Market Newsdesk

April 30, 2021 7:33 am

Postal Realty Trust Declares First Quarter 2021 Dividend

Postal Realty Trust Declares First Quarter 2021 Dividend

– Increases Dividend for Seventh Consecutive Quarter –

CEDARHURST, N.Y.–(BUSINESS WIRE)–
Postal Realty Trust, Inc. (NYSE:PSTL) (the “Company”), an internally managed real estate investment trust (REIT) that owns and manages over 1,200 properties, including last mile, flex and industrial facilities leased to the United States Postal Service (USPS), announced today its board of directors has approved a quarterly dividend on the Company’s Class A common stock in the amount of $0.22 per share. The increase represents a 10% increase from its quarterly dividend declared one year ago. The dividend will be payable on May 28, 2021 to stockholders of record as of the close of business on May 14, 2021.

About Postal Realty Trust, Inc.

Postal Realty Trust, Inc. is an internally managed real estate investment trust (REIT) that owns and manages over 1,200 properties, including last mile, flex and industrial facilities leased to the USPS. More information is available at postalrealty.com

Forward-Looking and Cautionary Statements

This press release contains “forward-looking statements.” Forward-looking statements include statements that are based on various assumptions (some of which are beyond our control) and may be identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Forward-looking statements, including statements regarding the Company’s ability to close on any pending transactions on the terms or timing it expects, if at all, are based on the Company’s current expectations and assumptions regarding capital market conditions the Company’s business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, the Company’s actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include the USPS’s terminations or non-renewals of leases, changes in demand for postal services delivered by the USPS, the solvency and financial health of the USPS, competitive, financial market and regulatory conditions, general real estate market conditions, the Company’s competitive environment and other factors set forth under “Risk Factors” in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement made in this press release speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005036/en/

Investor Relations and Media Relations

Email: [email protected]

Phone: 516-232-8900

KEYWORDS: United States North America New York

INDUSTRY KEYWORDS: Other Construction & Property Commercial Building & Real Estate Construction & Property REIT

MEDIA:

April 30, 2021 7:32 am

ExxonMobil Earns $2.7 Billion in First Quarter 2021

ExxonMobil Earns $2.7 Billion in First Quarter 2021

First Quarter 2021 Results and Management Perspectives

Cash flow from operating activities of $9.3 billion fully funded dividend and capital expenditures, and drove debt reduction of over $4 billion
Lowered cash operating expenses versus the first and fourth quarters of 2020; on pace to deliver additional structural cost savings
Advanced several initiatives to reduce emissions and launched Low Carbon Solutions business to commercialize extensive low-carbon technology portfolio
Added three new directors to strengthen board experience in energy, capital allocation and complex business transitions

IRVING, Texas–(BUSINESS WIRE)–Exxon Mobil Corporation (NYSE:XOM):


	First Quarter	First Quarter	Fourth Quarter
	2021	2020	2020
Results Summary
(Dollars in millions, except per share data)
Earnings/(Loss) (U.S. GAAP)	2,730	(610)	(20,070)
Earnings/(Loss) Per Common Share
Assuming Dilution	0.64	(0.14)	(4.70)
Identified Items Per Common Share
Assuming Dilution	(0.01)	(0.67)	(4.73)
Earnings/(Loss) Excluding Identified Items
Per Common Share Assuming Dilution	0.65	0.53	0.03

Capital and Exploration Expenditures	3,133	7,143	4,771

Exxon Mobil Corporation today announced estimated first quarter 2021 earnings of $2.7 billion, or $0.64 per share assuming dilution, compared with a loss of $610 million in the first quarter of 2020. Results included unfavorable identified items of $31 million, or $0.01 per share assuming dilution. First quarter capital and exploration expenditures were $3.1 billion, $4 billion lower than the first quarter of 2020.

Oil-equivalent production was 3.8 million barrels per day, up 3 percent from the fourth quarter of 2020. Excluding entitlement effects, government mandates and divestments, oil-equivalent production was up 2 percent.

“The strong first quarter results reflect the benefits of higher commodity prices and our focus on structural cost reductions, while prioritizing investments in assets with a low cost of supply,” said Darren Woods, chairman and chief executive officer. “Cash flow from operating activities during the quarter fully covered the dividend and capital investments, and we strengthened the balance sheet by reducing debt. We also made progress on our energy transition strategy by launching our new ExxonMobil Low Carbon Solutions business, which is initially working to develop innovative, large-scale carbon capture and storage (CCS) concepts, including the evaluation and advancement of more than 20 new opportunities, such as a multi-industry hub to reduce emissions from hard-to-decarbonize industries near the Houston Ship Channel. As the global leader in carbon capture, we are seeing growing public and private sector support for CCS as a critical enabling technology to reduce emissions and help meet society’s net-zero ambitions.”

During severe winter weather in Texas in February, ExxonMobil cogeneration facilities generated 400 megawatts of electricity, helping to power about 200,000 homes. The severe weather event reduced first quarter earnings by nearly $600 million across all businesses from decreased production and lower sales volumes, repair costs, and the net impact of energy purchases and sales. All affected facilities have resumed normal operations.

First Quarter 2021 Results and Business Highlights

Upstream

Average realizations for crude oil increased 42 percent from the fourth quarter. Natural gas realizations rose by 33 percent in the quarter.
Total production volumes increased 98,000 oil-equivalent barrels per day from the fourth quarter. Excluding entitlement effects, government mandates and divestments, liquids volumes were down 3 percent including impacts from higher maintenance and the winter storm. Natural gas volumes increased 12 percent driven by higher seasonal demand in Europe.
During the quarter, production volumes in the Permian averaged 394,000 oil-equivalent barrels per day, an increase of 12 percent from the prior year. The focus remains on continuing to grow positive free cash flow by lowering overall development costs and increasing recovery through efficiency gains and technology applications.

Downstream

Industry fuels margins improved from the fourth quarter, but remained below 10-year-lows driven by market oversupply and high product inventory levels. Lubricants delivered strong performance, underpinned by lower costs and improved margins.
Despite winter storm disruptions, overall refining throughput was essentially flat with the fourth quarter as the company managed refinery operations in line with fuel demand and integrated chemical manufacturing needs.

Chemical

Industry margins improved further in the quarter reflecting continued strong demand, global shipping constraints, and ongoing supply disruptions, particularly in North America, where the polyethylene and polypropylene markets were affected by severe winter weather in Texas.
Strong first quarter Chemical earnings performance of $1.4 billion was supported by robust base operations capturing high margins and continued delivery of cost efficiencies.
ExxonMobil announced it is pursuing three new advanced recycling initiatives in the U.S. and Europe that further advance our commitment to sustainability and capture value from plastic waste at scale. The company plans to begin marketing certified circular plastics products later this year.

Strengthening the Portfolio

ExxonMobil signed an agreement valued at more than $1 billion for the sale of most of its non-operated upstream assets in the United Kingdom central and northern North Sea. The sale price, subject to closing adjustments, has potential additional upside of up to $300 million based on contingent payments associated with future commodity price increases. The transaction is expected to close near mid-year 2021, subject to regulatory and third-party approvals.
The company is progressing plans to convert both its Altona, Australia refinery, and Slagen refinery in Norway to fuel import terminals, ensuring ongoing, reliable fuel supply for their respective local markets. Final decisions were made following local consultation processes with employees and their representatives as part of extensive reviews of the long-term economic viability of both facilities.

