A federal court ordered an Arizona company to stop distributing unapproved animal drugs that violate the Federal Food, Drug, and Cosmetic Act (FDCA), the Department of Justice announced.
In a civil complaint filed on August 29, 2023, in the U.S. District Court for the District of Arizona, the United States alleged that AniCell Biotech LLC and its founder and chief executive officer, Brandon T. Ames, violated the FDCA at the company’s facility in Gilbert, Arizona, by manufacturing and distributing unapproved animal drugs. According to the complaint, AniCell Biotech makes and distributes animal cell- and tissue-based products (ACTPs) derived from the amniotic tissue of horses for use in animals.
According to the complaint, AniCell and Ames claimed on their website and in promotional pamphlets that their products were intended for use in animals to treat various diseases and to promote tissue regeneration and healing. The complaint further alleged that AniCell and Ames made and sold new animal drugs that were considered adulterated and unsafe because they had not been approved by the U.S. Food and Drug Administration (FDA). According to the complaint, FDA provided defendants with multiple warnings, including a written warning letter regarding its need to submit its new animal drugs to the FDA for approval.
“Animal drug manufacturers have a duty to ensure that their products are safe and manufactured and sold in accordance with the law,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “The Department will continue to work closely with FDA to pursue appropriate actions against drug manufacturers that violate the law.”
“Marketing unapproved new animal drugs that claim to cure, mitigate, treat or prevent diseases in animals can pose serious safety risks to consumers’ pets,” said Acting Director Dr. Timothy Schell of the FDA’s Center for Veterinary Medicine. “The FDA will continue to pursue actions against those who may put animal patients in harm’s way by manufacturing and distributing unapproved new animal drugs.”
The defendants agreed to settle the suit and be bound by a consent decree permanently enjoining them from violating the FDCA. Under the court’s order, entered on April 17, the defendants must comply with specific requirements set forth in the injunction and the FDCA prior to manufacturing or distributing any new animal drugs.
Trial Attorney Coleen Schoch of the Civil Division’s Consumer Protection Branch handled the case, with assistance from Associate Chief Counsel of Enforcement Jaclyn E. Martinez Resly of the FDA’s Office of the Chief Counsel.
We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:
1.
Name of the Issuer
Ministry of Finance of the Russian Federation
Name of security
federal loan bonds with constant coupon income
State registration number of the issue
26235RMFS from 10/12/2020
Date of the auction
April 30, 2025
Information about the placement (trading mode, placement form)
The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
Trade code
SU26235RMFS0
ISIN code
RU000A1028E3
Calculation code
B05
Additional conditions of placement
The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Information about the placement (trading mode, placement form)
The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
Trade code
SU26246RMFS7
ISIN code
RU000A108EE1
Calculation code
B05
Additional conditions of placement
The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
Contact information for media 7 (495) 363-3232Pr@moex.kom
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
A federal court ordered an Arizona company to stop distributing unapproved animal drugs that violate the Federal Food, Drug, and Cosmetic Act (FDCA), the Department of Justice announced.
In a civil complaint filed on August 29, 2023, in the U.S. District Court for the District of Arizona, the United States alleged that AniCell Biotech LLC and its founder and chief executive officer, Brandon T. Ames, violated the FDCA at the company’s facility in Gilbert, Arizona, by manufacturing and distributing unapproved animal drugs. According to the complaint, AniCell Biotech makes and distributes animal cell- and tissue-based products (ACTPs) derived from the amniotic tissue of horses for use in animals.
According to the complaint, AniCell and Ames claimed on their website and in promotional pamphlets that their products were intended for use in animals to treat various diseases and to promote tissue regeneration and healing. The complaint further alleged that AniCell and Ames made and sold new animal drugs that were considered adulterated and unsafe because they had not been approved by the U.S. Food and Drug Administration (FDA). According to the complaint, FDA provided defendants with multiple warnings, including a written warning letter regarding its need to submit its new animal drugs to the FDA for approval.
“Animal drug manufacturers have a duty to ensure that their products are safe and manufactured and sold in accordance with the law,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “The Department will continue to work closely with FDA to pursue appropriate actions against drug manufacturers that violate the law.”
“Marketing unapproved new animal drugs that claim to cure, mitigate, treat or prevent diseases in animals can pose serious safety risks to consumers’ pets,” said Acting Director Dr. Timothy Schell of the FDA’s Center for Veterinary Medicine. “The FDA will continue to pursue actions against those who may put animal patients in harm’s way by manufacturing and distributing unapproved new animal drugs.”
The defendants agreed to settle the suit and be bound by a consent decree permanently enjoining them from violating the FDCA. Under the court’s order, entered on April 17, the defendants must comply with specific requirements set forth in the injunction and the FDCA prior to manufacturing or distributing any new animal drugs.
Trial Attorney Coleen Schoch of the Civil Division’s Consumer Protection Branch handled the case, with assistance from Associate Chief Counsel of Enforcement Jaclyn E. Martinez Resly of the FDA’s Office of the Chief Counsel.
Additional information about the Consumer Protection Branch and its enforcement efforts may be found at http://www.justice.gov/civil/consumer-protection-branch.
THE WOODLANDS, Texas, April 29, 2025 (GLOBE NEWSWIRE) — ChampionX Corporation (NASDAQ: CHX) (“ChampionX” or the “Company”) today announced first quarter of 2025 results. Revenue was $864.5 million, net income attributable to ChampionX was $85.8 million, and adjusted EBITDA was $190.9 million. Income before income taxes margin was 12.1% and adjusted EBITDA margin was 22.1%. Cash from operating activities was $66.8 million and free cash flow was $38.6 million.
CEO Commentary
“The first quarter demonstrated the resilience of our ChampionX portfolio as we delivered strong adjusted EBITDA and adjusted EBITDA margin, and generated positive free cash flow. These results reflect the commitment of our ChampionX employees around the world who express daily an unwavering focus on delivering value-added solutions for our customers’ most important challenges. I am thankful and humbled to lead such a talented and dedicated team,” ChampionX’s President and Chief Executive Officer Sivasankaran “Soma” Somasundaram said.
“During the first quarter of 2025, we generated revenue of $864 million, which decreased 5% sequentially, in line with our expectations, driven primarily by a typical seasonal decline in international operations. We generated net income attributable to ChampionX of $86 million, income before income taxes margin of 12.1%, and we delivered adjusted EBITDA of $191 million, representing a 22.1% adjusted EBITDA margin, our second-highest level as ChampionX, which speaks to the continued productivity and profitability focus of our team.
“Cash flow from operating activities was $67 million during the first quarter, which represented 78% of net income attributable to ChampionX, and we generated free cash flow of $39 million, our 12th consecutive quarter of positive free cash flow. Our balance sheet and financial position remain strong, ending the first quarter with approximately $1.2 billion of liquidity, including $527 million of cash and $674 million of available capacity on our revolving credit facility.
“As a leading global provider of production optimization solutions for the energy industry, ChampionX is uniquely well-positioned to help operators meet the objective of maximizing the value of their producing assets, particularly against the backdrop of the ongoing structural shift toward capital discipline and moderating capital spending in the upstream and midstream industries. As global oil production grows, our differentiated and resilient production-oriented portfolio drives our expectation of positive performance relative to general oil and gas market activity in 2025.
“Amid recent changes in international trade policies, ChampionX is continuing to put its continuous improvement culture to work every day to successfully deliver products and technologies designed to improve our cost structure and drive efficiencies. We are leveraging our global and flexible supply chain footprint, long-standing supplier partnerships, pricing adjustments, and productivity initiatives to address tariff impacts, and we will continue to be there to serve our customers and deliver differentiated margin and free cash flow performance.”
Agreement to be Acquired by SLB
On April 2, 2024, SLB (NYSE: SLB) and ChampionX jointly announced a definitive Agreement and Plan of Merger (the “Merger Agreement”) for SLB to purchase ChampionX in an all-stock transaction. The transaction was unanimously approved by the ChampionX board of directors and the transaction received the approval of the ChampionX stockholders at a special meeting held on June 18, 2024. The transaction is subject to regulatory approvals and other customary closing conditions.
ChampionX may continue to pay its regular quarterly cash dividends with customary record and payment dates, subject to certain limitations under the Merger Agreement. Given the pending acquisition of ChampionX by SLB, ChampionX has discontinued providing quarterly guidance and will not host a conference call or webcast to discuss its first quarter 2025 results.
Production Chemical Technologies
Production Chemical Technologies revenue in the first quarter of 2025 was $523.4 million, a decrease of $46.3 million, or 8%, sequentially, due primarily to seasonally lower international sales volumes.
Segment operating profit was $82.2 million and adjusted segment EBITDA was $109.1 million. Segment operating profit margin was 15.7%, a sequential decrease of 248 basis points, and adjusted segment EBITDA margin was 20.8%, a sequential decrease of 259 basis points. The sequential decrease in segment operating profit margin and adjusted segment EBITDA margin was driven by lower sales volumes.
Production & Automation Technologies
Production & Automation Technologies revenue in the first quarter of 2025 was $264.4 million, a decrease of $5.2 million, or 2%, sequentially, due primarily to seasonally lower international sales volumes. Revenue from digital products was $57.8 million in the first quarter of 2025, a sequential decrease of 7%, driven by seasonally lower customer activity in North America.
Segment operating profit was $37.6 million and adjusted segment EBITDA was $70.3 million. Segment operating profit margin was 14.2%, a sequential decrease of 27 basis points, and adjusted segment EBITDA margin was 26.6%, a sequential increase of 34 basis points. The decrease in segment operating profit margin and the increase in adjusted segment EBITDA margin was driven by lower sales volumes, offset somewhat by productivity improvements.
Drilling Technologies
Drilling Technologies revenue in the first quarter of 2025 was $50.5 million, a decrease of $1.4 million, or 3%, sequentially, driven primarily by lower North America sales volumes.
Segment operating profit was $8.2 million and adjusted segment EBITDA was $10.2 million. Segment operating profit margin was 16.2%, compared to 20.6% in the prior quarter, and adjusted segment EBITDA margin was 20.3%, a decrease of 346 basis points, sequentially, due primarily to lower volumes.
Reservoir Chemical Technologies
Reservoir Chemical Technologies revenue in the first quarter of 2025 was $26.9 million, an increase of $5.0 million, or 23%, sequentially, driven by higher sales volumes in the U.S. and internationally.
Segment operating profit was $5.5 million and adjusted segment EBITDA was $6.3 million. Segment operating profit margin was 20.5%, an increase of 1008 basis points, sequentially, and adjusted segment EBITDA margin was 23.6%, an increase of 647 basis points, sequentially. The increase in segment operating profit margin and adjusted segment EBITDA margin was driven by higher sales volumes together with a more favorable product mix.
Other Business Highlights: Production Chemical Technologies and Reservoir Chemical Technologies
Awarded several first fill contracts for new conventional and unconventional fields in the Middle East region.
The North America Offshore production chemicals team was awarded the contract for an upcoming major capital project in the Gulf of America. The win was the culmination of years’ worth of work developing technical solutions to address the project’s most impactful challenges.
Commenced the initial deliveries of a significant volume of hydrate inhibitor for a major new FPSO, supporting an independent Australian operator.
Awarded program of competitive process water treatment applications in Canada after performing comprehensive technical assessments and value-added recommendations.
Completed our second RENEWIQ® (production and reservoir chemistry delivered through one trailer) joint offering for frac treating.
Reservoir group was awarded RENEWIQ work for the application of our production enhancement PROE completion chemistry to improve production over the life of wells. This program, combined with our one-site PCT service expertise, continues to bring differentiated solutions to operators in the Permian Basin.
Started the Unconventional Water team to support North America Land Water applications.
Recently won four different contracts after re-entering the US Land market with our H2S scavenger program.
Providing chemistries supporting a Canadian customer that is scheduled to commission and start up a new thermal asset in August 2025.
Other Business Highlights: Production & Automation Technologies
Awarded a multi-year contract for production optimization software by a customer in Indonesia. 4000+ wells were successfully migrated in Q1 to our XSPOC® production optimization software, delivering data-driven insights to help the customer make informed production decisions across their field for all artificial lift systems.
Continue to see strong market adoption of new digital technologies as operators look for cost-effective, scalable monitoring solutions. More than 450 SmartSpin® wireless rod rotator sensors have been installed in the field and 120+ of the recently launched SMARTEN™® Lite rod pump controller have been deployed.
ChampionX’s RMSpumptools, in partnership with our UNBRIDLED® ESP Systems team, continues to grow sales of Automatic Diverter Valves (ADV) in the Permian for a major oil company. This key technology offers customers better sand and solids management in ESP systems and acts as a safety device for ESPs featuring a PMM motor.
Following two 6-month trial installations, RMSpumptools has received an order for its Y-chek systems by a Middle East national oil company. This success sets the direction for expansion of this Y-chek solution.
Completed the first 30+ well trial with a major producer in the Permian basin of the newly offered chemical injection assurance (CIA) software module on the modern, secure, and scalable Connexia® platform. The CIA software provides fully integrated chemical measurement and delivery data as well as control and optimization capabilities.
The SMARTEN XE ESP control system is a leader in the ESP control market. In Q1, ChampionX secured a new customer based on the advanced capabilities of the SMARTEN XE controller. The system’s ability to deliver enhanced performance across multi-pad projects was central to the customer’s decision. Since launch, ChampionX has installed hundreds of ESPs with SMARTEN XE controls, improving the operation of customers’ ESP systems.
Launched newly designed LOOKOUT® optimization services to provide real-time data with full ESP system control, advanced data visualization, integrated communications, and direct access to a team of multi-disciplined artificial lift experts. Powered by a modern digital backbone, LOOKOUT optimization services enable streamlined integration of diverse data sources and control solutions. LOOKOUT also leverages the full capabilities of the SMARTEN XE ESP control system, delivering advanced automation for ESP operations.
ChampionX’s Integrated Production Optimization (IPO) business continues to expand. A Permian operator, following a series of acquisitions, has expanded implementation of the IPO solution across newly acquired acreage – placing all new wells and ESP replacements under the IPO program. IPO has consistently delivered measurable production uplift, enhanced equipment reliability, stabilized reservoir pressure drawdown, and optimized chemical spend for the operator.
ChampionX’s Norris Sucker Rods has been awarded a large contract for the supply of approximately 35,000 sucker rods for a major customer in India. ChampionX won the contract based on superior reliability and in-country technical support, according to the customer.
Norris Rods received a large bulk order for sucker rods from a U.S. independent producer to assure supply for future operations and to mitigate the impact of tariffs. Norris Rods are manufactured from U.S. steel at the Company’s factory in Tulsa, Oklahoma.
About Non-GAAP Measures
In addition to financial results determined in accordance with generally accepted accounting principles in the United States (“GAAP”), this news release presents non-GAAP financial measures. Management believes that adjusted EBITDA, adjusted EBITDA margin, adjusted net income attributable to ChampionX and adjusted diluted earnings per share attributable to ChampionX, provide useful information to investors regarding the Company’s financial condition and results of operations because they reflect the core operating results of our businesses and help facilitate comparisons of operating performance across periods. In addition, free cash flow, free cash flow to adjusted EBITDA ratio, and free cash flow to revenue ratio are used by management to measure our ability to generate positive cash flow for debt reduction and to support our strategic objectives. Although management believes the aforementioned non-GAAP financial measures are good tools for internal use and the investment community in evaluating ChampionX’s overall financial performance, the foregoing non-GAAP financial measures should be considered in addition to, not as a substitute for or superior to, other measures of financial performance prepared in accordance with GAAP. A reconciliation of these non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying financial tables.
About ChampionX
ChampionX is a global leader in chemistry solutions, artificial lift systems, and highly engineered equipment and technologies that help companies drill for and produce oil and gas safely, efficiently, and sustainably around the world. ChampionX’s expertise, innovative products, and digital technologies provide enhanced oil and gas production, transportation, and real-time emissions monitoring throughout the lifecycle of a well. To learn more about ChampionX, visit our website at www.ChampionX.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include statements relating to the proposed transaction between SLB and ChampionX, including statements regarding the benefits of the transaction and the anticipated timing of the transaction, and information regarding the businesses of SLB and ChampionX, including expectations regarding outlook and all underlying assumptions, SLB’s and ChampionX’s objectives, plans and strategies, information relating to operating trends in markets where SLB and ChampionX operate, statements that contain projections of results of operations or of financial condition and all other statements other than statements of historical fact that address activities, events or developments that SLB or ChampionX intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “guidance,” “expects,” “believes,” “anticipates,” “should,” “estimates,” “intends,” “plans,” “seeks,” “targets,” “may,” “can,” “believe,” “predict,” “potential,” “projected,” “projections,” “precursor,” “forecast,” “ambition,” “goal,” “scheduled,” “think,” “could,” “would,” “will,” “see,” “likely,” and other similar expressions or variations, but not all forward-looking statements include such words. These forward-looking statements involve known and unknown risks and uncertainties, and which may cause SLB’s or ChampionX’s actual results and performance to be materially different from those expressed or implied in the forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to those factors and risks described in Part I, “Item 1. Business”, “Item 1A. Risk Factors”, and “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” in SLB’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the Securities and Exchange Commission (the “SEC”) on January 22, 2025 and Part 1, Item 1A, “Risk Factors” in ChampionX’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 5, 2025, and each of their respective, subsequent Current Reports on Form 8-K. These include, but are not limited to, and in each case as a possible result of the proposed transaction on each of SLB and ChampionX: the ultimate outcome of the proposed transaction between SLB and ChampionX, including the effect of the announcement of the proposed transaction; the ability to operate the SLB and ChampionX respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers, suppliers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction (including the adoption of the merger agreement in respect of the proposed transaction by ChampionX stockholders); other risks related to the completion of the proposed transaction and actions related thereto; the ability of SLB and ChampionX to integrate the business successfully and to achieve anticipated synergies and value creation from the proposed transaction; changes in demand for SLB’s or ChampionX’s products and services; global market, political and economic conditions, including in the countries in which SLB and ChampionX operate; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; the extent of growth of the oilfield services market generally, including for chemical solutions in production and midstream operations; the global macro-economic environment, including headwinds caused by inflation, rising interest rates, unfavorable currency exchange rates, and potential recessionary or depressionary conditions; the impact of shifts in prices or margins of the products that SLB or ChampionX sells or services that SLB or ChampionX provides, including due to a shift towards lower margin products or services; cyber-attacks, information security and data privacy; the impact of public health crises, such as pandemics (including COVID-19) and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; trends in crude oil and natural gas prices, including trends in chemical solutions across the oil and natural gas industries, that may affect the drilling and production activity, profitability and financial stability of SLB’s and ChampionX’s customers and therefore the demand for, and profitability of, their products and services; litigation and regulatory proceedings, including any proceedings that may be instituted against SLB or ChampionX related to the proposed transaction; failure to effectively and timely address energy transitions that could adversely affect the businesses of SLB or ChampionX, results of operations, and cash flows of SLB or ChampionX; and disruptions of SLB’s or ChampionX’s information technology systems.
These risks, as well as other risks related to the proposed transaction, are included in the Form S-4 and proxy statement/prospectus that was filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors presented in the registration statement on Form S-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to SLB’s and ChampionX’s respective periodic reports and other filings with the SEC, including the risk factors identified in SLB’s and ChampionX’s Annual Reports on Form 10-K, respectively, and SLB’s and ChampionX’s Quarterly Reports on Form 10-Q. The forward-looking statements included in this communication are made only as of the date hereof. Neither SLB nor ChampionX undertakes any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.
CHAMPIONX CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Three Months Ended March 31,
(in thousands)
2025
2024
Cash flows from operating activities:
Net income
$
89,028
$
113,160
Depreciation and amortization
60,056
59,580
(Gain) loss on sale-leaseback transaction
—
(29,883
)
Loss on Argentina Blue Chip Swap transaction
—
4,092
Deferred income taxes
(10,941
)
(12,903
)
Loss (gain) on disposal of fixed assets
1,616
1,107
Receivables
13,937
62,915
Inventories
(25,569
)
(39,873
)
Accounts payable
40,675
68,248
Other assets
(19,955
)
(602
)
Leased assets
(6,665
)
(4,254
)
Other operating items, net
(75,380
)
(48,079
)
Net cash flows provided by operating activities
66,802
173,508
Cash flows from investing activities:
Capital expenditures
(31,250
)
(31,912
)
Proceeds from sale of fixed assets
3,004
2,390
Proceeds from sale-leaseback transaction
—
44,292
Purchase of investments
—
(17,162
)
Sale of investments
—
13,070
Acquisitions, net of cash acquired
—
(21,472
)
Net cash used for investing activities
(28,246
)
(10,794
)
Cash flows from financing activities:
Repayment of long-term debt
(1,551
)
(1,551
)
Repurchases of common stock
—
(49,399
)
Dividends paid
(18,110
)
(16,247
)
Other
(488
)
3,104
Net cash used for financing activities
(20,149
)
(64,093
)
Effect of exchange rate changes on cash and cash equivalents
471
(1,161
)
Net increase in cash and cash equivalents
18,878
97,460
Cash and cash equivalents at beginning of period
507,681
288,557
Cash and cash equivalents at end of period
$
526,559
$
386,017
CHAMPIONX CORPORATION BUSINESS SEGMENT DATA (UNAUDITED)
Three Months Ended
March 31,
December 31,
March 31,
(in thousands)
2025
2024
2024
Segment revenue:
Production Chemical Technologies
$
523,390
$
569,662
$
590,108
Production & Automation Technologies
264,377
269,568
252,614
Drilling Technologies
50,530
51,942
55,206
Reservoir Chemical Technologies
26,926
21,937
24,705
Corporate and other
(759
)
(1,072
)
(492
)
Total revenue
$
864,464
$
912,037
$
922,141
Income before income taxes:
Segment operating profit (loss):
Production Chemical Technologies
$
82,172
$
103,567
$
87,832
Production & Automation Technologies
37,554
39,027
28,470
Drilling Technologies
8,174
10,703
44,402
Reservoir Chemical Technologies
5,529
2,294
3,746
Total segment operating profit
133,429
155,591
164,450
Corporate and other
15,821
25,101
10,759
Interest expense, net
13,196
12,375
13,935
Income before income taxes
$
104,412
$
118,115
$
139,756
Operating profit margin / income before income taxes margin:
Production Chemical Technologies
15.7
%
18.2
%
14.9
%
Production & Automation Technologies
14.2
%
14.5
%
11.3
%
Drilling Technologies
16.2
%
20.6
%
80.4
%
Reservoir Chemical Technologies
20.5
%
10.5
%
15.2
%
ChampionX Consolidated
12.1
%
13.0
%
15.2
%
Adjusted EBITDA
Production Chemical Technologies
$
109,065
$
133,475
$
118,031
Production & Automation Technologies
70,269
70,739
60,340
Drilling Technologies
10,237
12,321
16,074
Reservoir Chemical Technologies
6,347
3,751
5,346
Corporate and other
(5,049
)
(8,021
)
(8,079
)
Adjusted EBITDA
$
190,869
$
212,265
$
191,712
Adjusted EBITDA margin
Production Chemical Technologies
20.8
%
23.4
%
20.0
%
Production & Automation Technologies
26.6
%
26.2
%
23.9
%
Drilling Technologies
20.3
%
23.7
%
29.1
%
Reservoir Chemical Technologies
23.6
%
17.1
%
21.6
%
ChampionX Consolidated
22.1
%
23.3
%
20.8
%
CHAMPIONX CORPORATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES (UNAUDITED)
Three Months Ended
March 31,
December 31,
March 31,
(in thousands)
2025
2024
2024
Net income attributable to ChampionX
$
85,797
$
82,766
$
112,923
Pre-tax adjustments:
(Gain) loss on sale leaseback transaction(1)
—
—
(29,883
)
Russia sanctions compliance and impacts(2)
28
73
152
Restructuring and other related charges
1,059
2,704
1,709
Merger transaction costs(3)
10,232
14,434
—
Acquisition costs and related adjustments(4)
—
75
1,232
Intellectual property defense
382
158
779
Merger-related indemnification responsibility(5)
—
100
—
Tulsa, Oklahoma storm damage
—
—
305
Foreign currency transaction losses (gains), net
1,504
1,697
55
Loss on Argentina Blue Chip Swap transaction
—
—
4,092
Tax impact of adjustments
(2,971
)
(5,565
)
5,066
Adjusted net income attributable to ChampionX
96,031
96,442
96,430
Tax impact of adjustments
2,971
5,565
(5,066
)
Net income attributable to noncontrolling interest
3,231
2,145
237
Depreciation and amortization
60,056
62,534
59,580
Provision for income taxes
15,384
33,204
26,596
Interest expense, net
13,196
12,375
13,935
Adjusted EBITDA
$
190,869
$
212,265
$
191,712
_______________________
(1) Amount represents the gain on the sale and leaseback of certain buildings and land. (2) Includes charges incurred related to legal and professional fees to comply with, as well as additional foreign currency exchange losses associated with, the sanctions imposed in Russia. (3) Includes costs incurred in relation to the Merger Agreement with Schlumberger Limited, including third party legal and professional fees. (4) Includes costs incurred for the acquisition of businesses. (5) Expense related to the June 3, 2020 merger transaction with Ecolab in which we acquired the Chemical Technologies business.
