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Entrée Resources Announces Fiscal Year 2020 Results and Reviews Corporate Highlights

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VANCOUVER, BC, March 31, 2021 /PRNewswire/ – Entrée Resources Ltd. (TSX: ETG) (OTCQB: ERLFF) (the “Company” or “Entrée“) has today filed its annual operational and financial results for the year ended December 31, 2020. All numbers are in U.S. dollars unless otherwise noted.

2020 HIGHLIGHTS
Oyu Tolgoi Underground Development
The Oyu Tolgoi project in Mongolia includes two separate land holdings: the Oyu Tolgoi mining licence, which is held by Entrée’s joint venture partner Oyu Tolgoi LLC (“OTLLC“) and the Entrée/Oyu Tolgoi joint venture property (the “Entrée/Oyu Tolgoi JV Property“), which is a partnership between Entrée and OTLLC. On March 8, 2021, OTLLC’s 66% shareholder Turquoise Hill Resources Ltd. (“Turquoise Hill“) provided an update on underground development on the Oyu Tolgoi mining licence:

  • Work on the Oyu Tolgoi underground project has continued to materially progress in line with the Definitive Estimate (as defined below) despite COVID-19 controls and ongoing travel restrictions implemented by the Government of Mongolia. Ongoing impacts to domestic and international movement could have an impact on key project milestones on the Oyu Tolgoi mining licence.
  • Overall, underground lateral development has now reached 53,000 equivalent metres with development required before first drawbell on the Oyu Tolgoi mining licence substantially complete. More than one million tonnes of underground material has moved through Shaft 2 since commissioning and scheduled annual maintenance of Shaft 2 was successfully completed in October 2020 using remote technology. Materials Handling System 1 progress continues with civil work complete on Primary Crusher 1 and steel and cable installation continuing thereon.
  • Remobilization of international shaft-sinking specialists occurred in the fourth quarter 2020. Installation and commissioning of sinking related equipment continues at Shafts 3 and 4. Activities at Shaft 4 in the fourth quarter 2020 were focused on completing all construction and commissioning activities for load testing and verification in preparation for shaft sinking, which commenced in early February 2021. Shafts 3 and 4 will provide ventilation to support the ongoing development associated with production ramp up for Panels 1 and 2. Should flight restrictions continue, productivity on the project and the ability to perform specialized maintenance and commissioning activities could be impacted. Turquoise Hill continues to assess any potential implications, particularly for Panel 1 and Panel 2 ramp-up which Shafts 3 and 4 support.
  • In the first quarter 2020, OTLLC submitted a resources and reserves update for registration pursuant to local regulatory requirements in Mongolia. On July 2, 2020, Turquoise Hill announced the completion of an updated Oyu Tolgoi Feasibility Study (“OTFS20“), which incorporates the new block cave mine design for Hugo North Lift 1 Panel 0 previously announced by Turquoise Hill on May 13, 2020. The expert review of the resources and reserves update is in progress and OTFS20 is expected to be considered for endorsement by the Mongolian regulators following registration.
  • OTFS20 incorporates an update to the first sustainable production schedule and capital cost estimates for the underground mine development based on the new Panel 0 mine design. On December 18, 2020, Turquoise Hill announced the completion and delivery by Rio Tinto of the definitive estimate of cost and schedule (the “Definitive Estimate“), which refines the analysis contained in OTFS20. The results of the Definitive Estimate include a revised base case development capital cost of $6.75 billion for the new design, confirmation that sustainable first production from the Oyu Tolgoi mining licence is forecast to occur in October 2022, and verification that all surface infrastructure required for sustainable first production from Panel 0 on the Oyu Tolgoi mining licence is now complete. Additional project infrastructure will still be needed to support the production ramp-up profile and the life of mine material handling infrastructure capacity. The Definitive Estimate also finalized pillar locations on the Panel 0 boundaries and optimized the drawpoint layout to minimize exposure to the lower fault. OTLLC board approval of the Definitive Estimate will be considered following registration of the resources and reserves update and endorsement of OTFS20.
  • The Hugo North (including Hugo North Extension) Lift 1 mine plan incorporates the development of three panels and in order to reach the full sustainable production rate of 95,000 tonnes per day from the underground operations, all three panels need to be in production. The Hugo North Extension deposit on the Entrée/Oyu Tolgoi JV Property is located at the northern portion of Panel 1.
  • Turquoise Hill has advised that several mining studies are in progress, which are focused on the evaluation of different design and sequencing options for Panels 1 and 2 as part of OTLLC’s planned Pre-Feasibility and Feasibility Study level work. These studies are underpinned by additional geology and geotechnical data that is being collected from underground and surface drilling. The data collection is complete for Panel 0 and the focus of data collection and analysis has now shifted to Panel 1 and Panel 2. Data collection and analysis is being prioritized to complete study work in line with mining progression

Corporate

  • During Q3 2020, the Company closed a non-brokered private placement of 10,278,000 units of the Company at a price of C$0.43 per unit for gross proceeds of approximately C$4.4 million. Each unit consists of one common share and one-half of one transferable common share purchase warrant (each whole warrant, a “Warrant“). Each Warrant entitles the holder to purchase one additional common share of the Company at a price of C$0.60 per share for a period of three years following the date of issuance.
  • For the full 2020 year, the operating loss was $2.3 million compared to an operating loss of $2.1 million in 2019.
  • For the full 2020 year, operating cash outflow before working capital was $1.5 million compared to an operating cash outflow before working capital of $1.5 million in 2019.
  • As at December 31, 2020, cash was $7.3 million and the working capital balance was $7.3 million.
  • The Company recognizes the unprecedented situation surrounding the ongoing COVID-19 pandemic and is closely monitoring the effect of the COVID-19 pandemic on its business and operations and will continue to update the market on the impacts to the Company’s business and operations in relation to these extraordinary circumstances.

OUTLOOK AND STRATEGY
The Company’s primary objective for the 2021 year is to work with other Oyu Tolgoi stakeholders to advance potential amendments to the joint venture agreement (the “Entrée/Oyu Tolgoi JVA“) that currently governs the relationship between Entrée and OTLLC and upon finalization, transfer the Shivee Tolgoi and Javhlant mining licences to OTLLC as manager of the Entrée/Oyu Tolgoi joint venture (the “Entrée/Oyu Tolgoi JV“).  The form of Entrée/Oyu Tolgoi JVA was agreed between the parties in 2004, prior to the execution of the Oyu Tolgoi Investment Agreement and commencement of underground development. The Company currently is registered in Mongolia as the 100% ultimate holder of the Shivee Tolgoi and Javhlant mining licences.

