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Hyderabad: Private school teachers still get half their salary, with only one month left for the new school year to begin. During the last school year, many students from private schools were admitted to public schools. For this reason, teachers were given the burden of fulfilling admissions goals.

According to private teachers, about 60% of them receive only half a salary. This forced many of them to opt for other jobs. They say many private school principals have given them admissions goals; if they are not fulfilled, they will not receive a salary. Teachers allege that even during summer vacation, they are forced to commute in the scorching sun to meet the admissions target. Because of this pressure, many were forced out of their jobs.

On condition of anonymity, a private school teacher said: “During the pandemic, we used to get half pay; it was understandable; but now everything is normal; our salaries are still not Principals say many students have not paid tuition fees our salaries have not been restored If there is an improvement in admissions in the next academic year, salaries will be increased.

“As a breadwinner, I face challenges. Another burden is with admissions goals; management threatens us with not paying May salaries if we can’t secure admissions.”

Anil (name changed), a private teacher, said “slowly everything is on the right track, but the private teachers are still struggling. Wages are not yet restored; the schools set conditions so that we can reach the admission goal (every week at least two-three admissions that we should obtain). We are also forced to work weekends. We are not marketers; every morning we are supposed to visit various settlements; in the afternoon, we have to call the parents for admissions. Every day we are work from 8am to 6pm.” “Private schools have always violated state government standards that only class 10 teachers should come to schools. But they force all teachers to come regularly to get admissions.”

Shabbir Ali, Chairman of the Telangana Private Teachers Forum (TPTF), said, “Many teachers are forced to do odd jobs due to half their salary. If teachers are unable to meet admissions goals, their work will not be continued in the next school year. A teacher’s job is to educate children, not to gain admissions. It will be better for the Ministry of Education to take action against those private schools that force teachers to get admissions.

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HF SINCLAIR CORP Management’s Discussion and Analysis of Financial Condition and Results of Operations (Form 10-Q) https://urabandai-ss.com/hf-sinclair-corp-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/ Mon, 09 May 2022 19:36:06 +0000 https://urabandai-ss.com/hf-sinclair-corp-managements-discussion-and-analysis-of-financial-condition-and-results-of-operations-form-10-q/
This Item 2 contains "forward-looking" statements. See "Forward-Looking
Statements" at the beginning of Part I of this Quarterly Report on Form 10-Q. In
this document, the words "we," "our," "ours" and "us" refer only to HF Sinclair
Corporation ("HF Sinclair") and its consolidated subsidiaries or to HF Sinclair
or an individual subsidiary and not to any other person with certain exceptions.
Generally, the words "we," "our," "ours" and "us" include Holly Energy Partners,
L.P. ("HEP") and its subsidiaries as consolidated subsidiaries of HF Sinclair,
unless when used in disclosures of transactions or obligations between HEP and
HF Sinclair or its other subsidiaries. This document contains certain
disclosures of agreements that are specific to HEP and its consolidated
subsidiaries and do not necessarily represent obligations of HF Sinclair. When
used in descriptions of agreements and transactions, "HEP" refers to HEP and its
consolidated subsidiaries. References herein to HF Sinclair "we," "our," "ours,"
and "us" with respect to time periods prior to March 14, 2022 refer to
HollyFrontier and its consolidated subsidiaries and do not include the Target
Company, STC or their respective consolidated subsidiaries (collectively, the
"Acquired Sinclair Businesses"). References herein to HF Sinclair "we," "our,"
"ours," and "us" with respect to time periods from and after March 14, 2022
include the operations of the Acquired Sinclair Businesses. Unless otherwise
specified, the financial statements included herein include financial
information for HF Sinclair, which for the time period from March 14, 2022 to
March 31, 2022 includes the combined business operations of HollyFrontier and
the Acquired Sinclair Businesses.


PREVIEW


We are an independent energy company that produces and markets high-value light
products such as gasoline, diesel fuel, jet fuel, renewable diesel and other
specialty products. We own and operate refineries located in El Dorado, Kansas
(the "El Dorado Refinery"); Tulsa, Oklahoma, which comprise two production
facilities, the Tulsa West and Tulsa East facilities (collectively, the "Tulsa
Refineries"); Anacortes, Washington (the "Puget Sound Refinery"); Artesia, New
Mexico, which operates in conjunction with crude oil distillation, vacuum
distillation and other facilities situated 65 miles away in Lovington, New
Mexico (collectively, the "Navajo Refinery"); Woods Cross, Utah (the "Woods
Cross Refinery"); Sinclair, Wyoming (the "Sinclair Refinery") and Casper,
Wyoming (the "Casper Refinery"). We market our refined products principally in
the Southwest United States, the Rocky Mountains extending into the Pacific
Northwest and in other neighboring Plains states. We supply high-quality fuels
to more than 1,300 Sinclair branded stations and license the use of the Sinclair
brand at more than 300 additional locations throughout the country. In addition,
our subsidiaries produce and market base oils and other specialized lubricants
in the United States, Canada and the Netherlands, and export products to more
than 80 countries. Through our subsidiaries, we produce renewable diesel at two
of our facilities in Wyoming. We also own a 47% limited partner interest and a
non-economic general partner interest in HEP, a master limited partnership that
provides petroleum product and crude oil transportation, terminalling, storage
and throughput services to the petroleum industry, including HF Sinclair
subsidiaries.

On March 14, 2022 (the "Closing Date"), HollyFrontier Corporation
("HollyFrontier") and Holly Energy Partners, L.P. ("HEP") announced the
establishment of HF Sinclair Corporation, a Delaware corporation ("HF
Sinclair"), as the new parent holding company of HollyFrontier and HEP and their
subsidiaries, and the completion of their respective acquisitions of Sinclair
Oil Corporation (now known as Sinclair Oil LLC, "Sinclair Oil") and Sinclair
Transportation Company LLC ("STC") from The Sinclair Companies (now known as REH
Company and referred to herein as "Sinclair HoldCo"). On the Closing Date,
pursuant to that certain Business Combination Agreement, dated as of August 2,
2021 (as amended on March 14, 2022, the "Business Combination Agreement"), by
and among HollyFrontier, HF Sinclair, Hippo Merger Sub, Inc., a wholly owned
subsidiary of HF Sinclair ("Parent Merger Sub"), Sinclair HoldCo, and Hippo
Holding LLC, a wholly owned subsidiary of Sinclair HoldCo (the "Target
Company"), HF Sinclair completed its previously announced acquisition of the
Target Company by effecting (a) a holding company merger in accordance with
Section 251(g) of the Delaware General Corporation Law whereby HollyFrontier
merged with and into Parent Merger Sub, with HollyFrontier surviving such merger
as a direct wholly owned subsidiary of HF Sinclair (the "HFC Merger") and (b)
immediately following the HFC Merger, a contribution whereby Sinclair HoldCo
contributed all of the equity interests of the Target Company to HF Sinclair in
exchange for shares of HF Sinclair, resulting in the Target Company becoming a
direct wholly owned subsidiary of HF Sinclair (the "HFC Transactions"). At the
effective time of the HFC Merger, HollyFrontier became a wholly owned subsidiary
of HF Sinclair, and all of HollyFrontier's outstanding shares were automatically
converted into equivalent corresponding shares of HF Sinclair. Pursuant to the
HFC Merger, HF Sinclair became the successor issuer to HollyFrontier pursuant to
Rule 12g-3(a) under the Securities and Exchange Act of 1934, as amended (the
"Exchange Act"), and replaced HollyFrontier as the public company trading on the
New York Stock Exchange ("NYSE") under the symbol "DINO."

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  Table of Content
In connection with the closing of the HFC Transactions, HF Sinclair issued
60,230,036 shares of HF Sinclair common stock to Sinclair HoldCo, representing
27% of the pro forma equity of HF Sinclair with a value of approximately $2,149
million based on HollyFrontier's fully diluted shares of common stock
outstanding and closing stock price on March 11, 2022. On the Closing Date,
Sinclair HoldCo made a $90.2 million cash payment to HF Sinclair related to
estimated working capital adjustments pursuant to the Business Combination
Agreement, which reduced the aggregate transaction value to approximately $2,059
million. Of the 60,230,036 shares of HF Sinclair common stock, 2,570,000 shares
are currently held in escrow to secure Sinclair HoldCo's obligations under
Section 6.22 of the Business Combination Agreement. Additionally, on the Closing
Date, and immediately prior to the consummation of the HFC Transactions, HEP
completed its acquisition of STC, Sinclair HoldCo's integrated crude and refined
products midstream business, and issued 21,000,000 common limited partner units
and paid cash consideration of $321.4 million, inclusive of working capital
adjustments, to Sinclair HoldCo in exchange for all the outstanding equity
interests of STC (the "HEP Transaction" and together with the HFC Transactions,
the "Sinclair Transactions"). Of these 21,000,000 common limited partner units,
5,290,000 units are currently held in escrow to secure Sinclair HoldCo's RINs
credit obligations to HF Sinclair under Section 6.22 of the Business Combination
Agreement. HF Sinclair, and not HEP, would be entitled to the HEP common units
held in escrow in the event of Sinclair HoldCo's breach of its RINs credit
obligations under the Business Combination Agreement.

Under the terms of the Business Combination Agreement, HF Sinclair acquired
Sinclair HoldCo's refining, branded marketing, renewables, and midstream
businesses. The branded marketing business supplies high-quality fuels to more
than 1,300 Sinclair branded stations and licenses the use of the Sinclair brand
at more than 300 additional locations throughout the United States. The
renewables business includes the operation of a renewable diesel unit located in
Sinclair, Wyoming. The refining business includes two Rocky Mountains-based
refineries located in Casper, Wyoming and Sinclair, Wyoming. Under the terms of
the Contribution Agreement, HEP acquired STC, Sinclair HoldCo's integrated crude
and refined products pipelines and terminal assets, including approximately
1,200 miles of integrated crude and refined product pipeline supporting the
Sinclair refineries and third parties, eight product terminals and two crude
terminals with approximately 4.5 million barrels of operated storage. In
addition, HEP acquired STC's interests in three pipeline joint ventures for
crude gathering and product offtake including: Saddle Butte Pipeline III, LLC
(25.06% non-operated interest); Pioneer Pipeline (49.995% non-operated
interest); and UNEV Pipeline, LLC ("UNEV") (the 25% non-operated interest not
already owned by HEP, resulting in UNEV becoming a wholly owned subsidiary of
HEP). The addition of Sinclair Oil and STC to the HollyFrontier business created
a combined company with increased scale and ability to diversify and is expected
to drive growth through the expanded refining and renewables business. In
addition, the HFC Transactions added an integrated branded wholesale
distribution network to our business.

HollyFrontier's senior management team at the Closing Date will continue to
operate the combined company. Pursuant to that certain stockholders agreement
(the "Stockholders Agreement") by and among HF Sinclair, Sinclair HoldCo and the
stockholders of Sinclair HoldCo (together with Sinclair HoldCo and each of their
permitted transferees, the "Sinclair Parties"), Sinclair HoldCo was granted the
right to nominate, and has nominated, two directors to our Board of Directors at
the Closing Date. The Sinclair HoldCo stockholders also agreed to certain
customary lock up, voting and standstill restrictions, as well as customary
registration rights, for the HF Sinclair common stock issued to the stockholders
of Sinclair HoldCo. HF Sinclair is headquartered in Dallas, Texas, with combined
business offices in Salt Lake City, Utah.

See Note 2 “Acquisitions” and Note 3 “Holly Energy Partners” in the notes to the consolidated financial statements for more information.


On May 4, 2021, HollyFrontier Puget Sound Refining LLC, a wholly owned
subsidiary of HollyFrontier, entered into a sale and purchase agreement with
Equilon Enterprises LLC d/b/a Shell Oil Products US ("Shell") to acquire Shell's
Puget Sound refinery and related assets, including the on-site cogeneration
facility and related logistics assets. The acquisition closed on November 1,
2021.

For the three months ended March 31, 2022, net income attributable to HF
Sinclair stockholders was $160.0 million compared to $148.2 million for the
three months ended March 31, 2021. Gross refining margin per produced barrel
sold in our Refining segment increased 59% for the three months ended March 31,
2022 over the same period of 2021.