Three Months Ended
March 31,
December 31,
March 31,
(in thousands)
2025
2024
2024
Diluted earnings per share attributable to ChampionX
$
0.44
$
0.43
$
0.58
Per share adjustments:
(Gain) loss on sale leaseback transaction and disposal group
—
—
(0.15
)
Russia sanctions compliance and impacts
—
—
—
Restructuring and other related charges
0.01
0.01
0.01
Merger transaction costs
0.05
0.07
—
Acquisition costs and related adjustments
—
—
0.01
Intellectual property defense
—
—
—
Merger-related indemnification responsibility
—
—
—
Tulsa, Oklahoma storm damage
—
—
—
Foreign currency transaction losses (gains), net
0.01
0.01
—
Loss on Argentina Blue Chip Swap transaction
—
—
0.02
Tax impact of adjustments
(0.01
)
(0.02
)
0.03
Adjusted diluted earnings per share attributable to ChampionX
$
0.50
$
0.50
$
0.50
CHAMPIONX CORPORATION RECONCILIATIONS OF GAAP TO NON-GAAP FINANCIAL MEASURES BY SEGMENT (UNAUDITED)
Three Months Ended
March 31,
December 31,
March 31,
(in thousands)
2025
2024
2024
Production Chemical Technologies
Segment operating profit
$
82,172
$
103,567
$
87,832
Non-GAAP adjustments
1,658
2,251
3,933
Depreciation and amortization
25,235
27,657
26,266
Segment adjusted EBITDA
$
109,065
$
133,475
$
118,031
Production & Automation Technologies
Segment operating profit
$
37,554
$
39,027
$
28,470
Non-GAAP adjustments
764
75
2,076
Depreciation and amortization
31,951
31,637
29,794
Segment adjusted EBITDA
$
70,269
$
70,739
$
60,340
Drilling Technologies
Segment operating profit
$
8,174
$
10,703
$
44,402
Non-GAAP adjustments
766
306
(29,883
)
Depreciation and amortization
1,297
1,312
1,555
Segment adjusted EBITDA
$
10,237
$
12,321
$
16,074
Reservoir Chemical Technologies
Segment operating profit
$
5,529
$
2,294
$
3,746
Non-GAAP adjustments
(278
)
39
16
Depreciation and amortization
1,096
1,418
1,584
Segment adjusted EBITDA
$
6,347
$
3,751
$
5,346
Corporate and other
Segment operating profit
$
(29,017
)
$
(37,476
)
$
(24,694
)
Non-GAAP adjustments
10,295
16,570
2,299
Depreciation and amortization
477
510
381
Interest expense, net
13,196
12,375
13,935
Segment adjusted EBITDA
$
(5,049
)
$
(8,021
)
$
(8,079
)
Free Cash Flow
Three Months Ended
March 31,
December 31,
March 31,
(in thousands)
2025
2024
2024
Free Cash Flow
Cash flows from operating activities
$
66,802
$
207,250
$
173,508
Less: Capital expenditures, net of proceeds from sale of fixed assets
Since President Donald J. Trump took office 100 days ago, it has been a nonstop deluge of hoaxes and lies from Democrats and their allies in the Fake News suffering from terminal cases of Trump Derangement Syndrome.
In no particular order, here are some of the most egregious hoaxes peddled by the usual suspects so far in President Trump’s second term:
HOAX: Fake News CNN attempted to “fact check” President Trump’s claim that the Biden Administration spent millions on “making mice transgender.”
HOAX: The Fake News claimed the Department of Defense removed Gen. Colin Powell’s name from a list of notable Americans buried at Arlington Cemetery.
FACT: No service members’ names were removed from that section — and Gen. Powell’s name remains among those listed.
HOAX: Rep. Eric Swalwell (D-CA) claimed “no president” presided over more plane crashes during their first month in office as President Trump.
FACT: “There were 55 aviation accidents in the U.S. between Biden’s inauguration on Jan. 21, 2021, and Feb. 17, 2021, compared to 35 during the same period for Trump,” Fox News reported.
FACT: It was actually the U.S. Secret Service investigating a threat unrelated to immigration.
HOAX: Far-left influencers and other leftist hacks falsely claimed the Department of Government Efficiency (DOGE) and Elon Musk were out to “cut Social Security.”
FACT: They were referencing an interview in which Musk was clearly referring to the tremendous amount of waste, fraud, and abuse within entitlement programs.
HOAX: The media smeared DOGE as “young, inexperienced engineers” engineering a “government takeover.”
FACT: In reality, DOGE is led by seasoned industry professionals, including successful CEOs who paused their lives to aid in the effort of streamlining government and holding the bureaucracy accountable.
HOAX: NBC’s Peter Alexander peddled the lie that “constituents in some traditionally red districts” were unhappy with President Trump’s effort to cut waste, fraud, and abuse in government.
FACT: The same “protests” cited by the Fake News were funded and organized by far-left special interest groups.
HOAX: NPR claimed NASA astronauts Suni Williams and Butch Wilmore — who were stuck on the International Space Station for more than nine months following problems with their spacecraft — were “not stranded.”
FACT: NPR itself had described the astronauts as stranded in prior reporting, and only seemed to take issue with the description once President Trump and Elon Musk made it a priority to bring them home.
HOAX: A foreign Fake News outlet reported that President Trump “shut down” the British prime minister during a news conference.
FACT: In reality, President Trump was simply moving on from a reporter who was trying to goad the two leaders into division.
HOAX: NPR falsely claimed the White House was actively searching for a new secretary of defense.
HOAX: The Fake News attempted to paint illegal immigrant gang member Kilmar Abrego Garcia as an innocent “Maryland father” who was unjustly deported by the Trump Administration — and actively censored the truth about him.
FACT: Abrego Garcia is a citizen of El Salvador and was deported to his home country amid overwhelming evidence of his gang affiliation.
HOAX: Deranged “filmmaker” Michael Moore questioned whether deported illegal immigrants would go on to cure cancer or stop “that asteroid (sic) that’s gonna hit us.”
FACT: Moore’s statement was a strong early contender for the dumbest, most ridiculous statement of the year considering those deported illegal immigrants were violent criminals.
HOAX: The Fake News portrayed Mahmoud Khalil, a pro-Hamas radical who led violent protests at Columbia, as an innocent graduate student with an absolute right to remain in the U.S.
FACT: An immigration judge ruled Khalil — who is not a U.S. citizen — can be deported.
HOAX: The Financial Timesreported that Senior White House Counselor Peter Navarro wanted to remove Canada from the “Five Eyes” intelligence sharing network.
FACT: Mr. Navarro immediately shut down this fake story.
HOAX: A foreign Fake News reporter claimed President Trump referred to European nations as “parasites.”
FACT: President Trump immediately pushed back on this ridiculous claim — as did the Italian prime minister.
HOAX: Fake News CNN’s Brianna Keilar implied the Trump Administration was somehow wrong for stopping illegal immigrants from stealing taxpayer dollars in the form of welfare benefits.
FACT: Deputy Chief of Staff Stephen Miller summarily embarrassed her with the facts: “The federal government will find EVERY illegal alien who is stealing American taxpayer dollars — and that’s what Americans expect to happen. I don’t even fathom the premise of your question.”
HOAX: A favorite refrain of the Fake News is that Secretary of Health and Human Services Robert F. Kennedy, Jr., is “anti-vaccine.”
FACT: Kennedy debunked the lie in his confirmation hearings: “This has been repeatedly debunked … Bringing this up right now is dishonest.”
HOAX: WIRED falsely claimed the Social Security Administration is “shifting its public communication exclusively to X” under President Trump.
HOAX: Reuters falsely reported that the Trump Administration “stalled a United Nations program in Mexico aimed at stopping imported fentanyl chemicals from reaching the country’s drug cartels.”
FACT: The Department of State is actually trying to expand the initiative.
FACT: The Fake News frequently pushed the lie that as part of the Trump administration, Secretary Kennedy would implement a national abortion ban and “restrict or even ban medication abortion without a single act of Congress.”
FACT: Secretary Kennedy consistently pledged to implement President Trump’s policies — which include leaving abortion to the states, ending barbaric late-term abortions, protecting conscientious objections, and ending federal funding for abortions.
HOAX: Fake News savant Tara Palmeri falsely reported that President Trump’s proposal for Gaza was conceived by Jared Kushner.
FACT: This lie was immediately and summarily debunked by the Trump Administration: “The worst reporter in America makes up fake news for clout because she has no real sources. Sit down, dummy.”
HOAX: Sen. Chris Murphy, Rep. Jasmine Crockett, and media outlets claimed President Trump’s directive to pause radical, wasteful government spending meant an end to Medicaid, food assistance, and other individual assistance programs.
FACT: Individual assistance programs — Social Security, Medicare, Medicaid, SNAP, etc. — were explicitly excluded, as was made clear by Press Secretary Karoline Leavitt and the Office of Management and Budget. Only unnecessary spending — DEI, Green New Scam, NGOs that undermine the national interest — were included in the directive.
HOAX: A “physicians advocacy group” was widely cited as opposing President Trump’s nomination of Robert F. Kennedy, Jr., to lead the Department of Health and Human Services.
FACT: The “advocacy group” was really an astroturfed partisan organization funded by prominent left-wing donors — and accepted fake signatures.
HOAX: Sen. Tim Kaine (D-VA) and other Democrats pushed the lie that DOGE posted “classified information” on their website.
FACT: That alleged “classified information” was really just an employment headcount — which has been publicly available for years.
HOAX: Rep. Debbie Wasserman Schultz (D-FL) claimed Secretary of Homeland Security Kristi Noem called all Venezuelan immigrants “dirtbags.”
FACT: Secretary Noem actually called illegal immigrant members of the vicious Tren de Aragua gang “dirtbags,” which is true.
HOAX:The New York Timeswrote that Secretary Robert F. Kennedy, Jr., wanted to “ban fluoride in drinking water” and “reverse … one of the most important public health practices in the country’s history.”
FACT: New York Times made no mention of their own reporting that fluoride may be “linked to lower IQ scores in children.”
HOAX: Sen. Chuck Schumer (D-NY) repeatedly lied about President Trump “going after” Social Security.
FACT: President Trump has repeatedly pledged to protect Social Security and make it more robust for American citizens.
HOAX: Sen. Mark Kelley (D-AZ) attempted to scare veterans by shamelessly claiming their care was in jeopardy due to “layoffs” at VA hospitals.
FACT: The lie was debunked by Secretary of Veterans Affairs Doug Collins: “What changes are you talking about? We’ve not had those layoffs… I put $360 million back into community care… It’s concerning to me that a veteran would actually tell stories to veterans that are not true.”
HOAX: Rep. Jasmine Crockett (D-TX) exploited the Ronald Reagan Washington National Airport plane crash tragedy by claiming President Trump “froze the hiring” of air traffic controllers.
FACT: Air traffic controllers were exempt from the federal hiring freeze.
HOAX: Rep. Jasmine Crockett (D-TX) implied that “cutting” members of an aviation advisory committee was somehow a cause of the Ronald Reagan Washington National Airport plane crash tragedy.
FACT: The advisory group hadn’t met since 2023 and was comprised of business and union leaders who gave “advice” to the TSA and had nothing to do with actual air travel.
HOAX: A far-left writer claimed Elon Musk and DOGE staffers “illegally installed a commercial server to control federal HR databases that contain sensitive personal information, including SSNs, home addresses, and medical histories.”
FACT: A top official confirmed “there’s nothing illegal and no server, just more made up tall tales from uninformed career bureaucrats.”
HOAX:The Washington Postalleged the Trump Administration was setting “quotas” for immigration authorities — and gave the administration just four minutes to comment before publishing.
FACT: The illegal immigrant was a confirmed member of the vicious Tren de Aragua gang. An immigration judge ordered his removal, and he was deported along with other threats to national security.
HOAX:The Wall Street Journalalleged that Special Envoy Steve Witkoff was receiving sensitive information on a personal phone while in Moscow and that Russian Intelligence must’ve had access to the information.
FACT: This was a total fabrication. Special Envoy Witkoff did not even have a personal phone with him in Russia. He had only a government phone; a secure line of communication.
HOAX:The Wall Street Journalclaimed the Trump Administration “sought to portray” deported criminal illegal immigrant gang member Kilmar Abrego Garcia as “violent.”
FACT: Abrego Garcia’s own wife filed an order of protection against him and testified that he brutally beat her.
HOAX: An AP reporter claimed that FAA staff who worked on “radar, landing and navigational aid maintenance, among others” were “harassed on Facebook” by DOGE.
FACT: That was a total lie. DOGE doesn’t have a Facebook page and no professionals who perform critical safety functions were fired.
HOAX: The Daily Beast claimed Vice President JD Vance “broke one of the most notorious Vatican rules during his Easter weekend visit” by being photographed in the Sistine Chapel.
FACT: Buried all the way down in the 14th paragraph, The Daily Beast admitted the vice president was given special permission by the Vatican to have photographs taken inside the Sistine Chapel.
HOAX: Left-wing social media accounts promoted fake, AI-generated audio of Vice President Vance “disparaging Elon Musk in private.”
HOAX:The New York Timesreported that funding for the Women’s Health Initiative was being slashed by the Department of Health and Human Services.
FACT: Secretary Robert F. Kennedy, Jr., himself declared this Fake News and recognized the project is “mission critical.”
HOAX: Fox News’s Jennifer Griffin gave legitimacy to a hoax from delusional Reps. Debbie Wasserman Schultz (D-FL) and Rosa DeLauro (D-CT) that Secretary of Defense Pete Hegseth requested nearly $140,000 in “upgrades” to his government residence.
FACT: This lie was debunked by Secretary Hegseth — and it was so outrageous, even the AP was forced to admit it was completely fake.
HOAX: Rep. Don Beyer (D-VA) and many others claimed the Supreme Court ordered the return of illegal immigrant gang member Kilmar Abrego Garcia to the United States.
FACT: Even CNN admitted that’s not what happened: “They did not order the administration to return him to the United States … they could’ve said ‘we order him returned,’ but they didn’t do that.”
HOAX: Joe Biden accused the Trump Administration of “taking aim at Social Security.”
FACT: As usual, he was lying — President Trump has repeatedly pledged to protect Social Security.
HOAX: Rep. Ro Khanna (D-CA) claimed the arrest of a Milwaukee judge who helped an illegal immigrant evade arrest was “unprecedented.”
HOAX: Sen. Tammy Baldwin (D-WI) called the arrest of a Milwaukee judge who helped an illegal immigrant evade arrest a “gravely serious and drastic move.”
FACT: The judge violated the law by obstructing an ICE arrest of an illegal immigrant.
HOAX: Sen. Amy Klobuchar (D-MN) claimed the arrest of the Milwaukee judge who obstructed an apprehension of a criminal illegal immigrant “threatens the rule of law.”
FACT: It literally does the opposite because no one is above the law.
HOAX: Politico claimed the Trump Administration “wipe[d] out firefighter health and safety programs.”
FACT: The programs remain a top priority for the administration — and will remain intact.
HOAX: Sen. Elizabeth Warren claimed that President Trump’s policies make it so “no one wants to make investments in the United States.”
FACT: President Trump has secured more than $5 trillion in investments since taking office, which is expected to create more than 451,000 new jobs — and the list is only expected to grow.
HOAX: NBC’s Kristen Welker peddled a Fake News hoax that the Trump Administration was deporting children.
FACT: Secretary of State Marco Rubio shut down her desperate attempt at a hoax by highlighting how the mother, who was in the country illegally, made that choice all on her own.
HOAX:The New York Timesimplied President Trump was alone in wearing a blue suit to the funeral of Pope Francis.
FACT: Photos show dozens of world leaders and other attendees — many situated near President Trump — alsowearingblue clothing.
HOAX: Teachers’ union boss Randi Weingarten accused President Trump of taking teachers’ salaries and giving them to “billionaires” by cutting the Department of Education.
FACT: President Trump has repeatedly called teachers “the most important people in this country” who should be paid more, not less. The federal government does not pay the salaries of teachers; state and local governments do.
HOAX: The Fake News and their predictable allies ran with a story that claimed an American citizen was detained by authorities after he informed them he was, in fact, a citizen.
FACT: That’s not what happened. The individual “approached Border Patrol in Tucson and stated he had entered the U.S. illegally through Nogales. He said he wanted to turn himself in and completed a sworn statement identifying as a Mexican citizen who had entered unlawfully … A few days later, his family presented documents showing U.S. citizenship. The charges were dismissed, and he was released to his family.”
HOAX: PBS News claimed “DOGE operatives attempted to gain access to secure spaces,” implying they attempted to access classified information without approval.
HOAX: The AP falsely claimed Director of National Intelligence Tulsi Gabbard said President Trump is “very good friends” with Russian President Vladimir Putin.
FACT: The AP was humiliatingly forced to retract its story, admitting they were wrong. Stephanie Ruhle also had to issue a correction. DNI Gabbard was referencing President Trump’s relationship with Indian PM Narendra Modi.
FACT: Wrong. As Secretary of State Marco Rubio said, “When you apply to enter the United States and you get a visa, you are a guest… If you tell us when you apply for a visa ‘I’m coming to the U.S. to participate in pro-Hamas events,’ that runs counter to the foreign policy interest of the United States… If you had told us you were going to do that, we never would have given you the visa.”
The Vietnam War (1955–1975) was more than just a chapter in the Cold War.
For some, it was supposed to achieve Vietnam’s right to self-determination. For others, it was an attempt to found a nation-state independent of both capitalist and communist influences.
In the 50 years since the war ended, the stories we’ve heard about it have struggled to convey these many different views. Cinema – in Hollywood and in Vietnam – offers some insight into this struggle, which we continue to face today.
A war by any other name
The war is known by many names, and each one highlights the different objectives of the forces involved.
For the United States, “The Vietnam War” was one battleground against the Soviet Union during the Cold War. To prevent communism from spreading, the US sent resources to establish the Republic of Vietnam (known informally as South Vietnam) as its proxy. It had already used this strategy with West Germany and South Korea.
The Communist Party of Vietnam thought of US involvement as a form of colonialism.
By calling the conflict “the sacred resistance against the US to salvage the country” (Cuộc Kháng Chiến Chống Mỹ, Cứu Nước), or “the American war” (Chiến Tranh Mỹ) for short, the communist party encouraged the perception of the war as a stepping stone towards Vietnam’s full independence following Chinese imperialism (circa 111 BCE–939 CE), French colonialism (1862–1954) and Japanese occupation (1940-45).
The communist objective was to “liberate” South Vietnam from the US and its puppet administration, and reunify the country. This is why, in Vietnam, April 30 is called “Reunification Day” or “Independence Day”, to commemorate the communists’ victory in capturing Saigon.
However, former citizens of South Vietnam call April 30 the “Day of National Mourning” (Ngày Quốc Hận), as it marks the Republic’s defeat and the beginning of decades of political persecution and refugee displacement. Although the South Vietnamese were pluralistic in their political beliefs, they were united in their anti-communism.
For them, the conflict was “the Civil War” (Nội Chiến), fought between communists and anti-communists over the future of Vietnam. After the Republic fell, many grieved (and still do) the vision of what South Vietnam could have become.
Apocalypse then
While the US eventually lost control over South Vietnam, it continued to influence how Vietnam was thought of in the West through Hollywood.
Francis Ford Coppola’s Apocalypse Now is loosely based on Joseph Conrad’s classic novel, Heart of Darkness. Shutterstock
In the 1970-80s, Vietnam War films such as Francis Ford Coppola’s Apocalypse Now (1979), Stanley Kubrick’s Full Metal Jacket (1987) and Oliver Stone’s Platoon (1987) established these directors as household names.
The films focus on US soldiers’ psyche and discontent with incompetent leadership, pushing the Vietnamese people and their struggles for independence into the background. They frame the war as something done to American society, rather than something the US orchestrated.
This victimhood fostered what became known as “the Vietnam syndrome” – an unofficial condition in American mindset characterised by feelings of woundedness and a loss of trust in the capability of the US.
In Vietnam, early communist-controlled cinema in the north depicted the Vietnamese as an oppressed people who must band together to defeat Western corruption. Wartime films such as Along the Same River (1959) and 17th Parallel, Days and Nights (1972) leaned into melodramatic love stories to allegorise the divided Vietnam as separated lovers who must be reunited.
As directors in the north slowly gained some freedom from the communist party, films increasingly dealt with the war’s immense impact and questioned the party’s ability to bring about the classless society it had promised. The Girl on the River (1987) and Living in Fear (2005) are two good examples.
Living in Fear (Sống trong sợ hãi) trailer.
Meanwhile, filmmakers in the south were independents who occasionally collaborated with the state or military, as seen with the classic 1971 film Faceless Lover (also known as Warrior, Who Are You?).
South Vietnamese people saw film as a medium to negotiate their fledgling national identity. For them, it was important to establish and safekeep an identity that was distinct from the “foreign ally” (the US) and the “domestic foe” (the communists).
This is why films from the south often portrayed love triangles, where the hero must choose between the vessels of modern Vietnamese femininity and Western excess. Some examples include Afternoon Sun (1972) and Late Night’s Dew (1972).
Apocalypse now
New perspectives on the war are emerging as historically marginalised groups gain footing in Western media. And some of these challenge early portrayals.
Spike Lee’s Da 5 Bloods (2020) was the first major production to show the war through Black American veterans’ eyes. Hollywood neglected to do this, despite the over-representation of Black soldiers in conscription, combat and casualties during wartime.
Although Da 5 Bloods still fails to account for the Vietnamese’s fight for self-determination, it acknowledges Black Americans’ and the Vietnamese people’s mutual suffering under white supremacy.
One independent feature from a son of refugees, Journey from the Fall (2006), conveys the resentment many exiled South Vietnamese people feel towards the communist party. It also explores the trauma of leaving Vietnam by boat and resettlement in the US.
Most recently, the 2024 TV series The Sympathizer, adapted from Viet Thanh Nguyen’s novel, moved the needle by probing at complex issues such as wartime loyalty, complicity and authenticity.
Communist narratives persist
In Vietnam today, the scale of communist party-funded movies has grown immensely, with many films resembling Hollywood blockbusters. But the messages have become more conservative.
Films such as The Scent of Burning Grass (2012) and The Legend Makers (2013) continue to support the communist party narrative by omitting South Vietnam’s anti-communist objective. They also undermine women’s contributions to the war efforts, whereas earlier films put women at the centre of community organisation.
A new generation of filmmakers is challenging these narratives through collaboration with international production companies and distributors. Features such as Viet and Nam (2024) experiment with film form to show the true costs of war, including the widening wealth disparity in Vietnam, and the lengths many would go to close this gap.
Viet and Nam trailer.
Scarlette Nhi Do does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
This federal election, both major parties have offered a “grab bag” of policy fixes for Australia’s stubborn housing affordability crisis. But there are still two big policy elephants in the room, which neither side wants to touch.
The first is negative gearing. This can apply to business losses relating to any investment. But in the context of housing, it allows property investors to claim annual losses incurred renting out an investment property as deductions against their taxable income.
Proponents argue this boosts the supply of rental housing by encouraging investment. Critics say it’s an unfair tax break that disproportionately benefits the wealthy while driving up house prices.
This situation has been controversial for a long time. The Hawke government tried to implement major reforms in the 1980s but these were reversed soon afterwards.
The second “elephant”, which some economists argue “put a rocket under” housing prices, is the 50% capital gains tax discount for assets held for longer than a year. This was introduced by the Howard government at the turn of the millennium.
