Tag: PR Newswire

PASIR GUDANG, Malaysia, May 9, 2025 /PRNewswire/ — – Picture is available at AP –

The Oryx Stainless Group (Oryx), one of the world’s leading suppliers of recycled stainless steel raw materials headquartered in the Netherlands, today officially opened its latest facility in Johor, Malaysia. The site reinforces the region’s position as a strategic hub for sustainable industrial growth.

Around 200 distinguished guests attended the landmark opening ceremony, including Yang Amat Berhormat Menteri Besar Johor, Dato’ Onn Hafiz Bin Ghazi, foreign ambassadors, and senior government officials including the Malaysian Investment Development Authority (MIDA). The facility showcases Oryx’s commitment to combining environmental stewardship with industrial excellence.

Datuk Sikh Shamsul Ibrahim Sikh Abdul Majid, CEO of MIDA commended Oryx Stainless for the opening of their new facility, stating, “Malaysia, under the MADANI Government, has implemented specific policies to advance sustainable industrial development. Oryx Stainless Group’s new Johor facility demonstrates how international expertise can transform our manufacturing landscape. As a respected name in stainless steel recycling, Oryx Stainless strengthens both Johor’s industrial capabilities and Malaysia’s position in the global circular economy. MIDA actively supports investments that combine innovation with measurable environmental impact, particularly those creating high-skill employment opportunities for Malaysians”

“Malaysia is key to our strategy of bringing high-quality, low carbon footprint stainless steel raw materials closer to the production centers of Asia,” said Mr. Tobias Kämmer, CEO of Oryx Stainless Holding. “Our investment in Johor is not only a business decision – it is a commitment to long-term collaboration, green growth, and shared prosperity. We are proud to contribute to Malaysia’s vision of becoming a global leader in sustainable industrial transformation.”

A milestone for Malaysia’s green transition

The facility arrives at a crucial time for Malaysia’s environmental goals, supporting the national target of 45% carbon intensity reduction per GDP by 2030 and helping attract RM300 billion in green investments. With each ton of recycled material saving up to 8.5 tonnes of CO₂, the plant’s annual impact approaches 1 million tonnes in emissions reduction.

“Only in very few industries is the recycling rate as high as in stainless steel,” explains Michael Pawlowski, Co-Founder and Chairman of the Supervisory Board of Oryx Stainless Group. “New stainless steel – with no loss in quality – can be produced from up to 90% of the materials processed on this site. The prerequisite is: Smart Recycling, as Oryx Stainless has practiced it since 1990.”

Oryx specialises in creating precise blends of recycled raw materials for various stainless steels, addressing the need for over 150 different alloys. Their process involves analysing, storing, and producing high-quality recycled materials to meet specific metallurgical compositions. This ensures consistent quality and reduces the use of high carbon footprint primary raw materials like ferronickel, ferrochrome, and ferromolybdenum. Leveraging its smart logistics and a digitised production setup, Oryx also ensures that the entire blending process is as climate-neutral as possible.

Empowering local talent

Local talent development stands central to the facility’s mission. Malaysian employees have already completed advanced training in Thailand, learning to operate specialised equipment including Malaysia’s first special Sennebogen material handlers. The workforce, drawn almost entirely from local communities, is set to double by mid-2026. Partnerships with Malaysian universities create pathways for engineering students into the growing green technology sector.

As Phase 1 begins, the facility will process 150,000 tonnes of stainless steel annually, marking a significant step forward in regional resource conservation and sustainable manufacturing. This investment demonstrates how industrial growth can drive both economic and environmental progress in Southeast Asia.

For media enquiries, please refer to this LINK: https://shorturl.at/9L8EQ

For more information, please contact:
MIDA
Ms. Zakiah Sajidan
Director, Machinery and Metal Division
DL: +603-22676769
Email: zakiah@mida.gov.my

ORYX STAINLESS MALAYSIA SDN. BHD.
Marthijn Smit
Phone +66 (0) 38 571 960
smit@oryx.com      
www.oryx.com 

Website: www.oryx.com

 

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SOURCE Oryx Stainless AG

Recorded $27.5 million in Net Income and $13.6 million in Income from Operations

Generated Operating EBITDA of $83.5 Million

Generated Adjusted Infrastructure EBITDA of $28.6 million and $44.9 million Segment Income

Recapitalization of its ODL Interest Through a New $220 Million Non-Recourse Secured Loan Expected to be Completed Shortly

Announces its Intention to Commence a $65 Million Substantial Issuer Bid

Launches a $65 Million Capped Tender and Consent Solicitation for the 2028 Senior Unsecured Notes

Declared Quarterly Dividend of C$0.0625 Per Share, or $3.5 Million in Aggregate, Payable on or around July 17, 2025

Released its 2024 Sustainability Report

CALGARY, AB, May 9, 2025 /PRNewswire/ – Frontera Energy Corporation (TSX: FEC) (“Frontera” or the “Company“) today reported financial and operational results for the first quarter ended March 31, 2025. All financial amounts in this news release and in the Company’s financial disclosures are in United States dollars, unless otherwise stated.

Gabriel de Alba, Chairman of the Board of Directors, commented:

“Frontera remains focused on the delivery of its strategic objectives and generating value for its stakeholders. In the first quarter, the Company generated $83.5 million in Operating EBITDA, produced $28.6 million of Adjusted Infrastructure EBITDA, and maintained a strong balance sheet, finishing the quarter with a total cash balance of $199.8 million.

The Board is advancing on the strategic path for maximizing shareholder value in Frontera’s Infrastructure assets. The next step is the strategic recapitalization of its investment in the ODL pipeline and the development of key growth projects in Puerto Bahia. Frontera’s Board will remain open to and consider all opportunities to enhance shareholder value, including a potential future separation and other strategic transactions involving the Infrastructure business, which could include a potential LNG import facility in Puerto Bahia. We would like to thank Goldman Sachs for their advice as the Board reviewed various alternatives.

In connection with the recapitalization of ODL, the Company expects to receive net proceeds of approximately $115 million (after the refinancing of existing debt) and is launching a $65 million capped tender and consent solicitation of the 2028 Senior Unsecured Notes and plans to commence a substantial issuer bid to purchase up to $65 million of the Company’s outstanding shares.

The Company is also declaring its quarterly dividend of C$0.0625 per share, or $3.5 million in aggregate, and plans to commence its NCIB program once the announced substantial issuer bid is completed.

These efforts are consistent with the Company’s strategy of returning capital to its stakeholders. The Company will continue to consider similar investor-focused initiatives in 2025 and beyond, including potential additional dividends, distributions, share or bond buybacks, based on the overall results of the businesses, oil prices and cash flow generation. Additionally, the Company will consider all options to enhance the value of its common shares in the short term, and in so doing may consider other strategic initiatives or transactions.”

Orlando Cabrales, Chief Executive Officer (CEO), Frontera, commented:

“Following the close of the first quarter, the Company signed a commitment letter for a $220 million non-recourse secured financing supported by Frontera’s indirect interest in ODL. The Company expects to enter into definitive agreements shortly, pursuant to which the Company expects to receive approximately $115 million in net proceeds, after the refinancing of existing indebtedness. The recapitalization would allow Frontera to distribute significant value to its investors, while maintaining the future upside of this key transportation asset in Colombia. Furthermore, the financing is expected to exclude Puerto Bahía from the security package, which would provide Puerto Bahía greater flexibility to secure independent financing for new strategic growth projects.

Frontera’s first quarter financial results in our Colombia and Ecuador upstream onshore business are in-line with expectations despite some unforeseen challenges, including lower than expected quarterly production levels. 

First quarter production was lower on a quarter over quarter basis, mainly due to delays in the heavy oil assets’ drilling campaign, lower water handling on SAARA than expected, the impact of the natural decline as well as a greater need for well interventions in the light and medium blocks, that have since been resolved. Despite these challenges, the Company is gaining momentum into the second quarter, with production increasing to an estimated average daily production for May to approximately 42,400 boe/d and increasing water handling in our SAARA water treatment plant to 130,000 barrels per day. The Company remains confident it will meet its full year average production guidance of 41,000 – 43,000 boe/d. 

On the cost side, the company’s transportation and energy cost per barrel metrics were within our 2025 Guidance, however production costs rose this quarter mainly due to the impact of higher well intervention activity in our light and medium blocks.

Given the current oil price environment and the challenges facing the Oil & Gas industry in Colombia and globally, Frontera’s focus remains on taking actions by identifying additional operational improvements, reduction in capital spend and greater cost and processes efficiencies in the business supporting a strong production profile and optimizing cash flow generation.

In our standalone and growing Colombia infrastructure business, which includes the Company’s interest in ODL, the segment generated an Adjusted Infrastructure EBITDA of $28.6 million. During the first quarter of 2025, ODL transported over 236,000 barrels of oil. ODL also declared a $151 million dividend ($52.9 million, net to Frontera), paying 50% of this amount in March 2025, highlighting the strong cash generation capacity of this strategic infrastructure investment. For Puerto Bahia, the Company’s focus remains on starting up the Reficar Connection Project. With construction effectively complete, the Company aims to transport the first volume in the third quarter of 2025. Ongoing strategic investments in the port, including the LPG JV with Empresas Gasco, are progressing as planned. Additionally, the port is also reviewing new investment opportunities that leverage its facilities and infrastructure for profitable long-term growth.

We are very pleased to announce that on March 11, 2025, Frontera was once again recognized by Ethisphere as one of the World’s most Ethical Companies. This is the fifth consecutive year that the Company has received this distinction from Ethisphere, a global leader in defining and advancing the standards of ethical business practices. 

Additionally, we also released our 2024 Sustainability Report which highlights the progress we have made over the last year against our sustainability goals, as we work towards a culture of corporate consciousness that allows us to state that we are committed to developing a sustainability strategy throughout our business to drive operational efficiency.”