Pursuant to the 2007 Energy Independence and Security Act, the Environmental
Protection Agency ("EPA") promulgated the Renewable Fuel Standard ("RFS")
regulations, which increased the volume of renewable fuels mandated to be
blended into the nation's fuel supply. The regulations, in part, require
refiners to add annually increasing amounts of "renewable fuels" to their
petroleum products or purchase credits, known as renewable identification
numbers ("RINs"), in lieu of such blending. Compliance with RFS regulations
significantly increases our cost of products sold, with RINs costs totaling
$196.3 million for the three months ended March 31, 2022. At March 31, 2022, our
open RINs credit obligations were $144.7 million. See Note 2 "Acquisitions" in
the Notes to Consolidated Financial Statements for additional information on
RINs credit obligations assumed in the Sinclair Transactions.
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Contents


Impact of COVID-19 on Our Business
The COVID-19 pandemic caused a decline in U.S. and global economic activity
starting in the first quarter of 2020. This decrease reduced both volumes and
unit margins across our businesses, resulting in lower gross margins and
earnings. Global demand for transportation fuels, lubricants and the
transportation and terminal services we provide began to improve late in the
second quarter of 2020 and has returned to pre-pandemic levels.

The extent to which our future results are affected by the COVID-19 pandemic
will depend on various factors and consequences beyond our control, such as the
effects of any new variant strains of the underlying virus, additional actions
by businesses and governments in response to the pandemic and the speed and
effectiveness of responses to combat the virus. The COVID-19 pandemic, and the
volatile regional and global economic conditions stemming from it, could also
exacerbate the risk factors identified in HollyFrontier's Form 10-K under "Risk
Factors" in Item 1A. The COVID-19 pandemic may also materially adversely affect
our results in a manner that is either not currently known or that we do not
currently consider to be a significant risk to our business.

OUTLOOK


Within our Refining segment, for the second quarter of 2022, we expect to run
between 615,000 - 645,000 barrels per day of crude oil. This guidance reflects
the strong underlying demand trends in our markets, the reduction of refined
product supply driven by the global reaction to Russia's invasion of Ukraine and
a full quarter of contribution of the Sinclair and Casper refineries.

Within our Lubricants and Specialty Products segment, for the second quarter of
2022, we expect seasonal improvement in earnings in our Rack Forward business as
well as continued strong performance in our Rack Back business due to the
reduction in base oil supply from Russia.

Within our Renewables business, we expect to complete construction of the
Artesia renewable diesel unit and commence start up in the second quarter. The
Sinclair and Cheyenne renewable diesel units and the Artesia pre-treatment unit
are all on-line. We will continue to ramp up production across these assets and
expect to generate modestly positive earnings in the quarter as we reach full
production levels. We are suspending construction of the Sinclair pre-treatment
unit until 2023 pending a review of project economics and potential other
alternatives.

In the second quarter of 2022, HEP expects to hold the quarterly distribution
constant at $0.35 per unit, or $1.40 on an annualized basis. HEP remains
committed to its distribution strategy focused on funding all capital
expenditures and distributions within operating cash flow and maintaining
distributable cash flow coverage of 1.3x or greater with the goal of reducing
leverage to 3.0-3.5x.

Our Board of Directors reinstated our regular quarterly dividend at an increased
rate of $0.40 per share, as compared to the first quarter of 2021 dividend of
$0.35 per share, effective with the dividend declared for the first quarter of
2022. Following the expected completion of our renewables capital projects in
the second quarter of 2022, we intend to resume the repurchase of common stock
under our existing $1.0 billion share repurchase program.

On March 27, 2020, the U.S. government passed the Coronavirus Aid, Relief, and
Economic Security Act (the "CARES Act"), an approximately $2 trillion stimulus
package that included various provisions intended to provide relief to
individuals and businesses in the form of tax changes, loans and grants, among
others. At this time, we have not sought relief in the form of loans or grants
from the CARES Act; however, we have benefited from certain tax deferrals in the
CARES Act and may benefit from other tax provisions if we meet the requirements
to do so. We anticipate $83 million in cash tax benefit in 2022 from the net
operating loss carryback provisions under the CARES Act.

A more detailed discussion of our financial and operating results for the three months ended March 31, 2022 and 2021 is presented in the following sections.

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  Table of Content

RESULTS OF OPERATIONS

Financial Data

                                                                  Three Months Ended
                                                                       March 31,                                Change from 2021
                                                               2022                 2021                  Change                 Percent
                                                                                (In thousands, except per share data)
Sales and other revenues                                  $ 7,458,750          $ 3,504,293          $      3,954,457                  113  %
Operating costs and expenses:
Cost of products sold (exclusive of depreciation
and amortization):
Cost of products sold (exclusive of lower of cost
or market inventory valuation adjustment)                   6,502,012            2,960,305                 3,541,707                  120
Lower of cost or market inventory valuation
adjustment                                                     (8,551)            (200,037)                  191,486                  (96)
                                                            6,493,461            2,760,268                 3,733,193                  135
Operating expenses (exclusive of depreciation and
amortization)                                                 477,434              399,909                    77,525                   19
Selling, general and administrative expenses
(exclusive of depreciation and amortization)                  110,422               81,975                    28,447                   35
Depreciation and amortization                                 144,601              124,079                    20,522                   17

Total operating costs and expenses                          7,225,918            3,366,231                 3,859,687                  115
Income from operations                                        232,832              138,062                    94,770                   69
Other income (expense):
Earnings of equity method investments                           3,626                1,763                     1,863                  106
Interest income                                                   997                1,031                       (34)                  (3)
Interest expense                                              (34,859)             (38,386)                    3,527                   (9)

Gain on tariff settlement                                           -               51,500                   (51,500)                (100)

Gain (loss) on foreign currency transactions                      139               (1,317)                    1,456                 (111)
Gain on sale of assets and other                                3,895                1,890                     2,005                  106
                                                              (26,202)              16,481                   (42,683)                (259)
Income before income taxes                                    206,630              154,543                    52,087                   34
Income tax expense (benefit)                                   21,329              (28,307)                   49,636                 (175)
Net income                                                    185,301              182,850                     2,451                    1
Less net income attributable to noncontrolling
interest                                                       25,327               34,633                    (9,306)                 (27)

Net income attributable to HF Sinclair shareholders $159,974

    $   148,217          $         11,757                    8  %
Earnings per share attributable to HF Sinclair
stockholders:
Basic                                                     $      0.90          $      0.90          $              -                    -  %
Diluted                                                   $      0.90          $      0.90          $              -                    -  %
Cash dividends declared per common share                  $         -          $      0.35          $          (0.35)                (100) %
Average number of common shares outstanding:
Basic                                                         175,081              162,479                    12,602                    8  %
Diluted                                                       175,081              162,479                    12,602                    8  %




Balance Sheet Data

                                March 31, 2022       December 31, 2021
                                  (Unaudited)
                                            (In thousands)
Cash and cash equivalents      $       592,278      $          234,444
Working capital                $     2,627,703      $        1,696,990
Total assets                   $    17,733,097      $       12,916,613
Long-term debt                 $     3,374,701      $        3,072,737
Total equity                   $     8,876,977      $        6,294,465



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  Table of Content
Other Financial Data

                                                                            

Three months completed March, 31st,

                                                                              2022                   2021
                                                                                   (In thousands)
Net cash provided by operating activities                              $       461,036          $    62,326
Net cash used for investing activities                                 $      (385,176)         $  (147,064)
Net cash provided by (used for) financing activities                   $       281,386          $   (89,561)
Capital expenditures                                                   $       158,296          $   149,961
EBITDA (1)                                                             $       359,766          $   281,344



(1)Earnings before interest, taxes, depreciation and amortization, which we
refer to as "EBITDA," is calculated as net income (loss) attributable to HF
Sinclair stockholders plus (i) interest expense, net of interest income,
(ii) income tax provision, and (iii) depreciation and amortization. EBITDA is
not a calculation provided for under GAAP; however, the amounts included in the
EBITDA calculation are derived from amounts included in our consolidated
financial statements. EBITDA should not be considered as an alternative to net
income or operating income as an indication of our operating performance or as
an alternative to operating cash flow as a measure of liquidity. EBITDA is not
necessarily comparable to similarly titled measures of other companies. EBITDA
is presented here because it is a widely used financial indicator used by
investors and analysts to measure performance. EBITDA is also used by our
management for internal analysis and as a basis for financial covenants. EBITDA
presented above is reconciled to net income under "Reconciliations to Amounts
Reported Under Generally Accepted Accounting Principles" following Item 3 of
Part I of this Form 10-Q.

Segment Operating Data

Our operations are organized into five reportable segments, Refining, Renewable Energy, Marketing, Lubricants and Specialty Products, and HEP. See Note 15 “Segment Information” in the Notes to the Consolidated Financial Statements for additional information on our reportable segments.

Refine segment operational data


The disaggregation of our refining geographic operating data is presented in two
regions, Mid-Continent and West, to best reflect the economic drivers of our
refining operations. The Mid-Continent region is comprised of the El Dorado and
Tulsa Refineries. The West region is comprised of the Puget Sound, Navajo, Woods
Cross, Sinclair and Casper Refineries. The Puget Sound Refinery was acquired
November 1, 2021, and thus is included for the period January 1, 2022 to March
31, 2022. In addition, the refinery operations of the Sinclair and Casper
Refineries are included for the period March 14, 2022 (date of acquisition)
through March 31, 2022. The following tables set forth information, including
non-GAAP performance measures, about our consolidated refinery operations. The
cost of products and refinery gross and net operating margins do not include the
non-cash effects of lower of cost or market inventory valuation adjustments and
depreciation and amortization. Reconciliations to amounts reported under GAAP
are provided under "Reconciliations to Amounts Reported Under Generally Accepted
Accounting Principles" following Item 3 of Part I of this Form 10-Q.

                                                                    Three Months Ended March 31,
                                                                    2022 (8)                2021
Mid-Continent Region
Crude charge (BPD) (1)                                               290,200               216,290
Refinery throughput (BPD) (2)                                        305,390               229,560
Sales of produced refined products (BPD) (3)                         280,260               210,680
Refinery utilization (4)                                               111.6   %              83.2  %

Average per produced barrel (5)
Refinery gross margin                                           $       9.32           $      6.45
Refinery operating expenses (6)                                         6.02                  9.91
Net operating margin                                            $       3.30           $     (3.46)

Refinery operating expenses per throughput barrel (7)           $       5.53           $      9.09


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  Table of Content
                                               Three Months Ended March 31,
                                                   2022 (8)                2021
Mid-Continent Region
Feedstocks:
Sweet crude oil                                                  63  %      59  %
Sour crude oil                                                   14  %      13  %
Heavy sour crude oil                                             18  %      22  %
Other feedstocks and blends                                       5  %       6  %
Total                                                           100  %     100  %

Sales of produced refined products:
Gasolines                                                        50  %      51  %
Diesel fuels                                                     33  %      34  %
Jet fuels                                                         7  %       5  %
Fuel oil                                                          1  %       1  %
Asphalt                                                           3  %       3  %
Base oils                                                         4  %       4  %
LPG and other                                                     2  %       2  %
Total                                                           100  %     100  %


West Region
Crude charge (BPD) (1)                                       234,880        131,880
Refinery throughput (BPD) (2)                                259,340        144,600
Sales of produced refined products (BPD) (3)                 241,910        

144,260

Refinery utilization (4)                                        70.6  %     

91.0%


Average per produced barrel (5)
Refinery gross margin                                       $  16.61       $  10.26
Refinery operating expenses (6)                                 9.33        

8.09

Net operating margin                                        $   7.28       

$2.17


Refinery operating expenses per throughput barrel (7)       $   8.70       $   8.07

Feedstocks:
Sweet crude oil                                                   23  %          24  %
Sour crude oil                                                    55  %          59  %
Heavy sour crude oil                                               7  %           -  %
Black wax crude oil                                                6  %           8  %
Other feedstocks and blends                                        9  %           9  %
Total                                                            100  %         100  %

Sales of produced refined products:
Gasolines                                                         52  %          55  %
Diesel fuels                                                      27  %          36  %
Jet fuels                                                          6  %           -  %
Fuel oil                                                          10  %           2  %
Asphalt                                                            2  %           4  %
LPG and other                                                      3  %           3  %
Total                                                            100  %         100  %


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  Table of Content
                                                                         Three Months Ended March 31,
                                                                        2022 (8)                 2021
Consolidated
Crude charge (BPD) (1)                                                    525,080               348,170
Refinery throughput (BPD) (2)                                             564,730               374,160
Sales of produced refined products (BPD) (3)                              522,170               354,940
Refinery utilization (4)                                                     88.6   %              86.0  %

