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Category: Americas

  • MIL-OSI: International Petroleum Corporation to release Third Quarter 2024 Financial and Operational Results on November 5, 2024

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Oct. 31, 2024 (GLOBE NEWSWIRE) — International Petroleum Corporation (IPC) (TSX, Nasdaq Stockholm: IPCO) will publish its financial and operating results and related management’s discussion and analysis for the three and nine months ended September 30, 2024, on Tuesday, November 5, 2024 at 07:30 CET, followed by an audiocast at 09:00 CET.

    Listen to William Lundin, President and CEO, and Christophe Nerguararian, CFO, commenting on the third quarter 2024 financial and operating results and the latest developments from IPC.

    Follow the presentation live starting at 09:00 CET on Tuesday, November 5, 2024 on www.international-petroleum.com or using the link/dial-in details below:

    Presentation Link: ipc.videosync.fi/2024-11-05-q3

    Dial-in numbers  Canada/USA: +1 786 697 3501
      UK: +44 33 0551 0200
      Sweden: +46 8 50520424
         
    Password Quote “IPC Q3” when prompted by the operator
       

    International Petroleum Corp. (IPC) is an international oil and gas exploration and production company with a high quality portfolio of assets located in Canada, Malaysia and France, providing a solid foundation for organic and inorganic growth. IPC is a member of the Lundin Group of Companies. IPC is incorporated in Canada and IPC’s shares are listed on the Toronto Stock Exchange (TSX) and the Nasdaq Stockholm under the symbol “IPCO”.

    For further information, please contact:

    Rebecca Gordon
    SVP Corporate Planning and Investor Relations
    rebecca.gordon@international-petroleum.com
    Tel: +41 22 595 10 50

    Or

    		 Robert Eriksson
    Media Manager
    reriksson@rive6.ch
    Tel: +46 701 11 26 15

    Forward-Looking Statements
    This press release contains statements and information which constitute “forward-looking statements” or “forward-looking information” (within the meaning of applicable securities legislation). Such statements and information (together, “forward-looking statements”) relate to future events, including the Corporation’s future performance, business prospects or opportunities. Actual results may differ materially from those expressed or implied by forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Forward-looking statements speak only as of the date of this press release, unless otherwise indicated. IPC does not intend, and does not assume any obligation, to update these forward-looking statements, except as required by applicable laws.

    All statements other than statements of historical fact may be forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, forecasts, guidance, budgets, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “forecast”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “budget” and similar expressions) are not statements of historical fact and may be “forward-looking statements”.

    The MIL Network –

  • MIL-OSI USA: SPC Oct 31, 2024 Day 4-8 Severe Weather Outlook

    Source: US National Oceanic and Atmospheric Administration

    Day 4-8 Severe Weather Outlook Issued on Oct 31, 2024

    Updated: Thu Oct 31 08:56:02 UTC 2024

     .

    D4
    Sun, Nov 03, 2024 – Mon, Nov 04, 2024
    D7
    Wed, Nov 06, 2024 – Thu, Nov 07, 2024

    D5
    Mon, Nov 04, 2024 – Tue, Nov 05, 2024
    D8
    Thu, Nov 07, 2024 – Fri, Nov 08, 2024

    D6
    Tue, Nov 05, 2024 – Wed, Nov 06, 2024
    (All days are valid from 12 UTC – 12 UTC the following day)

    Note: A severe weather area depicted in the Day 4-8 period indicates 15%, 30% or higher probability for severe thunderstorms within 25 miles of any point.

    PREDICTABILITY TOO LOW is used to indicate severe storms may be possible based on some model scenarios. However, the location or occurrence of severe storms are in doubt due to: 1) large differences in the deterministic model solutions, 2) large spread in the ensemble guidance, and/or 3) minimal run-to-run continuity.

    POTENTIAL TOO LOW means the threat for a regional area of organized severe storms appears unlikely (i.e., less than 15%) for the forecast day.

     Forecast Discussion

    ZCZC SPCSWOD48 ALL
    ACUS48 KWNS 310854
    SPC AC 310854

    Day 4-8 Convective Outlook
    NWS Storm Prediction Center Norman OK
    0354 AM CDT Thu Oct 31 2024

    Valid 031200Z – 081200Z

    …DISCUSSION…
    …Sunday/Day 4 and Monday/Day 5…
    An upper-level trough is forecast to move across the Desert
    Southwest on Sunday, as the exit region of a broad mid-level jet
    overspreads the southern and central Plains. Ahead of the system, a
    moist airmass will likely be in place. Scattered thunderstorms are
    expected to develop within this moist airmass Sunday afternoon as
    instability increases during the day. Surface dewpoints in the 60s
    F, low-end moderate instability and moderate to strong deep-layer
    shear should support severe thunderstorm development Sunday
    afternoon and evening. The greatest severe potential is expected
    from north Texas northward into south-central Nebraska, where large
    hail, severe wind gusts and an isolated tornado threat will be
    possible.

    On Monday, the trough is forecast to move into the southern High
    Plains, as a 80 to 90 knot mid-level jet translates through the
    eastern part of the system. Ahead of the trough, pockets of moderate
    instability are forecast to develop across a moist airmass during
    the day. Thunderstorms that form in the afternoon across the western
    part of the moist sector are expected to have potential for large
    hail and wind damage.

    …Tuesday/Day 6 to Thursday/Day 8…
    From Tuesday to Thursday, an upper-level trough is forecast to move
    quickly eastward across the northern U.S., as a cold front advances
    southeastward across the eastern third of the U.S. Warming surface
    temperatures ahead of the front should result in scattered
    thunderstorm development each afternoon and evening. The greatest
    severe threat could be on Tuesday in the lower to mid Mississippi
    Valley near the entrance region of the mid-level jet. The severe
    threat could re-develop ahead of the front on Wednesday and
    Thursday. However, instability is forecast to be weak suggesting
    that any severe threat should be marginal.

    ..Broyles.. 10/31/2024

    CLICK TO GET WUUS48 PTSD48 PRODUCT

    MIL OSI USA News –

  • MIL-OSI USA: SPC Oct 31, 2024 0730 UTC Day 3 Severe Thunderstorm Outlook

    Source: US National Oceanic and Atmospheric Administration

    SPC AC 310725

    Day 3 Convective Outlook
    NWS Storm Prediction Center Norman OK
    0225 AM CDT Thu Oct 31 2024

    Valid 021200Z – 031200Z

    …THERE IS A SLIGHT RISK OF SEVERE THUNDERSTORMS ACROSS PARTS OF
    FAR EASTERN NEW MEXICO AND WEST TEXAS…

    …SUMMARY…
    Thunderstorms, associated with large hail and wind damage, are
    expected to develop across parts of the southern High Plains on
    Saturday. A marginal severe threat will also be possible outside of
    the Slight Risk area in parts of the southern and central Plains.

    …Southern and Central Plains…
    An upper-level trough will move eastward across the western U.S. on
    Saturday, as southwest mid-level flow remains from the Intermountain
    West eastward into the Great Plains. A moist airmass will be in
    place across the southern and central Plains, where scattered
    thunderstorms will likely develop during the day. The strongest
    instability is forecast across parts of eastern New Mexico and west
    Texas by mid to late afternoon. Thunderstorms that develop in this
    area during the late afternoon and evening could be associated with
    a severe threat. NAM forecast soundings across west Texas by
    00Z/Sunday suggest that MLCAPE will peak in the 1500 to 2000 J/kg
    range. 0-6 km shear is forecast to increase into the 40 to 50 knot
    range as a mid-level jet of around 50 knots moves into the southern
    High Plains. In addition, 700-500 mb lapse rates in West Texas are
    forecast to be from 7 to 7.5 C/km by early Saturday evening. This
    should be favorable for supercells associated with large hail and
    severe wind gusts. The models currently suggest that a severe threat
    could be of rather long duration, with one round of storms
    developing across west Texas early in the day, and a second round of
    storms developing in the evening or overnight period. As these
    clusters move eastward into the Low Rolling Plains of west-central
    Texas and into western and central Oklahoma, the threat should
    become more isolated.

    Further north, from the Oklahoma Panhandle northward into western
    Kansas, moisture and instability are gradually forecast to increase
    Saturday night. Weak instability and moderate deep-layer shear,
    evident on forecast soundings, could support a marginal threat for
    hail and severe wind gusts with the greatest threat toward the end
    of the period.

    ..Broyles.. 10/31/2024

    CLICK TO GET WUUS03 PTSDY3 PRODUCT

    NOTE: THE NEXT DAY 3 OUTLOOK IS SCHEDULED BY 1930Z

    MIL OSI USA News –

  • MIL-OSI USA: SPC Oct 31, 2024 0600 UTC Day 2 Convective Outlook

    Source: US National Oceanic and Atmospheric Administration

     For best viewing experience, please enable browser JavaScript support.

    Oct 31, 2024 0600 UTC Day 2 Convective Outlook

    Updated: Thu Oct 31 05:44:45 UTC 2024 (Print Version |   |  )

    Probabilistic to Categorical Outlook Conversion Table

     Forecast Discussion

    SPC AC 310544

    Day 2 Convective Outlook
    NWS Storm Prediction Center Norman OK
    1244 AM CDT Thu Oct 31 2024

    Valid 011200Z – 021200Z

    …THERE IS A MARGINAL RISK OF SEVERE THUNDERSTORMS ACROSS PARTS OF
    THE SOUTHERN HIGH PLAINS…

    …SUMMARY…
    Thunderstorms, associated with isolated large hail and marginally
    severe wind gusts, will be possible across parts of the southern
    High Plains Friday evening into the overnight.

    …Southern High Plains…
    An upper-level trough will dig southeastward across the Pacific
    Coastal states on Friday, as flow remains southwesterly at
    mid-levels across much of the western and central U.S. Moisture
    advection will take place across the southern Plains on Friday, with
    surface dewpoints increasing into the 60s F over much of Texas. By
    late Friday afternoon, a pocket of moderate instability is expected
    over parts of West Texas and southeast New Mexico. Scattered
    thunderstorms appear likely to develop during the early evening near
    this pocket of instability. As moisture and low-level flow gradually
    increase across the southern Plains from the evening into the
    overnight, convective coverage is expected to expand north and
    northeastward across much of eastern New Mexico and west Texas.

    A consensus of model forecasts suggests that MLCAPE will peak around
    1500 J/kg in parts of west Texas Friday evening. 0-6 km shear is
    forecast to be in the 30 to 40 knot range. The moderate deep-layer
    shear, combined with 700-500 mb lapse rates near 7 C/km, should
    support the development of a severe threat. Most of the cells are
    expected to remain multicellular. However, areas where the
    environment is locally more favored could support supercells with
    isolated large hail and a few severe wind gusts. The late initiation
    and lack of large-scale ascent is expected to be a limiting factor,
    and should keep any severe threat marginal.

    ..Broyles.. 10/31/2024

    CLICK TO GET WUUS02 PTSDY2 PRODUCT

    NOTE: THE NEXT DAY 2 OUTLOOK IS SCHEDULED BY 1730Z

    Top/Latest Day 1 Outlook/Today’s Outlooks/Forecast Products/Home

    MIL OSI USA News –

  • MIL-OSI USA: SPC Oct 31, 2024 0600 UTC Day 1 Convective Outlook

    Source: US National Oceanic and Atmospheric Administration

    SPC AC 310450

    Day 1 Convective Outlook
    NWS Storm Prediction Center Norman OK
    1150 PM CDT Wed Oct 30 2024

    Valid 311200Z – 011200Z

    …THERE IS A MARGINAL RISK OF SEVERE THUNDERSTORMS FROM PARTS OF
    THE OHIO VALLEY SOUTHWESTWARD TOWARD THE ARKLATEX…

    …SUMMARY…
    A few strong storms producing marginally severe gusts will be
    possible today, from parts of the Ohio Valley southwestward into
    northeast Texas.

