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Category: Business

  • MIL-OSI Global: How to Build a Truth Engine documentary makes for sober but crucial viewing in our age of disinformation

    Source: The Conversation – UK – By Clodagh Harrington, Lecturer in American Politics, University College Cork

    If the powerful documentary How to Build a Truth Engine had to be compressed into two thematic strands they might be “how the human mind works” and “how our brain can be manipulated by information”. Director Friedrich Moser’s film takes us on a two-hour voyage of explanation, covering issues from cyber-warfare to elections, COVID to conflict and more.

    Engaged citizens may find some of it they knew already. However, Moser offers a forensic and evidence-based delivery of how, why and the extent to which technology, events and the manipulation of both has had a powerful and deeply disconcerting impact on humans individually and collectively.

    As an expert in American politics, who recently wrote on the crisis of truth in the current US election, I found How to Build a Truth Engine makes for sober but crucial viewing.

    As our news cycles overflow with disinformation and fake news, this visually engaging film takes us on a calm, scientific tour of how we got to where we are – which is disinformation-central.

    Experts in neuroscience, engineering and even folklore explain the ways in which we think and process information. As humans, our brains rely on steady, clear streams of data. When these streams become polluted, our capacity to process and understand reality is challenged, and our vulnerability to false narratives increases.

    Clearly, lying for political purposes is as old as politics itself, but the capacity to disseminate these lies is now on a scale previously unimaginable, as the documentary shows.

    Unsurprisingly, Moser’s production gives much attention to the plight of traditional journalism. It also focuses on the challenges we face as consumers of news now that the process through which information is filtered and considered fit for dissemination has been dismantled to an alarming extent.

    The programme offers a stark reminder of the current state of conventional journalism, weakened by the migration of resources to online search engines where advertising and algorithms trump fact checking and truth telling.

    Among the topics covered is the 2022 Russian invasion of Bucha in Ukraine, in which multiple civilians were killed, with bound bodies left in the streets. At the time, the Kremlin rebuffed Ukrainian allegations of war crimes as a fake narrative and went so far as to state that the civilian massacre was a staged event.

    Western journalists, including New York Times staff, used satellite imagery to piece together events in the lead-up to the atrocity. As a result, they were able to verify what the Ukrainians had told them, but with the powerful addition of visual evidence, which transcended any “he said, she said” narrative.

    If truth is the first casualty of war, this important use of technology for such crucial purpose offers a ripple of accuracy in an ocean of falsehood.

    In highlighting the significance to the human brain of narrative and storytelling, the documentary offers chilling insights regarding the conspiracy theory path that led to the January 6 attack on the US Capitol in 2021. History is filled with tales of societies falling for false narratives, and the assault on the Capitol adheres to these criteria.

    From stereotyping to the creation of insider-outsider narratives (where certain groups are presented as relatable and others as negative and untrustworthy), it is only a small leap to negative assumptions about those deemed outsiders. In the case of January 6 Capitol attack in 2021, the documentary makes clear the groundwork was laid long before any violence took place.

    And so, we are reminded that the fiction that the 2020 election was stolen by Joe Biden was promoted, shared, amplified and repeated back (between Donald Trump, social media and sympathetic television networks) until the protesters were whipped into a frenzy. The result of this unchecked political propaganda was death and destruction.

    Those in Moser’s film offer a chilling reminder that as long as the lie of the “Big Steal”, as it is known now, remains alive as truth in the minds of many Americans, then it can happen again. If the relentless pursuit of accuracy is a core component of journalism, we can see that this pursuit is under constant siege as lies propagate at lightning speed and citizens choose their own truths.

    The documentary taps into the key question of our era: how do we know what we know? In an age of information warfare, truth is a valuable and vulnerable commodity. As humans, we have created technology so advanced that it is already outsmarting us.

    And truth is often diluted, polluted or drowned out completely in our daily communication torrents. This, combined with the nefarious agendas of bad actors means that individuals, communities and our way of life are under significant threat. The consolation, as presented by Moser’s work, may be that technology can also get us out of this predicament. That’s assuming that we want it to.


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    Clodagh Harrington 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. How to Build a Truth Engine documentary makes for sober but crucial viewing in our age of disinformation – https://theconversation.com/how-to-build-a-truth-engine-documentary-makes-for-sober-but-crucial-viewing-in-our-age-of-disinformation-242554

    MIL OSI – Global Reports –

  • MIL-OSI Global: How scenario planning could help Canadian policymakers deal with American political chaos

    Source: The Conversation – Canada – By Kevin Quigley, Scholarly Director of the MacEachen Institute for Public Policy and Governance, Dalhousie University

    One of the most bizarre aspects of the United States presidential election has been how difficult it’s been to determine the truth — particularly due to Republican Donald Trump’s candidacy — and if the truth even matters.

    As former Trump advisor Anthony Scaramucci once noted about the former president: “Don’t take him literally, take him symbolically.” This advice wasn’t very helpful.

    The difficulty in determining what is true is symptomatic of the high levels of uncertainty that Canadian policymakers are confronted with regularly in their dealings with their American counterparts.

    Voters in the most powerful nation on Earth — and Canada’s neighbour and largest trading partner — are choosing between two starkly different choices on the ballot, and Canada must be attentive and adaptive across a number of policy areas.

    Three-part process

    Scenario planning provides an effective way to address such high levels of uncertainty. The method can generate difficult and radically different descriptions of the future by way of challenging participants, requiring imaginative interventions and overcoming stability and optimism biases.

    At the MacEachen Institute for Public Policy and Governance at Dalhousie University, our team used this method extensively throughout the COVID-19 pandemic, including with members of the tourism industry in early 2021. The method proved to be an effective tool for these organizations in planning for the 2021 tourism season in light of the uncertainty posed by COVID-19.

    There are typically three parts to the approach, divided by sessions. The first session establishes the goals the participants wish to achieve in light of their unique challenges and timelines. Goals vary but usually address some aspect of the medium-term success of the organization. Timelines can be anything from a few months down the road to decades from now.

    Motivating factors

    The group then discusses drivers, which are highly impactful forces beyond their immediate control that will shape the scenarios. Two drivers are selected, often based on supply-and-demand concepts.

    During the second session, participants describe four scenarios based on the two drivers, answering questions that include:

    1. What does this scenario look like?

    2. How would we arrive at this scenario?

    3. What are the underlying causes of the scenario?

    4. What are the critical failures and opportunities in this scenario?

    Finally, the group names the scenario. The four scenarios are deliberately intended to be different and extreme in order to push people beyond their comfort zones.

    At the third session, participants establish how they’re going to judge policies and operational changes knowing that any one of the four scenarios could materialize.

    Trade, economy

    In terms of scenario planning for the Canada-U.S. relationship, Canadian policymakers could consider U.S. trade policies as the first driver (liberal trade policies vs. protectionist policies) and the state of the American economy as the second driver (it either booms or it sinks into a deep recession).

    Organized as a two-by-two matrix, policymakers can explore four plausible future scenarios: either liberal or protectionist trade policies, during either an economic boom or a recession.

    Within these four scenarios, policymakers can develop criteria by which to evaluate Canadian policies knowing that any one of these four scenarios could materialize.

    There are important things to consider at the design stage.

    To start, it can be time-consuming to organize and execute the sessions. You can run remarkably simple and helpful sessions in a day, or extremely involved ones over several months.

    The number of participants is flexible. Usually it involves a small to medium-sized group, but individuals can use the two-by-two matrix to think through problems over lunch.

    Who’s there matters. We tend to invite people who represent different parts of an organization or sector. That provides legitimacy to the process and satisfies a sense of fair play, and this approach can also help participants accept the conclusions and communicate them broadly.

    At the same time, having representatives from each part of the organization can lead to turf wars. It can serve to reinforce existing institutional arrangements rather than challenge, change and in some cases abolish them. Bringing in guest speakers to share best practices from other jurisdictions can help to discuss difficult issues.

    The Ambassador Bridge, spanning the Detroit River between Windsor and Detroit, in December 2021. The trade and economic relationship between the U.S. and Canada provides lots of material for scenario planning for Canadian policymakers.
    THE CANADIAN PRESS/Fred Thornhill

    Embracing diversity

    Scenario planning exercises also favour elite groups — experts, company executives and clever high flyers who are skilled at imaginative thinking. Turning to these elite groups can be at odds with equity, diversity, inclusion and accessibility principles.

    Diverse sources of information can challenge participants to think differently and also help participants to understand the impacts of scenarios to different communities.

    Participants also need to be able to speak frankly. Values may differ, and attempts by participants to avoid saying anything controversial can crowd out more nuanced thoughts.

    Generally, egalitarian dynamics lead to consensus-seeking solutions. But this doesn’t always result in more radical transformations. In some respects, the four possible scenarios compel participants to consider quite different views, which can be helpful.

    Diverse participants in scenario planning sessions can challenge people to think differently.
    (Shutterstock)

    All of this makes discussing how to judge new programs at the third session more challenging and important.

    One way to address these challenges is to have a broad way to discuss and evaluate each strategy. Typically, we examine different parts of the strategy — how an organization gathers information, sets standards and changes behaviour internally — and different criteria by which to judge the strategies (efficiency, fairness and accountability and stability and learning).

    An experienced moderator with some professional distance from the group can help to keep the conversation on time, on subject and challenge participants when conventional wisdom starts to creep in.

    Public agencies are premised on a command-and-control dynamic, but policymakers increasingly need tools and skills that allow them to anticipate, address and communicate risks over which they have limited control.

    The U.S. election and its aftermath in the weeks and months to come are a salient and consequential example. Scenario planning allows policymakers to challenge their assumptions and have difficult conversations in light of quickly changing events in order to seize opportunities and reduce vulnerabilities.

    Kevin Quigley received funding from the Atlantic Canada Opportunities Agency, Change Lab Action Research Network, and SSHRC for the work discussed in this article.

    – ref. How scenario planning could help Canadian policymakers deal with American political chaos – https://theconversation.com/how-scenario-planning-could-help-canadian-policymakers-deal-with-american-political-chaos-242335

    MIL OSI – Global Reports –

  • MIL-OSI USA: Durbin, Duckworth Announce $87 Million In Federal Funding For Illinois Rail System Improvements

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    11.01.24
    CHICAGO – U.S. Senate Majority Whip Dick Durbin (D-IL) and U.S. Senator Tammy Duckworth (D-IL) today announced $87,078,200 in federal funding from the U.S. Department of Transportation’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program for four rail infrastructure improvement projects across Illinois.
    “Illinois holds a unique position as the converging point for railroads that cross our nation,” said Durbin. “This significant federal investment will ensure our state remains not just a crossroads, but a thriving nexus that efficiently connects people, goods, and ideas. I’m proud to have helped bring local officials, the State, and other stakeholders together to improve our rail network for passengers in Illinois and throughout the Midwest.”
    “Illinois is a national epicenter of passenger, commuter and freight rail, and improving rail service and reliability across the Midwest is critically important,” Duckworth said. “I’m proud to see these significant federal investments coming to our region to help make it easier, faster, safer and more efficient for people and goods to get where they need to go. I’ll keep working with Senator Durbin to ensure that our state and region are receiving the federal resources they deserve to remain a national leader in the transportation sector.”
    Recipients of CRISI funding include:
    OmniTRAX Holdings Combined, Inc. – Yard Area Rail Decongestion and Safety Project ($40,955,000)
    Iowa Interstate Railroad, LLC – Bridge Replacements in Iowa and Illinois to Develop Green Energy and Safety ($29,883,200)
    Midwest Interstate Passenger Rail Commission – Invest Midwest: The Future of Midwest Passenger Rail-Phase 1 ($1,840,000)
    National Railroad Passenger Corporation (Amtrak) – Mechanical Craft Workforce Development Apprenticeship Training Program ($14,400,000)
    CRISI grants are funded by the Infrastructure Investment and Jobs Act to expand and improve passenger rail. Last week, Durbin and Duckworth announced that the Springfield Rail Improvements Project would receive $157,126,494 in CRISI grant funding for its final segment.
    -30-

    MIL OSI USA News –

  • MIL-OSI: OnStation Welcomes Former Infotech VP Ward Zerbe to Accelerate Public Sector Adoption

    Source: GlobeNewswire (MIL-OSI)

    OnStation Announces Ward Zerbe as Their New Director of Public Sector Programs

    Ward adds over 40 years of wealth of industry knowledge and experience to the OnStation team.

    CLEVELAND, Nov. 04, 2024 (GLOBE NEWSWIRE) — OnStation, the leading provider of digital stationing solutions for the heavy highway industry, today announced the appointment of Ward Zerbe as its new Director of Public Sector Programs.

    With more than 40 years of experience of successfully driving innovation and delivering information technology solutions, Ward’s experience covers federal, state, local, and international government. Prior to OnStation, Ward spent over 20 years with Infotech, Inc in several roles driving business growth in the transportation infrastructure sector working with state and local governments and contractors. Most recently Ward was Infotech’s Executive Relationships Officer engaging senior customer and industry executives to develop long term relationships that span the transportation infrastructure industry. Previously, Ward served as the Vice President for the AASHTOWare Products Division overseeing the software development and maintenance, implementation services, and support for the AASHTOWare Project suite of applications for construction contract management. As an Account Manager at Infotech, he was instrumental in creating the account management structure that resulted in unprecedented growth.

    As the transportation construction industry continues to evolve, the necessity of accurate stationing data is critical to any construction project. It is central to construction administration, digital project delivery, eTicketing, and asset management. OnStation’s digital stationing tool has been embraced in the industry to provide a common, accurate reference from bidding through closeout. Now is the time to accelerate the presence of OnStation’s solutions wherever transportation infrastructure projects are executed.

    Ward brings a wealth of industry knowledge and experience as a trusted advisor to customers throughout the US. “After hearing about OnStation several times from various colleagues, my research led me to determine their solution was going to be a game changer. I see a lot of possibilities for the product even beyond its current use today. Also, OnStation has the right approach to working with public sector customers. I had to be a part of this important venture.”

    The opportunity to add Ward to the OnStation Team was an easy decision, said CEO Patrick Russo. “Ward originally connected with Dave Thomas, our Director of Business Development, and expressed interest in joining OnStation. After a couple of direct conversations, I could tell Ward fit into the OnStation culture of operating with high integrity and shared the same goals of continuing to transform our industry with innovative, worker first tools that easily tie stationing, documentation and inspection together. Full gas ahead!”

    For more information about OnStation and its solutions, please visit www.onstationapp.com.

    About Ward Zerbe

    Ward graduated from The George Washington University with a bachelor’s degree in business administration and information systems and he holds the PMP certification from the Project Management Institute. Ward’s career highlights include implementing the first nationwide network infrastructure for the Federal Highway Administration, delivering intelligent transportations systems for the Maryland Department of Transportation, and delivering a SaaS data analytics module as the capstone for AASHTOWare Project. Ward also spent a year overseas as an adviser to the Royal Thai Government implementing a project management system. For Ward, it’s the relationships that are key to making technology successful.

    Ward and his wife Kim have been married over 41 years and have 4 grown married children and 2 granddaughters. They enjoy traveling, making new friends, and working on their farm in Virginia.

    About OnStation

    OnStation is a collaborative digital stationing platform that offers location-based project records from bid to close. Specifically designed for the heavy highway industry, OnStation’s mobile app centralizes communication, boosts productivity, enhances worker safety, and improves project quality. Users benefit from live jobsite stationing, milepost, and LRS capabilities. They can overlay design layers on the project map and communicate via a custom chat platform that organizes and records project events at their locations. OnStation is available on both the Apple App Store and Google Play Store and is supported on all desktop systems.