Capital Allocation and Structural Cost Improvement

The company’s long-term capital allocation priorities remain investing in advantaged projects to drive cash flow, strengthening the balance sheet and maintaining a reliable dividend.
ExxonMobil’s 2021 capital program remains at $16 billion to $19 billion. If market conditions continue above the company’s planning basis, additional cash will be used to accelerate deleveraging.
In addition to $3 billion in structural cost reductions already achieved in 2020, the company is on pace to achieve $3 billion of further structural efficiencies through 2023 for a total of $6 billion relative to 2019. Efforts to identify additional structural savings resulting from the reorganizations completed in 2019 are continuing.

Reducing Emissions and Advancing Low Carbon Solutions

The company announced the creation of ExxonMobil Low Carbon Solutions, a new business to commercialize its extensive low-carbon technology portfolio, with an initial focus on carbon capture and storage (CCS), the process of sequestering industrial emissions and safely storing them permanently underground. CCS is considered one of the critical technologies required to achieve society’s net-zero ambitions and the climate goals outlined in the Paris Agreement.
In April, ExxonMobil introduced the innovative concept of a multi-industry CCS hub along the Houston Ship Channel and surrounding industrial areas to capture CO2 emissions from area industry, including petrochemical, manufacturing and power generation facilities. The concept would require large-scale collaboration and policy advancements among governments, private industry, and local communities.
ExxonMobil became the first company to file an application with the U.S. Environmental Protection Agency (EPA) to use new aerial technologies to detect methane emissions at oil and natural gas sites.
ExxonMobil and Porsche are testing advanced biofuels and renewable, lower-carbon eFuels, as part of a new agreement to find pathways toward potential future consumer adoption of fuels that could significantly reduce emissions.

Ongoing Board Refreshment

During the quarter, ExxonMobil announced the elections of Michael Angelakis, Jeffrey Ubben, and Wan Zulkiflee to its board of directors. With the addition of the new members, the ExxonMobil board increased to 13 directors, 12 of whom are independent. The company has added six new independent directors since 2017 with specific experience in the areas of climate science, asset and risk management, capital allocation, energy and business transition, investor perspectives, and additional energy industry experience.


Results and Volume Summary
Millions of Dollars	1Q	1Q
(unless noted)	2021	2020	Change	Comments
Upstream
U.S.	363	(704)	+1,067	Winter storm impact more than offset by higher prices and reduced expenses; prior quarter unfavorable identified items (impairment +315, inventory valuation +45)
Non-U.S.	2,191	1,240	+951	Higher prices and reduced expenses, partly offset by lower volumes and unfavorable foreign exchange; prior quarter unfavorable identified items (inventory valuation +218, impairment +41)
Total	2,554	536	+2,018	Winter storm -240, prices +1,690, volume -320, expenses +430, identified items +620, other -160
Production (koebd)	3,787	4,046	-259	Liquids -222 kbd: government mandates, lower entitlements, and winter storm impact (-25) Gas -223 mcfd: decline, higher downtime/maintenance, winter storm impact (-105), and Groningen production limit, partly offset by higher demand and project growth
Downstream
U.S.	(113)	(101)	-12	Winter storm impact and lower margins driven by weaker industry refining conditions, partly offset by reduced expenses and favorable other impacts; prior quarter unfavorable identified items (+411, mainly inventory valuation)
Non-U.S.	(277)	(510)	+233	Lower margins including net unfavorable mark to market impact on unsettled derivatives, net unfavorable one-time items, and unfavorable foreign exchange, partly offset by reduced expenses; prior quarter unfavorable identified items (inventory valuation +1,196, impairments +335)
Total	(390)	(611)	+221	Winter storm -130, margins -1,880, expenses +410, identified items +1,940, forex/other -120
Petroleum Product Sales (kbd)	4,881	5,287	-406
Chemical
U.S.	715	288	+427	Winter storm impact more than offset by higher margins, stronger demand, and reduced expenses; prior quarter unfavorable identified item (+90, impairment)
Non-U.S.	700	(144)	+844	Higher margins, stronger demand, reduced expenses, and favorable foreign exchange; prior quarter unfavorable identified items (+232, mainly inventory valuation)
Total	1,415	144	+1,271	Winter storm -230, margins +740, demand +130, expenses +240, identified items +320, forex/other +70
Prime Product Sales (kt)	6,446	6,237	+209
Corporate and financing	(849)	(679)	-170	Higher retirement-related expenses

Results and Volume Summary
Millions of Dollars	1Q	4Q
(unless noted)	2021	2020	Change	Comments
Upstream
U.S.	363	(16,803)	+17,166	Higher prices and reduced expenses, partly offset by winter storm impact and lower volumes; prior quarter unfavorable identified item (impairment +16,777)
Non-U.S.	2,191	(1,729)	+3,920	Higher prices and seasonal gas volumes; prior quarter unfavorable identified items (impairment +2,203, tax item +297)
Total	2,554	(18,532)	+21,086	Winter storm -240, prices +2,070, volume -80, expenses +170, identified items +19,280, other -110
Production (koebd)	3,787	3,689	+98	Liquids -67 kbd: lower entitlements, winter storm impact (-25), and increased downtime/maintenance, partly offset by reduced government mandates Gas +988 mcfd: higher seasonal demand, reduced downtime/maintenance, and net growth, partly offset by winter storm impact (-105)
Downstream
U.S.	(113)	(514)	+401	Higher margins on improved industry refining conditions, reduced expenses, and prior quarter unfavorable LIFO inventory impact (+78), partly offset by winter storm impact, lower manufacturing volumes, and net unfavorable one-time items
Non-U.S.	(277)	(697)	+420	Reduced expenses and higher margins driven by more favorable industry refining conditions, offset by prior quarter favorable LIFO inventory impact (-207), unfavorable foreign exchange, terminal conversion costs, and lower demand; prior quarter unfavorable identified items (impairment +258, tax item +262)
Total	(390)	(1,211)	+821	Winter storm -130, margins +490, demand -40, expenses +380, manufacturing -40, identified items +520, LIFO/forex -210, other -150
Petroleum Product Sales (kbd)	4,881	4,833	+48
Chemical
U.S.	715	461	+254	Winter storm more than offset by stronger margins, demand, and reduced expenses
Non-U.S.	700	230	+470	Higher margins, reduced expenses, and prior quarter unfavorable LIFO inventory impact (+84) and other charges
Total	1,415	691	+724	Winter storm -230, margins +500, demand +100, expenses +150, identified items +20, LIFO/other +180
Prime Product Sales (kt)	6,446	6,643	-197
Corporate and financing	(849)	(1,018)	+169	Absence of identified items (mainly severance +330), partly offset by net unfavorable tax impacts and retirement-related expenses

Cash Flow from Operations and Asset Sales excluding Working Capital
Millions of Dollars			1Q
			2021	Comments
Net income (loss) including noncontrolling interests			2,796	Including $66 million noncontrolling interests
Depreciation and depletion			5,004
Changes in operational working capital			1,953	Higher net payables and inventory draw
Other			(489)
Cash Flow from Operating			9,264
Activities (U.S. GAAP)
Asset sales			307	Including U.K. upstream divestment deposit and U.S. upstream asset sales
Cash Flow from Operations			9,571
and Asset Sales
Changes in operational working capital			(1,953)
Cash Flow from Operations			7,618
and Asset Sales excluding Working Capital

ExxonMobil will discuss financial and operating results and other matters during a webcast at 8:30 a.m. Central Time on April 30, 2021. To listen to the event or access an archived replay, please visit www.exxonmobil.com.

