Category: Australia

MIL-Evening Report: Even experts disagree over whether social media is bad for kids. We examined why

Source: The Conversation (Au and NZ) – By Simon Knight, Associate Professor, Transdisciplinary School, University of Technology Sydney

A low relief sculpture depicting Plato and Aristotle arguing adorning the external wall of Florence Cathedral. Krikkiat/Shutterstock

Disagreement and uncertainty are common features of everyday life. They’re also common and expected features of scientific research.

Despite this, disagreement among experts has the potential to undermine people’s engagement with information. It can also lead to confusion and a rejection of scientific messaging in general, with a tendency to explain disagreement as relating to incompetence or nefarious motivations.

To help, we recently developed a tool to help people navigate uncertainty and disagreement.

To illustrate its usefulness, we applied it to a recent topic which has attracted much disagreement (including among experts): whether social media is harmful for kids, and whether they should be banned from it.

A structured way to understand disagreement

We research how people navigate disagreement and uncertainty. The tool we developed is a framework of disagreements. It provides a structured way to understand expert disagreement, to assess evidence and navigate the issues for decision making.

It identifies ten types of disagreement, and groups them into three categories:

Informant-related (who is making the claim?)
Information-related (what evidence is available and what is it about?)
Uncertainty-related (how does the evidence help us understand the issue?)

The framework for disagreements identifies ten types of disagreement, and groups them into three categories.
Kristine Deroover/Simon Knight/Paul Burke/Tamara Bucher, CC BY-NC-ND

Mapping different viewpoints

The social and policy debate about the impacts of social media is rapidly evolving. This can present a challenge, as we try to apply evidence created through research to the messy realities of policy and decision making.

As a proxy for what experts think, we reviewed articles in The Conversation that mention words relating to the social media ban and expert disagreement. This approach excludes articles published elsewhere. It also only focuses on explicit discussion of disagreement.

However, The Conversation provides a useful source because articles are written by researchers, for a broad audience, allowing us to focus on clearly explained areas of acknowledged disagreement among researchers.

We then analysed a set of articles by annotating quotes and text fragments that reflect different arguments and causes of disagreement.

Importantly, we did not assess the quality of the arguments or evidence, as we assume the authors are qualified in their respective fields. Instead, we focused on the disagreements they highlighted, using the framework to map out differing viewpoints.

We focused on the Australian context. But similar social media bans have been explored elsewhere, including in the United States.

Young people under 16 will soon be banned from some social media in Australia.
Kaspars Grinvalds

What did we find?

Applying our framework to this example revealed only a small amount of disagreement is informant-related.

Most of the disagreement is information-related. More specifically, it stems from input and outcome ambiguity. That is, in claims such as “X causes Y”, how we define “X” and “Y”.

For example, there is disagreement about the groups for whom social media may present particular risks and benefits and what those risks and benefits are. There is also disagreement about what exactly constitutes “social media use” and its particular technologies or features.

Harms discussed often refer to mental wellbeing, including loneliness, anxiety, depression and envy. But harms also refer to undesirable attitudes such as polarisation and behaviours such as cyberbullying and offline violence. Similarly, benefits are sometimes, but not always, considered.

The ban itself presents a further ambiguity, with discussion regarding what a “ban” would involve, its feasibility, and possible efficacy as compared to other policy options.

Two other information-related causes of disagreement involve data availability and the type of evidence. Researchers often lack full access to data from social media companies, and recruiting teens for large-scale studies is challenging. Additionally, there is a shortage of causal evidence, as well as long-term, high-quality research on the topic.

This information-related issue can combine with issues related to the uncertainty and complexity of science and real-world problems. This is the third category in our framework.

First, while a contribution may be from an expert, there may be questions about the pertinence of their background expertise to the debate. Complex issues such as a social media ban also require human judgement in weighing, integrating, and interpreting evidence.

Second, research on reducing social media use often yields varied results, which could stem from inherent uncertainty or the constantly evolving social media landscape, making it difficult to compare findings and establish firm conclusions (tentative knowledge).

Researchers often lack full access to data from social media companies, which can make it difficult to conduct comprehensive studies.
UVL/Shutterstock

Why is this important?

Discussion regarding the social media ban is complex, with a range of issues at play.

By mapping out some of these issues, we hope to help people understand more about them and their implications.

Our taxonomy of disagreements provides a structured way to understand different views, assess evidence, and make more informed decisions. It also supports clearer communication about disagreements as researchers navigate communicating in complex debates.

We hope this helps people to integrate claims made across different sources. We also hope it helps people hone in on the source of disagreements to support better discourse across contexts – and ultimately better decision making.

Simon Knight receives funding from the Australian government through the Australian Research Council (ARC) Discovery Early Career Award (DECRA) Fellowship (DE230100065), and Discovery Project (DP240100602). The views expressed herein are those of the authors and are not necessarily those of the Australian government or Australian Research Council. He also receives funding from the James Martin Institute Policy Challenge Grant scheme.

Kristine Deroover received funding from the Australian Research Training Program for her PhD at the University of Technology Sydney, during which the work referenced in this article was conducted.

– ref. Even experts disagree over whether social media is bad for kids. We examined why – https://theconversation.com/even-experts-disagree-over-whether-social-media-is-bad-for-kids-we-examined-why-252500

MIL-OSI: Weatherford Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

First quarter revenue of $1,193 million decreased 12% year-over-year
First quarter operating income of $142 million decreased 39% year-over-year
First quarter net income of $76 million, a 6.4% margin, decreased 32% year-over-year
First quarter adjusted EBITDA* of $253 million, a 21.2% margin, decreased 25%, or 354 basis points, year-over-year
First quarter cash provided by operating activities of $142 million and adjusted free cash flow* of $66 million
Repurchased $34 million of 8.625% Senior Notes due 2030 in the first quarter of 2025
Shareholder return of $71 million for the quarter, which included dividend payments of $18 million and share repurchases of $53 million
Board approved quarterly cash dividend of $0.25 per share, payable on June 5, 2025, to shareholders of record as of May 6, 2025
As part of its portfolio optimization strategy, Weatherford completed the sale of its Pressure Pumping business in Argentina on April 1, 2025
Signed a strategic agreement with Abu Dhabi-based AIQ to bring transformative efficiency to energy production, leveraging advanced automation, data-driven insights, and the power of AI technology

_{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

HOUSTON, April 22, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the first quarter of 2025.

Revenues for the first quarter of 2025 were $1,193 million, a decrease of 12% year-over-year and 11% sequentially. Operating income was $142 million in the first quarter of 2025, compared to $233 million in the first quarter of 2024 and $198 million in the fourth quarter of 2024. Net income in the first quarter of 2025 was $76 million, with a 6.4% margin, a decrease of 32%, or 188 basis points year-over-year and 32%, or 198 basis points, sequentially. Adjusted EBITDA* was $253 million, a 21.2% margin, a decrease of 25%, or 354 basis points, year-over-year and 22%, or 310 basis points, sequentially. Basic income per share in the first quarter of 2025 was $1.04, compared to $1.54 in the first quarter of 2024 and $1.54 in the fourth quarter of 2024. Diluted income per share in the first quarter of 2025 was $1.03, compared to $1.50 in the first quarter of 2024, and $1.50 in the fourth quarter of 2024.

First quarter 2025 cash flows provided by operating activities were $142 million, compared to $131 million in the first quarter of 2024, and $249 million in the fourth quarter of 2024. Adjusted free cash flow* was $66 million, a decrease of $16 million year-over-year and $96 million sequentially. Capital expenditures were $77 million in the first quarter of 2025, compared to $59 million in the first quarter of 2024, and $100 million in the fourth quarter of 2024.

Girish Saligram, President and Chief Executive Officer, commented, “The first quarter was marked by significant market softening across key geographies, especially Mexico, the United Kingdom and North America. This created headwinds for activity levels but the One Weatherford team continued to focus on the controllable elements of the business, driving execution to deliver results inline with expectations.

Over the past few weeks, the market conditions have skewed more negatively, as we continue to navigate uncertainty on customer activity levels stemming from macroeconomic factors, global trade and geopolitical tensions. However, our actions remain focused on our North Star of driving adjusted free cash flow and we are further accelerating efficiency and optimization programs to ensure that we are well positioned for any scenario that might unfold in the latter part of the year. We believe it to be prudent to scale back our expectations on activity levels through the rest of the year and are focused on minimizing decrementals and improving working capital efficiencies. Nonetheless, even at a significantly reduced level of customer activity, we remain confident in increasing our adjusted free cash flow conversion for the full year 2025, allowing progress on our capital allocation priorities.

The sale of our Pressure Pumping business in Argentina marks another key milestone in our portfolio optimization strategy to a more capital-efficient model and further builds liquidity to position us well for the upcoming period.”

_{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

Operational & Commercial Highlights

An International Oil Company (IOC) awarded Weatherford an eight-year contract extension to provide a comprehensive suite of services, including Intervention Services & Drilling Tools, Pipe Inspection, Managed Pressure Drilling (MPD), Tubular Running Services (TRS), Well Services, and Pipe Recovery in Kazakhstan.
PDO Oman awarded Weatherford a five-year Integrated Completions contract consisting of Completions, Liner Hangers and Cementation Products.
ADNOC Onshore awarded Weatherford a three-year contract for Well Services Production enhancement systems in the United Arab Emirates.
Eni Oman awarded Weatherford an open contract for onshore MPD services.
Petrobras awarded Weatherford a five-year contract for Liner Hangers systems and services in deepwater Brazil and amended its TRS contract, adding two Vero Mechanized Systems.
Sierracol Energy Andina LLC awarded Weatherford a six-month contract for Artificial Lift Systems in Colombia.
GeoPark Colombia S.A.S. awarded Weatherford a three-year contract for Wireline Open & Cased Hole Services.
Jadestone Energy (Malaysia) PTE LTD awarded Weatherford a contract for the Autonomous Inflow Control Device Screens and associated lower Completions equipment and services for the PM323 East Belumut Phase 9 Infill Drilling campaign.
Dragon Oil awarded Weatherford a three-year contract for Completions Equipment and Services in offshore Turkmenistan.
An IOC awarded Weatherford a one-year contract for Artificial Lift Equipment and Centro^® Well Construction Optimization Platform in Argentina.
An IOC in Turkey awarded Weatherford a five-year contract for Open Hole Wireline Tools.
An IOC awarded Weatherford a three-year contract for Artificial Lift Equipment in Australia.
A major integrated energy company awarded Weatherford a three-year, multi-rig contract for Vero^® Mechanized Systems in deepwater Gulf of America.
A National Oil Company (NOC) awarded Weatherford a two-year contract for Stage Tool Cementing Equipment in the Middle East.
An IOC awarded Weatherford a one-year contract for the SCADA Digital Platform in offshore United Arab Emirates.

Technology Highlights

Drilling & Evaluation (“DRE”)
- In the UK, Weatherford successfully delivered Logging While Drilling and Formation Pressure Services for Shell on a high-pressure, high temperature well. The well was drilled at 175°c and reached a total depth of 21,000 feet.
- In the Middle East, Weatherford successfully deployed GuideWave^® CLEAR in three wells for an NOC, enabling improved formation evaluation and more precise geo-steering.
Well Construction and Completions (“WCC”)
- In deepwater Brazil, Weatherford successfully installed the first OptiROSS^® RFID Multi-Cycle Sliding Sleeve Valve for Petrobras. This system enhances acid stimulation efficiency, improving production and boosting the reservoir’s oil recovery factor.
- In North America, Weatherford successfully completed 17 field trials of its SecureTrac™ technology with one of the largest multinational oil and gas companies. The tool’s more compact design enables a shorter shoe track, maximizing reservoir exposure and enhancing production potential.
- In the Middle East, Weatherford successfully deployed the first WidePak™ straddle solution for Gupco in Egypt. The well had been shut for 15 years due to a sustained tubing leak. Following Weatherford’s intervention, the well is now back online and delivering significant production.
Production and Intervention (“PRI”)
- In North America, Weatherford successfully deployed the ForeSite^® Regenerative Power for KODA, following a two-month pilot. The deployment delivered significant power savings, demonstrating the technology’s efficiency and value in the field.
- In North America, Weatherford deployed the ForeSite^® Power Regenerative variable-speed drive across key customers, following multiple successful pilots. The implementation delivered significant power savings and reduced carbon emissions. Due to its unique ability to recycle, store, and optimize power, this innovative solution helps control operating expenses for customers.

Shareholder Return

During the first quarter of 2025, Weatherford paid dividends of $18 million and repurchased shares for approximately $53 million, resulting in a total shareholder return of $71 million.

On April 17, 2025, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on June 5, 2025, to shareholders of record as of May 6, 2025.

Results by Reportable Segment

Drilling and Evaluation (“DRE”)

	Three Months Ended									Variance
($ in Millions)	March 31, 2025			December 31, 2024			March 31, 2024			Seq.		YoY
Revenue	$	350		$	398		$	422		(12	)%	(17	)%
Segment Adjusted EBITDA	$	74		$	96		$	130		(23	)%	(43	)%
Segment Adj EBITDA Margin		21.1	%		24.1	%		30.8	%	(298	)bps	(966	)bps

First quarter 2025 DRE revenue of $350 million decreased by $72 million, or 17% year-over-year, primarily from lower Drilling-related services activity in Latin America, Europe/Sub-Sahara Africa/Russia and North America, partly offset by higher Drilling Services activity in Middle East/North Africa/Asia. Sequentially, DRE revenue decreased by $48 million, or 12%, primarily from lower international activity, especially in Latin America, partly offset by higher Wireline activity in North America.

First quarter 2025 DRE segment adjusted EBITDA of $74 million decreased by $56 million, or 43% year-over-year, primarily from lower activity, partly offset by higher Drilling Services activity in Middle East/North Africa/Asia. Sequentially, DRE segment adjusted EBITDA decreased by $22 million, or 23%, primarily from lower international activity, especially in Latin America, partly offset by higher Wireline activity in North America.

Well Construction and Completions (“WCC”)

	Three Months Ended									Variance
($ in Millions)	March 31, 2025			December 31, 2024			March 31, 2024			Seq.		YoY
Revenue	$	441		$	505		$	458		(13	)%	(4	)%
Segment Adjusted EBITDA	$	128		$	148		$	120		(14	)%	7	%
Segment Adj EBITDA Margin		29.0	%		29.3	%		26.2	%	(28)	bps	282	bps

First quarter 2025 WCC revenue of $441 million decreased by $17 million, or 4% year-over-year, primarily from lower activity in North America, Latin America and Europe/Sub-Sahara Africa/Russia, partly offset by higher activity in Middle East/North Africa/Asia. Sequentially, WCC revenues decreased by $64 million, or 13%, primarily from lower activity across all geographies.

First quarter 2025 WCC segment adjusted EBITDA of $128 million increased by $8 million, or 7% year-over-year, primarily from higher activity and fall through in Middle East/North Africa/Asia, partly offset by lower activity in North America, Latin America and Europe/Sub-Sahara Africa/Russia. Sequentially, WCC segment adjusted EBITDA decreased by $20 million, or 14%, primarily from lower activity across all geographies.