First Quarter 2025 Operational and Financial Summary:

First Quarter 2025 Operational and Financial Results:

• The Company recorded a net income of $27.5 million or $0.35/share in the first quarter of 2025, compared with a net loss of $29.4 million or $0.36/share in the prior quarter and net loss of $8.5 million or $0.10/share in the first quarter of 2024. Net income for the first quarter included an income tax recovery of $9.7 million (including $15.4 million of deferred income tax recovery), income from operations of $13.6 million (net of a non cash impairment expense of $1.1 million), $15.1 million from share of income from associates, foreign exchange income of $2.2 million and $0.6 million related to gain on risk management contracts, partially offset by finance expenses of $15.4 million. This compared to net loss, attributable to equity holders of the Company of $8.5 million for the first quarter of 2024, mainly resulting from income tax expense of $26.6 million (including $21.6 million of deferred income tax expenses), finance expenses of $17.3 million and $8.8 million related to loss on risk management contracts, partially offset by an operating income of $29.7 million, and $13.9 million from share of income from associates.
• Production averaged 40,477 boe/d in the first quarter of 2025, down 5% compared to 42,406 boe/d in the prior quarter and up 6% against 38,193 boe/d in the first quarter of 2024. Compared to the fourth quarter 2024, heavy oil production decreased by 2%, mainly due to delays in the 2025 drilling campaign. Light and medium crude oil combined production and conventional natural gas production decreased primarily as a result of natural decline of the blocks, greater need of well interventions and increasing water production. Natural gas liquids production decreased quarter over quarter by 3%.

• Operating EBITDA was $83.5 million in the first quarter of 2025 compared to $113.5 million in the prior quarter and $97.2 million in the first quarter of 2024. The decrease in operating EBITDA compared to the prior quarter was mainly due to lower realization price ($62.26 versus $62.95), lower volumes sold and higher production costs during the quarter.
• Cash provided by operating activities in the first quarter of 2025 was $70.1 million, compared to $168.7 million in the prior quarter and $65.6 million in the first quarter of 2024.
• The Company reported a total cash position of $199.8 million at March 31, 2025, compared to $222.8 million at December 31, 2024 and $182.0 million at March 31, 2024. The Company generated $70.1 million of cash provided from operations during the quarter, compared to $168.7 million in the previous quarter. During the quarter, the Company invested $46.7 million of capital expenditures and paid $34 million in shareholder distributions.
• As at March 31, 2025, the Company had a total crude oil inventory balance of 911,886 bbls compared to 1,029,466 bbls at December 31, 2024. As of March 31, 2025, the Company had a total inventory balance in Colombia of 392,821 barrels, including 223,484 crude oil barrels and 169,337 barrels of diluent and others. This compared to 501,778 as of December 31, 2024, and 683,335 barrels as at March 31, 2024. The decrease in inventory balance was primarily due to lower production during the quarter.
• Capital expenditures were approximately $46.7 million in the first quarter of 2025, compared with $85.9 million in the prior quarter and $69.4 million in the first quarter of 2024. During the first quarter, the Company drilled 13 development wells at its Quifa and CPE-6 blocks in Colombia.
• The Company’s net sales realized price was $62.26/boe in the first quarter of 2025, compared to $62.95/boe in the prior quarter and $70.18/boe in the first quarter of 2024. The decrease in the Company’s net sales realized price quarter over quarter was mainly driven by higher purchased crude net margin and the premiums paid from oil price risk management contracts settled during the first quarter 2025, partially offset by higher Brent benchmark oil price and better oil price differentials.
• The Company’s operating netback was $34.52/boe in the first quarter of 2025, compared with $38.65/boe in the prior quarter and $43.21/boe in the first quarter of 2024. The decrease was a result of higher production cost (excluding energy cost), net of realized FX hedge impact, driven by higher well intervention activities during the quarter, higher transportation costs, net of realized FX hedge impact attributed to annual transportation tariff increases and higher energy costs, net of realized FX hedge impact.
• Production costs (excluding energy cost), net of realized FX hedge impact, averaged $10.04/boe in the first quarter of 2025, compared with $7.66/boe in the prior quarter and $10.21/boe in the first quarter of 2024. The increase in production cost was driven by higher well intervention activities resulting from unforeseen well failures during the quarter.
• Energy costs, net of realized FX hedging impacts, averaged $5.38/boe in the first quarter of 2025, compared to $5.29/boe in the prior quarter and up from $5.29/boe in the first quarter of 2024. The increase quarter over quarter was mainly due to carbon credits purchases in the first quarter of 2025 and higher energy price increase.
• Transportation costs, net of realized FX hedging impacts averaged $12.32/boe in the first quarter of 2025, compared with $11.35/boe in the prior quarter and $11.47/boe in the first quarter of 2024. The increase in transportation costs during the quarter was primarily attributed to tariff increases for the Ocensa pipeline and trucking.
• ODL volumes transported were 236,387 bbl/d during the first quarter of 2025, which were in line with 235,528 bbl/d transported in the fourth quarter of 2024.
• Total Puerto Bahia liquids volumes were 51,579 bbl/d during the first quarter 2025 compared to 61,990 bbl/d in the fourth quarter of 2024. The decrease in volumes during the quarter was related to lower Nafta imported, due to lower requirements from third parties.
• Adjusted Infrastructure EBITDA in the first quarter of 2025 was $28.6 million, compared to $27.5 million in the fourth quarter 2024, which increased mainly due to positive results in the ODL segment driven by the pipeline tariff increase and lower costs during the quarter.

Frontera’s Sustainability Strategy

Frontera successfully achieved 100% of its 2024 sustainability goals, marking the first milestone towards its 2028 Sustainability Strategy.

On environmental achievements:

• The Company neutralized 50% of all the 2024 emissions
• A total of 70,162 tons of CO2 eq were absorbed from our environmental compensation areas
• 35% of Frontera’s operation water was reused

Regarding the Company’s social contributions:

• Frontera achieved its best Total Recordable Incident Rate (TRIR) ever, with a 6% reduction compared to 2023
• 12% of total purchases from local goods and services suppliers and providers, 3% increase compared to 2023
• Invested $4.1 million in social projects benefiting 66,303 people near its operations
• Frontera was ranked among the top 20 best companies to work in Colombia by Great Place to Work in 2024

On the governance front

• Ethisphere recognized Frontera for the 4^th consecutive year, as one of the most ethical companies in the world

As reflected in our 2024 Sustainability Report, Frontera Energy ratifies its commitment to develop its business in a responsible manner aiming to build a sustainable future.

Frontera’s Sustainability Report can be accessed on the Company’s website at: https://www.fronteraenergy.ca/sustainability-reports/.

Strategic Review Update: ODL Recapitalization, Additional Opportunities, Shareholder Distribution and Debt Tender 

The Board is advancing on the strategic path for maximizing shareholder value in Frontera’s Infrastructure assets. The next step is the strategic recapitalization of its investment in Oleoducto de los Llanos S.A. (“ODL”), and the development of key growth projects in Puerto Bahia. Frontera’s Board will remain open to and consider all opportunities to enhance shareholder value, including a potential future separation and other strategic transactions involving the Infrastructure business, which could include a potential LNG import facility in Puerto Bahia.

Pursuant to the terms and conditions of the commitment letter amongst the Company’s wholly-owned subsidiary, Frontera Pipeline Investment AG, as borrower, and Macquarie Group. and subject to the execution of definitive documentation, the Company expects to raise $220 million in non-recourse secured financing supported by Frontera’s indirect interest in ODL. The recapitalization financing would be a non-recourse secured financing supported by the cash flows from the Company’s interest in ODL. The recapitalization is expected to allow the Company to receive approximately $115 million in proceeds, after the refinancing of existing indebtedness, while maintaining the future upside of this key transportation asset in Colombia. Furthermore, the financing is expected to exclude Puerto Bahía from the security package, which would provide Puerto Bahía with greater flexibility to secure independent financing for new strategic growth projects.

Although there can be no assurance that the financing will be completed, the Company expects to enter into definitive agreements and close the financing shortly. As a result, the Company is launching a $65 million capped tender and consent solicitation of the 2028 Senior Unsecured Notes (which is subject to a financing and other conditions) and plans to commence a substantial issuer bid to purchase up to $65 million of the Company’s outstanding shares.

Enhancing Shareholder Returns

The Company will continue to consider investor-focused initiatives in 2025 and beyond, including potential additional dividends, distributions, share or bond buybacks, based on the overall results of the businesses, oil prices and cash flow generation. Additionally, the Company also continues to consider all options to enhance the value of its common shares in the short term, and in so doing may consider forms of strategic initiatives or transactions, which may include a further return of capital to shareholders, a merger or a business combination, or the transfer, sale or other disposition of all or a significant portion of the business, assets or securities of the Company or the recapitalization of interests in one or more subsidiaries or in assets of the Company, whether in one or a series of transactions. However, there can be no assurance that any such initiative or transaction will occur or if it occurs, the timing thereof. 

SIB: As mentioned above, subject to and conditional upon closing the ODL recapitalization, the Company intends to commence a substantial issuer bid (“SIB”) pursuant to which the Company will offer to purchase up to $65 million of its common shares for cancellation at a fixed price per share.

The Company intends to determine the terms of the SIB, including pricing, in due course, and expects that the SIB will be completed in July 2025. Commencement and/or completion of the SIB would be subject to receipt of a satisfactory liquidity opinion from a qualified financial adviser, approval of the Board of Directors, and obtaining any necessary exemptive relief under applicable securities laws in Canada. The SIB would not be conditional upon any minimum number of shares being tendered and will be subject to conditions customary for transactions of this nature.

NCIB: Frontera expects to commence a normal course issuer bid for its common shares (the “NCIB”) following the completion of the SIB. Subject to the acceptance of the TSX, the Company will seek to purchase, for cancellation, up to that number of common shares equal to the greater of (a) 5% of the Company’s issued and outstanding common shares, and (b) 10% of the Company’s “public float” (as such term is defined in the TSX Company Manual), during the 12-month period following commencement of the NCIB.

Bond Buybacks: In the first quarter 2025, the Company repurchased in the open market $1 million of its 2028 Unsecured Notes for cash, for a total cash consideration of $0.8 million and recognizing a gain of $0.2 million. As a result, the carrying value for the 2028 Unsecured Notes as of March 31, 2025, is $389.0 million.

