. The Company also announces that James Lebeck will take the position of Senior Vice President and General Counsel. Since 2018, Mr. Lebeck has served as Vice President and Chief Legal Officer at Encino Energy. Prior to that, from 2011 until 2018, Mr. Lebeck served in roles of increasing responsibility at SM Energy, ultimately serving as Deputy General Counsel prior to his departure. Mr. Lebeck is expected to start his new role on or before January 30, 2023. Mr. Vogel adds: "Congratulations to James. We know James well and believe he will easily step into this role given about eight years of prior experience at SM Energy. We welcome him and look forward to working together again." ABOUT THE COMPANYSM Energy Company is an independent energy company engaged in the acquisition, exploration, development, and production of crude oil, natural gas, and NGLs in the state of Texas. SM Energy routinely posts important information about the Company on its website. For more information about SM Energy, please visit its website at www.sm-energy.com. SM ENERGY INVESTOR CONTACTS Jennifer Martin Samuels, jsamuels@sm-energy.com, 303-864-2507 View original content to download multimedia:https://www.prnewswire.com/news-releases/sm-energy-announces-officer-retirement-and-new-appointment-301711548.html SOURCE SM Energy Company

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Helmerich & Payne, Inc. To Participate in Conferences in January 2023

Helmerich & Payne, Inc. To Participate in Conferences in January 2023 TULSA, Okla., Dec. 30 /BusinessWire/ -- Helmerich & Payne, Inc. (NYSE:HP) today announced that John Lindsay, President and Chief Executive Officer; Mark Smith, Senior Vice President and Chief Financial Officer; Mike Lennox, Senior Vice President of U.S. Land Operations; and Dave Wilson, Vice President of Investor Relations plan to participate in the following investor conferences during the month of January 2023. Participation by the management team will vary by event. The Goldman Sachs Global Energy and Clean Technology Conference 2023 on Thursday and Friday, January 5-6, 2023; Mr. Smith will participate in a special forum on behalf of the Company on Wednesday, January 4, 2023 at 4:00 p.m. U.S. ET and Mr. Lindsay will participate in a panel discussion on behalf of the Company on Thursday, January 5, 2023 at 10:20 a.m. U.S. ET. The ATB 11th Annual Institutional Investor Conference on Wednesday, January 11, 2023; Mr. Smith will participate in a panel discussion on behalf of the Company on Wednesday, January 11, 2023 at 8:00 a.m. U.S. ET. Investor slides to be used during the conferences will be available for download on the company's website, within Investors, under Presentations, the afternoon of January 4, 2023. About Helmerich & Payne, Inc. Founded in 1920, Helmerich & Payne, Inc. is committed to delivering industry leading drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for our customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. For more information, visit www.helmerichpayne.com. Helmerich & Payne uses its website as a channel of distribution for material company information. Such information is routinely posted and accessible on its Investor Relations website at www.helmerichpayne.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20221230005188/en/   back

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Dynagas LNG Partners LP Announces Inaugural Environmental, Social and Governance (ESG) Report

Dynagas LNG Partners LP Announces Inaugural Environmental, Social and Governance (ESG) Report ATHENS, Greece, Dec. 30, 2022 (GLOBE NEWSWIRE) -- Dynagas LNG Partners LP (NYSE: "DLNG") ("Dynagas Partners" or the "Partnership"), an owner and operator of liquefied natural gas ("LNG") carriers is pleased to announce the release of its inaugural 2021 Environmental, Social, and Governance (‘ESG') Report, highlighting its ESG priorities, goals, and performance. Tony Lauritzen, Chief Executive Officer of Dynagas LNG Partners LP, commented: "Consistent with our commitment to our stakeholders, the publication of our ESG report and initiatives included provides insight into our sustainably driven operations and how we plan to build on that momentum moving forward." To download a copy of the report, please visit the sustainability section of the Company's website: http://www.dynagaspartners.com/?page=comp_sust About Dynagas LNG Partners LP Dynagas LNG Partners LP. (NYSE: DLNG) is a master limited partnership which owns and operates liquefied natural gas (LNG) carriers employed on multi-year charters. The Partnership's current fleet consists of six LNG carriers, with aggregate carrying capacity of approximately 914,000 cubic meters. Visit the Partnership's website at www.dynagaspartners.com Contact Information: Dynagas LNG Partners LP Attention: Michael Gregos Tel. +30 210 8917960 Email: management@dynagaspartners.com Investor Relations / Financial Media: Nicolas Bornozis Markella Kara Capital Link, Inc. 230 Park Avenue, Suite 1540 New York, NY 10169Tel. (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," "may," "should," "expect," "expected," "pending" and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, 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 in the forward-looking statements include the strength of world economies and currencies, general market conditions, including fluctuations in charter rates and vessel values, changes in 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 rules and regulations or actions taken by regulatory authorities, potential liability from pending or future litigation, general domestic and international political conditions, potential disruption of shipping routes due to accidents or political events, vessel breakdowns and instances of off-hires and other factors. Please see our 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.

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Ranger Oil Publishes Inaugural ESG Report

Ranger Oil Publishes Inaugural ESG Report HOUSTON, TX / ACCESSWIRE / December 29, 2022 / Ranger Oil Corporation ("Ranger" or the "Company") (NASDAQ:ROCC) today published its inaugural Environmental, Social and Governance ("ESG") Report, which provides key information on the Company's ESG practices and initiatives. The report is available on the "Sustainability" page of the Company's website at www.RangerOil.com."Ranger's Board of Directors and management share a commitment to sustainability and minimizing the environmental impact of our operations while creating long-term value for our shareholders," said Darrin Henke, President and CEO. "From the office to the field, Ranger employees understand our ESG-related priorities and we work to foster an environment of diversity and inclusion where innovative ideas surface and performance is rewarded. Today's report demonstrates our commitment to providing greater transparency and clearly communicating our ESG-related priorities to our shareholders and other stakeholders. In addition, it provides a benchmark to help us track our progress."About Ranger Oil CorporationRanger Oil is a pure-play independent oil and gas company engaged in the development and production of oil, NGLs and natural gas, with operations in the Eagle Ford shale in South Texas. For more information, please visit our website at www.rangeroil.com.Forward-Looking StatementsThis release and the Company's ESG Report cross-referenced herein contain "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. These forward-looking statements reflect management's expectations or beliefs concerning future events, and it is possible that the results described in this release and the cross-referenced report will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. The forward-looking statements, other than statements of historical fact, included in this release and the disclosures cross-referenced herein concern the Company's goals and expectations regarding corporate responsibility, sustainability, employees, environmental matters, policy, philanthropy, cybersecurity and business risks and opportunities. These risks, uncertainties and contingencies include, among other things, our ability to achieve plans relating to sustainability or other ESG initiatives. These goals and expectations are subject to the risks and uncertainties described in detail in the Company's periodic reports filed with the U.S. Securities and Exchange Commission, including in its Annual Report on Form 10-K for the year ended December 31, 2021, and subsequent quarterly reports on Form 10-Q. All forward-looking statements speak only as of the date of this release. You should not place undue reliance on these forward-looking statements.ContactInvestor RelationsPhone: (713) 722-6540E-Mail: invest@RangerOil.comSOURCE: Ranger Oil CorporationView source version on accesswire.com: https://www.accesswire.com/733606/Ranger-Oil-Publishes-Inaugural-ESG-Report

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Murphy Oil Corporation Schedules Fourth Quarter 2022 Earnings Release and Conference Call

Murphy Oil Corporation Schedules Fourth Quarter 2022 Earnings Release and Conference Call HOUSTON, Dec. 29 /BusinessWire/ -- Murphy Oil Corporation (NYSE:MUR) will host a conference call and webcast beginning at 9:00 a.m. Eastern Standard Time (EST) on Thursday, January 26, 2023 to discuss fourth quarter 2022 earnings. The company plans to release its financial and operating results before the market opens that morning. A webcast link and related presentation material will be included on the Investors page of the company's website at http://ir.murphyoilcorp.com. Date: Thursday, January 26, 2023 Time: 9:00 a.m. EST Toll Free Dial-in: 888-886-7786 Conference ID: 99312590 ABOUT MURPHY OIL CORPORATION As an independent oil and natural gas exploration and production company, Murphy Oil Corporation believes in providing energy that empowers people by doing right always, staying with it and thinking beyond possible. Murphy challenges the norm, taps into its strong legacy and uses its foresight and financial discipline to deliver inspired energy solutions. Murphy sees a future where it is an industry leader who is positively impacting lives for the next 100 years and beyond. Additional information can be found on the company's website at www.murphyoilcorp.com. FORWARD-LOOKING STATEMENTS This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified through the inclusion of words such as "aim", "anticipate", "believe", "drive", "estimate", "expect", "expressed confidence", "forecast", "future", "goal", "guidance", "intend", "may", "objective", "outlook", "plan", "position", "potential", "project", "seek", "should", "strategy", "target", "will" or variations of such words and other similar expressions. These statements, which express management's current views concerning future events, results and plans, are subject to inherent risks, uncertainties and assumptions (many of which are beyond our control) and are not guarantees of performance. In particular, statements, express or implied, concerning the company's future operating results or activities and returns or the company's ability and decisions to replace or increase reserves, increase production, generate returns and rates of return, replace or increase drilling locations, reduce or otherwise control operating costs and expenditures, generate cash flows, pay down or refinance indebtedness, achieve, reach or otherwise meet initiatives, plans, goals, ambitions or targets with respect to emissions, safety matters or other ESG (environmental/social/governance) matters, or pay and/or increase dividends or make share repurchases and other capital allocation decisions are forward-looking statements. Factors that could cause one or more of these future events, results or plans not to occur as implied by any forward-looking statement, which consequently could cause actual results or activities to differ materially from the expectations expressed or implied by such forward-looking statements, include, but are not limited to: macro conditions in the oil and gas industry, including supply/demand levels, actions taken by major oil exporters and the resulting impacts on commodity prices; increased volatility or deterioration in the success rate of our exploration programs or in our ability to maintain production rates and replace reserves; reduced customer demand for our products due to environmental, regulatory, technological or other reasons; adverse foreign exchange movements; political and regulatory instability in the markets where we do business; the impact on our operations or market of health pandemics such as COVID-19 and related government responses; other natural hazards impacting our operations or markets; any other deterioration in our business, markets or prospects; any failure to obtain necessary regulatory approvals; any inability to service or refinance our outstanding debt or to access debt markets at acceptable prices; or adverse developments in the U.S. or global capital markets, credit markets or economies in general. For further discussion of factors that could cause one or more of these future events or results not to occur as implied by any forward-looking statement, see "Risk Factors" in our most recent Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission ("SEC") and any subsequent Quarterly Report on Form 10-Q or Current Report on Form 8-K that we file, available from the SEC's website and from Murphy Oil Corporation's website at http://ir.murphyoilcorp.com. Murphy Oil Corporation undertakes no duty to publicly update or revise any forward-looking statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20221228005426/en/   back

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Calumet Provides 2022 Year End Operational Update