Production and Intervention (“PRI”)

	Three Months Ended									Variance
($ in Millions)	March 31, 2025			December 31, 2024			March 31, 2024			Seq.		YoY
Revenue	$	334		$	364		$	348		(8	)%	(4	)%
Segment Adjusted EBITDA	$	62		$	78		$	73		(21	)%	(15	)%
Segment Adj EBITDA Margin		18.6	%		21.4	%		21.0	%	(287	)bps	(241	)bps

First quarter 2025 PRI revenue of $334 million decreased by $14 million, or 4% year-over-year, as lower international activity was partly offset by higher activity in North America. Sequentially, PRI revenue decreased by $30 million, or 8%, primarily from lower Artificial Lift activity.

First quarter 2025 PRI segment adjusted EBITDA of $62 million decreased by $11 million, or 15% year-over-year, primarily from lower international activity, partly offset by higher fall through in North America. Sequentially, PRI segment adjusted EBITDA decreased by $16 million, or 21%, primarily from lower Artificial Lift activity, partly offset by higher fall through from Digital Solutions in North America.

Revenue by Geography

	Three Months Ended						Variance
*($ in Millions)*	March 31, 2025		December 31, 2024		March 31, 2024		Seq.		YoY
North America	$	250	$	261	$	267	(4	)%	(6)	%

International	$	943	$	1,080	$	1,091	(13	)%	(14	)%
Latin America		241		312		370	(23	)%	(35	)%
Middle East/North Africa/Asia		503		542		497	(7	)%	1	%
Europe/Sub-Sahara Africa/Russia		199		226		224	(12	)%	(11	)%
Total Revenue	$	1,193	$	1,341	$	1,358	(11	)%	(12	)%

North America

First quarter 2025 North America revenue of $250 million decreased by $17 million, or 6% year-over-year, primarily from lower activity in DRE and WCC segments, partly offset by higher activity in PRI segment led by Pressure Pumping and Digital Solutions. Sequentially, North America decreased by $11 million, or 4%, primarily from lower US land and US offshore activity, partly offset by higher Wireline activity.

International

First quarter 2025 international revenue of $943 million decreased 14% year-over-year and decreased 13% sequentially.

First quarter 2025 Latin America revenue of $241 million decreased by $129 million, or 35% year-over-year, primarily from lower activity in Mexico, partly offset by MPD and Pressure Pumping activity. Sequentially, Latin America revenue decreased by $71 million, or 23%, primarily from lower activity in Mexico, partly offset by higher MPD and Completions activity.

First quarter 2025 Middle East/North Africa/Asia revenue of $503 million increased by $6 million, or 1% year-over-year, as higher activity from Completions and Drilling Services were partly offset by lower MPD and Integrated Services & Projects activity. Sequentially, the Middle East/North Africa/Asia revenue decreased by $39 million, or 7%, primarily from lower activity in all the segments, partly offset by higher Integrated Services & Projects and MPD activity.

First quarter 2025 Europe/Sub-Sahara Africa/Russia revenue of $199 million decreased by $25 million, or 11% year-over-year, primarily from lower activity across all the segments, partly offset by higher Well Services and MPD activity. Sequentially, Europe/Sub-Sahara Africa/Russia revenue decreased by $27 million, or 12%, primarily from lower activity across all the segments, partly offset by higher activity in Drilling Services.

About Weatherford
Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 18,000 team members representing more than 110 nationalities and 320 operating locations. Visit weatherford.com for more information and connect with us on social media.

Conference Call Details

Weatherford will host a conference call on Wednesday, April 23, 2025, to discuss the Company’s results for the first quarter ended March 31, 2025. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

A telephonic replay of the conference call will be available until May 7, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 6907941. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

Contacts
For Investors:
Luke Lemoine
Senior Vice President, Corporate Development & Investor Relations
+1 713-836-7777
investor.relations@weatherford.com

For Media:
Kelley Hughes
Senior Director, Communications & Employee Engagement
media@weatherford.com

Forward-Looking Statements

This news release contains projections and forward-looking statements concerning, among other things, the Company’s quarterly adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, net leverage*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only estimates and may differ materially from actual future events or results, based on factors including but not limited to: global political, economic and market conditions, political disturbances, war or other global conflicts, terrorist attacks, changes in global trade policies, tariffs and sanctions, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflicts, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations (including changes in the regulatory environment) imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions to our business, employees, customers, suppliers and other partners; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

_{*Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled}

Weatherford International plc
Selected Statements of Operations (Unaudited)

	Three Months Ended
*($ in Millions, Except Per Share Amounts)*	March 31, 2025			December 31, 2024			March 31, 2024
Revenues:
DRE Revenues	$	350		$	398		$	422
WCC Revenues		441			505			458
PRI Revenues		334			364			348
All Other		68			74			130
Total Revenues		1,193			1,341			1,358

Operating Income:
DRE Segment Adjusted EBITDA^[1]	$	74		$	96		$	130
WCC Segment Adjusted EBITDA^[1]		128			148			120
PRI Segment Adjusted EBITDA^[1]		62			78			73
All Other^[2]		4			11			27
Corporate^[2]		(15	)		(7	)		(14	)
Depreciation and Amortization		(62	)		(83	)		(85	)
Share-based Compensation		(7	)		(10	)		(13	)
Restructuring Charges		(29	)		(34	)		(3	)
Other Charges, Net		(13	)		(1	)		(2	)
Operating Income		142			198			233

Other Expense:
Interest Expense, Net of Interest Income of $11, $12, and $14		(26	)		(25	)		(29	)
Other Expense, Net		(20	)		(4	)		(22	)
Income Before Income Taxes		96			169			182
Income Tax Provision		(10	)		(45	)		(59	)
Net Income		86			124			123
Net Income Attributable to Noncontrolling Interests		10			12			11
Net Income Attributable to Weatherford	$	76		$	112		$	112

Basic Income Per Share	$	1.04		$	1.54		$	1.54
Basic Weighted Average Shares Outstanding		73.1			72.6			72.9

Diluted Income Per Share	$	1.03		$	1.50		$	1.50
Diluted Weighted Average Shares Outstanding		73.4			74.5			74.7

^[1]	^{Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation, restructuring charges and other adjustments. Research and development expenses are included in segment adjusted EBITDA.}
^[2]	^{All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting.}

Weatherford International plc
Selected Balance Sheet Data (Unaudited)

*($ in Millions)*	March 31, 2025		December 31, 2024
Assets:
Cash and Cash Equivalents	$	873	$	916
Restricted Cash		57		59
Accounts Receivable, Net		1,175		1,261
Inventories, Net		889		880
Property, Plant and Equipment, Net		1,103		1,061
Intangibles, Net		315		325

Liabilities:
Accounts Payable		714		792
Accrued Salaries and Benefits		249		302
Current Portion of Long-term Debt		22		17
Long-term Debt		1,583		1,617

Shareholders’ Equity:
Total Shareholders’ Equity		1,360		1,283

Weatherford International plc
Selected Cash Flows Information (Unaudited)

	Three Months Ended
*($ in Millions)*	March 31, 2025			December 31, 2024			March 31, 2024
Cash Flows From Operating Activities:
Net Income	$	86		$	124		$	123
Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:
Depreciation and Amortization		62			83			85
Foreign Exchange Losses (Gain)		13			(2	)		15
Gain on Disposition of Assets		(1	)		(2	)		(7	)
Deferred Income Tax Provision		7			—			14
Share-Based Compensation		7			10			13
Changes in Accounts Receivable, Inventory, Accounts Payable and Accrued Salaries and Benefits		(17	)		24			(152	)
Other Changes, Net		(15	)		12			40
Net Cash Provided By Operating Activities		142			249			131

Cash Flows From Investing Activities:
Capital Expenditures for Property, Plant and Equipment		(77	)		(100	)		(59	)
Proceeds from Disposition of Assets		1			13			10
Business Acquisitions, Net of Cash Acquired		—			—			(36	)
Proceeds from Sale of Investments		—			—			41
Other Investing Activities		(3	)		1			(10	)
Net Cash Used In Investing Activities		(79	)		(86	)		(54	)

Cash Flows From Financing Activities:
Repayments of Long-term Debt		(39	)		(23	)		(172	)
Distributions to Noncontrolling Interests		—			(20	)		—
Tax Remittance on Equity Awards		(20	)		(22	)		(8	)
Share Repurchases		(53	)		(49	)		—
Dividends Paid		(18	)		(18	)		—
Other Financing Activities		(3	)		(1	)		(7	)
Net Cash Used In Financing Activities	$	(133	)	$	(133	)	$	(187	)

Weatherford International plc

Non-GAAP Financial Measures Defined (Unaudited)

We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted EBITDA margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.

Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

_{*Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled}

Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)


	Three Months Ended
*($ in Millions, Except Margin in Percentages)*	March 31, 2025			December 31, 2024			March 31, 2024
Revenues	$	1,193		$	1,341		$	1,358
Net Income Attributable to Weatherford	$	76		$	112		$	112
Net Income Margin		6.4	%		8.4	%		8.2	%
Adjusted EBITDA*	$	253		$	326		$	336
Adjusted EBITDA Margin*		21.2	%		24.3	%		24.7	%

Net Income Attributable to Weatherford	$	76		$	112		$	112
Net Income Attributable to Noncontrolling Interests		10			12			11
Income Tax Provision		10			45			59
Interest Expense, Net of Interest Income of $11, $12, and $14		26			25			29
Other Expense, Net		20			4			22
Operating Income		142			198			233
Depreciation and Amortization		62			83			85
Other Charges, Net^[1]		13			1			2
Restructuring Charges		29			34			3
Share-Based Compensation		7			10			13
Adjusted EBITDA*	$	253		$	326		$	336

Net Cash Provided By Operating Activities	$	142		$	249		$	131
Capital Expenditures for Property, Plant and Equipment		(77	)		(100	)		(59	)
Proceeds from Disposition of Assets		1			13			10
Adjusted Free Cash Flow*	$	66		$	162		$	82

^[1]	^{Other Charges, Net in the three months ended March 31, 2025 primarily includes fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico.}

_{*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined}

Weatherford International plc
GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)



*($ in Millions)*	March 31, 2025			December 31, 2024			March 31, 2024
Current Portion of Long-term Debt	$	22		$	17		$	101
Long-term Debt		1,583			1,617			1,629
Total Debt	$	1,605		$	1,634		$	1,730

Cash and Cash Equivalents	$	873		$	916		$	824
Restricted Cash		57			59			113
Total Cash	$	930		$	975		$	937

Components of Net Debt
Current Portion of Long-term Debt	$	22		$	17		$	101
Long-term Debt		1,583			1,617			1,629
Less: Cash and Cash Equivalents		873			916			824
Less: Restricted Cash		57			59			113
Net Debt*	$	675		$	659		$	793

Net Income for trailing 12 months	$	470		$	506		$	457
*Adjusted EBITDA for trailing 12 months**	$	1,299		$	1,382		$	1,253

*Net Leverage (Net Debt/Adjusted EBITDA)**		0.52	x		0.48	x		0.63	x

_{*Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined}

MIL-Evening Report: When rock music met ancient archeology: the enduring power of Pink Floyd Live at Pompeii

Source: The Conversation (Au and NZ) – By Craig Barker, Head, Public Engagement, Chau Chak Wing Museum, University of Sydney

Sony Music

The 1972 concert film Pink Floyd Live at Pompeii, back in cinemas this week, remains one of the most unique concert documentaries ever recorded by a rock band.

The movie captured the band on the brink of international stardom, released seven months before their breakout album Dark Side of the Moon, which would go on to sell 50 million copies and spend 778 weeks on the Billboard charts.

The film was the first time a rock concert took place in the ruins of an archaeological site. This intermingling of art and archaeology would change the way many thought of Pompeii.

The amphitheatre of Pompeii

The amphitheatre of Pompeii has quite a history as a venue for spectacles.

Constructed around 70 BCE, it was one of the first permanent constructed amphitheatres in Italy, designed to hold up to 20,000 spectators.

From graffiti and advertisements, we know it was used in antiquity for gladiatorial fights and displays and hunts of wild beasts and athletic contests.

The Amphitheatre of Pompeii was constructed around 70 BCE.
Marco Ober/Wikimedia Commons, CC BY-SA

Famously we are told by Roman historian Tactius in 59 CE a deadly brawl occurred between Pompeiians and residents of the nearby town of Nuceria during games, resulting in a ten-year ban on gladiatorial contests at the venue. The amphitheatre was destroyed by the eruption of Vesuvius in 79 CE.

There is a long tradition of authors, artists, filmmakers and designers taking inspiration from the site and its destruction. A 13-year-old Mozart’s visit to the Temple of Isis at the site inspired The Magic Flute in 1791.

This fresco depicts the amphitheatre riots of 59 CE, which would lead to gladiatorial contests being banned at the venue for a decade.
National Archaeological Museum of Naples/Wikimedia Commons

In the rock music era, Pompeii has inspired numerous artists, especially around themes of death and longing. Cities in Dust (1985) by Siouxsie and the Banshees was perhaps the most famous until Bastille’s 2013 hit Pompeii. In The Decemberists’ Cocoon (2002), the destruction of Pompeii acts as a metaphor for the guilt and loss in the aftermath of the September 11 attacks.

Since 2016, the amphitheatre has hosted concerts – with audiences this time. Appropriately, one of the first was a performance by Pink Floyd’s guitarist David Gilmour. His show over two nights in July 2016 took place 45 years after first playing at the site.

But how did Pink Floyd come to play at Pompeii in 1972?

Rethinking rock concert movies

It was the peak era of rock concert documentaries. Woodstock (1970) and The Rolling Stone’s Gimme Shelter (1970), and other documentaries of the era, placed the cameras in the audience, giving the cinema-goer the same perspective as the concert audience.

As a concept, it was getting stale.

Filmmaker Adrian Maben had been interested in combining art with Pink Floyd’s music. He initially pitched a film of the band’s music over montages of paintings by artists such as Rene Magritte. The band rejected the idea.

Maben returned to them after a holiday in Naples, realising the ambience of Pompeii suited the band’s music. A performance without an audience provided the antithesis of the era’s concert films.

Roger Waters during the film Pink Floyd Live at Pompeii.
Sony Music

The performance would become iconic, particularly the scenes of Roger Waters banging a large gong on the upper wall of the amphitheatre, and the cameras panning past the band’s black road case to reveal the band in the ancient arena.

It was as far away from Woodstock as possible.

The performance was filmed over six days in October 1971 in the ancient amphitheatre, with the band playing three songs in the ancient venue: Echoes, A Saucerful of Secrets, and One of These Days.

Ancient history professor Ugo Carputi of the University of Naples, a Pink Floyd fan, had persuaded authorities to allow the band to film and to close the site for the duration of filming. Besides the film crew, the band’s road crew – and a few children who snuck in to watch – the venue was closed to the public.

In addition to the performance, the four band members were filmed walking over the volcanic mud around Boscoreale, and their performances in the film both were interspersed with images of antiquities from Pompeii.