In 2019, the then Labor leader Bill Shorten learned the hard way what can happen when you bring negative gearing and capital gains tax reform to an election as part of a “big target” platform. Yet these tax concessions remain highly contentious.
Whom do they benefit most? Are they behind the housing crisis? Is keeping them fair on the rest of us? We invited four experts to unpack this debate. Here are the elements they told us are most crucial:
Digital Storytelling Team does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
US President Donald Trump declared earlier this year he would forge a “colour blind and merit-based society”.
His executive order was part of a broader policy directing the US military, federal agencies and other public institutions to abandon diversity, equity and inclusion (DEI) initiatives.
Framing this as restoring fairness, neutrality and strength to American institutions, Trump argued DEI programs “discourage merit and leadership” and amounted to “race-based and sex-based discrimination”.
In Australia too, debates over gender quotas and “the war on woke” have repeatedly invoked meritocracy as a rallying cry against affirmative action.
The narrative of rewards going to the most qualified people is compelling. Yet decades of research show this is flawed. Far from being the great equaliser, an uncritical reliance on “merit” can perpetuate bias and inequality.
The myths of meritocracy
The merit rhetoric invokes the ideal of a neutral, objective system rewarding talent and effort, regardless of identity.
In theory, merit-based evaluations such as exams, performance reviews, employee recruitment processes and competitive bids, should be impartial.
In practice however, there are several myths associated with the notion of merit.
1. Merit is purely objective or unbiased. In the employment context for example, studies show that even so-called objective and standardised cognitive or aptitude tests can systematically favour men due to the type of questions asked.
Decision-makers may unknowingly redefine merit to fit whoever already belongs to a favoured group. A study of elite law firms, for example, found male applicants were rated as more qualified than identical resumes from women.
This is known as “plasticity of merit”, meaning the criteria of excellence can bend to preference, all while appearing objective.
Supposedly merit-based judgments can reflect unconscious bias, or comfort with candidates who fit a traditional mould. Over time, preference may be given to a particular type of candidate irrespective of their actual contribution. Privilege and prejudice can be baked into merit-based evaluations.
In reality however, past inequalities shape present opportunities. What counts as merit is dynamic and socially shaped, not an eternal universal standard.
For example, during the second world war there was a shortage of male workers. Qualities women brought to jobs previously held by men such as capacity for teamwork were suddenly deemed meritorious. But these same qualities were downgraded when the men returned.
Merit is often defined in masculine terms. For example, physicality or hyper-competitive traits have long been seen as prerequisites for military service and policing.
Merit is often defined in masculine terms commonly associated with military, policing and firefighting services. Charnsitr/Shutterstock
This alignment of masculine norms with standards of merit has been termed “benchmark man”.
Science careers too were built in an era when women were largely excluded. They were predicated on long-hours work and total availability – requirements that clash with caregiving responsibilities. The result is women in STEM careers leave or are pushed out.
3. Outcomes are the result of personal choice or deficiencies, not structural barriers. Meritocracy carries a moral narrative: those at the top earned their place while those left behind didn’t measure up or chose not to compete.
Research shows, for example, that when women don’t advance, it’s explained as lifestyle choices, or they lack ambition, or have opted out to prioritise caregiving.
This narrative wilfully overlooks the structural constraints impacting choices. When a woman “chooses” a lower-paying, flexible job, it may be less about preference than inadequate social supports.
By accepting unequal outcomes as the natural result of individual choices, institutions can conveniently obscure disadvantage and discrimination and erase responsibility to correct inequities.
How the merit mandate undermines equality
Trump’s vision is to remove equity initiatives and programs that monitor or encourage fair hiring and promotion, cease training that alerts employees to hidden biases, and fire or reassign DEI staff.
This is conceptually flawed and will actually entrench the very biases and barriers that have kept institutions unequal.
In the military, for example – an area highlighted by Trump – leaders have recognised they need to foster more inclusive cultures.
For years, defence forces have grappled with sexual harassment, recruitment shortfalls and retention of skilled personnel. In Australia, the Australian Defence Force undertook major reviews to identify violent and sexist subcultures, understanding a more inclusive force is a more effective force.
Yet Trump’s order bars the Pentagon from even acknowledging historical sexism in the ranks.
Favouring the in-group
Removing equity measures under a banner of neutrality means hiring and promotion will increasingly rely on informal networks and subjective judgements. These can tilt in favour of the in-group – usually white, male and affluent.
DEI initiatives can increase representation of women, or people from diverse racial or cultural backgrounds, in an organisation or occupational group.
However, without challenging the norms of merit, or without broadening the definitions of talent and leadership, people in those groups may continue to feel like outsiders.
Australian experts and business leaders increasingly acknowledge objective merit is mythical.
Redefining merit
Fair rewards for effort can improve performance. However, we need to stop pitting merit against diversity. True fairness requires acknowledgement structural inequality exists and bias affects evaluations.
Organisations need to re-imagine merit in ways that work with inclusion, rather than against it. This includes refining hiring and promotion criteria to focus on competencies that are measurable and relevant.
Paula McDonald currently receives funding from the Australian Research Council.
Source: The Conversation (Au and NZ) – By Magnus Söderberg, Professor & Director, Centre for Applied Energy Economics and Policy Research, Griffith University
In an otherwise unremarkable election campaign, the major parties are promising sharply different energy blueprints for Australia. Labor is pitching a high-renewables future powered largely by wind, solar, hydroelectricity and batteries. The Coalition wants more gas and coal now, and would build nuclear power later.
So how might these two competing visions play out as Australia goes to the polls this Saturday?
Research shows clear generational preferences when it comes to producing electricity. Younger Australians prefer renewables while older people favour coal and gas. The one exception is nuclear power, which is split much more on gender lines than age – 51% of Australian men support it, but just 26% of women.
While many voters are focused squarely on the cost of living, energy prices feed directly into how much everything costs. Research has shown that as power prices rise, the more likely it is an incumbent government will be turfed out.
Coal, renewables or nuclear?
About half of young Australians (18–34) want the country powered by renewables by 2030, according to a 2023 survey of energy consumers. Only 13% of the youngest (18–24) group think there’s no need to change or that it’s impossible. But resistance increases directly with age. From retirement age and up, 29% favour a renewable grid by 2030 while 44% think there’s no need or that it’s impossible.
On nuclear, the divide is less clear. The Coalition has promised to build Australia’s first nuclear reactors if elected, and Coalition leader Peter Dutton has claimed young people back nuclear. That’s based on a Newspoll survey showing almost two-thirds (65%) of Australians aged 18–34 supported nuclear power.
But other polls give a quite different story: 46% support for nuclear by younger Australians in an Essential poll compared to 56% support by older Australians. A Savanta poll put young support at just 36%.
There’s a gender component too. The demographic most opposed to nuclear are women over 55.
Younger voters remain strongly committed to environmental goals – but they’re also wary of cost blowouts and electricity price rises. Some see nuclear as a zero emissions technology able to help with the clean energy transition.
Older Australians are more likely to be sceptical of nuclear power. This is likely due to nuclear disasters such as Chernobyl as well as the prospect of nuclear war during the Cold War.
It’s an open question how robust support for nuclear would be if the Coalition was elected and began the long, expensive process of construction. New findings by the National Climate Action Survey shows almost 40% of Australians would be “extremely concerned” if a nuclear power plant was built within 50 kilometres of their homes and another 16% “very concerned”.
These energy preferences aren’t just found in Australia. In recent research my co-authors and I found a clear divide in Sweden: younger favour renewables and nuclear, older favour fossil fuels. Why the difference? Sweden already gets about 40% of its power from nuclear, while renewables now provide about 40% of Australia’s power.
We found younger Swedes strongly favoured renewables – but also supported nuclear power, especially when electricity prices rose. That is because nuclear is perceived to stabilise the supply of electricity. They wanted clean energy, as long as it was reliable and affordable. Our study found older people were not necessarily pro-fossil fuels, but were more focused on keeping energy affordable – especially for businesses and industry.
When electricity prices rose in Sweden, our survey respondents broadly became less concerned about climate change and more likely to be favourable to nuclear energy.
In Australia, the cost of the clean energy transition has crept up. While solar and wind offer cheap power once built, there are hidden costs.
If electricity prices keep rising, we should expect to see declining support for the clean energy transition.
Overcoming the energy divide
During Australia’s decade-long climate wars from roughly 2012 to 2022, climate change was heavily politicised and energy became a political football. Under a Coalition government in 2014, Australia became the first nation to abolish a carbon tax.
Labor took office in 2022 pledging to end the climate wars and fast-track the clean energy transition. But the Coalition has opened up a new divide on energy by proposing nuclear power by the 2040s and more gas and coal in the meantime.
This election, the cost of living is the single biggest issue for 25% of voters in the ABC’s Vote Compass poll. But climate change is still the main concern for about 8% of voters, energy for 4% and the environment 3.5%. Here, Coalition backing for fossil fuels and nuclear may attract some older and younger voters but repel others. Labor’s renewable transition may attract younger voters but lose older energy traditionalists.
Energy preferences could play out through a cost of living lens. Parties pushing too hard on green policies this election risk alienating older voters concerned about rising costs. But going nuclear would be very expensive, and keeping old coal plants going isn’t cheap. Downplaying climate action or dismissing nuclear outright could alienate some younger Australians, who are climate-conscious and energy-savvy.
Policymakers should resist framing energy as a zero-sum game. There is a path forward which can unite generations: coupling ambitious climate targets with pragmatic policies to protect consumers. Transitional supports such as energy rebates, time-of-use pricing or community-scale renewables and batteries can soften any economic impact while building public trust.
Our research suggests electricity price rises can quickly erode support even for well-designed energy policies.
As Australia navigates a complex and costly transition, keeping both younger and older generations on board may be the greatest political – and moral – challenge of all.
Magnus Söderberg does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
According to a study from the United States, women experience weight stigma in maternity care at almost every visit. We expect this experience to be similar in Australia, where more than 50% of women of reproductive age live in larger bodies.
Weight stigma can present as stereotyping, negative attitudes and discriminatory actions towards larger-bodied people.
It occurs in other areas of health care and in society at large. But our research is focused on weight stigma in maternity care, which can cause significant harm for larger-bodied women and their babies.
What does weight stigma look like in maternity care?
Sometimes weight stigma is explicit, or on purpose. Explicit weight stigma includes health-care professionals having negative attitudes towards caring for larger-bodied pregnant women. This might present, for instance, when health professionals make negative comments about weight or accuse women of dishonesty when they discuss their dietary intake.
Sometimes weight stigma is implicit, or unintentional. Implicit weight stigma includes maternity care providers avoiding physical touch or eye contact during consultations with larger-bodied women.
Policies, guidelines and environments also contribute to weight stigma. Women in larger bodies frequently report feeling stigmatised and unable to access the type of maternity care they would prefer. Lack of availability of adequately fitting hospital clothing or delivery beds are other notable examples.
In a review published last year, we looked at weight stigma from preconception to after birth. Our results showed larger-bodied women are sometimes automatically treated as high-risk and undergo extra monitoring of their pregnancy even when they have no other risk factors that require monitoring.
This approach is problematic because it focuses on body size rather than health, placing responsibility on the woman and disregarding other complex determinants of health.
One doctor told me I was terrible for getting pregnant at my weight, that I was setting up my baby to fail […] I was in tears, and he told me I was being too sensitive.
A 2023 Australian paper written by women who had experienced weight stigma in maternity care recounted their care as hyper-focused on weight and dehumanising, robbing them of the joy of pregnancy.
According to one woman, “there was no compassion or conversation, just blame”.
Beyond making women feel humiliated and disrespected, weight stigma in maternity care can affect mental health. For example, weight stigma is linked to increased risk of depressive symptoms and stress, disordered eating behaviours and emotional eating.
One of the key reasons why weight stigma is so damaging to pregnant women’s health is because it’s closely linked to body image concerns.
Society unfairly holds larger-bodied women up to unrealistic ideals around their body shape and size, their suitability to be a mother, and the control they have over their weight gain.
Self stigma occurs when women apply society’s stigmatising narrative – from people in the community, the media, peers, family members and health-care providers – to themselves.
Larger-bodied pregnant women can face stigma from health-care professionals and society at large. antoniodiaz/Shutterstock
While we know these things can also be linked to higher body weight, emerging evidence shows weight stigma may have a stronger link with some outcomes than body mass index.
There are a variety of possible reasons for these links. For example, weight stigma may result in delayed access to and engagement with health-care services, and, as shown above, poorer mental health and reduced confidence. This may mean a woman is less likely to initiate and seek help with breastfeeding, for example.
In turn, the adverse effects of weight stigma can also affect the baby’s health. For example, gestational diabetes has a range of potential negative outcomes including a higher likelihood of premature birth, difficulties during birth, and an increased risk of the child developing type 2 diabetes.
But the burden and blame should not fall on women. Pregnant and postpartum women should not have to accept experiences of weight stigma in health care.
Weight stigma in maternity care has been linked to a higher likelihood of caesarean birth. photosoria/Shutterstock
What can we do about it?
While it’s essential to address weight stigma as a societal issue, health services can play a key role in undoing the narrative of blame and shame and making maternity care more equitable for larger-bodied women.
Addressing weight stigma in maternity care can start with teaching midwives and obstetricians about weight stigma – what it is, where it happens, and how it can be minimised in practice.
We worked with women who had experienced weight stigma in maternity care and midwives to co-design resources to meet this need. Both women and midwives wanted resources that could be easily integrated into practice, acted as consistent reminders to be size-friendly, and met midwives’ knowledge gaps.
The resources included a short podcast about weight stigma in maternity care and images of healthy, larger-bodied pregnant women to demonstrate the most likely outcome is a healthy pregnancy. Midwives evaluated the resources positively and they are ready to be implemented into practice.
There is a long road to ending weight stigma in maternity care, but working towards this goal will benefit countless mothers and their babies.
Briony Hill receives funding from the Australian Research Council. Some research reported in this article was funded by the Australian Prevention Partnership Centre. The Australian Prevention Partnership Centre was supported through the NHMRC partnership centre grant scheme with the Australian Government Department of Health, ACT Health, Cancer Council Australia, NSW Ministry of Health, Wellbeing SA, Tasmanian Department of Health, and VicHealth. It is administered by the Sax Institute.
Haimanot Hailu does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
While many Australians have already voted at pre-poll stations and by post, the politicking continues right up until May 3.
So what’s happened across the country over the past five weeks?
Here, six experts analyse how the campaign has looked in New South Wales, Queensland, South Australia, Tasmania, Victoria and Western Australia.
New South Wales
David Clune, honorary associate, government and international relations, University of Sydney
The campaign in NSW is concluding much as it began, largely mirroring the Australia-wide trend with little evidence of localism.
The main themes of both sides remain similar: cost-of-living alleviation, improved health care and housing affordability. Both leaders quickly matched each other’s promises: it could be described as the “Albanutton” campaign.
Opposition Leader Peter Dutton’s campaign continued to be hampered by slip-ups and a lack of focus, detail and discipline. Although the government’s record had given him plenty of scope, Dutton struggled to land a blow.
Prime Minister Anthony Albanese had his share of gaffes, but appeared more coherent and convincing. Labor’s negative campaign to portray Dutton as a local Trump clone seems to have been effective.
Some in the Liberal Party argue there’s pent-up resentment against the government in Western Sydney that hasn’t been picked up by opinion polls. Whether this hypothetical backlash turns into seats on polling day remains to be seen.
Bennelong (notionally Liberal after the redistribution) and Gilmore, seem the most likely Liberal gains. Parramatta, Reid, Paterson, Robertson and Werriwa are also in play. There is speculation about an independent threat in the safe Labor seat of McMahon.
The Coalition has a fight on its hands to retain Cowper and Bradfield, with strong independent challenges in both seats. There is a tight three-way contest in Calare between former National turned independent, Andrew Gee, a National and a Teal.
As there is little real policy differentiation between the major parties; it seems to come down to which side the voters find more credible and trustworthy in uncertain times.
According to a Newspoll published on April 27, Albanese led Dutton as preferred prime minister by 51% to 35%. Only 39% of those surveyed believed the government deserved to be re-elected. However, 62% believed the Coalition was not ready to govern.
An aggregate of polling data showed in NSW, as at April 28, Labor’s two-party preferred vote was 53.0%, an increase since the March Budget of 2.8% and of 1.6% since the 2022 election.
Queensland
Paul Williams, associate professor of politics and journalism, Griffith University
In the campaign’s closing week, Queensland remains largely inconsequential as to whether Albanese or Dutton will call The Lodge home.
But that doesn’t mean the Liberal National Party (LNP) isn’t concerned about its prospects north of the Tweed.
While the LNP still leads Labor in the two party-preferred vote, 54 to 46, across Queensland – roughly the 2022 result – last week’s YouGov poll found that result to be a three-point fall for the LNP from the previous week.
While Labor is hardly going to blitz Queensland, some LNP seats are nonetheless more vulnerable than at any time over the past decade. These include the regional seats of Leichhardt (3.4 %) and Flynn (3.8%), the outer suburban seats of Dickson (held by Dutton by just 1.7%), Longman (3.1%), Forde (4.2%) and Petrie (4.4%), and the middle-suburb mortgage-belt seat of Bonner (3.4%).
Independent Suzie Holt might also worry the LNP in the usually safe seat of Groom, around Toowoomba.
But the last-minute “rescue” of the LNP by Pauline Hanson’s One Nation (PHON) – Hanson (reciprocating the LNP’s preferencing of PHON) pulped existing how to vote cards and printed new ones placing the LNP second in most seats – might just save the opposition.
However, the campaign has offered little clarity on the prospects in other key Queensland contests: the battles for three Greens-held inner-urban seats of Brisbane, Ryan and Griffith.
But a mid-April DemosAU poll found the Greens’ primary vote falling by 1.7 points to 29%, a figure exactly tied with Labor’s, which has risen 2.7% since 2022.
Problematically for Dutton, the LNP, whose primary vote remains locked at 36%, appears not to have capitalised on cost-of-living angst in inner Brisbane.
Despite 58% of inner Brisbane leaning centre-left, these figures suggest the LNP may fail to win any Greens seats, with the contest a close one between the Greens and Labor only. The result rests on who runs third: Labor or the Greens. There could be a mere 100 votes in these must-watch seats.
In the Northern Territory, the seat of Lingiari, which takes in Alice Springs and Katherine, is held by Labor’s Marion Scrymgour by 1.7%. In 2022, just one in three enrolled voters cast a ballot in the electorate, prompting the Australian Electoral Commission to try to increase voter turnout. In the wash-up, it will be interesting to see if this improves.
South Australia
Rob Manwaring, associate professor of politics and public policy, Flinders University
Given SA is home to only a handful of marginal seats, it’s not a well-trodden part of the campaign trail. That’s typical of most federal elections.
What’s not so typical is the overall feel of the campaign. The rhythms of Australian elections are changing. On one level, there are the familiar tropes and activities; TV debates, campaign launches and letter box blitzes in key marginal seats.
Yet, on the other hand, voters behave differently than they used to. Data from the Australian Election Study(AES) tells us far fewer voters have made their decision “a long time ago” (55% in 2007, down to 36% in 2022).
This means the number of “soft” voters is probably much higher as major parties have fewer “lifetime voters”. Voters are much more transactional.
Voters are more distanced from parties, too. The study shows fewer voters use how to vote cards (51% used them in 2007, 31% in 2022). We can’t rely on traditional metrics in the same way, such as the national two-party preferred vote given the number of “non-traditional seats”.
In short, it’s now harder to more know how the campaigns are tracking. So while the Coalition campaign has been beset by a number of mis-steps, how this is playing out is far less clear.
Further, a strange paradox of the emergence of the Teals and other independents is there is a stronger local focus on representation, rather than broader policy debates. Again, AES data suggests most voters tend to vote for policy reasons (like the economy or health) but the current media focus on the major parties, especially through the TV debates, actually seems to narrow the broader policy discussions.
So while the proof will be in the pudding when the votes are counted, it may be high time to reflect on what campaign strategies work best for politics in 2025.
Tasmania
Robert Hortle, deputy director of the Tasmanian Policy Exchange, University of Tasmania
In Lyons, Tassie’s most marginal electorate (ALP by 0.9%), the latest polls have swung behind the ALP’s Rebecca White. Her popularity as a state MP for the electorate has been bolstered by some crucial slip ups from Liberal candidate Susie Bower.
One potentially vote-winning policy announcement that has gone under the radar nationally is Labor’s commitment of $24 million to guarantee the continued operation of the Boyer Paper Mill in Lyons, an important employer and regional symbol of economic activity.
Franklin has been full of drama. 19-year-old Greens candidate Owen Fitzgerald had to withdraw his candidacy after it emerged that he is likely to still be a New Zealand citizen. It seemed like the Greens would encourage their voters to preference independent anti-salmon candidate Peter George.
However, when the party’s how to vote cards were published, they said “Vote 1 – Owen Fitzgerald”.
According to the Greens, this was to make sure that voters completed their ballot correctly. The Liberal Party argued the Greens were just trying to secure public funding.
The result is likely to rest on how Liberal voters feel about salmon farming and how this influences their preferences. Are they so anti-Labor that they will preference Peter George ahead of Julie Collins despite his anti-salmon stance? Or will they put Collins ahead of George based on Labor’s support for the industry?
In Braddon, where salmon farming is again a key issue, Labor’s Anne Urquhart has been more visible on the campaign trail than Liberal Mal Hingston. Although the margin at the last election was 8% in favour of the Liberals, last-minute polling (albeit with a small sample size) has offered Labor hope of winning the crucial seat.
Bridget Archer, Liberal MP for Bass, has had a solid if unspectacular campaign. She was helped by Labor selecting a low-profile first-time candidate, Jess Teesdale, who the party sees as “one for the future”. Teesdale revealed her “greenness” – in both senses of the word – by accidentally contradicting the ALP’s position on native forest logging, which is always a flashpoint in Tassie.
Victoria
Zareh Ghazarian, senior lecturer in politics, school of social sciences, Monash University
With just days to go in this campaign, Victoria still looks like a key state that will determine who governs for the next three years. Many seats across the state have new boundaries following the AEC redistribution.
Victoria is also home to the most marginal seat in the country. Deakin, which covers the eastern suburbs of Melbourne, is held by Liberal Michael Sukkar with a margin of just 0.02%, according to ABC Election Analyst Antony Green.
Deakin will be the seat to watch on election night. If the Liberal Party can’t hold on to Deakin, it would be unlikely to be able to win government.
There are also other seats that will provide a fascinating contest on Saturday night. Labor will face its own test in trying to retain Chisholm and Aston, both in the eastern suburbs of Melbourne.
Chisholm is a swinging seat. It has been won by both Labor and Liberal parties over the past 40 years and is currently held by Labor with a margin of 3.3%. It has had a significant redistribution, losing strong Labor booths in the north and south parts of the electorate.
Aston is also on a similarly slim margin of 3.6% and was famously won by Labor at the by-election in 2023. Holding onto Aston will be a crucial test for Labor. Losing this seat may threaten Labor’s chances of forming a majority government after the election.
There are also the two seats held by the independents which promise to be tight contests. The previously safe Liberal seats of Kooyong and Goldstein, which were won by Monique Ryan and Zoe Daniel respectively, have been targeted by the Liberal Party. The independents will face a significant battle and, if successful, will demonstrate a significant shift in voting behaviour has occurred in these electorates.
Western Australia
Narelle Miragliotta, associate professor in politics, Murdoch University
The idea that WA would determine the outcome of government has been a persistent theme throughout the campaign, reinforced by four visits from Albanese and three from Dutton. The amount of attention WA has received from the major party leaders was more than any state or territory other than the three big population states: NSW, Victoria and Queensland. Even then, Albanese made one more visit to WA than he did Queensland at the time of writing.
Both major parties brought their big guns on the campaign trail. Former Liberal PM John Howard visited Curtin, Tangney and Bullwinkel. The newly re-elected WA Labor Premier Roger Cook campaigned heavily with Albanese during his visits. And in the final days of the campaign, Mark McGowan, the popular former premier, was seen on the hustings with Labor candidates in four marginal seats.