    …Synopsis…
    A moderate cyclonic flow regime aloft will extend from the Great
    Basin into the Plains, and across the Great Lakes and into the
    Northeast. The most prominent feature within this regime will be a
    shortwave trough over the upper MS Valley early in the day, which
    will move into the upper Great Lakes through 00Z. To the west, a
    lower-amplitude feature will nose into northern Great Basin during
    the day and into the northern High Plains by Friday morning.

    At the surface, low pressure will move across WI and northern Lower
    MI during the day, with a cold front roughly from the OH Valley into
    central TX by late afternoon. A midlevel dry slot will develop
    across MO, IL, and Lower MI, with veering 850 mb winds resulting in
    low-level drying. Ahead of the front, low-level moisture will be
    most robust over TX, with a narrow plume of mid 60s F dewpoints
    perhaps as far north as the OH River.

    …OH Valley southwestward into northeast TX…
    Lingering rain and a few thunderstorms may exist at 12Z from
    southern IL across southeast MO and into northern TX near the cold
    front. Much of this activity, especially over northern areas, is
    expected to wane. Daytime heating may result in destabilization from
    southwest OH across parts of KY, TN, and into the lower MS Valley,
    with new cells developing along the front. While deep layer shear
    and mean wind speeds in general will remain conducive for wind
    gusts, instability will be weak over northern areas. Stronger
    instability will exist into TX/Lower MS Valley where dewpoints will
    be near 70 F, but a midlevel subsidence inversion will exist, with
    weakening low-level wind fields. As such, only isolated marginally
    severe gusts are expected in any one area.

    ..Jewell/Lyons.. 10/31/2024

    CLICK TO GET WUUS01 PTSDY1 PRODUCT

    NOTE: THE NEXT DAY 1 OUTLOOK IS SCHEDULED BY 1300Z

    MIL OSI USA News –

  • MIL-OSI USA: SPC – No MDs are in effect as of Thu Oct 31 09:02:01 UTC 2024

    Source: US National Oceanic and Atmospheric Administration

    Current Mesoscale DiscussionsUpdated:  Thu Oct 31 09:17:03 UTC 2024 No Mesoscale Discussions are currently in effect.

    Notice:  The responsibility for Heavy Rain Mesoscale Discussions has been transferred to the Weather Prediction Center (WPC) on April 9, 2013. Click here for the Service Change Notice.
    Archived Convective ProductsTo view convective products for a previous day, type in the date you wish to retrieve (e.g. 20040529 for May 29, 2004). Data available since January 1, 2004.

    MIL OSI USA News –

  • MIL-OSI USA: SPC – No watches are valid as of Thu Oct 31 09:02:01 UTC 2024

    Source: US National Oceanic and Atmospheric Administration

    Current Convective Watches (View What is a Watch? clip)Updated:  Thu Oct 31 09:17:08 UTC 2024 No watches are currently valid

    Archived Convective ProductsTo view convective products for a previous day, type in the date you wish to retrieve (e.g. 20040529 for May 29, 2004). Data available since January 1, 2004.

    MIL OSI USA News –

  • MIL-OSI: Bybit Card in The Pocket: Physical Card Applications Now Open in Argentina With Welcome Offer

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 31, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will be unveiling its first physical Mastercard debit card for Bybit users in Argentina. From now to Dec. 31, 2024, new applicants may unlock up to 30,000 ARS in bonuses for card spendings upon the first 100 USDT in deposit. The welcome offer is available for residents in Argentina.

    Seamlessly bridging digital assets with real-world spending, the Bybit Card has quickly become the preferred choice for Argentina’s crypto community. Starting today, virtual Bybit Card holders in Argentina can apply for the physical card through their accounts within a few clicks. For new users who have not experienced the virtual card and missed the early-bird registration period, now is the time to apply for both the virtual and the physical cards. 

    Argentina has emerged as one of the leading markets for digital assets in Latin America, topping the list of regional crypto inflows. According to a recent Chainalysis report, users in Argentina deposited $91 billion worth of crypto between July 2023 and June 2024—the highest amount in the region.

    With the Bybit physical card, users can unlock the full benefits of online and offline spending, accessing over 90 million merchants worldwide through the Mastercard network. The card offers an easy, global payment solution backed by Bybit’s support for major cryptocurrencies and 24/7 customer service. It also comes with a range of perks:

    • Free issuance and delivery
    • Zero annual fees or hidden charges
    • 2% cashback in USDT
    • Up to 8% APR on crypto holdings
    • 30,000 ARS bonus rewards for a limited time only

    “We were encouraged by the warm Argentinian welcome since the Bybit Card made its local debut in July. Three months in, our virtual card has been well loved by the vast majority of Bybit users in Argentina, and we are excited to give users access to the physical version for added flexibility,” said Joan Han, Sales and Marketing Director of Bybit. “Bybit is dedicated to building communities beyond a transactional experience, and we hope a Bybit branded card our users can hold in their hands will bring us closer with a sense of touch and added convenience,” she added.

    The Bybit Card offers a seamless and effortless way for Argentinian users to spend their crypto on everyday purchases while taking full advantage of its rewards and exclusive benefits. Argentinian users can expect more upcoming features and perks with the physical card, including ATM withdrawals and other rewards campaigns in future. The product aligns with Bybit’s mission to foster crypto adoption and create meaningful value for the community.

    Users can find out more about the Bybit Card for residents in Argentina: Bybit Card – Argentina 

    #Bybit / #TheCryptoArk

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

    For more details about Bybit, please visit Bybit Press 

    For media inquiries, please contact: media@bybit.com

    For more information, please visit: https://www.bybit.com

    For updates, please follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR 
    Tony Au 
    Bybit 
    tony.au@bybit.com

    The MIL Network –

  • MIL-OSI: Cenovus announces third quarter 2024 results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Oct. 31, 2024 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its financial and operating results for the third quarter of 2024. The company generated nearly $2.5 billion in cash from operating activities, $2.0 billion of adjusted funds flow and $614 million of free funds flow in the quarter. Upstream production of more than 771,000 barrels of oil equivalent per day (BOE/d)1 was slightly lower compared with the second quarter primarily because of turnaround activity at the Christina Lake oil sands facility. Turnaround impacts to production were lower than forecast, as Christina Lake completed its turnaround ahead of schedule. In the downstream, total throughput increased by about 20,000 barrels per day (bbls/d) from the second quarter to almost 643,000 bbls/d, and a major turnaround was successfully completed at the Lima Refinery.

    “We are efficiently and effectively progressing our major projects and our growth plan is on track to deliver increased production that will enhance shareholder returns for the long term,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “With planned upstream and downstream maintenance activities behind us, we’re well positioned to deliver strong operations for the balance of the year and into 2025.”

    Recent highlights

    • Returned $1.1 billion of cash to shareholders in the third quarter, including $732 million in share purchases and base dividends of $329 million.
    • Completed the Christina Lake turnaround safely and well ahead of schedule, resulting in production from the asset exceeding the company’s forecast by 15,000 bbls/d to 20,000 bbls/d in the quarter.
    • Completed a major turnaround at the Lima Refinery on schedule, with pipeline connections to the Toledo Refinery enabling Lima crude runs to continue at a reduced rate, avoiding a full shutdown.
    • Began production from two new well pads at Sunrise which will ramp up in the fourth quarter, which are part of the Sunrise growth program.
    • Completed the SeaRose floating production, storage and offloading (FPSO) vessel asset life extension work with resumed volumes around year end, achieving a critical milestone for the West White Rose project.
    • All major projects remain on track to deliver significant growth with West White Rose, Foster Creek optimization, Sunrise growth program and Narrows Lake pipeline progressing as expected.

    Third-quarter results

    Financial summary

    ($ millions, except per share amounts) 2024 Q3 2024 Q2 2023 Q3
    Cash from (used in) operating activities 2,474 2,807 2,738
    Adjusted funds flow2 1,960 2,361 3,447
    Per share (diluted)2 1.05 1.26 1.81
    Capital investment 1,346 1,155 1,025
    Free funds flow2 614 1,206 2,422
    Excess free funds flow2 146 735 1,989
    Net earnings (loss) 820 1,000 1,864
    Per share (diluted) 0.42 0.53 0.97
    Long-term debt, including current portion 7,199 7,275 7,224
    Net debt 4,196 4,258 5,976


    Production and throughput

    (before royalties, net to Cenovus) 2024 Q3 2024 Q2 2023 Q3
    Oil and NGLs (bbls/d)1 630,500 656,300 652,400
    Conventional natural gas (MMcf/d) 844.6 867.2 867.4
    Total upstream production (BOE/d)1 771,300 800,800 797,000
    Total downstream throughput (bbls/d) 642,900 622,700 664,300

    1See Advisory for production by product type.
    2Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

    Operating results1

    Cenovus’s total revenues were approximately $14.2 billion in the third quarter, down from $14.9 billion in the prior quarter, primarily due to lower commodity prices, which impacted both upstream and downstream results. Planned turnaround activities reduced production, primarily at the Christina Lake oil sands facility and Rainbow Lake conventional operations, as well as in the Atlantic region due to the SeaRose FPSO asset life extension, and reduced throughput at the Lima Refinery.

    Upstream revenues were about $7.3 billion, down from $7.9 billion in the second quarter, while downstream revenues were approximately $9.2 billion, up from $9.1 billion in the prior quarter. Total operating margin3 was about $2.4 billion, compared with $2.9 billion in the previous quarter. Upstream operating margin4 was approximately $2.7 billion, down from $3.1 billion in the second quarter. The company had a downstream operating margin4 shortfall of $323 million in the third quarter as the Lima Refinery underwent a major planned turnaround, compared with a shortfall of $153 million in the previous quarter. In the third quarter, operating margin in U.S. Refining included approximately $209 million of first in, first out (FIFO) losses and about $100 million of turnaround expenses and improvement projects executed during the Lima turnaround.

    Total upstream production was 771,300 BOE/d in the third quarter, a decrease of 29,500 BOE/d from the prior quarter due to turnarounds at Christina Lake, Rainbow Lake and other Conventional facilities. Christina Lake production was 211,800 bbls/d, compared to 237,100 bbls/d in the second quarter, as a result of the planned turnaround activity. Production impacted by the Christina Lake turnaround was restored ahead of schedule. Foster Creek and Sunrise production increased quarter-over-quarter, with 198,000 bbls/d at Foster Creek compared with 195,000 bbls/d in the second quarter and Sunrise production of 50,400 bbls/d compared with 46,100 bbls/d in the second quarter. Production from the Lloydminster thermal and Lloydminster conventional heavy assets was 109,400 bbls/d and 16,300 bbls/d respectively, both slightly below the prior quarter.

    Production in the Conventional segment was 118,100 BOE/d in the third quarter, a slight decrease from 123,100 BOE/d in the second quarter, as turnaround activities were safely completed at Rainbow Lake and other Conventional facilities.

    In the Offshore segment, production was 65,500 BOE/d compared with 66,200 BOE/d in the second quarter. In Asia Pacific, sales volumes were 56,500 BOE/d, slightly lower than the previous quarter due to the completion of planned maintenance on the Liwan offshore platform and at the onshore Gaolan gas plant. In the Atlantic, production was 9,000 bbls/d, up from 8,400 bbls/d in the prior quarter as the non-operated Terra Nova field continues to ramp up to full rates. Planned maintenance work on the SeaRose FPSO was completed at the dry dock in Belfast and the vessel is returning to the White Rose field, with production expected to resume by year end.

    Refining throughput in the third quarter was 642,900 bbls/d, an increase from 622,700 bbls/d in the second quarter, primarily due to reduced maintenance activity. Crude throughput in Canadian Refining was 99,400 bbls/d in the third quarter, compared with 53,800 bbls/d in the previous quarter, with the increase primarily due to a major turnaround at the Lloydminster Upgrader which impacted second quarter throughput.

    In U.S. Refining, crude throughput was 543,500 bbls/d in the third quarter, compared with 568,900 bbls/d in the second quarter. Throughput decreased primarily due to a major turnaround at the Lima Refinery that commenced in September, which resulted in the plant running at reduced crude throughput rates. Market capture in the U.S. was lower than the previous quarter primarily due to inventory timing impacts, the Lima Refinery turnaround and unplanned outages in secondary units at the operated and non-operated refineries. Subsequent to the quarter, the turnaround at Lima was safely and successfully completed in October.