    Contact
    Jessica Kodrich
    jkodrich@onstationapp.com 

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6ecb230e-7164-403e-acbb-14bf56514960

    The MIL Network –

  • MIL-OSI USA: Griffith Announces $649,968 NIFA Grant to MOVA Technologies

    Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)

    U.S. Department of Agriculture’s (USDA) National Institute of Food and Agriculture (NIFA) has awarded MOVA Technologies, based out of Pulaski, Virginia, a $649,968 grant. The funding will support new research to address critical scientific challenges and opportunities in agriculture. U.S. Congressman Morgan Griffith (R-VA) issued the following statement:

    “This USDA NIFA research grant for $649,968 helps MOVA Technologies complete a project that advances ammonia capture solutions for concentrated animal feeding operations, namely the poultry industry.”

    BACKGROUND

    The funding is made available through the USDA Small Business Innovation Research and Small Business Technology Transfer programs.

    The goals of the project include reduction of indoor ammonia concentrations to improve animal performance and lowering environmental emissions to the atmosphere.

    MOVA Technologies cultivates an accomplished team of engineers, scientists, business leaders and advisors to produce innovative technologies related to advanced air emissions filtration.

    ###

    MIL OSI USA News –

  • MIL-OSI: WISDOMTREE MULTI ASSET ISSUER PUBLIC LIMITED COMPANY (a public company incorporated with limited liability in Ireland) WISDOMTREE GOLD 3X DAILY SHORT SECURITIES ISIN: IE00B6X4BP29

    Source: GlobeNewswire (MIL-OSI)

    4 November 2024

    LSE Code: 3GOS

    WISDOMTREE MULTI ASSET ISSUER PUBLIC LIMITED COMPANY
    (a public company incorporated with limited liability in Ireland)
    WISDOMTREE GOLD 3X DAILY SHORT SECURITIES ISIN: IE00B6X4BP29

    RESULTS OF MEETING OF THE ETP SECURITYHOLDERS

    WisdomTree Multi Asset Issuer Public Limited Company (the “Issuer”) wishes to announce that the Extraordinary Resolution regarding the reduction in the principal amount of the WisdomTree Gold 3x Daily Short Securities (the “Affected Securities”) from USD 2 to USD 0.2, as set out in a notice to holders of the Affected Securities dated 18 September 2024, was passed at an adjourned meeting of the holders of the Affected Securities held at 11am on 4 November 2024.

    As a result, the Deed of Amendment has been duly executed by the Issuer, the Manager and the Trustee to put the proposed amendments to the Trust Deed into effect from 4 November 2024.

    The MIL Network –

  • MIL-OSI: Coface SA: Disclosure of total number of voting rights and number of shares in the capital as at 31 October 2024

    Source: GlobeNewswire (MIL-OSI)

    COFACE SA: Disclosure of total number of voting rights and number of shares in the capital as at 31 October 2024

    Paris, 4thNovember 2024 – 17.45

    Total Number of
    Shares Capital    		 Theoretical Number of Voting Rights1 Number of Real
    Voting Rights2
    150,179,792 150,179,792 149,420,056

    (1)   including own shares
    (2)   excluding own shares

    Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust. You can check the authenticity on the website www.wiztrust.com.
     

    About Coface

    COFACE SA is a société anonyme (joint-stock corporation), with a Board of Directors (Conseil d’Administration) incorporated under the laws of France, and is governed by the provisions of the French Commercial Code. The Company is registered with the Nanterre Trade and Companies Register (Registre du Commerce et des Sociétés) under the number 432 413 599. The Company’s registered office is at 1 Place Costes et Bellonte, 92270 Bois Colombes, France.

    At the date of 31 October 2024, the Company’s share capital amounts to €300,359,584, divided into 150,179,792 shares, all of the same class, and all of which are fully paid up and subscribed.

    All regulated information is available on the company’s website (http://www.coface.com/Investors).

    Coface SA. is listed on Euronext Paris – Compartment A
    ISIN: FR0010667147 / Ticker: COFA

    Attachment

    The MIL Network –

  • MIL-OSI: Announcement of the total number of voting rights as at 31 October 2024

    Source: GlobeNewswire (MIL-OSI)

    Regulated information, Leuven, 4 November 2024 (17.40 hrs CET)

    In application of Article 15 of the Act of 2 May 2007 on the disclosure of major shareholdings in issuers whose shares are admitted to trading on a regulated market, KBC Ancora publishes on its website and via a press release on a monthly basis the total capital, the movements in the total number of voting shares and the total number of voting rights, in so far as these particulars have changed during the preceding month.

    Situation as at 31 October 2024
    Total capital :         EUR 3,158,128,455.28
    Total number of voting shares :            77,011,844
    Number of shares with double voting rights :        39,855,415
    Total number of voting rights (= denominator) :        116,867,259

    The total number of voting rights (the ‘denominator’) serves as the basis for the disclosure of major shareholdings by shareholders.

    On the basis of this information, shareholders of KBC Ancora can verify whether they are above or below one of the thresholds of 3% (threshold set by the Articles of Association), 5%, 10%, and so on (in multiples of five) of the total voting rights, and whether there is therefore an obligation to notify the company that they have exceeded this threshold.

    ———————————

    KBC Ancora is a listed company which holds 18.6% of the shares in KBC Group and which together with Cera, MRBB and the Other Permanent Shareholders ensures the shareholder stability and further development of the KBC group. As core shareholders of KBC Group, they have to this end signed a shareholder agreement.

    Financial calendar:
    31 January 2025                        Interim financial report 2024/2025
    29 August 2025                        Annual press release for the financial year 2024/2025
    23 September 2025 (17.40 CEST)        Annual report 2024/2025 available

    This press release is available in Dutch, French and English on the website www.kbcancora.be.

    KBC Ancora Investor Relations & Press contact: Jan Bergmans
    tel.: +32 (0)16 27 96 72 – e-mail: jan.bergmans@kbcancora.be or mailbox@kbcancora.be

    Attachment

    The MIL Network –

  • MIL-OSI: Bigstack Opportunities I Inc. Enters Into Non-Binding Letter of Intent for Qualifying Transaction

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

    TORONTO, Nov. 04, 2024 (GLOBE NEWSWIRE) — Bigstack Opportunities I Inc. (“Bigstack”) (TSXV: STAK.P) is pleased to announce it has entered into a non-binding letter of intent dated November 3, 2024 (the “Letter of Intent”) with Reeflex Coil Solutions Inc. (“Reeflex”), pursuant to which Bigstack and Reeflex intend to complete a business combination, which will constitute a reverse take-over of Bigstack (the “Business Combination”). In connection with the Business Combination, Reeflex intends to acquire all of the issued and outstanding securities of Coil Solutions Inc. (“Coil”) (the “Acquisition” and together with the Business Combination, the “Transaction”).

    Overview of Bigstack

    Bigstack is a “capital pool company” under the policies of the TSX Venture Exchange (the “Exchange”) and it is intended that the Transaction will constitute the “Qualifying Transaction” of Bigstack, as such term is defined in Exchange Policy 2.4 – Capital Pool Companies. The common shares of Bigstack (the “Bigstack Shares”) are currently listed on the Exchange and Bigstack is a reporting issuer in the provinces of Alberta, British Columbia and Ontario. Bigstack was incorporated under the Business Corporations Act (Ontario) on November 25, 2020.

    Overview of Reeflex

    Reeflex is a privately-held corporation incorporated under the Business Corporations Act (Alberta) on June 14, 2024. Reeflex currently has no business operations or assets other than cash. Reeflex prioritizes developing partnerships between management and capital with the intention to create compelling value creation opportunities in the resource industry.

    Overview of Coil

    Coil is a privately-held corporation incorporated under the Business Corporations Act (Alberta). Coil is an industry leader and innovator in coil tubing solutions and downhole tools, including stimulation technology, and offers custom solutions to meet the diverse needs of its clients in both local and international markets.

    The Transaction

    There are no relationships between any non-arm’s length party of Bigstack, Reeflex and Coil or its assets and the Transaction will be an arm’s length transaction.

    Pursuant to the terms and conditions of the Letter of Intent, Bigstack and Reeflex intend to negotiate and enter into a definitive agreement (the “Definitive Agreement”) that is expected to supersede the Letter of Intent. Trading in the Bigstack Shares has been halted and is not expected to resume until the Transaction is completed or until the Exchange receives the requisite documentation to resume trading.

    A more comprehensive news release will be issued by Bigstack in due course disclosing details of the Transaction, including financial information respecting Reeflex and Coil, the names and backgrounds of all persons who will constitute insiders of Bigstack upon completion of the Transaction, the issued and outstanding securities of each of Bigstack and Reeflex, the terms of the exchange of securities of Bigstack and Reeflex, the applicable security exchange ratios, the details of any concurrent financing by the parties (as applicable), the details of any meeting of the shareholders of Bigstack required to approve the Transaction and matters related thereto (as applicable) and information respecting sponsorship.

    Forward Looking Information

    This press release contains statements that constitute “forward-looking information” (“forward-looking information”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking information and are based on expectations, estimates and projections as at the date of this press release. Any statement that discusses predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “believe”, “estimate”, “expect”, “intend” or variations of such words and phrases or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information.

    More particularly and without limitation, this press release contains forward-looking statements concerning the Transaction (including the structure, terms and timing thereof), the Definitive Agreement, the issuance of additional news releases describing the Transaction, the trading of the Bigstack Shares on the Exchange and the holding of shareholder meetings in connection with the Transaction. Although Bigstack believes that the expectations reflected in such forward-looking information are reasonable, it can give no assurance that the expectations of any forward-looking information will prove to be correct. Known and unknown risks, uncertainties and other factors may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: delay or failure to receive board, shareholder or regulatory approvals; and general business, economic, competitive, political and social uncertainties. There can be no certainty that the Transaction will be completed on the terms set out in the Letter of Intent or at all. Accordingly, readers should not place undue reliance on the forward-looking information contained in this press release. Except as required by law, Bigstack disclaims any intention and assumes no obligation to update or revise any forward-looking information to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking information or otherwise.

    Completion of the Transaction is subject to a number of conditions, including but not limited to, execution of a binding definitive agreement relating to the Business Combination, execution of a binding definitive agreement relating to the Acquisition, Exchange acceptance and, if applicable pursuant to Exchange requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.

    Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

    The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.

    Bigstack Opportunities I Inc.

    For further information, please contact Eric Szustak, the President, Chief Executive Officer, Chief Financial Officer, Corporate Secretary and a director of Bigstack.

    Eric Szustak
    President, CEO, CFO, Corporate Secretary and Director
    Email: eszustak@jbrlimited.com 
    Telephone: (905) 330-7948

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    The securities have not been and will not be registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirement. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    The MIL Network –

  • MIL-OSI: WISeKey Subsidiary WISeSat.Space Prepares for a January 2025 Launch of Next-Generation Satellite, Supporting European Satellite Independence and IoT Connectivity

    Source: GlobeNewswire (MIL-OSI)

    WISeKey Subsidiary WISeSat.Space Prepares for a January 2025 Launch of Next-Generation Satellite, Supporting European Satellite Independence and IoT Connectivity

    Launch Timed with WISeKey’s Davos Roundtable on Space Technology

    Geneva, Switzerland – November 4, 2024: WISeKey International Holding Ltd. (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a global leader in cybersecurity, digital identity, and Internet of Things (IoT) innovations operating as a holding company, today announces that its subsidiary, WISeSat.Space, is preparing for the mid-January 2025 launch of its next-generation satellite. This satellite, initially planned for Q4 2024, will now launch just days ahead of WISeKey’s January 22, 2025 event in Davos, which includes a roundtable focused on advancements in space technology.
    For more information about the Davos annual event visit: https://www.wisekey.com/davos25/howspacewillbethenextinternet/.

    This launch represents a significant development in WISeSat.Space’s mission to provide secure IoT connectivity, advance climate change monitoring capabilities, and support European satellite independence with cutting-edge technology.

    WISeSat.Space’s new generation of low-orbit satellites leverages compact picosatellites equipped with SEALSQ Corp. (“SEALSQ”) (NASDAQ: LAES) semiconductor technology and WISeKey’s renowned cryptographic keys. These integrated solutions enhance the security, performance, and resilience of satellite-based IoT systems, and support a diverse range of applications including environmental monitoring, disaster management, smart agriculture, and industrial IoT solutions. The satellites are specifically designed to support low-power sensors, enabling data collection in remote and off-grid areas. WISeSat.Space’s picosatellites, which are smaller and more cost-effective than traditional satellites, make global IoT connectivity feasible by reducing launch costs and optimizing data transmission. The satellite technology incorporates Quantum-Resistant cryptographic keys, and offers future-proof security against potential quantum computing threats, a step critical to the long-term security of global IoT ecosystems.

    An essential component of WISeSat.Space’s strategy is the creation of a European-based, neutral satellite constellation. By anchoring operations in Europe, WISeSat.Space is able to ensure data sovereignty and reduce reliance on non-European providers for critical IoT and environmental data. This independence not only strengthens data security but also allows for robust, unencumbered international cooperation. A neutral European constellation addresses global trust concerns, positioning Europe as a leader in secure and autonomous satellite technology. This approach further aligns with EU objectives for strategic autonomy and technological resilience, fostering economic growth and high-tech job creation within the region.

    The advanced satellite set for January 2025 launch includes key enhancements to bolster connectivity for diverse IoT applications. The satellites’ upgraded semiconductor technology, developed by SEALSQ, optimizes both processing and communication capabilities. This facilitates faster data relay and enhanced responsiveness, crucial for applications in real-time environmental monitoring, industrial automation, and smart agriculture. For climate change monitoring, the WISeSat constellation allows for the real-time tracking of environmental variables, enabling early detection and response to extreme weather events. The satellites contribute to disaster management through early warning systems, aiding vulnerable communities and ecosystems by providing timely, high-quality data. These capabilities not only support critical disaster preparedness but also allow policymakers to make informed decisions about climate resilience and adaptation.

    WISeSat.Space’s picosatellites employ a unique design focused on compactness and cost-effectiveness. Through the combination of low-orbit satellite networks and low-power, long-range sensors, WISeSat.Space provides a reliable network with low latency and high data accuracy—ideal for continuous tracking and monitoring across large, remote areas. These picosatellites are designed to operate with minimal power consumption, which is crucial for sustainable, long-term deployment in remote locations. Each satellite is embedded with WISeKey’s advanced cybersecurity protocols, ensuring that data is encrypted and secure from unauthorized access throughout its journey from sensor to end-user.

    The launch’s timing aligns with WISeKey’s annual event in Davos, where industry leaders, policymakers, and technologists will convene for a roundtable on space technology and its applications in IoT and climate monitoring. This roundtable will provide a platform to discuss how space-based systems can address global challenges and explore the role of satellite technology in building a sustainable and secure digital future. With the upcoming launch of this next-generation satellite, WISeSat.Space reaffirms its commitment to pioneering secure, scalable IoT solutions and advancing European autonomy in space technology. WISeKey looks forward to this critical addition to its constellation as it leverages space to enhance secure connectivity, climate resilience, and technological independence for the global community.

    About WISeSat.Space

    WISeSat AG is pioneering a transformative approach to IoT connectivity and climate change monitoring through its innovative satellite constellation. By providing cost-effective, secure, and global IoT connectivity, WISeSat is enabling a wide range of applications that support environmental monitoring, disaster management, and sustainable practices. The integration of satellite data with advanced climate models holds great promise for enhancing our understanding of climate change and developing effective strategies to combat its impacts. As the world continues to grapple with the challenges of climate change, initiatives like WISeSat’s IoT satellite constellation are essential for creating a more resilient and sustainable future.

    About WISeKEY:

    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, and (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions.

    Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people.
    For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact: Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611 / lcati@equityny.com
    Katie Murphy
    Tel: +1 212 836-9612 / kmurphy@equityny.com

    The MIL Network –

  • MIL-OSI: Rubis: Transactions carried out within the framework of the share buyback programme (excluding transactions within the liquidity agreement) – 28 October to 1st November 2024

    Source: GlobeNewswire (MIL-OSI)

    Paris, 4 November 2024, 06:00pm

    Issuer Name: Rubis (LEI: 969500MGFIKUGLTC9742)
    Category of securities: Ordinary shares (ISIN: FR0013269123)
    Period: From 28 October to 1st November 2024

    In accordance with the authorisation granted by the Ordinary Shareholders’ Meeting held on 11 June 2024 to implement a share buyback programme, the Company operated, between 28 October and 1st November 2024, the purchases of its own shares in view of their cancelation presented below.

    Aggregate presentation per day and per market

    Name of issuer Identification code of issuer (Legal Entity Identifier) Day of transaction Identification code of financial instrument Aggregated daily volume (in number of shares) Daily weighted average price of the purchased shares* Market
    (MIC Code)
    RUBIS 969500MGFIKUGLTC9742 28/10/2024 FR0013269123 3,000 24.9000 AQEU
    RUBIS 969500MGFIKUGLTC9742 28/10/2024 FR0013269123 21,600 25.0319 CEUX
    RUBIS 969500MGFIKUGLTC9742 28/10/2024 FR0013269123 3,000 24.9600 TQEX
    RUBIS 969500MGFIKUGLTC9742 28/10/2024 FR0013269123 9,614 25.0480 XPAR
    RUBIS 969500MGFIKUGLTC9742 29/10/2024 FR0013269123 2,900 24.9000 AQEU
    RUBIS 969500MGFIKUGLTC9742 29/10/2024 FR0013269123 21,000 24.9686 CEUX
    RUBIS 969500MGFIKUGLTC9742 29/10/2024 FR0013269123 3,300 24.8400 TQEX
    RUBIS 969500MGFIKUGLTC9742 29/10/2024 FR0013269123 30,000 24.9427 XPAR
    RUBIS 969500MGFIKUGLTC9742 30/10/2024 FR0013269123 486 24.8824 AQEU
    RUBIS 969500MGFIKUGLTC9742 30/10/2024 FR0013269123 19,783 24.8944 CEUX
    RUBIS 969500MGFIKUGLTC9742 30/10/2024 FR0013269123 4,265 24.9232 TQEX
    RUBIS 969500MGFIKUGLTC9742 30/10/2024 FR0013269123 11,039 24.9077 XPAR
    RUBIS 969500MGFIKUGLTC9742 31/10/2024 FR0013269123 2,668 23.8258 AQEU
    RUBIS 969500MGFIKUGLTC9742 31/10/2024 FR0013269123 20,606 23.6341 CEUX
    RUBIS 969500MGFIKUGLTC9742 31/10/2024 FR0013269123 3,396 23.1625 TQEX
    RUBIS 969500MGFIKUGLTC9742 31/10/2024 FR0013269123 35,947 23.0416 XPAR
    RUBIS 969500MGFIKUGLTC9742 01/11/2024 FR0013269123 224 22.4577 AQEU
    RUBIS 969500MGFIKUGLTC9742 01/11/2024 FR0013269123 284 22.4200 CEUX
    RUBIS 969500MGFIKUGLTC9742 01/11/2024 FR0013269123 8,351 22.3955 XPAR
    * Four-digit rounding after the decimal TOTAL 201,463 24.3203  

    Detailed presentation per transaction

    Detailed information on the transactions carried out from 28 October to 1st November 2024 is available on the Company’s website (www.rubis.fr) in the section “Investors – Regulated information – Share buyback programme”.

      Contact
      RUBIS – Legal Department
      Tel. : + 33 (0)1 44 17 95 95

    Attachment

    The MIL Network –

  • MIL-OSI: Revenue as of September 30, 2024

    Source: GlobeNewswire (MIL-OSI)

    • €742.8 million in revenue over 9 months, down 3.5%, reflecting the group’s strategic orientations
      • Implementation of a strategy to prioritize margins over revenue growth
      • Continuing diversification into activities related to the energy transition, with strong growth of +28%
      • Accelerating growth in Germany, the group’s future third pillar, at +28%.
    • Third quarter: €225.4 million in revenue, down 10.1%, reflecting the continuation of 2nd quarter trends
      • Impact of selectivity measures implemented in Q2 in French and Spanish telecom sectors in France and Spain .
      • Temporarily reduced fiber activity in Belgium as negotiations continue between telco service providers looking to pool their investments
      • Sustained strong growth in Germany: +33%.
      • Strong growth in Energy activity, despite unfavorable seasonal effects in Q3: +26 %
    • 2024 full-year outlook confirmed   
      9 months Q3
    In millions of euros (unaudited data) 2024 2023 % change 2024 2023 % change
    Group 742.8 769.7         -3.5% 225.4 250.7         -10.1%
    Benelux 278.9 269.6         3.5% 82.1 89.6         -8.3%
    France 270.2 297.8         -9.3% 81.7 98.4         -16.9%
    Other Countries 193.8 202.4         -4.3% 61.6 62.7         -1.8%

    Gianbeppi Fortis, Chief Executive Officer of Solutions30, stated: “The evolution of Solutions30’s revenue since the beginning of the year reflects the strategic orientations we shared at our Capital Markets Day last September. We are prioritizing margins over revenue growth, with an increased selectivity in our mature markets. At the same time, we are continuing our expansion in Germany, which is set to become a profitable growth pillar for Solutions30, as well as our diversification into energy transition-related services, buoyed by favorable structural trends. The decrease in revenue in the third quarter was a continuation of trends seen in the second quarter, with the deepening impact of measures to reduce our exposure to certain insufficiently profitable contracts in France and Spain and a temporary slowdown in the fiber business in Belgium. In the current contrasted market environment, we are confident that our strategic choices are fully relevant.”

    Consolidated revenue

    In the first nine months of 2024, Solutions30’s consolidated revenue amounted to €742.8 million, down 3.5% from €769.7 million in the same period of 2023. This includes an organic contraction of -4.2%, a +0.3% impact from acquisitions, and a +0.4% favorable currency effect.

    This decrease reflects the group’s strategic orientations, as presented at the Capital Markets Day held on September 26, 2024. Namely, the prioritization of margins over revenue growth with the measures taken in Q2 to reduce exposure to certain telecoms contracts, notably in France and Spain, which no longer met the Group’s profitability requirements. Solutions30’s growth drivers, however, maintained strong momentum: Germany, which is proving to be its best-performing market in terms of growth, and energy-related services, which continue to develop successfully, confirming the relevance of the strategic diversification undertaken.

    Third-quarter consolidated revenue totaled €225.4 million, compared with €250.7 million in Q3 2023, representing a decline of -10.1% (-10.5% organically). This sharper decline than in Q2 (-4.5%) mainly reflects (i) the deepening impact of selectivity measures implemented in Q2 in the telecoms sector in France and Spain, and (ii) ongoing negotiations between Belgian telecom service providers, begun in Q2, with a view to pooling their fiber deployment investments.

    Benelux

    Revenue in Benelux for the first nine months of the year totaled €278.9 million, representing 38% of total revenue, up 3.5% (+3.4% organic growth). Following a year of exceptional growth (+77.2% in the first nine months of 2023), which set a particularly high comparison basis, business in the Benelux countries remains slowed down by ongoing negotiations between Belgian telecoms service providers to streamline the rollout of fiber nationwide. Although the Belgian market’s potential remains high, these negotiations are causing delays for Solutions30’s business. In Q4, these effects will be amplified due to the merger of two of the Group’s customers, Proximus and Fiberklaar, impacting the pace of the connection market.

    In the third quarter of 2024, Benelux revenue totaled €82.1 million, down 8.3% (-8.6% organic). Connectivity activity posted revenue of €61.3 million, down -15.3%. This decline reflects the full impact of delays in fiber roll-out in Belgium from the 2nd quarter onwards, due to the above-mentioned negotiations, as well as, to a lower extent, the impact of the Belgian communal and provincial elections, which was limited by efficient planning.

    The development of Energy activity continues, with growth accelerating to +23% in the third quarter of 2024 and revenue reaching €15.8 million. In September 2024, Solutions30 announced its acquisition of Xperal, a Netherlands-based photovoltaic project specialist (see press release dated September 23, 2024). This acquisition significantly enhances the group’s offering in the sector, providing an integrated range of energy services in the Benelux countries that cover smart meters, electric vehicle charging stations, low-voltage electricity grids, photovoltaic installation, and energy storage solutions. The acquisition of Xperal is fully in line with the Group’s strategy to become a leading energy services player in all the regions where it operates.

    Technology activity posted revenue of €5.0 million in the third quarter of 2024, up +16.1%.         

    France

    In France, revenue for the first nine months of the year was €270.2 million, or 36% of total revenue, down
    -9.3%. This change includes an organic contraction of -9.9% and a +0.6% positive impact from the acquisition of Elec-ENR, consolidated since July 2023.

    In the third quarter of 2024, revenue amounted to €81.7 million, a purely organic decline of -16.9%, driven by the sharp -35.3% decrease in Connectivity revenue to €45.8 million. This reflects the deepening impact of the selective measures implemented in the 2nd quarter, which led the Group to significantly reduce its exposure to certain contracts that no longer met its profitability standards. It also reflects a slowdown in the fiber roll-out market, which is set to continue in the quarters ahead.

    Revenue from Energy activity continued to grow strongly, rising by +42.5% in the third quarter to €18,6 million. Solutions30 continues to successfully diversify in this sector, which is buoyed by favorable structural trends, and is gradually establishing itself as a leading player. Growth, however, was less strong than in the second quarter (+56%), due to the seasonal nature of these services, which usually experience lower activity during the summer period, before tending to rebound in the fourth quarter.

    Technology activity’s revenue was €17.3 million, rising sharply by +19.8% and reflecting a temporary increase in business linked to the 2024 Paris Olympics. Drawing on its expertise in these fields, Solutions30 was on call at all Olympic sites to provide technical assistance for IT and payment systems.

    Other countries

    In other countries, the Group generated €193.8 million in revenue over the first nine months of the year, or 26% of total revenue, down -4.3%. This includes an organic decline of -5.8% and a positive currency effect of +1.5%, reflecting the appreciation of the zloty and the pound sterling against the euro during this period. In the third quarter of 2024, revenue was €61.6 million, down -1.8% (-3.0% organic) but with highly contrasting situations from one country to another.

    In Germany, Solutions30 is benefiting from exceptional market momentum, with revenue increasing +33.2% in the third quarter of 2024 to €21.8 million. Coaxial network activity remains strong, while fiber activities continue to ramp up. Solutions30 is now firmly established as a trusted partner for the six national telecom service providers.

    In Poland, growth remained solid at +24.2%, with revenue reaching €14.5 million in the third quarter.

    In Italy, revenue amounted to €12.8 million in the third quarter. Normal activity has resumed with more favorable economic conditions, after the Group voluntarily limited its call-outs with its main fiber customer from the second half of 2023. Solutions30 returned to slight growth of +0.8% in the third quarter, and will benefit from a favorable base effect in the fourth quarter.

    In Spain, revenue fell by -43.5% to €7.3 million, reflecting the full impact of measures taken in the second quarter to reduce the Group’s exposure to the mature fiber market. The Connectivity business is currently being restructured, while the Group refocuses its development on Energy and Technology. In the third quarter, it won a strategic contract with Atlante to install an initial set of 50 electric vehicle charging stations (see press release from September 30, 2024).

    Lastly, in the United Kingdom, revenue fell by -42.5% to €5.2 million, reflecting the continued refocusing of Connectivity activities on the fiber market. Solutions30 is also focusing on developing its Energy business, as demonstrated by the multi-year contract signed with Connected Kerb to develop its electric vehicle charging infrastructure network (see press release from September 24, 2024).

    2024 full-year outlook confirmed

    For the full year 2024, Solutions30 expects slightly lower revenue compared to 2023, along with improvement in the Group’s adjusted EBITDA margin, leading to an overall increase in adjusted EBITDA.

    2026 Roadmap

    At the Capital Markets Day held on September 26, 2024, Solutions30 shared its 2026 roadmap, with concrete action plans and objectives tailored to each of its markets.

    In the Benelux, the group is confident it will be able to capitalize on its leading market position and return to a profitable growth trajectory as early as 2025, whatever the outcome of the current negotiations with service providers. It is targeting an adjusted EBITDA margin above 10% by 2026.

    In France, Energy activity revenue is set to triple compared with 2023, reaching €150 million by 2026. In Connectivity activity, the Group is working to stabilize its business while applying strict contract selectivity. It is also positioning itself to seize future opportunities such as the forthcoming dismantling of the copper network. Adjusted EBITDA margin, benefiting from the global transformation plan launched in 2022, should exceed 10% by 2026.

    In Germany, Solutions30 is aiming for a first milestone in 2026, with revenue of between €150 and €200 million, and an adjusted EBITDA margin well above 10%. The country should then continue to grow faster than the rest of the Group, becoming one of its biggest contributors.

    In the rest of Europe, Solutions30 has adopted a differentiated approach, with the aim of maintaining profitable growth in Poland, continuing to improve performance in the United Kingdom, and restoring margins in Italy and Spain by 2026, or else envisaging strategic actions for its activities in these two countries.

    Webcast for investors and analysts
    Date: Monday, November 4, 2024
    6:30 PM (CET) – 5:30 PM (GMT)

    Speakers
    Gianbeppi Fortis, Chief Executive Officer
    Jonathan Crauwels, Chief Financial Officer
    Amaury Boilot, Group General Secretary

    Connection details
    Webcast in English: https://channel.royalcast.com/solutions30-en/#!/solutions30-en/20241104_1

    Upcoming events

    Gilbert Dupont Forum Valeurs Familiales  (Paris) – November 5, 2024

    CIC Forum (Virtual Day)  – November 21, 2024

    2024 Q4 Revenue  – January 29, 2025

    About Solutions30 SE

    Solutions30 provides consumers and businesses with access to the key technological advancements that are shaping our everyday lives, especially those driving the digital transformation and energy transition. With its network of more than 16,000 technicians, Solutions30 has completed over 65 million call-outs since its inception and led over 500 renewable energy projects with a combined maximum output surpassing 1600 MWp. Every day, Solutions30 is doing its part to build a more connected and sustainable world. Solutions30 has become an industry leader in Europe with operations in 10 countries: France, Italy, Germany, the Netherlands, Belgium, Luxembourg, Spain, Portugal, the United Kingdom, and Poland.
    The capital of Solutions30 SE consists of 107,127,984 shares, equal to the number of theoretical votes that can be exercised. Solutions30 SE is listed on the Euronext Paris exchange (ISIN FR0013379484- code S30).
    Indices: CAC Mid & Small | CAC Small | CAC Technology | Euro Stoxx Total Market Technology | Euronext Tech Growth.
    Visit our website for more information: www.solutions30.com.

    Contact

    Individual Shareholders:
    shareholders@solutions30.com – Tel: +33 (0)1 86 86 00 63

    Analysts/investors:
    investor.relations@solutions30.com

    Press – Image 7:
    Charlotte Le Barbier – Tel: +33 6 78 37 27 60 – clebarbier@image7.fr

    Attachment

    The MIL Network –

  • MIL-OSI: Gaia Partners with EigenLayer to Bring Powerful AVS Security to Decentralized AI

    Source: GlobeNewswire (MIL-OSI)

    By integrating Gaia’s AI Agent deployment framework with EigenLayer’s AVS security, developers can now build more secure, robust, incentive-aligned AI systems.

    NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) — Gaia, a decentralized, open-source AI infrastructure platform, is partnering with EigenLayer to integrate Gaia’s AI services with EigenLayer’s Active Validator Services (AVS) framework. This collaboration will enhance AI inferencing, enable multitoken staking, and deliver advanced security for decentralized AI applications.

    Gaia’s AI agents will integrate with EigenLayer’s AVS validators to monitor and provide security for nodes on the Gaia network. This system will ensure the accuracy of AI model updates, proper execution of AI tasks, and consistent node performance and uptime. Additionally, the partnership with EigenLayer will verify that AI Agents deployed on the Gaia network are behaving in a way that encourages positive actions across the network. By leveraging EigenLayer’s security infrastructure, Gaia can ensure that its AI tasks and models are safeguarded within a decentralized and secure environment.

    “At Gaia, we see AI’s future rooted in decentralization, security, and shared innovation,” said Matt Wright, CEO of Gaia. “Our collaboration with EigenLayer strengthens this vision by combining Gaia’s decentralized AI infrastructure with EigenLayer’s advanced security model. Together, we’re enabling developers to build intelligent, secure, and scalable applications that prioritize both transparency and community engagement within a trusted ecosystem.”

    The partnership will also allow for integrations between Gaia’s AI framework and EigenDA, a decentralized data availability network. This integration will enable shared datasets to be used for AI inference, improving both speed and accuracy. EigenLayer has already implemented a Gaia integration to filter user-submitted ideas on the EigenDA feedback board, demonstrating the practical impact of this collaboration.

    Gaia and EigenLayer will offer tools and SDKs to facilitate the deployment of AI-powered decentralized applications. These resources will allow developers to quickly and easily deploy AI dApps using both Gaia and EigenLayer, benefiting from streamlined, one-click deployment and security via EigenLayer’s AVS.

    By integrating with EigenLayer, Gaia aims to allow developers to build more secure and scalable AI-driven applications.

    To stay up-to-date on developments and opportunities through Gaia, follow Gaia on Twitter @Gaianet_AI and visit the website: www.Gaianet.ai.

    About Gaia
    Gaia is a pioneering decentralized AI platform dedicated to transforming knowledge into a dynamic, secure, and collaborative ecosystem. By addressing the issues introduced by centralized AI solutions, such as censorship, bias, and IP infringement, Gaia offers a knowledge-sharing ecosystem and foundation for new applications that protects information and rewards knowledge sharers. With a commitment to privacy, adaptability, and collaboration, Gaia is redefining the future of AI, making knowledge a vibrant, protected, and accessible resource for all.

    Website: www.Gaianet.ai
    Github: https://github.com/Gaia-AI
    Twitter: @Gaianet_AI

    About EigenLayer

    EigenLayer is a decentralized re-staking protocol that enhances the security and scalability of blockchain ecosystems by allowing Ethereum validators to extend their security guarantees to additional networks and services. By leveraging the existing Ethereum staking infrastructure, EigenLayer enables developers and decentralized applications to benefit from Ethereum’s robust security without the need to establish separate validator networks.

    Website: eigenlayer.xyz
    Twitter: @eigenlayer

    Contact:

    Gaia
    Ali Adkins
    Email: hello@gaianet.ai

    EigenLayer
    Nader
    nader@eigenlayer.xyz

    MEDIA CONTACT:
    Melrose PR
    gaia@melrosepr.com
    (310) 260-7901

    Disclaimer: This content is provided by Gaia. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/64c8ffe8-fb65-402d-bb30-0b7dde2b31fb

    The MIL Network –

  • MIL-OSI: Security Bancorp, Inc. Announces Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    MCMINNVILLE, Tenn., Nov. 04, 2024 (GLOBE NEWSWIRE) — Security Bancorp, Inc. (“Company”) (OTCBB: “SCYT”), the holding company for Security Federal Savings Bank of McMinnville, Tennessee (“Bank”), today announced its consolidated earnings for the third quarter of its fiscal year ended December 31, 2024.

    Net income for the three months ended September 30, 2024 was $1.0 million, or $2.77 per share, compared to $859,000, or $2.30 per share, for the same quarter last year. For the nine months ended September 30, 2024, the Company’s net income was $2.9 million or $7.84 per share, compared to $2.4 million, or $6.52 per share, for the same period in 2023.

    For the three months ended September 30, 2024, net interest income increased $359,000, or 14.3%, to $2.9 million from $2.5 million for the three months ended September 30, 2023. For the nine months ended September 30, 2024, net interest income increased $838,000, or 11.4%, to $8.2 million from $7.3 million for the nine months ended September 30, 2023. The increase in net interest income for the three and nine months ended September 30, 2024 was primarily the result of increases in loan balances and interest income on loans that was partially offset by a smaller increase in interest expense. Net interest income after provision for loan losses for the three months ended September 30, 2024 was $2.8 million, an increase of $357,000, or 14.6%, from $2.5 million for the same period in the previous year. For the nine months ended September 30, 2024, net interest income after provision for loan losses increased $857,000, or 12.0%, to $8.0 million from $7.2 million for the same period in 2023. The primary reason for the increase during the three and nine months ended September 30, 2024 was an increase in net interest income.

    Non-interest income for the three months ended September 30, 2024 increased to $635,000 compared to $410,000 for the three months ended September 30, 2023. Non-interest income for the nine months ended September 30, 2024 increased to $1.6 million compared to $1.2 million for the same period of the prior year. The increase in non-interest income was primarily attributed to incentive income related to the Bank’s card processing contracts.

    Non-interest expense for the three months ended September 30, 2024 was $2.0 million, an increase of $341,000, or 20.0%, from $1.7 million for the same period of the prior year. For the nine months ended September 30, 2024, non-interest expense was $5.6 million, an increase of $501,000, or 9.8%, compared to the same period in 2023. The increase for the three and nine months ended September 30, 2024 was primarily due to an increase in consulting fee expense related to renegotiation of the Bank’s data processing contracts.

    The Company’s consolidated assets were $346.6 million at September 30, 2024, compared to $324.4 million at December 31, 2023. The $22.1 million, or 6.8%, increase in assets was a result of an increase loans receivable, net.   Loans receivable, net, increased $26.8 million, or 11.4%, to $262.2 million at September 30, 2024 from $235.4 million at December 31, 2023. The increase in loans receivable was primarily attributable to an increase in residential mortgage and commercial real estate loans.

    For the three months ended September 30, 2024 the provision for loan losses was $65,000 compared to $63,000 for the same period in 2023. The provision for loan losses was $164,000 for the nine months ended September 30, 2024 compared to $183,000 in the comparable period in 2023, a decrease of $19,000.

    Non-performing assets decreased $359,000, or 98.9%, to $4,000 at September 30, 2024 from $363,000 at December 31, 2023. The decrease is attributable to a decline in non-performing loans and the sale of $139,000 of real estate owned. Based on its analysis of delinquent loans, non-performing loans and classified loans, management believes that the Company’s allowance for loan losses of $2.6 million at September 30, 2024 was adequate to absorb known and inherent risks in the loan portfolio. At September 30, 2024, the ratio of the allowance for loan losses to non-performing assets was 63,750.0% compared to 664.19% at December 31, 2023.

    Investment and mortgage-backed securities available-for-sale at September 30, 2024 increased $1.3 million, or 2.8%, to $47.1 million from $45.8 million at December 31, 2023. The increase was due to purchases of investment securities that was partially offset by maturities of investment securities and paydowns. There were no investment and mortgage-backed securities held-to-maturity at September 30, 2024 and December 31, 2023.

    Deposits increased $15.1 million, or 5.2%, to $304.9 million at September 30, 2024 from $289.8 million at December 31, 2023. The increase was primarily attributable to increases in certificates of deposit.  

    Stockholders’ equity increased $3.7 million or 11.7% to $34.8 million, or 10.05% of total assets at September 30, 2024 compared to $31.2 million, or 9.6%, of total assets, at December 31, 2023.

    Safe-Harbor Statement

    Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates and projections of future performance. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, competitive conditions, regulatory changes, and other risks.

    Contact: Michael D. Griffith
      President & Chief Executive Officer
      (931) 473-4483
    SECURITY BANCORP, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS
    (unaudited) (dollars in thousands)
    OPERATING DATA Three months ended
    Sept 30,    		 Nine months ended
    Sept 30,
      2023 2024 2023 2024
    Interest income $4,023 $5,085 $11,326 $14,459
    Interest expense 1,509 2,212 3,978 6,273
    Net interest income 2,514 2,873 7,348 8,186
    Provision for loan losses 63 65 183 164
    Net interest income after provision for loan losses 2,451 2,808 7,165 8,022
    Non-interest income 410 635 1,233 1,555
    Non-interest expense 1,705 2,046 5,110 5,611
    Income before income tax expense 1,156 1,397 3,288 3,966
    Income tax expense 297 359 850 1,027
    Net income $859 $1,038 $2,438 $2,939
    Net Income per share (basic) $2.30 $2.77 $6.52 $7.84
             
    FINANCIAL CONDITION DATA At Sept 30, 2024 At December 31, 2023
    Total assets $346,585 $324,440
    Investments and mortgage- backed securities – available for sale 47,125 45,837
    Loans receivable, net 262,195 235,411
    Deposits 304,897 289,810
    Federal Funds Sold 3,000 -0-
    Federal Home Loan Bank Advances -0- -0-
    Stockholders’ equity 34,829 31,179
    Non-performing assets 4 363
    Non-performing assets to total assets 0.001% 0.11%
    Allowance for loan losses 2,550 2,411
    Allowance for loan losses to total loans receivable 0.96% 1.01%
    Allowance for loan losses to non-performing assets 63,750.0 664.19

    The MIL Network –

  • MIL-OSI: CORRECTION: Alpine Banks of Colorado announces financial results for third quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    GLENWOOD SPRINGS, Colo., Nov. 04, 2024 (GLOBE NEWSWIRE) — Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine” or the “Company”), the holding company for Alpine Bank (the “Bank”), today announced results (unaudited) for the quarter ended September 30, 2024. The Company reported net income of $13.6 million, or $127.16 per basic Class A common share and $0.85 per basic Class B common share, for third quarter 2024.

    Highlights in third quarter 2024 include:

    • Basic earnings per Class A common share increased 16.8%, or $18.28, during third quarter 2024.
    • Basic earnings per Class A common share increased 16.8%, or $18.30, compared to third quarter 2023.
    • Basic earnings per Class B common share increased 16.8%, or $0.12, during third quarter 2024.
    • Basic earnings per Class B common share increased 16.8%, or $0.12, compared to third quarter 2023.
    • Net interest margin for third quarter 2024 was 2.98%, compared to 2.87% in second quarter 2024, and 2.87% in third quarter 2023.

    “Third quarter 2024 results show a continuation of our improving financial performance,” said Glen Jammaron, Alpine Banks of Colorado President and Vice Chairman. “Alpine successfully grew customer deposit balances, paid down brokered CDs and decreased the cost of our funding during the third quarter. Both our net interest margin and return on assets saw improvements over the first and second quarters of 2024.”

    Net Income

    Net income for third quarter 2024 and second quarter 2024 was $13.6 million and $11.7 million, respectively. Interest income increased $1.9 million in third quarter 2024 compared to second quarter 2024, primarily due to increases in yields on the loan portfolio and increased balances in due from banks. These increases were slightly offset by decreased yields and volumes in the securities portfolio and decreased rates on due from banks, along with decreased volume in the loan portfolio. Interest expense increased $0.3 million in third quarter 2024 compared to second quarter 2024, primarily due to increased balances in deposit accounts. This increase was partially offset by decreases in costs on, and volume of, the Company’s trust preferred securities. Noninterest income increased $1.3 million in third quarter 2024 compared to second quarter 2024, primarily due to increases in service charges on deposit accounts, and other income. Noninterest expense decreased $0.8 million in third quarter 2024 compared to second quarter 2024, due to decreases in other expenses and salary and employee benefit expenses slightly offset by increases in occupancy expenses and furniture and fixture expenses. A provision for loan losses of $1.2 million was recorded in third quarter 2024 compared to a $0.2 million provision recorded in second quarter 2024.

    Net income for the nine months ended September 30, 2024, and September 30, 2023, was $35.9 million and $46.0 million, respectively. Interest income increased $18.5 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in volume in the loan portfolio and balances due from banks, along with increases in yields on the loan portfolio, the securities portfolio, and balances due from banks. These increases were slightly offset by a decrease in volume in the securities portfolio. Interest expense increased $31.8 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in costs on the Company’s trust preferred securities, other borrowings, and cost of deposits, along with increases in volume in deposit balances. These increases were partially offset by a decrease in the volume of other borrowings. Noninterest income increased $3.3 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in earnings on bank-owned life insurance, service charges on deposit accounts and other income. Noninterest expense increased $3.0 million in the first nine months of 2024 compared to the first nine months of 2023, due to increases in salary and employee benefit expenses and occupancy expenses. These increases were partially offset by decreases in furniture and fixture expenses and other expenses. Provision for loan losses decreased $0.3 million in the first nine months of 2024 due to loan portfolio declines and a small volume of loan charge-offs, compared to the nine months ended September 30, 2023.

    Net interest margin increased from 2.87% in second quarter 2024 to 2.98% in third quarter 2024. Net interest margin for the nine months ended September 30, 2024, and September 30, 2023, was 2.89% and 3.17%, respectively.

    Assets

    Total assets increased $107.0 million, or 1.7%, to $6.58 billion as of September 30, 2024, compared to June 30, 2024, primarily due to increased cash and due from banks and investment securities balances, partially offset by decreased loans receivable. Total assets increased $110.6 million, or 1.7%, from September 30, 2023, to September 30, 2024. The Alpine Bank Wealth Management* division had assets under management of $1.34 billion on September 30, 2024, compared to $1.09 billion on September 30, 2023, an increase of 23.3%.

    Loans

    Loans outstanding as of September 30, 2024, totaled $4.0 billion. The loan portfolio decreased $36.3 million, or 0.9%, during third quarter 2024 compared to June 30, 2024. This decrease was driven by a $22.9 million decrease in real estate construction loans and a $33.7 million decrease in residential real estate loans, partially offset by a $13.7 million increase in commercial and industrial loans, a $5.0 million increase in commercial real estate loans, a $1.6 million increase in consumer loans, and a $0.1 million increase in other loans.

    Loans outstanding as of September 30, 2024, reflected a decrease of $5.0 million, or 0.1%, compared to loans outstanding of $4.0 billion on September 30, 2023. This decrease was driven by a $102.8 million decrease in real estate construction loans, partially offset by a $54.9 million increase in commercial real estate loans, a $20.8 million increase in residential real estate loans, a $20.0 million increase in commercial and industrial loans, a $1.8 million increase in consumer loans and a $0.3 million increase in other loans.

    Deposits

    Total deposits increased $74.1 million, or 1.3%, to $5.9 billion during third quarter 2024 compared to June 30, 2024, primarily due to a $110.1 million increase in demand deposits and a $49.5 million increase in money market accounts. This increase was partially offset by a $36.4 million decrease in certificate of deposit accounts, a $3.8 million decrease in savings accounts, and a $45.4 million decrease in interest-bearing checking accounts. Brokered certificates of deposit totaled $330.7 million on September 30, 2024, compared to $390.5 million on June 30, 2024. Noninterest-bearing demand accounts comprised 30.7% of all deposits on September 30, 2024, compared to 29.3% on June 30, 2024.