The Company believes that amendments that align the interests of all stakeholders as they are now understood would be in the best interests of all stakeholders, provided there is no net erosion of value to Entrée. No agreements have been finalized and there are no assurances agreements may be finalized in the future.

In addition, the Company is currently in the process of reviewing the data and assumptions underlying OTFS20, the OTFS20 block cave designs, updated costs and schedules and the updated mineral resources and reserves in order to assess the potential impact on the Entrée/Oyu Tolgoi JV Property resources and reserves and the assumptions and outputs from the Company’s 2018 Technical Report. The Company will update the market following completion of its review and assessment.

SUMMARY OF OPERATING RESULTS
Operating Loss
For the full 2020 year, the operating loss was $2.3 million compared to an operating loss of $2.1 million in 2019.  Project expenditures in 2020 included expenditures of $0.2 million for administration costs in Mongolia compared to $0.2 million in the comparative 2019 period.  Holding costs on all other properties in 2020 and 2019 were insignificant.

General and administration expenditures in 2020 were $1.4 million and were consistent with the same period in 2019. 

Depreciation expenses in 2020 were consistent with the same period in 2019.

Non-operating Items
The foreign exchange gain in 2020 was primarily the result of movements between the C$ and U.S. dollar as the Company holds its cash in both currencies and the loan payable is denominated in U.S. dollars.

Interest expense was primarily related to the loan payable to OTLLC pursuant to the Entrée/Oyu Tolgoi JVA and is subject to a variable interest rate.

The amount recognized as a loss from equity investee is related to exploration costs on the Entrée/Oyu Tolgoi JV Property.

Deferred revenue finance costs are related to recording the non-cash finance costs associated with the deferred revenue balance, specifically the Sandstorm Gold Ltd. stream.

The total assets as at December 31, 2020 were higher than at December 31, 2019 due to funds received from the non-brokered private placement completed during Q3 2020 while total non-current liabilities were higher due to recording the non-cash deferred revenue finance costs for the 2020 year. 

The Company’s Annual Financial Statements and Management’s Discussion and Analysis (“MD&A“), and Annual Information Form are available on the Company’s website at www.EntreeResourcesLtd.com and on SEDAR at www.sedar.com. The Company’s Annual Report on Form 20-F (“Annual Report“) has been filed with the U.S. Securities and Exchange Commission (“SEC“), and is available on the Company’s website at www.EntreeResoucesLtd.com and on EDGAR at www.sec.gov.  Shareholders can receive a hard copy of the Company’s audited Annual Financial Statements upon request.

QUALIFIED PERSON
Robert Cinits, P.Geo., consultant to Entrée and the Company’s former Vice President, Corporate Development, and a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the technical information in this release.  For further information on the Entrée/Oyu Tolgoi JV Property, see the Company’s Technical Report, titled “Entrée/Oyu Tolgoi Joint Venture Project, Mongolia, NI 43-101 Technical Report”, with an effective date of January 15, 2018, available on SEDAR at www.sedar.com

ABOUT ENTRÉE RESOURCES LTD.
Entrée Resources Ltd. is a well-funded Canadian mining company with a unique carried joint venture interest on a significant portion of one of the world’s largest copper-gold projects – the Oyu Tolgoi project in Mongolia.  Entrée has a 20% or 30% carried participating interest in the Entrée/Oyu Tolgoi JV, depending on the depth of mineralization. Sandstorm, Rio Tinto and Turquoise Hill are major shareholders of Entrée, holding approximately 23%, 9% and 8% of the shares of the Company, respectively.  More information about Entrée can be found at www.EntreeResourcesLtd.com.

This News Release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws with respect to corporate strategies and plans; requirements for additional capital; uses of funds and projected expenditures; the expectations set out in OTLLC’s OTFS20 and the Company’s 2018 Technical Report on the Company’s interest in the Entrée/Oyu Tolgoi JV Property; timing and status of Oyu Tolgoi underground development; the mine design for Hugo North Lift 1 Panel 0 and the related cost and production schedule implications; the re-design studies for Panels 1 and 2 of Hugo North (including Hugo North Extension) Lift 1 and the possible outcomes, content and timing thereof; timing and amount of production from Lift 1 of the Entrée/Oyu Tolgoi JV Property, potential production delays and the impact of any delays on the Company’s cash flows, expected copper and gold grades, liquidity, funding requirements and planning; future commodity prices; the potential impact of COVID-19 on Oyu Tolgoi underground development and the Company’s business, operations and financial conditions; the estimation of mineral reserves and resources; projected mining and process recovery rates; estimates of capital and operating costs, mill throughput, cash flows and mine life; capital, financing and project development risk; mining dilution; discussions with the Government of Mongolia, Rio Tinto, OTLLC and Turquoise Hill on a range of issues including Entrée’s interest in the Entrée/Oyu Tolgoi JV Property, the Shivee Tolgoi and Javhlant mining licences and certain material agreements; potential actions by the Government of Mongolia with respect to the Shivee Tolgoi and Javhlant mining licences and Entrée’s interest in the Entrée/Oyu Tolgoi JV Property; the potential for Entrée to be included in or otherwise receive the benefits of the Oyu Tolgoi Investment Agreement or another similar agreement; the potential for the Government of Mongolia to seek to directly or indirectly invest in Entrée’s interest in the Hugo North Extension and Heruga deposits; potential size of a mineralized zone; potential expansion of mineralization; potential discovery of new mineralized zones; potential metallurgical recoveries and grades; plans for future exploration and/or development programs and budgets; permitting time lines; anticipated business activities; proposed acquisitions and dispositions of assets; and future financial performance.