    3Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
    4Specified financial measure. See Advisory.

    Financial results

    Cash from operating activities in the third quarter, which includes changes in non-cash working capital, was about $2.5 billion, compared with $2.8 billion in the second quarter. Adjusted funds flow was approximately $2.0 billion, compared with $2.4 billion in the prior period and excess free funds flow (EFFF) was $146 million, compared with $735 million in the previous quarter. Third-quarter financial results were impacted by lower benchmark prices, planned turnaround activity, unplanned outages, and a FIFO loss in the U.S. Refining segment. Net earnings in the third quarter were $820 million, compared with $1.0 billion in the previous quarter.

    Long-term debt, including the current portion, was $7.2 billion at September 30, 2024. Net debt decreased slightly from the prior quarter to approximately $4.2 billion at September 30, 2024, primarily due to free funds flow of $614 million and a release of non-cash working capital, offset by shareholder returns of $1.1 billion. Following the achievement of the net debt target in July 2024, the company continues to steward toward a net debt level near $4.0 billion and returning 100% of EFFF to shareholders over time in accordance with its financial framework.

    Growth projects and capital investments

    In the Oil Sands segment, the company continues to progress the tie-back of Narrows Lake, building a 17-kilometre pipeline connecting the reservoir to the Christina Lake processing facility, which will add between 20,000 bbls/d and 30,000 bbls/d of production. The project is approximately 93% constructed, as critical tie-ins to the Narrows Lake pipeline were completed during the Christina Lake turnaround. The project remains on track for first production mid-2025. At Sunrise, as part of the growth program, the company brought two new well pads online in the third quarter, which will continue to ramp up into the fourth quarter. One additional well pad will come online in early 2025. The optimization project at Foster Creek remains on schedule for startup by the middle of 2026, with most modules and major pieces of equipment in place and pipe installation underway. At the Lloydminster conventional heavy oil assets, 20 new production wells were drilled in the third quarter, positioning the company for growth from this business in 2025.

    The West White Rose project reached a significant milestone with the completion of the SeaRose FPSO asset life extension work at the dry dock in Belfast. The vessel is now sailing back to the White Rose field where reconnection and commissioning will take place to enable the existing field to resume production by year end. The West White Rose project is now approximately 85% complete and progressing on-schedule.

    Dividend declarations and share purchases

    The Board of Directors has declared a quarterly base dividend of $0.180 per common share, payable on December 31, 2024 to shareholders of record as of December 13, 2024.

    In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1, Series 2, Series 3, Series 5 and Series 7 – payable on December 31, 2024 to shareholders of record as of December 13, 2024 as follows:

    Preferred shares dividend summary

    Share series Rate (%) Amount ($/share)
    Series 1 2.577 0.16106
    Series 2 5.935 0.37296
    Series 3 4.689 0.29306
    Series 5 4.591 0.28694
    Series 7 3.935 0.24594

    All dividends paid on Cenovus’s common and preferred shares will be designated as “eligible dividends” for Canadian federal income tax purposes. Declaration of dividends is at the sole discretion of the Board and will continue to be evaluated on a quarterly basis.

    In the third quarter, the company returned approximately $1.1 billion to common shareholders, composed of $732 million from its purchase of 28.4 million shares through its normal course issuer bid (NCIB) and $329 million through base dividends.

    Since the share buyback program began in November 2021, as at October 28, Cenovus has purchased approximately 227 million common shares, delivering $5.3 billion in returns to shareholders. The current NCIB will expire on November 8, 2024. Cenovus has received approval from the Board of Directors to apply for another NCIB program. Cenovus will apply for approval to repurchase up to approximately 127 million of the company’s common shares, representing approximately 10% of its public float, as defined by the TSX.

    2024 planned maintenance

    The following table provides details on planned maintenance activities at Cenovus assets through 2024 and anticipated production or throughput impacts.

    Potential quarterly production/throughput impact (Mbbls/d or MBOE/d)

      Q4 Annualized impact
    Upstream
    Oil Sands 0-3 7-10
    Atlantic 6-9 7-10
    Conventional — 2-4
    Downstream
    Canadian Refining — 12-14
    U.S. Refining 5-10 9-12


    Sustainability

    Cenovus’s 2023 Corporate Social Responsibility report was issued in August, highlighting the company’s progress and performance related to safety, Indigenous reconciliation, and inclusion & diversity as well as its approach to governance. Cenovus remains committed to delivering on its environmental projects and performance, however recent changes to Canada’s Competition Act has created uncertainty and risk around the company’s ability to speak publicly about its actions.

    Conference call today
    8 a.m. Mountain Time (10 a.m. Eastern Time)

    Cenovus will host a conference call today, October 31, 2024, starting at 8 a.m. MT (10 a.m. ET).

    To join the conference call, please dial 888-307-2440 (toll-free in North America) or 647-694-2812 to reach a live operator who will join you into the call. A live audio webcast will also be available and archived for approximately 30 days.

    Advisory

    Basis of Presentation

    Cenovus reports financial results in Canadian dollars and presents production volumes on a net to Cenovus before royalties basis, unless otherwise stated. Cenovus prepares its financial statements in accordance with International Financial Reporting Standards (IFRS) Accounting Standards.

    Barrels of Oil Equivalent

    Natural gas volumes have been converted to barrels of oil equivalent (BOE) on the basis of six thousand cubic feet (Mcf) to one barrel (bbl). BOE may be misleading, particularly if used in isolation. A conversion ratio of one bbl to six Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil compared with natural gas is significantly different from the energy equivalency conversion ratio of 6:1, utilizing a conversion on a 6:1 basis is not an accurate reflection of value.

    Product types

    Product type by operating segment Three months ended
    September 30, 2024
    Oil Sands
    Bitumen (Mbbls/d) 569.6
    Heavy crude oil (Mbbls/d) 16.3
    Conventional natural gas (MMcf/d) 10.4
    Total Oil Sands segment production (MBOE/d) 587.7
    Conventional
    Light crude oil (Mbbls/d) 4.6
    Natural gas liquids (Mbbls/d) 21.1
    Conventional natural gas (MMcf/d) 554.8
    Total Conventional segment production (MBOE/d) 118.1
    Offshore
    Light crude oil (Mbbls/d) 9.0
    Natural gas liquids (Mbbls/d) 9.9
    Conventional natural gas (MMcf/d) 279.4
    Total Offshore segment production (MBOE/d) 65.5
    Total upstream production (MBOE/d) 771.3


    Forward‐looking Information

    This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “expect”, “focus”, “plan”, “progress”, “steward”, “target” and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about:   returning Excess Free Funds Flow to shareholders; shareholder returns, including renewing the company’s normal course issuer bid; safety; growth plans and projects; Net Debt; production guidance; the optimization project at Foster Creek; the tie-back of Narrows Lake to Christina Lake; amount and timing of production at Narrows Lake; production and timing of well pads at Sunrise; drilling activity and production at the Conventional Heavy Oil assets; return of the Sea Rose FPSO to the White Rose Field and return of production; the construction of the West White Rose project; 2024 planned maintenance; and dividend payments.

    Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s 2024 corporate guidance available on cenovus.com.

    The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2023.

    Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2023 and September 30, 2024, and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com.)

    Specified Financial Measures

    This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended September 30, 2024 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.

    Upstream Operating Margin and Downstream Operating Margin

    Upstream Operating Margin and Downstream Operating Margin, and the individual components thereof, are included in Note 1 to the interim Consolidated Financial Statements.


    Total Operating Margin

    Total Operating Margin is the total of Upstream Operating Margin plus Downstream Operating Margin.

      Upstream (5) Downstream (5) Total
    ($ millions) Q3 2024 Q2 2024 Q3 2023 Q3 2024 Q2 2024 Q3 2023 Q3 2024 Q2 2024 Q3 2023
    Revenues
    Gross Sales 8,259   8,715   8,783   9,228   9,053   9,658 17,487   17,768   18,441  
    Less: Royalties (929 ) (859 ) (1,135 ) —   —   — (929 ) (859 ) (1,135 )
      7,330   7,856   7,648   9,228   9,053   9,658 16,558   16,909   17,306  
    Expenses
    Purchased Product 1,088   815   900   8,637   8,099   7,947 9,725   8,914   8,847  
    Transportation and Blending 2,661   3,043   2,397   —   —   — 2,661   3,043   2,397  
    Operating 860   889   914   918   1,099   778 1,778   1,988   1,692  
    Realized (Gain) Loss on Risk Management (10 ) 20   (10 ) (4 ) 8   11 (14 ) 28   1  
    Operating Margin 2,731   3,089   3,447   (323 ) (153 ) 922 2,408   2,936   4,369  

    5Found in the September 30, 2024, or the June 30, 2024, interim Consolidated Financial Statements.


    Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow

    The following table provides a reconciliation of cash from (used in) operating activities found in Cenovus’s Consolidated Financial Statements to Adjusted Funds Flow, Free Funds Flow and Excess Free Funds Flow. Adjusted Funds Flow per Share – Basic and Adjusted Funds Flow per Share – Diluted are calculated by dividing Adjusted Funds Flow by the respective basic or diluted weighted average number of common shares outstanding during the period and may be useful to evaluate a company’s ability to generate cash.

      Three Months Ended
    ($ millions) September 30, 2024 June 30, 2024 September 30, 2023
    Cash From (Used in) Operating Activities (5) 2,474 2,807 2,738
    (Add) Deduct:      
    Settlement of Decommissioning Liabilities (74) (48) (68)
    Net Change in Non-Cash Working Capital 588 494 (641)
    Adjusted Funds Flow 1,960 2,361 3,447
    Capital Investment 1,346 1,155 1,025
    Free Funds Flow 614 1,206 2,422
    Add (Deduct):      
    Base Dividends Paid on Common Shares (329) (334) (264)
    Dividends Paid on Preferred Shares (9) (9) —
    Settlement of Decommissioning Liabilities (74) (48) (68)
    Principal Repayment of Leases (74) (75) (70)
    Acquisitions, Net of Cash Acquired (4) (5) (32)
    Proceeds From Divestitures 22 — 1
    Excess Free Funds Flow 146 735 1,989

    5Found in the September, 30, 2024, or the June 30, 2024, interim Consolidated Financial Statements.


    Cenovus Energy Inc.

    Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region, and upgrading, refining and marketing operations in Canada and the United States. The company is focused on managing its assets in a safe, innovative and cost-efficient manner, integrating environmental, social and governance considerations into its business plans. Cenovus common shares and warrants are listed on the Toronto and New York stock exchanges, and the company’s preferred shares are listed on the Toronto Stock Exchange. For more information, visit cenovus.com.

    Find Cenovus on Facebook, X, LinkedIn, YouTube and Instagram.

    Cenovus contacts

    Investors
    Investor Relations general line
    403-766-7711

    Media
    Media Relations general line
    403-766-7751

    The MIL Network –

  • MIL-OSI: Blockchain Future: GEM Digital Limited Commits $10M Investment to VSG

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Oct. 31, 2024 (GLOBE NEWSWIRE) — VSG, a leading blockchain ecosystem, has entered a strategic alliance with GEM Digital Limited, securing up to $10 million USD through a token subscription agreement. This partnership is set to accelerate VSG’s mission of delivering cost-effective, decentralised, and scalable solutions across its blockchain platform, solidifying its position in the growing decentralised economy.

    GEM Digital’s extensive investment portfolio and expertise in utility tokens make it a key partner for VSG. With investments across over 30 centralised and decentralised exchanges globally, GEM Digital offers not only financial backing but a vast network and industry insights. The collaboration enhances VSG’s ability to innovate within the blockchain space. For GEM Digital, this investment underlines its commitment to advancing blockchain technology, aligning with VSG’s ambitions to expand applications in enterprise solutions, gaming, NFTs, and decentralised finance (DeFi).