    Total deposits of $5.9 billion on September 30, 2024, reflected an increase of $38.5 million, or 0.7%, compared to total deposits of $5.8 billion on September 30, 2023. This increase was due to a $248.2 million increase in money market accounts, partially offset by a $41.6 million decrease in certificate of deposit accounts, a $111.6 million decrease in interest-bearing checking accounts, a $27.0 million decrease in demand deposits and a $29.5 million decrease in savings accounts. Brokered certificates of deposit totaled $330.7 million on September 30, 2024, compared to $563.7 million on September 30, 2023. Noninterest-bearing demand accounts comprised 30.7% of all deposits on September 30, 2024, compared to 31.4% on September 30, 2023.

    Capital

    The Bank continues to be designated as a “well capitalized” institution as its capital ratios exceed the minimum requirements for this designation. As of September 30, 2024, the Bank’s Tier 1 Leverage Ratio was 9.62%, Tier 1 Risk-Based Capital Ratio was 14.15%, and Total Risk-Based Capital Ratio was 15.30%. On a consolidated basis, the Company’s Tier 1 Leverage Ratio was 9.23%, Tier 1 Risk-Based Capital Ratio was 13.59%, and Total Risk-Based Capital Ratio was 15.85% as of September 30, 2024.

    Book value per share on September 30, 2024, was $4,787.58 per Class A common share and $31.92 per Class B common share, an increase of $294.62 per Class A common share and $1.96 per Class B common share from June 30, 2024.

    Each Class A common share is entitled to one vote per share. Except as otherwise provided by the Colorado Business Corporation Act, each Class B common share has no voting rights.

    Dividends

    Each Class B common share has dividend and distribution rights equal to one-one hundred and fiftieth (1/150th) of such rights of one Class A common share. Therefore, each one Class A common share is equivalent to 150 Class B common shares for purposes of the payment of dividends.

    During third quarter 2024, the Company paid cash dividends of $30.00 per Class A common share and $0.20 per Class B common share. On October 10, 2024, the Company declared cash dividends of $30.00 per Class A common share and $0.20 per Class B common share payable on October 28, 2024, to shareholders of record on October 21, 2024.

    About Alpine Banks of Colorado

    Alpine Banks of Colorado, through its wholly owned subsidiary Alpine Bank, is a $6.6 billion, independent, employee-owned organization founded in 1973 with headquarters in Glenwood Springs, Colorado. Alpine Bank employs 890 people and serves 170,000 customers with personal, business, wealth management*, mortgage, and electronic banking services across Colorado’s Western Slope, mountains and Front Range. Alpine Bank has a five-star rating – meaning it has earned a superior performance classification – from BauerFinancial, an independent organization that analyzes and rates the performance of financial institutions in the United States. Shares of the Class B non-voting common stock of Alpine Banks of Colorado trade under the symbol “ALPIB” on the OTCQX® Best Market. Learn more at www.alpinebank.com.

    *Alpine Bank Wealth Management services are not FDIC insured, may lose value, and are not guaranteed by the Bank.

    Contacts:  Glen Jammaron   Eric A. Gardey
      President and Vice Chairman   Chief Financial Officer
      Alpine Banks of Colorado     Alpine Banks of Colorado
      2200 Grand Avenue 2200 Grand Avenue
      Glenwood Springs, CO 81601 Glenwood Springs, CO 81601
      (970) 384-3266 (970) 384-3257
         

    A note about forward-looking statements

    This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “reflects,” “believes,” “can,” “would,” “should,” “will,” “estimates,” “continues,” “expects” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make regarding our evaluation of macro-environment risks, Federal Reserve rate management, and trends reflecting things such as regulatory capital standards and adequacy. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward- looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statement include, but are not limited to:

    • The ability to attract new deposits and loans;
    • Demand for financial services in our market areas;
    • Competitive market-pricing factors;
    • Changes in assumptions underlying the establishment of allowances for loan losses and other estimates;
    • Effects of future economic, business and market conditions, including higher inflation;
    • Adverse effects of public health events, such as the COVID-19 pandemic, including governmental and societal responses;
    • Deterioration in economic conditions that could result in increased loan losses;
    • Actions by competitors and other market participants that could have an adverse impact on expected performance;
    • Risks associated with concentrations in real estate-related loans;
    • Risks inherent in making loans, such as repayment risks and fluctuating collateral values;
    • Market interest rate volatility, including changes to the federal funds rate;
    • Stability of funding sources and continued availability of borrowings;
    • Geopolitical events, including acts of war, international hostilities and terrorist activities;
    • Assumptions and estimates used in applying critical accounting policies and modeling, including under the CECL model, which may prove unreliable, inaccurate, or not predictive of actual results;
    • Actions of government regulators, including potential future changes in the target range for the federal funds rate by the Board of Governors of the Federal Reserve;
    • Sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs;
    • Any increases in FDIC assessments;
    • Risks associated with potential cybersecurity incidents, data breaches or failures of key information technology systems;
    • The ability to maintain adequate liquidity and regulatory capital, and comply with evolving federal and state banking regulations;
    • Changes in legal or regulatory requirements or the results of regulatory examinations that could restrict growth;
    • The ability to recruit and retain key management and staff;
    • The ability to raise capital or incur debt on reasonable terms; and
    • Effectiveness of legislation and regulatory efforts to help the U.S. and global financial markets.

    There are many factors that could cause actual results to differ materially from those contemplated by forward-looking statements. Any forward-looking statement made by us in this press release or in any subsequent written or oral statements attributable to the Company are expressly qualified in their entirety by the cautionary statements above. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Key Financial Measures

    The attached tables highlight the Company’s key financial measures for the periods indicated (unaudited).

    Key Financial Measures 09.30.2024

    Consolidated Statements of Income 09.30.2024

    Consolidated Statements of Financial Condition 09.30.2024

    Consolidated Statements of Comprehensive Income 09.30.2024

    Contact:         
    Eric A. Gardey, Chief Financial Officer
    Alpine Banks of Colorado
    (970) 384-3257
    ericgardey@alpinebank.com

    The MIL Network –

  • MIL-OSI: Serstech Secures 9.7 MSEK Orders from Chilean Partner Aerotech

    Source: GlobeNewswire (MIL-OSI)

    Serstech has today received two orders totaling 9.7 MSEK from its Chilean partner, Aerotech. The orders include the Serstech Arx mkII and ChemDash software, with delivery and invoicing scheduled for the fourth quarter of 2024.

    The final recipients of these orders are the Carabineros and the Investigations Police of Chile (PDI). PDI is the nation’s primary civilian police force specializing in criminal investigations, intelligence operations, and counterterrorism, with a particular focus on areas such as drug trafficking and organized crime.

    These orders represent the fourth and fifth in 2024 from Chilean law enforcement through Aerotech, underscoring the growing demand for Serstech’s solutions in the region.

    For further information, please contact:

    Stefan Sandor,                                                                              

    CEO, Serstech AB Phone: +46 739 606 067

    Email: ss@serstech.com

    or

    Thomas Pileby,

    Chairman of the Board, Serstech AB Phone: +46 702 072 643

    Email: tp@serstech.com

    or visit: www.serstech.com

    This is information that Serstech AB (publ.) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 18:50 CET on November 4, 2024.

    Certified advisor to Serstech is Svensk Kapitalmarknadsgranskning AB (SKMG).

    About Serstech

    Serstech delivers solutions for chemical identification and has customers around the world, mainly in the safety and security industry. Typical customers are customs, police authorities, security organizations and first responders. The solutions and technology are however not limited to security applications and potentially any industry using chemicals of some kind could be addressed by Serstech’s solution. Serstech’s head office is in Sweden and all production is done in Sweden.

    Serstech is traded at Nasdaq First North Growth Market and more information about the company can be found at www.serstech.com

    The MIL Network –

  • MIL-OSI: Bitget Launches Female-Centric Pitching Competition during DevCon 24′ with Access Up to $100K Funding Opportunities

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Nov. 04, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has launched “Pitch n Slay,” a special initiative under its Blockchain4Her program organized to provide exposure for female entrepreneurs in the blockchain space. Building on Bitget’s larger $10 million Blockchain4Her project, the program extends targeted support to promising women-led startups by offering them a chance to secure up to $100,000 in funding by Foresight Ventures. This funding is accompanied by valuable mentorship from experienced professionals in the blockchain industry.

    The “Pitch n Slay” program, created in partnership with organizations such as World of Women, Women in Web3, and Bitget Wallet, is structured to offer a pathway for women entrepreneurs to receive the capital, guidance, and exposure necessary to scale their projects. Additional partnerships with Foresight Ventures and Morph highlight Bitget’s emphasis on uniting resources and mentorship from leaders within the blockchain ecosystem.

    Throughout the program, selected participants will undergo a rigorous mentorship and development journey. After an initial pitching round, finalists will receive support in market strategy, scaling, and technology, led by industry experts including Gracy Chen, CEO of Bitget, Taya A, CEO of World of Women, Min Xue, Partner of Foresight Ventures, Tess Hau, Founder of Tess Ventures, and other prominent Web3 leaders. Hosted on 15th November, in Bangkok, Thailand the “Pitch n Slay” program finalists will present their refined projects to a panel of investors and judges. Out of the shortlisted women-run startups top 3 winners will get grants to further their startup journey. The first winner takes home $5000, the second place will be rewarded with $3000 and the third will get $2000 subsequently. All three will be qualified for further pitching to Foresight Ventures, if the deal goes through each can receive funding up to $100K in pre-seed.

    Bitget’s constant focus on supporting women in Web3 is part of its strategy of creating accessible pathways for funding and growth for women entrepreneurs led by the company’s CEO, Gracy Chen “Bitget is a proudly gender-inclusive organization, with over 45% of our management roles held by women. Through Blockchain4Her, it’s our honor to support women founders with opportunities for exposure, mentorship, and funding. We’ll continue to expand this platform, creating pathways for growth and amplifying women-led startups in Web3,” said Chen.

    The Pitch n’ Slay initiative directly addresses the underrepresentation of female entrepreneurs in blockchain, providing both the financial and professional support essential for success in a competitive landscape.

    Applications are open for eligible women-led startups. For more details, visit the application page here

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

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

    Risk Warning: Digital asset prices are subject to fluctuation and may experience volatility. Investments should only be made with funds that can be afforded to lose. The value of investments may be impacted, and there is a possibility of not achieving financial goals or recovering the principal investment. Independent financial advice should be sought, and personal financial experience and standing should be carefully considered. Past performance is not a reliable indicator of future results. Bitget accepts no liability for any losses incurred. This information is not intended as financial advice.

    Contact

    PR team

    media@bitget.com

    The MIL Network –

  • MIL-OSI: WisdomTree Foreign Exchange Limited Publication of Prospectus

    Source: GlobeNewswire (MIL-OSI)

    WisdomTree Foreign Exchange Limited
    LEI: 213800X2UDCFSIYXXR28
    4 November 2024

    WisdomTree Foreign Exchange Limited
    Publication of Prospectus

    The following prospectus has been approved by the Central Bank of Ireland and the Financial Conduct Authority:

    Prospectus for the issue of Collateralised Currency Securities by WisdomTree Foreign Exchange Limited.

    To view the full document, please paste the following URL into the address bar of your browser.

    https://www.wisdomtree.eu/en-gb/-/media/eu-media-files/key-documents/prospectus/etf-securities/prospectus—etfs-foreign-exchange-limited.pdf

    For further information please contact europesupport@wisdomtree.com

    The MIL Network –

  • MIL-OSI: Aviva Canada encourages municipalities to apply for funding for Level 2 EV charging stations

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 04, 2024 (GLOBE NEWSWIRE) — Aviva Canada is pleased to announce it has opened the application period for the third year of its Charged for Change program. With installations in 15 municipalities already completed or underway, this year’s funding will support public electric vehicle (EV) charging infrastructure projects in even more communities that currently lack sufficient access.

    Presented in partnership with Earth Day Canada, Aviva’s $3M Charged for Change program allows municipalities and Indigenous communities to apply for funding to install Level 2 electric vehicle chargers for their residents and visitors. Municipalities across Canada can submit applications via the Charged for Change homepage until February 20, 2025.

    “We are thrilled to open applications for the third year of our Charged for Change program and are looking forward to helping even more Canadian communities install public EV infrastructure for their residents. We know that a lack of publicly available EV charging infrastructure can be a barrier to EV adoption and want to support Canadians, particularly those in communities with little to no access, in making the switch to an EV,” said Aviva Canada’s Chief Public Affairs, Marketing and Communications Officer, Pascal Dessureault.

    In its first year, the Charged for Change program funded Level 2 charging stations for seven Ontario municipalities and is expected to deliver 37 charging heads across 16 sites in the Town of Pelham, Township of Selwyn, The County of Prince Edward, Town of Thessalon, Municipality of East Ferris, Township of Manitouwadge, and Township of Essa. As of September 15, this year, the charging stations installed in these communities have delivered 2,600 charging sessions and 8,300 charging hours.

    The program expanded across Canada in its second year, where eight municipalities received funding; Town of Okotoks, AB, Town of Grand Bay-Westfield, NB, Municipality of Lakeshore, ON, Municipalité des Hautes-Terres, NB, Municipalité de Chertsey, QC, Village de Bois-Joli, NB, Communauté rurale de Kedgwick, NB, and Ville régionale de Cap-Acadie, NB. Those projects are either underway or completed and in use.

    “We know that access to public charging infrastructure is a key deciding factor for consumers considering the purchase of an EV. We also know that there is a disparity between levels of infrastructure in larger, urban centres versus smaller, often rural communities. Charged for Change hopes to level that playing field so that Canadians who want to make the climate-conscious decision to switch to an EV feel confident that it can meet their needs,” said Valérie Mallamo, Executive Director, Earth Day Canada.

    Aviva’s partnership with Earth Day Canada supports municipalities in working with utility suppliers directly to install the charging station infrastructure in selected communities. Communities across Canada are encouraged to apply for year three funding now via the Charged for Change homepage.

    To help more Canadians transition to EVs, Aviva’s EV insurance solution offers customers up to 10 per cent off their premium when they insure an EV.1

    Testimonials from year one Charged for Change recipient municipalities:

    Municipality of East Ferris:
    “The installation of charging stations provided by the Charged for Change Program allowed the Municipality of East Ferris to install our first public EV charging stations in the community. It also allowed us to start the transition of our vehicle fleet to electric vehicles with the purchase of our first EV municipal vehicle taking place in early 2024. We are fortunate to have been selected for the program and the infrastructure that we installed will have lasting impacts on municipal operations for years to come.” – Greg Kirton, Director of Community Services, Municipality of East Ferris

    Town of Thessalon:
    “Our first EV station users stopped in on their road trip from Whistler, British Columbia. They told us that they would have by-passed Thessalon if it weren’t for these charging stations. Since they were able to charge their vehicle in Thessalon they stayed at local accommodations and spent time exploring other town amenities.” – Lindsay MacFarlane, Deputy Clerk, Town of Thessalon

    The County of Prince Edward:
    “Working with Earth Day Canada and Aviva on this project helped me gain an understanding of the world of electric vehicles and helped me come to the conclusion that yes, EV ownership in a rural community is very possible! After doing a test drive with Plug n Drive at our inauguration event and speaking firsthand to EV drivers and suppliers of EV charging equipment through this project, I felt really confident in my choice to make my next car an EV. I ditched the ICE and signed a leased an EV this spring. I wouldn’t have felt so sure of my decision without the experience working with Earth Day Canada and Aviva.” – Julianne Snepts, Programs Supervisor, The County of Prince Edward

    About Aviva Canada

    Aviva Canada is one of the leading property and casualty insurance groups in the country, providing home, automobile, lifestyle, and business insurance to 2.4 million customers. As a subsidiary of UK-based Aviva plc, Aviva Canada has more than 4,000 employees focused on creating a sustainable future for our people, our customers, our communities and our planet. In 2021, Aviva plc announced Aviva’s global ambition to become a net zero carbon emissions company by 2040.