In certain cases, forward-looking statements and information can be identified by words such as “plans”, “expects” or “does not expect”, “is expected”, “budgeted”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “does not anticipate” or “believes” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “will be taken”, “occur” or “be achieved”. While the Company has based these forward-looking statements on its expectations about future events as at the date that such statements were prepared, the statements are not a guarantee of Entrée’s future performance and are based on numerous assumptions regarding present and future business strategies, the correct interpretation of agreements, laws and regulations, local and global economic conditions and negotiations and the environment in which Entrée will operate in the future, including commodity prices, projected grades, projected dilution, anticipated capital and operating costs, anticipated future production and cash flows, the anticipated location of certain infrastructure and sequence of mining within and across panel boundaries, the construction and continued development of the Oyu Tolgoi underground mine and the status of Entrée’s relationship and interaction with the Government of Mongolia, OTLLC, Rio Tinto and Turquoise Hill. With respect to the construction and continued development of the Oyu Tolgoi underground mine, important risks, uncertainties and factors which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements and information include, amongst others, the timing and cost of the construction and expansion of mining and processing facilities; the timing and availability of a long term domestic power source for Oyu Tolgoi (or the availability of financing for OTLLC or the Government of Mongolia to construct such a source); the willingness of third parties to extend existing power arrangements; the potential impact of COVID-19, including any restrictions imposed by health and governmental authorities relating thereto; the ability of OTLLC to secure and draw down on the supplemental debt under the Oyu Tolgoi project finance facility and the availability of additional financing on terms reasonably acceptable to OTLLC, Turquoise Hill and Rio Tinto to further develop Oyu Tolgoi; the impact of changes in, changes in interpretation to or changes in enforcement of, laws, regulations and government practises in Mongolia; delays, and the costs which would result from delays, in the development of the underground mine; the status of the relationship and interaction between OTLLC, Rio Tinto, Turquoise Hill and the Government of Mongolia on the continued operation and development of Oyu Tolgoi, future funding plans and requirements and OTLLC internal governance (including the outcome of any such interactions or discussions); the willingness and ability of the parties to the Oyu Tolgoi Underground Mine Development and Financing Plan to amend or replace the agreement; the nature and quantum of the current and projected economic benefits to Mongolia resulting from the continued operation of Oyu Tolgoi; the anticipated location of certain infrastructure and sequence of mining within and across panel boundaries; projected commodity prices and their market demand; and production estimates and the anticipated yearly production of copper, gold and silver at the Oyu Tolgoi underground mine.

Other risks, uncertainties and factors which could cause actual results, performance or achievements of Entrée to differ materially from future results, performance or achievements expressed or implied by forward-looking statements and information include, amongst others, unanticipated costs, expenses or liabilities; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; development plans for processing resources; matters relating to proposed exploration or expansion; mining operational and development risks, including geotechnical risks and ground conditions; regulatory restrictions (including environmental regulatory restrictions and liability); risks related to international operations, including legal and political risk in Mongolia; risks related to the potential impact of global or national health concerns, including the COVID-19 pandemic; risks associated with changes in the attitudes of governments to foreign investment; risks associated with the conduct of joint ventures; inability to upgrade Inferred mineral resources to Indicated or Measured mineral resources; inability to convert mineral resources to mineral reserves; conclusions of economic evaluations; fluctuations in commodity prices and demand; changing foreign exchange rates; the speculative nature of mineral exploration; the global economic climate; dilution; share price volatility; activities, actions or assessments by Rio Tinto, Turquoise Hill or OTLLC and by government authorities including the Government of Mongolia; the availability of funding on reasonable terms; the impact of changes in interpretation to or changes in enforcement of laws, regulations and government practices, including laws, regulations and government practices with respect to mining, foreign investment, royalties and taxation; the terms and timing of obtaining necessary environmental and other government approvals, consents and permits; the availability and cost of necessary items such as water, skilled labour, transportation and appropriate smelting and refining arrangements; unanticipated reclamation expenses; changes to assumptions as to the availability of electrical power, and the power rates used in operating cost estimates and financial analyses; changes to assumptions as to salvage values; ability to maintain the social licence to operate; accidents, labour disputes and other risks of the mining industry; global climate change; title disputes; limitations on insurance coverage; competition; loss of key employees; cyber security incidents; misjudgements in the course of preparing forward-looking statements; as well as those factors discussed in the Company’s most recently filed MD&A and in the Company’s Annual Information Form for the financial year ended December 31, 2020, dated March 31, 2021 filed with the Canadian Securities Administrators and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company is under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

SOURCE Entrée Resources

Related Links

http://www.entreegold.com

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Energy

Riley Exploration Permian, Inc. Reports Fiscal Second Quarter 2021 Financial and Operating Results

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OKLAHOMA CITY, May 11, 2021 /PRNewswire/ — Riley Exploration Permian, Inc. (NYSE American: REPX) (“Riley Permian” or the “Company”), today reported financial and operational results for the fiscal second quarter ended March 31, 2021.

HIGHLIGHTS

  • Closed reverse merger transaction with Tengasco on February 26, 2021
  • Increased total equivalent sales volumes to 8.3 MBoe per day for the second quarter 2021, an increase of 11% over the same period in 2020, despite significant reductions in capital expenditures and production outages due to two severe storms
  • Generated Cash Flow from Operations of $38.1 million for the six months ended March 31, 2021
  • Reported a Net Loss of $48.5 million for the three months ended March 31, 2021, with Adjusted Net Income of $8.6 million for the same period
  • Incurred capital expenditures of $17.1 million for the six months ended March 31, 2021, which corresponds to 43% of EBITDAX1, representing a significant decrease of 49% compared to the same period for 2020
  • Generated Free Cash Flow1 of $20.6 million for the six months ended March 31, 2021
  • Paid cash common dividends of $3.8 million during the three months ended March 31, 2021; announced latest dividend of $0.28 per share with a record date of April 16, 2021, which was paid May 7, 2021, for a total of $5.0 million
  • Exited the second quarter with $10.1 million in cash and $97.5 million drawn on the credit facility
  • Decreased flaring by 35% quarter-over-quarter
  • Production, cash flow, capital investing and leverage trends all performing in line with previously released guidance and the Company’s capital allocation framework
  • Began operations on enhanced oil recovery (“EOR”) project, which will utilize a combination of water and C02 injection, including the goal of using anthropogenic CO2 (“ACO2”)

Bobby Riley, Chief Executive Officer of Riley Permian, stated, “We’re excited to have closed our reverse merger transaction and welcome the positive reception by markets thus far. Riley Permian performed strongly during our fiscal second quarter of 2021, during which we overcame the extreme operating challenges presented by Winter Storm Uri, and we continued to create value for our shareholders.

“Halfway through our fiscal year, which ends on September 30, 2021, we remain firmly adhered to our capital allocation framework, including reinvesting less than 70% of EBITDAX1 in capital expenditures, as evidenced by our year-to-date allocation of only 43% of EBITDAX1. Combined with our robust operating performance, this capital discipline allowed us to generate over $38 million of Cash Flow from Operations and $20 million of Free Cash Flow1 during our fiscal year-to-date.”

“Further, we were pleased to raise the dividend to $0.28 per share, which was paid on May 7th. The payment of a regular quarterly dividend has long been a priority for Riley Permian, dating back to its predecessor entity as a private company. Going forward, one of Riley Permian’s core priorities is to continue to pay – and grow – a regular quarterly dividend, consistent with our shareholder-focused business model.”