Bond Capped Cash Tender & Consent Solicitation: As mentioned above, the Company is launching a capped cash tender and consent solicitation in connection with its 2028 Senior Unsecured Notes, pursuant to which the Company will offer to purchase up to $65 million of its 2028 Senior Unsecured Notes. 

Simultaneously with the tender offer, Frontera is launching a solicitation of consents from holders of the 2028 Senior Unsecured Notes to effect certain proposed amendments to the indenture governing the 2028 Senior Unsecured Notes dated as of June 21, 2021 (as amended and/or supplemented from time to time, the “Notes Indenture”). The tender offer and consent solicitation will be subject to various conditions, including, without limitation, the condition that the Company shall have obtained debt financing on terms and conditions and yielding net cash proceeds reasonably satisfactory to the Company.

The purpose of the tender offer and consent solicitation is to gain greater financial and operational flexibility while simultaneously reducing the Company’s overall debt. Additionally, the proposed amendments shall permit the Company to take certain actions previously limited by certain restrictions in the Notes Indenture, including, but not limited to, allowing for additional restricted payments (including those related to unrestricted subsidiaries), provide additional flexibility in managing working capital to support operational efficiency and financial resilience, increase the amount of permitted indebtedness and liens and reduce conditions and requirements limiting the Company’s ability to pursue strategic transactions that may enhance the issuer’s growth and value, in each case, without violating the provisions of the Note Indenture. Further details regarding the tender offer and solicitation are expected to be announced later today.

Dividend: Pursuant to Frontera’s dividend policy, Frontera’s Board of Directors has declared a dividend of C$0.0625 per common share to be paid on or around July 17, 2025, to shareholders of record at the close of business on July 3, 2025.

This dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada). This dividend is eligible for the Company’s Dividend Reinvestment Plan which provides shareholders of Frontera who are resident in Canada with the option to have the cash dividends declared on their common shares reinvested automatically back into additional common shares, without the payment of brokerage commissions or service charges

Frontera’s Three Core Businesses

Frontera’s three core businesses include: (1) its Colombia and Ecuador Upstream Onshore business, (2) its standalone and growing Colombian Infrastructure business, and (3) its potentially transformational Guyana Exploration business offshore Guyana.

Colombia & Ecuador Upstream Onshore

Colombia

During the first quarter of 2025, Frontera produced 39,010 boe/d from its Colombian operations (consisting of 27,167 bbl/d of heavy crude oil, 9,531 bbl/d of light and medium crude oil, 2,274 mcf/d of conventional natural gas and 1,913 boe/d of natural gas liquids).

In the first quarter of 2025, the Company drilled 13 development wells at the Quifa and CPE-6 blocks in Colombia and completed well interventions at 36 others.

Currently, the Company has 1 drilling rig and 2 intervention rigs active at its Quifa and CPE-6 blocks.

Quifa Block: Quifa SW and Cajua

At Quifa, first quarter 2025 production averaged 16,766 bbl/d of heavy crude oil (including both Quifa and Cajua). The Company invested new and improved flow lines facilities in the Cajua field, to support production for new wells and the connection to Company’s reverse osmosis water treatment facility (“SAARA”).

In the first quarter 2025, the Company handled an average of approximately 1.67 million barrels of water per day in Quifa including the water handled at SAARA.

CPE-6

At CPE-6, first quarter 2025 production averaged approximately 8,056 bbl/d of heavy crude oil, decreasing from 8,466 bbl/d during the fourth quarter of 2024.

During the first quarter 2025, the Company handled an average of approximately 317 thousand barrels of water per day in CPE-6.

The Company’s current water handling capacity in CPE-6 is approximately 360 thousand barrels of water per day.

Other Colombia Developments

At Guatiquia, production during the first quarter 2025 averaged 5,119 bbl/d of light and medium crude compared with 5,690 bbl/d in the fourth quarter of 2024.

In the Cubiro block production averaged 1,213 bbl/d of light and medium crude oil in the first quarter of 2025 compared with 1,310 bbl/d in the fourth quarter 2024.

At VIM-1 (Frontera 50% W.I., non-operator), production averaged 1,840 boe/d of light and medium crude oil in the first quarter of 2025 compared to 1,883 boe/d of light and medium crude oil in the fourth quarter of 2024.

At the Sabanero block, production averaged 2,346 boe/d of heavy oil crude production in the first quarter of 2025 compared to 2,384 boe/d in the fourth quarter of 2024.

Colombia Exploration Assets

During the first quarter of 2025, the Company’s exploration focus remained on the Lower Magdalena Valley and Llanos Basins in Colombia. At the Cachicamo block, the Papilio-1 well was spud on December 31, 2024, reaching a total measured depth of 8,580 feet by January 8, 2025. Integration of drilling data and petrophysical interpretation identified 21.5 feet of net pay and well is currently producing approximately 130 boe/d with 97% basic sediment and water (BSW).

The Greta Norte-1 well was drilled on January 18, 2025, and reached a total measured depth of 12,174 feet on February 5, 2025. Integration of drilling data and petrophysical interpretation identified 12.5 feet of net pay, and the well will be plugged and abandoned. At the VIM-1 block, ongoing discussions with authorities and communities to drill the Hidra-1 well during the second half of 2025. At the Llanos 119 Block, the Company has requested the transfer of the remaining exploration commitments to VIM-46 block and subsequent relinquishment.

In addition, the Company is also engaged in pre-seismic and pre-drilling activities related to social and environmental studies in the Llanos-99 and VIM-46 blocks.

Ecuador

In Ecuador, first quarter 2025 production averaged approximately 1,467 bbl/d of light and medium crude oil compared to 1,750 bbl/d in the prior quarter.

At the Espejo block (Frontera holds a 50% W.I. and is a non-operator), the Espejo Sur-B3 well continues its long-term tests with a production of 380 bbl/d gross and a BSW of 73%. The Company still continue to evaluate the development plan.

2. Infrastructure Colombia

Frontera’s Infrastructure Colombia Segment includes the Company’s 35% equity interest in the ODL pipeline through Frontera’s wholly owned subsidiary, PIL and the Company’s 99.97% interest in Puerto Bahia. Beginning in 2024, the Infrastructure Colombia Segment also includes SAARA and its palm oil plantation (ProAgrollanos).

Frontera processed 81,481 barrels of water per day at is SAARA reverse osmosis water-treatment facility during the quarter and remains focused on reaching the 250,000 barrels of water per day processed goal. The Company continues to execute on its strategic priorities supporting the long-term growth and sustainability of its businesses.

For Puerto Bahia, the Company’s focus remains on starting up the connection project between Puerto Bahia’s port facility and the Cartagena refinery (the “Reficar Connection Project”). With construction effectively complete, the Company aims to transport the first volume in the third quarter of 2025. Ongoing strategic investments in the port, including the LPG JV with Empresas Gasco, are progressing as planned. Additionally, the port is also reviewing new investment opportunities that leverage its facilities and infrastructure for profitable long-term growth.

Infrastructure Colombia Segment Results

Adjusted Infrastructure EBITDA in the first quarter of 2025 was $28.6 million, compared with $27.5 million during the fourth quarter of 2024. The increase was mainly due to positive results in the ODL segment driven by the pipeline tariff increase and lower costs during the quarter.

Segment capital expenditures for the three months ended March 31, 2025, were $2.7 million mostly for Puerto Bahia investments by $1.9 million, including: (i) the Reficar Connection Project by $0.8 million, (ii) tank maintenance, and (iii) general cargo terminal facilities. In addition, this includes investment in the SAARA project.

The following table shows the volumes pumped per injection point in ODL:

The following table shows throughput for the liquids port facility at Puerto Bahia:

The following table shows the barrels of water per day treated and irrigated in SAARA and field performance indicators for Proagrollanos:

3. Guyana Exploration

On March 13, 2025, the Company and CGX (the “Joint Venture”) announced the receipt of a communication from the Government of Guyana indicating that, on the one hand, the Government was of the view that the Petroleum Prospecting License (“PPL”) and Petroleum Agreement are at an end but, on the other hand, that the Government was terminating the Petroleum Agreement and cancelling the PPL.

On March 26, 2025, the Company and its subsidiaries Frontera Petroleum International Holding B.V. and Frontera Energy Guyana Holding Ltd. (the “Investors”) sent a notice of intent to the Government of Guyana, by which the Investors alleged breaches of the United Kingdom – Guyana Bilateral Investment Treaty (BIT) and the Guyana Investment Act by the Government of Guyana (the “Notice of Intent”). The Notice of Intent initiated a three-month period for consultations and negotiations between the parties to resolve the dispute amicably.

The Joint Venture remains firmly of the view that its interest in, and the PPL for, the Corentyne block remain in place and in good standing, and continues to invite the Government to amicably resolve the issues affecting the Joint Venture’s investments in the Corentyne block. Should the parties not reach a mutually agreeable solution, the Joint Venture and its other stakeholders are prepared to assert their legal rights.

The Joint Venture looks forward to expeditiously resolving this matter and continuing its multi-year efforts and investments to realize value for the people of Guyana and its shareholders from the Corentyne block.

Hedging Update

As part of its risk management strategy, Frontera uses derivative commodity instruments to manage exposure to price volatility by hedging a portion of its oil production. The Company’s strategy aims to protect a minimum of 40% of its estimated net after royalties’ production with a tactical approach using derivative commodity instruments, to protect the Company’s revenue generation and cash position, while maximizing the upside.

The following table summarizes Frontera’s hedging position as of May 7, 2025.

The Company is exposed to foreign currency fluctuations primarily arising from expenditures that are incurred in COP and its fluctuation against the USD. As of May 7, 2025 the Company had the following foreign currency derivatives contracts:

First Quarter 2025 Financial Results Conference Call Details

A conference call for investors and analysts will be held on Monday, May 9, 2025, at 12:00 p.m. Eastern Time. Participants will include Gabriel de Alba, Chairman of the Board of Directors, Orlando Cabrales, Chief Executive Officer, Rene Burgos, Chief Financial Officer, and other members of the senior management team.