The movie itself was fleshed out with studio performances in a Paris TV studio and rehearsals at Abbey Road Studios.

Marrying art and music

Famously the Pink Floyd film blends images of antiquities from the Naples Archaeological Museum with the band’s performances.

Roman frescoes and mosaics are highlighted during particular songs. Profiles of bronze statues meld with the faces of band members, linking past and present.

Later scenes have the band backdropped by images of frescoes from the famed Villa of the Mysteries and of the plaster casts of eruption victims.

The band’s musical themes of death and mystery link with ancient imagery, and it would have been the first time many audience members had seen these masterpieces of Roman art.

The Memento mori mosaic features significantly during the performance of the song Careful with that Axe, Eugene.
Naples National Archaeological Museum/Wikimedia Commons

Pink Floyd Live at Pompeii marked a brave experiment in rock concert movies.

Watching it more than 50 years later, it is a timepiece of early 70s rock and a remarkable document of a band on the brink of fame.

Because of their progressive rock sound, sonic experimentation and philosophical lyrics, it was often said by Pink Floyd’s fans that they were “the first band in space”. They even eventually had a cassette of their music played in space.

But many are not aware of their earlier roots in the dust of ancient Pompeii. The re-release of the film gives an opportunity to enjoy the site’s unlikely role in music history.

Pink Floyd at Pompeii – MCMLXXII is in cinemas from Thursday.

Craig Barker 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.

– ref. When rock music met ancient archeology: the enduring power of Pink Floyd Live at Pompeii – https://theconversation.com/when-rock-music-met-ancient-archeology-the-enduring-power-of-pink-floyd-live-at-pompeii-252744

MIL-Evening Report: Port of Darwin’s struggling Chinese leaseholder may welcome an Australian buy-out

Source: The Conversation (Au and NZ) – By Colin Hawes, Associate professor of law, University of Technology Sydney

Slow Walker/Shutterstock

Far from causing trade frictions, an Australian buyout of the Port of Darwin lease may provide a lifeline for its struggling Chinese parent company Landbridge Group.

Both Labor and the Coalition have proposed such a buyout based on national security grounds.

But neither party has placed a dollar amount on a potential buyout, preferring to seek out private investors first. Any enforced acquisition would need to provide fair market value compensation to Landbridge.

The previous Northern Territory government leased the port to Landbridge for 99 years in 2015. The A$506 million contract was supported by the then Turnbull government.

Finding a buyer

This could put Australian taxpayers on the hook for hundreds of millions of dollars. Private investors might baulk at taking on a port lease that has consistently lost money for many years.

It is not clear why the national security situation has changed. The latest government inquiry found there were no security risks requiring Landbridge to divest their lease.

The more pressing risk threatening the port is a financial one.

Troubled times

If Landbridge Group, which holds the lease through its Australian subsidiary, declares insolvency, it will no longer be able to sustain the port’s operations. And the terminal could not support itself.

Several hundred employees would lose their jobs, and serious disruptions to trade and cruise ship tourism would follow.

The closure of the port would cause significant disruptions.
Claudine Van Massenhove/Shutterstock

The Australian media reported last November that the Port of Darwin racked up losses of $34 million in the 2023–24 financial year. Yet this figure is overshadowed by the financial liabilities Landbridge has in China.

Where the problems started

The problems started with Landbridge Group’s ambitious expansion between 2014 and 2017.

In that time it shelled out almost $5 billion on international and Chinese assets. Purchases included Australian gas producer WestSide Corporation Ltd, ($180 million in 2014); the Port of Darwin lease ($506 million in 2015); and another port in Panama ($1.2 billion in 2016). Landbridge reportedly planned to plough a further $1.5 billion into that port.

In China, the Landbridge Group also signed a partnership deal with Beijing Gas Co in 2019 to construct a huge liquefied natural gas (LNG) terminal at its main port site in Rizhao City, Shandong Province. The planned co-investment was worth $1.4 billion.

Rushing to invest

This was a heady time for Chinese private firms to invest overseas. Their often charismatic founders took advantage of the central government’s devolution of approval powers to the provinces and dressed up their pet investment projects as Belt and Road initiatives.

Much of this breakneck expansion was funded by high-interest bonds issued on the Chinese commercial interbank debt markets or so-called shadow banking.

Most private Chinese firms did not have easy access to the generous bank loans available to state-owned enterprises.

Landbridge, a private firm controlled by Shandong entrepreneur Ye Cheng and his sister Ye Fang, was no exception. They borrowed heavily to fund their acquisitions.

Mounting debt

Unfortunately, Landbridge’s income from its Chinese and international operations has not kept pace with its debt obligations. As early as 2017, the group was already struggling to pay debts.

Landbridge has been struggling to pay down debt.
lovemydesigns/Shutterstock

By 2021, Landbridge had been sued by at least 14 major financial or trade creditors. Outstanding judgment debts were issued by the Shanghai People’s Court amounting to about $600 million.

Since then, all of the group’s main assets have been frozen in lieu of payment. Unpaid debts and interest amounting to more than $1 billion have been passed on to state asset management companies to collect or sell off at knockdown prices, an indication the group is effectively insolvent.

Time to restructure

In early 2025, a restructuring committee was formed by the local government in Rizhao City, where Landbridge is headquartered. Its job is to find a way to keep the company’s Rizhao Port operating and avoid losing thousands of local jobs.

As recently as 2021, Ye Cheng was still ranked among the top 300 richest entrepreneurs in China, with an estimated net worth of more than $3 billion.

He is currently on the hook for his company’s debts after mortgaging all his business assets and giving personal guarantees to major creditors. He has also been fined by China’s corporate regulator for failing to lodge any annual financial reports for Landbridge Group since 2021.

Landbridge’s plans to develop its Panama port were cut short and its lease there was terminated in 2021 due to financial shortfalls.

Ye’s next move?

Ye Cheng may be unwilling to sell off his remaining overseas assets as this would be an admission of defeat. Yet an enforced buyout of the Darwin Port lease arranged by Australia may provide his businesses with a temporary financial lifeline in China.

It would also absolve Landbridge of its previously announced commitments to invest about $35 million in expanding Darwin Port’s infrastructure.

Far from causing trade frictions between Australia and China, such an enforced buyout – or more accurately, a bail-out – should be privately welcomed by both Landbridge and the Chinese government.

Colin Hawes is a research associate at the Australia-China Relations Institute, University of Technology Sydney.

– ref. Port of Darwin’s struggling Chinese leaseholder may welcome an Australian buy-out – https://theconversation.com/port-of-darwins-struggling-chinese-leaseholder-may-welcome-an-australian-buy-out-254716

MIL-OSI: Range Announces First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, April 22, 2025 (GLOBE NEWSWIRE) — RANGE RESOURCES CORPORATION (NYSE: RRC) today announced its first quarter 2025 financial results.

First Quarter 2025 Highlights –

Cash flow from operating activities of $330 million
Cash flow from operations, before working capital changes, of $397 million
Repurchased $68 million of shares, paid $22 million in dividends, and reduced net debt by $42 million
Capital spending was $147 million, approximately 22% of the annual 2025 budget
Realized price, including hedges, was $4.02 per mcfe
Natural gas differential, including basis hedging, of ($0.15) per mcf to NYMEX
Pre-hedge NGL realizations of $27.79 per barrel – a premium of $1.05 over Mont Belvieu equivalent
Production averaged 2.20 Bcfe per day, approximately 69% natural gas
Strategic collaboration to supply natural gas to potential data center and industrial development in Pennsylvania

Commenting on the results, Dennis Degner, the Company’s CEO said, “Range is off to a great start in 2025 with efficient operations, consistent well performance and strong free cash flow. Our solid financial results supported increased returns of capital to shareholders alongside further bolstering of the balance sheet. As demand for natural gas and NGLs increases and in-basin demand opportunities continue to materialize, we believe Range is well positioned given our growing in-process inventory, consistent well results, and high-return, long-life assets measured in decades.”

Financial Discussion

Except for generally accepted accounting principles (“GAAP”) reported amounts, specific expense categories exclude non-cash impairments, unrealized mark-to-market adjustment on derivatives, non-cash stock compensation and other items shown separately on the attached tables. “Unit costs” as used in this release are composed of direct operating, transportation, gathering, processing and compression, taxes other than income, general and administrative, interest and depletion, depreciation and amortization costs divided by production. See “Non-GAAP Financial Measures” for a definition of non-GAAP financial measures and the accompanying tables that reconcile each non-GAAP measure to its most directly comparable GAAP financial measure.

First Quarter 2025 Results

GAAP revenues and other income for first quarter 2025 totaled $691 million, GAAP net cash provided from operating activities (including changes in working capital) was $330 million, and GAAP net income was $97 million ($0.40 per diluted share). First quarter earnings results include a $159 million mark-to-market derivative loss due to increases in commodity prices.

Cash flow from operations before changes in working capital, a non-GAAP measure, was $397 million. Adjusted net income comparable to analysts’ estimates, a non-GAAP measure, was $232 million ($0.96 per diluted share) in first quarter 2025.

The following table details Range’s first quarter 2025 unit costs per mcfe^(a):

Expenses	1Q 2025 (per mcfe)		1Q 2024 (per mcfe)		Increase (Decrease)

Direct operating^(a)	$	0.13	$	0.11	18	%
Transportation, gathering, processing and compression^(a)		1.55		1.49	4	%
Taxes other than income		0.04		0.03	33	%
General and administrative^(a)		0.16		0.18	(11	)%
Interest expense^(a)		0.14		0.15	(7	)%
Total cash unit costs^(b)		2.01		1.96	3	%
Depletion, depreciation and amortization (DD&A)		0.46		0.45	2	%
Total unit costs plus DD&A^(b)	$	2.46	$	2.40	3	%

^{(a) Excludes stock-based compensation, one-time settlements, and amortization of deferred financing costs.}
^{(b) Totals may not be exact due to rounding.}

The following table details Range’s average production and realized pricing for first quarter 2025^(a):

	1Q25 Production & Realized Pricing
		Natural Gas (mcf)			Oil (bbl)			NGLs (bbl)			Natural Gas Equivalent (mcfe)
		Natural Gas (mcf)			Oil (bbl)			NGLs (bbl)			Natural Gas Equivalent (mcfe)

Net production per day			1,510,705			4,706			110,222			2,200,276

Average NYMEX price		$	3.66		$	71.40		$	26.74
Differential, including basis hedging			(0.15	)		(10.28	)		1.05
Realized prices before NYMEX hedges			3.51			61.12			27.79			3.93
Settled NYMEX hedges			0.13			0.60			(0.04	)		0.09
Average realized prices after hedges		$	3.64		$	61.72		$	27.75		$	4.02

^{(a) Totals may not be exact due to rounding}

First quarter 2025 natural gas, NGLs and oil price realizations (including the impact of cash-settled hedges and derivative settlements) averaged $4.02 per mcfe.

The average natural gas price, including the impact of basis hedging, was $3.51 per mcf, or a ($0.15) per mcf differential to NYMEX. Range continues to expect its 2025 natural gas differential to average ($0.40) to ($0.48) relative to NYMEX.
Range’s pre-hedge NGL price during the quarter was $27.79 per barrel, approximately $1.05 above the Mont Belvieu weighted equivalent. Range is improving its full-year NGL price guidance to a range of +$0.25 to +$1.25 relative to a Mont Belvieu equivalent barrel.
Crude oil and condensate price realizations, before realized hedges, averaged $61.12 per barrel, or $10.28 below WTI (West Texas Intermediate). Range continues to expect its 2025 condensate differential to average ($10.00) to ($15.00) relative to NYMEX.

Financial Position and Repurchase Activity

As of March 31, 2025, Range had net debt outstanding of approximately $1.36 billion, consisting of $1.71 billion of senior notes and $345 million in cash. During the first quarter, Range repurchased in the open market $2.2 million principal amount of 4.875% senior notes due 2025 at a discount.

During the quarter, Range repurchased 1,826,562 shares at an average price of approximately $36.97 per share. As of March 31, 2025, the Company had approximately $949 million of availability under the share repurchase program.

Capital Expenditures and Operational Activity

First quarter 2025 drilling and completion expenditures were $130 million. In addition, during the quarter, approximately $16 million was invested in acreage, and $1 million was invested in infrastructure and other investments. First quarter capital spending represented approximately 22% of Range’s total capital budget in 2025.

During the quarter, Range drilled ~250,000 lateral feet across 18 wells, while turning to sales ~132,000 lateral feet across 10 wells. The added inventory of drilled but not completed laterals is in line with Range’s plans to exit 2025 with ~400,000 lateral feet of surplus inventory to support future development.

The table below summarizes expected 2025 activity plans regarding the number of wells to sales in each area.

	Wells TIL 1Q 2025	Remaining 2025	2025 Planned TIL
SW PA Super-Rich	0	8	8
SW PA Wet	10	19	29
SW PA Dry	0	5	5
NE PA Dry	0	4	4
Total Wells	10	36	46

Marketing and Midstream Update

Range is collaborating with Liberty Energy Inc. and Imperial Land Corporation to supply natural gas to a proposed state-of-the-art power generation facility in Washington County, PA. The proposed power facility is expected to serve as a catalyst for attracting data centers and industrial operations seeking long-term, reliable, efficient energy solutions. The project plans to utilize modular, scalable power generation systems and Marcellus natural gas, which has an advantaged emissions profile versus other basins in the U.S.

Guidance – 2025

Capital & Production Guidance

Range’s 2025 all-in capital budget is $650 million – $690 million. Annual production is expected to be approximately 2.2 Bcfe per day in 2025. Liquids are expected to be over 30% of production.

Full Year 2025 Expense Guidance

	Direct operating expense:	$0.12 – $0.14 per mcfe
	Transportation, gathering, processing and compression expense:	$1.50 – $1.55 per mcfe
	Taxes other than income:	$0.03 – $0.04 per mcfe
	Exploration expense:	$24 – $28 million
	G&A expense:	$0.17 – $0.19 per mcfe
	Net Interest expense:	$0.12 – $0.13 per mcfe
	DD&A expense:	$0.45 – $0.46 per mcfe
	Net brokered gas marketing expense:	$8 – $12 million

Updated Full Year 2025 Price Guidance

Based on recent market indications, Range expects to average the following price differentials for its production in 2025.

	FY 2025 Natural Gas:⁽¹⁾	NYMEX minus $0.40 to $0.48
	FY 2025 Natural Gas Liquids:⁽²⁾	MB plus $0.25 to $1.25 per barrel
	FY 2025 Oil/Condensate:	WTI minus $10.00 to $15.00

(1) Including basis hedging
(2) Mont Belvieu-equivalent pricing based on weighting of 53% ethane, 27% propane, 8% normal butane, 4% iso-butane and 8% natural gasoline.

Hedging Status

Range hedges portions of its expected future production volumes to increase the predictability of cash flow and maintain a strong, flexible financial position. Please see the detailed hedging schedule posted on the Range website under Investor Relations – Financial Information.