Neither major party leader ventured to places where they might receive an unwelcome reception. Dutton’s intention to steer clear of the Shire of Collie, particularly the town of Muja, the proposed site of the one of the seven nuclear power plants, was signalled early in the campaign. Albanese avoided electorates in the state’s southwest opposed to coastal wind farms.
There were no significant candidate blunders. However, questions were raised about the whereabouts of Andrew Hastie, shadow defence minister and (putative) future Liberal leader. Hastie was also questioned about the missing party logo (as against party authorisations) on his campaign materials.
The competition between the Nationals and Liberals in the seat of Bullwinkel was without major media incident. This includes when the Nationals’ candidate, Mia Davies, broke with the federal coalition over support for Labor’s production tax credits plan.
The contest for Curtin attracted outsized local media attention. In the final days of the campaign, there were renewed efforts to link the independent incumbent, Kate Chaney, to the Greens. All the proof the West Australian newspaper required was Chaney’s connection to a senior Greens party official, evidenced by a 2024 donation totalling $104, a photo and an author’s credit.
To what extent has the leader visits and the campaign moved the needle? A recent study found party leader visits make only a modest impact on the vote. Polling for Labor and the Liberals in WA has remained very steady. This doesn’t mean some seats won’t change, but to which party or candidate remains unclear.
Paul Williams is a research associate with the T.J. Ryan Foundation.
David Clune, Narelle Miragliotta, Rob Manwaring, Robert Hortle, and Zareh Ghazarian do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
SAN DIEGO, April 29, 2025 (GLOBE NEWSWIRE) — Quick Custom Intelligence (QCI), a market leader in AI-driven data platforms for highly regulated industries, today announced its expansion into the insurance sector through a new strategic engagement with an insurance intermediary. As part of the collaboration, QCI is designing and deploying a secure, HIPAA-compliant data warehouse to support the intermediary’s ongoing digital transformation efforts.
The solution will provide secure, centralized access to curated data sets, enabling improved operational efficiency, more responsive service delivery, and enhanced data governance.
“We’re excited to work with QCI as we continue investing in the infrastructure needed to support our growth,” said a senior executive from the intermediary firm. “Their experience in building scalable, compliant data environments gives us confidence that our information will be well-managed and accessible to the teams who need it.”
Andrew Cardno, Chief Technology Officer at QCI, added, “This partnership represents an important step for QCI as we apply our platform’s capabilities to a new industry vertical. We’re proud to bring our expertise in secure, AI-powered data systems to the insurance space and help our client advance their data strategy in a meaningful way.”
The data depository will integrate key operational, financial, and customer data into a unified environment, supported by robust governance protocols and role-based access controls. Leveraging QCI’s AI-enabled analytics and scalable infrastructure, the intermediary will be positioned to:
Consolidate fragmented data sources for improved visibility
Simplify reporting processes and support compliance activities
Discover new trends and business insights
Elevate client service through data-informed interactions
The implementation is already underway, with phased rollouts planned throughout 2025 to deliver incremental value and performance improvements.
ABOUT QCI Quick Custom Intelligence (QCI) has pioneered the revolutionary QCI Enterprise Platform, an artificial intelligence platform that seamlessly integrates player development, marketing, and gaming operations with powerful, real-time tools designed specifically for the gaming and hospitality industries. Our advanced, highly configurable software is deployed in over 250 casino resorts across North America, Australia, New Zealand, Canada, Latin America, and Europe. The QCI AGI Platform, which manages more than $35 billion in annual gross gaming revenue, stands as a best-in-class solution, whether on-premises, hybrid, or cloud-based, enabling fully coordinated activities across all aspects of gaming or hospitality operations. QCI’s data-driven, AI-powered software propels swift, informed decision-making vital in the ever-changing casino industry, assisting casinos in optimizing resources and profits, crafting effective marketing campaigns, and enhancing customer loyalty. QCI was co-founded by Dr. Ralph Thomas and Mr. Andrew Cardno and is based in San Diego, with additional offices in Las Vegas, St. Louis, Dallas, and Tulsa. Main phone number: (858) 299.5715. Visit us at www.quickcustomintelligence.com.
ABOUT Andrew Cardno Andrew Cardno is a distinguished figure in the realm of artificial intelligence and data plumbing. With over two decades spearheading private Ph.D. and master’s level research teams, his expertise has made significant waves in data tooling. Andrew’s innate ability to innovate has led him to devise numerous pioneering visualization methods. Of these, the most notable is the deep zoom image format, a groundbreaking innovation that has since become a cornerstone in the majority of today’s mapping tools. His leadership acumen has earned him two coveted Smithsonian Laureates, and teams under his mentorship have clinched 40 industry awards, including three pivotal gaming industry transformation awards. Together with Dr. Ralph Thomas, the duo co-founded Quick Custom Intelligence, amplifying their collaborative innovative capacities. A testament to his inventive prowess, Andrew boasts over 150 patent applications. Across various industries—be it telecommunications with Telstra Australia, retail with giants like Walmart and Best Buy, or the medical sector with esteemed institutions like City Of Hope and UCSD—Andrew’s impact is deeply felt. He has enriched the literature with insights, co-authoring eight influential books with Dr. Thomas and contributing to over 100 industry publications. An advocate for community and diversity, Andrew’s work has touched over 100 Native American Tribal Resorts, underscoring his expansive and inclusive professional endeavors.
OKLAHOMA CITY, April 29, 2025 (GLOBE NEWSWIRE) — Expand Energy Corporation (NASDAQ: EXE) (“Expand Energy” or the “Company”) today reported first quarter 2025 financial and operating results.
Net cash provided by operating activities of$1,096 million
Net loss of$249 million, or$1.06per fully diluted share; adjusted net income(1)of$487 million, or$2.02per share
Adjusted EBITDAX(1)of$1,395 million
Produced approximately6.79Bcfe/d net (92%natural gas)
Added to the S&P 500, effective March 24, 2025
Upgraded to Investment Grade credit rating by Moody’s (Baa3); achieved uniform Investment Grade rating from all rating agencies
Quarterly base dividend of $0.575 per common share to be paid in June 2025, 17th straight quarter of paying a dividend
On track to capture approximately $400 million in 2025 synergies, with the total target of $500 million in annual synergies expected to be achieved by year end2026
(1) Definitions of non-GAAP financial measures and reconciliations of each non-GAAP financial measure to the most directly comparable GAAP financial measure are included at the end of this news release.
“Overcoming market volatility requires a resilient financial foundation, a deep market-connected portfolio, and low cost, efficient operations, all hallmarks of our strategy,” said Nick Dell’Osso, Expand Energy’s President and Chief Executive Officer. “We continue to execute our business, utilizing our productive capacity to navigate today’s dynamic macro environment and be prepared to efficiently respond as market conditions change.”
Operations Update
Expand Energy operated an average of 11 rigs during the first quarter, drilling 46 wells and turning 89 wells in line, resulting in net production of approximately 6.79 Bcfe per day (92% natural gas). A detailed breakdown of first quarter production, capital expenditures and activity can be found in supplemental slides which have been posted at https://investors.expandenergy.com/events-presentations.
2025 Annual Synergy, Capital and Operating Outlook
In 2025, Expand Energy expects to run approximately 12 rigs and invest approximately $2.7 billion yielding an estimated daily production of approximately 7.1 Bcfe/d. The Company intends to build incremental productive capacity for an additional $300 million by exiting 2025 with approximately 15 rigs. This incremental capital investment positions the Company to efficiently grow production from a year-end 2025 exit rate of approximately 7.2 Bcfe/d to average approximately 7.5 Bcfe/d in 2026 should market conditions warrant.
Expand Energy is on track to capture its 2025 expected annual synergy target of approximately $400 million. The Company expects to achieve the full $500 million in annual synergies by year end 2026.
Expand Energy enhanced its capital return framework in 2024 to more efficiently return cash to shareholders and reduce Net Debt. The Company plans to pay its quarterly base dividend of $0.575 per share on June 4, 2025 to shareholders of record at the close of business on May 15, 2025. The Company expects to allocate $500 million to Net Debt reduction in 2025, and at current market conditions, to have additional free cash flow available to allocate to the combination of variable dividends, share repurchases, and the balance sheet.
Financial Statements, Non-GAAP Financial Measures and 2025 Guidance and Outlook Projections
This news release contains the non-GAAP financial measures described below in the section titled “Non-GAAP Financial Measures.” Reconciliations of each non-GAAP financial measure used in this news release to the most directly comparable GAAP financial measure are provided below. Additional detail on the Company’s 2025 first quarter financial and operational results, along with non-GAAP measures that adjust for items typically excluded by securities analysts, are available on the Company’s website. Non-GAAP measures should not be considered as an alternative to, or more meaningful than, GAAP measures. Management’s guidance for 2025 can be found on the Company’s website at https://www.expandenergy.com/.
Expand Energy Corporation (NASDAQ: EXE) is the largestnatural gas producerin the United States, powered by dedicated and innovative employees focused on disrupting the industry’s traditional cost and market delivery model to responsibly develop assets in the nation’s most prolific natural gas basins. Expand Energy’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. Expand Energy is committed to expanding America’s energy reach to fuel a more affordable, reliable, lower carbon future.
Forward-Looking Statements
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include our current expectations or forecasts of future events, including matters relating to armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, and the impact of each on our business, financial condition, results of operations and cash flows, actions by, or disputes among or between, members of OPEC+ and other foreign oil-exporting countries, market factors, market prices, our ability to meet debt service requirements, our ability to continue to pay cash dividends, our ability to capture synergies, the amount and timing of any cash dividends and our environmental, social, and governance (“ESG”) initiatives. Forward-looking and other statements in this news release regarding our environmental, social and other sustainability plans and goals are not an indication that these statements are necessarily material to investors or required to be disclosed in our filings with the Securities and Exchange commission (“SEC”). In addition, historical, current, and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future. Forward-looking statements often address our expected future business, financial performance and financial condition, and often contain words such as “aim”, “predict”, “should”, “expect,” “could,” “may,” “anticipate,” “intend,” “plan,” “ability,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “guidance,” “outlook,” “opportunity” or “strategy.” The absence of such words or expressions does not necessarily mean the statements are not forward-looking.
Although we believe the expectations and forecasts reflected in our forward-looking statements are reasonable, they are inherently subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond our control. No assurance can be given that such forward-looking statements will be correct or achieved or that the assumptions are accurate or will not change over time. Particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include:
Reduced demand for natural gas, oil, and natural gas liquids (“NGLs”);
negative public perceptions of our industry;
competition in the natural gas and oil exploration and production industry;
the volatility of natural gas, oil and NGL prices, which are affected by general economic and business conditions, as well as increased demand for (and availability of) alternative fuels and electric vehicles;
risks from regional epidemics or pandemics and related economic turmoil, including supply chain constraints;
write-downs of our natural gas and oil asset carrying values due to low commodity prices;
significant capital expenditures are required to replace our reserves and conduct our business;
our ability to replace reserves and sustain production;
uncertainties inherent in estimating quantities of natural gas, oil and NGL reserves and projecting future rates of production and the amount and timing of development expenditures;
drilling and operating risks and resulting liabilities;
our ability to generate profits or achieve targeted results in drilling and well operations;
leasehold terms expiring before production can be established;
risks from our commodity price risk management activities;
uncertainties, risks and costs associated with natural gas and oil operations;
our need to secure adequate supplies of water for our drilling operations and to dispose of or recycle the water used;
pipeline and gathering system capacity constraints and transportation interruptions;
risks related to our plans to participate in the global LNG value chain;
risks from failure to protect personal information and data and compliance with data privacy and security laws and regulations;
disruption of our business by natural or human causes beyond our control;
a deterioration in general economic, business or industry conditions;
the impact of inflation and commodity price volatility, including as a result of decisions made by OPEC+ and armed conflict and instability in Europe and the Middle East, along with the effects of the current global economic environment, on our business, financial condition, employees, contractors, vendors and the global demand for natural gas and oil and on U.S. and global financial markets;
our inability to access the capital markets on favorable terms;
the limitations on our financial flexibility due to our level of indebtedness and restrictive covenants from our indebtedness;
challenges with employee retention and increasingly competitive labor market
risks related to acquisitions or dispositions, or potential acquisitions or dispositions;
security threats, including cybersecurity threats and disruptions to our business and operations from breaches of our information technology systems, or from breaches of information technology systems of third parties with whom we transact business;
our ability to achieve and maintain ESG certifications, goals and commitments;
legislative, regulatory, and ESG initiatives, including those addressing the impact of climate change or further regulating hydraulic fracturing, methane emissions, flaring or water disposal;
federal and state tax proposals affecting our industry;
risks related to an annual limitation on the utilization of our tax attributes, which was triggered upon the completion of our merger with Southwestern Energy Company (the “Southwestern Merger”), as well as trading in our common stock, additional issuance of common stock, and certain other stock transactions, which could lead to an additional, potentially more restrictive, annual limitation; and
other factors that are described under Risk Factors in Item 1A of Part I of our Annual Report on Form 10-K filed with the SEC.
We caution you not to place undue reliance on the forward-looking statements contained in this news release, which speak only as of the filing date, and we undertake no obligation and have no intention to update any forward-looking statement, except as required by law. We urge you to carefully review and consider the disclosures in this news release and our filings with the SEC that attempt to advise interested parties of the risks and factors that may affect our business.
All forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
($ in millions, except per share data)
March 31, 2025
December 31, 2024
Assets
Current assets:
Cash and cash equivalents
$
349
$
317
Restricted cash
78
78
Accounts receivable, net
1,361
1,226
Derivative assets
—
84
Other current assets
325
292
Total current assets
2,113
1,997
Property and equipment:
Natural gas and oil properties, successful efforts method
Proved natural gas and oil properties
23,874
23,093
Unproved properties
5,774
5,897
Other property and equipment
678
654
Total property and equipment
30,326
29,644
Less: accumulated depreciation, depletion and amortization
(6,066
)
(5,362
)
Total property and equipment, net
24,260
24,282
Long-term derivative assets
2
1
Deferred income tax assets
626
589
Other long-term assets
933
1,025
Total assets
$
27,934
$
27,894
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable
$
654
$
777
Current maturities of long-term debt, net
—
389
Accrued interest
68
100
Derivative liabilities
896
71
Other current liabilities
1,971
1,786
Total current liabilities
3,589
3,123
Long-term debt, net
5,243
5,291
Long-term derivative liabilities
129
68
Asset retirement obligations, net of current portion
506
499
Long-term contract liabilities
1,159
1,227
Other long-term liabilities
117
121
Total liabilities
10,743
10,329
Contingencies and commitments
Stockholders’ equity:
Common stock, $0.01 par value, 450,000,000 shares authorized: 237,476,127 and 231,769,886 shares issued
2
2
Additional paid-in capital
13,700
13,687
Retained earnings
3,489
3,876
Total stockholders’ equity
17,191
17,565
Total liabilities and stockholders’ equity
$
27,934
$
27,894
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
Three Months Ended March 31,
2025
2024
($ in millions, except per share data)
Revenues and other:
Natural gas, oil and NGL
$
2,300
$
589
Marketing
910
312
Natural gas, oil and NGL derivatives
(1,014
)
172
Gains on sales of assets
—
8
Total revenues and other
2,196
1,081
Operating expenses:
Production
147
59
Gathering, processing and transportation
563
173
Severance and ad valorem taxes
48
29
Exploration
7
2
Marketing
919
323
General and administrative
47
47
Depreciation, depletion and amortization
711
399
Other operating expense, net
22
17
Total operating expenses
2,464
1,049
Income (loss) from operations
(268
)
32
Other income (expense):
Interest expense
(59
)
(19
)
Other income, net
8
20
Total other income (expense)
(51
)
1
Income (loss) before income taxes
(319
)
33
Income tax expense (benefit)
(70
)
7
Net income (loss)
$
(249
)
$
26
Earnings (loss) per common share:
Basic
$
(1.06
)
$
0.20
Diluted
$
(1.06
)
$
0.18
Weighted average common shares outstanding (in thousands):
Basic
234,434
130,893
Diluted
234,434
141,752
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Three Months Ended March 31,
($ in millions)
2025
2024
Cash flows from operating activities:
Net income (loss)
$
(249
)
$
26
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation, depletion and amortization
711
399
Deferred income tax expense (benefit)
(37
)
7
Derivative (gains) losses, net
1,014
(172
)
Cash receipts (payments) on derivative settlements, net
(45
)
228
Share-based compensation
9
9
Gains on sales of assets
—
(8
)
Contract amortization
(52
)
—
Other
(4
)
(13
)
Changes in assets and liabilities
(251
)
76
Net cash provided by operating activities
1,096
552
Cash flows from investing activities:
Capital expenditures
(563
)
(421
)
Receipts of deferred consideration
60
60
Contributions to investments
(4
)
(19
)
Proceeds from divestitures of property and equipment
—
6
Net cash used in investing activities
(507
)
(374
)
Cash flows from financing activities:
Proceeds from Credit Facility
725
—
Payments on Credit Facility
(725
)
—
Proceeds from warrant exercise
21
—
Cash paid to purchase debt
(436
)
—
Cash paid for common stock dividends
(142
)
(77
)
Net cash used in financing activities
(557
)
(77
)
Net increase in cash, cash equivalents and restricted cash
32
101
Cash, cash equivalents and restricted cash, beginning of period
395
1,153
Cash, cash equivalents and restricted cash, end of period
$
427
$
1,254
Cash and cash equivalents
$
349
$
1,179
Restricted cash
78
75
Total cash, cash equivalents and restricted cash
$
427
$
1,254
NATURAL GAS, OIL AND NGL PRODUCTION AND AVERAGE SALES PRICES (unaudited)
Three Months Ended March 31, 2025
Natural Gas
Oil
NGL
Total
MMcf per day
$/Mcf
MBbl per day
$/Bbl
MBbl per day
$/Bbl
MMcfe per day
$/Mcfe
Haynesville
2,617
3.48
—
—
—
—
2,617
3.48
Northeast Appalachia
2,668
3.75
—
—
—
—
2,668
3.75
Southwest Appalachia
969
3.38
14
63.40
75
30.54
1,503
4.28
Total
6,254
3.58
14
63.40
75
30.54
6,788
3.76
Average NYMEX Price
3.65
71.42
Average Realized Price (including realized derivatives)
3.51
63.76
29.35
3.69
Three Months Ended March 31, 2024
Natural Gas
Oil
NGL
Total
MMcf per day
$/Mcf
MBbl per day
$/Bbl
MBbl per day
$/Bbl
MMcfe per day
$/Mcfe
Haynesville
1,478
2.03
—
—
—
—
1,478
2.03
Northeast Appalachia
1,720
2.03
—
—
—
—
1,720
2.03
Total
3,198
2.03
—
—
—
—
3,198
2.03
Average NYMEX Price
2.24
—
Average Realized Price (including realized derivatives)
2.85
—
—
2.85
CAPITAL EXPENDITURES ACCRUED (unaudited)
Three Months Ended March 31,
2025
2024
($ in millions)
Drilling and completion capital expenditures:
Haynesville
$
286
$
195
Northeast Appalachia
103
105
Southwest Appalachia
165
—
Total drilling and completion capital expenditures
554
300
Non-drilling and completion – field
56
35
Non-drilling and completion – corporate
52
19
Total capital expenditures
$
662
$
354
NON-GAAP FINANCIAL MEASURES
As a supplement to the financial results prepared in accordance with U.S. GAAP, Expand Energy’s quarterly earnings releases contain certain financial measures that are not prepared or presented in accordance with U.S. GAAP. These non-GAAP financial measures include Adjusted Net Income, Adjusted Diluted Earnings Per Common Share, Adjusted EBITDAX, Free Cash Flow, Adjusted Free Cash Flow and Net Debt. A reconciliation of each financial measure to its most directly comparable GAAP financial measure is included in the tables below. Management believes these adjusted financial measures are a meaningful adjunct to earnings and cash flows calculated in accordance with GAAP because (a) management uses these financial measures to evaluate the Company’s trends and performance, (b) these financial measures are comparable to estimates provided by securities analysts, and (c) items excluded generally are one-time items or items whose timing or amount cannot be reasonably estimated. Accordingly, any guidance provided by the Company generally excludes information regarding these types of items.
Expand Energy’s definitions of each non-GAAP measure presented herein are provided below. Because not all companies or securities analysts use identical calculations, Expand Energy’s non-GAAP measures may not be comparable to similarly titled measures of other companies or securities analysts.
Adjusted Net Income: Adjusted Net Income is defined as net income (loss) adjusted to exclude unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Net Income facilitates comparisons of the Company’s period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy’s core operating performance. Adjusted Net Income should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.
Adjusted Diluted Earnings Per Common Share: Adjusted Diluted Earnings Per Common Share is defined as diluted earnings (loss) per common share adjusted to exclude the per diluted share amounts attributed to unrealized (gains) losses on natural gas and oil derivatives, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results, less a tax effect using applicable rates. Expand Energy believes that Adjusted Diluted Earnings Per Common Share facilitates comparisons of the Company’s period-over-period performance, by excluding the impact of items that, in the opinion of management, do not reflect Expand Energy’s core operating performance. Adjusted Diluted Earnings Per Common Share should not be considered an alternative to, or more meaningful than, earnings (loss) per common share as presented in accordance with GAAP.
Adjusted EBITDAX: Adjusted EBITDAX is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation, depletion and amortization expense, exploration expense, unrealized (gains) losses on natural gas and oil derivatives, separation and other termination costs, (gains) losses on sales of assets, and certain items management believes affect the comparability of operating results. Adjusted EBITDAX is presented as it provides investors an indication of the Company’s ability to internally fund exploration and development activities and service or incur debt. Adjusted EBITDAX should not be considered an alternative to, or more meaningful than, net income (loss) as presented in accordance with GAAP.
Free Cash Flow: Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures. Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company’s ability to service or incur debt and return cash to shareholders. Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.
Adjusted Free Cash Flow: Adjusted Free Cash Flow is defined as net cash provided by operating activities less cash capital expenditures and cash contributions to investments, adjusted to exclude certain items management believes affect the comparability of operating results. Adjusted Free Cash Flow is a liquidity measure that provides investors additional information regarding the Company’s ability to service or incur debt and return cash to shareholders and is used to determine Expand Energy’s payout of enhanced returns framework. Adjusted Free Cash Flow should not be considered an alternative to, or more meaningful than, net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP.
Net Debt: Net Debt is defined as GAAP total debt excluding premiums, discounts, and deferred issuance costs less cash and cash equivalents. Net Debt is useful to investors as a widely understood measure of liquidity and leverage, but this measure should not be considered as an alternative to, or more meaningful than, total debt presented in accordance with GAAP.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (unaudited)
Three Months Ended March 31,
($ in millions)
2025
2024
Net income (loss) (GAAP)
$
(249
)
$
26
Adjustments:
Unrealized losses on natural gas and oil derivatives
969
67
Gains on sales of assets
—
(8
)
Other operating expense, net
26
19
Contract amortization
(52
)
—
Other
(4
)
(8
)
Tax effect of adjustments(a)
(203
)
(16
)
Adjusted net income (Non-GAAP)
$
487
$
80
(a)
The three month periods ended March 31, 2025 and March 31, 2024 include a tax effect attributed to reconciling adjustments using a statutory rate of 22% and 23%, respectively.
RECONCILIATION OF EARNINGS (LOSS) PER COMMON SHARE TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE (unaudited)
Three Months Ended March 31,
($/share)
2025
2024
Earnings (loss) per common share (GAAP)
$
(1.06
)
$
0.20
Effect of dilutive securities
—
(0.02
)
Diluted earnings (loss) per common share (GAAP)
$
(1.06
)
$
0.18
Adjustments:
Unrealized losses on natural gas and oil derivatives
4.14
0.47
Gains on sales of assets
—
(0.06
)
Other operating expense, net
0.11
0.14
Contract amortization
(0.22
)
—
Other
(0.02
)
(0.06
)
Tax effect of adjustments(a)
(0.87
)
(0.11
)
Effect of dilutive securities
(0.06
)
—
Adjusted diluted earnings per common share (Non-GAAP)
$
2.02
$
0.56
(a)
The three month periods ended March 31, 2025 and March 31, 2024 include a tax effect attributed to reconciling adjustments using a statutory rate of 22% and 23%, respectively.