    VSG is known for its focus on security, scalability, and decentralised applications (dApps). The commitment from GEM Digital will allow VSG to develop its ecosystem further by attracting developers, growing its user base, and scaling operations to meet market demand. Part of the funds will support VSG’s upcoming hackathon, an initiative to foster innovation by encouraging developers to create new dApps, enhancing engagement and functionality. As VSG broadens its application range, it seeks to make blockchain more accessible and versatile, meeting the needs of individuals and enterprises alike with real-world solutions.

    Yan Whitaker, VSG co-founder, stated, “We’re thrilled to partner with GEM Digital at this pivotal stage in our journey. With their support, we’re confident in accelerating the development of our blockchain ecosystem and redefining what’s possible in decentralised applications.” Jason Ansell, co-founder of VSG, described the partnership as a milestone, helping VSG drive innovation, expand platform capabilities, and deliver practical blockchain solutions for business and DeFi sectors.

    About GEM Digital Limited

    Based in the Bahamas, GEM Digital Limited is an asset investment firm focused on utility tokens. Its parent company, Global Emerging Markets (“GEM”), is a $3.4 billion alternative investment group with offices in Paris, New York, and the Bahamas, spanning asset classes like Small-Mid Cap Buyouts, Private Investments in Public Equities (PIPEs), and select venture investments.

    About VSG

    Vector Smart Chain (VSC) underpins VSG, aiming to transform decentralised finance through a secure, scalable platform for businesses and individuals.

    Media Contact:

    Fruzsina Lederer
    Fruzsi.lederer@gmail.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/60739ca6-0ca5-4582-b269-b3c87f8dacbd

    The MIL Network –

  • MIL-OSI Europe: OSCE highlights importance of cybersecurity and cyber hygiene as Cybersecurity Awareness Month comes to an end

    Source: Organization for Security and Co-operation in Europe – OSCE

    Headline: OSCE highlights importance of cybersecurity and cyber hygiene as Cybersecurity Awareness Month comes to an end

    Throughout October, the OSCE Transnational Threats Department has held a series of activities promoting cybersecurity good practices and general cyber hygiene as part of the OSCE’s contribution to the global Cybersecurity Awareness Month initiative.
    This year’s activities, which marked the OSCE’s fifth participation in the global initiative, were an opportunity to raise awareness of the OSCE’s cyber/ICT security confidence-building measures (CBMs) and discuss emerging cyberspace issues. They include a social media campaign, webinars with renowned international experts, and the publication of a new OSCE cyber/ICT security factsheet.
    The activities supported the priorities of the Maltese OSCE Chairpersonship on cyber/ICT security, from comprehensively enhancing resilience against cyber threats and supporting the implementation of relevant CBMs, to strengthening the OSCE’s women, peace and security agenda.
    The first webinar focused on the impact artificial intelligence has on relations between states in cyberspace. The speakers explored the intersection of artificial intelligence with diplomacy, cybersecurity and international relations, discussing both the current and potential challenges of AI in these fields.
    The second webinar showcased “National Cybersecurity Awareness Raising Platforms” to emphasize the critical role of national initiatives in promoting good cybersecurity practices and ensuring greater cyber resilience. The speakers shared effective strategies that actively engage the public and promote individual responsibility.
    The third webinar examined how to better include gender considerations in cyber capacity-building and addressing gender dynamics in cybersecurity to create inclusive policies and practices. The speakers provided several recommendations, including setting gender markers for projects, fostering cross-sectoral stakeholder collaboration and creating concrete tools for education, training and early mentorship.
    The 2024 OSCE Cybersecurity Awareness Month activities were part of the “Activities and customized support for the implementation of OSCE cyber/ICT security confidence-building measures” project, with the financial support of the United States of America.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Miniature tag offers unique insight into the movement of hummingbirds Scientists from the University of Aberdeen have attached tiny ‘backpack’ type trackers to hummingbirds in the Andes in a bid to learn more about their movements.

    Source: University of Aberdeen

    Scientists from the University of Aberdeen have attached tiny ‘backpack’ type trackers to hummingbirds in the Andes in a bid to learn more about their movements.

    We are very excited to have successfully implemented a system that is giving us a unique insight into the movements of hummingbirds and other small animals endemic to high mountain ecosystems of the Andes.” Cristina Rueda Uribe

    Researchers have teamed up with the Chingaza National Park in Colombia, in addition to the Pontificia Universidad Javeriana in Colombia, Queen’s University Belfast and the University of Washington in the United States, for the project to help inform the park’s plans of expanding the park and connecting to other nearby protected areas. 

    Previously, it has been impossible to collect movement data for hummingbirds and other small animals in the area, however the team were able to set up an automated radio telemetry grid at 3,300m above sea level in the Andes of Colombia. This technology generates fine resolution and continuous location estimates for individual animals, resulting in millions of datapoints that provides information on species’ habitat requirements, movement patterns and seasonal occurrence, all of which are important to inform landscape-level management practices that avoid local extinctions. 

    Cristina Rueda Uribe, a PhD candidate from the University’s School of Biological Sciences, said: “We are very excited to have successfully implemented a system that is giving us a unique insight into the movements of hummingbirds and other small animals endemic to high mountain ecosystems of the Andes. 

    “The transmitters we attached to the hummingbirds are tiny! They weigh only 0.35g because the largest birds are only around 12-14g. We use a harness that goes around their wings and chest, so the tag sits on their back like a backpack. The tag has a solar panel and will transmit signals for the rest of their lifetime, whenever the sun is shining the panel is activated. 

    “Through this, we have been able to obtain information on foraging routines, home ranges and seasonality. This information increases our understanding about biodiversity in tropical mountains and is also useful to protect these species, as well as their key ecosystem roles as pollinators, in the face of ongoing climate and land use change. 

    “Our system is the first to use automated radio signals to track movement in high mountain ecosystems of the Andes, and it is one of only a few that has been attempted in wild landscapes where terrain and vegetation are challenging. Its success is due to an huge international collaborative effort between scientists, designers, drone pilots, park rangers, and field ornithologists. This is such an important step forward as the system is mainly focussed on tracking hummingbirds and revealing movement patterns that are key for their role as plant pollinators, in ecosystems that are especially vulnerable to changes in climate and land use. 

    “I am also excited that this project has motivated local management to use technology for conservation, and it has also inspired researchers to adapt this technology in other locations. We are now helping our collaborators to establish a similar grid in lowland forests in the Amazon region.” 

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Financial Literacy Month launch event

    Source: Government of Canada News

    Ottawa, Ontario 

    On Monday, November 4, the Financial Consumer Agency of Canada (FCAC) will launch the 14th annual Financial Literacy Month during a virtual event open to media. The theme for this year’s Financial Literacy Month is “Talk Money”.

    The launch event will bring together people and organizations that share a commitment to advancing financial literacy. Guest speakers include Olympic gold medalist Bruny Surin and Sara Weller, Chair of the U.K.’s Money and Pensions Service, who will share highlights from the U.K.’s highly successful “Talk Money Week” campaigns.

    This Financial Literacy Month, FCAC will lead a Canada-wide campaign to break the taboo against talking about money. Throughout November, FCAC and its Financial Literacy Month partners will be encouraging Canadians to ask questions and share their financial experiences with family and friends.

    Date: 
    Monday, November 4, 2024

    Time:  
    1:15 to 2:30 p.m. ET    

    Location:

    Virtual participation

    Registration: 

    Participants can register at Registration – Launch of Financial Literacy Month. Media are asked to register with FCAC Media Relations at media@fcac-acfc.gc.ca prior to the event. Connection details will be provided by e-mail in advance of the event.

    MIL OSI Canada News –

  • MIL-OSI Europe: COP16

    Source: European Union 2

    CBD COP16 is taking place in Cali, Colombia, 21 October – 1 November 2024. A full programme of events on transformative actions to deliver on the Global Biodiversity Framework is taking place at the EU Pavilion. Find out more about the EU’s position and aims for COP16 in the Council Conclusions. 

    The Technical Support Instrument (TSI) has helped 27 Member States to implement the Green Deal by designing and implementing reforms on climate change mitigation, tackling green washing and sustainability reporting, climate change adaptation, energy, environment and the circular economy, sustainable mobility, the just transition, green procurement and green budgeting, green taxation – directing public and private financing to sustainable investments.

    MIL OSI Europe News –

  • MIL-OSI Africa: Adesina and Banga lead the charge to end hunger in Africa at 2024 Borlaug Dialogue

    Source: Africa Press Organisation – English (2) – Report:

    DES MOINES, United States of America, October 31, 2024/APO Group/ —

    In a powerful opening to the 2024 Norman E. Borlaug International Dialogue, the president of the African Development Bank Group (www.AfDB.org) Dr. Akinwumi Adesina and his counterpart at the World Bank Ajay Banga, stressed the need for more global action against hunger, a goal slipping further away due to the combined effects of conflict, economic challenges and climate change.

    The two leaders were guest speakers at the opening plenary on Tuesday 29 October, entitled “Achieving a Hunger-Free World,” at which they reiterated their institutions’ commitments to ending food insecurity in Africa, highlighting innovative partnerships and financial solutions.

    “There is nothing more important than feeding the world. Multilateral Development Banks (MDBs) play an important role in that,” Adesina declared. He stressed the crucial role of international financial institutions in helping achieve this task. 

    Interviewed by Roger Thurow, senior fellow for global agriculture at the Chicago Council on Global Affairs, Adesina and Banga discussed the transformative actions from MDBs in meeting Africa’s annual $1.3 trillion development needs.

    Giving examples of innovative instruments to stretch balance sheets, Adesina said International Monetary Fund (IMF) Special Drawing Rights or SDRs, if channeled through MDBs, could enable them to become leveraging machines, multiplying resources up to eight times.

    “And that’s how you recycle capital to do all the things you need. Think of that,” he said.

    Banga praised Adesina’s leadership and expressed confidence in joint initiatives like “Mission 300,” an ambitious project to connect 300 million Africans to electricity by 2030.

    “When you want to solve a problem, you work in partnership,” Adesina stated, lauding Banga’s collaborative spirit.

    Both leaders highlighted the urgency of engaging Africa’s youth in agriculture. The African Development Bank’s “Enable Youth” program and the World Bank’s focus on youth employment initiatives, reflect a shared commitment to harnessing Africa’s demographic dividend for agricultural transformation and economic prosperity.

    “If we don’t put finance behind young people’s ideas, that’s the biggest risk,” Adesina warned.

    The 2024 Borlaug Dialogue, hosted by the World Food Prize Foundation, gathers experts worldwide to inspire innovative solutions to global hunger. With this year’s theme, “Seeds of Opportunity, Bridging Generations and Cultivating Diplomacy,” the event champions collaboration, legacy, and hope in the fight for food security.

    Adesina also underlined the importance of partnerships such as the G20’s Global Alliance against Hunger and Poverty of which the African Development Bank and the World Bank are partnering. The campaign will see SDRs channeled through MDBs to fight hunger. He cited Mission 300, a joint initiative by the World Bank and the African Development Bank to connect 300 million people in Africa to electricity by 2030, as another example of MDB cooperation.

    Banga stated his confidence in Adesina’s leadership for initiatives like M300: “We have six years to get it done,” he said.

    Scale and ecosystems to address climate change and improve farmers’ livelihoods

    Addressing the topic of climate change and farmers’ livelihoods Banga noted that in Africa, only 4% of global climate financing goes to agriculture.  

    He stressed the need for scalable solutions to support Africa’s small farmers. “The focus must be on scale and ecosystems,” he said, pointing to the World Bank’s efforts to enhance farmers’ access to energy, internet, and credit guarantees, creating a comprehensive support network.

    The World Bank is putting the demographic dividend of Africa’s youth population to the fore by making job creation a specific outcome of all its development work, along six specific pillars, Banga said.

    Earlier, Mashal Husain, Chief Operating Officer for the World Food Prize Foundation said the theme for this year’s Borlaug dialogue: “Seeds of Opportunity, Bridging generations and cultivating diplomacy,” pointed to a world of potential to achieve the goal of ending hunger worldwide.

    “That seed represents hope, innovation and courage to dream. This week at the Borlaug Dialogue we are not just talking about the seeds of opportunity. We are planting them,” Husain said.

