NRDC and Partners Calls out EPA for Evaluation Process of Toxic Chemical Risks

NRDC, EPA | July 17, 2020

NRDC (the Natural Resources Defense Council) together with partners, today asked a federal court to review the Environmental Protection Agency’s woefully inadequate process for evaluating risks of the toxic chemical methylene chloride.  A solvent used in paint strippers and other products, methylene chloride has already been linked to some 60 deaths, at least 4 of which occurred after the EPA refused to finalize a ban on its use in paint strippers.

“This is the agency’s very first risk evaluation under the updated federal toxics law and it sets the stage for future limits on this deadly chemical,” said Selena Kyle, senior attorney and managing litigator for NRDC. “But the agency has underestimated the risks to people exposed to methylene chloride on the job, and all but ignored risks to people who live near facilities that release it into the air, water, and soil. When EPA moves forward to regulate the chemical, it must consider these risks.”


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Chemical Management, Products and Technologies

LyondellBasell Invests in Carbon Neutrality Venture Fund

PRNewswire | June 30, 2023

LyondellBasell announced its investment in a new Carbon Neutrality Fund led by Chrysalix Venture Capital. The fund will support emerging companies developing and deploying new low-carbon technologies, focusing on hard-to-abate sectors, such as the chemicals industry. These investments expand LyondellBasell's venture capital activities to help advance its ambitious sustainability goals. "Sustainability is integrated into our business strategy, and we are confident the Carbon Neutrality Fund will help us advance our industry-leading climate goals, as we create value, and develop products and solutions that contribute to a better tomorrow," said Jim Seward, executive vice president and chief innovation officer at LyondellBasell. "Chrysalix Venture Capital has an established track record of investing in new climate technologies and a strong focus on developing innovative solutions for hard-to-abate sectors, including chemicals." "We are pleased to welcome LyondellBasell and other leading international investors to the Carbon Neutrality Fund," said Fred van Beuningen, Managing Partner at Chrysalix Venture Capital. "Working closely with our Limited Partners, the Fund will connect leading companies with outstanding entrepreneurs, linking market driven problems to innovative solutions while seizing the value creation opportunity of carbon neutrality. Technologies that support carbon neutrality offer a value creation and a new business opportunity, companies with a proactive carbon strategy will create long term sources of differentiation." In addition to Chrysalix, LyondellBasell has invested in Closed Loop Circular Plastics Fund, Infinity Recycling, and HX Venture. These venture capital funds are focused on accelerating the development of infrastructure and recycling technologies needed to address plastic waste challenges in North America, Europe, and Asia. These investments align with the company's goal that for every dollar LyondellBasell invests in venture funds addressing critical sustainability challenges, the company helps catalyze another five dollars from co-investors. About LyondellBasell We are LyondellBasell – a leader in the global chemical industry creating solutions for everyday sustainable living. Through advanced technology and focused investments, we are enabling a circular and low carbon economy. Across all we do, we aim to unlock value for our customers, investors and society. As one of the world's largest producers of polymers and a leader in polyolefin technologies, we develop, manufacture and market high-quality and innovative products for applications ranging from sustainable transportation and food safety to clean water and quality healthcare.

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Chemical Management, Market Outlook

Ring Energy Announces Accretive All Cash Asset Acquisition Strategically Expanding Core Operating Area