Average per produced barrel (5)
Refinery gross margin                                               $       12.69           $      8.00
Refinery operating expenses (6)                                              7.55                  9.17
Net operating margin                                                $        5.14           $     (1.17)

Refinery operating expenses per throughput barrel (7)               $        6.98           $      8.70


Feedstocks:
Sweet crude oil                             45  %      45  %
Sour crude oil                              32  %      31  %
Heavy sour crude oil                        13  %      14  %
Black wax crude oil                          3  %       3  %
Other feedstocks and blends                  7  %       7  %
Total                                      100  %     100  %

Sales of produced refined products:
Gasolines                                   51  %      54  %
Diesel fuels                                31  %      35  %
Jet fuels                                    6  %       3  %
Fuel oil                                     5  %       1  %
Asphalt                                      2  %       3  %
Base oils                                    2  %       2  %
LPG and other                                3  %       2  %
Total                                      100  %     100  %



(1)Crude charge represents the barrels per day of crude oil processed at our
refineries.
(2)Refinery throughput represents the barrels per day of crude and other
refinery feedstocks input to the crude units and other conversion units at our
refineries.
(3)Represents barrels sold of refined products produced at our refineries
(including HFC Asphalt) and does not include volumes of refined products
purchased for resale or volumes of excess crude oil sold.
(4)Represents crude charge divided by total crude capacity (BPSD). As a result
of our acquisition of the Puget Sound Refinery on November 1, 2021, and the
Sinclair and Casper Refineries on March 14, 2022, our consolidated crude
capacity increased from 405,000 BPSD at March 31, 2021 to 669,000 BPSD at March
31, 2022.
(5)Represents average amount per produced barrel sold, which is a non-GAAP
measure. Reconciliations to amounts reported under GAAP are provided under
"Reconciliations to Amounts Reported Under Generally Accepted Accounting
Principles" following Item 3 of Part I of this Form 10-Q.
(6)Represents total Refining segment operating expenses, exclusive of
depreciation and amortization, divided by sales volumes of refined products
produced at our refineries.
(7)Represents total Refining segment operating expenses, exclusive of
depreciation and amortization, divided by refinery throughput.
(8)We acquired the Sinclair and Casper Refineries on March 14, 2022. Refining
operating data for the three months ended March 31, 2022 includes crude oil and
feedstocks processed and refined products sold at our Sinclair and Casper
Refineries for the period March 14, 2022 through March 31, 2022 only, averaged
over the 90 days in the three months ended March 31, 2022.

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Renewables Operating Data

The following table presents information about our renewable energy operations and includes our Sinclair companies for the period March 14, 2022 (the date of acquisition) until March 31, 2022.

                                           Three Months Ended March 31, 

2022

Renewable energies

Sales volumes (in thousand gallons)                                    

4,943

Average per produced gallon (1)
Renewables gross margin                   $                             

0.63

Renewables operating expenses (2)                                       5.48
Net operating margin                      $                            (4.85)


(1)Represents average quantity per gallon product sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” following item 3 in Part I of this Form 10-Q. (2) Represents the total operating expenses of the renewable energy sector, excluding depreciation, divided by the sales volumes of renewable diesel produced in our renewable diesel units.

Marketing operating data

The following table presents information about our marketing operations and includes our Sinclair business for the period March 14, 2022 (the date of acquisition) until March 31, 2022.

                                           Three Months Ended March 31, 2022
Marketing
Number of branded sites                                                1,323
Sales volumes (in thousand gallons)                                     

84,913

Margin per gallon of sales (1)            $                             

0.07

(1)Represents average quantity per gallon sold, which is a non-GAAP measure. Reconciliations to amounts reported under GAAP are provided under “Reconciliations to Amounts Reported Under Generally Accepted Accounting Principles” following item 3 in Part I of this Form 10-Q.

Lubricants and Specialty Products Operational Data


The following table sets forth information about our lubricants and specialty
products operations.

                                                        Three Months Ended March 31,
                                                              2022                   2021

Lubricants and specialty products

  Throughput (BPD)                                                       

19,340 20,410

  Sales of produced refined products (BPD)                               

35,010 32,570

Sales of manufactured refined products:

  Finished products                                                       51  %       52  %
  Base oils                                                               30  %       26  %
  Other                                                                   19  %       22  %
  Total                                                                  100  %      100  %



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Table of Contents Additional financial data attributable to our Lubricants and Specialty Products segment is presented below.

                                                                                                                     Total Lubricants
                                                                      Rack Forward                                     and Specialty
                                               Rack Back (1)              (2)               Eliminations (3)             Products
                                                                                  (In thousands)
Three months ended March 31, 2022
Sales and other revenues                     $      278,586          $   687,947          $        (211,524)         $      755,009
Cost of products sold                        $      178,539          $   537,562          $        (211,524)         $      504,577
Operating expenses                           $       30,814          $    35,187          $               -          $       66,001
Selling, general and administrative
expenses                                     $        6,207          $    35,542          $               -          $       41,749
Depreciation and amortization                $        7,557          $    13,037          $               -          $       20,594

Income from operations                       $       55,469          $    66,619          $               -          $      122,088

Three months ended March 31, 2021
Sales and other revenues                     $      173,442          $   483,246          $        (132,125)         $      524,563
Cost of products sold                        $      132,532          $   331,116          $        (132,125)         $      331,523
Operating expenses                           $       28,621          $    32,132          $               -          $       60,753
Selling, general and administrative
expenses                                     $        6,739          $    38,814          $               -          $       45,553
Depreciation and amortization                $        7,305          $    12,816          $               -          $       20,121

Income (loss) from operations                $       (1,755)         $    68,368          $               -          $       66,613



(1)Rack Back consists of our Petro-Canada Lubricants, Inc. ("PCLI') base oil
production activities, by-product sales to third parties and intra-segment base
oil sales to Rack Forward.
(2)Rack Forward activities include the purchase of base oils from Rack Back and
the blending, packaging, marketing and distribution and sales of finished
lubricants and specialty products to third parties.
(3)Intra-segment sales of Rack Back produced base oils to Rack Forward are
eliminated under the "Eliminations" column.


Results of operations – Quarters ended March 31, 2022 Compared to the three months ended March 31, 2021

Summary

Net income attributable to HF Sinclair stockholders for the three months ended
March 31, 2022 was $160.0 million ($0.90 per basic and diluted share), an $11.8
million increase from a net income of $148.2 million ($0.90 per basic and
diluted share) for the three months ended March 31, 2021. The increase in net
income was principally driven by stronger product demand, which resulted in an
increase in refinery gross margins and higher refined product sales volumes. Net
income for the three months ended March 31, 2021 was impacted by winter storm
Uri, which increased natural gas costs across our refining system. Refinery
gross margins for the three months ended March 31, 2022 increased to $12.69 per
produced barrel sold from $8.00 for the three months ended March 31, 2021.

Sales and Other Revenues
Sales and other revenues increased 113% from $3,504.3 million for the three
months ended March 31, 2021 to $7,458.8 million for the three months ended
March 31, 2022 principally due to the increase in sales prices and higher
refined product sales volumes, in part due to the acquisition of the Puget Sound
Refinery and the acquisition of Sinclair Oil. Sales and other revenues for the
three months ended March 31, 2022 and 2021 included $27.9 million and $25.3
million, respectively, of HEP revenues attributable to pipeline and
transportation services provided to unaffiliated parties. Additionally, sales
and other revenues included $753.6 million and $522.0 million in unaffiliated
revenues related to our Lubricants and Specialty Products segment for the three
months ended March 31, 2022 and 2021, respectively.

Cost of Products Sold
Total cost of products sold increased 135% from $2,760.3 million for the three
months ended March 31, 2021 to $6,493.5 million for the three months ended
March 31, 2022 principally due to higher crude oil costs and higher refined
product sales volumes. During the first quarters of 2022 and 2021, we recognized
a lower of cost or market inventory valuation adjustment benefits of $8.6
million and $200.0 million, respectively.

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Gross Refinery Margins
Gross refinery margin per produced barrel sold increased 59% from $8.00 for the
three months ended March 31, 2021 to $12.69 for the three months ended March 31,
2022. The increase was due to the effects of an increase in the average per
barrel sold sales price during the current year quarter, partially offset by
increased crude oil and feedstock prices. Gross refinery margin per barrel does
not include the non-cash effects of lower of cost or market inventory valuation
adjustments or depreciation and amortization. See "Reconciliations to Amounts
Reported Under Generally Accepted Accounting Principles" following Item 3 of
Part I of this Form 10-Q for a reconciliation to the income statement of sale
prices of products sold and cost of products purchased.

Operating Expenses
Operating expenses, exclusive of depreciation and amortization, increased 19%
from $399.9 million for the three months ended March 31, 2021 to $477.4 million
for the three months ended March 31, 2022 primarily due to the acquisition of
the Puget Sound Refinery.

Selling, General and Administrative Expenses
Selling, general and administrative expenses increased 35% from $82.0 million
for the three months ended March 31, 2021 to $110.4 million for the three months
ended March 31, 2022 primarily due to higher professional services and legal
costs incurred in connection with the Sinclair Transactions. See Note 2
"Acquisitions" in the Notes to Consolidated Financial Statements for additional
information on this acquisition.

Depreciation and Amortization Expenses
Depreciation and amortization increased 17% from $124.1 million for the three
months ended March 31, 2021 to $144.6 million for the three months ended
March 31, 2022. This increase was due principally to depreciation and
amortization attributable to the acquisition of the Puget Sound Refinery and
capitalized improvement projects.

Interest Expense
Interest expense was $34.9 million for the three months ended March 31, 2022
compared to $38.4 million for the three months ended March 31, 2021. This
decrease was primarily due to lower net losses related to our catalyst financing
arrangements during the three months ended March 31, 2022 as compared to the
same period in the prior year.

For the three months ended March 31, 2022 and 2021, interest expense attributable to our HEP segment was $13.6 million and $13.2 millionrespectively.


Gain on Tariff Settlement
For the three months ended March 31, 2021, we recorded a gain of $51.5 million
upon the settlement of a tariff rate case. See Note 14 "Contingencies" in the
Notes to Consolidated Financial Statements for additional information on this
case and settlement.

Gain (Loss) on Foreign Currency Transactions
Remeasurement adjustments resulting from the foreign currency conversion of the
intercompany financing notes payable by PCLI net of mark-to-market valuations on
foreign exchange forward contracts with banks which hedge the foreign currency
exposure on these intercompany notes was a net gain of $0.1 million and a net
loss of $1.3 million for the three months ended March 31, 2022 and 2021,
respectively. For the three months ended March 31, 2022 and 2021, gain (loss) on
foreign currency transactions included losses of $6.4 million and $6.7 million,
respectively, on foreign exchange forward contracts (utilized as an economic
hedge).

Income Taxes
For the three months ended March 31, 2022, we recorded an income tax expense of
$21.3 million compared to a benefit of $28.3 million for the three months ended
March 31, 2021. This increase was principally due to higher pre-tax income
during the three months ended March 31, 2022 compared to the same period of
2021. Our effective tax rates were 10.3% and (18.3)% for the three months ended
March 31, 2022 and 2021, respectively. The increase in the effective tax rate is
principally due to the relationship between the pre-tax results and the earnings
attributable to the noncontrolling interest that is not included in income for
tax purposes. The difference in the U.S. federal statutory rate and the
effective tax rate for the three months ended March 31, 2022 was primarily due
to the impact of federal tax credits and the decrease in the state tax rate
applied to our deferred tax assets and liabilities as a result of the Sinclair
Transactions.


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LIQUIDITY AND CAPITAL RESOURCES

HF Sinclair Credit Agreement
On April 27, 2022, after giving effect to the consummation of the exchange
offers and the issuance of the HF Sinclair Senior Notes (as defined below), HF
Sinclair entered into a $1.65 billion senior unsecured revolving credit facility
maturing in April 2026 (the "HF Sinclair Credit Agreement"). The HF Sinclair
Credit Agreement may be used for revolving credit loans and letters of credit
from time to time and is available to fund general corporate purposes. The HF
Sinclair Credit Agreement replaced the $1.35 billion senior unsecured revolving
credit facility of HollyFrontier (the "Terminated HFC Credit Agreement"), which
was terminated on April 27, 2022. At March 31, 2022, HollyFrontier was in
compliance with all covenants, had no outstanding borrowings and had outstanding
letters of credit totaling $2.3 million under the Terminated HFC Credit
Agreement.