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDAX (unaudited)
Three Months Ended March 31,
2025
2024
($ in millions)
Net income (loss) (GAAP)
$
(249
)
$
26
Adjustments:
Interest expense
59
19
Income tax expense (benefit)
(70
)
7
Depreciation, depletion and amortization
711
399
Exploration
7
2
Unrealized losses on natural gas and oil derivatives
969
67
Gains on sales of assets
—
(8
)
Other operating expense, net
26
19
Contract amortization
(52
)
—
Other
(6
)
(23
)
Adjusted EBITDAX (Non-GAAP)
$
1,395
$
508
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO ADJUSTED FREE CASH FLOW (unaudited)
Three Months Ended March 31,
2025
2024
($ in millions)
Net cash provided by operating activities (GAAP)
$
1,096
$
552
Cash capital expenditures
(563
)
(421
)
Free cash flow (Non-GAAP)
533
131
Cash paid for merger expenses
48
—
Cash contributions to investments
(4
)
(19
)
Adjusted free cash flow (Non-GAAP)
$
577
$
112
RECONCILIATION OF TOTAL DEBT TO NET DEBT (unaudited)
Source: US National Oceanic and Atmospheric Administration
Note: The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports. SEL1
URGENT – IMMEDIATE BROADCAST REQUESTED Severe Thunderstorm Watch Number 191 NWS Storm Prediction Center Norman OK 330 PM EDT Tue Apr 29 2025
The NWS Storm Prediction Center has issued a
* Severe Thunderstorm Watch for portions of Western and Northern New York Western and Central Pennsylvania Northern West Virginia Lake Erie Lake Ontario
* Effective this Tuesday afternoon and evening from 330 PM until 1000 PM EDT.
* Primary threats include… Scattered damaging wind gusts to 70 mph likely Scattered large hail events to 1.5 inches in diameter possible A tornado or two possible
SUMMARY…Multiple lines and clusters of thunderstorms will traverse the watch area through the afternoon and early evening. The strongest storms will pose a risk of damaging winds gusts and some hail.
The severe thunderstorm watch area is approximately along and 80 statute miles north and south of a line from 15 miles west northwest of Pittsburgh PA to 60 miles south southeast of Massena NY. For a complete depiction of the watch see the associated watch outline update (WOUS64 KWNS WOU1).
PRECAUTIONARY/PREPAREDNESS ACTIONS…
REMEMBER…A Severe Thunderstorm Watch means conditions are favorable for severe thunderstorms in and close to the watch area. Persons in these areas should be on the lookout for threatening weather conditions and listen for later statements and possible warnings. Severe thunderstorms can and occasionally do produce tornadoes.
&&
OTHER WATCH INFORMATION…CONTINUE…WW 187…WW 188…WW 189…WW 190…
AVIATION…A few severe thunderstorms with hail surface and aloft to 1.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A few cumulonimbi with maximum tops to 500. Mean storm motion vector 24035.
…Hart
Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas. SAW1 WW 191 SEVERE TSTM NY PA WV LE LO 291930Z – 300200Z AXIS..80 STATUTE MILES NORTH AND SOUTH OF LINE.. 15WNW PIT/PITTSBURGH PA/ – 60SSE MSS/MASSENA NY/ ..AVIATION COORDS.. 70NM N/S /20SW EWC – 49SSE MSS/ HAIL SURFACE AND ALOFT..1.5 INCHES. WIND GUSTS..60 KNOTS. MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.
LAT…LON 41748049 45287437 42977437 39418049
THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS FOR WOU1.
Watch 191 Status Report Message has not been issued yet.
Note: Click for Complete Product Text.Tornadoes
Probability of 2 or more tornadoes
Low (20%)
Probability of 1 or more strong (EF2-EF5) tornadoes
Low (5%)
Wind
Probability of 10 or more severe wind events
High (70%)
Probability of 1 or more wind events > 65 knots
Low (20%)
Hail
Probability of 10 or more severe hail events
Mod (40%)
Probability of 1 or more hailstones > 2 inches
Low (20%)
Combined Severe Hail/Wind
Probability of 6 or more combined severe hail/wind events
High (90%)
For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.
Complicating the economic picture for the government are Donald Trump’s tariffs and his trade war with China. In early April, financial services company J.P. Morgan Research said there was a 60% probability of the United States experiencing a recession in 2025 — with a 40% chance of a global recession.
Despite this uncertain economic future, the idea that New Zealand’s debt-to-GDP ratio requires immediate and drastic austerity-like measures is not supported by the evidence.
The ratio measures the government’s debt compared to its gross domestic product (GDP). Currently, New Zealand’s ratio is about 47%. This is substantially higher than before the pandemic (32% in 2019) and higher than Australia (35%).
But it is at the lower end compared with other advanced economies. The 2023 debt-to-GDP ratio in the US was 112%, 101% in the United Kingdom, and about 50% in Canada, Ireland and South Korea.
Rather than tightening the belt to reduce debt and increase fiscal balance, New Zealand needs to focus on boosting productivity, investing in education, building strong and resilient infrastructure and supporting health and wellbeing.
Lowering debt and creating fiscal space are legitimate goals. But they should be viewed as a means to an end, not an end in itself.
A necessary medicine
Austerity is often presented as necessary medicine during an economic crisis. The logic is seemingly straightforward: reduce government spending and debt to not overstimulate the economy, create fiscal resilience for future shocks, support low and stable inflation, and signal fiscal responsibility to international markets.
Several countries adopted austerity measures in response to high deficits following the global financial crisis.
Greece implemented deep spending cuts, tax hikes and pension reforms under the terms of a bailout from the European Union and International Monetary Fund (IMF). This reduced its deficit but caused a severe economic contraction and social unrest.
Italy’s austerity measures involved pension reforms and tax hikes, achieving modest fiscal improvement but sparking political instability.
The UK focused on reducing public spending and welfare support, significantly lowering its deficit while putting pressure on public services and increasing inequality. Research found UK’s austerity measures led to hundreds of thousands of avoidable deaths.
While in many cases austerity helped restore fiscal balance, it often came with heavy economic and social costs, particularly in terms of unemployment, growth and public welfare.
In March, people in the United Kingdom took to the streets to protest ongoing austerity measures. Mike Kemp/Getty Images
Productivity is the key
Research indicates that debt-to-GDP ratios above about 80% tend to be associated with lower growth. But below this threshold, the ratio tends to be associated with increases in growth.
It is clear that deficits are neither always bad for economic growth, nor that they always lead to inflation, when combined with a credible fiscal strategy to return to surpluses in the future.
To raise the future wellbeing of all New Zealanders we need to avoid the heavy costs of austerity and rather focus on stimulating economic growth. And this comes with a price tag.
Using debt to finance investments into capital, which in turn increases our productivity, is key to fostering economic growth. This goes hand-in-hand with targeted industrial policies, reduction in regulation, increases in government efficiency and trade liberalisation
Importantly, public investment boosts economic growth mainly through two channels: efficiency (how much infrastructure is actually delivered for the money spent) and productivity (how well that infrastructure supports economic activity).
Research from the IMF suggests an increase in public investment of one percentage point of GDP is associated with an increase in output of about 0.2% in the same year and 1.2% four years later.
All-of-government focus
What New Zealand needs is a long-term growth strategy and an all-of-government focus on lifting productivity. This must be grounded in fiscal responsibility – one that boosts government efficiency. But not at the cost of delaying high-impact investments or leaving growth opportunities on the table.
Maintaining discipline while strategically investing in the drivers of long-term prosperity is essential for securing New Zealand’s economic future.
The path ahead requires careful navigation, not a rush towards austerity.
By thoughtfully balancing the need for fiscal prudence with the importance of investing in our productivity, human capital and infrastructure, we can ensure a more resilient and prosperous future for all New Zealanders.
Dennis Wesselbaum does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Reinforcing the enduring bond between India and Mauritius, IOS SAGAR made a significant and engaging port call at Port Louis, Mauritius, from 26 to 28 Apr 25, as part of its operational deployment in the Indian Ocean.
During her harbour visit, the ship’s Commanding Officer called on the Commandant of the Mauritius Coast Guard, reaffirming the commitment to strengthen cooperation between the two maritime forces. Select personnel of the multinational crew visited several key training facilities of the Mauritius Police Force (MPF) , namely the Special Mobile Force Squadron, Maritime Air Squadron, Coast Guard Training School and the Police Helicopter Squadron and interacted with their counterparts. The visit provided a unique opportunity to exchange knowledge and experience and discuss areas of mutual interest in maritime security.
As part of social activities, an invigorating joint yoga session was organised onboard IOS SAGAR, with participation from the multinational crew and MPF personnel. The Commandant of the National Coast Guard also attended the event. The crew of IOS SAGAR and the MPF also played a friendly volleyball match. IOS SAGAR opened its decks to visitors, welcoming members of the MPF, the Indian diaspora, and other enthusiastic groups. Visitors were given a tour of the ship and briefed on her operational capabilities, navigation systems, and life onboard. In addition, a trek to the iconic Signal Mountain was conducted for the ship’s crew, including the multinational crew.
On departure from Port Louis, IOS SAGAR is scheduled to undertake a joint Exclusive Economic Zone (EEZ) surveillance with the Mauritius Coast Guard. Upon completion, the ship will proceed towards its next port of call, Port Victoria, Seychelles, continuing its mission of enhancing maritime security, regional cooperation , and goodwill in the Indian Ocean Region (IOR).
Source: US National Oceanic and Atmospheric Administration
Note: The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports. SEL0
URGENT – IMMEDIATE BROADCAST REQUESTED Severe Thunderstorm Watch Number 190 NWS Storm Prediction Center Norman OK 200 PM CDT Tue Apr 29 2025
The NWS Storm Prediction Center has issued a
* Severe Thunderstorm Watch for portions of Southwest Oklahoma West Central Texas
* Effective this Tuesday afternoon and evening from 200 PM until 900 PM CDT.
* Primary threats include… Scattered large hail and isolated very large hail events to 2.5 inches in diameter likely Scattered damaging wind gusts to 70 mph likely A tornado or two possible
SUMMARY…Thunderstorms will increase in coverage and intensity through the afternoon and early evening. Supercells capable of very large hail are the main concern.
The severe thunderstorm watch area is approximately along and 80 statute miles east and west of a line from 35 miles south southeast of Midland TX to 40 miles east northeast of Clinton OK. For a complete depiction of the watch see the associated watch outline update (WOUS64 KWNS WOU0).
PRECAUTIONARY/PREPAREDNESS ACTIONS…
REMEMBER…A Severe Thunderstorm Watch means conditions are favorable for severe thunderstorms in and close to the watch area. Persons in these areas should be on the lookout for threatening weather conditions and listen for later statements and possible warnings. Severe thunderstorms can and occasionally do produce tornadoes.
&&
OTHER WATCH INFORMATION…CONTINUE…WW 187…WW 188…WW 189…
AVIATION…A few severe thunderstorms with hail surface and aloft to 2.5 inches. Extreme turbulence and surface wind gusts to 60 knots. A few cumulonimbi with maximum tops to 500. Mean storm motion vector 24035.
…Hart
Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas. SAW0 WW 190 SEVERE TSTM OK TX 291900Z – 300200Z AXIS..80 STATUTE MILES EAST AND WEST OF LINE.. 35SSE MAF/MIDLAND TX/ – 40ENE CSM/CLINTON OK/ ..AVIATION COORDS.. 70NM E/W /34SSE MAF – 47WNW OKC/ HAIL SURFACE AND ALOFT..2.5 INCHES. WIND GUSTS..60 KNOTS. MAX TOPS TO 500. MEAN STORM MOTION VECTOR 24035.
LAT…LON 31470333 35549997 35549712 31470062
THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS FOR WOU0.
Watch 190 Status Report Message has not been issued yet.
Note: Click for Complete Product Text.Tornadoes
Probability of 2 or more tornadoes
Low (20%)
Probability of 1 or more strong (EF2-EF5) tornadoes
Low (5%)
Wind
Probability of 10 or more severe wind events
Mod (60%)
Probability of 1 or more wind events > 65 knots
Low (10%)
Hail
Probability of 10 or more severe hail events
High (70%)
Probability of 1 or more hailstones > 2 inches
Mod (60%)
Combined Severe Hail/Wind
Probability of 6 or more combined severe hail/wind events
High (>95%)
For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.
Source: US National Oceanic and Atmospheric Administration
Note: The expiration time in the watch graphic is amended if the watch is replaced, cancelled or extended.Note: Click for Watch Status Reports. SEL9
URGENT – IMMEDIATE BROADCAST REQUESTED Severe Thunderstorm Watch Number 189 NWS Storm Prediction Center Norman OK 130 PM CDT Tue Apr 29 2025
The NWS Storm Prediction Center has issued a
* Severe Thunderstorm Watch for portions of Southeast Illinois Southern Indiana Northwest Kentucky
* Effective this Tuesday afternoon and evening from 130 PM until 800 PM CDT.
* Primary threats include… Scattered damaging winds likely with isolated significant gusts to 75 mph possible Scattered large hail events to 1.5 inches in diameter possible A tornado or two possible
SUMMARY…A cluster of thunderstorms over southeast Missouri will track eastward through the afternoon, posing a risk of damaging wind gusts and some hail.
The severe thunderstorm watch area is approximately along and 55 statute miles north and south of a line from 5 miles north of Carbondale IL to 35 miles north northeast of Louisville KY. For a complete depiction of the watch see the associated watch outline update (WOUS64 KWNS WOU9).
PRECAUTIONARY/PREPAREDNESS ACTIONS…
REMEMBER…A Severe Thunderstorm Watch means conditions are favorable for severe thunderstorms in and close to the watch area. Persons in these areas should be on the lookout for threatening weather conditions and listen for later statements and possible warnings. Severe thunderstorms can and occasionally do produce tornadoes.
&&
OTHER WATCH INFORMATION…CONTINUE…WW 187…WW 188…
AVIATION…A few severe thunderstorms with hail surface and aloft to 1.5 inches. Extreme turbulence and surface wind gusts to 65 knots. A few cumulonimbi with maximum tops to 500. Mean storm motion vector 25035.
…Hart
SEL9
URGENT – IMMEDIATE BROADCAST REQUESTED Severe Thunderstorm Watch Number 189 NWS Storm Prediction Center Norman OK 130 PM CDT Tue Apr 29 2025
The NWS Storm Prediction Center has issued a
* Severe Thunderstorm Watch for portions of Southeast Illinois Southern Indiana Northwest Kentucky
* Effective this Tuesday afternoon and evening from 130 PM until 800 PM CDT.
* Primary threats include… Scattered damaging winds likely with isolated significant gusts to 75 mph possible Scattered large hail events to 1.5 inches in diameter possible A tornado or two possible
SUMMARY…A cluster of thunderstorms over southeast Missouri will track eastward through the afternoon, posing a risk of damaging wind gusts and some hail.
The severe thunderstorm watch area is approximately along and 55 statute miles north and south of a line from 5 miles north of Carbondale IL to 35 miles north northeast of Louisville KY. For a complete depiction of the watch see the associated watch outline update (WOUS64 KWNS WOU9).
PRECAUTIONARY/PREPAREDNESS ACTIONS…
REMEMBER…A Severe Thunderstorm Watch means conditions are favorable for severe thunderstorms in and close to the watch area. Persons in these areas should be on the lookout for threatening weather conditions and listen for later statements and possible warnings. Severe thunderstorms can and occasionally do produce tornadoes.
&&
OTHER WATCH INFORMATION…CONTINUE…WW 187…WW 188…
AVIATION…A few severe thunderstorms with hail surface and aloft to 1.5 inches. Extreme turbulence and surface wind gusts to 65 knots. A few cumulonimbi with maximum tops to 500. Mean storm motion vector 25035.
…Hart
Note: The Aviation Watch (SAW) product is an approximation to the watch area. The actual watch is depicted by the shaded areas. SAW9 WW 189 SEVERE TSTM IL IN KY 291830Z – 300100Z AXIS..55 STATUTE MILES NORTH AND SOUTH OF LINE.. 5N MDH/CARBONDALE IL/ – 35NNE SDF/LOUISVILLE KY/ ..AVIATION COORDS.. 50NM N/S /48ENE FAM – 33N IIU/ HAIL SURFACE AND ALOFT..1.5 INCHES. WIND GUSTS..65 KNOTS. MAX TOPS TO 500. MEAN STORM MOTION VECTOR 25035.
LAT…LON 38658925 39438548 37848548 37068925
THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS FOR WOU9.
Watch 189 Status Report Message has not been issued yet.
Note: Click for Complete Product Text.Tornadoes
Probability of 2 or more tornadoes
Low (20%)
Probability of 1 or more strong (EF2-EF5) tornadoes
Low (5%)
Wind
Probability of 10 or more severe wind events
High (70%)
Probability of 1 or more wind events > 65 knots
Mod (30%)
Hail
Probability of 10 or more severe hail events
Mod (40%)
Probability of 1 or more hailstones > 2 inches
Low (20%)
Combined Severe Hail/Wind
Probability of 6 or more combined severe hail/wind events
High (90%)
For each watch, probabilities for particular events inside the watch (listed above in each table) are determined by the issuing forecaster. The “Low” category contains probability values ranging from less than 2% to 20% (EF2-EF5 tornadoes), less than 5% to 20% (all other probabilities), “Moderate” from 30% to 60%, and “High” from 70% to greater than 95%. High values are bolded and lighter in color to provide awareness of an increased threat for a particular event.
CHARLOTTE, N.C. – U.S. Attorney Russ Ferguson announced today that in April the U.S. Attorney’s Office charged 11 defendants with criminal charges related to firearms offenses and immigration-related violations as part of Operation Take Back America, a nationwide initiative to repel the invasion of illegal immigration, achieve total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from perpetrators of violent crime.
The defendants facing federal firearms charges are:
Steven Tyler Philbeck, 33, of Lincolnton, N.C., is charged with possession of a firearm by a convicted felon, possession of a firearm in furtherance of a drug trafficking crime, and distribution of methamphetamine. The indictment alleges that Philbeck distributed methamphetamine in Catawba County in February 2025, and illegally possessed a Glock 19 Gen4, 9mm handgun in furtherance of the drug trafficking activities.
Naquan Damerius Blakeney, 24, of Charlotte, is charged with possession of a firearm by a felon. The indictment alleges that Blakeney illegally possessed a Glock Model 23, .40 caliber pistol, and did so knowing he was prohibited from possessing a firearm following a prior criminal conviction.
Justin Lloyd Coleman, 33, of Huntersville, N.C., is charged with two counts of possession of a machinegun and one count of possession of a firearm by a felon. The indictment alleges that Coleman illegally possessed one more machineguns, a pistol, and a rifle. Coleman has prior felony convictions, and he is prohibited from possessing firearms.
Kiren Nashawn Heath, 21, of Monroe, N.C., is charged with possession of a firearm by a convicted felon. The indictment alleges that Pressley possessed a Walther, model P99, 9mm pistol frame with a Smith & Wesson, model SW99, 9mm pistol slide, and did so knowing he was a convicted felon and was prohibited from possessing a firearm.
Daquan Devonte Jeter, 33, of Charlotte, was indicted for the unlawful possession of a firearm. Jeter is alleged to have unlawfully possessed what is commonly known as a “sawed-off” shotgun, knowing he had prior felony convictions.
Norris Lashane Myers, 47, of Lenoir, N.C., is charged with possession of a firearm by a convicted felon. The indictment alleges that Myers possessed a Taurus PT92AF, 9mm handgun, knowing he was a convicted felon and was prohibited from possessing a firearm.
Nathaniel Desean Nicholes, 25, of Charlotte, is charged with possession of a firearm by a felon. The indictment alleges that Nicholes, knowing that he had previously been convicted of multiple state felony charges for Breaking and Entering, unlawfully possessed a Glock, model 19, 9mm caliber semi-automatic pistol.
The defendants charged with immigration-related violations are:
Jose Guadalupe Cervantes Nava, 52, of Mexico, is charged with illegal reentry into the United States. Nava was previously deported from the United States four times in two months: on April 13, 2018, on April 20, 2018, on May 3, 2018, and again on May 20, 2018.
Remedios Arroyo Beltran, 51, of Mexico, is charged with illegally reentering into the United States. Beltran was previously deported from the United States three times: on April 22, 2019, on July 7, 2019, and again on July 12, 2019.
Erik Antonio Lopez-Hernandez, 21, of Honduras, is charged with illegally reentering into the United States. Lopez-Hernandez was previously deported from the United States in July 2023. He was arrested on February 22, 2025, by the Charlotte Mecklenburg Police Department, after the defendant allegedly attempted to flee and evade arrest for a traffic violation.
Darwin Gonzalez Navarijo, 40, of Guatemala, is charged with illegal reentry into the United States. Navarijo was previously deported from the United States three times: in June 2009, in November 2010, and again in June 2017.
The charges in the indictments are allegations and the defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
In making today’s announcement, U.S. Attorney Ferguson credited Homeland Security Investigations, Immigration and Customs Enforcement – Emergency Removal Operations, the Federal Bureau of Investigation, and the Bureau of Alcohol, Tobacco, Firearms, and Explosives for their investigations that led to the charges. U.S. Attorney Ferguson also commended the local law enforcement agencies that assisted in the investigation and apprehension of the defendants, to include the Caldwell County Sheriff’s Office, the Catawba County Sheriff’s Office, the Union County Sheriff’s Office, the Charlotte Mecklenburg Police Department, the Hickory Police Department, and the Huntersville Police Department.
Assistant U.S. Attorneys with the Criminal Division of the U.S. Attorney’s Office in Charlotte are prosecuting the cases.
AmeriCorps volunteers address critical local needs, create public good, foster belonging
OAKLAND — California Attorney General Rob Bonta today co-led 23 attorneys general and two states in filing a lawsuit challenging the Trump Administration’s termination of AmeriCorps grants and the dismantling of the agency though a 85% reduction of its workforce, effectively ending the agency’s ability to continue administering the programs, operations, and funding that make its important work possible. AmeriCorps is an independent federal agency tasked with engaging Americans in meaningful community-based service that directly address the country’s educational, public safety, and environmental needs — every year, the agency provides opportunities for more than 200,000 Americans to serve their communities.
“AmeriCorps volunteers bring out the best in America and in our communities. By abruptly canceling critical grants and gutting AmeriCorps’ workforce and volunteers, DOGE is dismantling AmeriCorps without any concern for the thousands of people who are ready and eager to serve their country — or for those whose communities are stronger because of this public service,” said Attorney General Rob Bonta. “In California, AmeriCorps volunteers build affordable housing, clean up our environment, and address food insecurity in communities across our state. California has repeatedly taken action to hold the Trump Administration and DOGE accountable to the law — and we stand prepared to do it again to protect AmeriCorps and the vital services it provides.”
“Service sits at the very core of who we are as Americans,” said Governor Gavin Newsom. “California is suing the Trump administration to defend thousands of hardworking service members and the communities they serve. These actions by President Trump and Elon Musk not only threaten our funding – they vandalize our values. We’re going to fight to stop them.”
BACKGROUND
AmeriCorps supports national and state community service programs by providing opportunities for Americans to serve their communities and by awarding grants to local and national organizations and agencies which use funding to address critical community needs. These organizations and agencies use AmeriCorps funding to recruit, place, and supervise AmeriCorps members nationwide. AmeriCorps members and volunteers have connected veterans to essential services, fought the opioid epidemic, helped older adults age with dignity, rebuilt communities after disasters, and improved the physical and mental well-being of millions of Americans.
In early February, the Trump Administration issued an executive order directing every federal agency to plan to reduce the size of its workforce and prepare to initiate in large-scale reductions in force. Since then, AmeriCorps has placed at least 85% of its workforce on administrative leave immediately and notified employees that they would be terminated effective June 24, 2025.
On April 25, California received notice from the federal government of termination of its AmeriCorps grant programs which support volunteer and service efforts. Grant cancellations and program termination notices were sent to approximately 1,031 programs nationwide.
LAWSUIT
In the complaint today, the Attorney General Bonta and a multistate coalition argue that by abruptly canceling critical grants and gutting AmeriCorps’ workforce, the Trump Administration is effectively shuttering the national volunteer agency and ending states’ abilities to support AmeriCorps programs within their borders.