Calumet Provides 2022 Year End Operational Update Renewable Diesel operating successfullySequential commissioning of renewable hydrogen, Sustainable Aviation Fuel ("SAF"), and feedstock pre-treater to occur in 1Q2023 2024 max SAF expansion engineering and procurement has begunCompany-wide operations recovering from arctic freeze; affected plants have restarted or are in startupINDIANAPOLIS, Dec. 29, 2022 /PRNewswire/ -- Calumet Specialty Products Partners, L.P (NASDAQ: CLMT, "Calumet", "Partnership", "we" or "our") today provided a year-end operational update, including a project and business update at Montana Renewables and company-wide impact from the December arctic blast. Montana Renewables and Montana Refining: Separation of Montana Renewables and the Great Falls Specialty Asphalt refinery was completed during the fourth quarter with both businesses operating in their new services. The 12,000 bpd specialty asphalt refinery is presently running at nameplate capacity on Canadian heavy crude. Montana Renewables commissioned its modified hydrocracker in renewable diesel service on November 5, then retrofitted additional winterization capability during the month of November. We generated a full month of on-spec Renewable Diesel production in December and commenced rail shipments late in the month after establishing product inventories. Catalyst performance has been consistent and met the expected performance envelope provided by Haldor Topsoe. The current 6,000 bpd capacity will increase to 12,000 bpd with the sequential commissioning of renewable hydrogen, SAF, and feedstock pre-treater which are expected online in that order in 1Q2023. Preliminary engineering and procurement is beginning for the expected 2024 expansion including an option to maximize SAF yield to 85%. Montana Renewables recently acquired the second reactor needed for its MAX SAF option, and while the company has not made a final installation decision, great interest from the existing Lazard process warranted the opportunistic reactor purchase. This opportunity further cements our first mover position in the rapidly evolving SAF market. "Our strategy to retain a downsized crude oil refinery while carving out Montana Renewables meant a higher degree of difficulty compared to simply converting a closed refinery", said Bruce Fleming, EVP Montana Renewables and Corporate Development. "Delivering an aggressive timeline, navigating two winter construction seasons, minimizing 2022 downtime for turnaround and carveout, building safely on an operating site, and moving quickly through commissioning all demonstrate the high capabilities of the Great Falls workforce. While not without setbacks, we are proud of the journey. Going forward, the full economic contribution of the specialty asphalt refinery will follow normal seasonal patterns, and Montana Renewables will reach steady state earnings after the first quarter commissioning sequence is complete." Specialties Business: Calumet's specialty business has performed exceptionally well in 2022, including throughput and profitability records across the system and at most individual plants. This performance was supported by exceptional execution of key turnarounds in Shreveport and Princeton and capital investments targeting reliability and deeper integration between assets, widening a key competitive advantage of this business. Last week, Calumet's production was impacted with nearly all units being either circulated or shutdown during the extreme weather event. The Shreveport plant was hampered by a city-wide water crisis resulting in a lack of water systems necessary to restart the plant. Since then, city water has been restored, and we are currently in startup. All other plants are back up in production. Demand in the specialty business continues to be healthy considering routine seasonal volume patterns. We see typical soft winter asphalt margins and continue to experience strong specialty product margins as we enter 2023. "I'm extremely proud of our operating teams across the Calumet system," said Todd Borgmann, CEO. "The recent arctic weather has challenged the industry, and Calumet is no different. While most families across our country were able to enjoy time off over the past couple weeks, many Calumet employees spent their holiday at our plants in extreme conditions ensuring that our business could be restored safely and quickly in order to meet customer needs with minimal disruption. I am continually grateful and impressed by the resolve of Calumet's employees." About the Partnership Calumet manufactures, formulates, and markets a diversified slate of specialty products to customers in a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America. Cautionary Statement Regarding Forward-Looking Statements Certain statements and information in this press release may constitute "forward-looking statements." The words "expect," "continue," "should," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. For additional information regarding factors that could cause our actual results to differ from our projected results, please see our filings with the Securities and Exchange Commission ("SEC"), including the risk factors and other cautionary statements in our latest Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q and other filings with the SEC. View original content:https://www.prnewswire.com/news-releases/calumet-provides-2022-year-end-operational-update-301711006.html SOURCE Calumet Specialty Products Partners, L.P.

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Oceaneering to Participate at the 2023 Goldman Sachs Global Energy and Clean Technology Conference

Oceaneering to Participate at the 2023 Goldman Sachs Global Energy and Clean Technology Conference HOUSTON, Dec. 29 /BusinessWire/ -- Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) announced today that Senior Vice President and Chief Financial Officer Alan R. Curtis and Vice President, Corporate Development and Investor Relations, Mark Peterson, will meet with institutional investors at the Goldman Sachs Global Energy and Clean Technology Conference on Thursday, January 5, 2023. The latest Investor Relations presentation is available on the Investor Relations page of Oceaneering's website at www.oceaneering.com. Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries. For more information on Oceaneering, please visit www.oceaneering.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20221229005002/en/   back

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Forum Energy Technologies Announces Mandatory Conversion of 9.00% Convertible Senior Secured Notes

Forum Energy Technologies Announces Mandatory Conversion of 9.00% Convertible Senior Secured Notes Approximately $123 million, or 48%, of 9.00% Convertible Senior Secured Notes due August 2025 to convert into approximately 4.5 million shares of FET common stockOver $11 million reduction in annualized interest payments HOUSTON, Dec. 29 /BusinessWire/ -- Forum Energy Technologies, Inc. (NYSE:FET) today announced the satisfaction of the mandatory conversion requirements under its 9.00% Convertible Senior Secured Notes due August 2025 (the "2025 Notes"). In connection with the conversion, $122.8 million or 47.8% of the 2025 Notes will convert into approximately 4.5 million shares of FET common stock on January 3, 2023, with a settlement date of January 5, 2023. The remaining approximately $134.2 million in aggregate principal of the 2025 Notes are not subject to any optional or further mandatory conversion provisions. FET's annualized interest payments will decline by over $11 million following the conversion. As adjusted for the conversion and the recently announced sale leaseback, FET's net debt would have been approximately $93 million as of September 30, 2022, or 2.0 times trailing twelve months Adjusted EBITDA. Availability under FET's ABL credit facility would remain $127 million as of that date. See Table 1 for Adjusted EBITDA to Net Income reconciliation. Neal Lux, President and Chief Executive Officer, remarked, "First, I would like to welcome our newest shareholders to the FET family. In addition, I want to thank FET's employees for their hard work and dedication to achieve this important milestone. "From the third quarter 2020 to the third quarter 2022, and including our recently announced sale-leaseback transaction, we have reduced our net debt by approximately $215 million. As we look ahead, we will continue to execute our strategy of delivering technology that makes energy production more efficient, safer and cleaner. The strong macro environment and our ability to capture market share position us to increase revenue and profit margins. Importantly, the reduction in cash interest associated with this debt conversion will bolster our free cash flow generation. The future is brighter than ever for FET." FET is a global company, serving the oil, natural gas, industrial and renewable energy industries. FET provides value added solutions that increase the safety and efficiency of energy exploration and production. We are an environmentally and socially responsible company headquartered in Houston, TX with manufacturing, distribution and service facilities strategically located throughout the world. For more information, please visit www.f-e-t.com. Forward Looking Statements and Other Legal Disclosure This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the company, including any statement about the company's future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, new product development activities, costs and other guidance included in this press release. These statements are based on certain assumptions made by the company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Among other things, these include the volatility of oil and natural gas prices, oilfield development activity levels, the availability of raw materials and specialized equipment, the company's ability to deliver backlog in a timely fashion, the availability of skilled and qualified labor, competition in the oil and natural gas industry, governmental regulation and taxation of the oil and natural gas industry, the company's ability to implement new technologies and services, the availability and terms of capital, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the company's business, impacts associated with COVID-19, and other important factors that could cause actual results to differ materially from those projected as described in the company's filings with the U.S. Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which such statement is made, and the company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. Table 1. View source version on businesswire.com: https://www.businesswire.com/news/home/20221228005384/en/   back

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Sitio Royalties and Brigham Minerals Announce Completion of Merger

Sitio Royalties and Brigham Minerals Announce Completion of Merger DENVER, Dec. 29 /BusinessWire/ -- Sitio Royalties Corp. (NYSE:STR) ("Sitio" or the "Company") and Brigham Minerals, Inc. ("Brigham") today announced the successful completion of their merger, combining as Sitio Royalties Corp. The combination brings together two of the largest public companies in the mineral and royalty sector with complementary high-quality assets in the Permian Basin and other oil-focused regions, creating an industry leader with a proven track record of consolidating oil and gas mineral and royalty interests operated by a diverse set of E&P companies. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221229005014/en/ About Sitio Royalties Corp. Sitio is a shareholder returns-driven company focused on large-scale consolidation of high-quality oil & gas mineral and royalty interests across premium basins, with a diversified set of top-tier operators. With a clear objective of generating cash flow from operations that can be returned to shareholders and reinvested, Sitio has accumulated over 260,000 NRAs through the consummation of over 185 acquisitions to date. More information about Sitio is available at www.sitio.com. Forward-Looking Statements This new release contains statements that may constitute "forward-looking statements" for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "seeks," "possible," "potential," "predict," "project," "prospects," "guidance," "outlook," "should," "would," "will," and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Except as otherwise required by applicable law, Sitio disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. These statements include, but are not limited to, statements about the Company's expected benefits of the merger between Sitio and Brigham; future dividends; and future plans, expectations, and objectives for the Company's operations, including statements about strategy, synergies, future operations, financial position, prospects, and plans. Forward-looking statements are not guarantees of performance. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties that could cause our actual results, performance, and financial condition to differ materially from our expectations and predictions. See "Risk Factors" in Sitio and Brigham's joint consent solicitation statement/proxy statement/prospectus filed with the U.S. Securities and Exchange Commission (the "SEC") on November 23, 2022 for a discussion of risk factors related to the merger between Sitio and Brigham. Additional information concerning these and other factors that may impact Brigham's and Sitio's expectations and projections can be found in Brigham's periodic filings with the SEC, including Brigham's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and Sitio's periodic filings with the SEC, including Sitio's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, Part II, Item 1A "Risk Factors" in Sitio's Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Brigham's and Sitio's SEC filings are available publicly on the SEC's website at www.sec.gov. View source version on businesswire.com: https://www.businesswire.com/news/home/20221229005014/en/   back

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Liberty Energy Inc. Announces Timing of Release of Fourth Quarter and Full Year 2022 Financial Results and Conference Call

Liberty Energy Inc. Announces Timing of Release of Fourth Quarter and Full Year 2022 Financial Results and Conference Call DENVER, Dec. 28 /BusinessWire/ -- Liberty Energy Inc. (NYSE:LBRT) announced today that it will release its financial results for the fourth quarter and full year ending December 31, 2022 after the market closes on Wednesday, January 25, 2023. Following the release, the Company will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Thursday, January 26, 2023. Presenting the Company's results will be Chris Wright, Chief Executive Officer, Ron Gusek, President and Michael Stock, Chief Financial Officer. Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers, (412) 902-6704. Participants should ask to join the Liberty Energy call. A live webcast will be available at http://investors.libertyfrac.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 3034644. The replay will be available until February 2, 2023. About Liberty Liberty is a leading North American energy services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at IR@libertyfrac.com View source version on businesswire.com: https://www.businesswire.com/news/home/20221228005390/en/   back

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NFE Subsidiary Genera Awarded Contract to Manage Puerto Rico's Power Generation System