HFC Bond Exchange
On April 27, 2022, HF Sinclair completed its offers to exchange any and all
outstanding HollyFrontier 2.625% senior notes maturing 2023 (the "HollyFrontier
2.625% Senior Notes"), 5.875% senior notes maturing 2026 (the "HollyFrontier
5.875% Senior Notes") and 4.500% senior notes maturing 2030 (the "HollyFrontier
4.500% Senior Notes" and, collectively, the "HollyFrontier Senior Notes") for
2.625% senior notes maturing 2023 (the "HF Sinclair 2.625% Senior Notes"),
5.875% senior notes maturing 2026 (the "HF Sinclair 5.875% Senior Notes") and
4.500% senior notes maturing 2030 (the "HF Sinclair 4.500% Senior Notes" and,
collectively, the "HF Sinclair Senior Notes") to be issued by HF Sinclair and
cash. Additionally, HF Sinclair solicited consents to adopt certain amendments
to the indenture governing the HollyFrontier Senior Notes.

Following settlement of the exchange offers and consent solicitations, the
HF Sinclair The Senior Notes consisted of the following:

Global Principal

                                                                            Amount (as of April
Title of Series of HF Sinclair Senior Notes                                 

27, 2022)

                                                                               (In thousands)
2.625% HF Sinclair Senior Notes maturing 2023                              $           290,348
5.875% HF Sinclair Senior Notes maturing 2026                              $           797,100
4.500% HF Sinclair Senior Notes maturing 2030                              $           325,034



The HF Sinclair Senior Notes are unsecured and unsubordinated obligations of
ours and rank equally with all our other existing and future unsecured and
unsubordinated indebtedness. Each series of HF Sinclair Senior Notes has the
same interest rate (including interest rate adjustment provisions, as
applicable), interest payment dates, maturity date and redemption terms as the
corresponding series of HollyFrontier Senior Notes. The HF Sinclair Senior Notes
were issued in exchange for the HollyFrontier Senior Notes pursuant to a private
exchange offer exempt from registration under the Securities Act of 1933, as
amended.

In connection with the issuance of the HF Sinclair Senior Notes, HF Sinclair
agreed to use its commercially reasonable efforts to file (and have declared
effective) a registration statement with respect to a registered offer to
exchange the HF Sinclair Senior Notes for substantially identical registered
notes. HF Sinclair will be obligated to pay additional interest if it does not
complete the exchange offer on or prior to April 27, 2023, or if a shelf
registration statement with respect to the HF Sinclair Senior Notes (if required
to be filed) is not declared effective by the dates indicated in the
Registration Rights Agreement.

Following the settlement-delivery of the exchange offers and consent solicitations, as of
April 27, 2022the HollyFrontier The senior notes that were not tendered and exchanged and that remain outstanding consisted of the following:

Global Principal

                                                                              Amount (as of April 27,
Title of Series of HollyFrontier Senior Notes                                          2022)
                                                                                  (In thousands)
2.625% HollyFrontier Senior Notes maturing 2023                               $             59,652
5.875% HollyFrontier Senior Notes maturing 2026                               $            202,900
4.500% HollyFrontier Senior Notes maturing 2030                               $             74,966



In connection with the exchange offers and consent solicitations, HollyFrontier
amended the indenture governing the HollyFrontier Senior Notes to eliminate (i)
substantially all of the restrictive covenants, (ii) certain of the events which
may lead to an "Event of Default", (iii) the SEC reporting covenant and (iv)
with respect to the HollyFrontier 2.625% Senior Notes and the HollyFrontier
4.500% Senior Notes only, the offer to repurchase such senior notes upon certain
change of control triggering events.
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Contents


HF Sinclair Financing Arrangements
Certain of our wholly owned subsidiaries entered into financing arrangements
whereby such subsidiaries sold a portion of their precious metals catalyst to a
financial institution and then leased back the precious metals catalyst in
exchange for cash. The volume of the precious metals catalyst and the lease rate
are fixed over the term of each lease, and the lease payments are recorded as
interest expense. The current leases mature in one year or less. Upon maturity,
we must either satisfy the obligation at fair market value or refinance to
extend the maturity.

HEP Credit Agreement
HEP has a $1.2 billion senior secured revolving credit facility maturing in July
2025 (the "HEP Credit Agreement") and is available to fund capital expenditures,
investments, acquisitions, distribution payments, working capital and for
general partnership purposes. It is also available to fund letters of credit up
to a $50 million sub-limit and has an accordion feature that allows HEP to
increase the commitments under the HEP Credit Agreement up to a maximum amount
of $1.7 billion. During the three months ended March 31, 2022, HEP had net
borrowings of $301.5 million under the HEP Credit Agreement. At March 31, 2022,
HEP was in compliance with all of its covenants, had outstanding borrowings of
$1.1 billion and no outstanding letters of credit under the HEP Credit
Agreement.

On April 8, 2022, HEP and Holly Energy Finance Corp. issued $400 million
aggregate principal amount of 6.375% senior notes maturing April 2027 (the "HEP
6.375% Senior Notes") in a private placement conducted pursuant to Rule 144A and
Regulation S under the Securities Act of 1933, as amended. The HEP 6.375% Senior
Notes were issued at par for net proceeds of approximately $393 million, after
deducting the initial purchasers' discounts and commissions and estimated
offering expenses, are unsecured and impose certain restrictive covenants and
other terms consistent with the HEP 5.0% Senior Notes described in Note 10
"Debt" in the Notes to Consolidated Financial Statements. The net proceeds from
the offering of the HEP 6.375% Senior Notes were used to partially repay
outstanding borrowings under the HEP Credit Agreement.

See note 10 “Debt” of the notes to the consolidated financial statements for more information on our debt instruments.

Liquidity

We believe our current cash and cash equivalents, along with future internally
generated cash flow and funds available under our credit facilities, will
provide sufficient resources to fund currently planned capital projects and our
liquidity needs for the foreseeable future. We expect that, to the extent
necessary, we can raise additional funds from time to time through equity or
debt financings in the public and private capital markets. In addition,
components of our long-term growth strategy include the optimization of existing
units at our facilities and selective acquisition of complementary assets for
our refining operations intended to increase earnings and cash flow. We also
expect to use cash for payment of cash dividends, which are at the discretion of
our Board of Directors, and, upon the expected completion of our renewables
capital projects in the second quarter of 2022, for the repurchase of common
stock under our share repurchase program.

Our standalone (excluding HEP) liquidity was approximately $1.9 billion at
March 31, 2022, consisting of cash and cash equivalents of $577.3 million and an
undrawn $1.35 billion credit facility. On April 27, 2022, we increased the size
of the HF Sinclair credit facility to $1.65 billion.

We consider all highly-liquid instruments with a maturity of three months or
less at the time of purchase to be cash equivalents. These primarily consist of
investments in conservative, highly-rated instruments issued by financial
institutions, government and corporate entities with strong credit standings and
money market funds. Cash equivalents are stated at cost, which approximates
market value.

In November 2019, our Board of Directors approved a $1.0 billion share
repurchase program, which replaced all existing share repurchase programs,
authorizing us to repurchase common stock in the open market or through
privately negotiated transactions. The timing and amount of stock repurchases
will depend on market conditions and corporate, regulatory and other relevant
considerations. This program may be discontinued at any time by our Board of
Directors. As of March 31, 2022, we had not repurchased common stock under this
stock repurchase program, and we do not intend to repurchase common stock under
this program until completion of our ongoing renewables capital projects. In
addition, we are authorized by our Board of Directors to repurchase shares in an
amount sufficient to offset shares issued under our compensation programs.

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Cash Flows - Operating Activities

Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021
Net cash flows provided by operating activities were $461.0 million for the
three months ended March 31, 2022 compared to $62.3 million for the three months
ended March 31, 2021, an increase of $398.7 million. The increase in operating
cash flows was primarily due to the increase in gross refinery margins,
partially offset by higher operating expenses.

Changes in working capital increased operating cash flows by $213.7 million and
$14.1 million, for the three months ended March 31, 2022 and 2021, respectively.
Changes in working capital items adjust for the timing of receipts and payments
of actual cash.

Cash Flow – Investing Activities and Planned Capital Expenditures


Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021
For the three months ended March 31, 2022, our net cash flows used for investing
activities were $385.2 million. On March 14, 2022, we closed the Sinclair
Transactions and paid cash of $231.2 million. The remainder of the purchase
consideration was funded with the issuance of HF Sinclair common stock and HEP
common units. See Note 2 "Acquisitions" in the Notes to Consolidated Financial
Statements for additional information on the Sinclair Transactions. Cash
expenditures for properties, plants and equipment for the three months ended
March 31, 2022 were $158.3 million primarily due to expenditures related to our
renewable diesel units. Cash expenditures for properties, plants and equipment
include HEP capital expenditures of $14.1 million for the three months ended
March 31, 2022.

For the three months ended March 31, 2021 our net cash flows used for investing
activities were $147.1 million. Cash expenditures for properties, plants and
equipment for the three months of ended March 31, 2021 were $150.0 million
primarily due to expenditures related to our renewable diesel units. Cash
expenditures for properties, plants and equipment include HEP capital
expenditures of $33.2 million for the three months ended March 31, 2021.

HF Sinclair Corporation
Each year our Board of Directors approves our annual capital budget which
includes specific projects that management is authorized to undertake.
Additionally, when conditions warrant or as new opportunities arise, additional
projects may be approved. The funds appropriated for a particular capital
project may be expended over a period of several years, depending on the time
required to complete the project. Therefore, our planned capital expenditures
for a given year consist of expenditures appropriated in that year's capital
budget plus expenditures for projects appropriated in prior years which have not
yet been completed. Refinery turnaround spending is amortized over the useful
life of the turnaround.

The refining industry is capital intensive and requires on-going investments to
sustain our refining operations. This includes replacement of, or rebuilding,
refinery units and components that extend the useful life. We also invest in
projects that improve operational reliability and profitability via enhancements
that improve refinery processing capabilities as well as production yield and
flexibility. Our capital expenditures also include projects related to renewable
diesel, environmental, health and safety compliance and include initiatives as a
result of federal and state mandates.

Our refinery operations and related emissions are highly regulated at both
federal and state levels, and we invest in our facilities as needed to remain in
compliance with these standards. Additionally, when faced with new emissions or
fuels standards, we seek to execute projects that facilitate compliance and also
improve the operating costs and / or yields of associated refining processes.

HEP

Each year the Holly Logistic Services, L.L.C. board of directors approves HEP's
annual capital budget, which specifies capital projects that HEP management is
authorized to undertake. Additionally, at times when conditions warrant or as
new opportunities arise, special projects may be approved. The funds allocated
for a particular capital project may be expended over a period in excess of a
year, depending on the time required to complete the project. Therefore, HEP's
planned capital expenditures for a given year consist of expenditures approved
for capital projects included in its current year capital budget as well as, in
certain cases, expenditures approved for capital projects in capital budgets for
prior years. In addition, HEP may spend funds periodically to perform capital
upgrades or additions to its assets where a customer reimburses HEP for such
costs. The upgrades or additions would generally benefit the customer over the
remaining life of the related service agreements.

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Expected capital and turnaround cash spending for 2022 is as follows.

                                                    Expected Cash Spending 

Vary

                                                           (In millions)

HF Sinclair Capital Expenditures

   Refining                                  $       240.0                  

$260.0

   Renewables                                        250.0                  

320.0

   Lubricants and Specialty Products                  45.0                       60.0
   Marketing                                          15.0                       25.0
   Corporate                                          90.0                      110.0
   Turnarounds and catalyst                          110.0                      150.0
   Total HollyFrontier                               750.0                      925.0

   HEP
   Maintenance                                        20.0                       25.0
   Expansion and joint venture investment              5.0                       10.0
   Refining unit turnarounds                          30.0                       40.0
   Total HEP                                          55.0                       75.0
   Total                                     $       805.0                  $ 1,000.0


Cash flow – Financing activities


Three Months Ended March 31, 2022 Compared to Three Months Ended March 31, 2021
For the three months ended March 31, 2022, our net cash flows provided by
financing activities were $281.4 million. During the three months ended
March 31, 2022, HEP had net borrowings of $301.5 million under the HEP Credit
Agreement and paid distributions of $17.0 million to noncontrolling interests.

For the three months ended March 31, 2021, our net cash flows used for financing
activities were $89.6 million. During the three months ended March 31, 2021, we
paid $57.7 million in dividends. Also during the period, HEP had net repayments
of $17.5 million under the HEP Credit Agreement and paid distributions of $20.0
million to noncontrolling interests. For the three months ended March 31, 2021,
HEP received contributions from noncontrolling interests of $6.3 million.