Globenewswire | July 12, 2023

Ring Energy, Inc. announced it has entered into an agreement to acquire the Central Basin Platform (“CBP”) assets of Founders Oil & Gas IV, LLC (“Founders”) for $75 million in cash (the “Transaction”). Founders’ CBP operations are located in the Permian Basin in Ector County, Texas and are focused on the development of approximately 3,600 net acres that are similar to Ring’s CBP assets acquired in 2022 from Stronghold Energy Operating II, LLC and its affiliate (“Stronghold”). Total consideration of $75 million, subject to customary closing adjustments, consists of $60 million in cash at closing and $15 million deferred cash payment due four months after closing. The Transaction will be funded with cash on hand and borrowings under Ring’s recently reaffirmed senior revolving credit facility. TRANSACTION HIGHLIGHTS Immediately accretive to Ring’s shareholders, including production, reserves, Adjusted Free Cash Flow(1) and other key metrics; Total consideration is approximately 2.3x the assets’ next twelve months’ (“NTM”) Adjusted EBITDA(1) beginning April 1, 2023; Strengthens balance sheet by lowering the Company’s leverage ratio(2) and accelerates Ring’s ability to pay down debt; Further increases inventory of low-risk, high rate-of-return drilling locations and improves capital allocation flexibility; Strategically expands core operating area capturing operating and G&A cost synergies; and The Transaction is expected to close in the third quarter of 2023 with an effective date of April 1, 2023. ASSET HIGHLIGHTS Second quarter 2023 production was approximately 2,500 net barrels of oil equivalent per day (“Boe/d”) (86% oil); Margin enhancing ownership with approximately 99% working interest and high net revenue interest of approximately 87%; Total Proved SEC year-end 2022 reserves as calculated by Ring management of 9.2 million barrels of oil equivalent (“MMBoe”) (80% oil), characterized by shallow declines and long lives; Low-risk inventory provides significant economic returns with potential upside from targeted downspacing, including approximately 50 low-cost, high rate-of-return undeveloped drilling locations; and Existing infrastructure provides takeaway capacity and opportunities to reduce costs and improve efficiencies. Mr. Paul D. McKinney, Chairman of the Board and Chief Executive Officer, commented, “We are pleased to announce our agreement to acquire Founders’ conventional oil and gas assets in Ector County, Texas. These assets strategically expand our existing operations in the southern portion of the Central Basin Platform allowing us to capture operating cost and G&A synergies associated with a larger core operating area. These assets are similar to the Stronghold assets acquired last year, having stacked pay zones of high-quality rock with proven performance. Like the Stronghold assets, we intend to leverage our extensive expertise applying the newest conventional and unconventional technologies to optimally develop the inventory of undeveloped drilling locations afforded by the Transaction.” Mr. McKinney concluded, “Today’s announcement is another example of creating value for our shareholders through our value focused proven strategy. This acquisition not only increases our production, but it also allows us to reduce our expected capital spending for the second half of 2023 thereby giving us the ability to further pay down our debt. In addition, it expands our proved reserves while lowering our leverage ratio. We look forward to quickly integrating the assets into our operations and further developing the inventory of drilling locations. In short, we view this transaction as another step in gaining greater size and scale and positioning the Company to deliver on our long-term goals for our shareholders.” Ring has provided pro forma third and fourth quarter of 2023 guidance to reflect the pending Transaction. In addition, the guidance includes the impact of the recently completed sale of its Delaware Basin assets during the second quarter of 2023. Ring is targeting total pro forma capital spending of $67 million to $77 million in the second half of 2023. The development program includes a balanced and capital efficient combination of drilling horizontal (“Hz”) wells on the Company’s legacy acreage and vertical wells on the acquired Stronghold and Founders’ acreage, as well as performing recompletions. Additionally, the capital spending program includes funds for targeted capital workovers, infrastructure upgrades, leasing costs, and non-operated drilling, completion, and capital workovers. All projects and estimates are based on assumed WTI oil prices of $65 to $85 per barrel. As in the past, Ring has designed its spending program with flexibility to respond to changes in commodity prices and other market conditions as appropriate. Based on the $72 million mid-point of collective spending guidance for the second half of 2023, the Company expects the following estimated allocation of capital investment 73% for drilling, completion, and related infrastructure; 19% for recompletions and capital workovers; and 8% for land, environmental and safety, and non-operated capital. The Company remains squarely focused on continuing to generate Adjusted Free Cash Flow. All second half 2023 planned capital expenditures are expected to be fully funded by cash on hand and cash from operations, with excess Adjusted Free Cash Flow currently targeted for further debt reduction. ABOUT RING ENERGY, INC. Ring Energy, Inc. is an oil and gas exploration, development, and production company with current operations focused on the development of its Permian Basin assets.