Analysts and investors are invited to participate using the following dial-in numbers:

A replay of the conference call will be available until 11:59 p.m. Eastern Time on May 16, 2025.

About Frontera:

Frontera Energy Corporation is a Canadian public company involved in the exploration, development, production, transportation, storage and sale of oil and natural gas in South America, including related investments in both upstream and midstream facilities. The Company has a diversified portfolio of assets with interests in 22 exploration and production blocks in Colombia, Ecuador and Guyana, and pipeline and port facilities in Colombia. Frontera is committed to conducting business safely and in a socially, environmentally and ethically responsible manner.

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Social Media

Follow Frontera Energy social media channels at the following links:

Twitter: https://twitter.com/fronteraenergy?lang=en
Facebook: https://es-la.facebook.com/FronteraEnergy/
LinkedIn: https://co.linkedin.com/company/frontera-energy-corp. 

Advisories:

Cautionary Note Concerning Forward-Looking Statements

This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, the Company entering into definitive agreements with respect to the ODL recapitalization and the closing of the financing related thereto, the Company’s goal of enhancing shareholder value by considering forms of strategic initiatives or transactions, the commencement of a substantial issuer bid and the terms and timing thereof, the commencement of the tender offer and consent solicitation for the 2028 Senior Unsecured Notes and the terms and timing thereof,] the commencement of the NCIB and the terms and timing thereof, the timing of the payment of the dividend, future activities with respect to the Company’s Colombia exploration assets, the operational timing of the Reficar Connection Project, the water handling capacity at its SAARA water treatment facility, the Company’s exploration and development plans and objectives, production levels, profitability, costs, future income generation capacity, cash levels (including the timing and ability to release restricted cash), regulatory approval, the Company’s hedging program and its ability to mitigate the impact of changes in oil prices), and holding the conference call for investors and analysts and the timing thereof are forward-looking statements. 

These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the failure to enter into definitive agreements with respect to the ODL recapitalization and close such transaction, which could prevent or the commencement of the SIB or lead to the termination or withdrawal of the tender offer and solicitation in respect of the 2028 Senior Unsecured Notes; volatility in market prices for oil and natural gas; measures the Company has taken and continues to take or may take in response to pandemics; the newly imposed U.S. trade tariffs affecting over fifty countries and escalating tensions with China; the impact of the Russia–Ukraine conflict and the conflict in the Middle East; actions of the Organization of Petroleum Exporting Countries; uncertainties associated with estimating and establishing oil and natural gas reserves and resources; liabilities inherent with the exploration, development, exploitation and reclamation of oil and natural gas; uncertainty of estimates of capital and operating costs, production estimates and estimated economic return; increases or changes to transportation costs; expectations regarding the Company’s ability to raise capital and to continually add reserves through acquisition and development; the Company’s ability to complete strategic initiatives or transactions to enhance the value of its common shares and the timing thereof; the Company’s ability to access additional financing; the ability of the Company to maintain its credit ratings; the ability of the Company to: meet its financial obligations and minimum commitments, fund capital expenditures and comply with covenants contained in the agreements that govern indebtedness; political developments in the countries where the Company operates; the uncertainties involved in interpreting drilling results and other geological data; geological, technical, drilling and processing problems; timing on receipt of government approvals; fluctuations in foreign exchange or interest rates and stock market volatility; the ability of the Joint Venture to reach an agreement with the Government of Guyana in respect of the Joint Venture’s interest in, and the petroleum prospecting license for, the Corentyne block, and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s annual information form dated March 10, 2025 filed on SEDAR+ at www.sedarplus.ca. 

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

This news release contains future oriented financial information and financial outlook information (collectively, “FOFI”) (including, without limitation, statements regarding expected average production), and are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraph. The FOFI has been prepared by management to provide an outlook of the Company’s activities and results, and such information may not be appropriate for other purposes. The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management’s reasonable estimates and judgments, however, actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein. Any FOFI speaks only as of the date on which it is made, and the Company disclaims any intent or obligation to update any FOFI, whether as a result of new information, future events or results or otherwise, unless required by applicable laws.

Non-IFRS Financial Measures

This press release contains various “non-IFRS financial measures” (equivalent to “non-GAAP financial measures”, as such term is defined in NI 52-112), “non-IFRS ratios” (equivalent to “non-GAAP ratios”, as such term is defined in NI 52-112), “supplementary financial measures” (as such term is defined in NI 52-112) and “capital management measures” (as such term is defined in NI 52-112), which are described in further detail below. Such measures do not have standardized IFRS definitions. The Company’s determination of these non-IFRS financial measures may differ from other reporting issuers and they are therefore unlikely to be comparable to similar measures presented by other companies. Furthermore, these financial measures should not be considered in isolation or as a substitute for measures of performance or cash flows as prepared in accordance with IFRS. These financial measures do not replace or supersede any standardized measure under IFRS. Other companies in our industry may calculate these measures differently than we do, limiting their usefulness as comparative measures.

The Company discloses these financial measures, together with measures prepared in accordance with IFRS, because management believes they provide useful information to investors and shareholders, as management uses them to evaluate the operating performance of the Company. These financial measures highlight trends in the Company’s core business that may not otherwise be apparent when relying solely on IFRS financial measures. Further, management also uses non-IFRS measures to exclude the impact of certain expenses and income that management does not believe reflect the Company’s underlying operating performance. The Company’s management also uses non-IFRS measures in order to facilitate operating performance comparisons from period to period and to prepare annual operating budgets and as a measure of the Company’s ability to finance its ongoing operations and obligations.

Set forth below is a description of the non-IFRS financial measures, non-IFRS ratios, supplementary financial measures and capital management measures used in the MD&A.

Operating EBITDA

EBITDA is a commonly used non-IFRS financial measure that adjusts net income as reported under IFRS to exclude the effects of income taxes, finance income and expenses, and DD&A. Operating EBITDA is a non-IFRS financial measure that represents the operating results of the Company’s primary business, excluding the following items: restructuring, severance and other costs, post-termination obligation, payments of minimum work commitments and, certain non-cash items (such as impairments, foreign exchange, unrealized risk management contracts, and share-based compensation) and gains or losses arising from the disposal of capital assets. In addition, other unusual or non-recurring items are excluded from operating EBITDA, as they are not indicative of the underlying core operating performance of the Company.

A reconciliation of Operating EBITDA to net loss (income) is as follows:

Capital Expenditures

Capital expenditures is a non-IFRS financial measure that reflects the cash and non-cash items used by the Company to invest in capital assets. This financial measure considers oil and gas properties, plant and equipment, infrastructure, exploration and evaluation assets expenditures which are items reconciled to the Company’s Statements of Cash Flows for the period.

Infrastructure Colombia Calculations

Each of Adjusted Infrastructure Revenue, Adjusted Infrastructure Operating Costs and Adjusted Infrastructure General and Administrative, is a non-IFRS financial measure, and each is used to evaluate the performance of the Infrastructure Colombia Segment operations. Adjusted Infrastructure Revenue includes revenues of the Infrastructure Colombia Segment including ODL’s revenue direct participation interest. Adjusted Infrastructure Operating Costs includes costs of the Infrastructure Colombia Segment including ODL’s cost direct participation interest. Adjusted Infrastructure General and Administrative includes general and administrative costs of the Infrastructure Colombia Segment including ODL’s general and administrative direct participation interest.

A reconciliation of each of Adjusted Infrastructure Revenue, Adjusted Infrastructure Operating Costs and Adjusted Infrastructure General and Administrative is provided below.

Adjusted Infrastructure EBITDA

The Adjusted Infrastructure EBITDA is a non-IFRS financial measure used to assist in measuring the operating results of the Infrastructure Colombia Segment business.

Net Sales

Net sales is a non-IFRS financial measure that adjusts revenue to include realized gains and losses from oil risk management contracts while removing the cost of any volumes purchased from third parties. This is a useful indicator for management, as the Company hedges a portion of its oil production using derivative instruments to manage exposure to oil price volatility. This metric allows the Company to report its realized net sales after factoring in these oil risk management activities. The deduction of cost of purchases is helpful to understand the Company’s sales performance based on the net realized proceeds from its own production, the cost of which is partially recovered when the blended product is sold. Net sales also exclude sales from port services, as it is not considered part of the oil and gas segment. Refer to the reconciliation in the “Sales” section on page 10 of the MD&A.

Operating Netback and Oil and Gas Sales, Net of Purchases

Operating netback is a non-IFRS financial measure and operating netback per boe is a non-IFRS ratio. Operating netback per boe is used to assess the net margin of the Company’s production after subtracting all costs associated with bringing one barrel of oil to the market. It is also commonly used by the oil and gas industry to analyze financial and operating performance expressed as profit per barrel and is an indicator of how efficient the Company is at extracting and selling its product. For netback purposes, the Company removes the effects of any trading activities and results from its Infrastructure Colombia Segment from the per barrel metrics and adds the effects attributable to transportation and operating costs of any realized gain or loss on foreign exchange risk management contracts. Refer to the reconciliation in the “Operating Netback” section on page 9 of the MD&A.

The following is a description of each component of the Company’s operating netback and how it is calculated. Oil and gas sales, net of purchases, is a non-IFRS financial measure that is calculated using oil and gas sales less the cost of volumes purchased from third parties including its transportation and refining costs. Oil and gas sales, net of purchases per boe, is a non-IFRS ratio that is calculated using oil and gas sales, net of purchases, divided by the total sales volumes, net of purchases. A reconciliation of this calculation is provided below:

Non-IFRS Ratios

Realized oil price, net of purchases, and realized gas price per boe

Realized oil price, net of purchases, and realized gas price per boe are both non-IFRS ratios. Realized oil price, net of purchases, per boe is calculated using oil sales net of purchases, divided by total sales volumes, net of purchases. Realized gas price is calculated using sales from gas production divided by the conventional natural gas sales volumes.