Range has also hedged basis across the Company’s numerous natural gas sales points to limit volatility between benchmark and regional prices. The combined fair value of natural gas basis hedges as of March 31, 2025, was a net gain of $11.7 million.

Conference Call Information

A conference call to review the financial results is scheduled on Wednesday, April 23 at 8:00 AM Central Time (9:00 AM Eastern Time). Please click here to pre-register for the conference call and obtain a dial in number with passcode.

A simultaneous webcast of the call may be accessed at www.rangeresources.com. The webcast will be archived for replay on the Company’s website until May 23^rd.

Non-GAAP Financial Measures

To supplement the presentation of its financial results prepared in accordance with generally accepted accounting principles (GAAP), the Company’s earnings press release contains certain financial measures that are not presented in accordance with GAAP. Management believes certain non-GAAP measures may provide financial statement users with meaningful supplemental information for comparisons within the industry. These non-GAAP financial measures may include, but are not limited to Net Income, excluding certain items, Cash flow from operations before changes in working capital, realized prices, Net debt and Cash margin.

Adjusted net income comparable to analysts’ estimates as set forth in this release represents income or loss from operations before income taxes adjusted for certain non-cash items (detailed in the accompanying table) less income taxes. We believe adjusted net income comparable to analysts’ estimates is calculated on the same basis as analysts’ estimates and that many investors use this published research in making investment decisions and evaluating operational trends of the Company and its performance relative to other oil and gas producing companies. Diluted earnings per share (adjusted) as set forth in this release represents adjusted net income comparable to analysts’ estimates on a diluted per share basis. A table is included which reconciles income or loss from operations to adjusted net income comparable to analysts’ estimates and diluted earnings per share (adjusted). On its website, the Company provides additional comparative information on prior periods.

Cash flow from operations before changes in working capital represents net cash provided by operations before changes in working capital and exploration expense adjusted for certain non-cash compensation items. Cash flow from operations before changes in working capital (sometimes referred to as “adjusted cash flow”) is widely accepted by the investment community as a financial indicator of an oil and gas company’s ability to generate cash to internally fund exploration and development activities and to service debt. Cash flow from operations before changes in working capital is also useful because it is widely used by professional research analysts in valuing, comparing, rating and providing investment recommendations of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Cash flow from operations before changes in working capital is not a measure of financial performance under GAAP and should not be considered as an alternative to cash flows from operations, investing, or financing activities as an indicator of cash flows, or as a measure of liquidity. A table is included which reconciles net cash provided by operations to cash flow from operations before changes in working capital as used in this release. On its website, the Company provides additional comparative information on prior periods for cash flow, cash margins and non-GAAP earnings as used in this release.

The cash prices realized for oil and natural gas production, including the amounts realized on cash-settled derivatives and net of transportation, gathering, processing and compression expense, is a critical component in the Company’s performance tracked by investors and professional research analysts in valuing, comparing, rating and providing investment recommendations and forecasts of companies in the oil and gas exploration and production industry. In turn, many investors use this published research in making investment decisions. Due to the GAAP disclosures of various derivative transactions and third-party transportation, gathering, processing and compression expense, such information is now reported in various lines of the income statement. The Company believes that it is important to furnish a table reflecting the details of the various components of each income statement line to better inform the reader of the details of each amount and provide a summary of the realized cash-settled amounts and third-party transportation, gathering, processing and compression expense, which were historically reported as natural gas, NGLs and oil sales. This information is intended to bridge the gap between various readers’ understanding and fully disclose the information needed.

Net debt is calculated as total debt less cash and cash equivalents. The Company believes this measure is helpful to investors and industry analysts who utilize Net debt for comparative purposes across the industry.

The Company discloses in this release the detailed components of many of the single line items shown in the GAAP financial statements included in the Company’s Annual or Quarterly Reports on Form 10-K or 10-Q. The Company believes that it is important to furnish this detail of the various components comprising each line of the Statements of Operations to better inform the reader of the details of each amount, the changes between periods and the effect on its financial results.

We believe that the presentation of PV₁₀ value of our proved reserves is a relevant and useful metric for our investors as supplemental disclosure to the standardized measure, or after-tax amount, because it presents the discounted future net cash flows attributable to our proved reserves before taking into account future corporate income taxes and our current tax structure. While the standardized measure is dependent on the unique tax situation of each company, PV₁₀ is based on prices and discount factors that are consistent for all companies. Because of this, PV₁₀ can be used within the industry and by credit and security analysts to evaluate estimated net cash flows from proved reserves on a more comparable basis.

RANGE RESOURCES CORPORATION (NYSE: RRC) is a leading U.S. independent natural gas and NGL producer with operations focused in the Appalachian Basin. The Company is headquartered in Fort Worth, Texas. More information about Range can be found at www.rangeresources.com.

Included within this release are certain “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that are not limited to historical facts, but reflect Range’s current beliefs, expectations or intentions regarding future events. Words such as “may,” “will,” “could,” “should,” “expect,” “plan,” “project,” “intend,” “anticipate,” “believe,” “outlook”, “estimate,” “predict,” “potential,” “pursue,” “target,” “continue,” and similar expressions are intended to identify such forward-looking statements.

All statements, except for statements of historical fact, made within regarding activities, events or developments the Company expects, believes or anticipates will or may occur in the future, such as those regarding future well costs, expected asset sales, well productivity, future liquidity and financial resilience, anticipated exports and related financial impact, NGL market supply and demand, future commodity fundamentals and pricing, future capital efficiencies, future shareholder value, emerging plays, capital spending, anticipated drilling and completion activity, acreage prospectivity, expected pipeline utilization and future guidance information, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on assumptions and estimates that management believes are reasonable based on currently available information; however, management’s assumptions and Range’s future performance are subject to a wide range of business risks and uncertainties and there is no assurance that these goals and projections can or will be met. Any number of factors could cause actual results to differ materially from those in the forward-looking statements. Further information on risks and uncertainties is available in Range’s filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K. Unless required by law, Range undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date they are made.

The SEC permits oil and gas companies, in filings made with the SEC, to disclose proved reserves, which are estimates that geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reservoirs under existing economic and operating conditions as well as the option to disclose probable and possible reserves. Range has elected not to disclose its probable and possible reserves in its filings with the SEC. Range uses certain broader terms such as “resource potential,” “unrisked resource potential,” “unproved resource potential” or “upside” or other descriptions of volumes of resources potentially recoverable through additional drilling or recovery techniques that may include probable and possible reserves as defined by the SEC’s guidelines. Range has not attempted to distinguish probable and possible reserves from these broader classifications. The SEC’s rules prohibit us from including in filings with the SEC these broader classifications of reserves. These estimates are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of actually being realized. Unproved resource potential refers to Range’s internal estimates of hydrocarbon quantities that may be potentially discovered through exploratory drilling or recovered with additional drilling or recovery techniques and have not been reviewed by independent engineers. Unproved resource potential does not constitute reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System and does not include proved reserves. Area wide unproven resource potential has not been fully risked by Range’s management. “EUR”, or estimated ultimate recovery, refers to our management’s estimates of hydrocarbon quantities that may be recovered from a well completed as a producer in the area. These quantities may not necessarily constitute or represent reserves within the meaning of the Society of Petroleum Engineer’s Petroleum Resource Management System or the SEC’s oil and natural gas disclosure rules. Actual quantities that may be recovered from Range’s interests could differ substantially. Factors affecting ultimate recovery include the scope of Range’s drilling program, which will be directly affected by the availability of capital, drilling and production costs, commodity prices, availability of drilling services and equipment, drilling results, lease expirations, transportation constraints, regulatory approvals, field spacing rules, recoveries of gas in place, length of horizontal laterals, actual drilling results, including geological and mechanical factors affecting recovery rates and other factors. Estimates of resource potential may change significantly as development of our resource plays provides additional data.

In addition, our production forecasts and expectations for future periods are dependent upon many assumptions, including estimates of production decline rates from existing wells and the undertaking and outcome of future drilling activity, which may be affected by significant commodity price or drilling cost changes. Investors are urged to consider closely the disclosure in our most recent Annual Report on Form 10-K, available from our website at www.rangeresources.com or by written request to 100 Throckmorton Street, Suite 1200, Fort Worth, Texas 76102. You can also obtain this Form 10-K on the SEC’s website at www.sec.gov or by calling the SEC at 1-800-SEC-0330.

SOURCE: Range Resources Corporation

Range Investor Contacts:

Laith Sando
817-869-4267

Matt Schmid
817-869-1538

Range Media Contact:

Mark Windle
724-873-3223

RANGE RESOURCES CORPORATION


STATEMENTS OF OPERATIONS
Based on GAAP reported earnings with additional
details of items included in each line in Form 10-Q
(Unaudited, In thousands, except per share data)
	Three Months Ended March 31,
	2025			2024			%
Revenues and other income:
Natural gas, NGLs and oil sales (a)	$	791,920		$	567,001
Derivative fair value (loss) income		(158,957	)		46,598
Brokered natural gas and marketing		54,408			28,831
ARO settlement loss (b)		–			(26	)
Interest income (b)		3,053			2,943
Gain on sale of assets (b)		62			87
Other (b)		68			22
Total revenues and other income		690,554			645,456			7	%

Costs and expenses:
Direct operating		24,836			21,664
Direct operating – stock-based compensation (c)		537			497
Transportation, gathering, processing and compression		306,109			290,875
Taxes other than income		6,987			5,368
Brokered natural gas and marketing		57,361			30,895
Brokered natural gas and marketing – stock-based compensation (c)		840			708
Exploration		6,044			4,202
Exploration – stock-based compensation (c)		347			324
Abandonment and impairment of unproved properties		4,574			2,371
General and administrative		31,553			33,772
General and administrative – stock-based compensation (c)		10,111			9,978
General and administrative – lawsuit settlements		27			191
Exit costs		8,897			10,315
Deferred compensation plan (d)		2,879			6,405
Interest expense		27,785			29,116
Interest expense – amortization of deferred financing costs (e)		1,376			1,360
Gain on early extinguishment of debt		(3	)		(64	)
Depletion, depreciation and amortization		90,559			87,137
Total costs and expenses		580,819			535,114			9	%

Income before income taxes		109,735			110,342			-1	%

Income tax expense
Current		2,000			1,582
Deferred		10,683			16,622
		12,683			18,204

Net income	$	97,052		$	92,138			5	%


Net income Per Common Share
Basic	$	0.40		$	0.38
Diluted	$	0.40		$	0.38

Weighted average common shares outstanding, as reported
Basic		240,035			240,505			0	%
Diluted		241,755			242,406			0	%


(a) See separate natural gas, NGLs and oil sales information table.
(b) Included in Other income in the 10-Q.
(c) Costs associated with stock compensation and restricted stock amortization, which have been reflected in the
categories associated with the direct personnel costs, which are combined with the cash costs in the 10-Q.
(d) Reflects the change in market value of the vested Company stock held in the deferred compensation plan.
(e) Included in interest expense in the 10-Q.

RANGE RESOURCES CORPORATION


BALANCE SHEET
(In thousands)	March 31,			December 31,
	2025			2024
	(Unudited)			(Audited)
Assets
Current assets	$	714,502		$	636,982
Derivative assets		6,470			87,098
Natural gas and oil properties, net (successful efforts method)		6,476,813			6,421,700
Other property and equipment, net		2,799			2,465
Operating lease right-of-use assets		100,110			119,838
Other		82,030			79,592
	$	7,382,724		$	7,347,675

Liabilities and Stockholders’ Equity
Current liabilities	$	1,211,926		$	1,263,247
Asset retirement obligations		1,189			1,189
Derivative liabilities		70,845			9,634
Senior notes, excluding current maturities		1,090,107			1,089,614
Deferred tax liabilities		552,057			541,378
Derivative liabilities		32,178			10,488
Deferred compensation liabilities		66,336			65,233
Operating lease liabilities		35,535			35,737
Asset retirement obligations and other liabilities		140,607			137,181
Divestiture contract obligation		242,583			257,317
		3,443,363			3,411,018

Common stock and retained deficit		4,520,586			4,449,987
Other comprehensive income		597			611
Common stock held in treasury		(581,822	)		(513,941	)
Total stockholders’ equity		3,939,361			3,936,657
	$	7,382,724		$	7,347,675

RECONCILIATION OF TOTAL DEBT AS REPORTED
TO NET DEBT, a non-GAAP measure
(Unaudited, in thousands)
	March 31,			December 31,
	2025			2024			%

Total debt, net of deferred financing costs, as reported	$	1,696,541		$	1,697,883			0	%
Unamortized debt issuance costs, as reported		10,001			10,819
Less cash and cash equivalents, as reported		(344,574	)		(304,490	)
Net debt, a non-GAAP measure	$	1,361,968		$	1,404,212			-3	%

RANGE RESOURCES CORPORATION



CASH FLOWS FROM OPERATING ACTIVITIES
(Unaudited, in thousands)

	Three Months Ended March 31,
	2025			2024

Net income		97,052			92,138
Adjustments to reconcile net cash provided from continuing operations:
Deferred income tax expense		10,683			16,622
Depletion, depreciation and amortization		90,559			87,137
Abandonment and impairment of unproved properties		4,574			2,371
Derivative fair value loss (income)		158,957			(46,598	)
Cash settlements on derivative financial instruments		4,573			122,373
Divestiture contract obligation, including accretion		8,897			10,267
Amortization of deferred financing costs and other		1,182			1,232
Deferred and stock-based compensation		15,083			18,215
Gain on sale of assets		(62	)		(87	)
Gain on early extinguishment of debt		(3	)		(64	)

Changes in working capital:
Accounts receivable		(28,722	)		107,454
Other current assets		(9,028	)		(8,944	)
Accounts payable		36,181			12,188
Accrued liabilities and other		(59,843	)		(82,374	)
Net changes in working capital		(61,412	)		28,324
Net cash provided from operating activities		330,083			331,930



RECONCILIATION OF NET CASH PROVIDED FROM OPERATING
ACTIVITIES, AS REPORTED, TO CASH FLOW FROM OPERATIONS
BEFORE CHANGES IN WORKING CAPITAL, a non-GAAP measure
(Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Net cash provided from operating activities, as reported	$	330,083		$	331,930
Net changes in working capital		61,412			(28,324	)
Exploration expense		6,044			4,202
Lawsuit settlements		27			191
Non-cash compensation adjustment and other		(175	)		(101	)
Cash flow from operations before changes in working capital – non-GAAP measure	$	397,391		$	307,898



ADJUSTED WEIGHTED AVERAGE SHARES OUTSTANDING
(Unaudited, in thousands)
	Three Months Ended March 31,
	2025			2024
Basic:
Weighted average shares outstanding		240,776			242,082
Stock held by deferred compensation plan		(741	)		(1,577	)
Adjusted basic		240,035			240,505

Dilutive:
Weighted average shares outstanding		240,776			242,082
Dilutive stock options under treasury method		979			324
Adjusted dilutive		241,755			242,406