    Adesina’s engagements at the Borlaug Dialogue include the Africa Agriculture Dialogue, engagements with the presidents of Sierra Leone and Tanzania and addressing Global Youth Institute Students and Youth Program Alumni on Wednesday 30 October. He will also moderate a high-Level panel Discussion on Thursday 31st October entitled: Bold Measures to Feed Africa.

    To learn more about the Norman E Borlaug Dialogue, click here (https://apo-opa.co/3YmL8yW). Follow the conversation on X (https://apo-opa.co/3Us9KFi).

    MIL OSI Africa –

  • MIL-OSI: OTC Markets Group Welcomes Brazilian Rare Earths Ltd. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 31, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Brazilian Rare Earths Ltd. (ASX: BRE; OTCQX: BRETF, BRELY), an Australian exploration and mining company, has qualified to trade on the OTCQX® Best Market. Brazilian Rare Earths Ltd. upgraded to OTCQX from the Pink® market.

    Brazilian Rare Earths Ltd. begins trading today on OTCQX under the symbol “BRETF, BRELY.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors.  For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.  

    Viriathus Capital LLC served as Brazilian Rare Earths Ltd’s advisor.

    “We are thrilled to see our shares and ADRs now trading on the OTCQX market. This quotation broadens our investor base and offers U.S. investors enhanced access to participate in our growth story as we advance our world-class rare earth projects. The increased visibility and liquidity on the OTCQX will accelerate our progress towards developing a leading global supplier of critical rare earth elements.”

    About Brazilian Rare Earths Ltd.
    Brazilian Rare Earths is a critical minerals development company that controls the world-class Rocha da Rocha rare earth province in Bahia, Brazil. Brazilian Rare Earths’ flagship project, Monte Alto, contains some of the highest rare earth grades ever reported globally, along with high concentrations of uranium, niobium, tantalum, and scandium.

    The Monte Alto project is strategically positioned to be an important future source of critical minerals, with the project containing 18 of the 50 critical minerals identified by the U.S. government as essential to economic and national security. Brazilian Rare Earths aims to become a leading global supplier of these critical materials, supporting industries such as renewable energy, electric vehicles, advanced robotics, and defence technologies.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Bitfarms Enters into Second 10,000 Miner Hosting Agreement with Stronghold Digital Mining

    Source: GlobeNewswire (MIL-OSI)

    – Follows initial 10,000 miner hosting agreement announced in September –

    – Agreement supports 2.2 EH/s –

    This news release constitutes a “designated news release” for the purposes of the Company’s amended and restated prospectus supplement dated October 4, 2024, to its short form base shelf prospectus dated November 10, 2023.

    TORONTO, Ontario and BROSSARD, Québec, Oct. 31, 2024 (GLOBE NEWSWIRE) — Bitfarms Ltd. (NASDAQ/TSX: BITF) (“Bitfarms” or the “Company”), a global leader in vertically integrated Bitcoin data center operations, has, through one of its subsidiaries, entered into a second miner hosting agreement (the “Hosting Agreement”) with Stronghold Digital Mining Hosting, LLC, a subsidiary of Stronghold Digital Mining, Inc.  (NASDAQ: SDIG) (“Stronghold”) at Stronghold’s Scrubgrass site in Pennsylvania.

    Under the terms of the Hosting Agreement, Bitfarms will deploy an additional 10,000 miners, originally expected to be used for its Yguazu, Paraguay site, to Stronghold’s Scrubgrass site. Energization is anticipated to start in December 2024.

    “Optimizing our assets with these rapid upgrades at Stronghold’s Pennsylvania sites will provide significant near-term value for Bitfarms,” stated Ben Gagnon, CEO. “The 20,000 miners we are deploying at the two sites between the two hosting agreements will boast efficiency of ~20.5 w/TH, continuing to improve our overall fleet efficiency. Vertically integrating our operations with Stronghold’s existing power generation infrastructure reduces capital expenditure requirements and allows us to take greater control over our cost of power via energy trading and better utilization of the T21’s wide range of operating modes. We look forward to completing our acquisition of Stronghold and executing our strategy to increase our U.S. footprint and diversify beyond Bitcoin mining.”

    The initial term of the Hosting Agreement will expire on December 31, 2025, after which it will automatically renew for additional one-year periods unless either party provides written notice of non-renewal. Pursuant to the Hosting Agreement, Bitfarms will pay Stronghold a monthly fee equal to fifty percent of the profit generated by the Bitfarms miners. In connection with the execution of the Hosting Agreement, Bitfarms also deposited with Stronghold $7.8 million, equal to the estimated cost of power for three months of operations of the Bitfarms miners, which will be refundable in full to Bitfarms at the end of the initial term.

    About Bitfarms
    Founded in 2017, Bitfarms is a global vertically integrated Bitcoin data center company that contributes its computational power to one or more mining pools from which it receives payment in Bitcoin. Bitfarms develops, owns, and operates vertically integrated mining facilities with in-house management and company-owned electrical engineering, installation service, and multiple onsite technical repair centers. The Company’s proprietary data analytics system delivers best-in-class operational performance and uptime.

    Bitfarms currently has 12 operating Bitcoin data centers and two under development, as well as hosting agreements with two data centers, in four countries: Canada, the United States, Paraguay, and Argentina. Powered predominantly by environmentally friendly hydro-electric and long-term power contracts, Bitfarms is committed to using sustainable and often underutilized energy infrastructure.

    To learn more about Bitfarms’ events, developments, and online communities:

    www.bitfarms.com
    https://www.facebook.com/bitfarms/
    https://twitter.com/Bitfarms_io
    https://www.instagram.com/bitfarms/
    https://www.linkedin.com/company/bitfarms/

    Glossary of Terms

    • EH or EH/s = Exahash or exahash per second
    • w/TH = Watts/Terahash efficiency (includes cost of powering supplementary equipment)

    Forward-Looking Statements

    This news release contains certain “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) that are based on expectations, estimates and projections as at the date of this news release and are covered by safe harbors under Canadian and United States securities laws. The statements and information in this release regarding the impact of the Hosting Agreement, projected growth, target hashrate, opportunities relating to the Company’s geographical diversification and expansion, deployment of miners as well as the timing therefor, closing of the Stronghold acquisition on a timely basis and on the terms as announced, , the ability to gain access to additional electrical power and grow hashrate of the Stronghold business, performance of the plants and equipment upgrades and the impact on operating capacity including the target hashrate and multi-year expansion capacity, the opportunities to leverage Bitfarms’ proven expertise to successfully enhance energy efficiency and hashrate, and other statements regarding future growth, plans and objectives of the Company are forward-looking information.

    Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “prospects”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

    This forward-looking information is based on assumptions and estimates of management of Bitfarms at the time they were made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of Bitfarms to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors, risks and uncertainties include, among others: receipt of the approval of the shareholders of Stronghold and the Toronto Stock Exchange for the Stronghold acquisition as well as other applicable regulatory approvals; that the Stronghold acquisition may not close within the timeframe anticipated or at all or may not close on the terms and conditions currently anticipated by the parties for a number of reasons including, without limitation, as a result of a failure to satisfy the conditions to closing of the Stronghold acquisition; the construction and operation of new facilities may not occur as currently planned, or at all; expansion of existing facilities may not materialize as currently anticipated, or at all; new miners may not perform up to expectations; revenue may not increase as currently anticipated, or at all; the ongoing ability to successfully mine digital currency is not assured; failure of the equipment upgrades to be installed and operated as planned; the availability of additional power may not occur as currently planned, or at all; expansion may not materialize as currently anticipated, or at all; the power purchase agreements and economics thereof may not be as advantageous as expected; potential environmental cost and regulatory penalties due to the operation of the Stronghold plants which entail environmental risk and certain additional risk factors particular to the business of Stronghold including, land reclamation requirements may be burdensome and expensive, changes in tax credits related to coal refuse power generation could have a material adverse effect on the business, financial condition, results of operations and future development efforts, competition in power markets may have a material adverse effect on the results of operations, cash flows and the market value of the assets, the business is subject to substantial energy regulation and may be adversely affected by legislative or regulatory changes, as well as liability under, or any future inability to comply with, existing or future energy regulations or requirements, the operations are subject to a number of risks arising out of the threat of climate change, and environmental laws, energy transitions policies and initiatives and regulations relating to emissions and coal residue management, which could result in increased operating and capital costs and reduce the extent of business activities, operation of power generation facilities involves significant risks and hazards customary to the power industry that could have a material adverse effect on our revenues and results of operations, and there may not have adequate insurance to cover these risks and hazards, employees, contractors, customers and the general public may be exposed to a risk of injury due to the nature of the operations, limited experience with carbon capture programs and initiatives and dependence on third-parties, including consultants, contractors and suppliers to develop and advance carbon capture programs and initiatives, and failure to properly manage these relationships, or the failure of these consultants, contractors and suppliers to perform as expected, could have a material adverse effect on the business, prospects or operations; the digital currency market; the ability to successfully mine digital currency; it may not be possible to profitably liquidate the current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on operations; an increase in network difficulty may have a significant negative impact on operations; the volatility of digital currency prices; the anticipated growth and sustainability of hydroelectricity for the purposes of cryptocurrency mining in the applicable jurisdictions; the inability to maintain reliable and economical sources of power to operate cryptocurrency mining assets; the risks of an increase in electricity costs, cost of natural gas, changes in currency exchange rates, energy curtailment or regulatory changes in the energy regimes in the jurisdictions in which Bitfarms and Stronghold operate and the potential adverse impact on profitability; future capital needs and the ability to complete current and future financings, including Bitfarms’ ability to utilize an at-the-market offering program ( “ATM Program”) and the prices at which securities may be sold in such ATM Program, as well as capital market conditions in general; share dilution resulting from an ATM Program and from other equity issuances; volatile securities markets impacting security pricing unrelated to operating performance; the risk that a material weakness in internal control over financial reporting could result in a misstatement of financial position that may lead to a material misstatement of the annual or interim consolidated financial statements if not prevented or detected on a timely basis; historical prices of digital currencies and the ability to mine digital currencies that will be consistent with historical prices; and the adoption or expansion of any regulation or law that will prevent Bitfarms from operating its business, or make it more costly to do so. For further information concerning these and other risks and uncertainties, refer to Bitfarms’ filings on www.sedarplus.ca (which are also available on the website of the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov), including the MD&A for the year-ended December 31, 2023, filed on March 7, 2024 and the MD&A for the three and six months ended June 30, 2024 filed on August 8, 2024, and its registration statement on Form F-4 (File No. 333-282657) filed by Bitfarms with the SEC (the “registration statement”), which includes a proxy statement of Stronghold that also constitutes a prospectus of Bitfarms (the “proxy statement/prospectus”). Although Bitfarms has attempted to identify important factors that could cause actual results to differ materially from those expressed in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended, including factors that are currently unknown to or deemed immaterial by Bitfarms. There can be no assurance that such statements will prove to be accurate as actual results, and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on any forward-looking information. Bitfarms does not undertake any obligation to revise or update any forward-looking information other than as required by law.   Trading in the securities of the Company should be considered highly speculative. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. Neither the Toronto Stock Exchange, Nasdaq, or any other securities exchange or regulatory authority accepts responsibility for the adequacy or accuracy of this release.

    Additional Information about the Merger and Where to Find It

    This communication relates to a proposed merger between Stronghold and Bitfarms. In connection with the proposed merger, Bitfarms has filed the registration statement with the SEC. After the registration statement is declared effective, Stronghold will mail the proxy statement/prospectus to its shareholders. This communication is not a substitute for the registration statement, the proxy statement/prospectus or any other relevant documents Bitfarms and Stronghold has filed or will file with the SEC. Investors are urged to read the proxy statement/prospectus (including all amendments and supplements thereto) and other relevant documents filed with the SEC carefully and in their entirety if and when they become available because they will contain important information about the proposed merger and related matters.