NFE Subsidiary Genera Awarded Contract to Manage Puerto Rico's Power Generation System 10-Year Contract Awarded for the Operation and Maintenance of PREPA's Thermal Generation AssetsNFE's Subsidiary, Genera, to Reduce Costs and Improve Reliability of Power Generation for Puerto RicoGenera to Receive Annual Management Fee and Performance-Based Incentive FeesSignificant Opportunity to Create Additional Economic and Environmental Benefits with Power Generation Fleet Modernization and Conversions to Natural Gas from Oil-based Fuels NEW YORK, Jan. 25 /BusinessWire/ -- New Fortress Energy (NASDAQ:NFE) announced today that Genera PR LLC ("Genera"), an independently managed subsidiary of NFE, has been selected by the Puerto Rico Public-Private Partnerships Authority ("P3A") for a 10-year Operation and Maintenance Agreement (the "Agreement") with the Puerto Rico Electric Power Authority ("PREPA"). Headquartered in San Juan, Puerto Rico, Genera is a power and energy service provider founded by NFE to support Puerto Rico's transition to clean, affordable and reliable energy. Under the Agreement, Genera will operate, maintain, decommission and modernize the PREPA-owned thermal power generation system of approximately 3,600 MW after a mobilization period. In this role, Genera will manage the operating budget, fuel contracts and federal funds for the generation fleet on behalf of PREPA. "All Puerto Ricans deserve access to clean, reliable and low-cost power," said Wes Edens, Chairman and CEO of NFE. "As large investments are made to modernize Puerto Rico's grid and transition to renewable energy, this partnership will provide meaningful cost savings for consumers and businesses, improve reliability and reduce the environmental impact of an aging thermal generation system. We believe Puerto Rico's transformation to renewables supported by low-carbon fuel will be a model for markets around the world and a significant step forward in our company's mission." Genera was selected by the P3A after a competitive process that began in May 2020 in compliance with the requirement established by Act 120-2018 (Puerto Rico Electric System Transformation Act). The selection was made based on extensive grading criteria, which included operational experience, technical expertise, approach and methodology and estimated cost savings. The contract has received all necessary regulatory approvals from the government of Puerto Rico, the Fiscal Oversight Management Board and Puerto Rico's Electricity Bureau. With this historic step, Puerto Rico guarantees the continuity of the transformation of the island's electrical system, and the transition towards the integration of renewable energy sources as established by the Integrated Resource Plan (IRP) and Puerto Rico`s public energy policy. "This public-private partnership marks a milestone in the island's energy history," said the Executive Director of the P3A, Fermín Fontanés Gómez. "Today we achieved full compliance with the Act 120 requirement, to offer Puerto Rico the opportunity to have an electrical power system that can be trusted by the citizens. After this process that lasted more than two years, we can ensure that we are getting closer to reaching the goals established in the IRP, to continue moving towards an energy generation model based on renewable resources. This goal will have an impact on us, but more importantly, it will also impact future generations." Over the next several months, Genera will work closely with the government of Puerto Rico and PREPA in the mobilization phase to transfer operations and onboard PREPA's existing operational workforce. Key features of Genera's proposal selected by the P3A include: - Significant cost-savings for the benefit of Puerto Rico's ratepayers through fuel management and streamlined operations - Improved reliability and efficiency across the generation system with a focus on distributed power and microgrids - Retirement of antiquated power plants while ensuring there is reliable, low-cost and cleaner generation in load centers to support the transition to renewables - Commitment to local hiring and plans to recruit, train and incentivize employees About New Fortress Energy Inc. New Fortress Energy Inc. (NASDAQ: NFE) is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable, and clean energy. The company owns and operates natural gas and liquefied natural gas (LNG) infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. Collectively, the company's assets and operations seek to support global energy security, enable economic growth, enhance environmental stewardship and transform local industries and communities around the world. Cautionary Language Regarding Forward-Looking Statements This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as "expects," "may," "will," "predicts," "intends," "plans," "estimates," "anticipates," or the negative version of these terms or other comparable words. Forward looking statements include but are not limited to: the expected economic and environmental benefits and principles from the transaction, including reduction of costs, improvement of the reliability of the power generation system, and environmental impact; expected operation, maintenance, decommissioning and modernization of the facilities by NFE; that this project will be a model for markets around the world; expected transformation of the electrical system, and the transition towards the integration of renewable energy sources; and smooth transfer of operations and workforce. These forward-looking statements are necessarily estimates based upon current information and involve a number of risks, uncertainties and other factors, many of which are outside of the Company's control. Actual results or events may differ materially from the results anticipated in these forward-looking statements. Specific factors that could cause actual results to differ from those in the forward-looking statements include, but are not limited to: unknown and unforeseen risks related to the development, construction or commissioning schedule of the facilities, including failure to meet design and engineering specifications, incompatibility of systems, delays and schedule changes, high costs and expenses, and regulatory and legal challenges, among others; the receipt of permits, approvals and authorizations from governmental and regulatory agencies on a timely basis or at all; we will be unable to operationalize our plans for the projects and derive the benefits expected; common risks related to successful integration of the businesses; breach or failure by the parties to comply with the covenants and obligations under the agreements; nonpayment or nonperformance of obligations by the parties; inability to realize the anticipated benefits from the project or our partnerships; adverse regional, national, or international economic conditions, adverse capital market conditions and adverse political developments; business disruption following the transaction; and the impact of public health crises, such as pandemics (including coronavirus (COVID-19) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets.. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE's forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results. Any forward-looking statement speaks only as of the date on which it is made, and we undertake no duty to update or revise these forward-looking statements, even though our situation may change in the future. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements included in New Fortress Energy Inc.'s annual and quarterly reports filed with the Securities and Exchange Commission, which could cause its actual results to differ materially from those contained in any forward-looking statement. View source version on businesswire.com: https://www.businesswire.com/news/home/20230124006141/en/   back

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Crescent Energy Announces Offering of $400 Million Private Placement of Senior Notes Due 2028

Crescent Energy Announces Offering of $400 Million Private Placement of Senior Notes Due 2028 HOUSTON, Jan. 25 /BusinessWire/ -- Crescent Energy Company (NYSE:CRGY) ("we" or "our") announced today that, subject to market conditions, its indirect subsidiary Crescent Energy Finance LLC (the "Issuer") intends to offer for sale in a private placement pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), to eligible purchasers $400 million aggregate principal amount of Senior Notes due 2028 (the "Notes"). The Notes will be guaranteed on a senior unsecured basis by all of the Issuer's subsidiaries that guarantee the Issuer's existing notes and the indebtedness under its revolving credit facility. The Issuer intends to use the net proceeds from this offering to repay a portion of the amounts outstanding under its revolving credit facility. The Notes and the related guarantees have not been registered under the Securities Act, or any state securities laws, and, unless so registered, the Notes and the guarantees may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The Issuer plans to offer and sell the Notes only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act and to persons outside the United States pursuant to Regulation S under the Securities Act. This communication shall not constitute an offer to sell, or the solicitation of an offer to buy, the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. About Crescent Energy Company Crescent Energy Company is a U.S. independent energy company with a portfolio of assets in basins across the lower 48 states. Cautionary Statement Regarding Forward-Looking Information This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations. The words and phrases "should", "could", "may", "will", "believe", "think", "plan", "intend", "expect", "potential", "possible", "anticipate", "estimate", "forecast", "view", "efforts", "target", "goal" and similar expressions identify forward-looking statements and express our expectations about future events. This communication includes statements regarding this private placement and the use of proceeds therefrom that may contain forward-looking statements within the meaning of federal securities laws. We believe that our expectations are based on reasonable assumptions; however, no assurance can be given that such expectations will prove to be correct. A number of factors could cause actual results to differ materially from the expectations, anticipated results or other forward-looking information expressed in this communication, including liquidity and financial market conditions, including rising interest rates and associated policies of the U.S. Federal Reserve, commodity price volatility due to ongoing or new global conflicts such as the ongoing conflict in the Ukraine, adverse market conditions, governmental regulations, including the impact of the Inflation Reduction Act of 2022, and the impact of world health events such as the ongoing COVID-19 pandemic. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that we expect, believe or anticipate will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Consequently, actual future results could differ materially from our expectations due to a number of factors, including, but not limited to, those items identified as such in the most recent Annual Report on Form 10-K and any subsequently filed Quarterly Reports on Form 10-Q and the risk factors described thereunder, filed by Crescent Energy Company with the U.S. Securities and Exchange Commission. Many of such risks, uncertainties and assumptions are beyond our ability to control or predict. Because of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements. We do not give any assurance (1) that we will achieve our expectations or (2) concerning any result or the timing thereof. All subsequent written and oral forward-looking statements concerning this offering, the use of proceeds therefrom, Crescent Energy Company and the Issuer or other matters and attributable thereto or to any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. We assume no duty to update or revise their respective forward-looking statements based on new information, future events or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20230124006099/en/   back

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Baker Hughes 2023 Energy Transition Pulse: Confidence To Hit Net-Zero Emissions Goals Stable Despite Energy Trilemma

Baker Hughes 2023 Energy Transition Pulse: Confidence To Hit Net-Zero Emissions Goals Stable Despite Energy Trilemma Survey of over 500 global executives cites economic instability as greatest threat to investments in energy transition technologiesMajority of those surveyed (57%) investing or plan to invest in more LNGNet-zero goals to be achieved through partnerships, technology innovation, and new investmentHOUSTON, TX and LONDON, UK / ACCESSWIRE / January 25, 2023 / Baker Hughes (NASDAQ:BKR), an energy technology company, on Wednesday launched its 2023 Energy Transition Pulse report - a survey of 555 global senior executives to assess the industrial sector's ability to focus on advancing cleaner energy amidst geopolitical and economic challenges.The report, produced over a two-year period by FT Longitude, the specialist research and content marketing division of the Financial Times Group, found that while 41% of respondents cited economic uncertainty and rising inflation as hurdles to energy transition investments, confidence in net-zero emissions preparedness remains strong across most of the globe."While we now face heightened need for more energy sources to address the energy trilemma of security, sustainability and affordability, I am pleased this report shows that like Baker Hughes, the majority of our global peers remain focused on attaining our individual net-zero emissions goals by 2050," said Baker Hughes Chairman and CEO Lorenzo Simonelli. "With the demand for hydrocarbons continuing for decades, it is critical to apply the technology we have today to reduce emissions."Despite geopolitical challenges and the energy security crisis, the report found that in 2022, more organizations say they are prepared to achieve net-zero emissions by 2050 than they did in 2021."The big learning from this crisis is that we really need to rethink the type and the way we use our energy," said Ilham Kadri, CEO and president of the Executive Committee of Solvay. "It's painful in the short term, but it doesn't change our climate initiatives."In response to the energy crisis largely brought about in 2022, the majority of respondents (57%) are investing or planning to make new investments in gas/liquefied natural gas (LNG) to address energy security. Meeting those supply demands and progressing the energy transition will require collaborations and partnerships between government, society, industry and the wider business community."Hydrocarbons are going to play a role for decades, and it's crucial we apply the technology that we have today and work together as partners to reduce those emissions," Simonelli said.Baker Hughes and FT Longitude surveyed 555 executives in oil and gas, renewable energy and hard-to-abate industrial sectors - such as cement and mining - across 21 countries in the third and fourth quarters of 2022. The preceding survey was conducted in the fourth quarter of 2021, polling 500 executives across 20 countries.The full 2023 Baker Hughes Energy Transition Pulse may be found here. Baker Hughes will share more insights and learnings next week at its Annual Meeting 2023 in Florence, Italy.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 FT Longitude: FT Longitude is a specialist thought leadership agency that is owned by the Financial Times. We combine strategy, research, content and activation services to produce real thought leadership that enables our clients to genuinely influence and inspire their audience. We work with a wide range of the world's most prestigious B2B brands across Europe, the US and Asia Pacific. Our 80+ clients are concentrated in the professional services, financial services and technology sectors, but also stretch into energy, infrastructure, manufacturing and other sectors. Headquartered in London, the company was founded in 2011 and was selected as one of Chief Marketer 200, Top Marketing Agencies of 2020, an Inc. 5000 Europe in 2018, an FT 1000 company in 2017, and a 2016 Leap 100 high growth UK company by City A.M. and Mishcon de Reya. It is led by founders Rob Mitchell (CEO), James Watson (COO) and Gareth Lofthouse (Chief Revenue Officer).Visit longitude.ft.com, follow @FTLongitude on Twitter, or connect on LinkedIn.For more information, please contact:Media Relations Adrienne M. Lynch +1 713-906-8407 adrienne.lynch@bakerhughes.com View additional multimedia and more ESG storytelling from Baker Hughes on 3blmedia.com.Contact Info:Spokesperson: Baker HughesWebsite: https://www.3blmedia.com/profiles/baker-hughesEmail: info@3blmedia.comSOURCE: Baker HughesView source version on accesswire.com: https://www.accesswire.com/736681/Baker-Hughes-2023-Energy-Transition-Pulse-Confidence-To-Hit-Net-Zero-Emissions-Goals-Stable-Despite-Energy-Trilemma