Net sales realized price

Net sales realized price is a non-IFRS ratio that is calculated using net sales (including oil and gas sales net of purchases, realized gains and losses from oil risk management contracts and less royalties). Net sales realized price per boe is a non-IFRS ratio which is calculated dividing each component by total sales volumes, net of purchases. A reconciliation of this calculation is provided below:

Purchase crude net margin

Purchase crude net margin is a non-IFRS financial measure that is calculated using the purchased crude oil and products sales, less the cost of those volumes purchased from third parties including its transportation and refining costs. Purchase crude net margin per boe is a non-IFRS ratio that is calculated using the Purchase crude net margin, divided by the total sales volumes, net of purchases. A reconciliation of this calculation is provided below:

Production costs (excluding energy cost), net of realized FX hedge impact, and production cost (excluding energy cost), net of realized FX hedge impact per boe

Production costs (excluding energy cost), net of realized FX hedge impact is a non-IFRS financial measure that mainly includes lifting costs, activities developed in the blocks, processes to put the crude oil and gas in sales condition and the realized gain or loss on foreign exchange risk management contracts attributable to production costs. Production cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using production cost (excluding energy cost), net of realized FX hedge impact divided by production (before royalties). A reconciliation of this calculation is provided below:

Energy costs, net of realized FX hedge impact, and production cost, net of realized FX hedge impact per boe

Energy costs, net of realized FX hedge impact is a non-IFRS financial measure that describes the electricity consumption and the costs of localized energy generation and the realized gain or loss on foreign exchange risk management contracts attributable to energy costs. Energy cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using energy cost, net of realized FX hedge impact divided by production (before royalties). A reconciliation of this calculation is provided below:

Transportation costs, net of realized FX hedge impact, and transportation costs, net of realized FX hedge impact per boe

Transportation costs, net of realized FX hedge impact is a non-IFRS financial measure, that includes all commercial and logistics costs associated with the sale of produced crude oil and gas such as trucking and pipeline, and the realized gain or loss on foreign exchange risk management contracts attributable to transportation costs. Transportation cost, net of realized FX hedge impact per boe is a non-IFRS ratio that is calculated using transportation cost, net of realized FX hedge impact divided by net production after royalties. A reconciliation of this calculation is provided below:

Supplementary Financial Measures

Realized (loss) gain on oil risk management contracts per boe

Realized (loss) gain on oil risk management contracts includes the gain or loss during the period, as a result of the Company´s exposure in derivative contracts of crude oil. Realized (loss) gain on oil risk management contracts per boe is a supplementary financial measure that is calculated using Realized (loss) gain on risk management contracts divided by total sales volumes, net of purchases.

Royalties per boe

Royalties includes royalties and amounts paid to previous owners of certain blocks in Colombia and cash payments for PAP. Royalties per boe is a supplementary financial measure that is calculated using the royalties divided by total sales volumes, net of purchases.

Capital Management Measures

Restricted cash short- and long-term

Restricted cash (short- and long-term) is a capital management measure, that sums the short-term portion and long-term portion of the cash that the Company has in term deposits that have been escrowed to cover future commitments and future abandonment obligations, or insurance collateral for certain contingencies and other matters that are not available for immediate disbursement.

Total cash

Total cash is a capital management measure to describe the total cash and cash equivalents restricted and unrestricted available, is comprised by the cash and cash equivalents and the restricted cash short and long-term.

Total debt and lease liabilities

Total debt and lease liabilities are capital management measures to describe the total financial liabilities of the Company and is comprised of the debt of the 2028 Unsecured Notes, loans, and liabilities from leases of various properties, power generation supply, vehicles and other assets.

Definitions:

www.fronteraenergy.ca 

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SOURCE Frontera Energy Corporation

MUNICH, May 9, 2025 /PRNewswire/ — At Intersolar Europe 2025, Pylontech (SHSE:688063), a global leader in energy storage sector, unveiled its next-generation liquid-cooled systems tailored for the rapidly growing commercial and industrial (C&I) energy storage market in Europe.

As a pioneer and leader in residential energy storage, Pylontech has built a strong global brand presence, supported by its vertically integrated R&D and manufacturing capabilities—from core cell technology to complete system integration. In response to the growing demand from the commercial and industrial (C&I) sector, Pylontech has significantly expanded its product portfolio in recent years. At this year’s event, the company unveiled the liquid-cooled L2200 OMNI and L3300 BAT—safe, reliable, and high-performance energy storage solutions tailored to meet the evolving needs of the market.

The L2200 OMNI is an all-in-one containerized system that integrates PCS, transformer, EMS, and fire protection—offering a plug-and-play solution with simplified deployment and minimized commissioning time. The system features comprehensive safety mechanisms and supports a 1C rate, delivering robust performance. The L3300 BAT is a battery-only system, providing flexibility for diverse applications. Both solutions are engineered for high safety, fast deployment, and strong performance with high C rate. They are certified to major international standards including IEC, VDE, and UN38.3 and more, underscoring Pylontech’s commitment to global compliance and market readiness.

In parallel, Pylontech released a joint white paper with TÜV Rheinland titled “High Environmental Adaptability for Commercial and Industrial Liquid-Cooling Battery Energy Storage Systems.” The paper addresses the need for stable system performance in environments subject to temperature fluctuations, humidity changes, vibrations, and spatial constraints, etc. and offers insights and practices for tackling these challenges.

“Over the past decade, we have been proud to play an active role in the energy storage industry and witnessed its significant role in shaping the future of energy,” said Geoffrey Song, Vice President of Pylontech. “In Europe, the demand from the commercial and industrial sectors is rapidly increasing. We are dedicated to providing the solutions our customers need, remaining a reliable partner and collaborating with industry peers to build a more sustainable future.”

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SOURCE Pylontech

MUNICH, May 9, 2025 /PRNewswire/ — CRRC Zhuzhou Institute Co., Ltd. (“CRRC Zhuzhou”) presents its full suite of zero-carbon technologies at Intersolar Europe 2025, taking place May 7^th–9^th in Munich, Germany. The company’s exhibit at booth B2.540 of Messe München features solutions spanning the entire energy value chain, reflecting its growing role in global decarbonization efforts.

Under the theme Powering A Carbon-free Word, CRRC Zhuzhou showcases its integrated solution that enables efficient synergy and optimized configuration across five key areas: power generation, power grid, load management, energy storage and hydrogen production, supporting Europe’s shift to a zero-carbon future.

Wind-Solar-Storage-Hydrogen: A Tech Extravaganza

CRRC Zhuzhou features a two-meter-long dynamic sandbox model, scaled at 1:1000, simulating real-world interactions among wind power, solar generation, energy storage, and hydrogen production systems. The exhibit includes current flow simulations and is designed to illustrate the company’s integrated technology capabilities supporting the global energy transition.

Complete Smart PV Control Solutions for All Application Scenarios

• Utility-Scale Power Plants: 8.8MW centralized inverters compatible with n-type TOPCon bifacial modules, delivering peak performance even in harsh desert conditions.
• Commercial and Industrial: Integrated solar-storage smart energy stations with dynamic virtual power plant (DVPP) integration support, transforming rooftop PV into a zero-carbon solution.
• Residential: 10-30kW microinverter clusters with AI-powered arc-fault protection, ensuring millimeter-precision safety for a worry-free environmentally responsible energy solution for the home.

High-Density Energy Storage Targets Grid Resilience

CRRC Zhuzhou unveils its next-generation 6MWh energy storage solution, featuring：

• Designed to improve grid flexibility and efficiency；
• Housed in a standard 20-foot container；
• The system delivers over 20% higher energy density；
• The system reduces power consumption by more than 20% compared to previous models.

5MW All-in-One System Highlights Engineering Integration

The company also showcases its 5MW all-in-one energy storage system, featuring:

• Integrated smart smoke and temperature detection alarm system;
• Intelligent monitoring and control unit with redundant high/low-voltage protection;
• VSG control, full-power four-quadrant operation, and millisecond-level black start response;
• Compatibility with CRRC’s proprietary 5.X liquid-cooled battery modules for international markets;
• Space-efficient 20-foot container design with a 30% smaller footprint than conventional setups;
• Modular architecture to streamline maintenance and replacement.

Green Hydrogen Revolution: Smart Manufacturing for the Future

CRRC Zhuzhou debuts a next-generation model for high-performance, flexible green hydrogen production, designed to demonstrate dynamic integration across electricity, hydrogen, and storage systems.

• The green hydrogen solution features revolutionary electrolysis efficiency and intelligent control, the innovative system is intended to achieve industrial-scale and cost-effective adoption.
• The system includes six proprietary core components: the hydrogen production power supply, the energy management system (EMS), the distributed control system (DCS), the high-efficiency electrolyzers, the advanced gas separation units, and the precision purification systems.
• Its applications span across chemical processing, steel manufacturing, clean transportation, and renewable energy storage, accelerating the global transition to zero-carbon hydrogen economies.

CRRC Zhuzhou’s advanced solutions are deployed in over 60 countries, powering major landmark projects such as the world’s highest-altitude PV plant, wind farm, and the most powerful floating offshore wind turbine, plus large-scale green hydrogen solutions.

“At this year’s event, we look forward to meaningful dialogue with global partners on technological advancement, collaborative deployment, and accelerating the path to a zero-carbon future,” said Shang Jing, general manager of CRRC Zhuzhou Institute.

 

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SOURCE CRRC Zhuzhou Institute Co., Ltd

HYDERABAD, India, May 9, 2025 /PRNewswire/ — In what would be one of the world’s largest renewable energy contracts, Coal India Limited (CIL) plans to supply 4500 MW of carbon-free energy, in phased manner, to upcoming green ammonia facilities of AM Green. It would be through a combination of solar and wind whose capacities CIL aims to set up on pan India basis. This initiative aligns with India’s national goal of achieving a cleaner energy mix and transition towards net-zero emissions.

A formal non-binding memorandum of understanding (MoU), for long-term supply and sourcing of renewable energy, was inked on 7^th May between the two entities.

While the solar power capacity would be to the tune of 2500 MW to 3000 MW, wind is expected to account between 1500 MW and 2000 MW at an estimated total outlay of around Rs. 25,000 Crores. Potential sites for wind projects will be explored in the southern states of the country. And, for solar plants in the sunny states like Gujarat and Rajasthan.  