RANGE RESOURCES CORPORATION



RECONCILIATION OF NATURAL GAS, NGLs AND OIL SALES
AND DERIVATIVE FAIR VALUE INCOME (LOSS) TO
CALCULATED CASH REALIZED NATURAL GAS, NGLs AND
OIL PRICES WITH AND WITHOUT THIRD-PARTY
TRANSPORTATION, GATHERING, PROCESSING AND
COMPRESSION COSTS, a non-GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended March 31,
	2025					2024					%
Natural gas, NGLs and Oil Sales components:
Natural gas sales	$		490,377			$		271,475
NGLs sales			275,654					256,076
Oil sales			25,889					39,450
Total Natural Gas, NGLs and Oil Sales, as reported	$		791,920			$		567,001				40		%

Derivative Fair Value (Loss) Income, as reported	$		(158,957		)	$		46,598
Cash settlements on derivative financial instruments – (gain) loss:
Natural gas			(4,729		)			(120,913	)
NGLs			412					77
Oil			(256		)			(1,537	)
Total change in fair value related to commodity derivatives prior to
settlement, a non GAAP measure	$		(163,530		)	$		(75,775	)

Transportation, gathering, processing and compression components:
Natural Gas	$		157,519			$		150,112
NGLs			147,838					140,274
Oil			752					489
Total transportation, gathering, processing and compression, as reported	$		306,109			$		290,875

Natural gas, NGL and Oil sales, including cash-settled derivatives: (c)
Natural gas sales	$		495,106			$		392,388
NGLs sales			275,242					255,999
Oil Sales			26,145					40,987
Total	$		796,493			$		689,374				16		%

Production of natural gas, NGLs and oil during the periods (a):
Natural Gas (mcf)			135,963,430					132,650,240				2		%
NGLs (bbls)			9,919,989					9,760,723				2		%
Oil (bbls)			423,579					610,279				-31		%
Gas equivalent (mcfe) (b)			198,024,838					194,876,252				2		%

Production of natural gas, NGLs and oil – average per day (a):
Natural Gas (mcf)			1,510,705					1,457,695				4		%
NGLs (bbls)			110,222					107,261				3		%
Oil (bbls)			4,706					6,706				-30		%
Gas equivalent (mcfe) (b)			2,200,276					2,141,497				3		%

Average prices, excluding derivative settlements and before third-party
transportation costs:
Natural Gas (per mcf)	$		3.61			$		2.05				76		%
NGLs (per bbl)	$		27.79			$		26.24				6		%
Oil (per bbl)	$		61.12			$		64.64				-5		%
Gas equivalent (per mcfe) (b)	$		4.00			$		2.91				37		%

Average prices, including derivative settlements before third-party
transportation costs: (c)
Natural Gas (per mcf)	$		3.64			$		2.96				23		%
NGLs (per bbl)	$		27.75			$		26.23				6		%
Oil (per bbl)	$		61.72			$		67.16				-8		%
Gas equivalent (per mcfe) (b)	$		4.02			$		3.54				14		%

Average prices, including derivative settlements and after third-party
transportation costs: (d)
Natural Gas (per mcf)	$		2.48			$		1.83				36		%
NGLs (per bbl)	$		12.84			$		11.86				8		%
Oil (per bbl)	$		59.95			$		66.36				-10		%
Gas equivalent (per mcfe) (b)	$		2.48			$		2.05				21		%

Transportation, gathering and compression expense per mcfe	$		1.55			$		1.49				4		%

(a) Represents volumes sold regardless of when produced.
(b) Oil and NGLs are converted at the rate of one barrel equals six mcfe based upon the approximate relative energy content of oil to natural gas, which is not necessarily
indicative of the relationship of oil and natural gas prices.
(c) Excluding third-party transportation, gathering, processing and compression costs.
(d) Net of transportation, gathering, processing and compression costs.
RANGE RESOURCES CORPORATION



RECONCILIATION OF INCOME BEFORE INCOME
TAXES AS REPORTED TO INCOME BEFORE INCOME TAXES
EXCLUDING CERTAIN ITEMS, a non-GAAP measure
(Unaudited, In thousands, except per share data)
		Three Months Ended March 31,
		2025					2024				%

Income from operations before income taxes, as reported				109,735			110,342					-1	%
Adjustment for certain special items:
Gain on the sale of assets				(62	)		(87			)
ARO settlement loss				–			26
Change in fair value related to derivatives prior to settlement				163,530			75,775
Abandonment and impairment of unproved properties				4,574			2,371
Gain on early extinguishment of debt				(3	)		(64			)
Lawsuit settlements				27			191
Exit costs				8,897			10,315
Brokered natural gas and marketing – stock-based compensation				840			708
Direct operating – stock-based compensation				537			497
Exploration expenses – stock-based compensation				347			324
General & administrative – stock-based compensation				10,111			9,978
Deferred compensation plan – non-cash adjustment				2,879			6,405

Income before income taxes, as adjusted				301,412			216,781					39	%

Income tax expense, as adjusted
Current (a)				2,000			1,582
Deferred (a)				67,325			48,278

Net income, excluding certain items, a non-GAAP measure		$		232,087			$	166,921				39	%

Non-GAAP income per common share
Basic		$		0.97			$	0.69				41	%
Diluted		$		0.96			$	0.69				39	%

Non-GAAP diluted shares outstanding, if dilutive				241,755			242,406





(a) Taxes are estimated to be approximately 23% for 2024 and 2025

RANGE RESOURCES CORPORATION



RECONCILIATION OF NET INCOME, EXCLUDING
CERTAIN ITEMS AND ADJUSTED EARNINGS PER
SHARE, non-GAAP measures
(In thousands, except per share data)
	Three Months Ended March 31,
	2025			2024

Net income, as reported	$	97,052		$	92,138
Adjustments for certain special items:
Gain on the sale of assets		(62	)		(87	)
ARO settlement loss		–			26
Gain on early extinguishment of debt		(3	)		(64	)
Change in fair value related to derivatives prior to settlement		163,530			75,775
Abandonment and impairment of unproved properties		4,574			2,371
Lawsuit settlements		27			191
Exit costs		8,897			10,315
Stock-based compensation		11,835			11,507
Deferred compensation plan		2,879			6,405
Tax impact		(56,642	)		(31,656	)

Net income, excluding certain items, a non-GAAP measure	$	232,087		$	166,921

Net income per diluted share, as reported	$	0.40		$	0.38
Adjustments for certain special items per diluted share:
Gain on the sale of assets		–			–
ARO settlement loss		–			–
Gain on early extinguishment of debt		–			–
Change in fair value related to derivatives prior to settlement		0.68			0.31
Abandonment and impairment of unproved properties		0.02			0.01
Lawsuit settlements		–			–
Exit costs		0.04			0.04
Stock-based compensation		0.05			0.05
Deferred compensation plan		0.01			0.03
Adjustment for rounding differences		(0.01	)		–
Tax impact		(0.23	)		(0.13	)
Dilutive share impact (rabbi trust and other)		–			–

Net income per diluted share, excluding certain items, a non-GAAP measure	$	0.96		$	0.69

Adjusted earnings per share, a non-GAAP measure:
Basic	$	0.97		$	0.69
Diluted	$	0.96		$	0.69

RANGE RESOURCES CORPORATION

RECONCILIATION OF CASH MARGIN PER MCFE, a non-
GAAP measure
(Unaudited, In thousands, except per unit data)
	Three Months Ended March 31,
	2025			2024

Revenues
Natural gas, NGLs and oil sales, as reported	$	791,920		$	567,001
Derivative fair value (loss) income, as reported		(158,957	)		46,598
Less non-cash fair value loss		163,530			75,775
Brokered natural gas and marketing, as reported		54,408			28,831
Other income, as reported		3,183			3,026
Less gain on sale of assets		(62	)		(87	)
Less ARO settlement		–			26
Cash revenues		854,022			721,170

Expenses
Direct operating, as reported		25,373			22,161
Less direct operating stock-based compensation		(537	)		(497	)
Transportation, gathering and compression, as reported		306,109			290,875
Taxes other than income, as reported		6,987			5,368
Brokered natural gas and marketing, as reported		58,201			31,603
Less brokered natural gas and marketing stock-based compensation		(840	)		(708	)
General and administrative, as reported		41,691			43,941
Less G&A stock-based compensation		(10,111	)		(9,978	)
Less lawsuit settlements		(27	)		(191	)
Interest expense, as reported		29,161			30,476
Less amortization of deferred financing costs		(1,376	)		(1,360	)
Cash expenses		454,631			411,690

Cash margin, a non-GAAP measure	$	399,391		$	309,480

Mmcfe produced during period		198,025			194,876

Cash margin per mcfe	$	2.02		$	1.59

RECONCILIATION OF INCOME BEFORE INCOME TAXES
TO CASH MARGIN, a non-GAAP measure
(Unaudited, in thousands, except per unit data)
	Three Months Ended March 31,
	2025			2024

Income before income taxes, as reported	$	109,735		$	110,342
Adjustments to reconcile income before income taxes to cash margin:
ARO settlements		–			26
Derivative fair value loss (income)		158,957			(46,598	)
Net cash receipts on derivative settlements		4,573			122,373
Exploration expense		6,044			4,202
Lawsuit settlements		27			191
Exit costs		8,897			10,315
Deferred compensation plan		2,879			6,405
Stock-based compensation (direct operating, brokered natural gas and		11,835			11,507
Marketing, and general and administrative)
Bad debt expense		–			–
Interest – amortization of deferred financing costs		1,376			1,360
Depletion, depreciation and amortization		90,559			87,137
Gain on sale of assets		(62	)		(87	)
Gain on early extinguishment of debt		(3	)		(64	)
Abandonment and impairment of unproved properties		4,574			2,371
Cash margin, a non-GAAP measure	$	399,391		$	309,480

MIL-Evening Report: Gambling in Australia: how bad is the problem, who gets harmed most and where may we be heading?

Source: The Conversation (Au and NZ) – By Alex Russell, Principal Research Fellow, CQUniversity Australia

Mick Tsikas/AAP, Joel Carret/AAP, Darren England/AAP, Ihor Koptilin/Shutterstock, The Conversation, CC BY

Gambling prevalence studies provide a snapshot of gambling behaviour, problems and harm in our communities. They are typically conducted about every five years.

In some Australian states and territories, four or five have been conducted over the past 20 or so years. These have provided a snapshot into how gambling has changed – and how it has not.

So, how has gambling in Australia changed in the past two decades or so, and where may we be heading?

The intensification of gambling

In 1997-98, the Productivity Commission found about 82% of Australians had gambled in the previous 12 months.

Almost all further prevalence studies show the proportion of adults gambling has declined substantially over time.

The 2024 NSW prevalence survey, for example, found 54% reported gambling in the previous 12 months, down from 69% in 2006.

While fewer people are gambling, the proportion of people experiencing problems has not changed much, nor has gambling turnover.

In some states, gambling turnover has increased, even when you take inflation into account.

So while a smaller proportion of people are gambling, those who do gamble are doing so more frequently, and spend more money – a phenomenon we have described as the “intensification” of the industry.

As figures from the Grattan Institute show, the vast majority of gambling spend comes from a very small proportion of people who gamble.

What’s the problem?

Typically, the focus in gambling studies has been on “problem gamblers”, a term we now avoid because it can be stigmatising.

This refers to those experiencing severe problems due to their gambling, which is typically about 1% of the adult population, and around 2% of people who gamble.

This doesn’t sound like much, until you remember 1% of adults in Australia is more than 200,000 people. That’s a lot of people struggling with severe problems.

Based on recent prevalence surveys in Australia, these gamblers spend about 60 times as much as people who do not experience problems.

However, that’s just the most severe cases.

How gambling harms people

When most people think of gambling harm, they think about financial harm. But gambling can cause problems with relationships, work and study, emotional and psychological harm, and even cause health issues.

Some degree of gambling harm is experienced by around 10-15% of people who gamble.

Some groups are overrepresented: young men typically experience very high levels of harm compared to others. Other overrepresented groups are:

those who have not completed tertiary education
people who speak a language other than English
people who identify as Aboriginal or Torres Strait Islander.

Harm isn’t just experienced by people who gamble, though – it impacts the people around them.

While young men are more likely to experience harm from their own gambling, women, particularly young women, are most likely to experience harm from someone else’s gambling.

When we take all of these sources of harm into account, we get a much better picture of gambling harm in our community: around 15-20% of all adults (not all gamblers) experience harm.

That’s very different to the figure of 1% we’ve focused on in the past.

We’re still missing some accounting, though: we don’t know how much harm is experienced by people under 18, for example, because prevalence studies typically only include adults.

Where does the harm come from?

The most problematic form in Australia is pokies, responsible for about 51-57% of problems.

Casinos are responsible for another 10-14%, although fewer people have been gambling in casino games in recent years.

Sports betting and race betting together account for about another 19-20% of harm.

Between them, pokies, casino games and sports and race betting account for about 90% of harm to Australian gamblers.

Availability is an issue

This widespread availability of pokies is the biggest single driver behind gambling harm in Australia.

In other countries, pokies are limited to venues that are specifically used for gambling, like casinos or betting shops.

We have pokies in a huge number of our pubs and clubs, except in Western Australia.

A couple of years ago, we used national prevalence data to compare gambling problems in WA to the rest of the country.

A higher percentage of adults in WA gamble, but mostly on the lotteries which are typically not associated with much harm.

Gambling on pokies is far less prevalent in WA because they’re only available in one casino. Gambling problems and harm are about one-third lower in WA, and our analysis shows this can be attributed to the limited access to pokies.

This also tells us something important. If pokies are not available, people will typically not substitute them with other harmful forms. It points to the role of the availability of dangerous gambling products in gambling harm, rather than personal characteristics.

Online gambling has also become a lot more available. Most of us now have a mobile phone almost surgically implanted onto our hand, making online gambling more accessible than ever. Not surprisingly, online gambling continues to increase.

An obvious solution to try

Governments have taken increasingly proactive measures to help address gambling harm, such as the National Consumer Protection Framework for Online Gambling, strategies for minimising harm such as NSW’s investment into gambling harm minimisation, Victoria’s proposed reforms on pokies including mandatory precommitment limits, Queensland’s Gambling Harm Minimisation Plan and the ACT’s Strategy for Gambling Harm Prevention.

Voluntary limits have been trialled to help people keep their gambling under control, but have had virtually no uptake.

For example, the recent NSW Digital Gaming Wallet trial was conducted in 14 venues. Only 32 people were active users, and 14 of these were deemed genuine users. Another study found only 0.01% of all money put through machines in Victoria used the voluntary YourPlay scheme.

The problem with voluntary limits is, no one volunteers.

Mandatory limits though are almost certainly necessary, just like we have mandatory limits for how fast you can drive, or how much you can drink before the bartender puts you in a taxi.

There will almost certainly be push back against this, just like the introduction of mandatory seatbelts in the 1970s, or the introduction of random breath testing.

Now, we accept them as important public health measures.

History tells us the same will happen with mandatory gambling limits, even if we’re a bit uncomfortable about it at first.