“Finally, we have formally begun operations on our EOR pilot after several years of extensive technical studies internally and with world-class partners. Our core asset in Yoakum County, TX, is an ideal candidate for EOR for both geologic and geographic reasons, and is directly adjacent to several of the largest and most successful EOR projects in the U.S. We forecast benefits of increased recoveries and further flattening of decline curves, leading to steadier cash flows, which fits our shareholder-focused business model. Riley aims to use anthropogenic sources of CO2 (ACO2), in accord with international calls for reducing emissions and CO2, and which fits our goal of producing low-carbon barrels.”

OPERATIONS UPDATE
Second-quarter oil production averaged 6.0 MBbls per day and equivalent production averaged 8.3 MBoe per day, in line with our budgeted guidance previously disclosed. Sales of natural gas and natural gas liquids (NGLs) increased by 30% and 39%, respectively, compared to the quarter ended December 31, 2020 on account of increased processing capacity coming online in early February. Company management estimates that severe weather, including Winter Storm Uri and an additional powerful windstorm, effectively reduced production by approximately 3 percent.

During the fiscal second quarter of 2021, Riley Permian commenced a 7 gross (7 net) well drilling and completion (“D&C”) program and invested $9.1 million in D&C capital expenditures, which resulted in the drilling of 5 gross (4.5 net) wells and the completion of 2 gross (1.5 net) wells.

The Company’s drilling times (spud to reaching total depth) have continued to improve, with the results for wells drilled to date during this fiscal year averaging 5 days for a 1-mile lateral, and 6.5 days for a 1.5-mile lateral.

FINANCIALS UPDATE
Cash Flow from Operations for the fiscal year-to-date 2021 was $38.1 million, which funded all capital expenditures, leading to Free Cash Flow2 of $20.6 million for the same period.

The Company reported a Net Loss of $48.5 million for the second quarter of 2021, including $11.2 million of Operating Income. The Company calculates Adjusted Net Income2 of $8.6 million, adjusted to exclude certain items, including the loss from discontinued operations, unrealized losses from derivative mark-to-market values, non-recurring transaction costs and a deferred tax expense related to the change in tax status.

During its fiscal second quarter of 2021 Riley Permian generated $21.0 million in EBITDAX2 and $23.2 million in Adjusted EBITDAX2, adjusted to exclude transaction and restructuring costs.

For the fiscal second quarter 2021 average unhedged realized prices were $56.71 per barrel of oil, $7.51 per Mcf of natural gas and $13.16 per barrel of natural gas liquids, resulting in a total equivalent unhedged price of $49.12 per Boe.

Riley Permian’s cash operating costs for the fiscal second quarter of 2021 were $14.60 per Boe, including lease operating expense (“LOE”) of $9.07 per Boe (including a non-recurring expense of approximately $1.34 per Boe related to a downhole failure on a salt-water disposal well), cash G&A expenses (after offset from our contract services – related parties revenue) of $2.93 per Boe, and production taxes of $2.60 per Boe.

The Company continued to maintain a strong balance sheet, exiting the second quarter with $10.1 million in cash and $97.5 million drawn on its revolving credit facility.

EOR PILOT AND CCUS INVESTIGATION
Riley Permian has begun operations on its EOR pilot program, which will start with a 960-acre unit in Yoakum County, TX, applying water and C02 through vertical injection wells adjacent to horizontal producing wells. The Company began drilling the first vertical injection well beginning in May 2021 with approximately $1.5MM of associated capital estimated to be incurred during fiscal 2021.

In preparation for the pilot program, Riley Permian spent several years collecting extensive cores, logs and 3-D seismic data over the Platang Field, which the Company calls its Champions asset, to evaluate resource potential, including with the assistance of world-class advisors such as Baker Hughes, William M. Cobb and Associates, and others. From analysis of this data, Riley Permian management believes that in addition to significant recovery from primary production, EOR methods, particularly waterflooding (secondary recovery) and CO2 injection (tertiary recovery), which have been highly successful in the adjacent Wasson Field San Andres formation, will further increase recoveries in the Champions area. The Company’s Champion assets possess similar reservoir rock properties to Wasson and average oil saturations are quite favorable for both waterflooding and CO2 injection. Further, the most concentrated area of CO2 infrastructure in the U.S. is directly adjacent to Riley Permian’s Champions asset, including the CO2 pipeline hub at Denver City, TX.

Historically, EOR operations were most often applied to older, legacy oil fields past peak production and development stage. However, Riley Permian management believes the Champions asset is an excellent candidate for EOR methods – even as a more undeveloped asset – as we recognize the efficiencies gained by early application of waterflooding and CO2 injection. Beginning such applications early, concurrently with primary depletion and while the reservoir still has substantial pressure, can lead to more efficient oil displacement, operating synergies and higher ultimate recoveries. The historical sequencing of primary production, followed by traditional waterflooding, and subsequently by CO2 injection, can lead to an extremely long life cycle, whereas implementing these processes concurrently allows for an acceleration of the full value capture of the field in a notably shorter time frame. 

Finally, Riley Permian aims to use anthropogenic sources of CO2 (ACO2) and is currently investigating multiple potential sources of ACO2 with leading industry players. The capture and use of ACO2 is part of a process known as Carbon, Capture, Utilization and Sequestration (CCUS), in which Riley Permian may participate as an offtake partner only or as an operating and financial partner. The Company’s EOR pilot, which we forecast to ultimately consist of 5 horizontal producers and up to 48 vertical injection wells, could ultimately consume approximately 80 MMcf per day of CO2, or 1.5 million metric tons of CO2 annually. 

2021 OUTLOOK AND GUIDANCE
Based on current market conditions, the Company expects fiscal 2021 capital expenditures to total approximately $54 million to $56 million, which we believe will be consistent with our capital allocation framework of reinvesting approximately 65-70% of EBITDAX3, and which we believe will be funded entirely by Cash Flow from Operations.

The Company forecasts full-year fiscal 2021 oil production to average 6.3 MBbls per day to 6.5 MBbls per day, with total equivalent production to average 8.3 MBoe per day to 8.7 MBoe per day, representing year-over-year growth of approximately 17% to 23%.

The Company forecasts third fiscal quarter of 2021 cash operating costs to include LOE of approximately $6.50 to $7.50  per Boe; cash G&A expenses (after offset from our contract services – related parties revenue) of approximately $2.80 to $3.30  per Boe, and production taxes of approximately $2.20 to $2.50 per Boe.

CONFERENCE CALL
Riley Permian management will host a conference call for investors and analysts on Wednesday, May 12, 2021 at 9:00 a.m. CT to discuss the Company’s results. Interested parties are invited to participate by calling:

  • U.S./Canada Toll Free, 844-965-3268
  • International, +1 639-491-2298
  • Conference ID number 3883784

An updated company presentation, which will include certain items to be discussed on the call, will be posted prior to the call on the Company’s website (www.rileypermian.com).