AM Green will integrate the two renewable sources supplied by CIL with pumped hydro storage to ensure a steady supply of green energy to AM Green facilities.

“While coal remains our mainstay in meeting India’s expanding energy needs in the near term, our plans include a proactive role in building a greener and more sustainable future. This is in consonance with our commitment to become the country’s integrated energy provider,” said P M Prasad, CIL’s Chairman.

AM Green promoted by the founders of Greenko, one of India’s leading energy transition solutions providers, targets to produce 5 million tons per annum (MTPA) of green ammonia by 2030. This equals to approximately 1 MTPA of green hydrogen and represents a fifth of India’s target for green hydrogen production under the National Green Hydrogen Mission.

Anil Chalamalasetty, Founder of the Hyderabad-based Greenko Group & AM Green, said, “We are delighted to partner with CIL on one of the world’s largest carbon-free, renewable energy supply contracts. We aim to become one of the most cost-competitive producers of green hydrogen, green ammonia, and other green molecules in the world.”

The agreement was signed by Sudarsan Bora, GM (E&M) representing CIL while his counterpart from AM Green was Shatanshu Agrawal, Sr. Vice President – Business Development. Present were P M Prasad, Chairman, CIL, Mukesh Choudhary, Director (Marketing) CIL and Anil Kumar, GM (MM & Solar) CIL.

About AM Green:

AM Green is promoted by the founders of Greenko Group, one of India’s leading renewable energy conglomerates with deep expertise in building, owning, and operating renewable assets. Greenko is currently developing large-scale closed-loop pumped storage projects to deliver round-the-clock power at competitive rates.

The founders have launched AM Green as a new energy transition platform focused on producing Sustainable Aviation Fuel, Green Ammonia, Green Hydrogen, Green Chemicals, and Biofuels. These efforts are structured through specialized subsidiaries, enabling technology partnerships and services.

AM Green will lead the production of green chemicals, hydrogen, and biofuels, with a strong commitment to scaling green ammonia across multiple Indian sites. Its goal is to reach 5 MTPA of green ammonia by 2030, equivalent to 1 MTPA of green hydrogen—representing 20% of India’s target and 10% of Europe’s import target, contributing significantly to global decarbonization and India’s net-zero goals.

Contact:

Suheil Imtiaz,
Public Affairs & Strategic Communication
suheil.m@amgreen.com 

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SOURCE AM Green

FORNEBU, Norway, May 9, 2025 /PRNewswire/ — In 2021, Kristian Røkke, Chairman of Aker Horizons ASA (the “Company”), participated in a share-based investment program in which the Company sold shares in its subsidiary Aker Horizons Holding AS for NOK 25 million. NOK 10 million were paid in cash by Kristian, and NOK 15 million were financed through a loan from the Company. The share program was settled in 2024 with a total loss for Kristian of NOK 23.8 million.

As part of the settlement, the shares were transferred back to the Company. The Company retained the NOK 10 million in cash contribution, while the portion of the loan not covered by the proceeds from the sale of the shares upon settlement was cancelled in accordance with the agreement. The amount of the loan cancellation in favor of Kristian was NOK 13.8 million, reducing his loss on the investment correspondingly. The debt cancellation mechanism was part of the original terms for the share program.

Kristian today paid NOK 13.8 million to the Company and gave the following comment:

“I recognize the concerns raised by stakeholders and have listened. To reinforce alignment, I have chosen to repay the loan amount that was otherwise cancelled under the agreed terms.”

Contacts

For further information, please contact:

Jonas Gamre, Investor Relations, tel: +47 97 11 82 92, email: jonas.gamre@akerhorizons.com
Mats Ektvedt, Media, tel: +47 41 42 33 28, email: mats.ektvedt@corporatecommunications.no 

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SOURCE Aker Horizons

FORNEBU, Norway, May 9, 2025 /PRNewswire/ — Aker ASA (Aker) and Aker Horizons ASA (Aker Horizons or AKH) today announce a merger (the Merger) whereby AKH’s subsidiary, Aker Horizons Holding AS (AKH Holding), will merge with a subsidiary of Aker ASA (AKH MergerCo) against consideration in the form of shares in Aker ASA and cash to all shareholders in Aker Horizons (other than Aker Capital). Specifically, shareholders will receive 0.001898 shares in Aker ASA (subject to rounding as described below) and NOK 0.267963 in cash for each share owned in AKH. The exchange ratio is based on the 30-day volume weighted average share price for each of Aker and AKH. The Merger is expected to be completed during the third quarter of 2025.

AKH Holding encompasses all business activities of the Aker Horizons group, including its shareholding in Aker Carbon Capture ASA (ACC), investment in Mainstream Renewable Power, and the Narvik properties. As described in a stock exchange notice from ACC today, ACC has entered into an agreement to sell its ownership interest in SLB Capturi AS to Aker, followed by a proposed dividend payment to ACC shareholders and liquidation of ACC.

To enable shareholders in AKH to benefit directly from the merger consideration, the shares in AKH Holding will be distributed as a dividend in kind to AKH shareholders immediately prior to completion of the Merger. Upon completion of the Merger, AKH shareholders who received AKH Holding shares as dividend in kind will receive the merger consideration in exchange for their shareholding in AKH Holding. The distribution of dividend in kind in the form of shares in AKH Holding is subject to approval by the shareholders of AKH. An extraordinary general meeting to consider this is expected to be called for the first part of June 2025.

AKH has also resolved to redeem 100% of the Aker Horizons AS FRN Senior Unsecured NOK 2,500,000,000 Green Bond 2021/2025 (ISIN NO0010923220) (the Green Bond) at a call price of 100.37 percent of par, plus accrued unpaid interest. AKH will utilize existing cash reserves for the redemption, which is expected to be completed by the end of May 2025. The early redemption will reduce cash interest costs for AKH that would otherwise accrue until the maturity of the Green Bond on August 15, 2025. The redemption is not conditional upon completion of the Merger.

As part of the overall transaction relating to the Merger:

• AKH will offer to repurchase the outstanding bonds under AKH’s NOK 1.6 billion Convertible Bond due 2026 (the Convertible Bond) at a cash price of 93% of par. Repurchased bonds will subsequently be cancelled. AKH will fund such redemption by drawing on a receivable against AKH Holding that will be established as part of the Merger, whereby the economic liability to repay the Convertible Bond is assumed by AKH Holding. Aker Capital, which holds Convertible Bonds equalling NOK 1.3 billion par value, has undertaken not to accept the redemption offer.
• AKH Holding will upon completion of the Merger assume the debtor position under AKH’s NOK 2.6 bn (including accrued interest) shareholder loan from Aker Capital.
• AKH will propose to DNB Bank ASA that the guarantee provided by AKH in relation to the Mainstream Renewable Power DNB facility shall be transferred to AKH MergerCo. Such transfers will be conditional upon completion of the Merger. The new shareholder loan from AKH to Mainstream Renewable Power issued in April 2025 and the new shareholder loan commitment will also be transferred to AKH MergerCo.

The transaction is the result of a strategic review process by the Board of Directors of Aker Horizons (the Board), who has concluded that it represents the most attractive alternative for Aker Horizons and its shareholders. There is significant market uncertainty and substantial funding requirements needed to realize the value creation potential in Aker Horizons’ portfolio of assets, which makes it challenging for Aker Horizons as a stand-alone listed company to raise financing without diluting existing shareholders. Additionally, Aker Horizons has significant debt that will mature during the next 12 months.

The Board believes that the Merger and other transactions described herein are in the best commercial interests of AKH, its shareholders, business partners and other stakeholders. Consequently, the Board has deemed it advisable and in the best interests of AKH and its shareholders to complete the transactions.

Following the completion of the Merger, Aker will continue to realize the value of AKH Holdings’ existing investments. Mainstream’s activities have been scaled down and the company is focusing on a few key areas, including South Africa and Australia. Overall, going forward the task is to manage risks and opportunities in the portfolio, including in Chile and within offshore wind.  In Narvik, the emphasis will be on developing the data center business opportunity.

Øyvind Eriksen, President and CEO, Aker ASA, comments:

“This merger follows a prolonged period of financial uncertainty for Aker Horizons. Despite significant losses for Aker and fellow shareholders in Aker Horizons, our perspective remains long-term. We believe in the underlying industrial potential and are taking steps to protect and rebuild shareholder value through more focused capital deployment and a clearer strategic direction. We will continue to develop the existing assets, including core projects in Mainstream and the ownership in SLB Capturi, as well as the possible data center development in Narvik, which will require Aker’s full weight of industrial expertise and financial capacity.”

Lone Fønss Schrøder, Independent Director of Aker Horizons, comments:

“This transaction serves the long-term interests of all stakeholders. It reflects the need to adapt to a materially changed market environment, where the sharp downturn in green energy and industrial markets has made capital raising and large-scale execution significantly more challenging. We have already adjusted our strategy – and now also our structure.”

Kristian Røkke, Chairman of Aker Horizons, comments:

“Aker Horizons was founded with a clear vision: to accelerate the transition to Net Zero by applying the Aker group’s industrial, technological, and capital markets expertise to drive global decarbonization through renewable energy, carbon capture, and sustainable industry. The portfolio, built in a different market environment, retains potential with several promising initiatives.

Notably, the powered land sites in Narvik, originally part of our green industry strategy, have evolved into an AI Factory initiative. The surging demand for AI infrastructure offers significant value creation opportunities. Today’s market conditions do not support large-scale green investments to the extent they once did, and realizing this potential requires capital and scale beyond Aker Horizons’ standalone capacity.”

The Board will work on defining AKH’s future strategy and structure following completion of the Merger and will revert with an update once the Board has concluded in this respect.

Key Terms of the Merger

Aker Horizons’ wholly owned subsidiary, AKH Holding, will merge with an indirect subsidiary of Aker ASA (AKH MergerCo), with AKH MergerCo as the surviving entity.  Shareholders in Aker Horizons (other than Aker Capital) will upon completion of the Merger receive merger consideration in the form of NOK 0.267963 in cash and 0.001898 shares in Aker ASA for each share owned in Aker Horizons. The exchange ratio is based on the 30-day volume weighted average share price for each of Aker and AKH.