The coalition establishes that the Trump Administration has acted unlawfully in its gutting of AmeriCorps, violating both the Administrative Procedures Act and the separation of powers under the U.S. Constitution. Congress has created AmeriCorps and the programs it administers, and the President cannot incapacitate the agency’s ability to administer appropriated grants or carry out statutorily assigned duties. Further, by dismantling AmeriCorps and its programs, which are creations of Congress, The Trump Administration’s has violated the Executive Branch’s obligation to take care that the law is faithfully executed.
CALIFORNIA IMPACTS
AmeriCorps funds support California public agencies and nonprofits that provide critical services to low-income communities.
In 2024, at least 6,150 California members served at at least 1,200 locations, including schools, food banks, homeless shelters, health clinics, youth centers, veterans’ facilities, and other nonprofit and faith-based organizations. AmeriCorps invested more than $133 million in federal funding to California last year to support cost-effective community solutions, working with local partners on the ground to help communities, who most intimately understand their needs, tackle their toughest challenges. When the Los Angeles fires devastated millions earlier this year, AmeriCorps members showed up to distribute supplies and support families — until the Trump Administration ended the program and sent them home on hours’ notice.
In bringing today’s lawsuit Attorney General Bonta and the attorneys general of Maryland, Delaware, and Colorado lead the attorneys general of Arizona, Connecticut, Hawaii, Illinois, Maine, Massachusetts, Michigan, Minnesota, Nevada, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont, Washington, Wisconsin, the District of Columbia and the states of Kentucky and Pennsylvania.
A copy of the complaint will become available here.
overnor Kathy Hochul today outlined the turmoil created under President Trump’s first 100 days in office, warning that his administration’s retaliatory policies, deep federal cuts and unilateral tariffs are poised to negatively impact New York’s economy, the environment and hard working families. Last week, New York State joined a multi-state lawsuit challenging the constitutionality of President Trump’s global tariffs. According to independent estimates, Trump’s tariffs will cost the State’s economy more than $7 billion, result in more than 280,000 jobs lost and hit New York families with an average cost increase of $6,400. New York has also led the fight to protect federal funding from cuts and disruptions that are impacting more than $1.3 billion in federal funding for New York and has successfully challenged in court the Trump Administration’s global funding freeze, as well as cuts to the National Institutes of Health, the Department of Health and Human Services, the Federal Emergency Management Agency and other critical federal agencies.
“The first 100 days of the Trump Administration have been rife with chaos and uncertainty, from on-again, off-again tariffs to cuts to vital programs, New Yorkers are paying the price,” Governor Hochul said. “President Trump promised relief from inflation and his policies are making life harder, chaotic and more expensive for working class New Yorkers while slashing the very services they rely on.”
Implications for New Yorkers during President Trump’s First 100 Days Include:
More than $1.3 billion in cuts to funding for State programs so far with more expected, in addition to the funding cuts to local governments, universities and other organizations delivering critical services to New Yorkers
Massive fluctuation in the stock market from ever changing tariff policies has shrunk 401(k)s and 529 college savings plans, and is expected to increase cost of living for New Yorkers by thousands of dollars
Manufacturers and small businesses are reeling from severe cost hikes on some products due to tariffs, leading them to leave shipments in customs or cancel orders
Canadian and European travel to New York has dropped and hotel stays and trips in regions such as the North Country and Western New York have been cancelled
The pause of construction of Empire Wind, which will have a profound impact on jobs and energy production
Cutting millions in funding that allows school districts and food banks to buy produce from local farmers who rely on their purchases
Three Social Security Administration offices closed in New York
Eliminated every person in the office that manages a program helping over 1 million New Yorkers pay their heating and cooling bills
Cuts to the NIH paused the critical research of a New York Scientist on Alzheimer’s treatments
Cut over $300 million in infrastructure funding for New York communities, threatening our public safety
Cutting the majority of federal AmeriCorps funding in New York, which supports approximately 1,500 AmeriCorps members working for non-profits and in low-income communities across the State
PUBLIC SAFETY AND IMMIGRATION
The Trump administration has revoked more than $325 million in vital resiliency funding from the Building Resilient Infrastructure and Communities program and put $56 million more at risk, which will impact several critical infrastructure and community resilience projects in New York State.
Additionally, DOGE is planning to cut up to 84 percent of staff from their Office of Community Planning and Development, which helps pay to rebuild homes and other recovery efforts after the country’s worst disasters such as Superstorm Sandy and Tropical Storms Lee and Irene.
The Albany National Weather Service (NWS) Office was forced to suspend weather balloon launches due to staff shortages and budget constraints. This has impacted the ability of the NWS to provide twice-daily balloon launches, impacting the accuracy of weather forecasts.
After Immigration and Customs Enforcement (ICE) detained a Sackets Harbor mom and her children, Governor Hochul took action, engaging with the White House, Border Czar Tom Homan and local officials in an effort to bring the family back home. After 11 days in detention, the family was returned to Sackets Harbor.
ECONOMY AND TOURISM
The stock market has been unstable due to President Trump’s on-again, off-again tariff policy. This has caused retirees’ 401(k)s and students’ 529 savings plans to shrink. Additionally, consumer confidence plunged, to 50.8 percent in April from 71.7 percent in January. The dollar has weakened, falling to a three month low in April.
The Governor has heard from small and mid-sized businesses across the State who are worried about rising costs and their future. A recent survey from the National Small Business Association found that the majority of small businesses are concerned about tariffs and one in three are very concerned. Examples include North Country manufacturer Alcoa, which took an estimated $20 million hit on imports from Canada, and North Country Golf Club which is facing declines in businesses due to the decline in tourism from Canada. In the Southern Tier, the Cortland Standard, which was in business for more than a century, has closed its doors, citing the expected 25 percent tariffs on paper as part of the decision.
The Trump administration is cancelling the successful Manufacturers Extension Partnership (MEP) in several states. In New York, NY MEP centers generated $1.25 billion in economic impact, supported the creation or retention of nearly 6,300 jobs and served over 700 companies during the 2023 calendar year. This decision has raised widespread concern across the entire national network of MEP Centers, prompting fears about whether these initial cancellations are the first step in a broader effort to dismantle the program and eliminate federal funding for all 51 centers.
Due to the tariff trade war with Canada, New York’s number one trade partner, and the rhetoric that Canada could be the “51st state,” impacts are widespread. Visitors from Canada are avoiding the U.S. and New York State. Overall, total bridge crossings between Eastern Ontario and New York State for March are down 23,000 compared to 2024, and at the lowest level since 2022. Additionally, Niagara River bridges traffic for February is down 14 percent and Thousand Islands Bridge crossings are down 19 percent.
A survey of local businesses in the North Country found that 66 percent have already experienced a slight to significant decrease in Canadian bookings for 2025, and that 26 percent have already adjusted staffing levels in response to the decline.
TRANSPORTATION
President Trump’s Department of Transportation vowed to kill congestion pricing from day one of his administration, despite clear evidence that the program is working. The MTA reported that in March, traffic is down 13 percent, travel times have improved in key corridors within the Central Business District and it has increased revenue for the MTA that will result in improvements in the system.
IMPACTS ON HARD WORKING FAMILIES
President Trump has reduced the federal workforce by more than 120,000 people nationwide according to data compiled from CNN. In New York more than 1,200 federal workers have been forced to file for unemployment.
The Trump administration has pledged to cancel the successful and free Direct File tax filing program. This program has already begun to make an impact in its first full year, with many New Yorkers saving nearly $300 per household in tax prep fees that could instead go toward groceries, gas, child care or rent.
The U.S. Department of Agriculture slashed hundreds of millions of dollars in funding that helped schools buy food from local farms. The program sought to bring local produce to schools and child care facilities, giving schools the opportunities to purchase fresh foods and use smaller producers rather than rely on large corporations.
The Trump Administration announced that half of all food shipments through The Emergency Food Assistance Program (TEFAP) would be canceled, resulting in a $500 million reduction in funding for food banks across the country. New York State could see a loss of around 16 million pounds of USDA foods in 2025 due to the TEFAP funding cuts, according to Feeding New York State.
SSA field offices are closing, wait times for deserving seniors are increasing and sensitive and private personal data is in danger of being insecure.
ENERGY
The Trump Administration stopped construction on Empire Wind, putting thousands of construction jobs at risk and threatening to dismantle a project that when complete, will generate enough electricity to power about 500,000 homes in New York State.
Funding has been suspended for the National Electric Vehicle Infrastructure (NEVI) Formula Funds. The NEVI program — passed as part of the Bipartisan Infrastructure Law — provides funding directly to states for installing public electric vehicle (EV) charging stations, which, if implemented, will lower fuel costs for families, reduce U.S. dependence on fossil fuels and create construction jobs nationwide.
President Trump has also threatened to roll back the Inflation Reduction Act (IRA) and repeal its tax credits. NYSERDA estimates a full repeal of the clean energy incentives could result in more than $20 billion in increased project costs and could cause significant project attrition.
HOUSING
At the direction of President Trump and DOGE, HUD staff has been decimated, imperiling the core functions of the agency that serve our communities, manage federally funded housing programs and assist housing development at a time of national crisis for housing. Funding has also been cut for organizations that fight housing discrimination across the country, while rolling back federal protections to Affirmatively Further Fair Housing.
HUD has further announced it was ending four years early the Emergency Housing Voucher Program, a successful federal program to combat homelessness for more than 9,500 households across the State. The federal administration imperiling this funding will force these families, at last stably housed, back onto the street.
The $1 billion Green and Resilient Retrofit Program that helps preserve affordable housing is being paused, threatening projects that keep tens of thousands of units livable for low-income Americans.
HEALTH CARE
The actions of the current administration threaten the health and safety of New Yorkers. New York State remains steadfast in its commitment to safeguarding the health and well-being of all New Yorkers and promoting health equity.
President Trump has endorsed the House’s budget resolution which includes over $1 trillion in cuts to critical safety net programs like Medicaid and SNAP. Nearly 7 million qualifying New Yorkers are covered under Medicaid, including 2.5 million children, and 636,000 New Yorkers with disabilities. 2.9 million New Yorkers rely on SNAP for healthy food, including over 800,000 children.
The Trump administration’s National Institute of Health (NIH) has cut grant funding to SUNY used to conduct research to cure diseases, keep our nation safe and grow our economy. The NIH’s sudden budget cuts will cost SUNY research an estimated $79 million on current grants, including more than $21 million over just the next five months that will immediately imperil the work of SUNY’s dedicated researchers by decimating the equipment, staff and services they rely on.
The Trump Administration picked a top health official who has questioned the safety of vaccines and the use of fluoride in drinking water and claimed that autism was preventable. These views go against proven science and could lead to more diseases by making people doubt public health advice.
The Administration has taken back important public health funding. This includes money for tracking disease, supporting vaccinations and helping vulnerable communities hit hardest by the pandemic. Without this funding, local health services must cut staff and scale back programs, especially in areas that need the most help.
Hundreds of federal health workers have lost jobs, making it harder for both the federal government and states like New York to respond to health threats and deliver services like maternal care and disease control.
New executive orders have removed federal support for diversity, equity and inclusion programs, harming efforts to ensure fair health care for women, LGBTQ+ people and communities of color. These actions affirm that the needs of these communities no longer matter to the federal government.
In addition, with massive arbitrary cuts to federal agencies, the future of federal programs to help combat substance use disorder, heating and cooling assistance for low-income New Yorkers, and early childhood investment programs like Head Start remain in jeopardy.
New York State remains committed to ensuring all New Yorkers have access to affordable, quality health care. Accordingly, the State rejects thinly veiled attacks on anyone who may not comport with the Trump Administration’s limited views of who is a person.
EDUCATION
President Trump vowed to eliminate the Department of Education, a crucial part of the federal government that supports kids, teachers and administrators right here in New York State. New York receives $5.5 billion annually from the Department of Education. Approximately $3.2 billion is routed through the State Budget and $2.3 billion is sent directly to local entities, primarily colleges and universities. This crucial funding supports Pell Grants for college students, money for kids with disabilities, programs that are supporting kids’ mental health, crucial research at our public higher education institutions and much more
ENVIRONMENT & AGRICULTURE
The Trump administration has taken aim through Executive Order at dismantling New York State’s strong environmental protections.
Additionally, funding for the Local Food Purchasing Assistance Program has been slashed. While the Biden administration had indicated that $24 million would be available under the LFPA program (New York Food for New York Families), the Trump administration (USDA) has reversed and this next round of funding will no longer be available.
More recently, New York State’s $60 million award for the New York Connects: Climate Smart Farms and Forests Program, which funds climate smart agriculture and forestry practices, was cancelled by USDA.
USDA staff that assist farmers with implementing conservation programs, loans and other resources for their farms, have been laid off.
Over 80 percent of agrochemical imports and 70 percent of farm machinery imports come from countries facing tariffs of 10 percent or more. Tariffs may slow down or halt on-farm expansion and modernization due to projected increases in equipment costs, with much of the stainless steel coming from abroad.
Trade issues are having a compounding effect for dairy farmers — input costs are going up and the milk price relies on export markets. Tariffs and threats of trade disputes result in lost markets and lower milk prices. For example, the budget for a building project went from $85,000 to $106,000, due to tariffs on steel and aluminum, one farm had a $2,200 fee added to their bill for grain because it came from a Canadian feed mill and another farm is anticipating their bottom line to be 7-10 percent lower this year due to lower milk prices and tariffs on inputs, including feed, energy and building supplies.
The ability of West Coast apple producers to export their product will play a key role in the price and demand for New York apples. If West Coast producers are not able to expand overseas markets, they will continue to flood East Coast markets and displace New York State fresh apples where they can undercut prices.
Tariffs placed on equipment, largely coming from Canada, would increase producers’ costs of maple syrup production significantly and negatively impact profitability in the maple industry.
Significant 35-Quarter Extension Highlights Effectiveness of PUC’s Preservation Efforts
April 29, 2025
Hallowell, Maine – The North American Numbering Plan Administrator (NANPA) has released an updated forecast extending the life of Maine’s iconic 207 area code to the first quarter of 2045. This marks a significant 35-quarter extension from its previous forecast, which projected 207 would be exhausted by the second quarter of 2036.
The Maine Public Utilities Commission (PUC), which has long prioritized the preservation of the 207 area code, welcomed the announcement as validation of its ongoing efforts to delay the need for a second area code in the state.
“The 207 area code is a valuable asset to Maine residents and businesses alike,” said Commission Chair Philip L. Bartlett II. This extension gives us nearly 20 more years before a second area code could be necessary – a welcome milestone that reflects years of proactive work by Commission staff.
NANPA attributes the revised projection to reduced historical and projected demand for new numbers. The Maine PUC credits its active code conservation strategies, which have included regular engagement with telecommunications carriers to prevent unnecessary release of central office codes the limited blocks of numbers within an area code. Staff have worked with providers to identify alternative numbering solutions, thereby maximizing existing resources and reducing demand for 207 numbers.
The Commission also points to the pending implementation of rate center consolidation a practice that merges multiple geographic areas for numbering purposes as a contributing factor to the extension.
Beyond Maine, the North American Numbering Plan as a whole has faced concerns about number exhaustion. However, NANPA now projects the broader system will remain viable until sometime between 2054 and 2061.
About the Commission The Maine Public Utilities Commission regulates electric, telephone, water and gas utilities to ensure that Maine citizens have access to safe and reliable utility service at rates that are just and reasonable for all ratepayers while also helping achieve reductions in state greenhouse gas emissions. Commission programs include Maine Enhanced 911 Service, gas safety and Dig Safe. Philip L. Bartlett, II serves as Chair, Patrick Scully and Carolyn Gilbert serve as Commissioners.
Learn more about the Commission at https://www.maine.gov/mpuc/.
CONTACT: Susan Faloon, Media Liaison CELL: 207-557-3704 EMAIL: susan.faloon@maine.gov WEBSITE: https://www.maine.gov/mpuc/
ALTAVISTA, Va., April 29, 2025 (GLOBE NEWSWIRE) — Net income for Pinnacle Bankshares Corporation (OTCQX:PPBN), the one-bank holding company (“Pinnacle” or the “Company”) for First National Bank (the “Bank”), was $2,261,000, or $1.02 per basic and diluted share, for the quarter ended March 31, 2025 compared to net income of $2,084,000, or $0.95 per basic and diluted share, for the same period of 2024. Quarterly consolidated results are unaudited.
First Quarter 2025 Highlights Income Statement comparisons are to the first quarter of 2024 Balance Sheet, Capital Ratios, and Stock Price comparisons are to December 31, 2024
Income Statement
Net Income was $2,261,000 and Return on Assets was 0.88%.
Net Interest Income increased 13% due primarily to increased loan volume and yields on earning assets.Net Interest Margin increased 36 basis points to 3.92%.
Provision for Credit Losses was only $37,000 as Asset Quality remains strong with low Nonperforming Loans and no Other Real Estate Owned (OREO).
Noninterest Income increased 7% primarily due to higher commissions on investment and insurance products sales and fees on sales of mortgage loans.
Noninterest Expense increased 13% due primarily to higher salaries and benefits, occupancy, and core processing expenses.
Balance Sheet
Total Assets decreased $5.8 million, or less than 1%, which was driven by a decrease in Deposits.
Loans increased $8.6 million, or 1%.
Securities decreased $18 million due to $38 million in maturing U.S. Treasury Securities that yielded approximately 2.13% partially offset by $20 million in purchases of U.S. Treasury Securities yielding approximately 4.13%.
Deposits decreased $10.2 million, or 1%, to $941 million.
The Liquidity Ratio was strong at 31% (13% excluding Available for Sale Securities).
Capital Ratios & Stock Price
Capital levels are stable as the Bank’s Leverage Ratio increased to 9.35% and the Total Risk-Based Capital Ratio increased to 13.65% due primarily to profitability.
Our Stock Price ended the quarter at $31.94 per share, based on the last trade, which is an increase of $0.74, or 2%.
Net Income & Profitability
Net income generated during the first quarter of 2025 represents a $177,000, or 8%, increase as compared to the same time period of the prior year, which was driven by higher net interest income and noninterest income partially offset by higher noninterest expense and slightly higher provision for credit losses.
Profitability as measured by the Company’s return on average assets (“ROA”) was 0.88% for the first quarter of 2025, which is a 4 basis points increase from the 0.84% produced in the first quarter of 2024. Return on average equity (“ROE”) decreased in the first quarter of 2025 to 11.31%, compared to 12.02% for the same time period of the prior year due to higher equity driven by retained earnings and increases in the market value of the Bank’s securities portfolio.
“We are pleased to have generated higher net income for the first quarter of 2025 as compared to the same period of last year. Pinnacle remains well positioned with continued ample liquidity and strong asset quality, which will serve us well we navigate through current economic uncertainties,” stated Aubrey H. Hall, III, President and Chief Executive Officer for both the Company and the Bank.
Net Interest Income & Margin
The Company generated $9,480,000 in net interest income for the first quarter of 2025, which represents a $1,070,000, or 13%, increase as compared to the first quarter of 2024 as net interest margin increased 36 basis points to 3.92%. Interest income increased $1,191,000, or approximately 11%, to $12,375,000 due to an increase in average loan volume as well as increased yield on earning assets, which improved 38 basis points to 5.11%. Interest expense increased $122,000, or 4%, to $2,896,000 as the cost to fund earning assets increased only 2 basis points to 1.19%.
Reserves for Credit Losses & Asset Quality
The provision for credit losses was minimal and increased only $19,000 to $37,000 in the first quarter of 2025 as compared to the same period of the prior year due to continued strong asset quality.
The allowance for credit losses was $5,131,000 as of March 31, 2025, representing 0.71% of total loans outstanding. In comparison, the allowance for credit losses was $5,084,000 as of December 31, 2024, which was also 0.71% of total loans outstanding. Non-performing loans to total loans were 0.14% as of March 31, 2025, compared to 0.22% at year-end 2024. Allowance coverage of non-performing loans was 519% as of the end of the first quarter of 2025 compared to 321% as of year-end 2024. Management views the allowance balance as being sufficient to offset potential future losses associated with problem loans.
Noninterest Income & Expense
Noninterest income for the first quarter of 2025 was $1,745,000, representing a $122,000, or 7%, increase compared to first quarter of 2024. Higher noninterest income was mainly due to a $78,000 increase in commissions from sales of investment and insurance products and a $59,000 increase in fees on sales of mortgage loans.
Noninterest expense for the first quarter of 2025 was $8,361,000 representing a $959,000, or approximately 13%, increase compared to the first quarter of 2024. Higher operating costs were mainly due to a $625,000 increase in salaries and benefits as we have expanded into a new market and added key operational staff, a $149,000 increase in occupancy expense due to the upgrading and maintenance of our facilities, and a $93,000 increase in core operating system expense due to increased volume of transactions.
The Balance Sheet & Liquidity
Total assets as of March 31, 2025 were $1,038,147,000, down $5,847,000, or less than 1%, from $1,043,994,000 as of December 31, 2024. The principal components of the Company’s assets as of March 31, 2025 were $720,482,000 in total loans, $157,564,000 in securities, and $109,707,000 in cash and cash equivalents. During the first quarter of 2025, total loans increased $8,564,000, or approximately 1%, from $711,918,000 as of December 31, 2024, while securities decreased $18,252,000, or approximately 10%, from $175,816,000.
The majority of the Company’s securities portfolio is relatively short-term in nature with 43% invested in U.S. Treasury Securities with an average maturity of 1.2 years and $20,000,000 maturing in the second quarter of 2025. All of the Company’s securities were classified as available for sale as of March 31, 2025, which provides transparency regarding unrealized losses. Unrealized losses associated with the available for sale securities portfolio were $10,250,000 as of March 31, 2025 or 6% of book value, an improvement from $11,817,000 as of December 31, 2024.
Cash and cash equivalents increased $1,494,000, or approximately 1%, to $109,707,000 as of March 31, 2025 from $108,213,000 as of December 31, 2024. The Company had a strong liquidity ratio of 31% as of quarter end. The liquidity ratio excluding the available for sale securities portfolio was 13% providing the opportunity to sell excess funds at an attractive federal funds rate. The Company has access to multiple liquidity lines of credit through its correspondent banking relationships and the Federal Home Loan Bank. None of these contingency funding sources have been utilized over the past year.
Total liabilities as of March 31, 2025 were $956,624,000, down $8,984,000, or 1%, from $965,608,000 as of December 31, 2024 as deposits decreased $10,239,000, or 1%, to $940,680,000 during the first quarter of 2025. The number of deposit accounts grew by less than 1% during the first quarter of 2025. The Bank retains and acquires customer relationships through providing personalized service and utilization of a community bank approach while capitalizing on market disruption caused by further bank consolidation and large national bank branch closures.
Total stockholders’ equity as of March 31, 2025 was $81,523,000, an increase of $3,137,000, or 4%, compared to year-end 2024 and consisted primarily of $70,741,000 in retained earnings. The increase in equity is due to retained earnings and a decrease in unrealized losses associated with the Bank’s securities portfolio. Both the Company and Bank remain “well capitalized” per all regulatory definitions.
Annual Meeting of Shareholders
As a reminder, Pinnacle Bankshares Corporation’s Annual Meeting of Shareholders will be held at 11:00 AM Eastern Time on Tuesday, May 13, 2025, at Virginia Technical Institute located at 201 Ogden Road, Altavista VA 24517. Please plan to join us as we discuss the Company’s performance and direction moving forward.
Company Information
Pinnacle Bankshares Corporation is a locally managed community banking organization serving Central and Southern Virginia. The one-bank holding company of First National Bank serves market areas consisting primarily of all or portions of the Counties of Amherst, Bedford, Campbell, Halifax, and Pittsylvania, and the Cities of Charlottesville, Danville, and Lynchburg. The Company has a total of nineteen branches with one branch in Amherst County within the Town of Amherst, two branches in Bedford County; five branches in Campbell County, including two within the Town of Altavista, where the Bank was founded; one branch in the City of Charlottesville, three branches in the City of Danville; three branches in the City of Lynchburg; and three branches in Pittsylvania County, including one within the Town of Chatham. A Loan Production Office and a full-service branch have recently been opened in the South Boston area of Halifax County. First National Bank is in its 117th year of operation.