Cautionary Statement

Outlooks, projections, goals, targets, descriptions of strategic plans and objectives, and other statements of future events or conditions in this release are forward-looking statements. Actual future results, including financial and operating performance; planned capital and cash operating expense reductions and ability to meet or exceed announced reduction objectives; plans to reduce future emissions intensity and the expected resulting absolute emission reductions; progressing carbon capture projects and results; total capital expenditures and mix; cash flow, dividend and shareholder returns; business and project plans, timing, costs and capacities; resource recoveries and production rates; and accounting and financial reporting effects resulting from market developments and ExxonMobil’s responsive actions, could differ materially due to a number of factors. These include the continuity of our board of directors and their strategic oversight; global or regional changes in the supply and demand for oil, natural gas, petrochemicals, and feedstocks and other market conditions that impact prices and differentials; the impact of company actions to protect the health and safety of employees, vendors, customers, and communities; actions of competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the severity, length and ultimate impact of COVID-19 and government responses on people and economies; reservoir performance; the outcome of exploration projects and timely completion of development and construction projects; changes in law, taxes, or regulation including environmental regulations, and timely granting of governmental permits; government policies and support for low carbon technologies like carbon capture; war, trade agreements and patterns, shipping blockades or harassment, and other political or security disturbances; opportunities for and regulatory approval of potential investments or divestments; the actions of competitors; the capture of efficiencies within and between business lines and the ability to maintain near-term cost reductions as ongoing efficiencies while maintaining future competitive positioning; unforeseen technical or operating difficulties; the development and competitiveness of alternative energy and emission reduction technologies; the results of research programs; the ability to bring new technologies to commercial scale on a cost-competitive basis; general economic conditions including the occurrence and duration of economic recessions; and other factors discussed under Item 1A. Risk Factors of ExxonMobil’s 2020 Form 10-K.

Frequently Used Terms and Non-GAAP Measures

This press release includes cash flow from operations and asset sales. Because of the regular nature of our asset management and divestment program, we believe it is useful for investors to consider proceeds associated with the sales of subsidiaries, property, plant and equipment, and sales and returns of investments together with cash provided by operating activities when evaluating cash available for investment in the business and financing activities. A reconciliation to net cash provided by operating activities for first quarter 2021 is shown on page 6 and for 2021 and 2020 periods in Attachment V.

This press release also includes cash flow from operations and asset sales excluding working capital. We believe it is useful for investors to consider these numbers in comparing the underlying performance of our business across periods when there are significant period-to-period differences in the amount of changes in working capital. A reconciliation to net cash provided by operating activities for first quarter 2021 is shown on page 6 and for 2021 and 2020 periods in Attachment V.

This press release also includes earnings/(loss) excluding identified items, which are earnings/(loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $250 million in a given quarter. The earnings/(loss) impact of an identified item for an individual segment may be less than $250 million when the item impacts several periods or several segments. We believe it is useful for investors to consider these figures in comparing the underlying performance of our business across periods when one, or both, periods include identified items. A reconciliation to earnings is shown for 2021 and 2020 periods in Attachments II-a and II-b. Corresponding per share amounts are shown on page 1 and in Attachment II-a, including a reconciliation to earnings/(loss) per common share – assuming dilution (U.S. GAAP).

This press release also includes total taxes including sales-based taxes. This is a broader indicator of the total tax burden on the corporation’s products and earnings, including certain sales and value-added taxes imposed on and concurrent with revenue-producing transactions with customers and collected on behalf of governmental authorities (“sales-based taxes”). It combines “Income taxes” and “Total other taxes and duties” with sales‑based taxes, which are reported net in the income statement. We believe it is useful for the corporation and its investors to understand the total tax burden imposed on the corporation’s products and earnings. A reconciliation to total taxes is shown as part of the Estimated Key Financial and Operating Data in Attachment I.

References to the resource base and other quantities of oil, natural gas or condensate may include estimated amounts that are not yet classified as “proved reserves” under SEC definitions, but which are expected to be ultimately recoverable. The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports. Further information on ExxonMobil’s frequently used financial and operating measures and other terms including “Cash operating expenses”, “Cash flow from operations and asset sales”, and “Total taxes including sales-based taxes” is contained under the heading “Frequently Used Terms” available through the “Investors” section of our website at www.exxonmobil.com.

Reference to Earnings

References to corporate earnings mean net income attributable to ExxonMobil (U.S. GAAP) from the consolidated income statement. Unless otherwise indicated, references to earnings, Upstream, Downstream, Chemical and Corporate and financing segment earnings, and earnings per share are ExxonMobil’s share after excluding amounts attributable to noncontrolling interests.

Exxon Mobil Corporation has numerous affiliates, many with names that include ExxonMobil, Exxon, Mobil, Esso, and XTO. For convenience and simplicity, those terms and terms such as corporation, company, our, we, and its are sometimes used as abbreviated references to specific affiliates or affiliate groups. Similarly, ExxonMobil has business relationships with thousands of customers, suppliers, governments, and others. For convenience and simplicity, words such as venture, joint venture, partnership, co-venturer, and partner are used to indicate business and other relationships involving common activities and interests, and those words may not indicate precise legal relationships.

Important Additional Information Regarding Proxy Solicitation

Exxon Mobil Corporation (“ExxonMobil”) has filed a definitive proxy statement and form of associated BLUE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for ExxonMobil’s 2021 Annual Meeting (the “Proxy Statement”). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobil’s directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in the Proxy Statement. To the extent holdings of such participants in ExxonMobil’s securities are not reported, or have changed since the amounts described, in the Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobil’s Board of Directors for election at the 2021 Annual Meeting are included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the Proxy Statement and other relevant documents filed by ExxonMobil free of charge from the SEC’s website, www.sec.gov. ExxonMobil’s shareholders can also obtain, without charge, a copy of the Proxy Statement and other relevant filed documents by directing a request by mail to ExxonMobil Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas, 75039-2298 or at [email protected] or from the investor relations section of ExxonMobil’s website, www.exxonmobil.com/investor.

Estimated Key Financial and Operating Data

Attachment I

Exxon Mobil Corporation

First Quarter 2021

(millions of dollars, unless noted)

First

First

Fourth

Quarter

Quarter

Quarter

2021

2020

2020

Earnings (Loss) / Earnings (Loss) Per Share

Total revenues and other income

59,147

56,158

46,540

Total costs and other deductions

55,555

56,416

73,153

Income (loss) before income taxes

3,592

(258)

(26,613)

Income taxes

796

512

(6,010)

Net income (loss) including noncontrolling interests

2,796

(770)

(20,603)

Net income (loss) attributable to noncontrolling interests

66

(160)

(533)

Net income (loss) attributable to ExxonMobil (U.S. GAAP)

2,730

(610)

(20,070)

Earnings (loss) per common share (dollars)

0.64

(0.14)

(4.70)

Earnings (loss) per common share

– assuming dilution (dollars)

0.64

(0.14)

(4.70)

Exploration expenses, including dry holes

164

288

595

Other Financial Data

Dividends on common stock

Total

3,720

3,719

3,715

Per common share (dollars)

0.87

0.87

0.87

Millions of common shares outstanding

At period end

4,234

4,228

4,233

Average – assuming dilution

4,272

4,270

4,272

ExxonMobil share of equity at period end

156,974

182,079

157,150

ExxonMobil share of capital employed at period end

222,610

244,026

227,137

Income taxes

796

512

(6,010)

Total other taxes and duties

7,283

7,497

7,344

Total taxes

8,079

8,009

1,334

Sales-based taxes

4,662

4,485

4,364

Total taxes including sales-based taxes

12,741

12,494

5,698

ExxonMobil share of income taxes of

equity companies

600

460

285

Attachment II-a

Exxon Mobil Corporation

First Quarter 2021

First

First

Fourth

$ Millions

Quarter

Quarter

Quarter

2021

2020

2020

Earnings/(Loss) (U.S. GAAP)

2,730

(610)

(20,070)

Identified Items Included in Earnings/(Loss)

Noncash inventory valuation – lower of cost or market

—

(2,096)

—

Impairments

—

(787)

(19,273)

Tax

—

—

(581)

Other items (severance – global workforce review)

(31)

—

(326)

Corporate total

(31)

(2,883)

(20,180)

Earnings Excluding Identified Items

2,761

2,273

110

$ Per Common Share¹

Earnings/(Loss) Per Common Share

Assuming Dilution (U.S. GAAP)

0.64

(0.14)

(4.70)

Identified Items Included in Earnings/(Loss) Per Common Share

Assuming Dilution

Noncash inventory valuation – lower of cost or market

—

(0.49)

—

Impairments

—

(0.18)

(4.51)

Tax

—

—

(0.14)

Other items (severance – global workforce review)

(0.01)

—

(0.08)

Corporate total

(0.01)

(0.67)

(4.73)

Earnings Excluding Identified Items Per Common Share

Assuming Dilution

0.65

0.53

0.03

¹ Computed using the average number of shares outstanding during each period.