A replay of the call will be available until May 26, 2021 by calling:

  • U.S./Canada Toll Free, 800-585-8367
  • International, +1 416-621-4642
  • Conference ID number 3883784

About Riley Exploration Permian, Inc.
Riley Permian is an independent oil and natural gas company focused on steadily growing its reserves, production and cash flow per share through the acquisition, exploration, development and production of oil, natural gas, and natural gas liquids in the Permian Basin. For more information please visit www.rileypermian.com.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This press release contains forward-looking statements within the meaning of federal securities laws. All statements, other than historical facts, that address activities that the Company assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events, including the current adverse industry and macroeconomic conditions, commodity price volatility, production levels, the impact of the recent presidential and congressional elections on energy and environmental policies and regulations, any other potential regulatory actions (including those that may impose production limits in the Permian Basin), the impact and duration of the ongoing COVID-19 pandemic, acquisitions and sales of assets, future dividends, production, drilling and capital expenditure plans, need for financing, competitive position, growth potential, severe weather conditions (including the impact of the recent severe winter storms on production volumes), impact of impairment charges and effects of hedging arrangements. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of the Company.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the risk that the Company may reduce, suspend or totally eliminate dividend payments in the future, whether variable or fixed, due to insufficient liquidity or other factors, potential adverse reactions or changes to the business or operations of the Company resulting from the recently completed merger, including the Company’s future financial condition, results of operations, strategy and plans; changes in capital markets and the ability of the Company to finance operations in the manner expected; the risk that the Company’s EOR and CCUS projects may not perform as expected or produce the anticipated benefits; the risks of oil and gas activities; and the fact that operating costs and business disruption may be greater than expected following the consummation of the merger.

Additional factors that could cause results to differ materially from those described above can be found in Riley Permian’s Annual Report on Form 10-K for the year ended December 31, 2020 and in its subsequently filed Quarterly Reports on Form 10-Q, as well as in the Registration Statement on Form S-4 filed by the Company with the SEC and declared effective by the SEC on February 2, 2021, each of which is on file with the SEC and available from the Company’s website at www.rileypermian.com under the “Investor” tab, and in other documents the Company files with the SEC.

The forward-looking statements in this press release are made as of the date hereof and are based on information available at that time. The Company does not undertake, and expressly disclaims, any duty to update or revise our forward-looking statements based on new information, future events or otherwise.

Source: Riley Exploration Permian, Inc.

_________________

1 Non-GAAP financial measure, which is defined and referenced below.

2 Non-GAAP financial measure, which is defined and referenced below.

3 Non-GAAP financial measure, which is defined and referenced below.

Riley Exploration Permian, Inc.





Condensed Consolidated Balance Sheets

($ in thousands)


March 31,
2021


September 30,
2020






Assets





Current Assets:





Cash and cash equivalents


$

10,062



$

1,660


Accounts receivable


13,605



10,128


Accounts receivable – related parties


177



55


Prepaid expenses and other current assets


2,919



1,752


Current derivative assets


352



18,819


Current assets – discontinued operations


103




Total Current Assets


27,218



32,414







Non-Current Assets:





Oil and natural gas properties, net (successful efforts)


319,815



310,726


Other property and equipment, net


2,080



1,801


Non-current derivative assets


564



3,102


Other non-current assets, net


2,442



2,949


Noncurrent assets – discontinued operations


5,066




Total Non-Current Assets


329,967



318,578







Total Assets


$

357,185



$

350,992







Liabilities, Series A Preferred Units, and Members’/Shareholders’ Equity





Current Liabilities:





Accounts payable


$

6,335



$

4,739


Income taxes payable


1,113




Accrued liabilities


17,346



8,746


Revenue payable


7,685



4,432


Advances from joint interest owners


274



254


Current derivative liabilities


14,310




Other current liabilities


469



392


Current liabilities – discontinued operations


95




Total Current Liabilities


47,627



18,563







Non-Current Liabilities:





Non-current derivative liabilities


6,076




Asset retirement obligations


2,270



2,268


Revolving credit facility


97,500



101,000


Deferred tax liabilities


12,441



1,834


Other non-current liabilities


108



418


Noncurrent liabilities – discontinued operations


1,607




Total Non-Current Liabilities


120,002



105,520







Total Liabilities


167,629



124,083







Riley Exploration Permian, Inc.





Condensed Consolidated Balance Sheets – (Continued)

($ in thousands)


March 31,
2021


September 30,
2020






Series A Preferred Units




60,292







Commitments and Contingencies










Members’ Equity




166,617







Shareholders’ Equity:





Preferred stock, $0.0001 par value, 25,000,000 shares designated; 0 shares issued and outstanding





Common stock, $0.001 par value, authorized 240,000,000 shares; 17,825,179 and 0 shares issued and outstanding, respectively


18




Additional paid-in capital


218,974




Accumulated deficit


(29,436)




Total Shareholders’ Equity


189,556









Total Liabilities, Series A Preferred Units, and Members’/Shareholders’ Equity


$

357,185



$

350,992


Riley Exploration Permian, Inc.







Condensed Consolidated Statements of Operations

($ in thousands, except per unit amounts)

Three Months Ended March 31,


Six Months Ended March 31,



2021


2020


2021


2020










Revenues:









Oil and natural gas sales, net


36,659



24,356



$

59,073



$

52,855


Contract services – related parties


600



1,050



1,200



2,100


Total Revenues


37,259



25,406



60,273



54,955











Costs and Expenses:









Lease operating expenses


6,773



6,028



11,569



11,757


Production taxes


1,937



1,156



2,998



2,515


Exploration costs


5,473



1,747



5,897



2,474


Depletion, depreciation, amortization and accretion


6,251



5,357



12,241



10,992


General and administrative:









Administrative costs


2,696



3,514



5,141



6,733


Unit-based compensation expense


276



206



689



359


Stock-based compensation expense


409





409




Cost of contract services – related parties


91



138



239



306


Transaction costs


2,164



28



3,213



27


Total Costs and Expenses


26,070



18,174



42,396



35,163











Income From Operations


11,189



7,232



17,877



19,792











Other Income (Expense):









Interest expense


(1,165)



(1,418)



(2,400)



(2,784)


Gain (loss) on derivatives


(24,903)



69,239



(38,812)



51,204


Total Other Income (Expense)


(26,068)



67,821



(41,212)



48,420











Net Income (Loss) From Continuing Operations Before Income Taxes


(14,879)



75,053



(23,335)



68,212











Income tax expense


(15,068)





(14,553)




Net Income (Loss) From Continuing Operations


(29,947)



75,053



(37,888)



68,212











Discontinued Operations:









Loss from discontinued operations


(18,631)





(18,631)




Income tax expense on discontinued operations


25





25




Loss on discontinued operations


(18,606)





(18,606)













Net Income (Loss)


(48,553)



75,053



(56,494)



68,212











Dividends on preferred units


(574)



(877)



(1,491)



(1,741)


Net Income (Loss) Attributable to Common Shareholders/Unitholders


$

(49,127)



$

74,176



$

(57,985)



$

66,471











Riley Exploration Permian, Inc.