    For more information, visit aviva.ca or Aviva Canada’s blog, Twitter, Facebook and LinkedIn pages.

    *Note: Media may arrange interviews by contacting:

    Media Contact: Kelsie Ludlow, Communications Specialist, Aviva
    Email: kelsie.ludlow@aviva.com
    Tel: 437-331-7209

    1 Terms and conditions apply. Please visit www.aviva.ca for more details.

    The MIL Network –

  • MIL-OSI: Bitget lists BitSmiley (SMILE) on Innovation, BTC Ecosystem and DeFi Zone for Spot Trading

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Nov. 04, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company, has listed BitSmiley (SMILE) in the Innovation, BTC Ecosystem, and DeFi Zone, with trading set to commence on 6 November 2024. This listing aligns with Bitget’s ongoing mission to broaden market accessibility to pioneering blockchain projects, offering users exposure to emerging DeFi protocols on the Bitcoin network. With this development, Bitget is expanding its range of supported assets in a space traditionally dominated by Ethereum-based tokens.

    BitSmiley represents a unique integration of lending and stablecoin functionality built directly on the Bitcoin blockchain, a first in the realm of decentralized finance. The platform’s proprietary technology, Fintegra, provides a seamless ecosystem that leverages the security and resilience of Bitcoin while introducing users to a new form of decentralized lending. The BitSmiley protocol addresses scalability and liquidity, allowing users to participate in DeFi with reduced friction. The listing of BitSmiley at Bitget provides enhanced opportunities for traders interested in Bitcoin-based financial products that blend stability with lending capabilities.

    Following this listing, deposits for BitSmiley have already been activated, providing users time to prepare for trading, which will officially launch at 10:00 (UTC) on 6 November. Withdrawals will be enabled on 7 November at 11:00 (UTC), facilitating seamless movement of assets. This early access and preparation phase allows Bitget’s users to familiarize themselves with the platform’s trading dynamics and further engage with decentralized finance innovations.

    The BitSmiley initiative contributes to reshaping financial inclusion and decentralization on Bitcoin. With its focus on a robust financial infrastructure, BitSmiley’s unique stablecoin-lending framework seeks to expand the functionality and versatility of Bitcoin as an asset class. Through its listing on Bitget, users can explore new avenues for portfolio diversification within the security of a Bitcoin-based ecosystem, reflecting a growing market appetite for diversified DeFi options beyond Ethereum.

    As Bitget continues to explore and support pioneering assets across blockchain networks, the addition of BitSmiley emphasizes its commitment to building an inclusive, cross-chain ecosystem where users can engage with the forefront of decentralized financial technology.

    Bitget continues to expand its offerings, positioning itself as a leading platform for cryptocurrency trading. The exchange has established a reputation for innovative solutions that empower users to explore crypto within a secure CeDeFi ecosystem. With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON. The addition of SMILE into Bitget’s portfolio marks a significant step toward expanding its ecosystem, allowing users to access new tools and opportunities in the evolving DeFi landscape.

    For more information on SMILE tokens listing on Bitget, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

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

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/60e6db26-e892-426a-978e-f3c7dfe3ec95

    The MIL Network –

  • MIL-OSI: Alpine Credits Ltd. Expands Philanthropic Efforts with $200,000 Initiative for Local Charities

    Source: GlobeNewswire (MIL-OSI)

    SURREY, British Columbia, Nov. 04, 2024 (GLOBE NEWSWIRE) — Alpine Credits Ltd., a leader in alternative home equity financing, is proud to announce its 2024 philanthropy initiative, committing up to $200,000 to charitable organizations through parent company Amur Financial Group.

    This initiative underscores the company’s dedication to making a meaningful impact in local communities across B.C.

    In its continuous effort to support those in need, Alpine Credits has chosen to collaborate with Mom2Mom Vancouver this year. This organization bridges the gap for mothers and children facing economic hardships by providing essential resources and fostering vital connections.

    “We pride ourselves on trying to make a difference in the lives of individuals and families within our community,” said the VP of Sales for Alpine Credits. “Our employees are passionate about giving back, and this initiative allows us to support causes that matter to them while helping organizations like Mom2Mom fulfill their mission.”

    The partnership with Mom2Mom Vancouver holds special significance, reflecting Alpine Credits’ commitment to social responsibility and enhancing community well-being. By assisting in the provision of essential resources, Alpine Credits aims to improve the lives of vulnerable families and ensure they receive the support needed during challenging times.

    Alpine Credits has a long-standing tradition of philanthropy, having previously raised over $80,000 for various organizations, including the Children’s Wish Foundation and Family Services of Greater Vancouver.

    In addition to Mom2Mom, Amur Financial Group, Alpine Credits’ parent company, is supporting three other charities that were selected by different teams across the organization.

    Since its inception in 1969, Alpine Credits has facilitated over $5 billion in home equity financing, establishing itself as Canada’s leading alternative lender.

    By unlocking the value of their homes, Canadians can meet financial obligations, fund renovations, and invest in new home repair projects.

    About Alpine Credits

    Alpine Credits is a leading provider of home equity financing solutions in Canada. With over 50 years of experience, the company focuses on providing quick support and flexible lending products, helping Canadians unlock the value of their homes.

    For more information, please visit Alpine Credits.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f0d483ff-6574-4cca-8093-219fa05a4970

    The MIL Network –

  • MIL-OSI: Bitget Expands GameFi Offerings with Legend of Arcadia (ARCA) Listing and Airdrop Events

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, Nov. 04, 2024 (GLOBE NEWSWIRE) — Bitget, the leading cryptocurrency exchange and Web3 company has listed Legend of Arcadia (ARCA) in its Innovation and GameFi Zone, offering users an opportunity to participate in ARCA-related activities and share a pool of 2,375,000 ARCA tokens. As a unique addition to the gaming ecosystem, Legend of Arcadia brings an engaging blend of casual gameplay with blockchain-driven rewards, attracting both traditional gamers and Web3 enthusiasts alike. The listing marks a significant expansion in Bitget’s GameFi offerings, inviting users to explore new avenues in the evolving digital economy.

    ARCA token’s deposits, withdrawals and trading are currently open. This listing introduces a new asset to Bitget’s platform and provides an interactive way for users to earn ARCA through a series of airdrop activities. By locking ETH on PoolX, participants can secure a portion of 1,500,000 ARCA tokens. The allocation formula ensures a fair distribution based on each participant’s locked ETH proportion within the pool, fostering a competitive yet equitable system for acquiring tokens.

    Another airdrop opportunity awaits through the CandyBomb promotion, where users can gain access to 875,000 ARCA tokens by engaging in ARCA spot and futures trading. This initiative incentivizes both new spot and futures users, with 437,500 ARCA tokens reserved for each trading category. Participation is streamlined through the CandyBomb page, where users simply need to join the activity to start accumulating rewards based on their net deposits and trading volumes, enhancing user engagement with the ARCA ecosystem.
    Legend of Arcadia offers a captivating gameplay experience by merging traditional gaming elements with blockchain-based incentives, presenting a novel approach to the gaming sector. Set in a multi-chain universe, Legend of Arcadia is both free-to-play and play-to-earn, allowing players to immerse themselves in a strategic, card-based environment where they can earn rewards through staking, battling, and mining. The game introduces users to the whimsical world of “toy heroes,” collectible NFT characters that are central to the gameplay. With eight classes and six factions of these toy-like characters, players can build diverse teams, compete strategically, and earn in-game assets, creating a dynamic ecosystem that merges the entertainment of gaming with the financial opportunities of Web3.

    As Bitget continues to broaden its GameFi portfolio, the listing of ARCA shows the platform’s dedication to fostering accessible, rewarding digital experiences for its global user base. With an extensive selection of over 800 cryptocurrency pairs and a commitment to broaden its offerings to more than 900 trading pairs, Bitget connects users to various ecosystems, including Bitcoin, Ethereum, Solana, Base, and TON. The addition of ARCA into Bitget’s portfolio marks a significant step toward expanding its ecosystem, allowing users to access new opportunities in the evolving DeFi landscape.

    For more information on ARCA tokens listing on Bitget, please visit here.

    About Bitget

    Established in 2018, Bitget is the world’s leading cryptocurrency exchange and Web3 company. Serving over 45 million users in 150+ countries and regions, the Bitget exchange is committed to helping users trade smarter with its pioneering copy trading feature and other trading solutions, while offering real-time access to Bitcoin price, Ethereum price, and other cryptocurrency prices. Formerly known as BitKeep, Bitget Wallet is a world-class multi-chain crypto wallet that offers an array of comprehensive Web3 solutions and features including wallet functionality, token swap, NFT Marketplace, DApp browser, and more.

    Bitget is at the forefront of driving crypto adoption through strategic partnerships, such as its role as the Official Crypto Partner of the World’s Top Football League, LALIGA, in EASTERN, SEA and LATAM market, as well as a global partner of Turkish National athletes Buse Tosun Çavuşoğlu (Wrestling world champion), Samet Gümüş (Boxing gold medalist) and İlkin Aydın (Volleyball national team), to inspire the global community to embrace the future of cryptocurrency.

    For more information, visit: Website | Twitter | Telegram | LinkedIn | Discord | Bitget Wallet

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

    Risk Warning: Digital asset prices may fluctuate and experience price volatility. Only invest what you can afford to lose. The value of your investment may be impacted and it is possible that you may not achieve your financial goals or be able to recover your principal investment. You should always seek independent financial advice and consider your own financial experience and financial standing. Past performance is not a reliable measure of future performance. Bitget shall not be liable for any losses you may incur. Nothing here shall be construed as financial advice.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/929aede6-1e17-4464-99b7-d407fcf59b31

    The MIL Network –

  • MIL-OSI: EXL to Participate in J.P. Morgan 2024 Ultimate Services Investor Conference

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Nov. 04, 2024 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a leading data analytics and digital operations and solutions company, today announced that Maurizio Nicolelli, executive vice president and chief financial officer, will participate in the J.P. Morgan 2024 Ultimate Services Investor Conference in New York. A simultaneous webcast will take place on Thursday, Nov. 14.

    J.P. Morgan Ultimate Services Investor Conference
    Presenter: Maurizio Nicolelli, CFO
    Date: Thursday, Nov. 14, 2024
    Time: 1:10 PM (Eastern)
    Location: New York, NY

    A link to the webcast is available in the Investor Relations section of EXL’s website at ir.exlservice.com. A replay will be available for approximately 30 days on the company’s website.

    About ExlService Holdings, Inc.
    EXL (Nasdaq: EXLS) is a leading data analytics and digital operations and solutions company. We partner with clients using a data and AI-led approach to reinvent business models, drive better business outcomes and unlock growth with speed. EXL harnesses the power of data, analytics, AI, and deep industry knowledge to transform operations for the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 57,000 employees spanning six continents. For more information, visit www.exlservice.com.

    Contacts:

    Investor Relations
    John Kristoff
    Vice President, Investor Relations
    +1 212 209 4613
    ir@exlservice.com

    Media – US
    Keith Little
    Assistant Vice President, Media Relations
    +1 703 598 0980
    media.relations@exlservice.com

    The MIL Network –

  • MIL-OSI: Mountain America Foundation Launches Public Voting for GivingTuesday

    Source: GlobeNewswire (MIL-OSI)

    A Media Snippet accompanying this announcement is available by clicking on this link.

    SANDY, Utah, Nov. 04, 2024 (GLOBE NEWSWIRE) — Mountain America Credit Union announces the launch of its 2024 GivingTuesday initiative, aimed at providing essential support to nonprofits across its six-state footprint. This year, the initiative will donate a total of $28,000 to various nonprofits.

    Voting for the initiative began on Nov. 4 and will continue through Nov. 22, giving the community a chance to actively participate in deciding which local nonprofits will receive the donations. Both Mountain America members and nonmembers are encouraged to vote for their preferred nonprofit by scanning a QR code at their nearest branch location or by visiting Mountain America’s GivingTuesday page.

    “Join us in making a difference this GivingTuesday by casting your vote and supporting the nonprofits making a positive impact in our communities,” said Suzanne Oliver, executive director of the Mountain America Foundation. “We are excited to see which organizations will receive the $28,000 based on your votes. Together, we can create a brighter future for those in need.”

    At the conclusion of the voting period, all votes will be tallied, and the nonprofit organizations with the highest number of votes in each area will be declared the winners. These grants will be awarded on GivingTuesday, which falls on Dec. 3.

    GivingTuesday, created in 2012, aims to encourage people to spread goodwill throughout their communities. Over the past 12 years, it has grown into a global movement, inspiring millions to be generous in their giving, collaboration, and celebration of generosity year-round.

    The Mountain America Foundation, along with the credit union and its team members, remains committed to serving the community. The Foundation seeks to partner with organizations that make a significant impact in the communities served by the credit union.

    “Mountain America has shown an unwavering commitment to helping our members define and achieve their financial dreams for nearly 90 years,” said Sharlene Wells, senior vice president of public relations and organizational communications at Mountain America. “Our Foundation is guided by the principle of ‘people helping people’ within the communities our members call home. Supporting the Foundation’s local giving efforts continues to be a cornerstone of our mission.”

    For more information about the Mountain America Foundation’s GivingTuesday initiative, please visit https://www.macu.com/foundation.

    To learn more about Mountain America’s community involvement, visit macu.com/newsroom.

    About Mountain America Credit Union
    With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across six states, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

    The MIL Network –

  • MIL-OSI: Digital Media Solutions, Inc. Receives Court Approval for Asset Sales

    Source: GlobeNewswire (MIL-OSI)

    CLEARWATER, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — Digital Media Solutions, Inc., (“DMS” or the “Company”), a leading provider of technology-enabled digital performance advertising solutions connecting consumers and advertisers, today announced that, following a competitive auction process, the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”) has approved the sale of substantially all of the assets of the Company’s core business to its existing lenders, including a consortium of leading financial institutions. The Court also approved the sale of the Company’s ClickDealer subsidiaries to iMonMedia, a leading global performance marketing company.

    “We are pleased to have received the Court’s approval of these value-maximizing transactions, which pave the way for us to complete the court-supervised sale process and execute our ownership transition,” said Joe Marinucci, Co-Founder and CEO of DMS. “With a stronger financial foundation and new owners who share our conviction in our go-forward prospects, our core business is well positioned to continue its growth trajectory and capitalize on the significant opportunities we see ahead. We are also glad to have found a new home for our ClickDealer business and the team that supports it with iMonMedia, a leading player in the digital marketing and advertising space who will take ClickDealer to new heights.”

    Marinucci continued, “The progress we have made in this process is a true testament to the hard work and dedication of our employees, and I thank them all for their unwavering commitment to DMS. We look forward to closing the transactions in the coming weeks and continuing to innovate and serve our loyal clients.”

    The transactions are expected to close in the fourth quarter of 2024. DMS is continuing to operate in the ordinary course across its businesses, including its ClickDealer subsidiaries, providing innovative solutions, vertical expertise and outstanding support to its clients and vendors.

    Additional Information

    Additional information is available at AdvancingDMS.com. Court filings and other information related to the sale process are available on a separate website administered by the Company’s claims agent, Omni Agent Solutions, at https://omniagentsolutions.com/DMS; by calling Omni representatives toll-free at (866) 680-8083, or (818) 574-6886 for calls originating outside of the U.S. or Canada; or by emailing DMS@OmniAgnt.com.