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Golar LNG Limited Q4 2022 results presentation

Golar LNG Limited – Q4 2022 results presentation Golar LNG's 4th Quarter 2022 results will be released before the NASDAQ opens on Tuesday, February 28, 2023. In connection with this a webcast presentation will be held at 1:00 P.M (London Time) on Tuesday February 28, 2023. The presentation will be available to download from the Investor Relations section at www.golarlng.com We recommend that participants join the conference call via the listen-only live webcast link provided. Sell-side analysts interested in raising a question during the Q&A session that will immediately follow the presentation should access the event via the conference call by clicking on this link. We recommend connecting 10 minutes prior to the call start. Information on how to ask questions will be given at the beginning of the Q&A session. There will be a limit of two questions per participant. a. Listen-only live webcast link Go to the Investors, Results Centre section at www.golarlng.com and click on the link to "Webcast". To listen to the conference call from the web, you need to have a sound card on your computer, but no special plug ins are required to access the webcast. There is a "Help" link available on the webcast pages for anyone who may have issues accessing. b. Teleconference Conference call participants should register to obtain their dial in and passcode details. This process eliminates wait times when joining the call. When you log in, you can either dial in using the provided numbers and your unique PIN, or select the "Call me" option and type in your phone number to be instantly connected to the call. Use the following link to register. Please download the presentation material from www.golarlng.com (Investors, Results Centre) to view it while listening to the conference. If you are not able to listen at the time of the call, you can assess a replay of the event audio for a limited time on www.golarlng.com (Investors, Results Centre). This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

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Hess Midstream LP Announces 2023 Guidance and Return of Capital Framework Through 2025

Hess Midstream LP Announces 2023 Guidance and Return of Capital Framework Through 2025 Completed annual tariff rate redetermination process and established minimum volume commitments ("MVCs") for 2025 that imply approximately 10% annualized growth in throughput volumes across gas, oil and water systems from 2023 to 2025.Hess Midstream LP expects $600 - $640 million of Net Income and $990 - $1,030 million of Adjusted EBITDA1 in 2023 followed by at least 10% per year expected growth in Net Income and Adjusted EBITDA in each of 2024 and 2025, supported by growth in gas processing and gathering throughput volumes that represent approximately 75% of total affiliate revenues, excluding passthrough revenues.Hess Midstream LP expects capital expenditures of approximately $225 million in 2023 and expects capital expenditures in 2024 and 2025 to be stable with 2023 levels.Adjusted Free Cash Flow1 is expected to grow by greater than 10% on an annualized basis in both 2024 and 2025, more than sufficient to fully fund targeted growing distributions. Hess Midstream LP is extending its annual distribution per share growth target of 5% through 2025 with expected annual distribution coverage of at least 1.4x.Hess Midstream LP continues to prioritize financial strength with a long-term leverage target of 3x Adjusted EBITDA.Hess Midstream LP expects to generate greater than $1 billion of financial flexibility through 2025 for capital allocation, including potential for incremental shareholder returns beyond targeted distribution growth, funded by excess Adjusted Free Cash Flow beyond targeted distribution growth and leverage capacity with leverage of below 2.5x Adjusted EBITDA expected by the end of 2025. HOUSTON, Jan. 25 /BusinessWire/ -- Hess Midstream LP (NYSE:HESM) ("Hess Midstream") today provided 2023 financial and operational guidance and expectations for 2024 and 2025. "Hess Midstream is well-positioned, generating growing Adjusted EBITDA, Adjusted Free Cash Flow and distributions, underpinned by expected production growth in the Bakken," said John Gatling, President and Chief Operating Officer of Hess Midstream. "With our robust balance sheet, unique contract structure, and strong cash flow generation, we have flexibility to deliver ongoing and significant return of capital to our shareholders." Full Year 2023 Guidance Hess Midstream's financial guidance incorporates the outcomes of the year-end tariff rate recalculation and nomination process conducted with Hess Corporation ("Hess") under Hess Midstream's commercial agreements with Hess. Hess Midstream expects full year 2023 net income of between $600 million and $640 million and Adjusted EBITDA of between $990 million and $1,030 million. Gross Adjusted EBITDA Margin2 is targeted to be approximately 75% in 2023. Hess Midstream expects full year 2023 Distributable Cash Flow2 to range between $815 million and $855 million, resulting in a distribution coverage ratio of approximately 1.5x. In 2023, Hess Midstream expects to generate Adjusted Free Cash Flow of between $605 million and $645 million and approximately $60 million after funding distributions that are targeted to grow 5% per annum on a distribution per share basis. In 2023, full year gas gathering volumes are anticipated to average 365 to 375 million cubic feet ("MMcf") of natural gas per day and gas processing volumes are expected to average 350 to 360 MMcf of natural gas per day, reflecting Hess' announced four-rig program in the Bakken. Crude oil gathering volumes are anticipated to average 95 to 105 thousand barrels ("MBbl") per day of crude oil in 2023, and crude oil terminaling volumes are expected to average 105 to 115 MBbl of crude oil per day. Water gathering volumes are expected to average 85 to 95 MBbl of water per day for full year 2023. Full Year 2023 Capital Guidance Hess Midstream expects 2023 capital expenditures of approximately $225 million, focused on expansion of gas compression capacity and gathering system well connects. Approximately $210 million is allocated to expansion capital expenditures, with an estimated $15 million allocated to maintenance capital expenditures. Approximately $100 million of the 2023 capital budget is allocated to gas compression, with activities focused on the completion of two new greenfield compressor stations and associated pipeline infrastructure, which are expected to provide, in aggregate, an additional 100 MMcf per day of gas compression capacity when brought online, further enhancing gas capture capability and supporting Hess' development in the basin. Approximately $110 million is allocated to gathering system well connects to service Hess and third-party customers and focused optimizations of our existing system. _________________________________ (1) Adjusted EBITDA and Adjusted Free Cash Flow are non-GAAP measures. Definitions and reconciliations of these non-GAAP measures to GAAP reporting measures appear in the following pages of this release. (2) Gross Adjusted EBITDA Margin and Distributable Cash Flow are non-GAAP measures. Definitions and reconciliations, as applicable, of these non-GAAP measures to GAAP reporting measures appear in the following pages of this release. Full year 2023 guidance is summarized below: Minimum Volume Commitments As part of the annual nomination process set forth in our long-term commercial contracts, Hess' MVCs were reviewed and updated based on Hess' volume nominations, which are based on Hess' expectations of its own volumes and third-party throughput volumes contracted through Hess. MVCs are set annually at 80% of Hess' nomination for the three years following each nomination. Once set, MVCs for each year can only be increased and not reduced. As part of the process, MVCs for 2025 were set at 80% of nominated volumes, reflecting expected organic throughput volume growth across all systems relative to 2023 volume guidance and providing visibility of expected revenue growth relative to 2023. Hess' 2025 nomination for gas processing set at year-end 2022 was 429 MMcf of natural gas per day, resulting in the MVC of 343 MMcf of natural gas per day at 80% of the nomination. Throughput volume growth is driven primarily by increasing gas capture resulting from planned investments in regional gas compression projects that are expected to commence service over the next several years. Long-Term Financial Metrics Supported by approximately 10% expected annualized growth in physical volumes across gas, oil and water systems from 2023 through 2025 implied by the updated MVCs, Hess Midstream expects at least 10% per year Adjusted EBITDA growth in each of 2024 and 2025. Gas processing and gathering is expected to represent approximately 75% of total affiliate revenues in 2024 and 2025, excluding passthrough revenues. Gross Adjusted EBITDA Margin is targeted to be approximately 75% during this period. Hess Midstream does not expect to pay material cash taxes through 2025. Adjusted Free Cash Flow is expected to grow by greater than 10% on an annualized basis in both 2024 and 2025, more than sufficient to fully fund targeted distribution growth. Hess Midstream expects capital expenditures for 2024 and 2025 to remain stable with 2023 levels and to be primarily focused on planned investments in regional gas compression projects, gathering well connects and system optimizations to support Hess' continued development in the basin. Return of Capital Framework Hess Midstream continues to prioritize shareholder returns and a strong balance sheet. Hess Midstream expects to generate excess Adjusted Free Cash Flow beyond targeted distributions through at least 2025. Long-term targeted leverage continues to be 3x Adjusted EBITDA and leverage is expected to decrease to below 2.5x Adjusted EBITDA by the end of 2025. This is expected to provide greater than $1 billion of financial flexibility through 2025 for capital allocation, including potential for incremental shareholder returns beyond targeted distribution growth. Consistent with its stated Return of Capital to Shareholders framework: Hess Midstream expects to continue to grow its base distribution by extending its annual distribution per share growth target of 5% through 2025 with expected annual distribution coverage of at least 1.4x. Hess Midstream expects to generate significant flexibility for incremental shareholder returns, including the potential for ongoing unit repurchases through 2025, from excess Adjusted Free Cash Flow beyond targeted distribution growth and leverage capacity relative to long-term targeted leverage. About Hess Midstream Hess Midstream LP is a fee-based, growth-oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com. Reconciliation of U.S. GAAP to Non-GAAP Measures In addition to our financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), management utilizes certain additional non-GAAP measures to facilitate comparisons of past performance and future periods. "Adjusted EBITDA" presented in this release is defined as reported net income (loss) before net interest expense, income tax expense, depreciation and amortization and our proportional share of depreciation of our equity affiliates, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non-cash and non-recurring items, if applicable. "Distributable Cash Flow" or "DCF" is defined as Adjusted EBITDA less net interest, excluding amortization of deferred financing costs, cash paid for federal and state income taxes and maintenance capital expenditures. DCF does not reflect changes in working capital balances. We define "Adjusted Free Cash Flow" as DCF less expansion capital expenditures and ongoing contributions to equity investments. We define "Gross Adjusted EBITDA Margin" as the ratio of Adjusted EBITDA to total revenues, less passthrough revenues. We believe that investors' understanding of our performance is enhanced by disclosing these measures as they may assist in assessing our operating performance as compared to other publicly traded companies in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods, and assessing the ability of our assets to generate sufficient cash flow to make distributions to our shareholders. These measures are not, and should not be viewed as, a substitute for GAAP net income or cash flow from operating activities and should not be considered in isolation. Reconciliations of Adjusted EBITDA, DCF and Adjusted Free Cash Flow to reported net income (GAAP) are provided below. Hess Midstream is unable to project net cash provided by operating activities with a reasonable degree of accuracy because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occur. Therefore, Hess Midstream is unable to provide projected net cash provided by operating activities, or the related reconciliation of projected Adjusted Free Cash Flow to projected net cash provided by operating activities without unreasonable effort. Hess Midstream is unable to project passthrough revenues with a reasonable degree of accuracy. Therefore, Hess Midstream is unable to provide a reconciliation of Gross Adjusted EBITDA Margin without unreasonable effort. Cautionary Note Regarding Forward-looking Information This press release contains "forward-looking statements" within the meaning of U.S. federal securities laws. Words such as "anticipate," "estimate," "expect," "forecast," "guidance," "could," "may," "should," "would," "believe," "intend," "project," "plan," "predict," "will," "target," "imply" and similar expressions identify forward-looking statements, which are not historical in nature. Our forward-looking statements may include, without limitation: our future financial and operational results; our business strategy; our industry; our expected revenues; our future profitability; our maintenance or expansion projects; our projected budget and capital expenditures and the impact of such expenditures on our performance; our ability to deliver ongoing return of capital to our shareholders and future economic and market conditions in the oil and gas industry. Forward-looking statements are based on our current understanding, assessments, estimates and projections of relevant factors and reasonable assumptions about the future. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: the ability of Hess and other parties to satisfy their obligations to us, including Hess' ability to meet its drilling and development plans on a timely basis or at all, its ability to deliver its nominated volumes to us, and the operation of joint ventures that we may not control; our ability to generate sufficient cash flow to pay current and expected levels of distributions; reductions in the volumes of crude oil, natural gas, natural gas liquids ("NGLs") and produced water we gather, process, terminal or store; the actual volumes we gather, process, terminal or store for Hess in excess of our MVCs and relative to Hess' nominations; fluctuations in the prices and demand for crude oil, natural gas and NGLs; changes in global economic conditions and the effects of a global economic downturn or inflation on our business and the business of our suppliers, customers, business partners and lenders; the direct and indirect effects of an epidemic or outbreak of an infectious disease, such as COVID-19 and its variants, on our business and those of our business partners, suppliers and customers, including Hess; our ability to comply with government regulations or make capital expenditures required to maintain compliance, including our ability to obtain or maintain permits necessary for capital projects in a timely manner, if at all, or the revocation or modification of existing permits; our ability to successfully identify, evaluate and timely execute our capital projects, investment opportunities and growth strategies, whether through organic growth or acquisitions; costs or liabilities associated with federal, state and local laws, regulations and governmental actions applicable to our business, including legislation and regulatory initiatives relating to environmental protection and health and safety, such as spills, releases, pipeline integrity and measures to limit greenhouse gas emissions and climate change; our ability to comply with the terms of our credit facility, indebtedness and other financing arrangements, which, if accelerated, we may not be able to repay; reduced demand for our midstream services, including the impact of weather or the availability of the competing third-party midstream gathering, processing and transportation operations; potential disruption or interruption of our business due to catastrophic events, such as accidents, severe weather events, labor disputes, information technology failures, constraints or disruptions and cyber-attacks; any limitations on our ability to access debt or capital markets on terms that we deem acceptable, including as a result of weakness in the oil and gas industry or negative outcomes within commodity and financial markets; liability resulting from litigation; and other factors described in Item 1A-Risk Factors in our Annual Report on Form 10-K and any additional risks described in our other filings with the Securities and Exchange Commission. As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise. View source version on businesswire.com: https://www.businesswire.com/news/home/20230125005225/en/   back