Condensed Consolidated Statements of Operations – (Continued)

($ in thousands, except per unit amounts)


Three Months Ended March 31,


Six Months Ended March 31,



2021


2020


2021


2020










Net Income (Loss) per Share/Unit from Continuing Operations:









Basic


$

(2.12)



$

5.95



$

(2.94)



$

5.34


Diluted


$

(2.12)



$

4.55



$

(2.94)



$

4.15











Net Income (Loss) per Share/Unit from Discontinued Operations:









Basic


$

(1.29)



$



$

(1.39)



$


Diluted


$

(1.29)



$



$

(1.39)



$











Net Income (Loss) per Share/Unit:









Basic


$

(3.41)



$

5.95



$

(4.33)



$

5.34


Diluted


$

(3.41)



$

4.55



$

(4.33)



$

4.16











Weighted Average Common Share/Units Outstanding:









Basic


14,384



12,457



13,416



12,446


Diluted


14,384



16,486



13,416



16,435


Riley Exploration Permian, Inc.





Condensed Consolidated Statements of Cash Flows

($ in thousands)


Six Months Ended March 31,



2021


2020




Cash Flows from Operating Activities:





Net income (loss)


$

(56,494)



$

68,212







Adjustments to reconcile net income (loss) to net cash provided by operating activities:





Net loss from discontinued operations


18,606




Oil and gas lease abandonments


5,827



547


Depletion, depreciation, amortization and accretion


12,241



10,992


Loss on derivatives


38,812



(51,204)


Settlements on derivative contracts


2,579



5,492


Amortization of debt issuance costs


316



318


Unit-based compensation expense


689



359


Stock-based compensation expense


409




Deferred income tax expense


13,790









Changes in operating assets and liabilities:





Accounts receivable


(3,477)



1,528


Accounts receivable – related parties


(122)



(1,247)


Prepaid expenses and other current assets


(433)



1,133


Other non-current assets


1



35


Accounts payable and accrued liabilities


1,366



(2,617)


Income taxes payable


763




Revenue payable


3,253



951


Advances from joint interest owners


20



1,091


Advances from related parties




662


Net Cash Provided By Operating Activities – Continuing Operations


38,146



36,252







Cash Flows From Investing Activities:





Additions to oil and natural gas properties


(17,133)



(33,712)


Acquisition of oil and natural gas properties


(171)



(3,976)


Additions to other property and equipment


(380)



(53)


Tengasco acquired cash


859




Net Cash Used In Investing Activities – Continuing Operations


(16,825)



(37,741)







Cash Flows From Financing Activities:





Debt issuance costs


(129)



(267)


Proceeds from revolving credit facility


5,500



14,000


Repayment under revolving credit facility


(9,000)



(2,000)


Payment of common unit dividends


(7,841)



(10,347)


Payment of preferred unit dividends


(1,491)




Purchase of common units under long-term incentive plan


(191)



(318)


Net Cash Provided by (Used In) Financing Activities – Continuing Operations


(13,152)



1,068







Net Increase (Decrease) in Cash and Cash Equivalents from Continuing Operations


8,169



(421)







Riley Exploration Permian, Inc.





Condensed Consolidated Statements of Cash Flows – (Continued)

($ in thousands)


Six Months Ended March 31,



2021


2020






Cash Flows from Discontinued Operations:





Operating activities


238




Financing activities


(5)




Net Increase in Cash and Cash Equivalents from Discontinued Operations


233









Net Increase (Decrease) in Cash and Cash Equivalents


8,402



(421)







Cash and Cash Equivalents, Beginning of Period


1,660



9,240


Cash and Cash Equivalents, End of Period


$

10,062



$

8,819







Supplemental Disclosure of Cash Flow Information










Cash Paid For:





Interest


$

1,856



$

2,396


The non-GAAP financial measures of EBITDAX and Adjusted EBITDAX, Adjusted Net Income, Free Cash Flow, as defined and presented below, are intended to provide readers with meaningful information that supplements our financial statements prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). Further, these non-GAAP measures should only be considered in conjunction with financial statements and disclosures prepared in accordance with GAAP and should not be considered in isolation or as a substitute for GAAP measures, such as net income or loss, operating income or loss or any other GAAP measure of financial position or results of operations. EBITDAX, Adjusted EBITDAX and Adjusted Net Income are presented herein and reconciled from the GAAP measure of net (loss) income because of their wide acceptance by the investment community as a financial indicator, and Free Cash Flow is presented herein and reconciled from the GAAP measure of Cash Flow from Operations because of is wide acceptance by the investment community as a financial indicator.

1.   Adjusted Net Income

We define “Adjusted Net Income” as Net Loss plus, when applicable, unrealized loss (gain) on derivative contracts; impairment expense; (gain) on sale of oil and gas properties; transaction costs; the loss of discontinued operations; income tax expense related to a change in tax status; and the associated changes in estimated income tax.

Our Adjusted Net Income measure provides additional information that may be used to further understand our operations. Adjusted Net Income is one of several metrics that we use as a supplemental financial measurement in the evaluation of our business and should not be considered as an alternative to, or more meaningful than, net (loss) income as an indicator of operating performance. Certain items excluded from Adjusted Net Income are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic cost of depreciable and depletable assets. Adjusted Net Income, as used by us, may not be comparable to similarly titled measures reported by other companies. We believe that Adjusted Net Income is a widely followed measure of operating performance and is one of many metrics used by our management team and by other users of our consolidated financial statements. For example, Adjusted Net Income can be used to assess our operating performance and return on capital in comparison to other independent exploration and production companies without regard to financial or capital structure and to assess the financial performance of our assets and our company without regard to capital structure or historical cost basis.

The following table provides a reconciliation of Net Loss to Adjusted Net Income for the periods indicated:

Riley Exploration Permian, Inc.