    Investors may obtain free copies of the registration statement, the proxy statement/prospectus and other relevant documents filed by Bitfarms and Stronghold with the SEC, when they become available, through the website maintained by the SEC at www sec.gov. Copies of the documents may also be obtained for free from Bitfarms by contacting Bitfarms’ Investor Relations Department at investors@bitfarms.com and from Stronghold by contacting Stronghold’s Investor Relations Department at SDIG@gateway-grp.com.

    No Offer or Solicitation
    This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to buy, sell or solicit any securities or any proxy, vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Participants in Solicitation Relating to the Merger
    Bitfarms, Stronghold, their respective directors and certain of their respective executive officers may be deemed to be participants in the solicitation of proxies from Stronghold’s shareholders in respect of the proposed merger. Information regarding Bitfarms’ directors and executive officers can be found in Bitfarms’ annual information form for the year ended December 31, 2023, filed on March 7, 2024, as well as its other filings with the SEC. Information regarding Stronghold’s directors and executive officers can be found in Stronghold’s proxy statement for its 2024 annual meeting of stockholders, filed with the SEC on April 29, 2024, and supplemented on June 7, 2024, and in its Form 10-K for the year ended December 31, 2023, filed with the SEC on March 8, 2024. This communication may be deemed to be solicitation material in respect of the proposed merger. Additional information regarding the interests of such potential participants, including their respective interests by security holdings or otherwise, is set forth in the proxy statement/prospectus and other relevant documents filed with the SEC in connection with the proposed merger if and when they become available. These documents are available free of charge on the SEC’s website and from Bitfarms and Stronghold using the sources indicated above.

    Investor Relations Contacts:
    Bitfarms
    Tracy Krumme
    SVP, Head of IR & Corp. Comms.
    +1 786-671-5638
    tkrumme@bitfarms.com

    Media Contacts:
    Québec: Tact
    Louis-Martin Leclerc
    +1 418-693-2425
    lmleclerc@tactconseil.ca

    The MIL Network –

  • MIL-OSI: World Innovation League Launches DTTP 2.0: Empowering the Next Generation of Tech Talent in Canada

    Source: GlobeNewswire (MIL-OSI)

    Toronto, Oct. 31, 2024 (GLOBE NEWSWIRE) — World Innovation League (WIL), a Canadian non-profit organization, proudly announces the launch of the second year of the Diverse Tech Talent Program (DTTP 2.0). This pioneering initiative aims to bridge the tech skills gap by equipping underrepresented youth across Canada with essential skills, mentorship, and career-building opportunities. With strategic funding secured, DTTP 2.0 is positioned to significantly support Canada’s expanding tech ecosystem, preparing future leaders with the knowledge and experience needed to excel in high-demand fields.

    Addressing Canada’s Tech Talent Shortage

    Canada’s tech sector is thriving, yet underrepresentation remains a pressing issue. Only 2.6% of tech roles are currently held by individuals from underrepresented backgrounds, a stark contrast to Canada’s diverse population. DTTP 2.0 is designed to close this gap by leveling up skills, providing real-world experience, and creating access to job opportunities. Through this, DTTP 2.0 strengthens Canadian tech with fresh perspectives and innovative ideas.

    Under the leadership of WIL, DTTP 2.0 offers a unique training-to-job model aimed at helping young Canadians from diverse backgrounds overcome traditional barriers to entry in tech. Since launching last year, DTTP has successfully trained 500 Canadians and residents. With this new cohort, WIL continues its mission to empower innovators and startups worldwide, beginning here at home in Canada.

    “DTTP is about more than skills—it’s about building a future where opportunities are accessible to everyone,” said Uchi Uchibeke, Founder and Executive Director of WIL. “We’re committed to creating a legacy program that empowers individuals and enriches Canada’s tech ecosystem. This program builds leaders who will contribute to Canada and, ultimately, give back to their communities.”

    A Collaborative Effort with Strategic Partners

    While WIL serves as the lead organization behind DTTP 2.0, several key partners bring specialized expertise to ensure participants receive a comprehensive, impactful experience:

    • World Innovation League (WIL): Lead organization managing program vision, funding, and hackathon design.
    • Co.Lab: Training partner delivering industry-focused modules in software development and emerging tech skills.
    • Riipen: Project and employer experience provider, connecting participants to real-world projects and prospective employers.
    • Atila: Mentorship partner offering one-on-one guidance, industry insights, and networking opportunities.

    Each partner enriches the DTTP experience through a blend of technical instruction, project-based learning, and job placement support, while WIL maintains a unified vision for the program’s success.

    The DTTP 2.0 Experience: A Pathway to Success in Tech

    DTTP 2.0 has been meticulously structured to prepare participants for long-term success in Canada’s rapidly evolving tech industry. The program includes four key pillars:

    1. Training: Industry-aligned modules in high-demand fields such as Artificial Intelligence (AI), software development, and UX design. Modules are led by experts with hands-on experience in their respective fields.
    2. Mentorship: Access to a network of mentors from top global tech companies, providing career guidance, professional insights, and invaluable support.
    3. Hackathons: Intensive, collaborative hackathons where participants tackle real-world tech challenges, develop portfolio-worthy projects, and hone their problem-solving skills.
    4. Job Placement Support: Tailored resources and introductions to hiring companies to help graduates transition into full-time tech roles.

    Commitment to Excellence: Achieving High Completion Rates

    With strategic funding in place, DTTP 2.0 is designed to achieve a high completion rate, with a target of 80%. This structure aligns incentives and resources to ensure participants are fully supported throughout their journey, making DTTP 2.0 more than just a training program—it’s a gateway to impactful tech careers.

    Applications Open Soon: Join Canada’s Future Tech Leaders

    Applications for Cohort One open on November 1, 2024, with the program officially kicking off in January 2025. Interested candidates are encouraged to follow WIL on social media and visit Cohort website for updates on application timelines, eligibility requirements, and program details. This is an unparalleled opportunity for young Canadians from diverse backgrounds to enter the tech industry and make a lasting impact.

    About World Innovation League (WIL)

    World Innovation League (WIL) is a Canada-based organization dedicated to creating opportunities for youth from underrepresented backgrounds to thrive in technology and innovation. With initiatives like the Diverse Tech Talent Program, WIL is reshaping Canada’s tech landscape by fostering inclusion, diversity, and empowerment in the digital workforce.

    The MIL Network –

  • MIL-OSI USA: US Department of Labor recovers $53K in back wages, damages from cleaning service that misclassified 59 workers as independent contractors

    Source: US Department of Labor

    Employer:                              Finichel LLC, operating as Finichel Cleaning Services 

    Investigation site:                  801 Mohawk Drive

    West Columbia, SC 29169

    Investigation findings: Investigators with the U.S. Department of Labor’s Wage and Hour Division found a South Carolina cleaning services provider misclassified 59 workers as independent contractors, resulting in the company paying employees straight-time rates for all hours worked over 40 instead of the time-and-a-half premium for overtime hours as required by the Fair Labor Standards Act. The employer also failed to keep records of the amount of time worked by employees as required by law.

    Back wages and liquidated damages recovered: $53,044 for 59 workers.                          

    Quote: “Misclassifying employees as independent contractors undermines workers’ rights,” said Wage and Hour Division District Director Jamie Benefiel in Columbia, South Carolina. “If workers are misclassified as independent contractors, they don’t get paid overtime or have access to employer-provided health and retirement benefits. They also don’t have access to family and medical leave.”

    “If workers or employers need help understanding this, they should reach out to the U.S. Department of Labor or go to our website and get the information they need,” Benefiel added.

    Background: Finichel Cleaning Services is a residential and commercial cleaning service that serves the Columbia area and employs approximately 40 workers. 

    The FLSA requires that most employees in the U.S. be paid at least the federal minimum wage for all hours worked and overtime pay at not less than time and one-half the regular rate of pay for all hours worked over 40 in a workweek. Learn more about the Wage and Hour Division, employee misclassification and workers’ rights, including a search tool to use if you think you may be owed back wages collected by the division. Employers can contact the Wage and Hour Division at its toll-free number, 1-866-4-US-WAGE. Learn more about the Wage and Hour Division. 

    Download the agency’s new Timesheet App for iOS and Android devices – also available in Spanish – to ensure hours and pay are accurate. 

    MIL OSI USA News –

  • MIL-OSI USA: California claims victory against Huntington Beach’s NIMBY attempt to challenge state housing law

    Source: US State of California 2

    Oct 30, 2024

    What you need to know: The federal court of appeals today denied Huntington Beach’s NIMBY attempt to sue the state for enforcing state law that requires the city to build its fair share of housing. California will continue to hold the city accountable and ensure that it builds the housing its community deserves.

    SACRAMENTO — In March 2023, the state sued Huntington Beach for violating various state housing laws. The city retaliated by suing the state in federal court, arguing that enforcing California’s laws requiring cities to build more housing was unconstitutional. Today the Ninth Circuit affirmed the trial court in rejecting Huntington Beach’s NIMBY lawsuit.

    “Today, yet another court has slapped down Huntington Beach’s cynical attempt to prevent the state from enforcing our housing laws. Huntington Beach officials’ continued efforts to advance plainly unlawful NIMBY policies are failing their own citizens — by wasting time and taxpayer dollars that could be used to create much-needed housing. No more excuses — every city must follow state law and do its part to build more housing.”

    Governor Gavin Newsom

    “I am pleased that yet another court has emphatically rejected Huntington Beach’s attempt to exempt itself from state housing laws,” said Attorney General Bonta. “While the City has been wasting the public’s time and money pursuing this meritless lawsuit, its neighboring communities — along with every Californian struggling to keep a roof over their heads or wondering where they’re going to sleep tonight — need Huntington Beach to step up and adopt a housing plan without further delay. My office will continue pursuing all remedies in the state case against the City, where the court has already determined the City violated the state’s Housing Element Law.”  

    Today, California secured a unanimous decision by a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit affirming the district court’s dismissal of the City of Huntington Beach’s federal lawsuit challenging the constitutionality of enforcing state housing laws. 

    In 2023, the Governor announced that California was suing the city, arguing that the city is in violation of the state Housing Element Law and seeking both penalties and injunctive relief.

    A copy of the decision can be found here.

    Recent news

    Oct 30, 2024

    News What you need to know: The nation’s leading passenger and cargo airlines agreed to accelerate the use of sustainable aviation fuels and cut pollution – a goal of 200 million gallons by 2035, which would meet about 40% of California travel demand.  SAN FRANCISCO…

    Oct 30, 2024

    News What you need to know: The Governor signed an executive order to help curb rising electricity costs and provide electric bill relief. SACRAMENTO – Today, Governor Gavin Newsom signed an executive order designed to reduce electric costs for Californians. The…

    Oct 29, 2024

    News What you need to know: The Biden-Harris Administration is granting more than $1 billion to California’s ports to accelerate their transition to zero-emission operations and create good paying jobs. SACRAMENTO – California ports are about to become cleaner and…

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces first-of-its-kind partnership with airlines on sustainable aviation fuel

    Source: US State of California 2

    Oct 30, 2024

    What you need to know: The nation’s leading passenger and cargo airlines agreed to accelerate the use of sustainable aviation fuels and cut pollution – a goal of 200 million gallons by 2035, which would meet about 40% of California travel demand. 

    SAN FRANCISCO AIRPORT – A new agreement between Airlines 4 America (A4A) and the California Air Resources Board (CARB) will significantly reduce carbon emissions by accelerating the use of sustainable aviation fuels for flights within the state. 

    The agreement sets a goal of increasing the availability of sustainable aviation fuel for use within California to 200 million gallons by 2035, an amount that would meet about 40% of intrastate travel demand – a more than tenfold increase from current levels. 

    “California and the aviation industry are joining forces to tackle emissions head-on. We’ve put the tools in place to incentivize cleaner fuels and spur innovation, creating opportunities like this to radically change how Californians can travel cleaner. This is a major step forward in our work to cut pollution, protect our communities, and build a future of cleaner air and innovative climate solutions.”

    Governor Gavin Newsom

    This achievement was made possible by the development and innovation of alternative fuels spurred by the state’s Low Carbon Fuel Standard program.