This press release may contain “forward-looking statements” within the meaning of federal securities laws that involve significant risks and uncertainties. Any statements contained herein that are not historical facts are forward-looking and are based on current assumptions and analysis by the Company. These forward-looking statements, including statements made in Mr. Hall’s quotes may include, but are not limited to, statements regarding the credit quality of our asset portfolio in future periods, the expected losses of nonperforming loans in future periods, returns and capital accretion during future periods, our cost of funds, the maintenance of our net interest margin, future operating results and business performance and our growth initiatives. Although we believe our plans and expectations reflected in these forward-looking statements are reasonable, our ability to predict results or the actual effect of future plans or strategies is inherently uncertain, and we can give no assurance that these plans or expectations will be achieved. Factors that could cause actual results to differ materially from management’s expectations include, but are not limited to: changes in consumer spending and saving habits that may occur, including increased inflation; changes in general business, economic and market conditions; attracting, hiring, training, motivating and retaining qualified employees; changes in fiscal and monetary policies, and laws and regulations; changes in interest rates, inflation rates, deposit flows, loan demand and real estate values; changes in the quality or composition of the Company’s loan portfolio and the value of the collateral securing loans; changes in macroeconomic trends and uncertainty, including liquidity concerns at other financial institutions, and the potential for local and/or global economic recession; changes in demand for financial services in Pinnacle’s market areas; increased competition from both banks and non-banks in Pinnacle’s market areas; a deterioration in credit quality and/or a reduced demand for, or supply of, credit; increased information security risk, including cyber security risk, which may lead to potential business disruptions or financial losses; volatility in the securities markets generally, including in the value of securities in the Company’s securities portfolio or in the market price of Pinnacle common stock specifically; and other factors, which could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and you should not place undue reliance on such statements, which reflect our views as of the date of this release.
Selected financial highlights are shown below.
Pinnacle Bankshares Corporation
Selected Financial Highlights
(3/31/2025 and 3/31/2024 results unaudited, 12/31/2024 results audited)
(In thousands, except ratios, share and per share data)
3 Months Ended
3 Months Ended
3 Months Ended
Income Statement Highlights
3/31/2025
12/31/2024
3/31/2024
Interest Income
$12,375
$12,543
$11,184
Interest Expense
2,896
3,264
2,774
Net Interest Income
9,480
9,279
8,410
Provision for Credit Losses
37
356
18
Noninterest Income
1,745
2,681
1,623
Noninterest Expense
8,361
8,373
7,402
Net Income
2,261
2,800
2,084
Earnings Per Share (Basic)
1.02
1.27
0.95
Earnings Per Share (Diluted)
1.02
1.27
0.95
Balance Sheet Highlights
3/31/2025
12/31/2024
3/31/2024
Cash and Cash Equivalents
$109,707
$108,213
$88,502
Total Loans
720,482
711,918
651,593
Total Securities
157,564
175,816
180,196
Total Assets
1,038,147
1,043,994
1,000,006
Total Deposits
940,680
950,919
914,923
Total Liabilities
956,624
965,608
929,448
Stockholders’ Equity
81,523
78,386
70,558
Shares Outstanding
2,216,616
2,212,270
2,205,666
Ratios and Stock Price
3/31/2025
12/31/2024
3/31/2024
Gross Loan-to-Deposit Ratio
76.59%
74.87%
71.22%
Net Interest Margin (Year-to-date)
3.92%
3.70%
3.56%
Liquidity (Liquid assets to liabilities)
30.58%
32.60%
32.08%
Efficiency Ratio
74.45%
72.49%
73.64%
Return on Average Assets (ROA)
0.88%
0.92%
0.84%
Return on Average Equity (ROE)
11.31%
12.49%
12.02%
Leverage Ratio (Bank)
9.35%
9.21%
8.94%
Tier 1 Risk-based Capital Ratio (Bank)
12.94%
12.81%
12.93%
Total Risk-Based Capital Ratio (Bank)
13.65%
13.52%
13.61%
Stock Price
$31.94
$31.20
$28.46
Book Value
$36.78
$35.43
$31.99
Asset Quality Highlights
3/31/2025
12/31/2024
3/31/2024
Nonaccruing Loans
$988
$1,582
$1,270
Loans 90 Days or More Past Due & Accruing
0
0
0
Total Nonperforming Loans
988
1,582
1,270
Loan Modifications
109
109
350
Loans Individually Evaluated
1,097
2,010
1,981
Other Real Estate Owned (OREO) (Foreclosed Assets)
0
0
0
Total Nonperforming Assets
988
1,582
1,270
Nonperforming Loans to Total Loans
0.14%
0.22%
0.19%
Nonperforming Assets to Total Assets
0.10%
0.15%
0.13%
Allowance for Credit Losses
$5,131
$5,084
$4,484
Allowance for Credit Losses to Total Loans
0.71%
0.71%
0.69%
Allowance for Credit Losses to Nonperforming Loans
519%
321%
353%
CONTACT: Pinnacle Bankshares Corporation, Bryan M. Lemley, 434-477-5882 orbryanlemley@1stnatbk.com
Source: United Kingdom – Executive Government & Departments
Press release
Innovative ‘collective’ pension funds to deliver higher incomes and lower risks for future pensioners
Pensioners of the future will benefit from innovative ‘collective’ pension schemes to boost their income in retirement and productive investment across the economy, under plans announced today [29 April]
Wide reaching reforms to make innovative “collective” pension funds more commonplace will reduce risk and volatility for savers.
Collective Defined Contribution (CDC) schemes pool investment and longevity risks, unlocking productive investment potential as well as supporting more predictable returns for savers at no extra cost for employers.
With new regulations to allow for multiple employer CDCs planned for the Autumn, more savers are set to benefit from CDCs as part of the Government’s Plan for Change.
More people than ever are saving into a workplace pension – £28 billion more in 2020 than in 2012 – with most of these pension pots being Defined Contribution (DC) schemes, where the employee is automatically enrolled to save a proportion of their salary tax-free and the employer contributes at least 3% of their salary to the pot too.
But a lack of innovation and reform of the DC savings landscape risks some future pensioners bearing large risks, in terms of the value of their investments and whether their savings will provide an income throughout their retirement.
Collective Defined Contribution (CDCs) are a new type of pension scheme that sees both the employer and employee contribute to a collective fund. Due to the scale of these funds and the pooling of risk for members, they can aim to provide a target pension income for life – similar to Defined Benefit (DB) schemes, sometimes called an average or final salary pension, but without the risk of significant unexpected bills for employers.
In the UK, Royal Mail have already launched a CDC scheme for their employees which has over 100,000 members who are offered a combination of a cash lump sum and an income for life in retirement.
Speaking at the LCP Conference in London today, the Minister for Pensions confirmed new regulations, set to be laid in the Autumn, will allow for multiple employer CDC schemes to be established, so that a range of unconnected employers can pool their employees’ pension pots into a collective fund, boosting returns for savers.
These pooled pension investments will mean higher incomes in retirement, and help individuals manage the uncertainty about how long that retirement will be. These measures will provide more options for savers and employers to choose between and are part of wider reforms to the pensions landscape, as part of our Plan for Change to put more money into people’s pockets.
Minister for Pensions, Torsten Bell said:
Success in the world of pensions isn’t just about getting people saving, it’s ensuring their savings work as hard as possible for them.
Making sure more employers and savers have the option of an innovative Collective Defined Contribution Pension scheme is an important part of making that happen.
Too often at present we are leaving individuals to face significant risks, about how their individual investments perform and how long their retirements last. Pooling some of those risks will drive higher incomes for pensioners and greater investments in productive assets across the economy.
The Minister also confirmed his desire to deliver decumulation only CDC schemes. These schemes would allow certain savers with DC schemes to access CDCs, offering retirees the chance to buy longer term, pooled retirement products that deliver stability for pensioners.
Modelling from the PPI suggests that single employer CDCs could deliver a significantly greater average replacement rate (47%) than currently delivered through annuities (40%) with even higher benefits seen for multi-employer CDCs as longevity risks are pooled. (69%).
And due to their size, CDCs can also be a more efficient vehicle for economic growth, with similar collective funds in Canada and Australia having proved an efficient way of supporting economic growth, investing in a wider range of sectors and assets.
CDC schemes can invest in illiquid and more productive investments over the long term, including in UK businesses and infrastructure projects, supporting the Government’s growth mission while providing employers with greater freedoms as well as reducing the risks of over or under spending in retirement by paying pensioners based on life expectancy.
These measures aim to drive economic growth and improve retirement outcomes for working people as part of the Plan for Change.
Today’s announcement will provide clarity to the industry ahead of the upcoming Pensions Investment Review and Pension Schemes Bill, and in time give working people and employers a new option when considering what pension scheme works best for them
Additional Information
The Pensions Investment Review: interim report sets out proposals which the government has consulted on to deliver scale and consolidation of the Defined Contribution (DC) market and the Local Government Pension Scheme in England and Wales (LGPS). The report can be viewed here: Pensions Investment Review: interim report – GOV.UK
The government plans to introduce legislation in Autumn 2025, and subject to parliamentary approval, intends to bring the legislation and an updated Regulator’s Code into force as soon as practicable.
The government will continue to work with industry stakeholders to develop decumulation CDC.
The UK’s first CDC scheme, the Royal Mail Collective Pension Plan launched in 2024 which was a truly landmark moment for the UK pension landscape.
There are now several organisations are actively looking to set up an unconnected multiple employer CDC scheme.
Source: United States House of Representatives – Representative Gus Bilirakis (FL-12)
Washington, DC: This week, the House passed theTAKE IT DOWN ACT, a bill Congressman Gus Bilirakis has helped shepherd through the legislative process in the House. This bill would criminalize the publication of non-consensual, sexually exploitative images—including AI-generated deepfakes—and require platforms to remove images within 48 hours of notice. To see Congressman Bilirakis speaking on the House Floor in support of this important bill, click here. This bill will also help address a problem that recently occurred in Pasco County. The Pasco Sheriff’s Office acted quickly to investigate and arrest an elementary school teacher on child pornography charges. However, during its investigation, the Pasco County Sheriff’s Office discovered that the teacher was using yearbook photos of his students to create AI-generated child erotica. While the individual was able to be charged for some of the images, there were many more images in his possession that the police were unable to charge him for. TheTAKE IT DOWN Actwill help to close this loophole. TheTAKE IT DOWN Actwill protect and empower victims of real and deepfake NCII while respecting speech by:
Criminalizing the publication of NCII in interstate commerce. The bill makes it unlawful for a person to knowingly publish NCII on social media and other online platforms. NCII is defined to include realistic, computer-generated pornographic images and videos that depict identifiable, real people. The bill also clarifies that a victim consenting to the creation of an authentic image does not mean that the victim has consented to its publication.
Protecting good faith efforts to assist victims. The bill permits the good faith disclosure of NCII, such as to law enforcement, in narrow cases.
Requiring websites to take down NCII upon notice from the victim. Social media and other websites would be required to have in place procedures to remove NCII, pursuant to a valid request from a victim, within 48 hours. Websites must also make reasonable efforts to remove copies of the images. The FTC is charged with enforcement of this section.
Protecting lawful speech. The bill is narrowly tailored to criminalize knowingly publishing NCII without chilling lawful speech. The bill conforms to current First Amendment jurisprudence by requiring that computer-generated NCII meet a “reasonable person” test for appearing indistinguishable from an authentic image.
“I am glad we are one step closer to protecting victims of online sexual exploitation. Giving victims rights to flag non-consensual images and requiring social media companies to remove that content quickly is a pivotal and necessary change to the online landscape,” said Congressman Gus Bilirakis (FL-12), who serves as Chairman of the Subcommittee on Commerce, Manufacturing, and Trade. “And by ensuring that AI-generated deep-fake content is included in these protections, Congress is showing its commitment to fighting 21st Century harms that are plaguing our children and grandchildren. I applaud Representatives María Elvira Salazar (R-FL), Madeleine Dean (D-PA), Vern Buchanan (R-FL), Debbie Dingell (D-MI), August Pfluger (R-TX), and Stacey Plaskett (D-VI) for their tireless work on this issue, as well as our entire Subcommittee for their efforts to ensure final passage in the House. I encourage my Senate colleagues to expedite passage so it can be signed into law by President Trump.”
While nearly every state has a law protecting people from non-consensual intimate imagery (NCII), including 30 states with laws explicitly covering sexual deepfakes, these state laws vary in classification of crime and penalty and have uneven criminal prosecution. Further, victims struggle to have images depicting them removed from websites, increasing the likelihood the images are continuously spread and victims are retraumatized. In 2022, Congress passed legislation creating a civil cause of action for victims to sue individuals responsible for publishing NCII. However, bringing a civil action can be incredibly impractical. It is time-consuming, expensive, and may force victims to relive trauma. Further exacerbating the problem, it is not always clear who is responsible for publishing the NCII. The TAKE IT DOWN Act has received widespread support from over 100 organizations, including victim advocacy groups, law enforcement, and tech industry leaders. Leaders from both large and small social media platforms, dating apps, and tech organizations, the U.S. Chamber of Commerce, and Internet Works, are rallying behind the bipartisan legislation. RAINN (Rape, Abuse & Incest National Network), the nation’s largest anti-sexual violence organization, spearheaded a letter with 23 additional groups calling for the swift passage of this bill. The National Fraternal Order of Police has also sent a letter to Senate leadership endorsing the legislation. In November 2024, the Cyber Civil Rights Initiative, Microsoft, and National Center for Missing and Exploited Children (NCMEC) sent a letter to Senate and House leadership urging the passage of the TAKE IT DOWN Act.
A SOLID START TO THE YEAR, WITH SUCCESSFUL REFINANCING AND VESSEL CAPACITY AGREEMENT TERMINATED
Q11
Revenue2
$301M (+10%)
Adjusted EBITDA2
$143M (+35%)
Net Cash Flow
$(20)M (vs $30M)
Including a $42M interest payment in March 2025 (historically paid in Q2)
Sophie Zurquiyah, Chief Executive Officer of Viridien:
“The first quarter of 2025 was marked by two significant milestones for the Group: the termination of the vessel capacity agreement, completing our transition toward an asset-light model, and the successful refinancing of our bonds. The end of the vessel capacity agreement opens a new chapter of enhanced flexibility in our cost base and stronger cash generation, while our bond refinancing reflects the financial market’s confidence in the execution of our strategy and our long-term potential.
In parallel, our financial results for the first quarter of 2025 confirm the robust performance of our business, with commercial wins, solid profitability, and cash generation fully aligned with our long-term ambitions.
Assuming moderate fluctuations in the oil market, we expect to achieve our target of approximately $100M in Net Cash Flow generation for the year and to continue our deleveraging journey.”
Q1 2025 Highlights2
Group
IFRS Revenue, EBITDA and Net Income of respectively $258 million, $99 million, $(28) million
Group revenue increased thanks to sustained momentum in Geoscience and successful Earth Data sales. Sensing & Monitoring comparison base returned to a more normalized level
Group Adjusted EBITDA of $143 million, up 35%, benefited from (i) revenue growth at Geoscience, (ii) revenue growth and the end of vessel commitment penalty fees at Earth Data, and (iii) cost reductions at Sensing & Monitoring
Cash flow of $22 million before the $42 million bond interest payment in Q1 (historically paid in Q2). Net Cash Flow of $(20) million after interest payment and negative working capital impact
Final milestones of our financial roadmap achieved: successful refinancing of our April 2027 $447 million and €578 million notes, replaced with $450 million 10% and €475 million 8.5% senior secured notes due October 2030
Net debt at $974 million and liquidity at $257 million
Digital, Data and Energy Transition (DDE)
Revenue at $214 million, up 16% with growth both at Geoscience (+25%) and Earth Data (+7%)
Adjusted EBITDA at $137 million, up 32%
Geoscience:
Revenue at $110 million (+25%)
Solid performance driven by continued adoption of our most advanced Elastic FWI technologies worldwide
North America outperforming and sustained interest of MENA clients for high-quality imaging
Low Carbon: minerals study in Saudi Arabia and new win for carbon sequestration in the North Sea
HPC & Digital: new HPC customers in Materials Science and Image Rendering operating on our platform
Earth Data:
Revenue at $104 million (+7%)
Cash EBITDA at $39 million (+12%)
Early results show game-changing imaging at Laconia and environmental permit received for a program in Brazil. Active on multiple reprocessing projects worldwide
Low Carbon: CCUS screening package projects funded by industrial emitters in Europe
Sensing and Monitoring (SMO)
Revenue at $87 million, nearly stable (-2%), with a return to a more normalized comparison base
Adjusted EBITDA at $14 million (+37%), driven by cost reduction impact on profitability
Sustained activities in Land with strong momentum on nodal systems
New Businesses: new infrastructure monitoring contracts signed in North America; pursuing several geotechnical monitoring opportunities in rail and mining sectors worldwide; awarded a new project for our Marlin Ports & Logistics solution in Asia
Full-Year 2025 financial outlook
In 2025, assuming a stable E&P Capex environment, performance is expected to be driven by:
Geoscience: growth supported by industry-leading technology and strong backlog
Earth Data: stronger Cash EBITDA KPI following the end of vessel commitment penalty fees
Sensing & Monitoring: further savings expected from the restructuring plan
New Businesses: growth and first- year positive contribution to Group profitability
Financial objective:
Net Cash Flow of approximately $100 million, assuming moderate oil market fluctuations
Following the successful refinancing completed in Q1, Viridien will continue focusing on cash flow generation and deleveraging
Q1 2025 Conference call
The press release and presentation will be available on our website www.viridiengroup.com at 5:45 p.m. (CET)
An English-language analysts’ conference call is scheduled today at 6:00 p.m. (CET)
Participants should register for the call here to receive a dial-in number and access code, or participate via the live webcast here
A replay of the conference call will be available the following day for a period of 12 months in audio format on the Company’s website
The Board of Directors met on April 29, 2025, and closed the consolidated financial statements as of March 31, 2025. Please note that the figures and information published in this press release have not been audited nor have they been subject to any limited review by Viridien’s statutory auditors.
About Viridien:
Viridien (www.viridiengroup.com) is an advanced technology, digital and Earth data company that pushes the boundaries of science for a more prosperous and sustainable future. With our ingenuity, drive and deep curiosity we discover new insights, innovations, and solutions that efficiently and responsibly resolve complex natural resources, digital, energy transition and infrastructure challenges. Viridien employs around 3,400 people worldwide and is listed as VIRI on the Euronext Paris SA (ISIN: FR001400PVN6).
1) Unaudited figures 2) Adjusted for non-recurring charges and gains
Other KPI(1) (in millions of $)
2024
2025
Var. %
Q1
Q1
Geoscience Backlog
227
329
45%
Total Capex
58
61
5%
EDA Library net book value(2)
471
489
4%
Liquidity
440
257
-42%
o.w. undrawn RCF
90
110 (3)
22%
Gross debt(2)
1 316
1 120
-15%
o.w. accrued interests
43
2
-96%
o.w. lease liabilities
108
124
15%
Net debt(2)
966
974
1%
1) Unaudited figures 2) Post IFRS15 and 16 3) $125M RCF fully undrawn, o/w. $15M ancillary guarantee facility
Consolidated IFRS Income Statements(1) (in millions of $)
2024
2025
Var. %
Q1
Q1
Exchange rate euro/dollar
1.09
1.04
(5%)
Revenue
249
258
4%
EBITDA
80
99
24%
Operating Income
20
56
185%
Equity from Investment
(0)
(0)
2%
Net cost of financial debt
(24)
(26)
6%
Other financial income (loss)
0
(46)
–
Income taxes
2
(13)
–
Net Income / Loss from continuing operations
(3)
(29)
–
Net Income / Loss from discontinued operations
0
1
–
Net Income / (Loss)
(3)
(28)
–
Shareholder’s net income / (loss)
(3)
(28)
–
Basic Earnings per share in $
(0.42)
(3.88)
–
Basic Earnings per share in €
(0.38)
(3.74)
–
1) Unaudited figures
Cash Flow items(1) (in millions of $)
2024
2025
Var. %
Q1
Q1
Segment EBITDA
105
142
36%
Income Tax Paid
(3)
(4)
(26%)
Change in Working Capital & Provisions
(0)
(47)
–
Other Cash Items
(1)
(1)
13%
Cash provided by Operating Activity
102
91
(9%)
Total Capex
(58)
(61)
(5%)
Acquisitions and Proceeds of Assets
0
(1)
–
Cash from Investing Activity
(58)
(62)
(7%)
Paid Cost of Debt
2
(39)
–
Lease Repayment
(12)
(10)
17%
Cash from Financing Activity
(10)
(49)
–
Discontinued Operations Acquisitions
(3)
(0)
89%
Net Cash Flow
30
(20)
–
Financing cash flow
(3)
(129)
–
Forex and other
(4)
(6)
–
Net increase/(decrease) in cash
23
(155)
–
1) Unaudited figures
CONSOLIDATED FINANCIAL STATEMENTS – March 31, 2025
Unaudited Interim Consolidated statement of operations
Three months ended March 31,
(In millions of US$, except per share data)
Notes
2025
2024
Operating revenues
257.5
248.6
Other income from ordinary activities
0.1
0.1
Total income from ordinary activities
257.6
248.7
Cost of operations
(171.0)
(192.8)
Gross profit
86.6
55.9
Research and development expenses – net
(4.0)
(4.9)
Marketing and selling expenses
(7.7)
(8.8)
General and administrative expenses
(18.1)
(21.3)
Other revenues (expenses) – net
5
(0.3)
(1.1)
Operating income(loss)
56.4
19.8
Cost of financial debt – gross
(27.4)
(27.4)
Income provided by cash and cash equivalents
1.6
3.1
Cost of financial debt, net
(25.8)
(24.3)
Other financial income (loss)
6
(46.2)
(0.0)
Income (loss) before incomes taxes and share of income (loss) from companies accounted for under the equity method
(15.5)
(4.5)
Income taxes
(12.9)
2.1
Net income (loss) before share of income (loss) from companies accounted for under the equity method
(28.4)
(2.4)
Net income (loss) from companies accounted for under the equity method
(0.2)
(0.2)
Net income (loss) from continuing operations
(28.6)
(2.6)
Net income (loss) from discontinued operations
0.7
0.0
Consolidated net income (loss)
(28.0)
(2.6)
Attributable to:
Owners of Viridien S.A.
$
(27.8)
(3.0)
Non-controlling interests
$
(0.2)
0.4
Net income (loss) per share
Basic (a)
$
(3.88)
(0.42)
Diluted (a)
$
(3.88)
(0.42)
Net income (loss) from continuing operations per share
Basic (a)
$
(3.97)
(0.42)
Diluted (a)
$
(3.97)
(0.42)
Net income (loss) from discontinued operations per share(a)
Basic (a)
$
0.09
(0.00)
Diluted (a)
$
0.09
(0.00)
(a) As a result of the July 31, 2024 reverse share split, the calculation of basic and diluted earnings per share for 2023 has been adjusted retrospectively. The number of ordinary shares outstanding has been adjusted to reflect the proportionate change in the number of shares
See the notes to the Unaudited Interim Consolidated Financial Statements
Unaudited Interim Consolidated statement of comprehensive income (loss)
ThreemonthsendedMarch31,
(In millions of US$)
Notes
2025(a)
2024(a)
Net income (loss) from statements of operations
(28.0)
(2.6)
Net gain (loss) on cash flow hedges
(0.3)
0.3
Variation in translation adjustments
9.9
(5.8)
Net other comprehensive income (loss) to be reclassified in profit (loss) in subsequent period (1)
9.6
(5.5)
Net gain (loss) on actuarial changes on pension plan
(0.5)
0.0
Net other comprehensive income (loss) not to be reclassified in profit (loss) in subsequent period (2)
(0.5)
0.0
Total other comprehensive income (loss) for the period, net of taxes (1) + (2)
9.1
(5.5)
Total comprehensive income (loss) for the period
(18.9)
(8.1)
Attributable to:
Owners of Viridien S.A.