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SDRL - Change to Board of Directors

SDRL - Change to Board of Directors HAMILTON, Bermuda, Jan. 25, 2023 /PRNewswire/ -- Seadrill Limited ("Seadrill" or "the Company") (NYSE: SDRL) (OSE: SDRL) is pleased to announce the appointment of Ana Zambelli as a new board director. Ms. Zambelli brings significant industry experience to the Company, with more than 20 years' experience in the energy services sector in operational, commercial and finance roles. Ms. Zambelli served as Chief Commercial Officer at Maersk Drilling, Managing Director at Transocean, and President of the Brazilian division of Schlumberger. Last, she served as a Managing Director in Brookfield's Private Equity Group, responsible for business operations in Brazil, where she also provided operational and financial oversight for Brookfield portfolio companies. Ms. Zambelli previously served as an independent member of the Board of Directors of Petrobras and Braskem, and was the founder and leader of the Diversity Committee at the Brazilian Petroleum Institute (IBP) from 2018 to present. Julie Robertson, Chair of the Board, Seadrill Limited, commented: "We warmly welcome Ana to the Seadrill Board. Her extensive experience in the energy services sector, including executive management positions for leading drilling contractors, together with her board experience, complement the Seadrill Board and management team, who are focussed on continuing to position Seadrill as the leading offshore driller." About Seadrill Seadrill is a leading offshore drilling contractor utilizing advanced technology to unlock oil and gas resources for clients across harsh and benign locations around the globe. Seadrill's high-quality, technologically-advanced fleet spans all asset classes allowing its experienced crews to conduct operations across geographies, from shallow to ultra-deep-water environments. Forward-Looking Statements This news release includes forward-looking statements. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business and the markets in which it operates. These statements are made based upon management's current plans, expectations, assumptions and beliefs concerning future events impacting the Company and therefore involve a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, which speak only as of the date of this news release. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's regulatory filings and periodical reporting. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict all of these factors. Further, the Company cannot assess the impact of each such factor on its business or the extent to which any factor, or combination of factors, may cause actual results to be materially different from those contained in any forward-looking statement. Consequently, no forward-looking statement can be guaranteed. When considering these forward-looking statements, you should also keep in mind the risks described from time to time in the Company's filings with the SEC, including its Annual Report on Form 20-F for the year ended December 31, 2021, filed with the SEC on April 29, 2022 (File No. 001-39327). This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act. CONTACT:seadrill@hawthornadvisors.com View original content:https://www.prnewswire.com/news-releases/sdrl--change-to-board-of-directors-301730198.html SOURCE Seadrill Limited

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Borr Drilling Limited - Updated 2022 and 2023 guidance

Borr Drilling Limited - Updated 2022 and 2023 guidance HAMILTON, Bermuda, Jan. 25, 2023 /PRNewswire/ -- Borr Drilling Limited (the "Company") (NYSE: BORR) (OSE: BORR) is pleased to announce updates to its preliminary Revenue and EBITDA guidance for 2022 and 2023. For 2022, Borr Drilling expects to record revenues of $435-$450 million and adjusted EBITDA of $152-$162 million* (previous guidance was revenue between $375-$400 million and Adjusted EBITDA of $115-140 million). This implies estimated Q4 2022 Revenues between $140-$155 million, and Q4 2022 Adjusted EBITDA of between $50-$60 million. For 2023, based on current contracts and projections for new contracts, the Company expects to generate revenues of $740-$780 million and Adjusted EBITDA of $360-$400 million (previous guidance was adjusted EBITDA of $290-330 million). The cash and cash equivalents balance at year end 2022 is estimated to be ~$105 million. "Borr Drilling has been through a transformational journey the last years, activating and putting 21 rigs successfully to work and significantly strengthening the Company's balance sheet. The outlook for the industry and our Company is continuing to improve, which is likely to lead to further increased utilisation and higher day-rates," says CEO Patrick Schorn It is important to note that the financial preliminary guidance for Q4 and 2022 is based on estimates, and the financial results are not finalised. The results are also subject to audit, and as such are subject to change. Forward looking statements This press release includes forward looking statements, which do not reflect historical facts and may be identified by words such as "expect", "will" and similar expressions and include statements relating to letter of awards including the duration of such contracts and backlog, and other non-historical statements. These forward-looking statements reflect the Company's beliefs, intentions and current expectations concerning, among other things, the Company's results of operations, financial condition, preliminary and expected financial results, including revenue and adjusted EBITDA, cash and cash equivalents, industry outlook, further increased utilization and higher day rates and other non-historical statements. Such forward-looking statements are subject to risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward-looking statements included herein, and other risks and uncertainties described in the section entitled "Risk Factors" in our most recent annual report on Form 20-F and other filings with the Securities and Exchange Commission. Such risks, uncertainties, contingencies and other factors could cause actual events to differ materially from the expectations expressed or implied by the forward -looking statements included herein. These forward-looking statements are made only as of the date of this release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. * The Company provides guidance on expected adjusted EBITDA, which is a financial measure calculated on a basis other than in accordance with accounting principles generally accepted in the United States (US GAAP). Adjusted EBITDA represents our periodic net loss adjusted for: depreciation and impairment of non-current assets, other non-operating income; (income)/loss from equity method investments, total financial (income) expense net, income tax expense, amortization of deferred mobilization costs and revenue. The Company provides guidance on Adjusted EBITDA because it believes this measure provides useful information regarding the Company's expected operational performance. Due to the forward-looking nature of Adjusted EBITDA, management cannot reliably predict certain of the necessary components of the most directly comparable forward-looking GAAP measure. Accordingly the Company is unable to present a quantitative reconciliation of such forward looking non-GAAP financial measure to the most directly comparable forward-looking GAAP financial measure without unreasonable effort. Questions should be directed to: Magnus Vaaler, CFO, +44 1224 289208 View original content:https://www.prnewswire.com/news-releases/borr-drilling-limited--updated-2022-and-2023-guidance-301729946.html SOURCE Borr Drilling Limited

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Gran Tierra Energy Inc. Announces Strong Reserves Replacement and Continued Reserves Growth in 2022