Attachment II-b

Exxon Mobil Corporation

First Quarter 2021

(millions of dollars)

First

First

Fourth

Quarter

Quarter

Quarter

2021

2020

2020

Earnings/(Loss) (U.S. GAAP)

Upstream

United States

363

(704)

(16,803)

Non-U.S.

2,191

1,240

(1,729)

Downstream

United States

(113)

(101)

(514)

Non-U.S.

(277)

(510)

(697)

Chemical

United States

715

288

461

Non-U.S.

700

(144)

230

Corporate and financing

(849)

(679)

(1,018)

Net income (loss) attributable to ExxonMobil

2,730

(610)

(20,070)

Identified Items Included in Earnings/(Loss)

U.S. Upstream

Impairments

—

(315)

(16,777)

Other items (Inventory valuation)

—

(45)

—

Non-U.S. Upstream

Impairments

—

(41)

(2,203)

Tax Items

—

—

(297)

Other Items (Inventory valuation)

—

(218)

—

U.S. Downstream

Other Items (Inventory valuation, Impairment)

—

(411)

—

Non-U.S. Downstream

Impairments

—

(335)

(258)

Tax Items

—

—

(262)

Other Items (Inventory valuation)

—

(1,196)

—

U.S. Chemical

Impairment

—

(90)

—

Non-U.S. Chemical

Tax Items

—

—

(22)

Other Items (Inventory valuation, Impairment)

—

(232)

—

Corporate and financing

Other Items (Severance – global workforce review, Impairment)

(31)

—

(361)

Corporate total

(31)

(2,883)

(20,180)

Earnings/(Loss) Excluding Identified Items

Upstream

United States

363

(344)

(26)

Non-U.S.

2,191

1,499

771

Downstream

United States

(113)

310

(514)

Non-U.S.

(277)

1,021

(177)

Chemical

United States

715

378

461

Non-U.S.

700

88

252

Corporate and financing

(818)

(679)

(657)

Corporate total

2,761

2,273

110

Attachment III

Exxon Mobil Corporation

First Quarter 2021

First

First

Fourth

Quarter

Quarter

Quarter

2021

2020

2020

Net production of crude oil, natural gas

liquids, bitumen and synthetic oil,

thousand barrels per day (kbd)

United States

665

699

719

Canada / Other Americas

575

558

619

Europe

35

30

32

Africa

253

360

258

Asia

691

795

658

Australia / Oceania

39

38

39

Worldwide

2,258

2,480

2,325

Natural gas production available for sale,

million cubic feet per day (mcfd)

United States

2,767

2,825

2,686

Canada / Other Americas

216

317

253

Europe

1,403

1,293

848

Africa

24

7

12

Asia

3,599

3,710

3,225

Australia / Oceania

1,164

1,244

1,161

Worldwide

9,173

9,396

8,185

Oil-equivalent production (koebd)¹

3,787

4,046

3,689

¹ Natural gas converted to an oil-equivalent basis at 6 million cubic feet per 1 thousand barrels.

Attachment IV

Exxon Mobil Corporation

First Quarter 2021

First

First

Fourth

Quarter

Quarter

Quarter

2021

2020

2020

Refinery throughput (kbd)

United States

1,532

1,558

1,594

Canada

364

383

359

Europe

1,153

1,295

1,130

Asia Pacific

545

637

522

Other

157

187

150

Worldwide

3,751

4,060

3,755

Petroleum product sales (kbd)

United States

2,077

2,231

2,128

Canada

409

456

415

Europe

1,272

1,403

1,227

Asia Pacific

665

708

645

Other

458

489

418

Worldwide

4,881

5,287

4,833

Gasolines, naphthas

1,996

2,122

2,039

Heating oils, kerosene, diesel

1,692

1,867

1,739

Aviation fuels

183

383

172

Heavy fuels

257

256

237

Specialty products

753

659

646

Worldwide

4,881

5,287

4,833

Chemical prime product sales,

thousand metric tons (kt)

United States

2,190

2,195

2,467

Non-U.S.

4,256

4,042

4,176

Worldwide

6,446

6,237

6,643

Attachment V

Exxon Mobil Corporation

First Quarter 2021

(millions of dollars)

First

First

Fourth

Quarter

Quarter

Quarter

2021

2020

2020

Capital and Exploration Expenditures

Upstream

United States

810

2,798

1,122

Non-U.S.

1,547

2,328

1,812

Total

2,357

5,126

2,934

Downstream

United States

271

747

488

Non-U.S.

199

487

674

Total

470

1,234

1,162

Chemical

United States

208

597

435

Non-U.S.

98

185

240

Total

306

782

675

Other

—

1

—

Worldwide

3,133

7,143

4,771

Cash Flow from Operations and Asset Sales excluding Working Capital

Net cash provided by operating activities

(U.S. GAAP)

9,264

6,274

4,005

Proceeds associated with asset sales

307

86

770

Cash flow from operations and asset sales

9,571

6,360

4,775

Changes in operational working capital

(1,953)

942

114

Cash flow from operations and asset sales

7,618

7,302

4,889

excluding working capital

Attachment VI

Exxon Mobil Corporation

Earnings/(Loss)

$ Millions

$ Per Common Share¹

2017

First Quarter

4,010

0.95

Second Quarter

3,350

0.78

Third Quarter

3,970

0.93

Fourth Quarter

8,380

1.97

Year

19,710

4.63

2018

First Quarter

4,650

1.09

Second Quarter

3,950

0.92

Third Quarter

6,240

1.46

Fourth Quarter

6,000

1.41

Year

20,840

4.88

2019

First Quarter

2,350

0.55

Second Quarter

3,130

0.73

Third Quarter

3,170

0.75

Fourth Quarter

5,690

1.33

Year

14,340

3.36

2020

First Quarter

(610)

(0.14)

Second Quarter

(1,080)

(0.26)

Third Quarter

(680)

(0.15)

Fourth Quarter

(20,070)

(4.70)

Year

(22,440)

(5.25)

2021

First Quarter

2,730

0.64

¹Computed using the average number of shares outstanding during each period.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005293/en/

ExxonMobil

Media Relations, 972-940-6007

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Oil/Gas Energy

MEDIA:

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Posted on April 30, 2021 7:29 am
So-Young International Inc. Files Its Annual Report on Form 20-F

BEIJING, April 30, 2021 (GLOBE NEWSWIRE) — So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”), the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry, today announced it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2020 with the Securities and Exchange Commission on April 30, 2021. The annual report is available on the Company’s investor relations website at http://ir.soyoung.com/.