    “California is once again demonstrating that smart climate action is good for the environment and good for business,” said CARB Chair Liane Randolph. “This partnership with the nation’s leading airlines brings the aviation industry onboard to advance a clean air future and will help accelerate development of sustainable fuel options and promote cleaner air travel within the state.”

    A4A’s members include Alaska Airlines, American Airlines, Atlas Air Worldwide, Delta Air Lines, FedEx, Hawaiian Airlines, jetBlue Airways, Southwest Airlines, United Airlines, UPS, and associate member Air Canada. 

    “A4A is pleased to launch a partnership with CARB focused on protecting the environment, reducing emissions, and increasing the use of SAF in California and across the country,” said Kevin Welsh, Vice President of Environmental Affairs and Chief Sustainability Officer at Airlines for America. “This partnership reflects the type of collaboration between government and the private sector that is necessary to achieve ambitious climate goals, and the agreement announced today reflects the strength of our commitment to a cleaner, more sustainable future for air travel. We’re excited to work with CARB and other SAF stakeholders to further our industry’s efforts to achieve net-zero carbon emissions by 2050.”

    Key goals of this agreement

    • CARB and A4A will work together with sustainable aviation fuel producers, aviation stakeholders and the federal government to ensure that at least 200 million gallons of cost-competitive options are available for use by airlines within California by 2035.
    • To achieve these goals, CARB and A4A will work together to identify, evaluate, and prioritize new policies and actions, including incentives for investment and timely permitting to help accelerate the availability and use of sustainable aviation fuels within California. 
    • The partnership will establish a Sustainable Aviation Fuel Working Group of government and industry stakeholders that will meet annually to report progress and address barriers to meeting these goals. 
    • CARB staff plans to create a public website that will display the latest information on the availability and use of conventional jet fuel and sustainable aviation fuel in California, as well as details on relevant state and federal incentives and policies.

    Read the agreement here.

    Recent news

    Oct 30, 2024

    News What you need to know: The Governor signed an executive order to help curb rising electricity costs and provide electric bill relief. SACRAMENTO – Today, Governor Gavin Newsom signed an executive order designed to reduce electric costs for Californians. The…

    Oct 29, 2024

    News What you need to know: The Biden-Harris Administration is granting more than $1 billion to California’s ports to accelerate their transition to zero-emission operations and create good paying jobs. SACRAMENTO – California ports are about to become cleaner and…

    Oct 29, 2024

    News What you need to know: Governor Newsom today announced 37 new grant awards totaling more than $827 million to help more than 100 local communities and organizations create long-term solutions to address homelessness. The grant agreements include strong…

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom issues executive order tackling rising electric bills

    Source: US State of California 2

    Oct 30, 2024

    What you need to know: The Governor signed an executive order to help curb rising electricity costs and provide electric bill relief.

    SACRAMENTO – Today, Governor Gavin Newsom signed an executive order designed to reduce electric costs for Californians. 

    The Governor’s action encourages electric bill relief while maintaining the state’s commitment to achieving carbon neutrality and 100% clean electricity by 2045. The action comes as millions of Californians received an average credit of $71 on their October electric bills from the California Climate Credit, provided by the state’s Cap-and-Trade program.

    We’re taking action to address rising electricity costs and save consumers money on their bills. California is proving that we can address affordability concerns as we continue our world-leading efforts to combat the climate crisis.

    Governor Gavin Newsom

    Tackling rising electricity costs

    While California has been successful in keeping electric bills lower than many other states on average thanks to decades of work advancing energy efficiency standards, Californians have seen their electric bills rising in recent years. A major driver has been critical utility wildfire mitigation efforts that have accelerated to match the pace of the climate crisis, as well as several programs added over time. 

    The Governor’s executive order addresses both of these cost drivers by zeroing in on some programs that could be inflating customer bills and evaluating utility wildfire mitigation expenses for potential administrative savings. 

    The Governor’s executive order:

    • Encourages electric bill relief. The executive order asks the California Public Utilities Commission (CPUC) to identify underperforming programs and return any unused energy program funds back to customers receiving electric and gas service from private utilities as one or more credits on their bills. 
    • Maximizes the California Climate Credit. The executive order directs the California Air Resources Board (CARB) to work with the CPUC to determine ways to maximize the California Climate Credit, which is a twice annual credit that shows up on many Californians’ electric and gas bills in the spring and fall and is funded by the state’s Cap-and-Trade program.
    • Manages and reduces electric costs for the long-term. The executive order asks the CPUC to evaluate electric ratepayer supported programs and costs of regulations and make recommendations on additional ways to save consumers money. It also asks the CPUC to pursue any federal funding available to help lower electricity costs for Californians. Additionally, the executive order directs the California Energy Commission (CEC) to evaluate electric ratepayer-funded programs and identify any potential changes that could save Californians money on their bills. 
    • Smarter wildfire mitigation investments. The executive order directs the Office of Energy Infrastructure Safety, and requests the CPUC, to evaluate utility wildfire safety oversight practices and ensure that utility investments and activities are focused on cost-effective wildfire mitigation measures. 

    Text of the executive order is available here.

    In addition to the Governor’s action, earlier this year, the CPUC approved a proposal to reduce the price of residential electricity through a new billing structure authorized by the state Legislature. This follows actions in recent years such as providing direct relief to customers and using state funds, rather than ratepayer monies, to develop a Strategic Reliability Reserve to maintain electric grid reliability during extreme conditions.

    The Governor welcomes partnership with the legislature to further additional actions that will address electric bill affordability.

    “Californians expect us to take a hard look at their monthly energy and electricity bills and deliver reduced costs and savings for the long-term,” said Assembly Speaker Robert Rivas (D-Salinas). “I support increased oversight efforts, because regulators must ensure energy programs are implemented effectively and responsibly. The Governor’s action today is another step forward to lessen households’ total energy burden and lower the cost of living in our state.”

    “Rising electricity costs are impacting Californians and their quality of life,” said Senate President pro Tempore Mike McGuire (D-North Coast). “The state, including its regulatory agencies, needs to buckle down and blunt the expanding fiscal impacts on ratepayers. This is an important start by Governor Newsom, and the Senate plans to double down on this progress in the months ahead.”

    Press Releases, Recent News

    Recent news

    Oct 29, 2024

    News What you need to know: The Biden-Harris Administration is granting more than $1 billion to California’s ports to accelerate their transition to zero-emission operations and create good paying jobs. SACRAMENTO – California ports are about to become cleaner and…

    Oct 29, 2024

    News What you need to know: Governor Newsom today announced 37 new grant awards totaling more than $827 million to help more than 100 local communities and organizations create long-term solutions to address homelessness. The grant agreements include strong…

    Oct 28, 2024

    News SACRAMENTO – Governor Gavin Newsom and First Partner Jennifer Siebel Newsom issued the following statement regarding the death of Barstow Fire Protection District Fire Captain Garret Miller: “Our heartfelt sympathies are with Fire Captain Miller’s family,…

    MIL OSI USA News –

  • MIL-OSI Video: Spain, Palestine, Lebanon & other topics – Daily Press Briefing (30 Oct 2024) | United Nations

    Source: United Nations (Video News)

    Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

    Highlights:
    – Secretary-General/Colombia
    – Lebanon
    – Occupied Palestinian Territory
    – Haiti
    – Sudan
    – Floods in Spain
    – Security Council
    – Mpox
    – Noon Briefing Guest
    – Briefings Today
    – Briefings Tomorrow

    FLOODS IN SPAIN
    Images of the torrential rains that have caused severe floods in and around Valencia, in the south of Spain are devastating.
    The Secretary-General extends his condolences to the families of those who have lost their lives and expresses his full solidarity with the Government and the people of Spain.
    The UN stands ready to assist in whichever way it can.
    Valencia is hosts the UN Global Service Center base, which is an important logistics hub for the entire UN system.

    OCCUPIED PALESTINIAN TERRITORY
    Moving to Gaza, further to that situation, the Office for the Coordination of Humanitarian Affairs (OCHA) is urging the Israeli authorities to urgently grant access for critical humanitarian activities in Jabalya, Beit Lahia and Beit Hanoun in North Gaza. OCHA emphasizes the need for secure conditions to deliver aid and conduct rescue operations safely, given the ongoing military operations there.
    The UN and the humanitarian partners are set to urgently implement critical activities in those areas as soon as Israeli authorities reopen North Gaza.
    The Secretary-General is deeply shocked by reports of an Israeli air strike in Beit Lahia, in North Gaza that took place early yesterday reportedly left at least 90 Palestinians killed or missing, including at least 25 children. This tragic loss of life, he said particularly among vulnerable people, yet again underscores the devastating human impact of the ongoing conflict, which is intensifying in the north of Gaza.
    The Secretary-General unequivocally condemns the widespread killing and injury of civilians in Gaza and the ongoing displacement of the population. All parties to the conflict must comply with their obligations under international law, including the obligation to respect and protect civilians. This includes humanitarian workers and first responders, who play a vital role in mitigating suffering and providing life-saving assistance.
    The obstruction of their work only deepens the suffering of the population. Aid must flow freely and safely.
    The toll of the violence in Gaza is unconscionable. There must be an immediate ceasefire. And he reiterates once again his call for the immediate and unconditional release of all hostages. The time to stop the bloodshed is now.
    Also throughout October, we’ve noted that North Gaza governorate has been largely inaccessible, with very few exceptions, amid reports of high casualties, direct hits on overwhelmed medical facilities, and widespread family displacement and separation.
    OCHA also emphasizes the need for direct supply routes from Erez West to these areas, rather than routing all aid through Gaza City, which is the current imposed practice.
    Meanwhile, in the south, OCHA today visited two locations in Absan, east of Khan Younis, to assess the situation of displaced families. One was the Saudi Centre for Cultural and Heritage in Abasan Al Kabira, which provides mental health support for children, internet access for students, and operates a community kitchen for more than 500 families. The second location was in the Al Mharaba site, which hosts 2,000 people. At this site there are no health services, limited power and insufficient water facilities.

    LEBANON
    On the humanitarian front in Lebanon, a joint OCHA-UNICEF mission today delivered essential supplies to approximately 800 households in the village of Sarafand, in southern Lebanon. The supplies include water bottles, hygiene and dignity kits, water testers, children’s clothes and first aid kits.
    Also, today, a convoy by UNRWA delivered 5,000 liters of fuel for generators to ensure the operation of water wells and sanitation facilities in the Burj Shemali Palestinian Refugee Camp along the South Litani River.
    The situation continues to deteriorate amid escalating hostilities and displacement orders. Today, the Israeli army issued displacement orders for all residents of Baalbek city in the east of the country, to evacuate the entire city immediately.
    This prompted mass displacement and panic among residents. Strikes subsequently began after several hours. Displacement orders were also issued in several localities in Nabatieh, in the south.
    The Humanitarian Coordinator in Lebanon, Imran Riza, deplored the extensive harm inflicted on civilians and the destruction of critical infrastructure. He called for the violence to end immediately and reminded parties to the conflict that they must take all feasible precautions to avoid and minimize harm to civilians and civilian objects.

    Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=30%20October%202024

    https://www.youtube.com/watch?v=aCahJGvkgeo

    MIL OSI Video –

  • MIL-OSI Video: Blackfeet Community College Site Visit—Over $9 Million Available for TCUs Clean Energy Transition

    Source: United States of America – Federal Government Departments (video statements)

    The U.S. Department of Energy Office of Indian Energy visited Blackfeet Community College in Browning, Montana, Sept. 26, 2024, and announced over $9 million in new funding and prizes to advance clean energy planning at Tribal Colleges and Universities (TCUs).