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Products and Technologies, Market Outlook

Resumption of Operations at Livent Bessemer City and Status of Ongoing Remediation Efforts

PRnewswire | July 06, 2023

Livent's manufacturing facility in Bessemer City, North Carolina, has resumed operations following the fire which broke out at an onsite warehouse early on Monday morning. All lithium hydroxide, butyllithium and catalyst grade lithium metal production lines are now back in operation, and the majority of Livent personnel have returned to their normal shifts. The company is still assessing the timetable to restore some of its smaller production units, including those for high purity lithium metal and pharmaceutical grade lithium carbonate. As previously reported, the fire was principally contained to a steel and concrete warehouse which was used primarily to store lithium metal ingots, as well as some ancillary maintenance and production supplies, and is located away from the operating facilities at the site. Although the fire had largely burned out by mid-morning on Monday, the warehouse and its contents were destroyed. Fortunately, there were no injuries to Livent personnel, emergency responders or members of the surrounding community, and no toxic chemicals or compounds were on fire or released into the environment. We would like to again express our gratitude for the tremendous support of the authorities and emergency response teams from Bessemer City, Gaston County and the state of North Carolina. We are continuing to investigate the cause of the fire and are working hard to ensure ongoing safety during the clean-up and remediation process. We are focused on returning to full operations as soon as possible. About Livent For nearly eight decades, Livent has partnered with its customers to safely and sustainably use lithium to power the world. Livent is one of only a small number of companies with the capability, reputation, and know-how to produce high-quality finished lithium compounds that are helping meet the growing demand for lithium. The Company has one of the broadest product portfolios in the industry, powering demand for green energy, modern mobility, the mobile economy, and specialized innovations, including light alloys and lubricants. Livent has a combined workforce of approximately 1,350 full-time, part-time, temporary, and contract employees and operates manufacturing sites in the United States, England, China and Argentina. For more information, visit

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Market Outlook

Hudson Technologies Achieves Carbon Neutrality at Reclamation Facilities

Globenewswire | July 07, 2023

Hudson Technologies, Inc. a leading provider of innovative sustainable solutions to the Heating, Ventilation, Air Conditioning, and Refrigeration industry – and one of the nation’s largest refrigerant reclaimers – today announced that it has achieved carbon neutrality for its operational scope 1 and 2 GHG emissions for the year 2022. Brian F. Coleman, President and Chief Executive Officer of Hudson Technologies commented, “Hudson is committed to operating our business in the most sustainable way possible. Our refrigerant reclamation activities effectively recycle refrigerants, displacing the production of virgin refrigerants and eliminating the emissions generated in the manufacturing process. We’re pleased to have made progress toward reducing our carbon footprint and remain focused on meeting our internal goals for environmentally sound operations, while at the same time playing a role in supporting the sustainability efforts of our customers.” About Hudson Technologies Hudson Technologies, Inc. is a leading provider of innovative and sustainable refrigerant products and services to the Heating, Ventilation, Air Conditioning, and Refrigeration industry. For nearly three decades, we have demonstrated our commitment to our customers and the environment by becoming one of the first in the United States and largest refrigerant reclaimers, through multimillion dollar investments in the plants and advanced separation technology required to recover a wide variety of refrigerants and restoring them to Air-Conditioning, Heating, and Refrigeration Institute standard for reuse as certified EMERALD Refrigerants™. The Company's products and services are primarily used in commercial air conditioning, industrial processing and refrigeration systems, and include refrigerant and industrial gas sales, refrigerant management services consisting primarily of reclamation of refrigerants and RefrigerantSide® Services performed at a customer's site, consisting of system decontamination to remove moisture, oils and other contaminants. The Company’s SmartEnergy OPS® service is a web-based real time continuous monitoring service applicable to a facility’s refrigeration system and other energy systems. The Company’s Chiller Chemistry® and Chill Smart® services are also predictive and diagnostic service offerings. As a component of the Company’s products and services, the Company also generates carbon offset projects.

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