Contractual obligations and commitments

H. F. Sinclair Society

There have been no material changes in our long-term contractual obligations during the three months ended March 31, 2022 with the exception of certain contracts which have been supported in Sinclair transactions as noted below.


                                                                               Payments Due by Period
    Contractual Obligations and
            Commitments                       Total               2022             2023 & 2024           2025 & 2026          Thereafter
                                                                                   (In thousands)
Supply agreements (1)                      $ 479,984          $ 479,984          $          -          $          -          $        -
Transportation agreements (2)                447,769             32,032                85,418                85,418             244,901
Total                                      $ 927,753          $ 512,016          $     85,418          $     85,418          $  244,901



(1)We have long-term supply agreements to secure certain quantities of crude oil
used in the production process at market prices. We have estimated future
payments under these fixed-quantity agreements expiring in 2022 using current
market prices.
(2)Consists of contractual obligations under agreements with third parties for
the transportation of crude oil to our refineries under contracts expiring
between 2029 and 2034.

HEP


During the three months ended March 31, 2022, HEP had net borrowings of $301.5
million resulting in $1,141.5 million of outstanding borrowings under the HEP
Credit Agreement at March 31, 2022.

In April 2022HEP issued $400 million 6.375% Aggregate Principal Amount of Senior Notes Maturing April 2027.

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Table of Contents There were no other material changes to HEP’s long-term contractual obligations during this period.

CRITICAL ACCOUNTING ESTIMATES


Our discussion and analysis of our financial condition and results of operations
are based upon our consolidated financial statements, which have been prepared
in accordance with accounting principles generally accepted in the United
States. The preparation of these financial statements requires us to make
estimates and judgments that affect the reported amounts of assets, liabilities,
revenues and expenses, and related disclosure of contingent assets and
liabilities as of the date of the financial statements. Actual results may
differ from these estimates under different assumptions or conditions.

Our significant accounting policies are described in "Part II, Item 7.
Management's Discussion and Analysis of Financial Condition and Results of
Operations - Critical Accounting Estimates" in HollyFrontier's Annual Report on
Form 10-K for the year ended December 31, 2021. Certain critical accounting
policies that materially affect the amounts recorded in our consolidated
financial statements include the use of the last-in, first-out ("LIFO") method
of valuing certain inventories, assessing the possible impairment of certain
long-lived assets and goodwill, and assessing contingent liabilities for
probable losses.

Inventory Valuation: Inventories related to our refining operations are stated
at the lower of cost, using the LIFO method for crude oil and unfinished and
finished refined products, or market. In periods of rapidly declining prices,
LIFO inventories may have to be written down to market value due to the higher
costs assigned to LIFO layers in prior periods. In addition, the use of the LIFO
inventory method may result in increases or decreases to cost of sales in years
that inventory volumes decline as the result of charging cost of sales with LIFO
inventory costs generated in prior periods. An actual valuation of inventory
under the LIFO method is made at the end of each year based on the inventory
levels at that time. Accordingly, interim LIFO calculations are based on
management's estimates of expected year-end inventory levels and are subject to
the final year-end LIFO inventory valuation.

Our renewables inventories that are valued at the lower of LIFO cost or market
reflect a valuation reserve of $0.2 million and $8.7 million at March 31, 2022
and December 31, 2021, respectively. A new market reserve of $0.2 million as of
March 31, 2022 was based on market conditions and prices at that time. The
effect of the change in the lower of cost or market reserve was a decrease to
cost of products sold totaling $8.6 million for the three months ended March 31,
2022.

Inventories consisting of process chemicals, materials and maintenance supplies
and RINs are stated at the lower of weighted-average cost or net realizable
value. Inventories of our Petro-Canada Lubricants and Sonneborn businesses are
stated at the lower of cost, using the first-in, first-out method, or net
realizable value.

To March 31, 2022the LIFO value of our refining inventories was equal to cost.


Valuation of Business Combinations
We recognize and measure the assets acquired and liabilities assumed in a
business combination based on their estimated fair values at the acquisition
date. Any excess or surplus of the purchase consideration when compared to the
fair value of the net tangible assets acquired, if any, is recorded as goodwill
or gain from a bargain purchase. The fair value of assets and liabilities as of
the acquisition date are often estimated using a combination of approaches,
including the income approach, which requires us to project future cash flows
and apply an appropriate discount rate; the cost approach, which requires
estimates of replacement costs and depreciation and obsolescence estimates; and
the market approach which uses market data and adjusts for entity-specific
differences. We use all available information to make these fair value
determinations and engage third-party consultants for valuation assistance. The
estimates used in determining fair values are based on assumptions believed to
be reasonable but which are inherently uncertain. Accordingly, actual results
may differ materially from the projected results used to determine fair value.

Contingencies

We are subject to proceedings, lawsuits and other claims related to
environmental, labor, product and other matters. We are required to assess the
likelihood of any adverse judgments or outcomes to these matters as well as
potential ranges of probable losses. A determination of the amount of reserves
required, if any, for these contingencies is made after careful analysis of each
individual issue. The required reserves may change in the future due to new
developments in each matter or changes in approach such as a change in
settlement strategy in dealing with these matters.


                                       52
--------------------------------------------------------------------------------
  Table of Content
RISK MANAGEMENT

We use certain strategies to reduce some commodity price and operational risks.
We do not attempt to eliminate all market risk exposures when we believe that
the exposure relating to such risk would not be significant to our future
earnings, financial position, capital resources or liquidity or that the cost of
eliminating the exposure would outweigh the benefit.

Commodity Price Risk Management
Our primary market risk is commodity price risk. We are exposed to market risks
related to the volatility in crude oil and refined products, as well as
volatility in the price of natural gas used in our refining operations. We
periodically enter into derivative contracts in the form of commodity price
swaps, forward purchase and sales and futures contracts to mitigate price
exposure with respect to our inventory positions, natural gas purchases, sales
prices of refined products and crude oil costs.

Foreign Currency Risk Management
We are exposed to market risk related to the volatility in foreign currency
exchange rates. We periodically enter into derivative contracts in the form of
foreign exchange forward contracts to mitigate the exposure associated with
fluctuations on intercompany notes with our foreign subsidiaries that are not
denominated in the U.S. dollar.

From March 31, 2022we have the following notional contract volumes related to all outstanding derivative instruments used to mitigate commodity price and currency risk:


                                                                                           Notional Contract Volumes by Year of Maturity
Derivative Instrument                         Total Outstanding Notional                   2022                                      2023                              Unit of Measure

NYMEX futures (WTI) - short                           2,120,000                          2,120,000                                        -                          Barrels
Forward gasoline and diesel contracts
- long                                                  805,000                            805,000                                        -                          Barrels

Foreign currency forward contracts                  450,707,774                        340,773,326                              109,934,448                          U.S. dollar
Forward commodity contracts (platinum)
(1)                                                      38,723                              3,800                                   34,923                          Troy ounces



(1)Represents an embedded derivative within our catalyst financing arrangements,
which may be refinanced or require repayment under certain conditions. See Note
10 "Debt" in the Notes to Consolidated Financial Statements for additional
information on these financing arrangements.

The following sensitivity analysis provides the hypothetical effects of market price movements on the commodities covered by our derivative contracts:


                                                                 Estimated 

Change in fair value in March

31,

Commodity-based Derivative Contracts                                   2022                    2021
                                                                            

(000s) Hypothetical 10% change in underlying commodity prices $20,849 $4,420




Interest Rate Risk Management
The market risk inherent in our fixed-rate debt is the potential change arising
from increases or decreases in interest rates as discussed below.

For the fixed rate HF Sinclair Senior Notes and HEP Senior Notes, changes in
interest rates will generally affect fair value of the debt, but not earnings or
cash flows. The outstanding principal, estimated fair value and estimated change
in fair value (assuming a hypothetical 10% change in the yield-to-maturity
rates) for this debt as of March 31, 2022 is presented below:

                                                                    Estimated
                                 Outstanding       Estimated        Change in
                                  Principal       Fair Value       Fair Value
                                                (In thousands)
HollyFrontier Senior Notes      $ 1,750,000      $ 1,783,443      $    32,278

HEP Senior Notes                $   500,000      $   474,605      $    14,475



                                       53

————————————————– ——————————

  Table of Content
For the variable rate HEP Credit Agreement, changes in interest rates would
affect cash flows, but not the fair value. At March 31, 2022, outstanding
borrowings under the HEP Credit Agreement were $1.1 billion. A hypothetical 10%
change in interest rates applicable to the HEP Credit Agreement would not
materially affect cash flows.

Our operations are subject to hazards of petroleum processing operations,
including but not limited to fire, explosion, cyberattacks and weather-related
perils. We maintain various insurance coverages, including property damage,
business interruption and cyber insurance, subject to certain deductibles and
insurance policy terms and conditions. We are not fully insured against certain
risks because such risks are not fully insurable, coverage is unavailable, or
premium costs, in our judgment, do not justify such expenditures.

Financial information is reviewed on the counterparties in order to review and
monitor their financial stability and assess their ongoing ability to honor
their commitments under the derivative contracts. We have not experienced, nor
do we expect to experience, any difficulty in the counterparties honoring their
commitments.

We have a risk management oversight committee consisting of members from our
senior management. This committee oversees our risk enterprise program, monitors
our risk environment and provides direction for activities to mitigate
identified risks that may adversely affect the achievement of our goals.

© Edgar Online, source Previews

]]>
Red White & Bloom Filing of annual financial statements https://urabandai-ss.com/red-white-bloom-filing-of-annual-financial-statements/ Tue, 03 May 2022 23:12:41 +0000 https://urabandai-ss.com/red-white-bloom-filing-of-annual-financial-statements/

VANCOUVER, British Columbia and TORONTO, May 03, 2022 (GLOBE NEWSWIRE) — Red White & Bloom Brands Inc. (CSE: RWB and OTC: RWBYF) (the “Company” or “RWB”) announces that due to delays in its audit, the Company’s annual financial statements and accompanying MD&A for the year ended December 31, 2021 (the “Annual Documents”) have not been finalized as of December 2 May 2022, the documents due date. The Company has applied for, and has been granted, a Management Cease Trade Order (the “MCTO”) by the British Columbia Securities Commission.

The delay is due to the complexity of acquisition transactions, divestitures and various delays caused by COVID-19, resulting in the Company and the auditor not having sufficient time and resources available to complete the audit within the allotted time. The Company is working with its auditor, Macias Gini & O’Connell LLP, to complete the audit as soon as possible. RWB will issue a press release announcing the completion of these filings and the postponement of the earnings conference call at that time.

Until the company files annual filings, it will adhere to the alternative disclosure guidelines set out in National Policy 12-203 – Management Cease Trade Order for issuers that have failed to comply in a timely manner with a specific continuous disclosure obligation. If required, the Company will issue press releases with default status reports every two weeks until the annual filings are filed.

During the MCTO, the general investing public will continue to be able to trade the Company’s publicly traded common stock. However, the CEO and CFO of the Company will not be able to trade in the common shares of the Company.

About Red White & Bloom Brands Inc.
Red White & Bloom is a multi-state cannabis operator and premium brand house in the legal cannabis and hemp industry in the United States. RWB primarily focuses its investments in key US markets, including Arizona, California, Florida, Illinois, Massachusetts and Michigan for cannabis, as well as in the US and internationally for hemp-based CBD products. For more information, visit the website: www.RedWhiteBloom.com, or follow RWB on social media:
Twitter: @rwbbrands;
Facebook: @redwhitebloombrands;
Instagram: @redwhitebloombrands

For more information about Red White & Bloom Brands Inc., please contact:
Tyler Troup, General Manager. Circadian Group IR, IR@RedWhiteBloom.com

Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING INFORMATION

This press release contains forward-looking statements and information based on management’s beliefs and reflecting the Company’s current expectations. When used in this press release, the words “estimate”, “project”, “believe”, “anticipate”, “intend”, “expect”, “plan”, “predict “, “may” or “should” and the negative of these words or such variations or comparable terminology are intended to identify forward-looking statements and information. There can be no assurance that these transactions will produce results consistent with management’s expectations. These statements and information reflect the Company’s current view regarding the risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements and information.