Net Loss Reconciliation

($ in thousands)


Three Months Ended March 31, 2021



Amounts


Amounts per
Share






Net Loss


$

(48,553)



$

(3.38)


Loss on discontinued operations


18,606



1.29


Unrealized loss on derivatives


22,309



1.55


Restructuring costs





Transaction costs


2,164



0.15


Income tax expense adjusted for the above adjustments


458



0.03


Income tax expense for change in tax status


13,631



0.95


Adjusted Net Income


$

8,615



$

0.60







Weighted average common shares outstanding:





Basic




14,384


Diluted




14,384


2.    EBITDAX and Adjusted EBITDAX

The non-GAAP financial measure of EBITDAX and Adjusted EBITDAX (as defined below), as calculated by us below, is intended to provide readers with meaningful information that supplements our financial statements prepared in accordance with GAAP. Further, these non-GAAP measures should only be considered in conjunction with financial statements and disclosures prepared in accordance with GAAP and should not be considered in isolation or as a substitute for GAAP measures, such as net income or loss, operating income or loss or any other GAAP measure of financial position or results of operations. EBITDAX and Adjusted EBITDAX are presented herein and reconciled from the GAAP measure of net (loss) income because of its wide acceptance by the investment community as a financial indicator.

Riley Permian defines “EBITDAX” as net income (loss) adjusted for certain cash and non-cash items, including depletion, depreciation, amortization and accretion, or DD&A, impairment expense, provision for the carrying value of assets, loss on discontinued operations, exploration expenses, unrealized loss (gain) commodity derivative contracts, premiums paid for derivatives that settled during the period, unit-based and stock-based compensation expense, amortization of debt discount and debt issuance costs included in interest expense, interest expense and income taxes.

Riley Permian defines “Adjusted EBITDAX” as EBITDAX less transaction costs and restructuring costs, which may be cash.

We believe EBITDAX and Adjusted EBITDAX is useful because it allows us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure. We exclude the items listed above from net income (loss) in arriving at EBITDAX and Adjusted EBITDAX because these amounts can vary substantially from company to company within Riley Permian’s industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from EBITDAX and Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital, hedging strategy and tax structure, as well as the historic costs of depreciable assets, none of which are components of EBITDAX and Adjusted EBITDAX.

The following table provides a reconciliation from the GAAP measure of Net Income (Loss) to EBITDAX and Adjusted EBITDAX.

Riley Exploration Permian, Inc.

Adjusted EBITDAX

($ in thousands)

Three Months Ended March 31,


Six Months Ended March 31,



2021


2020


2021


2020










Reconciliation of Net Income (Loss) to EBITDAX and Adjusted EBITDAX:









Net Income (Loss)


$

(48,553)



$

75,053



$

(56,494)



$

68,212


Loss on discontinued operations


18,606



18,606


Exploration expense


5,473


1,747


5,897


2,474

Depletion, depreciation, amortization and accretion


6,251


5,357


12,241


10,992

Interest expense


1,165


1,418


2,400


2,784

Unrealized (gain)/loss on derivatives


22,309


(64,303)


41,391


(45,712)

Unit-based compensation expense


276


206


689


359

Stock-based compensation expense


409



409


Income tax expense


15,068



14,553


EBITDAX


21,004


19,478


39,692


39,109

Transaction costs


2,164


28


3,213


27

Restructuring costs



392



392

Adjusted EBITDAX


$

23,168



$

19,898



$

42,905



$

39,528


3.   Free Cash Flow

Free Cash Flow is a measure that we use as an indicator of our ability to fund our development activities. We define Free Cash Flow as Cash Flow from Operations, less cash capital expenditures, incurred or committed.

Management believes that Free Cash Flow, which measures our ability to generate additional cash from our business operations, is an important financial measure for use in evaluating the Company’s financial performance. Free Cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity.

The following table provides a reconciliation of Cash Flow from Operations to Free Cash Flow for the periods indicated:

Riley Exploration Permian, Inc.

Free Cash Flow

($ in thousands)

Three Months Ended


Six Months Ended


March 31, 2021


December 31, 2020


March 31, 2021







Cash Flow from Operations (CFFO)

$

22,261



$

15,885



$

38,146


Additions to Oil & Natural Gas Properties (Capex)

(9,052)



(8,081)



(17,133)


Additions to Other Properties and Equipment (Capex)

(62)



(318)



(380)


Free Cash Flow

$

13,147



$

7,486



$

20,633


SOURCE Riley Exploration Permian, Inc.

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Energy

Hillenbrand Elects Dennis W. Pullin to Board of Directors

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“We are pleased to welcome to the Board Dennis Pullin, who brings with him an impressive background,” said Joe Loughrey, Hillenbrand Chairperson. “Having served in executive leadership roles within our country’s healthcare system for over 30 years, including his current position as CEO, responsible for 14,000 employees, Dennis’ capabilities span operations, strategy, M&A and digital transformation, governance and regulation. He is deeply engaged in the community and a champion of diversity, equity and inclusion efforts. We are excited about the energy and perspective he will bring to the Board and look forward to his many contributions.”

Mr. Pullin is a Fellow of the American College of Healthcare Executives and serves on the New Jersey Hospital Association Board of Trustees and the Chamber of Commerce Southern New Jersey Board of Directors. Mr. Pullin received his Bachelor’s degree at Texas Lutheran University and earned a Master of Science degree at Texas A&M University.

Prior to joining Virtua Health, Mr. Pullin was President of MedStar Harbor Hospital and Senior Vice President of MedStar Health in the Washington, D.C. area. Modern Healthcare recognized Mr. Pullin as one of the nation’s Top 25 Minority Executives in Healthcare in 2018 and 2020.

“The Board is committed to refreshment and ensuring our composition aligns with our strategic priorities and reflects the right balance of skills, experience and perspectives,” said Mr. Loughrey. “During the evaluation process, it was evident that Dennis not only shares, but can accelerate Hillenbrand’s innovation and customer focus, and its ongoing commitment to diversity, equity and inclusion.”

“It is an honor to be joining the Board at such a pivotal time in Hillenbrand’s journey to becoming a world-class industrial company,” said Pullin. “I am excited to use my background and experience to help execute the Company’s growth strategy, and look forward to playing a role in the ongoing business transformation.”          

Mr. Pullin will serve on the Board’s Compensation and Management Development and Nominating/Corporate Governance Committees.

About Hillenbrand
Hillenbrand (www.Hillenbrand.com) is a global diversified industrial company with businesses that serve a wide variety of industries around the world. We pursue profitable growth and robust cash generation to drive increased value for our shareholders. Hillenbrand’s portfolio includes industrial businesses such as Coperion, Milacron Injection Molding & Extrusion, and Mold-Masters, in addition to Batesville, a recognized leader in the death care industry in North America. Hillenbrand is publicly traded on the NYSE under “HI.”