    Learn more at: https://www.energy.gov/indianenergy/articles/us-department-energy-announces-over-9-million-funding-and-prizes-tribal

    https://www.youtube.com/watch?v=K6OsYTKB49Y

    MIL OSI Video –

  • MIL-OSI Video: ERA Notice of Funding Opportunity Informational Webinar

    Source: United States of America – Federal Government Departments (video statements)

    Video recording of the Energy Improvements in Rural or Remote Areas (ERA) program Notice of Funding Opportunity Informational Webinar, featuring an overview of the funding announcement, the program, and next steps for applicants, held on October 8, 2024.
    Visit https://www.energy.gov/oced/era to learn more.

    https://www.youtube.com/watch?v=SLWFGCkrNvY

    MIL OSI Video –

  • MIL-OSI Video: Intercepting Narcotics – Operation Apollo Success One Year Later | CBP

    Source: United States of America – Federal Government Departments (video statements)

    U.S. Customs and Border Protection (CBP) is on the frontline against fentanyl and other synthetic drugs. Utilizing advanced data analytics, strategic intelligence-driven operations, canine detention teams, and non-intrusive technology at all stages of the supply chain, CBP Officers and Agents detect, identify, and seize illicit drugs and materials used in the production of illicit synthetic narcotics that are entering the country. Leveraging information sharing with law enforcement, international, and industry partners, CBP is uniquely positioned to lead the government’s efforts to identify and target networks that produce, traffic, and distribute fentanyl and other illicit drugs.

    Frontline Against Fentanyl ➤
    https://www.cbp.gov/border-security/frontline-against-fentanyl

    Instagram ➤ https://instagram.com/CBPgov
    Facebook ➤ https://facebook.com/CBPgov
    Twitter ➤ https://twitter.com/CBP
    Official Website ➤ https://www.cbp.gov

    #cbp
    #fentanyl
    #bordersecurity
    #narcos
    #lawenforcement

    https://www.youtube.com/watch?v=vP7ZXK3mLdU

    MIL OSI Video –

  • MIL-OSI Video: Tribal Clean Energy Planning and Development 2025 FOA Webinar

    Source: United States of America – Federal Government Departments (video statements)

    The U.S. Department of Energy Office of Indian Energy conducted an informational webinar on Oct. 24, 2024, to provide information on the Tribal Clean Energy Planning and Development – 2025 (DE-FOA-0003401) funding opportunity announcement (FOA) to potential applicants.

    In addition to describing the FOA, information is provided on who is eligible to apply, what an application needs to include, how to ask questions, and how applications will be selected for funding.

    Learn more at https://www.energy.gov/indianenergy

    https://www.youtube.com/watch?v=uCF2UMD3p1Q

    MIL OSI Video –

  • MIL-OSI Video: VA Caregiver Support Program | #TheBLUF

    Source: United States of America – Federal Government Departments (video statements)

    In this episode of The BLUF we dive into the Caregiver Support Program. Get the bottom-line up front on CSP, PGCSS, and PCAFC – as well as what those acronyms mean!

    #thebluf #veterans #veteranshealth #caregivers #caregiversupportprogram

    Find out more at:
    www.caregiver.va.gov

    More on PGCSS:
    https://www.caregiver.va.gov/Care_Caregivers.asp

    More on PCAFC:
    https://www.caregiver.va.gov/support/support_benefits.asp

    Find your Caregiver Support Team:
    https://www.caregiver.va.gov/support/New_CSC_Page.asp

    Caregiver Support Line:
    1-855-260-3274
    https://www.caregiver.va.gov/help_landing.asp

    The BLUF
    A VA Rocky Mountain Network Production
    This show is made by Veterans for Veterans

    Executive Producer: Shawn Spitler
    Producer, Director, Editor: Matt Murray
    Host, Producer: Sarah Kallassy
    Technical Director: Patrick Battle
    Audiovisual Production Specialist: Adam Desaulniers
    Stories by: Katie Beall, Jesus Flores, Sarah Kallassy, and Matt Murray

    Chapters:
    00:00 – 00:27 Intro to CSP
    00:28 – 01:30 Who are caregivers?
    01:31 – 01:46 Programs within a program
    01:47 – 01:58 PGCSS
    01:59 – 02:18 PCAFC
    02:19 – 03:08 Some more resources
    03:09 – 03:30 Thanks for watching!

    https://www.youtube.com/watch?v=Ss2goVChFwA

    MIL OSI Video –

  • MIL-OSI USA: Share of natural gas production in U.S. tight oil plays increased over the last decade

    Source: US Energy Information Administration

    In-brief analysis

    October 31, 2024

    Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, October 2024 (Table 10b), and Enverus DrillingInfo
    Note: 2024 represents year-to-date data through September. To calculate the barrel of oil equivalent, we use a conversion factor of 6,000 cubic feet of gross natural gas production per 1 barrel of oil.

    Natural gas produced from the three largest tight oil-producing plays in the United States has increased in the last decade. Natural gas comprised 40% of total production from the Bakken, the Eagle Ford, and the Permian compared with 29% in 2014.

    Combined crude oil and natural gas production from these plays more than doubled over this period as hydraulic fracturing—also known as fracking—and horizontal drilling have allowed producers to access and extract more crude oil and natural gas from tight formations. However, production of associated natural gas, which is natural gas produced from predominantly oil wells, has increased more rapidly from these tight oil plays. Natural gas production from these plays more than tripled—an increase of 22 billion cubic feet per day (Bcf/d)—over the period compared with crude oil output, which more than doubled—an increase of 4 million barrels per day (b/d).

    We define oil wells as those with a gas-to-oil ratio (GOR) of less than or equal to 6.0 thousand cubic feet of natural gas per barrel of oil produced (Mcf/b). We classify wells with a GOR of more than 6.0 Mcf/b as natural gas wells. Any increase in the GOR in an oil well means more natural gas per barrel of oil is being produced. The GOR for a play represents the average share of natural gas production from its individual wells.

    Historically, the Permian, Bakken, and Eagle Ford plays have predominantly consisted of oil wells, resulting in lower GORs for these plays.

    As more oil and natural gas are released within a well, the GOR tends to progressively increase, increasing the volume of associated natural gas produced per every barrel of oil. Pressure within the reservoir declines as more oil is brought to the surface, which allows more natural gas to be released from the geologic formation. The pressure will also decrease as more wells are concentrated within an area.

    Data source: U.S. Energy Information Administration, Short-Term Energy Outlook, October 2024 (Table 10b), and Enverus DrillingInfo
    Note: 2024 represents year-to-date data through September.

    In the Permian play, located in West Texas and southeastern New Mexico, the share of natural gas produced relative to crude oil has remained relatively stable, although the GOR has steadily risen from 3.1 Mcf/b (34% of total production) in 2014 to 4.0 Mcf/b (40%) in 2024. Natural gas production in the Permian, the largest producing tight oil play in the United States, increased eight-fold in 2024 through September compared with 2014, and crude oil production increased six-fold.

    In the Bakken play, located in North Dakota and Montana, the share of natural gas produced relative to crude oil has historically been relatively low, averaging only 1.2 Mcf/b (16% of total production) in 2014. However, the GOR increased to 2.9 Mcf/b (33%) in 2024, with average gross natural gas production increasing 186% compared with 2014 while crude oil production increased just 14%.

    In the Eagle Ford play, located in southwest Texas, the share of natural gas produced relative to crude oil has remained the highest among these plays, increasing from 3.5 Mcf/b (37% of total production) to 5.6 Mcf/b (48%). This increased GOR reflects a 14% increase in average natural gas production and a 28% decrease in average crude oil production in 2024 through September compared with 2014.

    Principal contributor: Trinity Manning-Pickett

    MIL OSI USA News –

  • MIL-OSI Security: Leesburg native serving at U.S. Navy Medicine Readiness and Training Command Guantanamo Bay on the path to becoming an officer

    Source: United States Navy (Medical)

    Story courtesy of Ashley Craig, Navy Office of Community Outreach

    MILLINGTON, Tenn. – Petty Officer 1st Class Breanna Funderburk, a native of Leesburg, Florida, was recently selected for the Medical Service Corps In-Service Procurement Program while serving in the U.S. Navy assigned to U.S. Navy Medicine Readiness and Training Command Guantanamo Bay, Cuba.

    The Medical Service Corps In-Service Procurement Program is a pathway for career-driven active-duty sailors to become commissioned officers.

    Funderburk graduated from Leesburg High School in 2016. Additionally, Funderburk earned an associate degree in health science from Incarnate Word University in 2020, a bachelor’s degree in healthcare administration from Purdue Global University in 2022 and a master’s degree in healthcare administration from Louisiana State University Shreveport in 2024.

    The skills and values needed to succeed in the Navy are similar to those found in Leesburg.

    “Growing up in my hometown, and because of poverty levels of the economy, I always sought to be successful,” said Funderburk. “With this goal in mind, I began working at the age of 15 and diligently studied in school to ensure that this was to be my outcome. I earned two scholarships when I graduated high school, yet I returned these and knew that there was something greater out there for me. I carried my desire for higher education and work ethic with me as I began my naval career just seven and a half years ago. Everything happens for a reason and I wouldn’t be who I am today without the hometown experiences that shaped me into who I am and who I continue be in my naval career.”

    Funderburk joined the Navy seven and a half years ago. Today, Funderburk serves as a hospital corpsman.

    “I joined the Navy to find a solid foundation while pursuing higher education and to challenge myself in ways I couldn’t have imagined if I stayed in my comfort zone,” said Funderburk. “I wanted to serve a greater purpose, gain new skills and grow as a person by exploring opportunities beyond my hometown. The Navy offered me not only stability but also the chance to be a part of something bigger, experience new cultures and contribute to something meaningful. It’s been a decision that has expanded my horizons in ways I never thought possible.”

    Naval Hospital Guantanamo Bay provides health care to the U.S. Naval Station Guantanamo Bay community, which consists of approximately 4,500 military members, federal employees, U.S. and foreign national contractors and their families. The hospital also operates the only overseas military home health care facility providing care to elderly special category residents who sought asylum on the installation during the Cuban Revolution.

    “What I love most about my role in the Navy is the opportunity to mentor and guide junior sailors and my peers,” said Funderburk. “The ‘sailorization’ process – helping others grow, develop their skills, and reach their potential – is deeply rewarding for me. As a leader, I strive to embody a servant leadership style, where my focus is on supporting others and empowering them to succeed. There’s nothing more fulfilling than watching someone I’ve mentored overcome challenges and achieve their goals. Knowing that I played a part in their growth is a reminder of the true purpose of leadership; serving others and uplifting those around you.”

    With 90% of global commerce traveling by sea and access to the internet relying on the security of undersea fiber optic cables, Navy officials continue to emphasize that the prosperity of the United States is directly linked to recruiting and retaining talented people from across the rich fabric of America.

    Funderburk serves a Navy that operates far forward, around the world and around the clock, promoting the nation’s prosperity and security.

    “We will earn and reinforce the trust and confidence of the American people every day,” said Adm. Lisa Franchetti, chief of naval operations. “Together we will deliver the Navy the nation needs.”

    Funderburk has many opportunities to achieve accomplishments during military service.

    “My proudest achievement in the Navy is being selected through the Medical Service Corps In-Service Procurement Program to commission as a United States Navy officer with my master’s degree in healthcare administration,” said Funderburk.

    Funderburk can take pride in serving America through military service.

    “Serving in the Navy means being part of something greater than myself,” said Funderburk. “It’s about commitment, sacrifice and dedication to protecting our nation and supporting those in need. It’s given me the opportunity to grow both personally and professionally, to learn from diverse experiences and to develop a strong sense of discipline and teamwork. Serving in the Navy has instilled a deep pride in knowing that my contributions make a tangible impact, and it’s allowed me to build a lifelong bond with others who share the same mission of service and excellence.”

    Funderburk is grateful for the opportunities the Navy has provided to help them reach their goals.

    “A main goal of mine when I joined was to have stability and a strong foundation while attending college and I sought to be very academically successful,” said Funderburk. “With that, the Navy has provided me with great opportunities and I was able to go to corpsman-specialized schooling, which awarded me with my associate in health sciences and a license as a Certified Respiratory Therapist, which is transferable to the civilian sector. Later, at my second command at Navy Medicine and Training Command Fort Belvoir, I was able to complete both my bachelor’s and master’s degrees in healthcare administration through online colleges within four years of being stationed there.

    “It can be very challenging balancing the active duty lifestyle and excelling in your education, but it is not impossible.”

    MIL Security OSI –