Alex Russell received funding from the Star Entertainment Group from 2014-2016 to conduct research examining gambling behaviour and problems amongst casino staff, and to provide recommendations to minimise risks associated with occupational exposure to gambling. He no longer accepts industry funding, or works on industry-funded projects.

Matthew Browne receives funding from New Zealand and Australian State and Federal Government Authorities. Most recently, the Queensland Department of Justice and Attorney-General, New Zealand Ministry of Health, and the Victorian Responsible Gambling Foundation.

Matthew Rockloff has receives funding from New Zealand and Australian State and Federal Government Authorities. Most recently, the Queensland Department of Justice and Attorney-General, the NSW Office of Responsible Gambling, the New Zealand Ministry of Health, the Victorian Responsible Gambling Foundation, the Government of South Australia, Gambling Research Australia, and the ACT Gambling and Racing Commission.

– ref. Gambling in Australia: how bad is the problem, who gets harmed most and where may we be heading? – https://theconversation.com/gambling-in-australia-how-bad-is-the-problem-who-gets-harmed-most-and-where-may-we-be-heading-252389

MIL-OSI USA: SPC Severe Thunderstorm Watch 159

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 159
NWS Storm Prediction Center Norman OK
315 PM CDT Tue Apr 22 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
West Texas

* Effective this Tuesday afternoon and evening from 315 PM until
1100 PM CDT.

* Primary threats include…
Scattered damaging winds and isolated significant gusts to 75
mph likely
Scattered large hail and isolated very large hail events to 2.5
inches in diameter likely
A tornado or two possible

SUMMARY…Thunderstorms will develop and increase in coverage
through the afternoon and evening across much of west Texas, in an
increasingly moist and unstable environment. The strongest cells
are expected to produce large hail and damaging wind gusts.

The severe thunderstorm watch area is approximately along and 70
statute miles east and west of a line from 45 miles northeast of
Amarillo TX to 35 miles east of Dryden TX. 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.

&&

AVIATION…A few severe thunderstorms with hail surface and aloft to
2.5 inches. Extreme turbulence and surface wind gusts to 65 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
27025.

…Hart

SEL9

URGENT – IMMEDIATE BROADCAST REQUESTED
Severe Thunderstorm Watch Number 159
NWS Storm Prediction Center Norman OK
315 PM CDT Tue Apr 22 2025

The NWS Storm Prediction Center has issued a

* Severe Thunderstorm Watch for portions of
West Texas

* Effective this Tuesday afternoon and evening from 315 PM until
1100 PM CDT.

* Primary threats include…
Scattered damaging winds and isolated significant gusts to 75
mph likely
Scattered large hail and isolated very large hail events to 2.5
inches in diameter likely
A tornado or two possible

SUMMARY…Thunderstorms will develop and increase in coverage
through the afternoon and evening across much of west Texas, in an
increasingly moist and unstable environment. The strongest cells
are expected to produce large hail and damaging wind gusts.

The severe thunderstorm watch area is approximately along and 70
statute miles east and west of a line from 45 miles northeast of
Amarillo TX to 35 miles east of Dryden TX. 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.

&&

AVIATION…A few severe thunderstorms with hail surface and aloft to
2.5 inches. Extreme turbulence and surface wind gusts to 65 knots. A
few cumulonimbi with maximum tops to 500. Mean storm motion vector
27025.

…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 159 SEVERE TSTM TX 222015Z – 230400Z
AXIS..70 STATUTE MILES EAST AND WEST OF LINE..
45NE AMA/AMARILLO TX/ – 35E 6R6/DRYDEN TX/
..AVIATION COORDS.. 60NM E/W /33NE AMA – 60NW DLF/
HAIL SURFACE AND ALOFT..2.5 INCHES. WIND GUSTS..65 KNOTS.
MAX TOPS TO 500. MEAN STORM MOTION VECTOR 27025.

LAT…LON 35669991 30030045 30030280 35660240

THIS IS AN APPROXIMATION TO THE WATCH AREA. FOR A
COMPLETE DEPICTION OF THE WATCH SEE WOUS64 KWNS
FOR WOU9.

Watch 159 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 ( 65 knots

Mod (60%)

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.

MIL OSI USA News –

MIL-OSI: XenDex News: The First Lending and Borrowing Protocol on the XRP Ledger

Source: GlobeNewswire (MIL-OSI)

SYDNEY, Australia, April 22, 2025 (GLOBE NEWSWIRE) — XenDex is pioneering a transformative step forward for the XRP Ledger (XRPL) by launching the ecosystem’s first non-custodial, trustless, and smart contract-based lending and borrowing platform. Designed to empower users with direct access to decentralized finance, XenDex enables individuals to lend their crypto assets and earn yield, or borrow against their holdings, all without intermediaries.

Through a secure, transparent protocol built natively on XRPL, XenDex introduces the infrastructure necessary for decentralized credit markets, leveraging audited smart contracts to manage lending pools, collateral, and interest payments on-chain.

Join XenDex Telegram And Follow On X For More Updates

How Lending Works on XenDex

Lenders can deposit supported assets (such as XRP, $XDX, or other XRPL tokens) into the platform’s smart contract-powered lending pools. These deposits are made available to borrowers, and in return, lenders earn interest based on usage of the pool by the platform’s borrowers.

Key steps n how to lend on XenDex:

Connect Wallet via XRPL-compatible providers like Xaman.
Choose an Asset to Lend — e.g., XRP or $XDX.
Deposit into the Lending Pool — funds are secured by smart contracts.
Earn Passive Yield — interest is paid by borrowers and distributed to lenders proportionally.
Withdraw Anytime — as long as liquidity remains available, users can retrieve their principal and accrued interest.

Lenders can specify terms such as interest rate expectations and duration preferences through the XRP based platform’s interface, although lending pools are dynamically managed based on real-time supply and demand.

How Borrowing Works on XenDex

Visit XenDex Website & Join Telegram Community

Borrowers can access liquidity by locking supported tokens as collateral, then borrowing other assets up to a specified Loan-to-Value (LTV) ratio.

Borrowing process on XenDex:

Connect Wallet to access the borrowing dashboard.
Lock Collateral — deposit XRP, $XDX, or other supported assets.
Borrow Against Collateral — receive up to a percentage of your collateral (e.g., 70%).
Repay with Interest — repay the loan at any time during the agreed period.
Unlock Collateral — once fully repaid, your collateral becomes accessible again.

Example: Deposit 1,000 $XDX (valued at $1,000) with a 70% LTV. You can borrow up to $700 worth of XRP or other available assets.

Liquidation Protection: If your collateral value drops below safety thresholds, smart contracts may trigger partial liquidation to protect the lending pool and maintain solvency.

Security and Non-Custodial Architecture of XenDex’s Lending & Borrowing Protocol

All assets are secured through audited smart contracts, no central authority or third-party custody.
Real-time price oracles and liquidation bots maintain platform safety and collateral health.
Full transparency with on-chain verifiability for all lending and borrowing transactions.

XenDex’s lending and borrowing protocol is redefining how XRP holders interact with DeFi; enabling secure, decentralized capital efficiency with full user control.

For more information, please visit:

Website | Telegram | X (Formerly Twitter)

Contact:
Frank Richards
Frank@xendex.net

Disclaimer: This is a paid post provided by XenDex. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f8ddd56b-8a18-4cf4-a91e-ee0a0dfe2648

MIL-OSI: Foresight Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

WINNEBAGO, Ill., April 22, 2025 (GLOBE NEWSWIRE) — Foresight Financial Group, Inc. (OTCQX:FGFH) reported net income of $734 thousand for the quarter ended March 31, 2025, a 79% decrease compared to the $3.51 million reported for the first quarter of 2024. Diluted Earnings per Share (EPS) for the first quarter decreased 80% to $0.20 compared to $1.00 in the first quarter of the prior year. The first quarter results produced a Return on Average Equity (ROAE) of 2.18% and Return on Average Assets (ROAA) of 0.21%. The decrease in net income compared to the first quarter of 2024 was due to an increase in provision for loan losses, an impairment charge related to other investments and nonrecurring expenses related to the charter consolidation process.

Foresight CEO Peter Q. Morrison stated “The legal consolidation of our Company’s six banking charters is on track to occur during the second quarter of this year, with the conversions of operating systems to a single platform to be layered in between August and October of 2025. This consolidation will provide significant savings via the reduction of duplicative operational expenses and gained efficiencies by operating under one functional banking platform rather than six. During the consolidation process executive management of Foresight Financial Group gained additional insight into the loan portfolios and credit administration practices of each of its subsidiary banks, which resulted in the identification of weaknesses in the clean energy sector of the portfolio within the German-American State Bank charter. We expect the increased consistency in credit administration practices gained through charter consolidation will be accretive to credit quality, earnings, and shareholder value.”

Net interest income for the first quarter of 2025 increased by $152 thousand to $12.26 million as compared to $12.11 million the year before. The net interest margin on a fully taxable equivalent basis increased by two basis points to 3.25% compared to 3.23% in the first quarter of 2024. Average total loans for the quarter ended March 31, 2025 increased by $21.2 million to $1.10 billion as compared to $1.08 billion in the first quarter of 2024. Total average deposits for the first quarter of 2025 increased $34.4 million to $1.41 billion as compared to $1.38 billion in the first quarter of the prior year.

The provision for loan losses for the quarter ended March 31, 2025 increased to $1.30 million as compared to $64 thousand in the first quarter of the prior year, reflecting potential impairment of certain credits within the clean energy sector of the loan portfolio. Total non-performing assets of the Company as of March 31, 2025 was $29.72 million compared to $28.42 million the previous quarter, and $14.72 million as of March 31, 2024.

Noninterest income for the quarter ended March 31, 2025 increased $267 thousand to $1.94 million compared to $1.68 million in the first quarter of the prior year. The increase includes an increase of $240,000 in net loan servicing fees, including a favorable fair value adjustment of $157 thousand to the originated mortgage servicing rights asset, and an improvement of $111 thousand in net gains/losses on securities sales.

Noninterest expenses for the quarter ended March 31, 2025 totaled $12.18 million, a $3.03 million increase over $9.15 million in the first quarter of 2024. The increase in operating expenses includes a $1.96 million impairment charge on a green energy sector non-marketable equity investment and $313 thousand of charter consolidation related expenses. In addition, salaries and employee benefits increased by $447 thousand, or 7.8%.

The closing price for the Company’s stock was $31.50, as of the close of business April 16, 2025. Tangible book value per share of the Company’s common stock increased by $1.21and $3.63 to $43.80 as of March 31, 2025, compared to $42.59 and $40.17 as of December 31, 2024 and March 31, 2024, respectively. The tangible book value per share of the Company’s common stock, excluding Accumulated Other Comprehensive Income was $51.80 at March 31, 2025, compared to $51.79 at the end of 2024 and $50.44 as of March 31, 2024.

About Foresight Financial

Foresight Financial is a multi-bank holding company located in Northern Illinois, its subsidiary community banks include Northwest Bank of Rockford, State Bank in Freeport, State Bank of Davis, Foresight Bank in Pecatonica (fka German American State Bank), Lena State Bank, and the State Bank of Herscher. Foresight’s common stock is listed on the “OTCQX” market under the trading symbol FGFH.

Forward-Looking Statements

When used in this communication, the words “believes,” “expects,” “likely”, “would”, and similar expressions are intended to identify forward-looking statements. The Company’s actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company’s markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which the Company, or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of “critical accounting policies”; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the Company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.

FOR INFORMATION CONTACT:

Peter Morrison
Chief Executive Officer
(815) 847-7500

Todd James
Chief Financial Officer
(815) 847-7500

Foresight Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
March 31, 2025 and December 31, 2024
(Unaudited)
	March 31,			December 31,
Assets		2025			2024
	(in thousands, except per share data)
Cash and due from banks	$	19,996		$	16,905
Interest-bearing deposits in banks		46,118			45,357
Federal funds sold		452			1,738
Total cash and cash equivalents		66,566			64,000

Interest-bearing deposits in banks – term deposits		2,466			4,434
Debt securities:
Debt securities available-for-sale (AFS)		380,667			369,945
Debt securities held-to-maturity (HTM)		3,263			3,263
Marketable equity securities and other investments		5,671			7,592
Loans held for sale		573			852
Loans, net of allowance for credit losses		1,084,761			1,100,657
Foreclosed assets and other real estate owned, net		–			–
Premises and equipment, net		16,978			17,125
Bank owned life insurance		24,615			24,459
Other assets		40,519			40,892
Total assets	$	1,626,079		$	1,633,219

Liabilities and Stockholders’ Equity

Liabilities:
Deposits:
Noninterest-bearing	$	250,709		$	249,076
Interest-bearing		1,142,009			1,151,627
Total deposits		1,392,718			1,400,703
Federal funds purchased		55			5,804
Securities sold under agreements to repurchase		21,095			15,017
Federal Home Loan Bank (FHLB) and other borrowings		37,810			40,911
Accrued interest payable and other liabilities		16,670			17,386
Total liabilities		1,468,348			1,479,821

Stockholders’ equity:
Preferred stock		–			–
Common stock		1,060			1,060
Additional paid-in capital		16,482			16,482
Retained earnings		184,972			184,961
Treasury stock, at cost		(16,008	)		(16,008	)
Accumulated other comprehensive loss		(28,775	)		(33,097	)
Total stockholders’ equity		157,731			153,398
Total liabilities and stockholders’ equity	$	1,626,079		$	1,633,219

Foresight Financial Group, Inc. and Subsidiaries
Consolidated Statements of Income
(Unaudited)

	Three Months Ended March 31,
		2025		2024
	(in thousands, except per share data)
Interest and dividend income:
Loans, including fees	$	16,918	$	16,698
Debt securities:
Taxable		2,064		1,755
Tax-exempt		403		418
Interest-bearing deposits in banks and other		646		515
Federal funds sold		10		28
Total interest income		20,041		19,414
Interest expense:
Deposits		7,365		6,881
Federal funds purchased		5		20
Securities sold under agreements to repurchase		72		115
FHLB and other borrowings		335		286
Total interest expense		7,777		7,302
Net interest income		12,264		12,112
Provision for credit losses		1,298		64
Net interest and dividend income, after provision for credit losses		10,966		12,048

Noninterest income:
Customer service fees		342		342
Loss on sales and calls of AFS securities, net		0		-111
Gain on sale of loans, net		137		104
Loan servicing fees, net		309		69
Bank owned life insurance		157		216
ATM / interchange fees		494		507
Other		503		548
Total noninterest income		1,942		1,675

Noninterest expenses:
Salaries and employee benefits		6,202		5,755
Occupancy expense of premises, net		602		638
Outside services		666		374
Data processing		731		716
Foreclosed assets and other real estate owned, net		0		0
Other		3,980		1,663
Total noninterest expenses		12,181		9,146

Income before income taxes		727		4,579
Income tax expense		-7		1,070

Net income	$	734	$	3,509

Earnings per common share:
Basic	$	0.20	$	1.00
Diluted	$	0.20	$	1.00

Foresight Financial Group, Inc. and Subsidiaries
Consolidated Condensed Statements of Income
(Unaudited)