Aker ASA will settle the consideration shares in the Merger with treasury shares held and/or acquired and/or issue of new shares pursuant to authorizations granted to the board of directors of Aker ASA.

Fractions of Aker ASA consideration shares will not be allotted in the Merger. For each shareholder the number of Aker ASA shares will be rounded down to each whole number, or to zero shares. Excess shares, which because of this round down will not be allotted to eligible shareholders, will be issued to and sold by DNB Bank ASA according to instructions from Aker ASA at the expense and risk of the beneficiaries with a proportionate distribution of net sales proceeds among the shareholders who have the number of consideration shares rounded off.

Since the Merger is between AKH Holding and AKH MergerCo, shareholders in AKH will retain their shares in AKH following completion of the Merger.

Completion of the Merger is subject to (i) completion of the distribution of dividend in kind in the form of shares in AKH Holding, (ii) all third-party notifications and consents having been delivered and obtained, including consent from DNB Bank ASA in relation to transfer of the support arrangements relating to Mainstream Renewables described above, and (iii) other customary closing conditions. Subject to fulfilment of these conditions, the Merger is expected to be completed during the third quarter of 2025.

Advisors

Arctic Securities AS has acted as financial adviser to Aker and DNB Markets has acted as financial adviser to Aker Horizons in connection with the Merger. Advokatfirmaet BAHR AS has acted as legal counsel to Aker and Advokatfirmaet Haavind AS has acted as legal counsel to Aker Horizons.

For further information, please contact:
Jonas Gamre, Investor Relations, tel: +47 97 11 82 92, email: jonas.gamre@akerhorizons.com
Mats Ektvedt, Media, tel: +47 41 42 33 28, email: mats.ektvedt@corporatecommunications.no 

This information is considered to be inside information pursuant to the EU Market Abuse Regulation article 7 and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. This stock exchange announcement was published by Mats Ektvedt, Partner in Corporate Communications, on 9 May 2025 at 06:57 CEST.

This information was brought to you by Cision http://news.cision.com

https://news.cision.com/aker-horizons/r/aker-horizons-announces-merger-with-aker-and-early-repayment-of-nok-2-5-billion-green-bond,c4147914

 

 

 

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SOURCE Aker Horizons

TULSA, Okla., May 8, 2025 /PRNewswire/ — ONE Gas, Inc. (“ONE Gas”) (NYSE: OGS) announced today that it has priced its public offering of 2,500,000 shares of its common stock for approximate gross proceeds of $197,500,000 (before offering expenses and underwriting discounts and commissions, assuming the underwriter does not exercise its option to purchase additional shares and upon, and assuming, full physical settlement of the forward sale agreement). In connection with the offering, ONE Gas entered into a forward sale agreement with JPMorgan Chase Bank, National Association, referred to in such capacity as the forward purchaser. In connection with the forward sale agreement, the forward purchaser or its affiliate, acting as forward seller, at ONE Gas’ request, is borrowing from third parties and selling 2,500,000 shares of ONE Gas’ common stock to the underwriter in the offering in connection with the forward sale agreement described below. As part of the offering, ONE Gas has granted to the underwriter an option to purchase up to 375,000 additional shares of ONE Gas’ common stock. If such option is exercised, ONE Gas may, in its sole discretion, enter into an additional forward sale agreement with the forward purchaser with respect to such additional shares, and ONE Gas currently expects that, if such option is exercised, it will do so. The offering is expected to close on May 12, 2025, subject to satisfaction of customary conditions to closing.

J.P. Morgan is acting as the sole underwriter for the offering and proposes to offer the shares of common stock from time to time for sale in one or more transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.

Pursuant to the terms of the forward sale agreement, ONE Gas has agreed to sell to the forward purchaser or its affiliate (subject to ONE Gas’ right to elect net share or cash settlement of the forward sale agreement) 2,500,000 shares of ONE Gas’ common stock (or 2,875,000 shares if the underwriter’s option to purchase additional shares is exercised in full and ONE Gas elects to enter into an additional forward sale agreement with respect to such exercise, as described above), at a price per share equal to the price at which the underwriter purchases the shares from the forward seller. Settlement of the forward sale agreement is expected to occur no later than December 31, 2026.

ONE Gas will not initially receive any proceeds from the sale of shares of its common stock by the forward seller or its affiliate, unless an event occurs that requires ONE Gas to sell its common stock to the underwriter in lieu of the forward seller borrowing and selling shares of ONE Gas’ common stock to the underwriter. Although ONE Gas expects to settle the forward sale agreement entirely by the full physical delivery of shares of its common stock in exchange for cash proceeds, ONE Gas may elect cash settlement or net share settlement for all or a portion of its obligations under the forward sale agreement. If ONE Gas elects to cash settle or net share settle the forward sale agreement, ONE Gas may not receive any proceeds from the issuance of shares, and ONE Gas will instead receive or pay cash (in the case of cash settlement) or receive or deliver shares of its common stock (in the case of net share settlement). ONE Gas intends to use any net proceeds received for general corporate purposes, which may include repayment or refinancing of debt, working capital, construction and acquisition expenditures and investments.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. The offering of these securities may be made only by means of a prospectus supplement and accompanying base prospectus relating to this offering.

The public offering is being made pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC’s website. In addition, copies of the preliminary prospectus supplement and accompanying base prospectus relating to the shares of ONE Gas’ common stock being offered may be obtained by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by e-mail at prospectus-eq_fi@jpmchase.com and postsalemanualrequests@broadridge.com. 

ONE Gas is a 100% regulated natural gas utility, and trades on the New York Stock Exchange under the symbol “OGS.” ONE Gas is included in the S&P MidCap 400 Index and is one of the largest natural gas utilities in the United States.

Headquartered in Tulsa, Oklahoma, ONE Gas provides a reliable and affordable energy choice to more than 2.3 million customers in Kansas, Oklahoma and Texas. Its divisions include Kansas Gas Service, the largest natural gas distributor in Kansas; Oklahoma Natural Gas, the largest in Oklahoma; and Texas Gas Service, the third largest in Texas, in terms of customers.

Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements relate to, without limitation, the offering (including size and proceeds, if any, and use of proceeds), our anticipated financial performance, liquidity, management’s plans and objectives for our future operations, our business prospects, the outcome of regulatory and legal proceedings, market conditions and other matters. We make these forward-looking statements in reliance on the safe harbor protections provided under the Private Securities Litigation Reform Act of 1995. The following discussion is intended to identify important factors that could cause future outcomes to differ materially from those set forth in the forward-looking statements.

Forward-looking statements include the items identified in the preceding paragraph, the information concerning possible or assumed future results of our operations and other statements contained or incorporated in this news release identified by words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “should,” “goal,” “forecast,” “guidance,” “could,” “may,” “continue,” “might,” “potential,” “scheduled,” “likely,” and other words and terms of similar meaning.

One should not place undue reliance on forward-looking statements, which are applicable only as of the date of this news release. Known and unknown risks, uncertainties and other factors may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by forward-looking statements. Those factors may affect our operations, costs, liquidity, markets, products, services and prices. In addition to any assumptions and other factors referred to specifically in connection with the forward-looking statements, factors that could cause our actual results to differ materially from those contemplated in any forward-looking statement include, among others, the following:

• our ability to recover costs, income taxes and amounts equivalent to the cost of property, plant and equipment, regulatory assets and our allowed rate of return in our regulated rates or other recovery mechanisms;
• cyber-attacks, which, continue to increase in volume and sophistication, or breaches of technology systems that could disrupt our operations or result in the loss or exposure of confidential or sensitive customer, employee, vendor, counterparty or Company information; further, increased remote working arrangements have required enhancements and modifications to our information technology infrastructure (e.g. Internet, Virtual Private Network, remote collaboration systems, etc.), and any failures of the technologies, including third-party service providers, that facilitate working remotely could limit our ability to conduct ordinary operations or expose us to increased risk or effect of an attack;
• our ability to manage our operations and maintenance costs;
• changes in regulation of natural gas distribution services, particularly those in Oklahoma, Kansas and Texas;
• the economic climate and, particularly, its effect on the natural gas requirements of our residential and commercial customers;
• the length and severity of a pandemic or other health crisis, which could significantly disrupt or prevent us from operating our business in the ordinary course for an extended period;
• competition from alternative forms of energy, including, but not limited to, electricity, solar power, wind power, geothermal energy and biofuels;
• adverse weather conditions and variations in weather, including seasonal effects on demand and/or supply, the occurrence of severe storms in the territories in which we operate, and climate change, and the related effects on supply, demand, and costs;
• indebtedness, which could make us more vulnerable to general adverse economic and industry conditions, limit our ability to borrow additional funds and/or place us at competitive disadvantage compared with competitors;
• our ability to secure reliable, competitively priced and flexible natural gas transportation and supply, including decisions by natural gas producers to reduce production or shut-in producing natural gas wells and expiration of existing supply and transportation and storage arrangements that are not replaced with contracts with similar terms and pricing;
• our ability to complete necessary or desirable expansion or infrastructure development projects, which may delay or prevent us from serving our customers or expanding our business;
• operational and mechanical hazards or interruptions;
• adverse labor relations;
• the effectiveness of our strategies to reduce earnings lag, revenue protection strategies and risk mitigation strategies, which may be affected by risks beyond our control such as commodity price volatility, counterparty performance or creditworthiness and interest rate risk;
• the capital-intensive nature of our business, and the availability of and access to, in general, funds to meet our debt obligations prior to or when they become due and to fund our operations and capital expenditures, either through (i) cash on hand, (ii) operating cash flow, or (iii) access to the capital markets and other sources of liquidity;
• our ability to obtain capital on commercially reasonable terms, or on terms acceptable to us, or at all;
• limitations on our operating flexibility, earnings and cash flows due to restrictions in our financing arrangements;
• cross-default provisions in our borrowing arrangements, which may lead to our inability to satisfy all of our outstanding obligations in the event of a default on our part;
• changes in the financial markets during the periods covered by the forward-looking statements, particularly those affecting the availability of capital and our ability to refinance existing debt and fund investments and acquisitions to execute our business strategy;
• actions of rating agencies, including the ratings of debt, general corporate ratings and changes in the rating agencies’ ratings criteria;
• changes in inflation and interest rates;
• our ability to recover the costs of natural gas purchased for our customers and any related financing required to support our purchase of natural gas supply;
• impact of potential impairment charges;
• volatility and changes in markets for natural gas and our ability to secure additional and sufficient liquidity on reasonable commercial terms to cover costs associated with such volatility;
• possible loss of local distribution company franchises or other adverse effects caused by the actions of municipalities;
• payment and performance by counterparties and customers as contracted and when due, including our counterparties maintaining ordinary course terms of supply and payments;
• changes in existing or the addition of new environmental, safety, tax, cybersecurity and other laws or regulations to which we and our subsidiaries are subject, including those that may require significant expenditures, significant increases in operating costs or, in the case of noncompliance, substantial fines or penalties;
• the effectiveness of our risk-management policies and procedures, and employees violating our risk-management policies;
• the uncertainty of estimates, including accruals and costs of environmental remediation;
• advances in technology, including technologies that increase efficiency or that improve electricity’s competitive position relative to natural gas;
• population growth rates and changes in the demographic patterns of the markets we serve in Oklahoma, Kansas and Texas, and economic conditions in these areas;
• acts of nature and naturally occurring disasters;
• political unrest and the potential effects of threatened or actual terrorism and war;
• the sufficiency of insurance coverage to cover losses;
• the effects of our strategies to reduce tax payments;
• changes in accounting standards;
• changes in corporate governance standards;
• existence of material weaknesses in our internal controls;
• our ability to comply with all covenants in our indentures and the ONE Gas Credit Agreement, a violation of which, if not cured in a timely manner, could trigger a default of our obligations;
• our ability to attract and retain talented employees, management and directors, and any shortage of skilled-labor;
• unexpected increases in the costs of providing health care benefits, along with pension and postemployment health care benefits, as well as declines in the discount rates on, declines in the market value of the debt and equity securities of, and increases in funding requirements for, our defined benefit plans; and
• our ability to successfully complete merger, acquisition or divestiture plans, regulatory or other limitations imposed as a result of a merger, acquisition or divestiture, and the success of the business following a merger, acquisition or divestiture.