By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or other future events, to be materially different from the results, performance or future achievements expressed or implied by such forward-looking statements. These factors include, among others, the following risks: risks associated with the implementation of the Company’s business plan and matters relating thereto, risks associated with the cannabis industry, competition, changes regulatory requirements, the need for additional financing, dependence on key personnel, market risks the size and volatility of the price and volume of the common shares of the Company. Forward-looking statements are made based on the beliefs, estimates and opinions of management as of the date the statements are made, and the Company undertakes no obligation to update any forward-looking statements if such beliefs, estimates and opinions or other circumstances were to change. Investors are cautioned against attributing undue certainty to forward-looking statements.

There are several important factors that could cause the Company’s actual results to differ materially from those indicated or implied by the forward-looking statements and information. These factors include, among others, risks related to the activities offered by the Company, such as failure of business strategy and government regulation; risks related to the Company’s operations, such as additional financing needs and access to capital, dependence on key and qualified personnel, insurance, competition, intellectual property and supply chains. reliable supply; risks related to the Company and its business in general; risks related to regulatory approvals. The Company cautions that the foregoing list of important factors is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors as well as other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the important factors mentioned in the preceding paragraph will not cause such forward-looking statements and information to be materially different from actual results or events. However, the list of such factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. Although the Company may choose to do so, it does not undertake at any time to update this information.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS PRESS RELEASE REPRESENTS THE COMPANY’S EXPECTATIONS AS OF THE DATE OF THIS PRESS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT ATTACK UNBIDDEN IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY ON SUCH INFORMATION AS OF ANY OTHER DATE. ALTHOUGH THE COMPANY MAY CHOOSE TO DO SO, IT DOES NOT OBLIGATE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME, EXCEPT AS REQUIRED UNDER APPLICABLE LAW.

]]> Dover Stock: Not much to gain (NYSE: DOV) https://urabandai-ss.com/dover-stock-not-much-to-gain-nyse-dov/ Mon, 02 May 2022 06:58:00 +0000 https://urabandai-ss.com/dover-stock-not-much-to-gain-nyse-dov/

marsmeena29/iStock via Getty Images

The modern world has been built by innumerable innovations. Many of them are products that require niche engineering and maintenance. It stands to reason, then, that many companies would eventually spring up with the sole purpose of providing the products and solutions needed to maintain said technologies working and to further innovate on them with the aim of achieving even greater efficiency over time. One such prospect in this market is Dover Corporation (NYSE: DOV). Over the past few years, management has been extremely successful in growing the business. This is true for both the top and the bottom of the business. Compared to their peers, the stocks appear to be trading slightly cheap. Although in the grand scheme of things, I’d say equities are probably closer to being fairly priced.

A diversified company

According to Dover’s management team, the company operations are divided into five different segments. The first of these is the engineered products segment. Through this, the company provides a wide range of equipment, components, software, solutions and services for a variety of markets such as vehicle aftermarket, waste management, industrial automation, aerospace and defense, etc. In the company’s 2021 fiscal year, this segment accounted for 22.5% of the company’s overall revenue and 17.2% of its profit. The next segment to pay attention to is called Clean Energy & Fueling. Through this, the company provides dedicated components, equipment, software and service solutions to enable the safe transport of traditional and clean fuels. It also deals with the transportation of hazardous substances and assists customers in the convenience retail, refueling and vehicle wash markets. In 2021, this segment accounted for 20.8% of the company’s overall revenue and 16.3% of its profit.

Next, we have the Imaging and Identification segment. It focuses on providing equipment for precision marking and coding, product traceability and digital textile printing, as well as other products such as consumables, software, etc., in the markets. world of packaged and consumer goods. Other customers include pharmaceutical space, industrial manufacturing companies, fashion companies, etc. This unit represented only 14.7% of sales last year and 14.3% of profits. The Pumps & Process Solutions segment, on the other hand, focuses on the production of specialized pumps and flow meters, fluid connection solutions, plastics and polymer processing equipment and other technologies dedicated to a wide variety of markets such as midstream and downstream oil and gas industry, biopharmaceutical production market, etc. Last year, this segment accounted for 21.6% of the company’s sales and 32.9% of its profits. Finally, we have the Climate & Sustainability Technologies segment, which focuses on equipment and systems dedicated to the commercial refrigeration, heating and cooling markets, as well as the beverage container manufacturing equipment markets. This unit accounted for 20.3% of sales and 19.4% of profits last year.

Historical financial data

Author – SEC EDGAR Data

While these markets may not seem so attractive at first glance, management has been exceptionally successful in growing the business over the past few years. Between 2017 and 2019, for example, sales increased from $6.82 billion to $7.14 billion. Then, in 2020, sales dropped to $6.68 billion due to the COVID-19 pandemic. The good news is that sales have since rebounded, climbing to $7.91 billion in 2021. What’s more, that growth is expected to continue at least in the short term. During the first quarter in the company’s 2022 fiscal year, sales were $2.05 billion. This represents a 9.9% increase from the $1.87 billion generated a year earlier. This is in line with management’s expectations for the full year. Currently, they expect total revenue growth of between 8% and 10%. Of this, the lion’s share will come from organic growth, with a contribution of between 7% and 9% to the company’s turnover.

Overall, profitability was a bit mixed. But depending on which metric you’re looking at, the trend has been positive. Net income has been the most volatile, with earnings showing no clear trend and ranging from a low of $570.3 million in 2018 to a high of $1.12 billion last year. Operating cash flow is more consistent. After rising from $835.6 million in 2017 to $798.6 million a year later, it then began a steady increase, climbing to $1.12 billion in 2021. And finally, we have EBITDA. Between 2017 and 2019, this metric steadily increased from $1.15 billion to $1.33 billion. In 2020, it dipped slightly to $1.26 billion before jumping to an impressive $1.60 billion in 2021.

Historical financial data

Author – SEC EDGAR Data

Even though the company expects to increase its turnover this year, unfortunately the same cannot be said for 2022. Inflation is expected to negatively affect the company to some extent, and this has proven to be clear. just by looking at the data for the first quarter of the year. . Net income during this period totaled $226.2 million. That’s down from the $232.8 million reported a year earlier. Operating cash flow also declined, from $177.2 million to just $23.7 million. However, if we adjust for changes in working capital, the metric is actually up so far this year, from $309.1 million in the first quarter of 2021 to $316.6 million in the same period. This year. And finally, we have EBITDA, which went from $394.1 million in the first quarter of last year to $390.3 million in the first quarter of this year.

For the full year 2022, management said earnings per share should be between $7.39 and $7.59. Although they also said non-GAAP earnings per share should be higher, between $8.45 and $8.65. Taking the GAAP earnings figure, that translates to a net profit of $1.08 billion. Applying that same year-over-year decline to EBITDA would give us a reading of $1.58 billion. Meanwhile, if we annualize adjusted operating cash flow for the business, that metric is expected to increase slightly year-over-year to around $1.14 billion.

Trading multiples

Author – SEC EDGAR Data

By taking this data, we can easily evaluate the company. Using our 2021 results, the company is trading at a price/earnings multiple of 17.8. The price/operating cash flow multiple is 18, while the EV/EBITDA multiple is expected to be 14.3. If instead we were to rely on the 2022 estimates, these multiples should be 18.6, 17.5 and 14.4 respectively. To put that into perspective, I decided to compare the company to five similar companies. On a price/earnings basis, these companies ranged from a low of 11.7 to a high of 35.5. And using the EV to EBITDA approach, the range would be 11.6 to 21.5. In both of these scenarios, one of the five companies was cheaper than Dover. Meanwhile, using the price to operating cash flow approach, the range should be 21.1 to 30.1. In this case, Dover was the cheapest of the bunch.

Company Prizes / Earnings Price / Operating Cash EV / EBITDA
Dover 17.8 18.0 14.3
Fortif (FTV) 35.5 21.1 21.5
Stanley Black & Decker (SWK) 11.7 29.5 11.6
Ingersoll Rand (IR) 32.8 30.1 18.8
Xylem (XYL) 34.3 26.9 19.9
IDEX (IEX) 30.5 27.0 19.3

Take away

Based on all the data provided, I can say that Dover has proven, time and time again, to be a quality operator in its markets. In the long term, I fully suspect the company will continue to grow. In the short term, it seems that the company will be partly affected by market conditions. Normally, I would say that such temporary weakness would be a good time to buy. But while the company’s shares are cheaper than those of similar companies, I think the company is much closer to being valued at fair value.

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AM Resources Announces Closing of Second Tranche of $446,000 Private Placement and Delays Filing of Annual Financial Statements https://urabandai-ss.com/am-resources-announces-closing-of-second-tranche-of-446000-private-placement-and-delays-filing-of-annual-financial-statements/ Fri, 29 Apr 2022 23:02:00 +0000 https://urabandai-ss.com/am-resources-announces-closing-of-second-tranche-of-446000-private-placement-and-delays-filing-of-annual-financial-statements/

AM Resources Corp.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO US NEWS WIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES

MONTREAL, April 29, 2022 (GLOBE NEWSWIRE) — AM Resources Company (“A M“or the”society”) (TSXV: AMR) (Frankfurt: 76A) is pleased to announce the closing of a second tranche of its previously announced non-brokered private placement (the “Offer”). Pursuant to the Offering, the Company raised aggregate gross proceeds of $446,000, consisting of the issuance of 8,920,000 Company Units (each, a “Unity”) at a price of $0.05 per unit. Each Unit consists of one common share of the Company and one-half warrant. Each full warrant entitles its holder to acquire one common share of the Company at a price of $0.075 for a period of 24 months from the date of issue.

In connection with the placement, the company paid a total of $19,500 in cash and issued a total of 390,000 common shares in consideration to certain intermediaries, who deal at arm’s length with the company.

The Company expects to close a third tranche of the placement on or about May 8, 2022. The proceeds of the placement will be used primarily for working capital purposes. All securities issued to purchasers under this offering are subject to a hold period of four months and one day in accordance with applicable Canadian securities laws.

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “US Securities Act”), or any state securities law and may not be offered or sold in the United States or to or for the account or benefit of a United States Person (as defined in Regulation S of the US Securities Act) unless registered under the US Securities Act and applicable state securities laws or an exemption from such registration is available.

Filing deadline for financial statements
The Company also announces that its annual audited consolidated financial statements for the year ended December 31, 2021, including the related MD&A and related CEO and CFO certifications (collectively, the “Annual financial deposits“) will not be filed before the required filing deadline of April 30, 2022 (the “Deadline for filing”).

The annual financial documents will not be filed on or before the filing deadline due to the delay in completing the audit of the Company’s financial statements prior to the filing deadline. The Company is working on the steps necessary to complete the annual financial filings and expects to be able to file the annual financial filings by May 27, 2022. The Company will provide updates as further information relating to to the annual financial documents will be available.

The Company has filed an application with the applicable securities authorities and expects to receive a management cease trade order (“MCTO”) imposed on the Chief Executive Officer, the Chief Financial Officer and each director of the Company preventing them from trading in the securities of the Company. The MCTO will be in effect until the filing of annual financial documents and requires that annual financial documents be filed no later than May 27, 2022.

Until the annual financial filings are filed, the Company intends to issue default status reports every two weeks in accordance with National Policy 12-203 – Cease Trade Orders. direction. The Company intends to satisfy the alternative disclosure provisions of the Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its business that has not been generally disclosed.

About AM Resources
AM Resources Corporation (TSXV: AMR) is a mining exploration company with interests in natural coal and bitumen projects in Colombia. AM is betting on Colombia’s excellent mineral potential and favorable climate to pursue its Colombian adventure.

Forward-looking statements
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause AM’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as “anticipates”, “expects”, “estimates”, “intends”, “anticipates” or “believes”. , or variations of these words and phrases or state that certain actions, events or results “could”, “could”, “would”, “could” or “will” be undertaken, occur or be achieved. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this press release. Because forward-looking statements and information relate to future events and conditions, they, by their very nature, involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Readers are cautioned that the above list of factors is not exhaustive. The forward-looking statements contained in this press release are made as of the date of this release and, accordingly, are subject to change after such date. AM undertakes no obligation to update or revise any forward-looking statements, written or oral, which may be made from time to time by us or on our behalf, except as required by applicable law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information:

David Grondin
AM Resources Company
President and CEO
1-514-360-0576
www.am-resources.com

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Alphinat announces a loss of $85,157 for the fiscal quarter ended February 28, 2022 https://urabandai-ss.com/alphinat-announces-a-loss-of-85157-for-the-fiscal-quarter-ended-february-28-2022/ Thu, 28 Apr 2022 07:43:30 +0000 https://urabandai-ss.com/alphinat-announces-a-loss-of-85157-for-the-fiscal-quarter-ended-february-28-2022/

Alphinat Inc. (TSXV:NPA) announces a loss of $85,157 for the fiscal quarter ended February 28, 2022

During the quarter ended February 28, 2022, Alphinat focused most of its commercial efforts on its partnerships and the acceleration of sales in the public sector. In addition, SmartGuide software continues to be used by Federal Government Departments and Agencies, State/Provincial and Municipal Governments.