	For the Quarter Ended
	March 31,			December 31,		September 30,			June 30,		March 31,
	2025			2024		2024			2024		2024
Interest and dividend income:
Loans, including fees	$	16,918		$	17,249	$	17,943		$	17,394	$	16,698
Interest on investment securities		2,467			2,269		2,183			2,236		2,173
Interest on fed funds sold and other deposits		656			818		573			625		543
Total interest income		20,041			20,336		20,699			20,255		19,414
Interest expense:
Deposits		7,365			7,641		7,885			7,448		6,881
Federal funds purchased		5			7		29			8		20
Securities sold under agreements to repurchase		72			132		134			103		115
FHLB and other borrowings		335			328		365			335		286
Total interest expense		7,777			8,108		8,413			7,894		7,302
Net interest income		12,264			12,228		12,286			12,361		12,112
Provision for credit losses		1,298			665		185			138		64
Net interest income after provision for loan losses		10,966			11,563		12,101			12,223		12,048

Noninterest income:
Customer service fees		342			371		366			342		342
Net securities gains (losses)		–			–		–			–		(111	)
Gain on sale of loans, net		137			182		303			183		104
Loan servicing fees, net		309			192		(98	)		86		69
Bank owned life insurance		157			160		571			163		216
ATM / debit card revenue		494			539		547			550		507
Other		503			429		298			334		548
Total noninterest income		1,942			1,873		1,987			1,658		1,675

Noninterest expenses:
Salaries and employee benefits		6,202			6,383		6,302			6,230		5,755
Occupancy expense of premises, net		602			587		592			587		638
Outside services		666			435		411			391		374
Data processing		731			968		788			716		716
Foreclosed assets and other real estate owned, net		–			–		6			6		–
Other		3,980			1,878		1,759			1,709		1,663
Total noninterest expenses		12,181			10,251		9,858			9,639		9,146
Income before income taxes		727			3,185		4,230			4,240		4,579
Income tax expense		(7	)		692		833			975		1,070
Net income	$	734		$	2,493	$	3,397		$	3,265	$	3,509

Foresight Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(Unaudited)
	As of
	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Assets
Cash and due from banks	$	19,996		$	16,905		$	30,162		$	21,290		$	13,179
Interest-bearing deposits in banks		46,118			45,357			20,040			11,196			33,299
Federal funds sold		452			1,738			2,183			3,433			2,791
Total cash and cash equivalents		66,566			64,000			52,385			35,919			49,269

Interest-bearing deposits in banks – term deposits		2,466			4,434			5,169			4,983			5,975
Debt securities:
Debt securities available-for-sale (AFS)		380,667			369,945			368,386			359,762			361,298
Debt securities held-to-maturity (HTM)		3,263			3,263			3,616			3,609			3,603
Marketable equity securities and other investments		5,671			7,592			6,738			6,215			6,030
Loans held for sale		573			852			794			480			479
Loans, net of allowance for credit losses		1,084,761			1,100,657			1,102,342			1,107,199			1,074,147
Foreclosed assets and other real estate owned, net		–			–			–			68			–
Premises and equipment, net		16,978			17,125			17,125			17,234			17,399
Bank owned life insurance		24,615			24,459			24,300			24,653			24,490
Other assets		40,519			40,892			39,350			39,550			37,172
Total assets	$	1,626,079		$	1,633,219		$	1,620,205		$	1,599,672		$	1,579,862

Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Noninterest-bearing	$	250,709		$	249,076		$	237,685		$	244,414		$	248,836
Interest-bearing		1,142,009			1,151,627			1,138,578			1,128,081			1,118,894
Total deposits		1,392,718			1,400,703			1,376,263			1,372,495			1,367,730
Federal funds purchased		55			5,804			4,764			6,053			446
Securities sold under agreements to repurchase		21,095			15,017			23,381			21,930			21,553
Federal Home Loan Bank (FHLB) and other borrowings		37,810			40,911			39,174			39,293			34,170
Accrued interest payable and other liabilities		16,670			17,386			16,970			16,674			16,588
Total liabilities		1,468,348			1,479,821			1,460,552			1,456,445			1,440,487
Stockholders’ equity:
Preferred stock		–			–			–			–			–
Common stock		1,060			1,060			1,060			1,022			1,020
Additional paid-in capital		16,482			16,482			16,445			11,660			11,432
Retained earnings		184,972			184,961			183,118			180,346			177,703
Treasury stock, at cost		(16,008	)		(16,008	)		(16,008	)		(16,008	)		(15,161	)
Accumulated other comprehensive loss		(28,775	)		(33,097	)		(24,963	)		(33,793	)		(35,619	)
Total stockholders’ equity		157,731			153,398			159,653			143,227			139,375
Total liabilities and stockholders’ equity	$	1,626,079		$	1,633,219		$	1,620,205		$	1,599,672		$	1,579,862

KEY FINANCIAL RATIOS
(Unaudited)
	As of and for the Quarter Ended
	March 31,			December 31,			September 30,			June 30,			March 31,
		2025			2024			2024			2024			2024

Basic earnings per common share	$	0.20		$	0.69		$	0.97		$	0.95		$	1.00
Diluted earnings per common share		0.20			0.69			0.97			0.94			1.00
Dividends per common share		0.20			0.18			0.18			0.18			0.18

Book value per common share		43.84			42.63			44.38			41.59			40.21
Tangible book value per common share		43.80			42.59			44.34			41.55			40.17
Tangible book value, excluding AOCI, per share		51.80			51.79			51.28			51.36			50.44
End of period shares outstanding		3,598,042			3,598,042			3,597,418			3,443,937			3,466,225
Average number of shares outstanding		3,598,042			3,597,478			3,494,270			3,450,527			3,494,961

Return on average assets		0.21	%		0.58	%		0.82	%		0.82	%		0.90	%
Return on average equity		2.18	%		6.08	%		8.83	%		9.40	%		10.04	%
Net interest margin, tax equivalent		3.25	%		3.14	%		3.21	%		3.24	%		3.23	%
Efficiency ratio, tax equivalent		83.72	%		72.58			68.97			68.13			65.42

ASSET QUALITY DATA
(Unaudited)	As of
(Amounts in thousands)	March 31,		December 31,		September 30,		June 30,		March 31,
	2025		2024		2024		2024		2024

Nonaccrual Loans	28,564		28,175		23,653		21,366		14,668
Accruing loans past due 90 days or more	185		230		680		32		53
Total non-performing loans	28,749		28,405		24,333		21,398		14,721
Other real estate owned and other assets	6		13		7		–		–
Impaired other investments	961		–		–		–		–
Total non-performing Assets	29,716		28,418		24,340		21,398		14,721

Total Loans	1,100,853		1,115,351		1,117,022		1,121,742		1,088,584
Allowance for credit losses	16,092		14,694		14,678		14,543		14,435
Loans, net of allowance for credit losses	1,084,761		1,100,657		1,102,344		1,107,199		1,074,149

Nonperforming assets to total assets	1.83	%	1.74	%	1.50	%	1.34	%	0.93	%
Nonperforming loans to total loans	1.77	%	1.74	%	1.50	%	1.34	%	0.93	%
Allowance for credit losses to total loans	1.46	%	1.32	%	1.31	%	1.30	%	1.33	%
Allowance for credit losses to non-performing loans	55.97	%	51.73	%	60.32	%	67.96	%	98.06	%

MIL-OSI: First Community Bankshares, Inc. Announces First Quarter 2025 Results and Quarterly Cash Dividend

Source: GlobeNewswire (MIL-OSI)

BLUEFIELD, Va., April 22, 2025 (GLOBE NEWSWIRE) — First Community Bankshares, Inc. (NASDAQ: FCBC) (www.firstcommunitybank.com) (the “Company”) today reported its unaudited results of operations and other financial information for the quarter ended March 31, 2025. The Company reported net income of $11.82 million, or $0.64 per diluted common share, for the quarter ended March 31, 2025.

The Company also declared a quarterly cash dividend to common shareholders of thirty-one cents, $0.31 per common share. The quarterly dividend is payable to common shareholders of record on May 9, 2025, and is expected to be paid on May 23, 2025. This year marks the 40th consecutive year of regular dividends to common shareholders and the prior year was the 15th consecutive year of regular dividend increases.

First Quarter 2025 Highlights

Income Statement

Net interest margin for the first quarter of 2025 was 4.34%. The yield on earning assets decreased 5 basis points from the same period of 2024 and is primarily attributable to a decrease in interest income of $867 thousand. Interest income for loans and securities available-for-sale decreased $2.74 million and $470 thousand, respectively. The decreases were primarily due to decreases in the average balance for loans and securities available-for-sale of $154.04 million and $89.74 million, respectively. Additionally, the yield on loans decreased 8 basis points. The decrease in interest income on loans and securities available-for-sale was somewhat offset by an increase in interest income on interest-bearing deposits with banks. Interest expense on interest-bearing liabilities increased $472 thousand and is primarily attributable to an increase in yield of 11 basis points.
Noninterest income increased approximately $970 thousand, or 10.48%, when compared to the same quarter of 2024. The increase is primarily attributable to an increase in service charges on deposits of $526 thousand, or 15.89%, and an increase in other operating income of $491 thousand, or 35.07%. Noninterest expense increased $1.56 million, or 6.66% when compared to the same period of 2024. The increase is primarily attributable to an increase in salaries and benefits of $754 thousand, or 5.99%.
Annualized return on average assets (“ROA”) was 1.49% for the first quarter of 2025 compared to 1.60% for the same period of 2024. Annualized return on average common equity (“ROE”) was 9.49% for the first quarter of 2025 compared to 10.18% for the same period of 2024.

Balance Sheet and Asset Quality

Consolidated assets totaled $3.23 billion at March 31, 2025.
Loans decreased $33.39 million, or 1.38%, from December 31, 2024. Securities available for sale decreased $40.19 million, or 23.66%, from December 31, 2024. Deposits decreased $6.77 million, or 0.25%, which was largely a function of declining higher-rate time deposits. Stockholder equity decreased $29.98 million, or 5.69% due to the payment of a special cash dividend in the first quarter of 2025. The net effect of these balance sheet changes resulted in an increase in cash and cash equivalents of $37.23 million, or 9.86%.
The Company did not repurchase any common shares during the first quarter of 2025.
Non-performing loans to total loans increased to 0.85% when compared with the same quarter of 2024. The Company experienced net charge-offs for the first quarter of 2025 of $1.39 million, or 0.24% of annualized average loans, compared to net charge-offs of $1.74 million, or 0.27%, of annualized average loans for the same period in 2024.
The allowance for credit losses to total loans was 1.42% at March 31, 2025, compared to 1.44% at December 31, 2024 and 1.41% at March 31, 2024.
Book value per share at March 31, 2025, was $ 27.09, a decrease of $1.64 from year-end 2024. The decrease is primarily attributable to the payment of the special cash dividend in the first quarter of 2025 of $2.07 per share totaling approximately $37.93 million.

Non-GAAP Financial Measures

In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this news release include “tangible book value per common share,” “return on average tangible common equity,” “adjusted earnings,” “adjusted diluted earnings per share,” “adjusted return on average assets,” “adjusted return on average common equity,” “adjusted return on average tangible common equity,” and certain financial measures presented on a fully taxable equivalent (“FTE”) basis. FTE basis is calculated using the federal statutory income tax rate of 21%. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as a reconciliation to that comparable GAAP financial measure can be found in the attached tables to this press release. While the Company believes certain non-GAAP financial measures enhance the understanding of its business and performance, they are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions.

About First Community Bankshares, Inc.

First Community Bankshares, Inc., a financial holding company headquartered in Bluefield, Virginia, provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operated 53 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee as of March 31, 2025. First Community Bank offers wealth management and investment advice and services through its Trust Division and through its wholly owned subsidiary, First Community Wealth Management, which collectively managed and administered $1.62 billion in combined assets as of March 31, 2025. The Company reported consolidated assets of $3.23 billion as of March 31, 2025. The Company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol, “FCBC”. Additional investor information is available on the Company’s website at www.firstcommunitybank.com.

This news release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties, and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the timely development, production and acceptance of new products and services; the challenge of managing asset/liability levels; the management of credit risk and interest rate risk; the difficulty of keeping expense growth at modest levels while increasing revenues; changes in banking laws and regulations; the degree of competition by traditional and non-traditional competitors; the impact of natural disasters, extreme weather events, military conflict , terrorism or other geopolitical events; and other risks detailed from time to time in the Company’s Securities and Exchange Commission reports including, but not limited to, the Annual Report on Form 10-K for the most recent fiscal year end. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Amounts in thousands, except share and per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Interest income
Interest and fees on loans	$	30,669		$	31,637		$	32,120		$	32,696		$	33,418
Interest on securities		1,238			1,447			1,070			1,211			1,698
Interest on deposits in banks		3,262			3,348			3,702			2,882			913
Total interest income		35,169			36,432			36,892			36,789			36,029
Interest expense
Interest on deposits		4,871			5,099			5,298			4,877			4,365
Interest on borrowings		–			–			–			–			35
Total interest expense		4,871			5,099			5,298			4,877			4,400
Net interest income		30,298			31,333			31,594			31,912			31,629
Provision for credit losses		321			1,082			1,360			144			1,011
Net interest income after provision		29,977			30,251			30,234			31,768			30,618
Noninterest income		10,229			10,337			10,452			9,342			9,259
Noninterest expense		24,944			24,107			24,177			24,897			23,386
Income before income taxes		15,262			16,481			16,509			16,213			16,491
Income tax expense		3,444			3,441			3,476			3,527			3,646
Net income	$	11,818		$	13,040		$	13,033		$	12,686		$	12,845


Earnings per common share
Basic	$	0.64		$	0.71		$	0.71		$	0.69		$	0.70
Diluted	$	0.64		$	0.71		$	0.71		$	0.71		$	0.71
Cash dividends per common share
Regular		0.31			0.31			0.31			0.29			0.29
Special cash dividend		2.07			–			–			–			–
Weighted average shares outstanding
Basic		18,324,760			18,299,612			18,279,612			18,343,958			18,476,128
Diluted		18,451,321			18,418,441			18,371,907			18,409,876			18,545,910
Performance ratios
Return on average assets		1.49	%		1.60	%		1.60	%		1.58	%		1.60	%
Return on average common equity		9.49	%		9.89	%		10.04	%		10.02	%		10.18	%
Return on average tangible common equity(1)		13.79	%		14.12	%		14.46	%		14.54	%		14.82	%

_____________

(1	)	A non-GAAP financial measure defined as net income divided by average stockholders’ equity less average goodwill and other intangible assets.