The Company will provide a hard copy of its annual report containing the audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request. Requests should be submitted to [email protected].

About So-Young International Inc.

So-Young International Inc. (Nasdaq: SY) (“So-Young” or the “Company”) is the largest and most vibrant social community in China for consumers, professionals and service providers in the medical aesthetics industry. The Company presents users with reliable information through offering high quality and trustworthy content together with a multitude of social functions on its platform, as well as by curating medical aesthetic service providers that are carefully selected and vetted. Leveraging So-Young’s strong brand image, extensive audience reach, trust from its users, highly engaging social community and data insights, the Company is well-positioned to expand both along the medical aesthetic industry value chain and into the massive, fast-growing consumption healthcare service market.

For more information, please contact:

So-Young

Investor Relations
Ms. Vivian XU
Phone: +86-10-8790-2012
E-mail: [email protected]

Christensen

In China
Mr. Eric Yuan
Phone: +86-10-5900-1548
E-mail: [email protected]

In US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
Email: [email protected]

Posted on April 30, 2021 7:23 am
Phillips 66 Partners reports first-quarter 2021 financial results

Phillips 66 Partners reports first-quarter 2021 financial results

Reported a first-quarter loss of $18 million and adjusted EBITDA of $289 million

Announced quarterly distribution of $0.875 per common unit

Reached agreement to exit the Liberty Pipeline joint venture

South Texas Gateway Terminal commissioned additional storage, completing the project

Progressed C2G Pipeline construction

HOUSTON–(BUSINESS WIRE)–
Phillips 66 Partners LP (NYSE: PSXP) announces a first-quarter 2021 loss of $18 million, or $0.13 per diluted common unit. Cash from operations was $227 million, and distributable cash flow was $233 million. Adjusted EBITDA was $289 million in the first quarter, compared with $318 million in the prior quarter.

“Our first-quarter results reflect winter storm impacts and our decision to exit the Liberty Pipeline project,” said Greg Garland, Phillips 66 Partners Chairman and CEO. “We operated our assets safely despite the weather-related challenges. The South Texas Gateway Terminal commissioned additional storage, and we are nearing completion of the C2G Pipeline construction. We remain focused on operating excellence, a strong balance sheet and disciplined capital allocation.”

On April 20, 2021, the general partner’s board of directors declared a first-quarter 2021 cash distribution of $0.875 per common unit, or $3.50 per unit on an annualized basis.

Financial Results

Phillips 66 Partners’ first-quarter 2021 loss was $18 million, compared with earnings of $104 million in the fourth quarter. The decrease was mainly due to a $198 million impairment in the first quarter of 2021 resulting from the Partnership’s decision to exit the Liberty Pipeline project, compared with impairments of $96 million in the fourth quarter of 2020. The Partnership reported adjusted EBITDA of $289 million in the first quarter, compared with $318 million in the prior quarter. The decrease in adjusted EBITDA was primarily due to reduced volumes and higher utility costs at the Partnership’s wholly owned and joint venture assets, largely due to the severe winter storms impacting the Central and Gulf Coast regions in the first quarter of 2021.

Liquidity, Capital Expenditures and Investments

As of March 31, 2021, total debt outstanding was $3.9 billion. The Partnership had $3 million in cash and cash equivalents and $299 million available under its revolving credit facility.

The Partnership’s capital expenditures and investments for the quarter were $58 million. Growth capital included spend on the C2G Pipeline project and investment in the South Texas Gateway Terminal.

On April 1, 2021, Phillips 66 Partners repaid the two remaining $25 million tranches of tax-exempt bonds, totaling $50 million. Also in April, the Partnership borrowed $450 million under a new term loan agreement. Proceeds were primarily used to repay amounts borrowed under the Partnership’s $750 million revolving credit facility.

Strategic Update

The South Texas Gateway Terminal commissioned additional storage capacity, bringing total capacity to 8.6 million barrels and marking completion of the final construction phase. The marine export terminal has two deepwater docks with up to 800,000 barrels per day of export capacity. Phillips 66 Partners owns a 25% interest in the terminal.

Phillips 66 Partners continued construction of the C2G Pipeline, a 16 inch ethane pipeline that will connect its Clemens Caverns storage facility to petrochemical facilities in Gregory, Texas, near Corpus Christi, Texas. The project is backed by long-term commitments and is expected to be completed in mid-2021.

Investor Webcast

Members of Phillips 66 Partners executive management will host a webcast today at 2 p.m. EDT to discuss the Partnership’s first-quarter performance. To listen to the conference call and view related presentation materials, go to www.phillips66partners.com/events. For detailed supplemental information, go to www.phillips66partners.com/reports.

About Phillips 66 Partners

Headquartered in Houston, Phillips 66 Partners is a growth-oriented master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.

^{CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS}

^{This news release contains certain forward-looking statements as defined under the federal securities laws. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: the continued ability of Phillips 66 to satisfy its obligations under our commercial and other agreements; the volume of crude oil, refined petroleum products and NGL we or our equity affiliates transport, fractionate, terminal and store; the tariff rates with respect to volumes transported through our regulated assets, which are subject to review and possible adjustment by federal and state regulators; fluctuations in the prices for crude oil, refined petroleum products and NGL; the continuing effects of the COVID-19 pandemic and its negative impact on the demand for refined products; changes in governmental policies relating to crude oil, refined petroleum products or NGL pricing, regulation, taxation, or exports; liabilities associated with the risks and operational hazards inherent in transporting, fractionating, terminaling and storing crude oil, refined petroleum products and NGL; curtailment of operations due to accidents, severe weather (including as a result of climate change) or natural disasters, riots, strikes or lockouts; the inability to obtain or maintain permits, in a timely manner or at all, and the possible revocation or modification of permits; our ability to successfully execute growth strategies; the operation, financing and distribution decisions of our equity affiliates; costs to comply with environmental laws and safety regulations; failure of information technology due to various causes, including unauthorized access or attacks; changes to the costs to deliver and transport crude oil, refined petroleum products and NGL; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; the failure to complete construction of capital projects on time and within budget; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues; our ability to comply with our debt covenants and to incur additional indebtedness on favorable terms; changes in tax, environmental and other laws and regulations; and other economic, business, competitive and/or regulatory factors affecting Phillips 66 Partners’ businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 Partners is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.}

^{Use of Non-GAAP Financial Information}^{—This news release includes the terms “EBITDA,” “adjusted EBITDA,” “distributable cash flow” and “coverage ratio.” These are non-GAAP financial measures. EBITDA and adjusted EBITDA are included to help facilitate comparisons of operating performance of the Partnership with other companies in our industry. EBITDA and distributable cash flow help facilitate an assessment of our ability to generate sufficient cash flow to make distributions to our partners. We believe that the presentation of EBITDA, adjusted EBITDA and distributable cash flow provides useful information to investors in assessing our financial condition and results of operations. Our coverage ratio is calculated as distributable cash flow divided by total cash distributions and is included to help indicate the Partnership’s ability to pay cash distributions from current earnings. The GAAP performance measure most directly comparable to EBITDA and adjusted EBITDA is net income (loss). The GAAP liquidity measure most comparable to EBITDA and distributable cash flow is net cash provided by operating activities. The GAAP financial measure most comparable to our coverage ratio is calculated as net cash provided by operating activities divided by total cash distributions. These non-GAAP financial measures should not be considered as alternatives to their comparable GAAP measures. They have important limitations as analytical tools because they exclude some but not all items that affect their corresponding GAAP measures. They should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Additionally, because EBITDA, adjusted EBITDA, distributable cash flow and coverage ratio may be defined differently by other companies in our industry, our definition of those measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.}