Gran Tierra Energy Inc. Announces Strong Reserves Replacement and Continued Reserves Growth in 2022 Added Total Company Reserves of 14 MMBOE 1P, 17 MMBOE 2P and 31 MMBOE 3PAchieved 126% 1P, 148% 2P and 280% 3P Reserves ReplacementFourth Consecutive Year of 1P Reserves GrowthExploration Discoveries Alone Added Company Reserves of 5 MMBOE 1P, 16 MMBOE 2P and 32 MMBOE 3PAchieved Three-Year Average Per Barrel Finding and Development Costs of $11.69 PDP and $14.51 1PReserve Life Indexes of 7 (1P), 11 (2P) and 15 (3P) YearsNet Present Value Before Tax Discounted at 10 Percent Increased to $2.1 Billion (1P), $3.0 Billion (2P) and $4.1 Billion (3P)1P Net Asset Value per Share of $4.62 Before Tax, Up 77% from 20212P Net Asset Value per Share of $7.36 Before Tax, Up 56% from 2021Net Debt-Adjusted Production per Share Growth of 67% since 2021Net Debt-Adjusted Reserves per Share Growth of 56% (1P), 57% (2P) and 69% (3P) since 2021Future Net Revenue After Taxes and Capital Expenditures Forecast to be $1.4 Billion (1P), $1.7 Billion (2P) and $1.9 Billion (3P) Over the Next Five YearsStrong Start to 2023 with Year-to-Date Total Company Average Production of Approximately 33,000 BOPD CALGARY, Alberta, Jan. 24, 2023 (GLOBE NEWSWIRE) -- Gran Tierra Energy Inc. ("Gran Tierra" or the "Company") (NYSE American:GTE) (TSX:GTE) (LSE: GTE), a company focused on international oil exploration and production with assets currently in Colombia and Ecuador, today announced the Company's 2022 year-end reserves as evaluated by the Company's independent qualified reserves evaluator McDaniel & Associates Consultants Ltd. ("McDaniel") in a report with an effective date of December 31, 2022 (the "GTE McDaniel Reserves Report"). All dollar amounts are in United States ("U.S.") dollars and all reserves and production volumes are on a working interest before royalties ("WI") basis. Production is expressed in barrels ("bbl") of oil per day ("bopd"), while reserves are expressed in bbl, bbl of oil equivalent ("boe") or million boe ("MMBOE"), unless otherwise indicated. All reserves values, future net revenue and ancillary information contained in this press release have been prepared by McDaniel and calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGEH") and derived from the GTE McDaniel Reserves Report, unless otherwise expressly stated. The following reserves categories are discussed in this press release: Proved Developed Producing ("PDP"), Proved ("1P"), 1P plus Probable ("2P") and 2P plus Possible ("3P"). Gary Guidry, President and Chief Executive Officer of Gran Tierra, commented: "During 2022, Gran Tierra achieved strong 126% (1P), 148% (2P) and 280% (3P) reserves replacement through our successful results from our development and exploration drilling, waterflooding programs and field performance. We completed our 2022 development plan on-budget including waterflooding efforts and development drilling in the Acordionero, Costayaco and Moqueta oil fields. After reduced exploration activity during 2020 and 2021, the Company also made several key exploration discoveries during 2022. We believe our success on multiple fronts during 2022 demonstrates Gran Tierra's ability to be a full-cycle oil and gas exploration, development and production company focused on value creation for all our stakeholders. The success the Company achieved in 2022 also reflects our ongoing conversion of reserves from the Probable to the Proved category. With 115 booked Proved plus Probable Undeveloped future drilling locations, Gran Tierra is well positioned to continue to grow the Company's production in 2023 and beyond. During 2022, a combination of our ongoing reductions in debt and per well drilling, completion and workover costs, focus on maintaining low operating costs, strong rebound in oil prices and share buybacks allowed Gran Tierra to achieve net asset values per share* before tax of $4.62 (1P), up 77% from 2021, and $7.36 (2P), up 56% from 2021. With this significant growth in our net asset values per share* in 2022, we believe Gran Tierra is well positioned to offer exceptional long-term stakeholder value. We have started 2023 strong with year-to-date average production of approximately 33,000 bopd, which is the midpoint of our 2023 production guidance. We also recently drilled the Moqueta-25 development well, which we expect to bring on production in the new few weeks. We have secured two drilling rigs for our 2023 Acordionero and Costayaco development drilling programs and expect to spud development wells in both fields in early February 2023. We also plan to continue to focus on the development of our existing assets, appraisal of new discoveries and new exploration drilling, while generating free cash flow to strengthen our balance sheet and return capital to shareholders through share buybacks." Highlights 2022 Year-End Reserves and Values * See the above tables for the definitions of net asset values per share. During 2022, Gran Tierra achieved: Material growth in its 2022 year-end 1P NPV10 before tax valuation, which increased by 26% compared to 2021 year-end, and 2022 year-end 2P NPV10 before tax valuation, which increased by 25% compared to 2021 year-end, driven by the Company's successful development and exploration programs and a strong recovery in oil prices.Growth in the Company's 2022 year-end 1P NPV10 and 2P NPV10 after tax valuations of 6% and 5% respectively, compared to 2021 year-end, which incorporated the new Colombian tax regime. The new Colombian tax regime lowered the Company's NPV10 after tax in all reserves categories by approximately 8% to 12% relative to the previous tax regime.Strong reserves replacement ratios of: 126% 1P, with 1P reserves additions of 14 MMBOE (38% attributable to exploration discoveries).148% 2P, with 2P reserves additions of 17 MMBOE (95% attributable to exploration discoveries).280% 3P, with 3P reserves additions of 31 MMBOE (103% attributable to exploration discoveries). Material 1P reserves additions largely driven by success with development drilling and waterflooding results at Acordionero and Costayaco, in addition to several exploration discoveries.Material 2P and 3P reserve additions through the success of the Company's 2022 exploration program, which made several discoveries.Finding and development costs ("F&D"), including change in future development costs ("FDC"), on a per boe basis of $18.18 (1P), $20.08 (2P) and $12.20 (3P).Three-year average F&D, including change in FDC, on a per boe basis of $11.69 (PDP) and $14.51 (1P).F&D recycle ratios*, including change in FDC, of 2.1 times (1P), 1.9 times (2P) and 3.2 times (3P).Net debt-adjusted production per share3 growth of 67% since 2021.Net debt-adjusted reserves per share4 growth of 56% (1P), 57% (2P) and 69% (3P) since 2021.Significant reserves additions at Acordionero: 6 MMBOE (PDP) and 8 MMBOE (1P).Material reserves additions from exploration discoveries: 5 MMBOE (1P), 16 MMBOE (2P) and 32 MMBOE (3P). Gran Tierra's four major oil assets, Acordionero, Costayaco, Moqueta and Suroriente (all on waterflood) represent 81% of the Company's 1P reserves and 68% of its 2P reserves.The Company is benefiting from ongoing material cost reductions for development drilling, completions and workovers in the Acordionero oil field, Gran Tierra's largest oil asset: The Company drilled 22 development wells in Acordionero during 2022.These new wells were drilled for an average cost of approximately $1.1 million per well, a reduction of 47% from the average for 2019.These new wells' completion costs averaged approximately $0.7 million per well, a reduction of 41% from the average for 2019.The average 2022 workover cost of an existing well was $0.4 million per well, down 51% from the 2019 average. PDP reserves account for 56% of 1P reserves and 1P reserves account for 64% of 2P reserves, demonstrating strength of the Company's reserves base via the potential future conversion of Probable reserves into 1P reserves and Proved Undeveloped reserves into PDP reserves.Gran Tierra's mature waterflood assets, Costayaco and Moqueta, continued to grow and deliver value, with total 2022 reserves additions of 2 MMBOE (2P) and 1 MMBOE (2P), respectively.FDC are forecast to be $403 million for 1P reserves and $677 million for 2P reserves. Gran Tierra's 2023 base case mid-point guidance for cash flow** of $295 million is equivalent to 73% of 1P FDC and 44% of 2P FDC, which highlights the Company's potential ability to fund future development capital. Increases in FDC relative to 2021 reflect that McDaniel has now recognized that Gran Tierra has 78 Proved Undeveloped future drilling locations (up from 61 in 2021) and 115 Proved plus Probable Undeveloped future drilling locations (up from 94 in 2021). 2023 Production Gran Tierra's 2023 year-to-date total average Company production is off to a strong start with an approximate average of 33,000 bopd5, within the Company's 2023 guidance range of 32,000-34,000 bopd. * F&D recycle ratio is defined as fourth quarter 2022 operating netback per WI sales volume boe divided by the appropriate F&D costs on a per boe basis. Operating netback does not have a standardized meaning under generally accepted accounting principles in the United States of America ("GAAP") and is a non-GAAP measure. Operating netback is defined as oil sales less operating and transportation expenses. See "Non-GAAP Measures" in this press release.** "Cash flow" refers to GAAP line item "net cash provide by operating activities". Gran Tierra's 2023 base case guidance is based on a forecast 2023 average Brent oil price of $85/bbl. Future Net Revenue Future net revenue reflects McDaniel's forecast of revenue estimated using forecast prices and costs, arising from the anticipated development and production of reserves, after the deduction of royalties, operating costs, development costs, abandonment and reclamation costs and taxes but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. The estimate of future net revenue below does not necessarily represent fair market value. * The after-tax net present value of the Company's oil and gas properties reflects the tax burden on the properties on a stand-alone basis. It does not consider the corporate tax situation, or tax planning. It does not provide an estimate of the value at the Company level which may be significantly different. The Company's financial statements, when available for the year ended December 31, 2022, should be consulted for information at the Company level. Total Company WI Reserves The following table summarizes Gran Tierra's NI 51-101 and COGEH compliant reserves in Colombia and Ecuador derived from the GTE McDaniel Reserves Report calculated using forecast oil and gas prices and costs. Gran Tierra has determined that Ecuador reserves, included in the Total Proved, Total Probable and Total Possible reserve categories for Light and Medium Crude Oil, are not material enough to present separately on a country basis. Therefore all amounts are presented on a consolidated basis by foreign geographic area. * Mbbl (thousand bbl of oil). ** MMcf (million cubic feet).*** MBOE (thousand boe). Net Present Value Summary Gran Tierra's reserves were evaluated using McDaniel's commodity price forecasts at January 1, 2023. It should not be assumed that the net present value of cash flow estimated by McDaniel represents the fair market value of the reserves. Total Company WI Reserves Reconciliation Reserve Life Index (Years) * Calculated using average fourth quarter 2022 WI production of 32,595 bopd. Future Development Costs FDC reflects McDaniel's best estimate of what it will cost to bring the Proved Undeveloped and Probable reserves on production. Changes in forecast FDC occur annually as a result of development activities, acquisition and disposition activities, and changes in capital cost estimates based on improvements in well design and performance, as well as changes in service costs. FDC for 2P reserves increased to $677 million at year-end 2022 from $578 million at year-end 2021. The increase in FDC in 2022 was predominantly attributed to the increase in the numbers of future development well locations identified by McDaniel in the Acordionero field as well as new locations identified during exploration drilling. Finding and Development Costs *Operating Netback is a Non-GAAP measure and does not have a standardized meaning under GAAP. Operating netback as presented is defined as oil sales less operating and transportation expenses. See "Non-GAAP Measures" in this press release. Finding and Development Costs, Excluding FDC* Finding and Development Costs, Including FDC* Finding and Development Costs , Excluding FDC* Finding and Development Costs , Including FDC* Finding and Development Costs , Excluding FDC* Finding and Development Costs , Including FDC* Finding and Development Costs , Excluding FDC* Finding and Development Costs , Including FDC* * In all cases, the F&D number is calculated by dividing the identified capital expenditures by the applicable reserves additions both before and after changes in FDC costs. Both F&D costs take into account reserves revisions during the year on a per BOE basis. F&D recycle ratio is defined as fourth quarter 2022 operating netback per working interest sales volume BOE divided by the appropriate F&D costs on a per BOE basis. The aggregate of the exploration and development costs incurred in the financial year and the changes during that year in estimated future development costs may not reflect the total F&D costs related to reserves additions for that year. Operating Netback is a Non-GAAP measure and does not have a standardized meaning under GAAP. Operating netback is defined as oil sales less operating and transportation expenses. See "Non-GAAP Measures" in this press release. Forecast prices The pricing assumptions used in estimating NI 51-101 and COGEH compliant reserves data disclosed above with respect to net present values of future net revenue are set forth below. The price forecasts are based on McDaniel's standard price forecast effective January 1, 2023. McDaniel is an independent qualified reserves evaluator and auditor pursuant to NI 51-101. (1) Based on estimated year-end 2022 net debt of $453 million comprised of Senior Notes of $580 million (gross) less cash and cash equivalents of $127 million, prepared in accordance with GAAP.(2) Outstanding Shares – Total shares issued less shares repurchased but not yet cancelled.(3) Net debt adjusted production is calculated by dividing (x) fourth quarter WI production by (y) the sum of (a) the year-end net debt by the closing price of the Company's common shares on the New York Stock Exchange at year-end and (b) the Company's outstanding shares at year-end. Debt adjusted reserves is calculated by dividing (x) year-end reserves by (y) the sum of (a) the unaudited year-end net debt by the closing price of the Company's common shares on the New York Stock Exchange at year-end and (b) the Company's outstanding shares at year-end.For 2022, the Company had unaudited year-end net debt of $453 million, a closing price on the New York Stock Exchange at December 31, 2022 of $0.99/share and 346,151,157 shares outstanding. Fourth quarter WI production was 32,595 bopd, 1P reserves were 83,697 MMBOE, 2P were 130,127 MMBOE and 3P were 182,652 MMBOE.For 2021, the Company had audited year-end net debt of $641 million (comprised of gross amount of senior notes of $600 million, gross amount of reserves-based credit facility of $67.5 million and cash of $26 million), a closing price on the New York Stock Exchange at December 31, 2021 of $0.76/share and 367,144,500 shares outstanding. Fourth quarter WI production was 29,493 bopd, 1P reserves were 80,816 MMBOE, 2P were 124,692 MMBOE, and 3P were 162,485 MMBOE.(4) Net debt adjusted production and reserves per share are non-GAAP financial ratios that are not a standardized financial measure under US GAAP and may not be comparable to similar financial measures disclosed by other issuers. Net debt, defined above, is a non-GAAP financial ratio, is used as a component of this non-GAAP financial ratio. See "Non-GAAP and Other Financial Measures" in this news release for information relating to this non-GAAP financial measure.(5) Gran Tierra's first quarter-to-date 2023 total Company average production is for the period of January 1 – January 24, 2023. Corporate Presentation: Gran Tierra's Corporate Presentation has been updated and is available on the Company website at www.grantierra.com. Contact Information For investor and media inquiries please contact: Gary Guidry, Chief Executive Officer Ryan Ellson, Executive Vice President & Chief Financial Officer Rodger Trimble, Vice President, Investor RelationsTel: +1.403.265.3221 For more information on Gran Tierra please go to: www.grantierra.com. About Gran Tierra Energy Inc. Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Colombia and Ecuador and will continue to pursue additional growth opportunities that would further strengthen the Company's portfolio. The Company's common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Information on the Company's website (including the Corporate Presentation referenced above) does not constitute a part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221. Gran Tierra's U.S. Securities and Exchange Commission ("SEC") filings are available on the SEC website at www.sec.gov. The Company's Canadian securities regulatory filings are available on SEDAR at www.sedar.com and UK regulatory filings are available on the National Storage Mechanism ("the NSM") website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Gran Tierra's filings on the SEC, SEDAR and the NSM websites are not incorporated by reference into this press release. FORWARD LOOKING STATEMENTS ADVISORY This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements"), which can be identified by such terms as "expect," "plan," "forecast," "project," "objective," "will," "believe," "should," "could," "allow" and other terms that are forward-looking in nature. Such forward-looking statements include, but are not limited to, the Company's expectations regarding its capital program, and ability to fund the Company's exploration program over a period of time, 2022 and beyond outlook, the benefits of reduced capital spending and G&A expenses, well performance, production, the restart of production and workover activity, future development costs, infrastructure schedules, waterflood impacts and plans, growth of referenced reserves, forecast prices, five-year expected oil sales and cash flow and net revenue, estimated recovery factors, liquidity and access to capital, the Company's strategies and results thereof, the Company's operations including planned operations and developments, the impact of the COVID-19 pandemic and the Company's response thereto, disruptions to operations and the decline in industry conditions, and expectations regarding environmental commitments. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates), rig availability, the effects of drilling down-dip, the effects of waterflood and multi-stage fracture stimulation operations, the extent and effect of delivery disruptions, and the general continuance of current or, where applicable, assumed operational, regulatory and industry conditions including in areas of potential expansion, and the ability of Gran Tierra to execute its current business and operational plans in the manner currently planned. Gran Tierra believes the material factors, expectations and assumptions reflected in the forward-looking statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. Among the important factors that could cause actual results to differ materially from those indicated by the forward-looking statements in this press release are: Gran Tierra's operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, or local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events (including the ongoing COVID-19 pandemic); global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from a global health crisis, the Russian invasion of Ukraine, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil prices and oil consumption more than Gran Tierra currently predicts, which could cause Gran Tierra to further modify its strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges, the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; the ability of Gran Tierra to execute its business plan and realize expected benefits from current initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that Gran Tierra does not receive the anticipated benefits of government programs, including government tax refunds; Gran Tierra's ability to comply with financial covenants in its credit agreement and indentures and make borrowings under its credit agreement; and the risk factors detailed from time to time in Gran Tierra's periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption "Risk Factors" in Gran Tierra's Annual Report on Form 10-K for the year ended December 31, 2021 and its other filings with the Securities and Exchange Commission. These filings are available on the Securities and Exchange Commission website at http://www.sec.gov and on SEDAR at www.sedar.com. Statements relating to "reserves" are also deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions, including that the reserves described can be profitably produced in the future. Guidance is uncertain, particularly when given over extended periods of time, and results may be materially different. Although the current capital spending program and long term strategy of Gran Tierra is based upon the current expectations of the management of Gran Tierra, should any one of a number of issues arise, Gran Tierra may find it necessary to alter its business strategy and/or capital spending program and there can be no assurance as at the date of this press release as to how those funds may be reallocated or strategy changed and how that would impact Gran Tierra's results of operations and financing position. In particular, the unprecedented nature of the current pandemic and the resulting economic conditions may make it particularly difficult to identify risks or predict the degree to which identified risks will impact Gran Tierra's business and financial condition. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws. Gran Tierra's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The estimates of future net revenue, cash flow and interest and certain expenses may be considered to be future-oriented financial information or a financial outlook for the purposes of applicable Canadian securities laws. Financial outlook and future oriented financial information contained in this press release about prospective financial performance, financial position or cash flows are provided to give the reader a better understanding of the potential future performance of the Company in certain areas and are based on assumptions about future events, including economic conditions and proposed courses of action, based on management's assessment of the relevant information currently available, and to become available in the future. In particular, this press release contains projected operational and financial information for 2023 and for the next five years to allow readers to assess the Company's ability to fund its programs. These projections contain forward-looking statements and are based on a number of material assumptions and factors set out above. Actual results may differ significantly from the projections presented herein. The actual results of Gran Tierra's operations for any period could vary from the amounts set forth in these projections, and such variations may be material. See above for a discussion of the risks that could cause actual results to vary. The future-oriented financial information and financial outlooks contained in this press release have been approved by management as of the date of this press release. Readers are cautioned that any such financial outlook and future-oriented financial information contained herein should not be used for purposes other than those for which it is disclosed herein. The Company and its management believe that the prospective financial information has been prepared on a reasonable basis, reflecting management's best estimates and judgments, and represent, to the best of management's knowledge and opinion, the Company's expected course of action. However, because this information is highly subjective, it should not be relied on as necessarily indicative of future results. Non-GAAP Measures This press release includes non-GAAP measures which do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to net loss or other measures of financial performance as determined in accordance with GAAP. Gran Tierra's method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. Operating netback as presented is defined as oil sales less operating and transportation expenses. Management believes that operating netback is a useful supplemental measure for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra's principal business activities prior to the consideration of other income and expenses. A reconciliation operating netback per boe to the most directly comparable measure calculated and presented in accordance with GAAP is as follows: Unaudited Financial Information Certain financial and operating results included in this press release, including debt, capital expenditures, and production information, are based on unaudited estimated results. These estimated results are subject to change upon completion of the Company's audited financial statements for the year ended December 31, 2022, and changes could be material. Gran Tierra anticipates filing its audited financial statements and related management's discussion and analysis for the year ended December 31, 2022 on or before February 21, 2023. DISCLOSURE OF OIL AND GAS INFORMATION Gran Tierra's Statement of Reserves Data and Other Oil and Gas Information on Form 51-101F1 dated effective as at December 31, 2022, which will include further disclosure of its oil and gas reserves and other oil and gas information in accordance with NI 51-101 forming the basis of this press release, will be available on SEDAR at www.sedar.com on or before February 21, 2023. All reserves values, future net revenue and ancillary information contained in this press release as of December 31, 2022 are derived from a report with an effective date of December 31, 2022 prepared by McDaniel and calculated in compliance with NI 51-101 and COGEH. Estimates of net present value and future net revenue contained herein do not necessarily represent fair market value. Estimates of reserves and future net revenue for individual properties may not reflect the same level of confidence as estimates of reserves and future net revenue for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by McDaniel in evaluating Gran Tierra's reserves will be attained and variances could be material. All reserves assigned in the GTE McDaniel Reserves Report are located in Colombia and Ecuador and presented on a consolidated basis by foreign geographic area. All evaluations of future net revenue contained in the GTE McDaniel Reserves Report are after the deduction of royalties, operating costs, development costs, production costs and abandonment and reclamation costs but before consideration of indirect costs such as administrative, overhead and other miscellaneous expenses. It should not be assumed that the estimates of future net revenues presented in this press release represent the fair market value of the reserves. There are numerous uncertainties inherent in estimating quantities of crude oil reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth in the GTE McDaniel Reserves Report are estimates only. References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra's reported production is a mix of light crude oil and medium and heavy crude oil for which there is no precise breakdown since the Company's oil sales volumes typically represent blends of more than one type of crude oil. Drilling locations disclosed herein are derived from the GTE McDaniel Reserves Report and account for drilling locations that have associated Undeveloped and Proved plus Probable Undeveloped reserves, as applicable. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of "oil pay" or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Definitions Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than Probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of Proved plus Probable plus Possible reserves. Proved developed producing reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. Undeveloped reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (e.g., when compared to the cost of drilling a well) is required to render them capable of production. They must fully meet the requirements of the reserves category (proved, probable, possible) to which they are assigned. Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101, Standards of Disclosure for Oil and Gas Activities ("CSA Staff Notice 51-324") and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be. Oil and Gas Metrics This press release contains a number of oil and gas metrics, including NAV per share, F&D costs, F&D recycle ratio, operating netback, reserve life index, and reserves replacement, reserves per share and debt-adjusted production and reserves per share, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods. NAV per share is calculated as NPV10 (before or after tax, as applicable) of the applicable reserves category minus estimated debt, divided by the number of shares of Gran Tierra's common stock issued and outstanding. Management uses NAV per share as a measure of the relative change of Gran Tierra's net asset value over its outstanding common stock over a period of time.F&D costs are calculated as estimated exploration and development capital expenditures, excluding acquisitions and dispositions, divided by the applicable reserves additions both before and after changes in FDC costs. The calculation of F&D costs incorporates the change in FDC required to bring proved undeveloped and developed reserves into production. The aggregate of the exploration and development costs incurred in the financial year and the changes during that year in estimated FDC may not reflect the total F&D costs related to reserves additions for that year. Management uses F&D costs per boe as a measure of its ability to execute its capital program and of its asset quality.F&D recycle ratio is calculated as fourth quarter operating netback per WI sales volume divided by the appropriate F&D costs per boe. Management uses F&D recycle ratio as an indicator of profitability of its oil and gas activities.Operating netback is calculated as described in this press release. Management believes that operating netback is a useful supplemental measure for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra's principal business activities prior to the consideration of other income and expenses.Reserve life index is calculated as reserves in the referenced category divided by the referenced estimated production. Management uses this measure to determine how long the booked reserves will last at current production rates if no further reserves were added.Reserves replacement is calculated as reserves in the referenced category divided by estimated referenced production. Management uses this measure to determine the relative change of its reserve base over a period of time.Reserves per share is calculated as reserves in the referenced category divided by the number of shares of Gran Tierra's common stock issued and outstanding. Management uses reserves per share as a measure of relative change of Gran Tierra's referenced reserves category over its outstanding common stock over a period of time.Net debt-adjusted production and reserves per share is calculated as described in this press release. Management believes that net debt-adjusted production per share is a useful supplemental measure for investors as it adjusts for the effects of changes in annual production in relation to the Company's capital structure. Management believes that net debt-adjusted reserves per share is a useful supplemental measures for investors as it adjusts for the effects of changes in reserves in relation to the Company's capital structure. Disclosure of Reserve Information and Cautionary Note to U.S. Investors Unless expressly stated otherwise, all estimates of proved, probable and possible reserves and related future net revenue disclosed in this press release have been prepared in accordance with NI 51-101. Estimates of reserves and future net revenue made in accordance with NI 51-101 will differ from corresponding estimates prepared in accordance with applicable U.S. Securities and Exchange Commission ("SEC") rules and disclosure requirements of the U.S. Financial Accounting Standards Board ("FASB"), and those differences may be material. NI 51-101, for example, requires disclosure of reserves and related future net revenue estimates based on forecast prices and costs, whereas SEC and FASB standards require that reserves and related future net revenue be estimated using average prices for the previous 12 months. In addition, NI 51-101 permits the presentation of reserves estimates on a "company gross" basis, representing Gran Tierra's working interest share before deduction of royalties, whereas SEC and FASB standards require the presentation of net reserve estimates after the deduction of royalties and similar payments. There are also differences in the technical reserves estimation standards applicable under NI 51-101 and, pursuant thereto, the COGEH, and those applicable under SEC and FASB requirements. In addition to being a reporting issuer in certain Canadian jurisdictions, Gran Tierra is a registrant with the SEC and subject to domestic issuer reporting requirements under U.S. federal securities law, including with respect to the disclosure of reserves and other oil and gas information in accordance with U.S. federal securities law and applicable SEC rules and regulations (collectively, "SEC requirements"). Disclosure of such information in accordance with SEC requirements is included in the Company's Annual Report on Form 10-K and in other reports and materials filed with or furnished to the SEC and, as applicable, Canadian securities regulatory authorities. The SEC permits oil and gas companies that are subject to domestic issuer reporting requirements under U.S. federal securities law, in their filings with the SEC, to disclose only estimated proved, probable and possible reserves that meet the SEC's definitions of such terms. Gran Tierra has disclosed estimated proved, probable and possible reserves in its filings with the SEC. In addition, Gran Tierra prepares its financial statements in accordance with United States generally accepted accounting principles, which require that the notes to its annual financial statements include supplementary disclosure in respect of the Company's oil and gas activities, including estimates of its proved oil and gas reserves and a standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities. This supplementary financial statement disclosure is presented in accordance with FASB requirements, which align with corresponding SEC requirements concerning reserves estimation and reporting. Proved reserves are reserves which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward from known reservoirs under existing economic conditions, operating methods, and government regulations prior to the time at which contracts providing the right to operate expires, unless evidence indicates that renewal is reasonably certain. Probable reserves are reserves that are less certain to be recovered than proved reserves but which, together with proved reserves, are as likely as not to be recovered. Estimates of probable reserves which may potentially be recoverable through additional drilling or recovery techniques are by nature more uncertain than estimates of proved reserves and accordingly are subject to substantially greater risk of not actually being realized by us. Possible reserves are reserves that are less certain to be recovered than probable reserves. Estimates of possible reserves are also inherently imprecise. Estimates of probable and possible reserves are also continually subject to revisions based on production history, results of additional exploration and development, price changes, and other factors. The Company believes that the presentation of NPV10 is useful to investors because it presents (i) relative monetary significance of its oil and natural gas properties regardless of tax structure and (ii) relative size and value of its reserves to other companies. The Company also uses this measure when assessing the potential return on investment related to its oil and natural gas properties. NPV10 and the standardized measure of discounted future net cash flows do not purport to present the fair value of the Company's oil and gas reserves. The Company has not provided a reconciliation of NPV10 to the standardized measure of discounted future net cash flows because it is impracticable to do so. Investors are urged to consider closely the disclosures and risk factors in the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and in the other reports and filings with the SEC, available from the Company's offices or website. These reports can also be obtained from the SEC website at www.sec.gov.