CONDENSED CONSOLIDATED QUARTERLY NONINTEREST INCOME AND EXPENSE (Unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
(Amounts in thousands)	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Noninterest income
Wealth management	$	1,162	$	1,251	$	1,071	$	1,064	$	1,099
Service charges on deposits		3,836		3,613		3,661		3,428		3,310
Other service charges and fees		3,340		3,575		3,697		3,670		3,450
Other operating income		1,891		1,898		2,023		1,180		1,400
Total noninterest income	$	10,229	$	10,337	$	10,452	$	9,342	$	9,259
Noninterest expense
Salaries and employee benefits	$	13,335	$	13,501	$	13,129	$	12,491	$	12,581
Occupancy expense		1,576		1,329		1,270		1,309		1,378
Furniture and equipment expense		1,575		1,562		1,574		1,687		1,545
Service fees		2,484		2,305		2,461		2,427		2,449
Advertising and public relations		1,055		1,165		967		933		796
Professional fees		372		295		221		330		372
Amortization of intangibles		524		535		536		530		530
FDIC premiums and assessments		362		365		365		364		369
Litigation expense		–		–		–		1,800		–
Other operating expense		3,661		3,050		3,654		3,026		3,366
Total noninterest expense	$	24,944	$	24,107	$	24,177	$	24,897	$	23,386

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP ADJUSTED EARNINGS (Unaudited)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Amounts in thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Adjusted Net Income for diluted earnings per share	$	11,818		$	13,040		$	13,033		$	12,686		$	12,845
Non-GAAP adjustments:
Loss (gain) on sale of securities		–			–			–			–			–
Merger expense		–			–			–			–			–
Day 2 provision for allowance for credit losses – Surrey		–			–			–			–			–
Litigation expense		–			–			–			1,800			–
Other items(1)		–			–			(825	)		–			–
Total adjustments		–			–			(825	)		1,800			–
Tax effect		–			–			(198	)		432			–
Adjusted earnings, non-GAAP	$	11,818		$	13,040		$	12,406		$	14,054		$	12,845

Adjusted diluted earnings per common share, non-GAAP	$	0.64		$	0.71		$	0.68		$	0.76		$	0.69
Performance ratios, non-GAAP
Adjusted return on average assets		1.49	%		1.60	%		1.53	%		1.75	%		1.60	%
Adjusted return on average common equity		9.49	%		9.89	%		9.56	%		11.10	%		10.18	%
Adjusted return on average tangible common equity (2)		13.79	%		14.12	%		13.77	%		16.11	%		14.82	%

_____________

(1	)	Includes other non-recurring income and expense items.
(2	)	A non-GAAP financial measure defined as adjusted earnings divided by average stockholders’ equity less average goodwill and other intangible assets.

AVERAGE BALANCE SHEETS AND NET INTEREST INCOME ANALYSIS (Unaudited)

	Three Months Ended March 31,
	2025							2024
	Average				Average Yield/			Average				Average Yield/
(Amounts in thousands)	Balance		Interest(1)		Rate(1)			Balance		Interest(1)		Rate(1)
Assets
Earning assets
Loans(2)(3)	$	2,395,068	$	30,757		5.21	%	$	2,549,107	$	33,500		5.29	%
Securities available for sale		149,266		1,261		3.43	%		239,010		1,731		2.91	%
Interest-bearing deposits		295,939		3,262		4.47	%		66,483		916		5.54	%
Total earning assets		2,840,273		35,280		5.04	%		2,854,600		36,147		5.09	%
Other assets		373,791							373,614
Total assets	$	3,214,064						$	3,228,214

Liabilities and stockholders’ equity
Interest-bearing deposits
Demand deposits	$	658,651	$	180		0.11	%	$	665,875	$	162		0.10	%
Savings deposits		891,148		3,311		1.51	%		866,084		3,412		1.58	%
Time deposits		238,254		1,380		2.35	%		249,974		790		1.27	%
Total interest-bearing deposits		1,788,053		4,871		1.10	%		1,781,933		4,364		0.98	%
Borrowings
Federal funds purchased		–		–		–			2,527		35		5.52	%
Retail repurchase agreements		1,071		–		0.06	%		1,127		–		0.05	%
Total borrowings		1,071		–		0.06	%		3,654		35		3.85	%
Total interest-bearing liabilities		1,789,124		4,871		1.10	%		1,785,587		4,399		0.99	%
Noninterest-bearing demand deposits		859,988							886,947
Other liabilities		60,167							48,298
Total liabilities		2,709,279							2,720,832
Stockholders’ equity		504,785							507,382
Total liabilities and stockholders’ equity	$	3,214,064						$	3,228,214
Net interest income, FTE(1)			$	30,409						$	31,748
Net interest rate spread						3.94	%						4.10	%
Net interest margin, FTE(1)						4.34	%						4.47	%

_____________

(1	)	Interest income and average yield/rate are presented on a FTE, non-GAAP, basis using the federal statutory income tax rate of 21%.
(2	)	Nonaccrual loans are included in the average balance; however, no related interest income is recorded during the period of nonaccrual.
(3	)	Interest on loans includes non-cash and accelerated purchase accounting accretion of $556 thousand and $781 thousand for the three months ended March 31, 2025 and 2024, respectively.

CONDENSED CONSOLIDATED QUARTERLY BALANCE SHEETS (Unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Amounts in thousands, except per share data)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Assets
Cash and cash equivalents	$	414,682		$	377,454		$	315,338		$	329,877		$	248,905
Debt securities available for sale, at fair value		129,659			169,849			166,669			129,686			166,247
Loans held for investment, net of unearned income		2,382,699			2,416,089			2,444,113			2,473,268			2,519,833
Allowance for credit losses		(33,784	)		(34,825	)		(35,118	)		(34,885	)		(35,461	)
Loans held for investment, net		2,348,915			2,381,264			2,408,995			2,438,383			2,484,372
Premises and equipment, net		48,780			48,735			49,654			50,528			51,333
Other real estate owned		298			521			346			100			374
Interest receivable		9,306			9,207			9,883			9,984			10,719
Goodwill		143,946			143,946			143,946			143,946			143,946
Other intangible assets		12,490			13,014			13,550			14,085			14,615
Other assets		117,697			117,226			115,980			116,230			115,470
Total assets	$	3,225,773		$	3,261,216		$	3,224,361		$	3,232,819		$	3,235,981

Liabilities
Deposits
Noninterest-bearing	$	893,794		$	883,499		$	869,723		$	889,462		$	902,396
Interest-bearing		1,790,683			1,807,748			1,789,530			1,787,810			1,779,819
Total deposits		2,684,477			2,691,247			2,659,253			2,677,272			2,682,215
Securities sold under agreements to repurchase		908			906			954			894			1,006
Interest, taxes, and other liabilities		43,971			42,671			43,460			45,769			45,816
Total liabilities		2,729,356			2,734,824			2,703,667			2,723,935			2,729,037

Stockholders’ equity
Common stock		18,327			18,322			18,291			18,270			18,413
Additional paid-in capital		169,867			169,752			168,691			168,272			173,041
Retained earnings		317,728			349,489			342,121			334,756			327,389
Accumulated other comprehensive loss		(9,505	)		(11,171	)		(8,409	)		(12,414	)		(11,899	)
Total stockholders’ equity		496,417			526,392			520,694			508,884			506,944
Total liabilities and stockholders’ equity	$	3,225,773		$	3,261,216		$	3,224,361		$	3,232,819		$	3,235,981

Shares outstanding at period-end		18,326,657			18,321,795			18,290,938			18,270,273			18,413,088
Book value per common share	$	27.09		$	28.73		$	28.47		$	27.85		$	27.53
Tangible book value per common share(1)		18.55			20.16			19.86			19.20			18.92

_____________

(1	)	A non-GAAP financial measure defined as stockholders’ equity less goodwill and other intangible assets, divided by shares outstanding.

SELECTED CREDIT QUALITY INFORMATION (Unaudited)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Amounts in thousands)	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Allowance for Credit Losses
Balance at beginning of period:
Allowance for credit losses – loans	$	34,825		$	35,118		$	34,885		$	35,461		$	36,189
Allowance for credit losses – loan commitments		341			441			441			746			746
Total allowance for credit losses beginning of period		35,166			35,559			35,326			36,207			36,935
Provision for credit losses:
Provision for credit losses – loans		350			1,182			1,360			449			1,011
(Recovery of) provision for credit losses – loan commitments		(29	)		(100	)		–			(305	)		–
Total provision for credit losses – loans and loan commitments		321			1,082			1,360			144			1,011
Charge-offs		(1,998	)		(2,005	)		(1,799	)		(1,599	)		(2,448	)
Recoveries		607			530			672			574			709
Net (charge-offs) recoveries		(1,391	)		(1,475	)		(1,127	)		(1,025	)		(1,739	)
Balance at end of period:
Allowance for credit losses – loans		33,784			34,825			35,118			34,885			35,461
Allowance for credit losses – loan commitments		312			341			441			441			746
Ending balance	$	34,096		$	35,166		$	35,559		$	35,326		$	36,207

Nonperforming Assets
Nonaccrual loans	$	19,974		$	19,869		$	19,754		$	19,815		$	19,617
Accruing loans past due 90 days or more		117			149			176			19			30
Modified loans past due 90 days or more		125			135			–			–			–
Total nonperforming loans		20,216			20,153			19,930			19,834			19,647
OREO		298			521			346			100			374
Total nonperforming assets	$	20,514		$	20,674		$	20,276		$	19,934		$	20,021


Additional Information
Total modified loans	$	2,124		$	2,260		$	2,320		$	2,290		$	2,177

Asset Quality Ratios
Nonperforming loans to total loans		0.85	%		0.83	%		0.82	%		0.80	%		0.78	%
Nonperforming assets to total assets		0.64	%		0.63	%		0.63	%		0.62	%		0.62	%
Allowance for credit losses to nonperforming loans		167.12	%		172.80	%		176.21	%		175.88	%		180.49	%
Allowance for credit losses to total loans		1.42	%		1.44	%		1.44	%		1.41	%		1.41	%
Annualized net charge-offs (recoveries) to average loans		0.24	%		0.24	%		0.18	%		0.16	%		0.27	%

FOR MORE INFORMATION, CONTACT:

David D. Brown

(276) 326-9000

MIL-OSI: PennantPark Floating Rate Capital Ltd. Amends Credit Facility, Lowering Spread and Extending Maturity

Source: GlobeNewswire (MIL-OSI)

MIAMI, April 22, 2025 (GLOBE NEWSWIRE) — PennantPark Floating Rate Capital Ltd. (“PFLT”) (NYSE: PFLT) announced that it amended its credit facility agreement led by Truist Bank (the “Credit Facility”). As part of the amendment, PFLT decreased pricing to SOFR plus 200 basis points from SOFR plus 225 basis points, extended the reinvestment period one year to August 2028, extended the maturity date one year to August 2030, and increased the maximum first lien advance rate to 72.5% from 70.0%. As part of the amendment, commitments decreased from $736 million to $718 million.

“We are appreciative of the support from our lending partners. The beneficial terms, lowering the interest rate spread and increasing advance rates, are a terrific result in the current market, which will benefit our investors,” said Arthur Penn, Chairman and Chief Executive Officer of PFLT.

The Credit Facility is secured by all of the assets held by PennantPark Floating Rate Funding I, LLC, a wholly-owned subsidiary of the Company, and includes customary covenants, including minimum asset coverage and minimum equity requirements.

ABOUT PENNANTPARK FLOATING RATE CAPITAL LTD.

PennantPark Floating Rate Capital Ltd. is a business development company which primarily invests in U.S. middle-market private companies in the form of floating rate senior secured loans, including first lien secured debt, second lien secured debt and subordinated debt. From time to time, the Company may also invest in equity investments. PennantPark Floating Rate Capital Ltd. is managed by PennantPark Investment Advisers, LLC.

ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

PennantPark Investment Advisers, LLC is a leading middle market credit platform, managing approximately $10 billion of investible capital, including leverage. Since its inception in 2007, PennantPark Investment Advisers, LLC has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle-market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark Investment Advisers, LLC is headquartered in Miami, and has offices in New York, Chicago, Houston, Los Angeles and Amsterdam.

FORWARD-LOOKING STATEMENTS

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act of 1933, as amended, and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward- looking statements made in periodic reports PennantPark Floating Rate Capital Ltd. files under the Exchange Act. All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Floating Rate Capital Ltd. undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

CONTACT:
Richard T. Allorto, Jr.
PennantPark Floating Rate Capital Ltd.
(212) 905-1000
www.pennantpark.com

MIL-OSI USA: Defense Contractor’s Longtime Associate Pleads Guilty to Conspiracy to Defraud the United States

Source: US State of Vermont

Note: View Information here.

A longtime associate of a former defense contractor pleaded guilty today to conspiring to defraud the United States.

The following is according to court documents and statements made in court: from 2009 until approximately 2022, Thomas G. Ehr worked for or on behalf of a co-conspirator, a defense contractor who owned 50% of a business that supplied jet fuel to U.S. troops in Afghanistan and Middle East. Ehr was hired to manage several music television and entertainment projects funded with proceeds from this business. Over time Ehr played a role in several of his co-conspirator’s other investments, including a $60 million real estate investment in Tulum, Mexico, and a $50 million fuel infrastructure project.

Ehr understood that the defense contractor was the business’s 50% owner since it was created, and that the contractor controlled hundreds of millions of dollars in profits from it.

Nevertheless, Ehr agreed to conceal the contractor’s ownership and control of the company, primarily by falsely asserting that the contractor’s wife had founded the company, so that the contractor could obstruct the IRS’ ability to assess and collect the contractor’s taxes — including taxes on profits he made from contracts with the U.S. Department of Defense. Ehr acknowledged that because of the conspiracy, the contractor evaded taxes on more than $350 million of income and caused a tax loss to the United States of approximately $128 million.

Additionally, despite making hundreds of thousands of dollars per year in income, Ehr did not file tax returns for years 2010 to 2015, nor make payments on taxes he owed for 2010 to 2023. By doing so, Ehr caused a tax loss to the United States of more than $700,000.

Ehr is the sixth defendant associated with the defense contracting company to plead guilty. Charles Squires pleaded guilty to tax evasion in February 2022, James Robar pleaded guilty to tax evasion in March 2022, Ronald “Ron” Thomas pleaded guilty to tax evasion in April 2022, Zachary “Zack” Friedman pleaded guilty to tax evasion in August 2022, and Robert Dooner pleaded guilty to tax evasion in November 2023.

Sentencing will be set at a later date. Ehr faces a maximum penalty of five years in prison for the conspiracy count and a maximum penalty of one year in prison for the tax count. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Interim U.S. Attorney Edward R. Martin Jr. for the District of Columbia made the announcement.

IRS Criminal Investigation and the Special Inspector General for Afghanistan Reconstruction are investigating the case, with assistance from His Majesty’s Revenue & Customs of the United Kingdom. Assistance was also provided by the Joint Chiefs of Global Tax Enforcement (J5), which brings together the taxing authorities of Australia, Canada, the Netherlands, the United Kingdom, and the United States.

Senior Litigation Counsel Nannette Davis, Assistant Chief Sarah Ranney, and Trial Attorney Ezra Spiro of the Tax Division; and Assistant U.S. Attorney Joshua Gold for the District of Columbia are prosecuting the case.

MIL OSI USA News –