^{Reconciliations of these non-GAAP measures to their comparable GAAP measures are included in this release.}

^{References in the release to earnings or losses refer to net income or losses attributable to the Partnership. References to EBITDA refer to earnings before interest, income taxes, depreciation and amortization.}

Results of Operations (Unaudited)

Summarized Financial Statement Information

Millions of Dollars

Except as Indicated

Q1 2021

Q4 2020

Selected Income Statement Data

Total revenues and other income

$

376

390

Net income (loss)

(11)

111

Net income (loss) attributable to the Partnership

(18)

104

Adjusted EBITDA

289

318

Distributable cash flow

233

240

Net Income (Loss) Attributable to the Partnership Per Limited Partner Unit—Diluted (Dollars)

Common units

$

(0.13)

0.40

Selected Balance Sheet Data

Cash and cash equivalents

$

3

7

Equity investments

3,029

3,244

Total assets

7,053

7,258

Total debt

3,944

3,909

Equity held by public

Preferred units

749

749

Common units

2,647

2,706

Equity held by Phillips 66

Common units

(828)

(656)

Statement of Income (Loss)

Millions of Dollars

Q1 2021

Q4 2020

Revenues and Other Income

Operating revenues—related parties

$

245

258

Operating revenues—third parties

7

7

Equity in earnings of affiliates

124

124

Other income

—

1

Total revenues and other income

376

390

Costs and Expenses

Operating and maintenance expenses

95

85

Depreciation

34

39

Impairments

198

96

General and administrative expenses

17

16

Taxes other than income taxes

10

10

Interest and debt expense

33

32

Total costs and expenses

387

278

Income (loss) before income taxes

(11)

112

Income tax expense

—

1

Net Income (Loss)

(11)

111

Less: Net income attributable to noncontrolling interest

7

7

Net Income (Loss) Attributable to the Partnership

(18)

104

Less: Preferred unitholders’ interest in net income (loss) attributable to the Partnership

12

12

Limited Partners’ Interest in Net Income (Loss) Attributable to the Partnership

$

(30)

92

Selected Operating Data

Q1 2021

Q4 2020

Wholly Owned Operating Data

Pipelines

Pipeline revenues (millions of dollars)

$

104

111

Pipeline volumes⁽¹⁾(thousands of barrels daily)

Crude oil

796

843

Refined petroleum products and natural gas liquids

809

877

Total

1,605

1,720

Average pipeline revenue per barrel (dollars)

$

0.71

0.70

Terminals

Terminal revenues (millions of dollars)

$

39

41

Terminal throughput (thousands of barrels daily)

Crude oil⁽²⁾

374

283

Refined petroleum products

657

711

Total

1,031

994

Average terminaling revenue per barrel (dollars)

$

0.41

0.44

Storage, processing and other revenues (millions of dollars)

$

109

113

Total Operating Revenues (millions of dollars)

$

252

265

Joint Venture Operating Data⁽³⁾

Crude oil, refined petroleum products and natural gas liquids (thousands of barrels daily)

1,052

1,102

^{(1) Represents the sum of volumes transported through each separately tariffed pipeline segment.}

^{(2) Bayway and Ferndale rail rack volumes included in crude oil terminals.}

^{(3) Proportional share of total pipeline and terminal volumes of joint ventures consistent with recognized equity in earnings of affiliates.}

Cash Distributions

Millions of Dollars

Except as Indicated

Q1 2021

Q4 2020

Cash Distributions^†

Common units—public

$

52

51

Common units—Phillips 66

148

149

Total

$

200

200

Cash Distribution Per Common Unit (Dollars)

$

0.875

0.875

Coverage Ratio*

1.17

1.20

^{†Cash distributions declared attributable to the indicated periods.}

^{*Calculated as distributable cash flow divided by total cash distributions. Used to indicate the Partnership’s ability to pay cash distributions from current earnings. Net cash provided by operating activities divided by total cash distributions was 1.14x and 0.85x at Q1 2021 and Q4 2020, respectively.}

Reconciliation of Adjusted EBITDA and Distributable Cash Flow to Net Income (Loss) Attributable to the Partnership

Millions of Dollars

Q1 2021

Q4 2020

Net Income (Loss) Attributable to the Partnership

$

(18)

104

Plus:

Net income attributable to noncontrolling interest

7

7

Net Income (Loss)

(11)

111

Plus:

Depreciation

34

39

Net interest expense

33

32

Income tax expense

—

1

EBITDA

56

183

Plus:

Proportional share of equity affiliates’ net interest, taxes, depreciation and amortization, and impairments

49

54

Expenses indemnified or prefunded by Phillips 66

—

1

Impairments

198

96

Less:

Adjusted EBITDA attributable to noncontrolling interest

14

16

Adjusted EBITDA

289

318

Plus:

Deferred revenue impacts*^†

9

4

Less:

Equity affiliate distributions less than proportional adjusted EBITDA

14

5

Maintenance capital expenditures^†

6

33

Net interest expense

33

32

Preferred unit distributions

12

12

Distributable Cash Flow

$

233

240

^*^{Difference between cash receipts and revenue recognition.}

^{†Excludes Merey Sweeny capital reimbursements and turnaround impacts.}

Reconciliation of Adjusted EBITDA and Distributable Cash Flow to Net Cash Provided by Operating Activities

Millions of Dollars

Q1 2021

Q4 2020

Net Cash Provided by Operating Activities

$

227

170

Plus:

Net interest expense

33

32

Income tax expense

—

1

Changes in working capital

(11)

75

Undistributed equity earnings

5

2

Impairments

(198)

(96)

Deferred revenues and other liabilities

—

1

Other

—

(2)

EBITDA

56

183

Plus:

Proportional share of equity affiliates’ net interest, taxes, depreciation and amortization, and impairments

49

54

Expenses indemnified or prefunded by Phillips 66

—

1

Impairments

198

96

Less:

Adjusted EBITDA attributable to noncontrolling interest

14

16

Adjusted EBITDA

289

318

Plus:

Deferred revenue impacts*^†

9

4

Less:

Equity affiliate distributions less than proportional adjusted EBITDA

14

5

Maintenance capital expenditures^†

6

33

Net interest expense

33

32

Preferred unit distributions

12

12

Distributable Cash Flow

$

233

240

^*^{Difference between cash receipts and revenue recognition.}

^{†Excludes Merey Sweeny capital reimbursements and turnaround impacts.}

View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005077/en/

Jeff Dietert (investors)

832-765-2297

[email protected]

Shannon Holy (investors)

832-765-2297

[email protected]

Thaddeus Herrick (media)

855-841-2368

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Professional Services Chemicals/Plastics Oil/Gas Manufacturing Energy Finance

MEDIA:

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Posted on April 30, 2021 7:16 am
Boqii to Open Its First Offline Store in Shanghai on May 1

PR Newswire

SHANGHAI, April 30, 2021 /PRNewswire/ — Boqii Holding Limited (“Boqii” or the “Company”) (NYSE: BQ), a leading pet-focused platform in China, today announced the Company will celebrate the opening of its first offline store on Saturday, May 1, 2021 at Jing’an IMIX Park, one of the busiest shopping mall in Shanghai. Targeting at providing truly one-stop experience for pets and pet parents, such offline layout will provide Boqii users with a more complete service offering and comprehensive care for pet life.

About Boqii Holding Limited

Boqii Holding Limited (NYSE: BQ) is China’s largest pet-focused platform. We are the leading online destination for pet products and supplies in China with our broad selection of high-quality products including global leading brands, local emerging brands, and our own private label, Yoken and Mocare, offered at competitive prices. Our online sales platforms, including Boqii Mall and our flagship stores on third-party e-commerce platforms, provide customers with convenient access to a wide selection of high-quality pet products and an engaging and personalized shopping experience. Our Boqii Community provides an informative and interactive content platform for users to share their knowledge and love for pets.