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Mammoth Energy Announces Submission of Certified Claim to the Federal Emergency Management Agency

Mammoth Energy Announces Submission of Certified Claim to the Federal Emergency Management Agency OKLAHOMA CITY, Jan. 24, 2023 /PRNewswire/ -- Mammoth Energy Services, Inc. (NASDAQ: TUSK) ("Mammoth" or the "Company") today announced that its wholly owned subsidiary Cobra Acquisitions LLC ("Cobra") has submitted a certified claim for approximately $379 million to the Federal Emergency Management Agency ("FEMA") pursuant to the federal Contract Disputes Act. In the aftermath of Hurricane Maria in 2017, Puerto Rico was without electricity, and the entire Island was declared a federal disaster zone. There was an urgent need to restore power to the Island as quickly as possible, but few companies had the ability to mobilize immediately to an island, particularly one that had just been devastated. Additionally, many companies were reticent about contracting with the Puerto Rico Electric Power Authority ("PREPA"), which had declared bankruptcy earlier in 2017. Nevertheless, Cobra agreed to mobilize immediately and restore the power grid in Puerto Rico based on assurances from the highest levels of FEMA that it would be paid for its work. Despite having successfully undertaken that Herculean task, and despite spending years attempting to work with FEMA and PREPA to collect this debt, more than five years after Hurricane Maria hit, Cobra still has not been paid over $379 million that it is owed. Cobra is hopeful that FEMA will agree to pay this claim, but Cobra is prepared to exercise its appellate rights, including seeking judicial review, if FEMA refuses to honor its commitment. Arty Straehla, Chief Executive Officer, commented, "Despite multiple affirmations of our work by FEMA itself, we remain unpaid for work we completed in Puerto Rico over three years ago. Our team answered FEMA's call for assistance when it was needed, and we deserve to be paid for the work we did." Cobra is represented in this proceeding by Abbe Lowell and Christopher Man from Winston & Strawn LLP. Mammoth Energy Services, Inc. Mammoth is an integrated, growth-oriented energy services company focused on the construction and repair of the electric grid for private utilities, public investor-owned utilities and co-operative utilities through its infrastructure services businesses. The Company also provides products and services to enable the exploration and development of North American onshore unconventional oil and natural gas reserves. Mammoth's suite of services and products include: infrastructure services, well completion services, natural sand and proppant services, drilling services and other energy services. For more information, please visit www.mammothenergy.com. Contact: Mark Layton, Chief Financial Officer mlayton@mammothenergy.com (405) 608-6007 Investors: Rick Black rblack@dennardlascar.com (832) 435-0026 Forward-Looking Statements and Cautionary Statements This news release (and any oral statements made regarding the subjects of this release, including on the conference call announced herein) contains certain statements and information that may constitute "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, and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts that address activities, events or developments that Mammoth expects, believes or anticipates will or may occur in the future are forward-looking statements. The words "anticipate," "believe," "ensure," "expect," "if," "intend," "plan," "estimate," "project," "forecasts," "predict," "outlook," "aim," "will," "could," "should," "potential," "would," "may," "probable," "likely" and similar expressions, and the negative thereof, are intended to identify forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include statements, estimates and projections regarding the Company's business outlook and plans, future financial position, liquidity and capital resources, operations, performance, acquisitions, returns, capital expenditure budgets, costs and other guidance regarding future developments. Forward-looking statements are not assurances of future performance. These forward-looking statements are based on management's current expectations and beliefs, forecasts for the Company's existing operations, experience and perception of historical trends, current conditions, anticipated future developments and their effect on Mammoth, and other factors believed to be appropriate. Although management believes that 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). Moreover, the Company's forward-looking statements are subject to significant risks and uncertainties, including those described in its Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings it makes with the SEC, including those relating to the Company's acquisitions and contracts, many of which are beyond the Company's control, which may cause actual results to differ materially from historical experience and present expectations or projections which are implied or expressed by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: any continuing impacts of the COVID-19 pandemic, related global and national health concerns and economic repercussions; demand for our services; the volatility of oil and natural gas prices and actions by OPEC members and other exporting nations affecting commodities prices and production levels; the impact of the war in Ukraine on the global energy and capital markets and global stability; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; inflationary pressures; rising interest rates and their impact on the cost of capital; the outcome of ongoing government investigations and other legal proceedings, including those relating to the contracts awarded to the Company's subsidiary Cobra Acquisitions LLC ("Cobra") by the Puerto Rico Electric Power Authority ("PREPA"); the failure to receive or delays in receiving governmental authorizations, approvals and/or payments, including payments with respect to the PREPA account receivable for prior services to PREPA performed by Cobra; the Company's inability to replace the prior levels of work in its business segments, including its infrastructure and well completion services segments; risks relating to economic conditions, including concerns over a potential economic slowdown or recession; impacts of the recent federal infrastructure bill on the infrastructure industry and our infrastructure services business; the loss of or interruption in operations of one or more of Mammoth's significant suppliers or customers; the loss of management and/or crews; the outcome or settlement of our litigation matters; the effects of government regulation, permitting and other legal requirements; operating risks; the adequacy of capital resources and liquidity; Mammoth's ability to (i) continue to comply with or, if applicable, obtain a waiver of forecasted or actual non-compliance with certain financial covenants from its lenders and comply with other terms and conditions under its amended revolving credit facility, as amended, (ii) extend or refinance our revolving credit facility at or prior to maturity on the terms acceptable to Mammoth or at all and (iii) meet its financial projections associated with reducing its debt; weather; natural disasters; litigation; volatility in commodity markets; competition in the oil and natural gas and infrastructure industries; and costs and availability of resources. Investors are cautioned not to place undue reliance on any forward-looking statement which speaks only as of the date on which such statement is made. We undertake no obligation to correct, revise or update any forward-looking statement after the date such statement is made, whether as a result of new information, future events or otherwise, except as required by applicable law. View original content:https://www.prnewswire.com/news-releases/mammoth-energy-announces-submission-of-certified-claim-to-the-federal-emergency-management-agency-301729595.html SOURCE Mammoth Energy Services, Inc.

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Gevo, Inc. to Report Fourth Quarter 2022 Financial Results on March 9, 2023

Gevo, Inc. to Report Fourth Quarter 2022 Financial Results on March 9, 2023 ENGLEWOOD, Colo., Jan. 24, 2023 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) announced today that it will host a conference call on Thursday, March 9, 2023, at 4:30 p.m. ET (2:30 p.m. MT) to report its financial results for the fourth quarter ended December 31, 2022 and provide an update on recent corporate highlights. To participate in the live call, please register through the following event weblink: https://register.vevent.com/register/BI77f562f7379e45218e5d6ab5c215416b. After registering, participants will be provided with a dial-in number and pin. To listen to the conference call (audio only), please register through the following event weblink: https://edge.media-server.com/mmc/p/4uic6ad8 A webcast replay will be available two hours after the conference call ends on March 9, 2023. The archived webcast will be available in the Investor Relations section of Gevo's website at www.gevo.com. About Gevo Inc. Gevo's mission is to transform renewable energy and carbon into energy-dense liquid hydrocarbons. These liquid hydrocarbons can be used for drop-in transportation fuels such as gasoline, jet fuel, and diesel fuel, that when burned have potential to yield net-zero greenhouse gas emissions when measured across the full lifecycle of the products. Gevo uses low-carbon renewable resource-based carbohydrates as raw materials and is in an advanced state of developing renewable electricity and renewable natural gas for use in production processes, resulting in low-carbon fuels with substantially reduced carbon intensity (the level of greenhouse gas emissions compared to standard petroleum fossil-based fuels across their lifecycle). Gevo's products perform as well or better than traditional fossil-based fuels in infrastructure and engines, but with substantially reduced greenhouse gas emissions. In addition to addressing the problems of fuels, Gevo's technology also enables certain plastics, such as polyester, to be made with more sustainable ingredients. Gevo's ability to penetrate the growing low-carbon fuels market depends on the price of oil and the value of abating carbon emissions that would otherwise increase greenhouse gas emissions. Gevo believes that it possesses the technology and know-how to convert various carbohydrate feedstocks through a fermentation process into alcohols and then transform the alcohols into renewable fuels and materials, through a combination of its own technology, know-how, engineering, and licensing of technology and engineering from Axens North America, Inc., which yields the potential to generate project and corporate returns that justify the build-out of a multi-billion-dollar business. Gevo believes that Argonne National Laboratory GREET model is the best available standard of scientific based measurement for life cycle inventory or LCI. Company Contact:John Richardson (Director of Investor Relations)Gevo, Inc.Tel: +1 720-360-7794E-mail: jrichardson@gevo.com

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