(18.8)
(8.4)
Non-controlling interests
(0.1)
0.3
(a) Including other comprehensive income related to discontinued operations which is not material
Unaudited Interim Consolidated statement of financial position
(In millions of US$)
Notes
March 31, 2025
December 31, 2024
ASSETS
Cash and cash equivalents
146.6
301,7
Trade accounts and notes receivable, net
343.7
339,9
Inventories and work-in-progress, net
162.4
163,3
Income tax assets
13.5
22,9
Other current assets, net
78.1
74,0
Assets held for sale, net
26.4
24,5
Total current assets
770.7
926,2
Deferred tax assets
39.5
43,6
Other non-current assets, net
8.6
8,9
Investments and other financial assets, net
24.2
25,7
Investments in companies under the equity method
5.9
1,1
Property, plant and equipment, net
212.1
220,6
Intangible assets, net
569.3
535,4
Goodwill, net
1,086.4
1,082,8
Total non-current assets
1,946.0
1,918,1
TOTAL ASSETS
2,716.7
2,844,3
LIABILITIES AND EQUITY
Financial debt – current portion
3
43.8
56,9
Trade accounts and notes payables
101.3
120,9
Accrued payroll costs
92.4
84,5
Income taxes payable
17.8
20,4
Advance billings to customers
18.1
19,2
Provisions — current portion
18.8
19,7
Other current financial liabilities
0.0
0,5
Other current liabilities
207.7
182,5
Liabilities associated with non-current assets held for sale
2.2
2,4
Total current liabilities
502.1
507,0
Deferred tax liabilities
18.4
18,4
Provisions — non-current portion
30.9
28,8
Financial debt – non-current portion
3
1,076.4
1,165,6
Other non-current financial liabilities
0.0
0,0
Other non-current liabilities
1.8
1,7
Total non-current liabilities
1,127.5
1,214,5
Common stock: 11,214,681 shares authorized and 7,161,465 shares with a €1.00 nominal value outstanding at March 31, 2025
8.7
8,7
Additional paid-in capital
118.7
118,7
Retained earnings
1,009.0
1,036,5
Other Reserves
37.5
55,2
Treasury shares
(20.1)
(20,1)
Cumulative income and expense recognized directly in equity
(1.4)
(1,1)
Cumulative translation adjustment
(103.3)
(113,3)
Equity attributable to owners of Viridien S.A.
1,049.2
1,084,7
Non-controlling interests
38.0
38,1
Total equity
1,087.2
1,122,8
TOTAL LIABILITIES AND EQUITY
2,716.7
2,844,3
See the notes to the Unaudited Interim Consolidated Financial Statements
Unaudited Interim Consolidated statement of cash flows
ThreemonthsendedMarch31,
(In millions of US$)
Notes
2025
2024
OPERATING ACTIVITIES
Consolidated net income (loss)
(28.0)
(2.6)
Less: Net income (loss) from discontinued operations
(0.7)
(0.0)
Net income (loss) from continuing operations
(28.6)
(2.6)
Depreciation, amortization and impairment
21.2
24.2
Impairment and amortization of Earth Data Surveys
24.3
39.0
Depreciation and amortization of Earth Data surveys, capitalized
(4.2)
(3.8)
Variance on provisions
(0.7)
0.3
Share-based compensation expenses
1.1
0.9
Net (gain) loss on disposal of fixed and financial assets
0.1
–
Share of (income) loss in companies recognized under equity method
0.2
0.2
Other non-cash items
30.9
1.2
Net cash-flow including net cost of financial debt and income tax
44.3
59.4
Less: Cost of financial debt
25.8
24.3
Less: Income tax expense (gain)
12.9
(2.1)
Net cash-flow excluding net cost of financial debt and income tax
83.0
81.6
Income tax paid
(4.1)
(3.2)
Net cash-flow before changes in working capital
78.9
78.4
Changes in working capital
11.6
22.3
– change in trade accounts and notes receivable
24.9
33.6
– change in inventories and work-in-progress
6.3
0.2
– change in other current assets
(0.2)
(2.1)
– change in trade accounts and notes payable
(19.8)
15.4
– change in other current liabilities
0.0
(24.8)
Net cash-flow from operating activities
90.5
100.7
INVESTING ACTIVITIES
Total capital expenditures (tangible and intangible assets) net of variation of fixed assets suppliers
(61.2)
(58.2)
Proceeds from disposals of tangible and intangible assets
0.0
0.5
Dividends received from investments in companies under the equity method
–
0.2
Total net proceeds from financial assets
–
–
Variation in other non-current financial assets
2.3
(3.3)
Net cash-flow from investing activities
(58.9)
(60.8)
Three months ended March 31,
(In millions of US$)
Notes
2025
2024
FINANCING ACTIVITIES
Repayment of long-term debt
(1,074.2)
(0.2)
Total issuance of long-term debt
964.2
–
Call premium
(21.9)
–
Refinancing transaction costs paid
(11.7)
–
Lease repayments
(9.8)
(11.8)
Financial expenses paid
(38.8)
2.0
Dividends paid and share capital reimbursements:
— to owners of Viridien
–
–
— to non-controlling interests of integrated companies
–
–
Net cash-flow from financing activities
(192.2)
(10.0)
Effects of exchange rates on cash
6.0
(4.1)
Net cash flows incurred by discontinued operations
(0.3)
(2.9)
Net increase (decrease) in cash and cash equivalents
(155.0)
22.9
Cash and cash equivalents at beginning of year
301.7
327.0
Cash and cash equivalents at end of period
146.6
349.9
See the notes to the Interim Consolidated Financial Statements
Unaudited Interim Consolidated statements of changes in equity
Amounts in millions of US$, except share data
Number of Shares issued
Share capital
Additional paid-in capital
Retained earnings
Other reserves
Treasury shares
Income and expense recognized directly in equity
Cumulative translation adjustment
Equity attributable to owners of Viridien S.A.
Non-controlling interests
Total equity
Balance at January 1, 2024
7,136,763
8.7
118.7
980.4
27.3
(20.1)
(1.4)
(90.8)
1,022.8
41.5
1,064.3
Net gain (loss) on actuarial changes on pension plan (1)
0.0
0.0
0.0
Net gain (loss) on cash flow hedges (2)
0.3
0.3
0.3
Net gain (loss) on translation adjustments (3)
(5.7)
(5.7)
(0.1)
(5.8)
Other comprehensive income (1)+(2)+(3)
–
–
–
0.0
–
–
0.3
(5.7)
(5.4)
(0.1)
(5.5)
Net income (4)
(3.0)
(3.0)
0.4
(2.6)
Comprehensive income (1)+(2)+(3)+(4)
–
–
–
(3.0)
–
–
0.3
(5.7)
(8.4)
0.3
(8.1)
Exercise of warrants
Dividends
–
–
Cost of share-based payment
0.8
0.8
0.8
Variation in translation adjustments generated by the parent company
9.7
9.7
9.8
BalanceatMarch31,2024
7,136,763(a)
8.7
118.7
978.2
37.0
(20.1)
(1.1)
(96.5)
1,024.9
41.8
1,066.7
Amounts in millions of US$, except share data
Number of Shares issued
Share capital
Additional paid-in capital
Retained earnings
Other reserves
Treasury shares
Income and expense recognized directly in equity
Cumulative translation adjustment
Equity attributable to owners of Viridien S.A.
Non-controlling interests
Total equity
Balance at January 1, 2025
7,161,465(b)
8.7
118.7
1,036.5
55.2
(20.1)
(1.1)
(113.3)
1,084.7
38.1
1,122.8
Net gain (loss) on actuarial changes on pension plan (1)
(0.5)
(0.5)
(0.5)
Net gain (loss) on cash flow hedges (2)
(0.3)
(0.3)
(0.3)
Net gain (loss) on translation adjustments (3)
9.9
9.9
0.0
9.9
Other comprehensive income (1)+(2)+(3)
(0.5)
–
–
(0.3)
9.9
9.0
0.0
9.1
Net income (loss) (4)
(27.8)
(27.8)
(0.2)
(28.0)
Comprehensive income (1)+(2)+(3)+(4)
(28.4)
(0.3)
9.9
(18.8)
(0.1)
(18.9)
Dividends
–
–
–
Cost of share-based payment
0.7
0.7
0.7
Variation in translation adjustments generated by the parent company
(17.7)
(17.7)
(17.7)
Changes in consolidation scope and other
0.2
0.2
0.2
BalanceatMarch31,2025
7,161,465
8.7
118.7
1,009.0
37.5
(20.1)
(1.4)
(103.3)
1,049.2
38.0
1,087.2
(a) Pro forma following Reverse Share Split (b) Reverse Share Split: Pursuant to a delegation from the Combined General Meeting of shareholders of May 15, 2024, and a sub-delegation from the Board of Directors held on the same day, the Company’s Chief Executive Officer has decided to implement a reverse share split on the basis of 1 new share of €1.00 nominal value for 100 old shares of €0.01 nominal value
1All variations refer to the same period last year 2Unless otherwise stated, all figures and comments are referring to “Segment” (i.e. pre-IFRS 15), as defined in the 2024 Universal Registration Document’s glossary, under section 8.7
Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)
NEW BERN, N.C. – A Brooklyn, NY woman was sentenced Wednesday to 4 years in prison for aiding and abetting in the armed robbery of a Family Dollar in Swan Quarter. On November 13, 2024, Victoria Michelle Cyren Clarke, 32, pled guilty to interference with commerce by robbery and aiding and abetting.
According to court documents and other information presented in court, on Sunday, June 4, 2023, at approximately 9:00 p.m., Hyde County Sheriff’s Office (HCSO) received a call about an armed robbery at the Family Dollar, located at 13065 US Highway 264 in Swan Quarter. Two individuals entered the store brandishing firearms while demanding money. After retrieving over $2000 in cash from the store, the two individuals left and got into a car being driven by Clarke. A deputy with HCSO attempted to initiate a traffic stop on the vehicle after it was observed leaving the area at a high rate of speed. A high-speed chase ensued for approximately 18 miles with speeds in excess of 100 mph before the vehicle was finally stopped. In addition to the two armed robbers and Clarke, two children were unrestrained in the vehicle. Subsequent investigation revealed that Clarke bought both firearms used in the robbery and rented the get-away car.
“The Hyde County Sheriff’s Office is committed to ensuring the safety of our residents and businesses,” said Sheriff Guire Cahoon. “The armed robbery at the Family Dollar in Swan Quarter was a serious crime that put innocent lives at risk, and we are grateful for the quick response of our deputies which resulted in the apprehension of the individuals involved, and we are grateful for the assistance of the FBI and the U.S. Attorney’s Office for their work on the case. Violent crime has no place in our community, and we will continue working tirelessly to protect the people of Hyde County.”
Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina made the announcement after sentencing by U.S. District Judge Louise W. Flanagan. Hyde County Sheriff’s Office and the Federal Bureau of Investigation investigated the case and Assistant U.S. Attorney Julie A. Childress prosecuted the case.
Source: The White House
President Donald J. Trump has secured over $5 trillion in new U.S.-based investments in his first 100 days, which will create more than 451,000 new jobs as he sets the stage for a new era of American prosperity. From advanced manufacturing to cutting-edge artificial intelligence infrastructure, these historic investments — spurred by President Trump’s unwavering commitment to revitalizing American industry — will reinforce the U.S. as the global leader in innovation and economic growth.
The announcements keep coming. In recent days:
IBM announced a $150 billion investment over the next five years in its U.S.-based growth and manufacturing operations.
Thermo Fisher Scientific announced it will invest an additional $2 billion over the next four years to enhance and expand its U.S. manufacturing operations and strengthen its innovation efforts.
Corning announced it is expanding its Michigan manufacturing facility investment to $1.5 billion, adding 400 new, high-paying, advanced manufacturing jobs.
Merck & Co. announced a $1 billion investment to build a new state-of-the-art biologics manufacturing plant in Delaware, which will create at least 500 new jobs — part of the company’s commitment to invest more than $9 billion over the next four years.
“Since the advent of the 2017 Tax Cuts and Jobs Act, Merck has allocated more than $12 billion to enhance our domestic manufacturing and research capabilities, with additional planned investments of more than $9 billion over the next four years.”
Amgen announced a $900 million investment in its Ohio-based manufacturing operation.
The company credited President Trump’s landmark 2017 tax cuts for enabling its rapid expansion: “Pro-growth policies like the @POTUS @WhiteHouse 2017 Tax Cuts and Jobs Act helped make investments like this possible. Since enactment, Amgen has invested ~$5B in capital expenditures. This amounts to an additional downstream output to the U.S. economy of approximately $12B.”
The Bel Group announced a $350 million investment to expand its U.S.-based production, including at its South Dakota, Idaho and Wisconsin facilities — which will create 250 new jobs.
Here is the non-exhaustive list of investments secured in President Trump’s second term:
Project Stargate, led by Japan-based Softbank and U.S.-based OpenAI and Oracle, announced a $500 billion private investment in U.S.-based artificial intelligence infrastructure.
Apple announced a $500 billion investment in U.S. manufacturing and training.
NVIDIA, a global chipmaking giant, announced it will invest $500 billion in U.S.-based AI infrastructure over the next four years amid its pledge to manufacture AI supercomputers entirely in the U.S. for the first time.
IBM announced a $150 billion investment over the next five years in its U.S.-based growth and manufacturing operations.
Taiwan Semiconductor Manufacturing Company (TSMC) announced a $100 billion investment in U.S.-based chips manufacturing.
Johnson & Johnson announced a $55 billion investment over the next four years in manufacturing, research and development, and technology.
Roche, a Swiss drug and diagnostics company, announced a $50 billion investment in U.S.-based manufacturing and research and development, which is expected to create more than 1,000 full-time jobs.
Eli Lilly and Company announced a $27 billion investment to more than double its domestic manufacturing capacity.
United Arab Emirates-based ADQ and U.S.-based Energy Capital Partners announced a $25 billion investment in U.S. data centers and energy infrastructure.
Novartis, a Swiss drugmaker, announced a $23 billion investment to build or expand ten manufacturing facilities across the U.S., which will create 4,000 new jobs.
Hyundaiannounced a $21 billion U.S.-based investment — including $5.8 billion for a new steel plant in Louisiana, which will create nearly 1,500 jobs.
Hyundai also secured an equity investment and agreement from Posco Holdings, South Korea’s top steel maker.
United Arab Emirates-based DAMAC Properties announced a $20 billion investment in new U.S.-based data centers.
France-based CMA CGM, a global shipping giant, announced a $20 billion investment in U.S. shipping and logistics, creating 10,000 new jobs.
Thermo Fisher Scientific announced it will invest an additional $2 billion over the next four years to enhance and expand its U.S. manufacturing operations and strengthen its innovation efforts.
Merck & Co. announced it will invest a total of $9 billion in the U.S. over the next several years after opening a new $1 billion North Carolina manufacturing facility — including in a new state-of-the-art biologics manufacturing plant in Delaware, which will create at least 500 new jobs.
Clarios announced a $6 billion plan to expand its domestic manufacturing operations.
Stellantis announced a $5 billion investment in its U.S. manufacturing network, including re-opening its Belvidere, Illinois, manufacturing plant.
Regeneron Pharmaceuticals, Inc., a leader in biotechnology, announced a $3 billion agreement with Fujifilm Diosynth Biotechnologies to produce drugs at its North Carolina manufacturing facility.
NorthMark Strategies, a multi-strategy investment firm, announced a $2.8 billion investment to build a supercomputing facility in South Carolina.
Corning announced it is expanding its Michigan manufacturing facility investment to $1.5 billion, adding 400 new high-paying advanced manufacturing jobs for a total of 1,500 new jobs.
Chobani, a Greek yogurt giant, announced a $1.2 billion investment to build its third U.S. dairy processing plant in New York, which is expected to create more than 1,000 new full-time jobs — adding to the company’s earlier announcement that it will invest $500 million to expand its Idaho manufacturing plant.
GE Aerospace announced a $1 billion investment in manufacturing across 16 states — creating 5,000 new jobs.
Amgen announced a $900 million investment in its Ohio-based manufacturing operation.
Schneider Electric announced it will invest $700 million over the next four years in U.S. energy infrastructure.
GE Vernova announced it will invest nearly $600 million in U.S. manufacturing over the next two years, which will create more than 1,500 new jobs.
Abbott Laboratories announced a $500 million investment in its Illinois and Texas facilities.
AIP Management, a European infrastructure investor, announced a $500 million investment to solar developer Silicon Ranch.
London-based Diageo announced a $415 million investment in a new Alabama manufacturing facility.
Dublin-based Eaton Corporation announced a $340 million investment in a new South Carolina-based manufacturing facility for its three-phase transformers.
Germany-based Siemens announced a $285 million investment in U.S. manufacturing and AI data centers, which will create more than 900 new skilled manufacturing jobs.
The Bel Group announced a $350 million investment to expand its U.S.-based production, including at its South Dakota, Idaho and Wisconsin facilities — which will create 250 new jobs.
Clasen Quality Chocolate announced a $230 million investment to build a new production facility in Virginia, which will create 250 new jobs.
Fiserv, Inc., a financial technology provider, announced a $175 million investment to open a new strategic fintech hub in Kansas, which is expected to create 2,000 new, high-paying jobs.
Paris Baguette announced a $160 million investment to construct a manufacturing plant in Texas.
TS Conductor announced a $134 million investment to build an advanced conductor manufacturing facility in South Carolina, which will create nearly 500 new jobs.
Switzerland-based ABB announced a $120 million investment to expand production of its low-voltage electrification products in Tennessee and Mississippi.
Saica Group, a Spain-based corrugated packaging maker, announced plans to build a $110 million new manufacturing facility in Anderson, Indiana.
Charms, LLC, a subsidiary of candymaker Tootsie Roll Industries, announced a $97.7 million investment to expand its production plant and distribution center in Tennessee.
Toyota Motor Corporation announced an $88 million investment to boost hybrid vehicle production at its West Virginia factory, securing employment for the 2,000 workers at the factory.
AeroVironment, a defense contractor, announced a $42.3 million investment to build a new manufacturing facility in Utah.
Paris-based Saint-Gobain announced a new $40 million NorPro manufacturing facility in Wheatfield, New York.
India-based Sygene International announced a $36.5 million acquisition of a Baltimore biologics manufacturing facility.
Asahi Group Holdings, one of the largest Japanese beverage makers, announced a $35 million investment to boost production at its Wisconsin plant.
Cyclic Materials, a Canadian advanced recycling company for rare earth elements, announced a $20 million investment in its first U.S.-based commercial facility, located in Mesa, Arizona.
Guardian Bikes announced a $19 million investment to build the first U.S.-based large-scale bicycle frame manufacturing operation in Indiana.
Amsterdam-based AMG Critical Minerals announced a $15 million investment to build a chrome manufacturing facility in Pennsylvania.
NOVONIX Limited, an Australia-based battery technology company, announced a $4.6 million investment to build a synthetic graphite manufacturing facility in Tennessee.
LGM Pharma announced a $6 million investment to expand its manufacturing facility in Rosenberg, Texas.
ViDARR Inc., a defense optical equipment manufacturer, announced a $2.69 million investment to open a new facility in Virginia.
That doesn’t even include the U.S. investments pledged by foreign countries:
United Arab Emirates announced a $1.4 trillion investment in the U.S. over the next decade.
Saudi Arabia announced it intends to invest $600 billion in the U.S. over the next four years.
Japan announced a $1 trillion investment in the U.S.
Taiwan announced a pledge to boost its U.S.-based investment.
COLUMBIA, Md. and SAN FRANCISCO, April 29, 2025 (GLOBE NEWSWIRE) — Huntress announced the general availability of its modern Managed Security Information and Event Management (SIEM) solution at the RSA Conference, introducing enhanced integrations for log sources and expanded compliance capabilities. Fully managed by Huntress’ 24/7 Security Operations Center (SOC), Huntress Managed SIEM removes the complexity, meaningless noise, and unpredictable costs that traditional SIEM products bring, turning the old model on its head and delivering much more than compliance.
Huntress Managed SIEM enables customers to spot and neutralize threats earlier in the attack chain than they would with an Endpoint Detection and Response (EDR) solution alone. Another benefit – Managed SIEM customers experience a fast time to value after deployment, thanks to expert eyes on their environment from day one. For example, threat hunting performed by the Huntress SOC discovered an RDP brute force attack less than 15 hours after the customer deployed Huntress.
Advancing its mission to make enterprise-grade cybersecurity accessible beyond the Fortune 1000, Huntress unveiled the general availability of its Managed SIEM with new and expanded functionality, including:
Enhanced log ingestion with 20+ new integrations, encompassing firewall, password management, and identity data sources, like 1Password, Keeper Security, Fortinet, Palo Alto Networks, pfSense, SonicWall, Sophos, Ubiquiti, WatchGuard, Barracuda Networks, LastPass, BitWarden, Duo, DNSFilter, and CloudGen.
24/7 detection, response, and threat hunting for specific tradecraft led by Huntress’ elite SOC team to detect and neutralize noisy but effective threats like RDP brute force attempts that often go unnoticed.
Expanded detection rules, rapid data rehydration capabilities, and enhanced search speed up investigations and enable the Huntress SOC to remediate risks quickly.
Extended data retention up to 7 years for region-specific compliance, financial auditing, PCI-DSS mandates, Cybersecurity Maturity Model Certification (CMMC), and the Australian Signals Directorate’s Essential Eight.
Predictable, stable, and industry-disruptive pricing based on Huntress’ ability to store only the necessary data for threat hunting, investigation, and compliance.
“Security incidents can happen in minutes, and protection shouldn’t be reserved only for companies with big budgets and teams. SIEM providers talk a big game with promises of a single pane of glass, actionable visibility, and improved compliance and security posture, but the reality is complexity, noise, and soaring storage costs. We dropped the big data-lake mentality and built our SIEM to store only the data required for threat hunting and compliance, which earned us a spot on Fast Company’s 50 Most Innovative Companies list. We are ready to unshackle security teams from lengthy integrations, customizing rules, and sifting through massive amounts of data looking for a needle in a haystack,” said Chris Bisnett, CTO and Co-founder of Huntress.
Because the elite Huntress SOC already monitors threats 24/7 for millions of endpoints and identities, its Managed SIEM gives fast and effective herd immunity from emerging threat actor tradecraft. Anything caught for one organization helps Huntress’ SOC shut it down faster for the next.
“Huntress Managed SIEM is incredibly beneficial as it seamlessly integrates information from firewalls, endpoints, and antivirus solutions, allowing us to see an incident’s full scope, rather than just isolated parts. We have been able to get our clients up and running quickly and provide detailed assessments and actionable remediation steps. Ultimately, Huntress Managed SIEM is an invaluable tool for our business. I’d confidently recommend it to anyone looking to enhance their cybersecurity capabilities, ensure thorough incident analysis, and support rapid recovery efforts,” said Dan Paquette, President of Key Methods.
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An appeal has been launched to find relatives of Burslem’s Second World War hero, Lance Sergeant John Baskeyfield.
The Burslem hero was posthumously awarded the Victoria Cross for his remarkable courage during the largest airborne landing in military history – into Nazi-occupied Netherlands.
During the Battle of Arnhem in September 1944, Lance Sergeant Baskeyfield, known as Jack, single-handedly manned two anti-tank guns and refused to leave his post.
Jack was a very dear friend of George and Anne Price. Their grandson, Andrew Felton, is trying to find relatives of the war hero who was killed at the age of 21, ahead of events Stoke-on-Trent City Council is planning around Remembrance Sunday and Armistice Day to commemorate Mr Baskeyfield.
Mr Felton said: “My Grandad George and Nana Anne spoke often about Jack, and always with deep affection and reverence.
“I never forgot their stories, which sparked my interest in his incredible bravery at Arnhem during World War II.
“A few years ago, I started researching Jack’s remarkable service in the South Staffordshire Regiment after he signed up aged 19.
“Last September, I travelled to the Netherlands to join the 80th anniversary commemorations of Operation Market Garden and the Battle of Arnhem.
“It was very sobering and humbling visiting the places I had read about where so many brave men fell. Walking from the John Frost Bridge over the Rhine at Arnhem to where Jack had last stood in Oosterbeek, commemorated by the Jack Baskeyfield Tree, was hugely poignant.
“It would be wonderful to trace any of Jack’s relatives so they can join the special events being planned to honour this very special man during the City Centenary year.”
Councillor Lyn Sharpe, Lord Mayor of Stoke-on-Trent, said: “Our city is proud of Lance Sergeant John Baskeyfield. His bravery will never be forgotten in Stoke-on-Trent and beyond.
“We hope any relatives can be found so they can be part of the special events we’re holding later this year in his memory.”
The events in November are expected to include an expanded exhibition in the Spitfire Gallery at The Potteries Museum & Art Gallery with items Jack’s family gifted to the Staffordshire Regiment Museum, and an Act of Remembrance at the Jack Baskeyfield memorial at Festival Retail Park.
Any relatives can email sot100@stoke.gov.uk to find out more about the event.