Safe Harbor Statement

This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding such risks, uncertainties or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

For investor and media inquiries, please contact:

In China:

Boqii Holding Limited
Investor Relations
Tel: +86-21-6882-6051
Email: [email protected]

The Blueshirt Group
Ms. Susie Wang
Email: [email protected]

In the United States:

The Blueshirt Group
Ms. Julia Qian
Email: [email protected]

View original content:http://www.prnewswire.com/news-releases/boqii-to-open-its-first-offline-store-in-shanghai-on-may-1-301281119.html

SOURCE Boqii Holding Limited

Posted on April 30, 2021 7:08 am
Kraig Biocraft Laboratories Celebrates Arbor Day by Funding Planting of more than 100,000 Mulberry Trees

Kraig Labs honors its commitment to eco-responsible Spider Silk production with significant expansion of tree planting

ANN ARBOR, Mich., April 30, 2021 (GLOBE NEWSWIRE) — Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“Company” or “Kraig Labs”), the biotechnology company focused on the development and commercialization of spider silk, honors Arbor Day by funding the planting of more than 100,000 mulberry trees. While playing a vital role in purifying our air and stabilizing the soil, these trees also serve as a valuable, sustainable resource for the production of the Company’s proprietary spider silk technology.

The Company believes that in pledging to do what is right for the environment, it can strengthen its business and expand future opportunities. Kraig Labs’ business model is built on the utilization of renewable and sustainable mulberry leaves for the production of recombinant spider silk. Under the care of Prodigy Textiles, the Company’s Vietnamese subsidiary, these trees are already supporting production operations and will continue to play a significant role in the commercialization of Company’s recombinant spider silk technologies.

“Through thoughtful design of our production systems, with an eye towards energy efficiency, a reduction in inorganic materials, and a low carbon footprint, we created a system that is in line with long honored cultural traditions, where eco-responsibly is a valuable byproduct of doing what is best for our business and our shareholders,” said Jon Rice, COO. “I am proud of the work our team has done to contribute to the more than two million acres of mulberry trees planted globally, as part of our efforts to bring materials of unparalleled performance to the textile markets.”

To view the most recent news from Kraig Labs, including recent mulberry tree pictures at one of its co-op tree farms, and/or to sign up for Company alerts, please go to www.KraigLabs.com/news.

About Kraig Biocraft Laboratories, Inc.

Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a reporting biotechnology company, is a developer of genetically engineered spider silk based fiber technologies.

Cautionary Statement Regarding Forward Looking Information

Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.

Ben Hansel, Hansel Capital, LLC
(720) 288-8495
[email protected]

Posted on April 30, 2021 7:08 am
FreightHub, Inc. Customer Base Increases by 155% in Past Six Months

NEW YORK, April 30, 2021 (GLOBE NEWSWIRE) — Hudson Capital Inc. (NASDAQ: HUSN) (Hudson Capital) announced that FreightHub, Inc. (Fr8Hub), a North American transportation logistics technology platform company focused on US-Mexico cross-border shipping with which Hudson Capital has signed a definitive Merger Agreement, reported its expanded customer base has resulted in Fr8Hub delivering more than 15,000 loads since its inception in 2015.

Fr8Hub customers grew 155% from 130 in October 2020 to more than 330 in April 2021, including one of the world’s largest snack and food manufacturers and one of North America’s largest retailers. More than 15,000 loads have been delivered for Fr8Hub’s customers since the company’s inception in 2015, with approximately half of those occurring in the past six months. The loads are being delivered by a more efficiently organized carrier base that has grown to 1,963 from 1,700 in October 2020.

Javier Selgas, CEO of Fr8Hub, said, “We are encouraged by the significant growth in our customer base, who are using our industry leading transportation logistics platform to deliver more loads than ever before and on an increasingly repetitive basis as they become more familiar with our platform and its ease-of-use. Already in 2021, we have enhanced our technology with new offerings like our Broker Portal and upgraded offerings in our platform such as our Load Board 2.0, which we believe will drive even more usage from our existing customer base and attract new customers.”

About FreightHub, Inc.
FreightHub, Inc. (Fr8Hub) makes shipping simple, transparent, and efficient. A transportation logistics platform company, Fr8Hub focuses on truckload freight for domestic and cross-border markets in Mexico, the US and Canada. As an innovative digital freight marketplace, broker, transportation management system (TMS) and public API, Fr8Hub uses its proprietary technology platform to connect carriers and shippers that significantly improves matching and operation efficiency via innovative technologies such as live pricing and real-time tracking.

About Hudson Capital Inc.
Incorporated in 2014, Hudson Capital Inc. (formerly known as China Internet Nationwide Financial Services Inc. (NASDAQ: HUSN)) commenced its business by providing financial advisory services to small and medium size companies. The traditional business segments include commercial payment advisory, intermediary bank loan advisory and international corporate financing advisory services which help clients to meet their commercial payment and investment needs. For more information, about Hudson Capital, please see the documents filed by Hudson Capital with the SEC at www.sec.gov.

Important Information About the Proposed Merger Transaction and Where to Find It
In connection with the proposed merger, Hudson Capital intends to file relevant materials with the Securities and Exchange Commission (the “SEC”), including a Registration Statement on Form S-4 (the “Form S-4”) which was filed with the SEC on November 12, 2020, as amended on December 31, 2020 and February 8, 2021, and includes and serves as a proxy statement/prospectus for Hudson Capital’s shareholders and a prospectus for Fr8Hub’s stockholders. Promptly after the Form S-4 is declared effective by the SEC, Hudson Capital will mail the definitive proxy statement/prospectus and a proxy card to each shareholder entitled to vote at the special meeting on the merger and the other proposals set forth in the proxy statement. SHAREHOLDERS OF HUDSON CAPITAL ARE URGED TO READ THESE MATERIALS (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE MERGER THAT HUDSON CAPITAL WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT HUDSON CAPITAL, FREIGHTHUB AND THE MERGER. The definitive proxy statement/prospectus and other relevant materials in connection with the merger (when they become available), and any other documents filed by Hudson Capital with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov).

Participants in the Solicitation
Hudson Capital and its directors and executive officers may be deemed participants in the solicitation of proxies from Hudson Capital’s shareholders with respect to the merger. A list of the names of those directors and executive officers and a description of their interests in Hudson Capital are included in the prospectus/proxy statement for the proposed merger and are available at www.sec.gov. Additional information regarding the interests of such participants will be contained in the prospectus/proxy statement for the proposed merger when available. Information about Hudson Capital’s directors and executive officers and their ownership of ordinary shares of Hudson Capital is set forth in Hudson Capital’s Annual Report on Form 20-F filed with the Securities and Exchange Commission on June 15, 2020. These documents can be obtained free of charge from the sources indicated above.

Fr8Hub and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the shareholders of Hudson Capital in connection with the proposed merger. A list of the names of such directors and executive officers and information regarding their interests in the proposed merger are included in the prospectus/proxy statement for the proposed merger, and are available at www.sec.gov.

Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Hudson Capital’s and Fr8Hub’s actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Hudson Capital’s and Fr8Hub’s expectations with respect to future performance and anticipated financial impacts of the proposed acquisition, the satisfaction of the closing conditions to the proposed acquisition, and the timing of the completion of the proposed acquisition.