These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of our forward-looking statements. Other factors could also have material adverse effects on our future results. These and other risks are described in greater detail in our filings with the SEC, including in Part 1, Item 1A, Risk Factors, in our Annual Report on Form 10-K for the year ended December 31, 2024. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Other than as required under securities laws, we undertake no obligation to update publicly any forward-looking statement whether as a result of new information, subsequent events or change in circumstances, expectations or otherwise.

 

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SOURCE ONE Gas, Inc.

From the Bible to the screen, a global story is now reaching global audiences, with Iyuno powering its multilingual expansion.

BURBANK, Calif., May 8, 2025 /PRNewswire/ — Every language tells a story differently. For The Chosen, the goal was to share the biblical telling of the life of Jesus Christ in as many languages as possible. Not just translated, but expertly localized to feel personal, authentic, and resonate culturally, while maintaining Biblical accuracy.

That’s where Iyuno stepped in.

As a localization partner of The Chosen, Iyuno has brought the series to life in up to 56 dubbed and 66 subtitled languages, working closely with Come and See and a global network of theologians to ensure each version reflects the correct translations from the bible, while respecting the unique cultures and colloquial nuances of each audience.

“Our ultimate ambition is to deliver this project in as many languages as possible and Iyuno’s global footprint made them the perfect partner to support this goal,” said Rick Dempsey, Global Localization and Creative Advisor, Come and See. 

“The creative and technical results have been fantastic and have proven to resonate with the audiences that we’re reaching with this show as we continue our path to ultimately delivering The Chosen in 600 languages.”

Since 2023, Iyuno has supported four seasons of the biblical epic and two spin-off series, The Chosen Docuseries: Jonathan & Jesus and The Chosen in The Wild with Bear Grylls and is currently working to localize earlier seasons in additional languages based on growing audience demand.

In addition to dubbing and subtitling, Iyuno provides English audio description, localized promotional content, and digital cinema package (DCP) delivery for the series’ global theatrical events.

Of the 56 dubbed languages, 23 are produced in Iyuno’s owned-and-operated studios. In underserved, rare language markets, Iyuno has developed an AI assisted solution to create high-quality, authentic dubbed versions for these unique languages. This approach allows Iyuno to deliver meaningful, localized experiences in languages that have rarely been addressed at this level, granting access to stories like The Chosen for communities long overlooked by global content strategies.

Dr. Wendi Lord, Vice President of Content Localization , said, “Here at Come and See, we are leaning into emerging technologies that will allow us to deliver subtitles and audio to people groups who have not historically had access to stunning faith-based content in their own language. Iyuno is an impressive partner, helping us push the boundaries of what’s currently possible in this space.”

As the worldwide demand for localized content continues to grow, Iyuno remains focused on working with creators to deliver quality localization at scale, efficiently and with intention.

ABOUT IYUNO 

Iyuno ( www.iyuno.com ) is a leading provider of localization services for the media and entertainment industry. Trusted by top entertainment brands and creators worldwide, Iyuno offers comprehensive end-to-end localization services from 45 offices across 32 countries. Backed by a team of exceptional creative and technical talent, state-of-the-art facilities, and cutting-edge technologies, Iyuno proudly boasts the largest global footprint amplifying its dubbing, subtitling and media services offerings.

ABOUT COME AND SEE

Come and See is a faith-based nonprofit that exists to share the authentic Jesus with at least one billion people worldwide. Because of the generosity of supporters around the world, Come and See is able to ensure that all seven seasons of “The Chosen” are produced, translated into 600 languages, made globally accessible, and free to all.

Press Contact

Press@iyuno.com

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SOURCE Iyuno

SEATTLE, May 8, 2025 /PRNewswire/ — Weyerhaeuser Company (NYSE: WY) today announced that its board of directors declared a quarterly base cash dividend of $0.21 per share on the common stock of the company, payable in cash on June 13, 2025, to holders of record of such common stock as of the close of business on May 30, 2025.

Additionally, the board has authorized a new share repurchase program of up to $1 billion of the company’s common shares. This replaces the recently completed $1 billion share repurchase program, which was authorized in September 2021. In the second quarter of 2025, the company executed the remainder of its prior authorization by repurchasing approximately $74 million of common shares. Repurchases under the new program may be made through a variety of methods, including but not limited to open market purchases, unsolicited or solicited privately negotiated transactions, tender offers, block trades, accelerated share repurchase transactions, or pursuant to 10b5-1 trading plans.

“We’ve completed nearly $100 million of opportunistic share repurchase year to date and are pleased to announce authorization of a new program going forward,” said Devin W. Stockfish, president and chief executive officer. “Since the beginning of 2021, and inclusive of the quarterly dividend announced today, we will have returned more than $5.7 billion of cash back to shareholders, including $1 billion of share repurchase. Looking ahead, we remain committed to returning meaningful and appropriate amounts of cash back to shareholders across market cycles. This new authorization provides ample flexibility for future share repurchase activity, and it represents an important ongoing lever for driving long-term shareholder value within our broader capital allocation framework.”

Under Weyerhaeuser’s cash return framework, the company expects to supplement its quarterly base cash dividend, as appropriate, with an additional return of variable cash to achieve a targeted total return to shareholders of 75 to 80 percent of annual Adjusted Funds Available for Distribution (Adjusted FAD). The company has the flexibility in its capital allocation framework to return this additional cash in the form of a supplemental cash dividend, opportunistic share repurchase, or a combination of the two.

Adjusted FAD, a non-GAAP measure, is defined by Weyerhaeuser as net cash from operations adjusted for capital expenditures and significant non-recurring items.

ABOUT WEYERHAEUSER
Weyerhaeuser Company, one of the world’s largest private owners of timberlands, began operations in 1900 and today owns or controls approximately 10.4 million acres of timberlands in the U.S., as well as additional public timberlands managed under long-term licenses in Canada. Weyerhaeuser has been a global leader in sustainability for more than a century and manages 100 percent of its timberlands on a fully sustainable basis in compliance with internationally recognized sustainable forestry standards. Weyerhaeuser is also one of the largest manufacturers of wood products in North America and operates additional business lines around product distribution, climate solutions, real estate, energy and natural resources, among others. In 2024, the company generated $7.1 billion in net sales and employed approximately 9,400 people who serve customers worldwide. Operated as a real estate investment trust, Weyerhaeuser’s common stock trades on the New York Stock Exchange under the symbol WY. Learn more at www.weyerhaeuser.com.

FORWARD-LOOKING STATEMENTS
This news release contains statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, concerning the amount, timing and occurrence of future quarterly and supplemental cash dividends as well as the company’s dividend framework and future share repurchases under its new share repurchase authorization. Forward-looking statements are generally identified by words such as “expects” and “targeted,” references to events occurring on specified future dates and other words and expressions referencing future events or occurrences. All forward-looking statements are based on our current expectations and assumptions and are not guarantees of future events or performance. The realization of our expectations and the accuracy of our assumptions are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. These risks and uncertainties include, but are not limited to, those identified in our 2024 Annual Report on Form 10-K, as well as those set forth from time to time in our other public statements, reports, registration statements, prospectuses, information statements and other filings with the SEC, and other factors not described herein or elsewhere because they are not currently known to us or because we currently judge them to be immaterial.

It is not possible to predict or identify all risks and uncertainties that might affect the accuracy of our forward-looking statements and, consequently, our descriptions of such risks and uncertainties should not be considered exhaustive. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. Also included in this news release are references to Adjusted FAD, which is a non-GAAP financial measure. Adjusted FAD may not be comparable to similarly named or captioned non-GAAP financial measures of other companies due to potential inconsistencies in how such measures are calculated. Adjusted FAD should not be considered in isolation from, and is not intended to represent an alternative to, our GAAP results.

For more information contact:
Analysts – Andy Taylor, 206-539-3907
Media – Nancy Thompson, 919-861-0342

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SOURCE Weyerhaeuser Company