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US Silica Holdings

announces third-quarter
2021 results

US Silica Holdings, a diversified industrial
minerals company and the leading last-mile
logistics provider to the oil and gas industry,
today announced a net loss of $20.0mn, or
PHX into a pure play mineral and royalty to a secure, competitive and growing $0.27 per diluted share, for the third quarter
company. As we divest our non-operated low dividend. We will continue to focus on debt ended September 30, 2021. This compared
margin working interest assets and redeploy repayment, disciplined capital allocation, and with net income of $26.0mn, or $0.34 per
the proceeds along with our free cash flow delivering attractive shareholder returns. diluted share, for the second quarter of 2021
into higher margin minerals, we will see our “Earlier this week we announced an which benefited from a pre-tax customer
corporate margins improve and our royalty agreement to buy-in Phillips 66 Partners. The settlement of $48.9mn.
production volumes grow. We continue to transaction simplifies our structure and asset The third quarter results were negatively
see interest in the market place for our other ownership across our integrated portfolio. impacted by $4.8mn pre-tax, or $0.05 per
non-operated working interest assets and are We believe both PSX shareholders and PSXP diluted share after-tax, of charges related
exploring additional divestiture opportunities. unitholders will benefit from the combination. to merger and acquisition related expense,
Our mineral and royalty acquisition pipeline “In addition, we recently announced our plant startup and expansion costs, and other
remains strong. These transactions reflect the greenhouse gas emissions intensity reduction adjustments, resulting in adjusted EPS for the
momentum we are gaining in the execution of targets, demonstrating our commitment to third quarter of $(0.22) per diluted share.
this strategy.” sustainably providing energy today and in the Bryan Shinn, chief executive officer,
PHX MINERALS, November 01, 2021 future. Our targets are measurable, achievable commented: “I am proud of our team’s
and meaningful. We believe achieving the execution and ability to deliver on our strategy
targets will drive value for shareholders and to generate strong cash flow and strengthen
DOWNSTREAM other stakeholders. We are expanding our our balance sheet. In the third quarter, we
presence in the battery supply chain through paid off our revolver balance and increased
Phillips 66 reports third- our investment in NOVONIX and announced our cash on hand to over $250mn.
“In our Industrial & Specialty Products
a collaboration with Plug Power to identify
quarter 2021 financial and advance green hydrogen opportunities. segment, we continue to enjoy robust
We will continue to focus on lower-carbon
customer demand and continued success
results initiatives that generate strong returns.” with new offerings including several product
launches and successful customer scale up
PHILLIPS 66, October 29, 2021
Phillips 66, a diversified energy manufacturing trials during the quarter. We are also moving
and logistics company, announces third- Shell completes sale of quickly and aggressively to combat macro
quarter 2021 earnings of $402mn, compared headwinds associated with logistical and
with earnings of $296mn in the second Washington Puget Sound supply chain constraints, overall cost inflation,
quarter of 2021. Excluding special items and higher natural gas prices through the
of $1.0bn, primarily an impairment of the refinery to HollyFrontier implementation of additional price increases
Alliance Refinery following Hurricane Ida, and surcharges.
the company had adjusted earnings of $1.4bn Equilon Enterprises Shell Oil Products “In our Oil & Gas segment, sand and
in the third quarter, compared with second- US, a subsidiary of Royal Dutch Shell, has logistics demand moderated slightly during
quarter adjusted earnings of $329mn. completed the sale of its Puget Sound Refinery the quarter as completions activity slowed
“In the third quarter, we delivered a near Anacortes, Washington to a subsidiary due to annual budget exhaustion at some
significant improvement in earnings and cash of HollyFrontier, an independent refiner customers. Additionally, this segment
generation,” said Greg Garland, Chairman headquartered in Texas, for $350 million experienced a shift in customer mix with
and CEO of Phillips 66. “Our Midstream, in cash plus the value of the hydrocarbon more spot sales at lower margins and higher
Chemicals, and Marketing and Specialties inventory, subject to customary closing costs, including higher natural gas prices and
businesses continued to deliver strong results. adjustments. The agreement covers the sale accelerated plant maintenance. Sandbox was a
In Refining, we saw a notable improvement in of Shell’s Puget Sound refinery, the on-site bright spot during the quarter with improved
realised margins, operated well and navigated cogeneration facility and the associated sequential profitability from increased
hurricane-related challenges. logistics infrastructure. Shell will retain pricing.”
“So far this year we have reduced debt by product offtake agreements to support its US SILICA HOLDINGS, October 29, 2021
$1bn, further strengthening our balance sheet. existing retail marketing business in the
We recently increased the dividend, reflecting Pacific Northwest. Shell’s off-site logistics
our confidence in the company’s strategy and assets are excluded from the sale.
cash flow recovery, as well as our commitment ROYAL DUTCH SHELL, November 01, 2021

P14 www. NEWSBASE .com Week 44 04•November•2021