These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from those discussed in the forward-looking statements. Most of these factors are outside Hudson Capital’s and Fr8Hub’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change, or other circumstances that could give rise to the termination of the definitive merger agreement (the “Agreement”); (2) the outcome of any legal proceedings that may be instituted against Hudson Capital or Fr8Hub following the announcement of the Agreement and the transactions contemplated therein; (3) the inability to complete the proposed acquisition, including due to failure to obtain approval of the shareholders of Hudson Capital and stockholders of Fr8Hub, certain regulatory approvals, or satisfy other conditions to closing in the Agreement; (4) the occurrence of any event, change, or other circumstance that could give rise to the termination of the Agreement or could otherwise cause the transaction to fail to close; (5) the impact of COVID-19 pandemic on Fr8Hub’s business and/or the ability of the parties to complete the proposed acquisition; (6) the inability to obtain or maintain the listing of Hudson Capital’s shares of common stock on Nasdaq following the proposed merger; (7) the risk that the proposed acquisition disrupts current plans and operations as a result of the announcement and consummation of the proposed merger; (8) the ability to recognize the anticipated benefits of the proposed merger, which may be affected by, among other things, competition, the ability of Fr8Hub to grow and manage growth profitably, and retain its key employees; (9) costs related to the proposed merger; (10) changes in applicable laws or regulations; (11) the possibility that Hudson Capital or Fr8Hub may be adversely affected by other economic, business, and/or competitive factors; (12) risks relating to the uncertainty of the projected financial information with respect to Fr8Hub; (13) risks related to the organic and inorganic growth of Fr8Hub’s business and the timing of expected business milestones; and (14) other risks and uncertainties indicated from time to time in the prospectus/proxy statement on the Form S-4, relating to the proposed merger, including those under “Risk Factors” therein, to be filed by Hudson Capital and in Hudson Capital’s other filings with the SEC. Hudson Capital cautions that the foregoing list of factors is not exclusive. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Hudson Capital and Fr8Hub caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Hudson Capital and Fr8Hub do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in their expectations or any change in events, conditions, or circumstances on which any such statement is based.

No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed merger. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Fr8Hub Contact:

Moriah Shilton or Kirsten Chapman, LHA Investor Relations, [email protected], 415.433.3777

Hudson Capital Contact:

Hon Man Yun, Chief Financial Officer, [email protected], (852) 98047102

Posted on April 30, 2021 7:08 am
4D Molecular Therapeutics to Participate in BofA Securities 2021 Virtual Health Care Conference

EMERYVILLE, Calif., April 30, 2021 (GLOBE NEWSWIRE) — 4D Molecular Therapeutics (Nasdaq: FDMT), a clinical-stage gene therapy company harnessing the power of directed evolution for targeted gene therapies, announced that management will present at the BofA Securities 2021 Virtual Health Care Conference on Thursday, May 13 at 2:00 p.m. PT.

A live audio webcast of the presentation will be available by visiting the “Investors & Media” section of the 4DMT website at www.4dmoleculartherapeutics.com. A replay of the webcast will be available for at least two weeks following the live event.

About 4DMT

4DMT is a clinical-stage company harnessing the power of directed evolution for targeted gene therapies. 4DMT seeks to unlock the full potential of gene therapy using its platform, Therapeutic Vector Evolution, which combines the power of directed evolution with approximately one billion synthetic capsid sequences to invent evolved vectors for use in targeted gene therapy products. The company is initially focused in three therapeutic areas: ophthalmology, cardiology, and pulmonology. The 4DMT targeted and evolved vectors are invented with the goal of being delivered through clinically routine, well-tolerated and minimally invasive routes of administration, transducing diseased cells in target tissues efficiently, having reduced immunogenicity and, where relevant, having resistance to pre-existing antibodies. 4DMT is currently conducting three clinical trials: 4D-125 is in a Phase 1/2 clinical trial for XLRP patients, 4D-110 is in a Phase 1 clinical trial for choroideremia patients and 4D-310 is in a Phase 1/2 clinical trial for Fabry disease patients.

4D Molecular Therapeutics™, 4DMT™, Therapeutic Vector Evolution™, and the 4DMT logo are trademarks of 4DMT.

Contacts:

Media:

Theresa Janke
[email protected]

Investors:

Mike Zanoni
Endurance Advisors
[email protected]

Posted on April 30, 2021 7:04 am
Noah Holdings Limited Files FY2020 Annual Report on Form 20-F

PR Newswire

SHANGHAI, April 30, 2021 /PRNewswire/ — Noah Holdings Limited (“Noah” or the “Company”) (NYSE: NOAH), a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2020 with the U.S. Securities and Exchange Commission on April 30, 2021.

The annual report can be accessed on Noah’s investor relations website at http://ir.noahgroup.com.

ABOUT NOAH HOLDINGS LIMITED

Noah Holdings Limited (NYSE: NOAH) is a leading wealth and asset management service provider in China with a focus on global investment and asset allocation services for high net worth individuals and enterprises. In the full year 2020, Noah distributed RMB94.7 billion (US$14.5 billion) of financial products. Through its subsidiary, Gopher Asset Management Co., Ltd. (“Gopher Asset Management”), Noah had assets under management of RMB152.8 billion (US$23.4 billion) as of December 31, 2020.

Noah’s wealth management business primarily distributed private equity, public securities, credit and insurance products denominated in RMB and other currencies. Noah delivers customized financial solutions to clients through a network of 1,231 relationship managers across 80 cities in mainland China, and serves the international investment needs of its clients through subsidiaries in Hong Kong, Taiwan, United States, Canada, Australia and Singapore. The Company’s wealth management business had 360,637 registered clients as of December 31, 2020. As a leading alternative asset manager in China, Gopher Asset Management manages private equity, real estate, public securities, credit and multi-strategies investments denominated in RMB and foreign currencies. The Company also provides lending services and other businesses.

For more information, please visit Noah at ir.noahgroup.com.

View original content:http://www.prnewswire.com/news-releases/noah-holdings-limited-files-fy2020-annual-report-on-form-20-f-301281106.html

SOURCE Noah Holdings Limited

Posted on April 30, 2021 7:04 am
Willis Lease Announces Offering of $336.7 Million in Fixed Rate Notes

COCONUT CREEK, Fla., April 30, 2021 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“Willis”), a leading lessor of commercial jet engines, announced today that its wholly-owned subsidiary, Willis Engine Structured Trust VI (“WEST”), proposes to offer $336.7 million in aggregate principal amount of fixed rate notes (the “Notes”). It is expected that the Notes will be issued in three series, with the Series A Notes to be issued in an aggregate principal amount of approximately $278.6 million, the Series B Notes in an aggregate principal amount of approximately $38.7 million and the Series C Notes in an aggregate principal amount of approximately $19.4 million. The Notes will be secured by, among other things, WEST’s direct and indirect interests in a portfolio of 29 aircraft engines and one airframe, which WEST will acquire from Willis pursuant to an asset purchase agreement.

The net proceeds of the Notes will be primarily applied to (i) pay fees and expenses related to the issuance of the Notes and (ii) pay Willis periodically over a 270-day delivery period as consideration for the aircraft engines and the airframe acquired by WEST from Willis in connection with the financing. Willis will apply any net proceeds it receives for general corporate purposes.

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

This news release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of, the Notes 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. This news release is being issued pursuant to and in accordance with Rule 135c under the Securities Act.

Willis Lease Finance Corporation

Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services supported by cutting edge technology through its subsidiary, Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through its subsidiary, Willis Aeronautical Services, Inc.

Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as terrorist activity and the COVID-19 pandemic; changes in oil prices and other disruptions to the world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing reports filed with the Securities and Exchange Commission.

CONTACT: Scott B. Flaherty

Chief Financial Officer

(561) 349-9989

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