    Advisors

    Kirkland & Ellis LLP and Porter Hedges LLP are serving as legal counsel to DMS, Portage Point Partners is serving as restructuring advisor and Houlihan Lokey Capital, Inc. is serving as investment banker.

    About DMS

    Digital Media Solutions, Inc. (DMS) drives better business results by connecting high-intent consumers with advertisers across our core verticals; Insurance (auto, home, health), Education and Consumer/E-Commerce. Our innovative solutions help consumers shop and save, while helping our advertisers achieve above average return on ad spend. Learn more at https://digitalmediasolutions.com.

    Forward-Looking Statements

    This press release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company and its subsidiaries and certain plans and objectives with respect thereto. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as “initiate,” “anticipate,” “target,” “expect,” “enable,” “estimate,” “intend,” “plan,” “goal,” “believe,” “hope,” “aims,” “continue,” “will,” “may,” “should,” “would,” “could” or other words of similar meaning. These statements are based on assumptions and assessments made by the Company and its perception of historical trends, current conditions, future developments and other factors. By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this press release could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements, including related to any sale process and the Chapter 11 process. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this press release. The Company does not assume any obligation to update or correct the information contained in this press release (whether as a result of new information, future events or otherwise), except as may be required by applicable law.

    There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in the global, political, economic, business, competitive, market, supply chain and regulatory forces, future exchange and interest rates, changes in tax rates and any future business combinations or dispositions, our ability to negotiate and confirm a sale of substantially all of our assets under Section 363 of the Bankruptcy Code (or any other plan of reorganization), uncertainties and costs related to the completion of any sale process (implemented through the Chapter 11 process) and the Chapter 11 process more generally, including, among others, potential adverse effects of the Chapter 11 process on the Company’s liquidity and results of operations, including with respect to its relationships with its customers, vendors and partners, suppliers and other third parties; employee attrition and the Company’s ability to retain senior management and other key personnel due to the distractions and uncertainties inherent in the Chapter 11 process; the impact of any cost reduction initiatives; any other legal or regulatory proceedings; the Company’s ability to obtain operating capital, including complying with the restrictions imposed by the terms and conditions of any debtor-in-possession financing, such as the financing mentioned herein; the length of time that the Company will operate under Chapter 11 protection; the timing of any emergence from the Chapter 11 process; and the risk that any plan of reorganization resulting therefrom may not be confirmed or implemented at all. Please see the plan of reorganization and related disclosure statement (as may be amended, modified or supplemented) that may be filed with the Court for additional considerations and risk factors associated with the Company’s Chapter 11 process.

    Nothing in this press release is intended as a profit forecast or estimate for any period and no statement in this press release should be interpreted to mean that the financial performance for the Company, including after the completion of any sale process, for the current or future financial years would necessarily match or exceed its historical results.

    Further, this press release is not intended to and does not constitute and should not be construed as, considered a part of, or relied on in connection with any information or offering memorandum, security purchase agreement, or offer, invitation or recommendation to underwrite, buy, subscribe for, otherwise acquire, or sell any securities or other financial instruments or interests or any other transaction.

    Contacts

    Investor Relations
    investors@dmsgroup.com

    Media
    Aaron Palash / Aura Reinhard / Maeve Barbour / Jenna Shinderman
    Joele Frank Wilkinson Brimmer Katcher
    212-355-4449

    The MIL Network –

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 04.11.2024

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    4 November 2024 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 04.11.2024

    Espoo, Finland – On 4 November 2024 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 1,657,264 4.35
    CEUX 300,000 4.35
    BATE – –
    AQEU – –
    TQEX – –
    Total 1,957,264 4.35

    * Rounded to two decimals

    On 25 January 2024, Nokia announced that its Board of Directors is initiating a share buyback program to return up to EUR 600 million of cash to shareholders in tranches over a period of two years. The first phase of the share buyback program started on 20 March 2024. On 19 July 2024, Nokia decided to accelerate the share buybacks by increasing the number of shares to be repurchased during the year 2024. The post-increase repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 22 July 2024 and end by 31 December 2024 with a maximum aggregate purchase price of EUR 600 million for all purchases during 2024.

    Total cost of transactions executed on 4 November 2024 was EUR 8,521,536. After the disclosed transactions, Nokia Corporation holds 182,796,988 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 40 803 4080
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: Premium Income Corporation Announces Monthly Distribution

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Nov. 04, 2024 (GLOBE NEWSWIRE) — (TSX: PIC.A; PIC.PR.A) Premium Income Corporation has declared monthly distributions payable on November 29, 2024 to shareholders of record on November 15, 2024 in the following amounts per share:

    Share Class Ticker Amount Per Share
    Class A Shares PIC.A $0.08000
    Preferred Shares PIC.PR.A $0.10625
         

    To the extent that any portion of the distributions are ordinary taxable dividends and not capital gains dividends, they will be eligible dividends.

    For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at info@mulvihill.com or visit www.mulvihill.com.

    John Germain, Senior Vice-President & CFO Mulvihill Capital Management Inc.
    121 King Street West
    Suite 2600
    Toronto, Ontario, M5H 3T9
       

    Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the prospectus before investing. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI: Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports Third Quarter 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the third quarter ended September 30, 2024.

    THIRD QUARTER HIGHLIGHTS

    • Q3 2024 average production of 26,978 bo/d (49,370 boe/d), an increase of 2.4% from Q2 2024
    • Q3 2024 consolidated net income (including non-controlling interest) of $109.0 million; net income attributable to Viper Energy, Inc. of $48.9 million, or $0.52 per common share
    • Q3 2024 cash available for distribution to Viper’s common shares (as defined and reconciled below) of $75.4 million, or $0.73 per Class A common share
    • Declared Q3 2024 base cash dividend of $0.30 per Class A common share; implies a 2.3% annualized yield based on the November 1, 2024, share closing price of $52.16
    • Q3 2024 variable cash dividend of $0.31 per Class A common share; total base-plus-variable dividend of $0.61 per Class A common share implies a 4.7% annualized yield based on the November 1, 2024, share closing price of $52.16
    • Total Q3 2024 return of capital of $62.4 million, or $0.61 per Class A common share, represents 83% of cash available for distribution
    • 330 total gross (6.8 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q3 2024 with an average lateral length of 11,866 feet
    • As previously announced, closed acquisition of certain mineral and royalty interest-owning subsidiaries of Tumbleweed-Q Royalty Partners, LLC and MC Tumbleweed Royalty, LLC on September 3, 2024; closed acquisition of subsidiaries of Tumbleweed Royalty IV, LLC on October 1, 2024 (the “TWR IV acquisition” and collectively with the other Tumbleweed acquisitions, the “Tumbleweed Acquisitions”)
    • Initiating average daily production guidance for Q4 2024 of 29,250 to 29,750 bo/d (52,500 to 53,000 boe/d)
    • Increasing full year 2024 average daily production guidance to 27,000 to 27,250 bo/d (48,750 to 49,250 boe/d)

    “The third quarter marked a continuation of Viper delivering on its differentiated strategy and value proposition, and was highlighted by both continued organic production growth on our legacy asset base and the closing of the Tumbleweed Acquisitions. As we prepare to head into 2025, we look forward to further delivering on our strategy of consolidating high quality mineral and royalty assets through a disciplined and focused approach,” stated Travis Stice, Chief Executive Officer of Viper.

    Mr. Stice continued, “Looking specifically at current operations, activity remains strong across our acreage position as represented by the substantial amount of work-in-progress and line-of-sight wells, and we continue to benefit from Diamondback’s large scale development of our high concentration royalty acreage. We expect our durable production profile, along with our best-in-class cost structure, to continue to highlight the advantaged nature of our business model as we can maintain our strong free cash flow conversion despite the volatility in commodity prices.”

    FINANCIAL UPDATE

    Viper’s third quarter 2024 average unhedged realized prices were $75.24 per barrel of oil, $0.13 per Mcf of natural gas and $19.89 per barrel of natural gas liquids, resulting in a total equivalent realized price of $45.83/boe.

    Viper’s third quarter 2024 average hedged realized prices were $74.27 per barrel of oil, $0.56 per Mcf of natural gas and $19.89 per barrel of natural gas liquids, resulting in a total equivalent realized price of $45.87/boe.

    During the third quarter of 2024, the Company recorded total operating income of $209.6 million and consolidated net income (including non-controlling interest) of $109.0 million.

    As of September 30, 2024, the Company had a cash balance of $168.6 million and total long-term debt outstanding (excluding debt issuance costs, discounts and premiums) of $830.4 million, resulting in net debt (as defined and reconciled below) of $661.7 million. Viper’s outstanding long-term debt as of September 30, 2024 consisted of $430.4 million in aggregate principal amount of its 5.375% Senior Notes due 2027, $400.0 million in aggregate principal amount of its 7.375% Senior Notes due 2031 and no borrowings on its revolving credit facility, leaving $850.0 million available for future borrowings and $1.0 billion of total liquidity.

    Giving effect to the closing of the TWR IV acquisition on October 1, 2024 and the funding of the cash consideration of $458.9 million (of which $43.1 million had previously been paid into escrow, and the remainder was funded at closing with net proceeds from the underwritten public equity offering of Class A common stock that was completed on September 13, 2024, cash on hand, and borrowings under the revolving credit facility), pro forma net debt as of October 1, 2024 was approximately $1.1 billion.

    THIRD QUARTER 2024 CASH DIVIDEND & CAPITAL RETURN PROGRAM

    Viper announced today that the Board of Directors (the “Board”) of Viper Energy, Inc., declared a base dividend of $0.30 per Class A common share for the third quarter of 2024 payable on November 21, 2024 to Class A common shareholders of record at the close of business on November 14, 2024.

    The Board also declared a variable cash dividend of $0.31 per Class A common share for the third quarter of 2024 payable on November 21, 2024 to Class A common shareholders of record at the close of business on November 14, 2024.

    OPERATIONS UPDATE

    During the third quarter of 2024, Viper estimates that 330 gross (6.8 net 100% royalty interest) horizontal wells with an average royalty interest of 2.1% were turned to production on its acreage position with an average lateral length of 11,866 feet. Of these 330 gross wells, Diamondback is the operator of 81 gross wells, with an average royalty interest of 5.1%, and the remaining 249 gross wells, with an average royalty interest of 1.1%, are operated by third parties.

    Viper’s footprint of mineral and royalty interests was 32,567 net royalty acres as of September 30, 2024. Giving effect to the closing of the TWR IV acquisition on October 1, 2024, Viper’s pro forma acreage position was approximately 35,634 net royalty acres, of which Diamondback operated approximately 19,227 net royalty acres.

    Our gross well information as of October 1, 2024 is as follows, after giving effect to the Tumbleweed Acquisitions and Diamondback’s completed merger with Endeavor Energy Resources, L.P.:

      Diamondback
    Operated    		   Third Party
    Operated    		   Total
    Horizontal wells turned to production(1):          
    Gross wells         81     249     330  
    Net 100% royalty interest wells         4.1     2.7     6.8  
    Average percent net royalty interest         5.1 %   1.1 %   2.1 %
               
    Horizontal producing well count:          
    Gross wells         2,755     7,969     10,724  
    Net 100% royalty interest wells         150.1     102.0     252.1  
    Average percent net royalty interest         5.4 %   1.3 %   2.4 %
               
    Horizontal active development well count:          
    Gross wells         179     624     803  
    Net 100% royalty interest wells         10.4     7.3     17.7  
    Average percent net royalty interest         5.8 %   1.2 %   2.2 %
               
    Line of sight wells:          
    Gross wells         266     859     1,125  
    Net 100% royalty interest wells         8.6     13.4     22.0  
    Average percent net royalty interest         3.2 %   1.6 %   2.0 %

    (1) Average lateral length of 11,866 feet.

    The 803 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, there are currently 60 gross rigs operating on Viper’s acreage, seven of which are operated by Diamondback. The 1,125 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

    GUIDANCE UPDATE

    Below is Viper’s updated guidance for the full year 2024, as well as production guidance for Q4 2024.

       
      Viper Energy, Inc.
       
    Q4 2024 Net Production – MBo/d 29.25 – 29.75
    Q4 2024 Net Production – MBoe/d 52.50 – 53.00
    Full Year 2024 Net Production – MBo/d 27.00 – 27.25
    Full Year 2024 Net Production – MBoe/d 48.75 – 49.25
       
    Share costs ($/boe)  
    Depletion $11.50 – $12.00
    Cash G&A $0.80 – $1.00
    Non-Cash Share-Based Compensation $0.10 – $0.20
    Interest Expense $4.00 – $4.25
       
    Production and Ad Valorem Taxes (% of Revenue) ~7%
    Cash Tax Rate (% of Pre-Tax Income Attributable to Viper Energy, Inc.)(1) 20% – 22%
    Q4 2024 Cash Taxes ($ – million)(2) $13.0 – $18.0

    (1)   Pre-tax income attributable to Viper Energy, Inc. is reconciled below.
    (2)   Attributable to Viper Energy, Inc.

    CONFERENCE CALL

    Viper will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2024 on Tuesday, November 5, 2024 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

    About Viper Energy, Inc.

    Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. For more information, please visit www.viperenergy.com.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the recently completed TWR IV acquisition and other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases, and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial sector; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production on Viper’s mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and the risks and other factors disclosed in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.

    In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, the new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

    Viper Energy, Inc.
    Condensed Consolidated Balance Sheets
    (unaudited, in thousands, except share amounts)
           
      September 30,   December 31,
       2024     2023 
    Assets      
    Current assets:      
    Cash and cash equivalents         $ 168,649     $ 25,869  
    Royalty income receivable (net of allowance for credit losses)           108,857       108,681  
    Royalty income receivable—related party           35,997       3,329  
    Income tax receivable           —       813  
    Derivative instruments           2,795       358  
    Prepaid expenses and other current assets           3,882       4,467  
    Total current assets           320,180       143,517  
    Property:      
    Oil and natural gas interests, full cost method of accounting ($1,622,601 and $1,769,341 excluded from depletion at September 30, 2024 and December 31, 2023, respectively)           4,771,268       4,628,983  
    Land           5,688       5,688  
    Accumulated depletion and impairment           (1,016,173 )     (866,352 )
    Property, net           3,760,783       3,768,319  
    Funds held in escrow           43,050       —  
    Derivative instruments           2,727       92  
    Deferred income taxes (net of allowances)           74,617       56,656  
    Other assets           4,653       5,509  
    Total assets         $ 4,206,010     $ 3,974,093  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable         $ 26     $ 19  
    Accounts payable—related party           —       1,330  
    Accrued liabilities           41,465       27,021  
    Derivative instruments           901       2,961  
    Income taxes payable           1,816       1,925  
    Total current liabilities           44,208       33,256  
    Long-term debt, net           821,505       1,083,082  
    Derivative instruments           —       201  
    Other long-term liabilities           4,789       —  
    Total liabilities           870,502       1,116,539  
    Stockholders’ equity:      
    Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 102,947,008 shares issued and outstanding as of September 30, 2024 and 86,144,273 shares issued and outstanding as of December 31, 2023           —       —  
    Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 85,431,453 shares issued and outstanding as of September 30, 2024 and 90,709,946 shares issued and outstanding as of December 31, 2023           —       —  
    Additional paid-in capital           1,429,649       1,031,078  
    Retained earnings (accumulated deficit)           (28,691 )     (16,786 )
    Total Viper Energy, Inc. stockholders’ equity           1,400,958       1,014,292  
    Non-controlling interest           1,934,550       1,843,262  
    Total equity           3,335,508       2,857,554  
    Total liabilities and stockholders’ equity         $ 4,206,010     $ 3,974,093  
     
    Viper Energy, Inc.
    Condensed Consolidated Statements of Operations
    (unaudited, in thousands, except per share data)
                   