Our teams are involved in a variety of strategic projects with very short delivery times, demonstrating the level of productivity that SmartGuide offers to our customers and partners. At Alphinat, we are constantly looking for ways to improve the user experience and the interoperability of customers’ IT infrastructures.

SmartGuide allows IT to focus on infrastructure, technical conventions, connections to legacy systems, and security, while business experts build on this foundation to convert their knowledge and know-how into customer-centric online services. citizen. SmartGuide has time and again proven to provide our customers and partners with the lowest total cost of ownership (“TCO”) compared to custom coded solutions.

In order to accelerate its future growth, Alphinat has considerably broadened its horizons by now counting four main areas of solution development:

  1. smart guide® Portal Edition for Dynamics 3651 has optimized how customers can now build and deploy online services on top of Microsoft Dynamics 365 CRM solutions. This offer is available in SaaS mode as well as on site;
  2. SmartGuide® GreenHouse Gas Registry Solutions (SmartGHGR.ca) is a green financial technology solution for governments and industry to work together to reduce the harmful effects of greenhouse gases. Alphinat currently has two provincial clients for our SmartGHRG.ca solution.
  3. smart guide® Claims Solutions (SmartClaims.ca) was developed in conjunction with a leading IT consulting partner, which aims to deliver unparalleled productivity to federal, state and municipal clients for financial claims inquiries, adjudications and settlements of financial compensation and class action settlements with customizable citizen-facing services and internal applications.
  4. smart guide® CIVIC Portal, CIVIC Portal for Amanda™2 and SmartGuide® Municipal Cloud are municipal and on-premises cloud solutions, front-end partner solutions and other digital services for an enhanced user experience for both client cities and their citizens.

During the quarter ended February 28, 2022, our R&D team continued to improve SmartGuide and SmartGuide-derived products to support the growing ambitions of our customers and partners while supporting our own strategic growth. We have added automated class action and financial claims processing to our repeatable solution offerings and are marketing these solutions with an IT consulting partner.

The team provides solutions to various Federal, State/Provincial and Municipal agencies across North America. In addition, the company continues to be involved in supporting its partners to ensure the delivery of solutions to government customers.

For the 3-month period ended February 28, 2022, the Company recorded total revenues of $310,521 compared to $402,974 for the same period in 2021. The net loss for the quarter ended February 28, 2022 amounts to ($85,157) or $0.001 per common share compared to a net loss of $(6,376) or $0.0001 per common share for the same period ended February 28, 2021.

Alphinat’s financial statements and management report for the period ending February 28, 2022 are available on SEDAR at www.sedar.com.

About Alphinat

At Alphinat, we are driven by a passion to make application development easy for everyone and system interoperability issues are a thing of the past. We allow people with a vision of how a finished application will look and behave to play a major role in the development process. After all, what better way to ensure a favorable outcome than to provide those closest to an application’s end users with a vested interest in its success throughout its development?

That’s why we’re bringing you new ways to empower the right people at the right time throughout the app development process. At the same time, we are constantly striving to reduce the need for coding in order to simplify application development and maintenance and reduce the risk of errors.

So whether you choose to develop your apps using our low-code SmartGuide® platform, start your project using one of our pre-built apps, or hire us or one of our partners, to do the work for you, we are here to help you deploy better applications in record time. Visit us at https://www.alphinat.com for more information. We look forward to hearing from you.

Forward-looking statements

Certain statements contained herein, including those that express management‘s expectations or estimates regarding the Company’s future performance, constitute “forward-looking statements” within the meaning of applicable securities laws. Forward-looking statements are necessarily based on a number of estimates and assumptions; although management believes these to be accurate at the time they are made, they are inherently subject to significant business, economic and competitive risks and uncertainties. We advise readers that these forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements. expressed or implied by these forward-looking statements. differences between the actual results and those described in the forward-looking statements. These include, but are not limited to, the Company’s ability to increase market acceptance of its products and enter new markets; the potential existence of undetected defects or problems in the Company’s products; the Company’s ability to manage its growth; the Company’s ability to compete with others; potential commitments; maintaining the Company’s intellectual property rights and defending against litigation involving these rights; the Company’s dependence on the knowledge of its key personnel; and the Company’s access to sufficient capital to fund its future needs. This is a partial and non-exhaustive list of factors that could affect any of our forward-looking statements. Investors are cautioned not to place undue reliance on forward-looking statements. This notice applies to all forward-looking statements, whether expressed orally or in writing, attributed to Alphinat or to any person expressing them on behalf of the Company. The Company undertakes no obligation to publicly update these forward-looking statements, whether to reflect new information, future events or other circumstances. The risks and uncertainties facing the Company are described in more detail in the Company’s annual report.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact:

Mr. CurtisPage
Chief executive officer
Alphinat Inc.
(514) 398-9799 ext. 225

1 Dynamics 365 is a trademark of Microsoft Corporation

2 Amanda™ is a registered trademark of Granicus

THE SOURCE: Alphinat Inc.

See the source version on accesswire.com:
https://www.accesswire.com/699219/Alphinat-Announces-a-Loss-of-85157-for-Fiscal-Quarter-Ended-Feburary-28-2022

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JustKitchen signs an agreement to serve IHOP® in Taiwan https://urabandai-ss.com/justkitchen-signs-an-agreement-to-serve-ihop-in-taiwan/ Tue, 26 Apr 2022 07:00:00 +0000 https://urabandai-ss.com/justkitchen-signs-an-agreement-to-serve-ihop-in-taiwan/

Company strikes deal with Dine Brands to sell IHOP®Iconic food items from multiple Ghost Kitchen locations

VANCOUVER, BC, April 26, 2022 /CNW/ – Just Kitchen Holdings Corp. (“JustKitchen” or the “Company”) (TSXV: JK) (OTCQB: JKHCF) (FRA: 68Z), a ghost kitchen technology operator specializing in the development of delivery-only food brands, is pleased to announce an agreement (the “Deal“) with Dine Brands International, Inc. (“Restaurant brands“) to sell IHOP®Famous pancakes, breakfast combos, omelettes, burritos, bowls and more from at least seven of its ghost kitchens at Taiwan. The initial seven locations are selected by the company’s Data Science team to further its analysis of the data to optimize product market fit, with additional deployments to follow. I JUMP®JustKitchen’s innovative menu with easy portability in mind will be offered to consumers only delivered via mobile apps and prepared at JustKitchen’s locations in Neihu, Baden, Zhonghe, Fuzhou, Renai, Minsheng and Sanchong. The agreement grants JustKitchen the right to cook and prepare IHOP® meals using Dine Brands approved ingredients and recipes.

For over 63 years, IHOP® has been a leader, innovator and expert when it comes to breakfast, any time of the day. The chain offers 65 different breakfast options that are fresh and cooked to order, as well as a wide selection of popular dishes for lunch and dinner. From September 30, 2021there are 1,750 IHOPs® restaurants around the world, including restaurants in United States and the District of Colombia, Porto Ricoand Guam as well as Canada, Ecuador, India, Mexico, Pakistan, Panamaand Peru. Once IHOP® is successfully launched by JustKitchen in Taiwanthe Company will endeavor to offer the brand in its other current markets.

Management commentary

“We are excited to be working with Dine Brands and our data analytics show that the kitchen gap and demand exists for JustKitchen to begin serving IHOP.® to new and existing customers in the Asia Pacific Region. I am proud of our team for continuing to add to our portfolio of global brands and for being able to bring such an iconic brand as IHOP.® to the food market in delivery only Taiwan,” mentioned Jason Chen, co-founder and CEO of JustKitchen. “Dine Brands and JustKitchen are committed to offering and marketing the IHOP® brand and bring its international appeal to our customers. Additionally, we will work hard to make this deal a success and look forward to identifying future growth opportunities with Dine Brands,” Mr. Chen added.

“At Dine Brands, we continue to grow the international presence of our iconic brands through multiple channels, including innovative ghost kitchens,” said Gary MooreRegional Vice President of Franchise Operations, Dine Brands Global, Inc. “Through our partnership with JustKitchen, we will now be able to serve IHOP®the world famous pancakes and comfort foods familiar to residents of Taiwan.”

ABOUT DINE BRANDS GLOBAL, INC.

Situated at Glendale, CaliforniaDine Brands Global, Inc. (NYSE: DIN), through its subsidiaries, franchises restaurants under Applebee’s Neighborhood Grill + Bar and IHOP® brands. With approximately 3,440 combined restaurants in 16 countries and approximately 350 franchisees, Dine Brands is one of the largest full-service restaurant companies in the world. For more information about Dine Brands, visit the company’s website at www.dinebrands.com.

ABOUT JUSTKITCHEN

JustKitchen is primarily a technology-driven and enabled ghost kitchen operator specializing in the development and marketing of proprietary and franchise-only food brands for delivery to customers. The Company currently operates in Taiwan, Singapore and hong kong with plans to expand its operations to other Asian countries. JustKitchen uniquely utilizes a hub and spoke operating model, which includes advanced food preparation in larger central kitchens and final meal preparation in smaller spoke kitchens located in high-density areas. The company combines this operating model with online and mobile app-based food ordering performed by third-party delivery companies, to minimize capital investment and operating expenses and reach more customers on underserved markets. The company’s other business, JustMarket, is an online grocery delivery platform that allows customers to purchase groceries for delivery or add certain grocery items to meals ordered through JustKitchen. .

For more information about the Company, please visit investors.justkitchen.com. JustKitchen’s final prospectus, financial statements and MD&A, among other documents, are all available on the company’s profile page on SEDAR at www.sedar.com.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This press release contains certain “forward-looking statements” within the meaning of such statements under applicable securities laws. Forward-looking statements are often characterized by words such as “expects”, “plans”, “continues”, “expects”, “projects”, “intends”, “believes”, “expects”, ” believes”, “may”, “will”, “potential”, “proposed”, “positioned” and other similar words, or statements that certain events or conditions “may” or “will” occur, including , but not limited to, the Company’s comments regarding the finalization of the menu in the near future; offering IHOP®-branded meals delivered to consumers only via mobile apps and prepared at seven sites in Taiwan; and offering IHOP®– branded food products hong kong, The Philippines and Singapore, as well as others, in the future. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release. Forward-looking statements are based on the opinions and estimates of management as of the date they are made and are subject to various risks, including the risk factors identified in the Company’s prospectus dated March 26, 2021, and the uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. expressly requires.

SOURCEJust Kitchen Holdings Corp.

For further information: Just Kitchen Holdings Corp. Suite 1430, 800 West Pender Street, Vancouver, British Columbia, V6C 2V6, Nick Kuzyk, Investor Relations, Toll Free: 1-855-JST-KCHN (1-855-578-5246), Email: [email protected] ]]> Global Rewilding Expert Reveals 20-Year Journey to Acceptance https://urabandai-ss.com/global-rewilding-expert-reveals-20-year-journey-to-acceptance/ Sat, 23 Apr 2022 15:25:11 +0000 https://urabandai-ss.com/global-rewilding-expert-reveals-20-year-journey-to-acceptance/

When the International Union for Conservation of Nature (IUCN) talks about rewilding, the world listens to a global authority guided by the research of a renowned Cumbrian expert.

Professor Ian ConveryThe work of helped shape thinking about rewilding within the widely respected organization, but it was his focus on local species introductions to some of the UK’s most deprived areas that gave the most of satisfaction to the eminent scholar of the University of Cumbria.

The Earth’s biodiversity is in crisis and rewilding, which involves giving more space and time to nature, offers essential recovery solutions. Instead of managing ecosystems to preserve particular species, it gives wildlife the freedom to thrive and habitats to regenerate naturally.

Although controversy and misunderstanding have hampered the process, it goes far beyond a public perception of the reintroduction of stray wolves and lynx. The IUCN used Professor Convery’s extensive studies to back up the guidelines – and the acceptance.

By actively supporting rewilding to address declining biodiversity and reconnect with nature, the union has propelled the practice into mainstream conservation. For a body of 208 leading states and government agencies, taking these recommendations into account was a world first.

“For some time now, IUCN has highlighted the need for a change in attitude towards nature, which was also highlighted in our government’s recent Dasgupta report, calling for greater understanding and more great public engagement, particularly through schools,” explained Professor Convery.