SOURCE Hillenbrand, Inc.

Related Links

http://www.hillenbrand.com

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Energy

Greif, Inc. Announces 2021 Second Quarter Earnings Release and Conference Call Dates

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DELAWARE, Ohio, May 11, 2021 /PRNewswire/ — Greif, Inc. (NYSE: GEF, GEF.B), a global leader in industrial packaging products and services, announced today it will report the company’s 2021 second quarter financial results after the market closes on Wednesday, June 9, 2021. A conference call will be held on Thursday, June 10, 2021 at 8:30 a.m. ET.

Greif will provide conference call slides in combination with its second quarter earnings press release on June 9, 2021. The call on June 10, 2021 will include management’s live remarks and a question and answer session.

Participants may access the call using the following online registration link: http://www.directeventreg.com/registration/event/8874456. Registrants will receive a confirmation email containing dial in details and a unique conference call code for entry. Phone lines will open at 8:00 a.m. ET on June 10, 2021. A digital replay of the conference call will be available two hours following the call on the company’s web site at http://investor.greif.com. To access the recording, guests can call (800) 585-8367 or (416) 621-4642 and use the conference ID 8874456.

Webcast Details
Title: Greif, Inc. Q2 2021 Earnings Conference Call
URL: https://event.on24.com/wcc/r/3081274/8D2DD4C2E5751CF2D34BC8EEFDF6221C

About Greif, Inc.

Greif is a global leader in industrial packaging products and services and is pursuing its vision: In industrial packaging, be the best performing customer service company in the world. The Company produces steel, plastic and fibre drums, intermediate bulk containers, reconditioned containers, flexible products, containerboard, uncoated recycled paperboard, coated recycled paperboard, tubes and cores and a diverse mix of specialty products. The Company also manufactures packaging accessories and provides filling, packaging and other services for a wide range of industries. In addition, Greif manages timber properties in the southeastern United States. The Company is strategically positioned in over 40 countries to serve global as well as regional customers. Additional information is on the Company’s website at www.greif.com. 

Contacts:
Matt Eichmann
Office: 740–549–6067
Email: [email protected]

SOURCE Greif, Inc.

Related Links

http://www.greif.com

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Energy

Zhang Yuzhuo, presidente de Sinopec: Aceleración de la construcción de la marca de clase mundial para liderar mejor el desarrollo de alta calidad de las empresas

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En el foro sobre construcción de marca corporativa de China celebrado el 10 de mayo, el Sr.  Zhang Yuzhuo afirmó solemnemente en su discurso de apertura que Sinopec acelerará la construcción de una marca independiente de clase mundial a fin de liderar mejor el desarrollo de alta calidad de la empresa.

La capacidad de producción en China sigue creciendo y desarrollándose, lo que demuestra una vigorosa vitalidad y creatividad con un mayor número de marcas chinas en el extranjero.

Durante 38 años, Sinopec ha puesto énfasis en fortalecer la creación de marcas y se ha comprometido a ofrecer a la sociedad productos energéticos y químicos más limpios, de mayor calidad y más diversos. Cumplidas sus promesas de marca con acciones y responsabilidades, Sinopec seguirá satisfaciendo las necesidades de las personas para una vida mejor y promoviendo el valor, la reputación y la influencia de la marca.

“Sinopec avanzará en la construcción de una marca de clase mundial, adhiriéndose a su propuesta de valor de “La innovación lidera el futuro de la industria, creando una vida mejor con responsabilidad’, y buscando arraigarse en el corazón de los clientes con su eslogan ‘Energía más limpia, vida mejor’, para llegar a miles y miles de hogares como una empresa internacional responsable”, afirmó Zhang Yuzhuo, presidente de Sinopec.

En el futuro, Sinopec implementará la estrategia de la marca de manera enérgica y firme, estableciendo el concepto de “la calidad siempre está un paso adelante” y “cada gota de aceite es una promesa” para destacar el compromiso de Sinopec con la calidad ante todo, acelerando la promoción de la vitalidad de la marca. Guiado por la implementación de una estrategia de desarrollo líder a nivel mundial, Sinopec fortalecerá su gestión de operaciones y se acelerará para mejorar el apoyo a la marca.

Aprovechando la oportunidad de construir una empresa tecnológica pionera, Sinopec también seguirá innovando e impulsando la competitividad de su marca, junto con acelerar la transición ecológica y de bajas emisiones de carbono, promoviendo la energía fósil limpia, la energía no fósil a gran escala y el proceso de producción con bajas emisiones de carbono, todo esto para garantizar que se alcance el pico de emisiones de carbono antes del objetivo de China y se adelanten esfuerzos para lograr la neutralidad de carbono en 2050.

Además, Sinopec apoyará proyectos clave de revitalización rural, las Olimpiadas de Invierno de Pekín 2022, la iniciativa de salud express, días públicos abiertos, estaciones de combustible benéficas para trabajadores sanitarios y más, para consolidar la responsabilidad social y elevar la influencia de la marca, haciendo que “responsable” sea una palabra clave de la marca Sinopec.

Acerca de Sinopec

Sinopec Corp. es una de las empresas integradas de energía y química más grandes de China. Sus principales operaciones incluyen exploración, producción, transporte en oleoductos y venta de petróleo y gas natural; venta, almacenamiento y transporte de productos derivados del petróleo, productos petroquímicos, productos químicos del carbón, fibra sintética, fertilizantes y otros productos químicos; la importación y exportación (incluida una agencia de importación y exportación) de petróleo, gas natural, productos derivados del petróleo, productos petroquímicos y químicos, y otros productos básicos y tecnologías; e investigación, desarrollo y aplicación de tecnologías e información.

Sinopec establece como su misión corporativa “impulsar la bella vida”, establece como sus valores centrales corporativos a “las personas, la responsabilidad, la integridad, la precisión, la innovación y el beneficio mutuo”, busca estrategias de orientación al valor, desarrollo impulsado por la innovación, asignación de recursos integrados, cooperación abierta y crecimiento ecológico con bajas emisiones de carbono, y se esfuerza por lograr su visión corporativa de construir una empresa energética y química líder a nivel mundial.

Para obtener más información, por favor, visite: http://www.sinopecgroup.com/group/en/.

Fotografía: https://mma.prnewswire.com/media/1507666/image_1.jpg 
Fotografía: https://mma.prnewswire.com/media/1507667/image_2.jpg 
Logotipo: https://mma.prnewswire.com/media/960416/SINOPEC_Logo.jpg

FUENTE Sinopec

Related Links

www.sinopecgroup.com/group

SOURCE Sinopec

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