“It is reassuring to see that our ideas are now part of accepted political and governance arenas.”

It’s a theme taken up in local projects where his research and involvement have played a central role, including working with communities to dispel myths and prejudices.

Through the university he took part in a mission to revisit the first beavers in Cumbria for 400 years, an initiative which generated substantial public interest.

But it is the Back on our Map (BOOM) project to encourage local people to get involved in a vast four-year reintroduction program for 10 endangered species of which he is particularly proud.

With the university playing a leading role, it is supported by the National Lottery Heritage Fund and works throughout South Cumbria. The objective is to carry out pioneering actions to encourage all ages to reconnect with their natural environment.

‘Barrow-in-Furness is part of the catchment area, an area of ​​multiple deprivation, which has seen volunteers come forward to help us,’ Prof Convery said.

“Through BOOM, we are giving communities a voice, as well as Haverigg Prison, where inmates worked on tree nurseries as part of our plan for 650 aspens, seen as a potential replacement for the roughly 80% ash tree that won will not survive dieback.

Rewilding has come a long way since it emerged 20 years ago from its roots as a radical conservation movement in the United States. Despite a difficult journey, he finds himself firmly established, but with still a long way to go.

How to win hearts and minds by addressing fears and misconceptions – and working closely with the public – was a crucial part of the research. IUCN has long advocated for early engagement and participation, particularly when it comes to species reintroductions.

Professor Convery said the feelings of “alienation, dispossession and dislocation” expressed by some needed to be addressed and sorted out.

He was appointed Co-Chair of the Rewilding Thematic Group of the IUCN Commission on Ecosystem Management when it was established, one of six commissions providing expertise and policy advice to the union, which led to the adoption of the principles.

The pioneers of rewilding have made their presence felt at workshops in Florida, London, the Society for Ecological Restoration conference in Cape Town, and Tsinghua University in Beijing.

The importance of public involvement in reintroductions was demonstrated by the proposals for the Eurasian lynx in Kielder Forest, where it was ultimately decided not to go ahead with the plans.

The decision was based on the conclusion that there had not been enough local support.

“There are preconceived ideas,” Professor Convery explained. “Elsewhere in Europe, people are used to living alongside predators. It may not always be problem free, but there is a level of acceptance.

“Radical ideas usually take between 10 and 20 years to become mainstream – sometimes less, sometimes more. The key question is whether we have 20 years to work on biodiversity loss.

“We need to start thinking and acting immediately to avoid species extinctions, ecosystem collapse, and ultimately protect our own future on the planet.”

Professor Convery has been asked to lead the Natural Capital Laboratory, which will see 100 acres in the Scottish Highlands restored to native forest, inspiring people to connect with the environment and reintroduce locally extinct species.

Through images, video and audio recordings, habitats and their wildlife will become accessible and appreciated. A live recording will be updated as activities, data, conditions and values ​​change over time.

“It will be, he says, a major focus of public interest, as well as ongoing research.”

His colleague from the University of Cumbria, Dr Volker Deecke, appeared in a BBC Countryfile program dedicated to the lab:
https://www.bbc.co.uk/iplayer/episode/m000yq08/countryfile-highlands-rewilding

Locally, Professor Convery’s work has helped make crucial decisions about reintroductions and brought communities together to make nature count. Globally, he has helped shape new IUCN definitions, guidelines and standards.

Rewilding is now being used as a way to address global decline and connect people to their surroundings in a way that has never happened before.

He’s out there, getting attention, has been featured on Radio 4’s The Archers, which the Prime Minister has talked about. And for Professor Ian Convery, there is an ultimate goal.

“I want to see fully functioning ecosystems with little to no human intervention. I would like to see a future where we don’t need conservation!”

The image below shows Professor Ian Convery in the field in the Bolivian Amazon, where he worked with colleagues from the Amazon University of Pando.

ian Convery - Impact case Study pic 2, image shows Professor Ian Convery in the field in the Bolivian Amazon, where he worked with colleagues from the Amazon University of Pando

Professor Ian Convery, guest speaker at the Chinese Engineering, Science & Technology Forum, Qinba, 2018

Ian Convery - ICS pic 3, Professor Ian Convery, guest speaker at Chinese Engineering, Science & Technology Forum, Qinba, 2018

Professor Ian Convery addresses the audience as keynote speaker at the Chinese Engineering, Science & Technology Forum, Qinba, 2018

Ian Convery - ICS pic 4, Professor Ian Convery addresses the audience as keynote speaker at Chinese Engineering, Science & Technology Forum, Qinba, 2018

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Latham Group, Inc. Provides Updates on Odessa, Texas Facility Fire https://urabandai-ss.com/latham-group-inc-provides-updates-on-odessa-texas-facility-fire/ Thu, 21 Apr 2022 21:46:00 +0000 https://urabandai-ss.com/latham-group-inc-provides-updates-on-odessa-texas-facility-fire/

Latham Pool Products

LATHAM, NY, April 21, 2022 (GLOBE NEWSWIRE) – Latham Group, Inc. ( “Latham” or “the Company”) (NASDAQ: SWIM)., The largest designer, manufacturer and distributor of residential pools buried in The North America, Australia and New Zealand today announced that their factory fiberglass in Odessa, Texas, had been touched by fire. No employee was present at the time of the incident and no one was injured.

The site of Odessa is the second smallest plant fiberglass Latham in the US and is dedicated solely to the production of ground swimming pools fiberglass. The fire affected mainly the production area of the plant. The existing inventory in the system has hardly been affected. Production and deliveries of pool from the Odessa factory were interrupted while Latham is working alongside local authorities to investigate the situation and assess the extent of damage. The company is in the process of identifying assets and redeployment opportunities to its other US fiberglass manufacturing facilities to minimize downtime for retailers and consumers concerned.

“We are extremely grateful for the quick response of fire crews and first responders the County of Midland, and we are grateful to announce that there were no injuries,” said Scott Rajeski, President and Chief the direction of Latham. “The safety and well-being of our employees and our local communities are our top priority and we are working closely with local authorities to investigate the cause of the incident. We have invested heavily in expanding our manufacturing capacity in recent years, and our operating team works round the clock to identify opportunities to leverage our fiber glass manufacturing footprint in existing US to ensure the implementation of customer orders concerned.

About Latham Group, Inc.
Latham Group, Inc., headquartered in Latham, New York, is the largest designer, manufacturer and field distributor of residential swimming pools in North America, Australia and New Zealand. Latham has a coast-to-coast operations platform comprised of over 2,000 employees at over 30 facilities.

Forward-looking statements
Certain statements in this press 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. These forward looking statements are generally identified by the use of words such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “potential” predict “,” project “,” should “,” target “,” will fly “,” would “and, in each case, their negative or other terminology, different or similar. These forward-looking statements reflect our beliefs regarding future events as at the date hereof and are based on current expectations, estimates, forecasts, projections, assumptions, beliefs and information of our management. Although management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be accurate. All forward-looking statements are subject to risks and uncertainties, many of which are beyond our control, and may cause future events or results to differ materially from those expressed or implied herein. It is not possible to predict or identify all such risks. These risks include, without limitation: the secular changes in consumer demand for pools and expenditures for outdoor living spaces; slow concrete pools conversion equipment for fiberglass pools in the pool industry; general economic conditions and uncertainties in the markets in which we do business and economic volatility which could adversely affect the Company’s operations, including the pandemic Covid-19; the ability of the Company’s suppliers to continue to deliver the quantity or quality of materials sufficient to meet the needs of the Company to manufacture the Company’s products and other risks, uncertainties and factors discussed in the section entitled “Factors risk “in the registration statement on form S -1 filed with the US Securities and Exchange Commission (the” SEC “) by the Company, as well as other documents that the Company will be made or, at the SEC, such as annual reports on form 10-K, quarterly reports on form 10-Q and current reports on form 8-K. These factors should not be construed as exhaustive and should be read together with other statements warning that are included in this press release and in other documents. We expressly disclaim any obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

Investor contacts:
Nicole Briguet and Lauren Grama
Edelman for Latham
latham@edelman.com

Media Contact:
Joel Culp
joelculp@lathampool.com

or

Jeff Anzulewicz
jeffanzulewicz@lathampool.com

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CSX Announces Advances on Future Wage Adjustments for https://urabandai-ss.com/csx-announces-advances-on-future-wage-adjustments-for/ Tue, 19 Apr 2022 23:57:58 +0000 https://urabandai-ss.com/csx-announces-advances-on-future-wage-adjustments-for/

JACKSONVILLE, Fla., April 19, 2022 (GLOBE NEWSWIRE) — CSX Corp. (NASDAQ: CSX) today announced that it has reached a tentative agreement with the Transportation Division of Sheet Metal, Air, Rail and Transportation Workers (SMART-TD) to provide train attendants and to SMART-TD yardmasters monthly advances on future scheduled wage adjustments as part of the settlement of the 2020 national round of bargaining between Railroad Workforce and Class I Railroads. CSX has also notified its other union representatives of its intention to enter into agreements to offer identical payments to all unionized employees.

James M. Foote, President and CEO of CSX, said, “Our unionized employees have waited nearly two years for a wage increase and now face the challenge of high inflation. This tentative agreement with SMART-TD is good for our employees, and we are committed to working with all of our unions to get this done for all unionized employees, who shouldn’t be left behind for months and months so that we expect complex issues. in the national negotiation to be settled.

The tentative agreement with SMART-TD provides that monthly payments of up to $600 would be made from May 2022 until the end of the year, or until a negotiated wage settlement is reached, depending on the first possibility. Advance payments would be deducted from any retroactive or future salary increases that may be agreed in national negotiations.

The 2020 round of bargaining began in November 2019, and the National Rail Carriers Conference and labor coalitions are currently in mediation before the National Mediation Board. It is not known how long it will take to conclude the negotiations. CSX has advised its unions and is seeking their agreement to implement these advances as required by the Railway Labor Act.

Jamie Boychuk, Executive Vice President of Operations, CSX, said, “We know that collective bargaining in the rail industry tends to take years. We also know that our union-represented operating employees are suffering from broader economic challenges. These are unprecedented times, and our operations employees have served our customers, communities and the nation through the pandemic, continued supply chain disruptions and rising housing, food and fuel prices. . It is time that we recognize their efforts and the difficult circumstances they and their families face by providing some relief through these fair and rightfully earned wage adjustments.

About CSX

CSX, based in Jacksonville, Florida, is a leading transportation company. It provides rail, intermodal and rail-truck transloading services and solutions to customers in a wide range of markets, including energy, industrial, construction, agriculture and consumer products. For nearly 200 years, CSX has played a vital role in the country’s economic expansion and industrial development. Its network connects all major metropolitan areas in the eastern United States, where nearly two-thirds of the country’s population resides. It also connects over 230 shortline railways and over 70 ocean, river and lake ports with major population centers and agricultural towns. More information about CSX Corp. and its subsidiaries are available at www.csx.com. Like us on facebook (http://facebook.com/OfficialCSX) and follow us on Twitter (http://twitter.com/CSX).

Forward-looking statements

This information and other company statements may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act regarding, among other things, projections and estimates of profits, revenues, margins, volumes, rates, cost savings, expenses, taxes, cash, capital expenditures, dividends, share buybacks or other financial items, statements of management‘s plans, strategies and objectives for future operations, and management’s expectations regarding future performance and operations and when targets will be achieved, statements regarding new services offered and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are generally identified by words or phrases such as “shall”, “should”, “believes”, “expects”, “anticipates”, “projects”, “estimates”, “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statements. If the Company updates any forward-looking statement, no inference should be drawn that the Company will make additional updates with respect to that statement or any other forward-looking statement.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from those anticipated by the forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by the forward-looking statements include, among others; (i) the company’s success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic, political or business conditions, including those affecting the transportation industry (such as the impact of competition, conditions, performance and industry consolidation); (iii) legislative or regulatory changes; (iv) inherent business risks associated with safety and security; (v) the outcome of claims and litigation involving or affecting the company; (vi) natural events such as extreme weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projections of economic and business conditions.

Other important assumptions and factors that could cause actual results to differ materially from those contained in the forward-looking statements are specified in the company’s SEC reports, available on the SEC’s website at www.sec.gov and the company’s website at www.csx.com.

Contact:
Matthew Korn, CFA, Head of Investor Relations, Service Metrics and Pensions
904-366-4515

Bryan Tucker, Corporate Communications
855-955-6397

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