      Three Months Ended September 30,   Nine Months Ended September 30,
       2024     2023     2024     2023 
    Operating income:              
    Oil income         $ 186,750     $ 168,008     $ 558,203     $ 443,927  
    Natural gas income           823       8,893       8,763       22,974  
    Natural gas liquids income           20,585       18,713       61,745       47,995  
    Royalty income           208,158       195,614       628,711       514,896  
    Lease bonus income—related party           107       97,237       227       105,585  
    Lease bonus income           1,143       196       2,289       1,730  
    Other operating income           180       193       461       774  
    Total operating income           209,588       293,240       631,688       622,985  
    Costs and expenses:              
    Production and ad valorem taxes           15,113       12,286       44,720       37,794  
    Depletion           54,528       36,280       149,821       101,331  
    General and administrative expenses—related party           2,569       924       7,391       2,772  
    General and administrative expenses           2,046       956       6,712       3,880  
    Other operating (income) expense           (236 )     —       (3 )     —  
    Total costs and expenses           74,020       50,446       208,641       145,777  
    Income (loss) from operations           135,568       242,794       423,047       477,208  
    Other income (expense):              
    Interest expense, net           (16,739 )     (10,970 )     (54,736 )     (31,636 )
    Gain (loss) on derivative instruments, net           7,410       (2,988 )     5,264       (30,685 )
    Other income, net           —       256       —       258  
    Total other expense, net           (9,329 )     (13,702 )     (49,472 )     (62,063 )
    Income (loss) before income taxes           126,239       229,092       373,575       415,145  
    Provision for (benefit from) income taxes           17,194       21,879       42,729       39,735  
    Net income (loss)           109,045       207,213       330,846       375,410  
    Net income (loss) attributable to non-controlling interest           60,128       128,614       181,668       232,294  
    Net income (loss) attributable to Viper Energy, Inc.         $ 48,917     $ 78,599     $ 149,178     $ 143,116  
                   
    Net income (loss) attributable to common shares:              
    Basic         $ 0.52     $ 1.11     $ 1.64     $ 1.99  
    Diluted         $ 0.52     $ 1.11     $ 1.64     $ 1.99  
    Weighted average number of common shares outstanding:              
    Basic           93,695       70,925       90,895       71,803  
    Diluted           93,747       70,925       90,989       71,803  
                                   
    Viper Energy, Inc.
    Condensed Consolidated Statements of Cash Flows
    (unaudited, in thousands)
                   
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
    Cash flows from operating activities:              
    Net income (loss)         $ 109,045     $ 207,213     $ 330,846     $ 375,410  
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                      
    Provision for (benefit from) deferred income taxes           1,777       355       (505 )     887  
    Depletion           54,528       36,280       149,821       101,331  
    (Gain) loss on derivative instruments, net           (7,410 )     2,988       (5,264 )     30,685  
    Net cash receipts (payments) on derivatives           187       (3,807 )     (2,038 )     (10,019 )
    Other           1,390       823       4,470       2,045  
    Changes in operating assets and liabilities:              
    Royalty income receivable           26,163       (23,039 )     2,886       (22,147 )
    Royalty income receivable—related party           (1,015 )     (3,047 )     (32,667 )     (1,171 )
    Accounts payable and accrued liabilities           19,107       6,739       14,192       4,156  
    Accounts payable—related party           —       —       (1,330 )     (306 )
    Income taxes payable           (385 )     11,738       (109 )     12,411  
    Other           (413 )     3,485       1,398       (885 )
    Net cash provided by (used in) operating activities           202,974       239,728       461,700       492,397  
    Cash flows from investing activities:              
    Acquisitions of oil and natural gas interests—related party           —       —       —       (75,073 )
    Acquisitions of oil and natural gas interests           (241,877 )     (51,101 )     (271,052 )     (98,510 )
    Proceeds from sale of oil and natural gas interests           (2,967 )     (1,191 )     87,674       (3,166 )
    Net cash provided by (used in) investing activities           (244,844 )     (52,292 )     (183,378 )     (176,749 )
    Cash flows from financing activities:              
    Proceeds from borrowings under credit facility           375,000       69,000       470,000       260,000  
    Repayment on credit facility           (552,000 )     (43,000 )     (733,000 )     (162,000 )
    Net proceeds from public offering           475,904       —       475,904       —  
    Repurchased shares/units under buyback program           —       (9,650 )     —       (67,181 )
    Dividends/distributions to stockholders           (58,649 )     (25,300 )     (156,553 )     (84,181 )
    Dividends/distributions to Diamondback            (64,947 )     (40,200 )     (191,830 )     (127,929 )
    Other           —       (4,551 )     (63 )     (5,722 )
    Net cash provided by (used in) financing activities           175,308       (53,701 )     (135,542 )     (187,013 )
    Net increase (decrease) in cash and cash equivalents           133,438       133,735       142,780       128,635  
    Cash, cash equivalents and restricted cash at beginning of period           35,211       13,079       25,869       18,179  
    Cash, cash equivalents and restricted cash at end of period         $ 168,649     $ 146,814     $ 168,649     $ 146,814  
     
    Viper Energy, Inc.
    Selected Operating Data
    (unaudited)
               
      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    Production Data:          
    Oil (MBbls)           2,482     2,398     2,037
    Natural gas (MMcf)           6,150     5,631     4,900
    Natural gas liquids (MBbls)           1,035     983     867
    Combined volumes (MBoe)(1)           4,542     4,320     3,721
               
    Average daily oil volumes (bo/d)           26,978     26,352     22,141
    Average daily combined volumes (boe/d)           49,370     47,473     40,446
               
    Average sales prices:          
    Oil ($/Bbl)         $ 75.24   $ 81.04   $ 82.48
    Natural gas ($/Mcf)         $ 0.13   $ 0.20   $ 1.81
    Natural gas liquids ($/Bbl)         $ 19.89   $ 20.35   $ 21.58
    Combined ($/boe)(2)         $ 45.83   $ 49.88   $ 52.57
               
    Oil, hedged ($/Bbl)(3)         $ 74.27   $ 80.24   $ 81.44
    Natural gas, hedged ($/Mcf)(3)         $ 0.56   $ 0.64   $ 1.47
    Natural gas liquids ($/Bbl)(3)         $ 19.89   $ 20.35   $ 21.58
    Combined price, hedged ($/boe)(3)         $ 45.87   $ 50.00   $ 51.55
               
    Average Costs ($/boe):          
    Production and ad valorem taxes         $ 3.33   $ 3.52   $ 3.30
    General and administrative – cash component           0.83     0.84     0.41
    Total operating expense – cash         $ 4.16   $ 4.36   $ 3.71
               
    General and administrative – non-cash stock compensation expense         $ 0.19   $ 0.19   $ 0.10
    Interest expense, net         $ 3.69   $ 4.32   $ 2.95
    Depletion         $ 12.01   $ 11.19   $ 9.75

    (1)   Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
    (2)   Realized price net of all deducts for gathering, transportation and processing.
    (3)   Hedged prices reflect the impact of cash settlements of our matured commodity derivative transactions on our average sales prices.

    NON-GAAP FINANCIAL MEASURES

    Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Viper defines Adjusted EBITDA as net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expense, depletion, non-cash (gain) loss on derivative instruments, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and provision for (benefit from) income taxes. Adjusted EBITDA is not a measure of net income as determined by United States’ generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because it allows them to more effectively evaluate Viper’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA.

    Viper defines cash available for distribution to Viper Energy, Inc. shareholders generally as an amount equal to its Adjusted EBITDA for the applicable quarter less cash needed for income taxes payable for the current period, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the Board may deem appropriate, lease bonus income, net of tax, distribution equivalent rights payments, preferred dividends, and an adjustment for changes in ownership interests that occurred subsequent to the quarter, if any. Management believes cash available for distribution is useful because it allows them to more effectively evaluate Viper’s operating performance excluding the impact of non-cash financial items and short-term changes in working capital. Viper’s computations of Adjusted EBITDA and cash available for distribution may not be comparable to other similarly titled measures of other companies or to such measure in its credit facility or any of its other contracts. Viper further defines cash available for variable dividends as at least 75 percent of cash available for distribution less base dividends declared and repurchased shares as part of its share buyback program for the applicable quarter.

    The following tables present a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measures of Adjusted EBITDA, cash available for distribution and cash available for variable dividends:

    Viper Energy, Inc.
    (unaudited, in thousands, except per share data)
       
      Three Months Ended
    September 30, 2024
    Net income (loss) attributable to Viper Energy, Inc.         $ 48,917  
    Net income (loss) attributable to non-controlling interest           60,128  
    Net income (loss)           109,045  
    Interest expense, net           16,739  
    Non-cash share-based compensation expense           845  
    Depletion           54,528  
    Non-cash (gain) loss on derivative instruments           (7,223 )
    Other non-cash operating expenses           (236 )
    Other non-recurring expenses           92  
    Provision for (benefit from) income taxes           17,194  
    Consolidated Adjusted EBITDA           190,984  
    Less: Adjusted EBITDA attributable to non-controlling interest           86,613  
    Adjusted EBITDA attributable to Viper Energy, Inc.         $ 104,371  
       
    Adjustments to reconcile Adjusted EBITDA to cash available for distribution:  
    Income taxes payable for the current period         $ (15,416 )
    Debt service, contractual obligations, fixed charges and reserves           (8,922 )
    Lease bonus income, net of tax           (479 )
    Distribution equivalent rights payments           (123 )
    Preferred distributions                   (20 )
    Effect of subsequent ownership changes                   (3,963 )
    Cash available for distribution to Viper Energy, Inc. shareholders         $ 75,448  
      Three Months Ended September 30, 2024
      Amounts   Amounts Per
    Common Share
    Reconciliation to cash available for variable dividends:      
    Cash available for distribution to Viper Energy, Inc. shareholders         $ 75,448   $ 0.73
           
    Return of Capital          $ 62,375   $ 0.61
    Less:      
    Base dividend           30,884     0.30
    Cash available for variable dividends         $ 31,491   $ 0.31
           
    Total approved base and variable dividend per share             $ 0.61
           
    Class A common stock outstanding               102,947

    The following table presents a reconciliation of the GAAP financial measure of income (loss) before income taxes to the non-GAAP financial measure of pre-tax income attributable to Viper Energy, Inc. Management believes this measure is useful to investors given it provides the basis for income taxes payable by Viper Energy, Inc, which is an adjustment to reconcile Adjusted EBITDA to cash available for distribution to holders of Viper Energy, Inc. Class A common stock.

    Viper Energy, Inc.
    Pre-tax income attributable to Viper Energy, Inc.
    (unaudited, in thousands)
       
      Three Months Ended
    September 30, 2024
     
    Income (loss) before income taxes         $ 126,239  
    Less: Net income (loss) attributable to non-controlling interest           60,128  
    Pre-tax income attributable to Viper Energy, Inc.         $ 66,111  
       
    Income taxes payable for the current period         $ 15,416  
    Effective cash tax rate attributable to Viper Energy, Inc.           23.3 %

    Adjusted net income (loss) is a non-GAAP financial measure equal to net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

    The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Viper Energy, Inc. to the non-GAAP financial measure of adjusted net income (loss):

    Viper Energy, Inc.
    Adjusted Net Income (Loss)
    (unaudited, in thousands, except per share data)
       
      Three Months Ended September 30, 2024
      Amounts   Amounts Per
    Diluted Share
    Net income (loss) attributable to Viper Energy, Inc. (1)         $ 48,917     $ 0.52  
    Net income (loss) attributable to non-controlling interest           60,128       0.64  
    Net income (loss)(1)            109,045       1.16  
    Non-cash (gain) loss on derivative instruments, net           (7,223 )     (0.08 )
    Other non-cash operating expenses           (236 )     —  
    Other non-recurring expenses           92       —  
    Adjusted income excluding above items(1)            101,678       1.08  
    Income tax adjustment for above items           1,003       0.02  
    Adjusted net income (loss)(1)            102,681       1.10  
    Less: Adjusted net income (loss) attributed to non-controlling interests           57,059       0.61  
    Adjusted net income (loss) attributable to Viper Energy, Inc. (1)          $ 45,622     $ 0.49  
           
    Weighted average Class A common shares outstanding:      
    Basic           93,695  
    Diluted           93,747  

    (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of Class A common shares and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Viper Energy, Inc., (ii) less the reallocation of $0.1 million in earnings attributable to participating securities, (iii) divided by diluted weighted average Class A common shares outstanding.

    RECONCILIATION OF LONG-TERM DEBT TO NET DEBT

    The Company defines the non-GAAP measure of net debt as debt (excluding debt issuance costs, discounts and premiums) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

        September 30, 2024   Net Q3
    Principal
    Borrowings/
    (Repayments)    		   June 30, 2024   March 31, 2024   December 31, 2023   September 30, 2023
        (in thousands)
    Total long-term debt(1)   $ 830,350     $ (177,000 )   $ 1,007,350     $ 1,103,350     $ 1,093,350     $ 680,350  
    Cash and cash equivalents     (168,649 )         (35,211 )     (20,005 )     (25,869 )     (146,814 )
    Net debt   $ 661,701         $ 972,139     $ 1,083,345     $ 1,067,481     $ 533,536  

    (1) Excludes debt issuance costs, discounts & premiums.

    Derivatives

    As of the filing date, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent. When aggregating multiple contracts, the weighted average contract price is disclosed.

      Crude Oil (Bbls/day, $/Bbl)
      Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025
    Deferred Premium Puts – WTI (Cushing)   16,000       20,000       20,000       —     —
    Strike $ 55.00     $ 55.00     $ 55.00     $ —   $ —
    Premium $ (1.70 )   $ (1.62 )   $ (1.61 )   $ —   $ —
      Crude Oil (Bbls/day, $/Bbl)
      Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025
    Costless Collars – WTI (Cushing)   4,000     —     —     —     —
    Floor $ 55.00   $ —   $ —   $ —   $ —
    Ceiling $ 93.66   $ —   $ —   $ —   $ —
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025
    Costless Collars – Henry Hub   —     60,000     60,000     60,000     60,000
    Floor $ —   $ 2.50   $ 2.50   $ 2.50   $ 2.50
    Ceiling $ —   $ 4.93   $ 4.93   $ 4.93   $ 4.93
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025
    Natural Gas Basis Swaps – Waha Hub   30,000       60,000       60,000       60,000       60,000  
    Swap Price $ (1.20 )   $ (0.80 )   $ (0.80 )   $ (0.80 )   $ (0.80 )

    Investor Contact:

    Austen Gilfillian
    +1 432.221.7420
    agilfillian@viperenergy.com 

    Source: Viper Energy, Inc.; Diamondback Energy, Inc.

    The MIL Network –

  • MIL-OSI: Diamondback Energy, Inc. Announces Third Quarter 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the third quarter ended September 30, 2024.

    THIRD QUARTER 2024 HIGHLIGHTS

    • As previously announced, closed merger with Endeavor Energy Resources, L.P. (“Endeavor”) on September 10, 2024
    • Average production of 321.1 MBO/d (571.1 MBOE/d)
    • Net cash provided by operating activities of $1.2 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $1.4 billion
    • Cash capital expenditures of $688 million
    • Free Cash Flow (as defined and reconciled below) of $708 million; Adjusted Free Cash Flow (as defined and reconciled below) of $1.0 billion
    • Declared Q3 2024 base cash dividend of $0.90 per share payable on November 21, 2024; implies a 2.0% annualized yield based on November 1, 2024 closing share price of $175.81
    • Repurchased 2,919,763 shares of common stock in Q3 2024 for $515 million, excluding excise tax (at a weighted average price of $176.40 per share); repurchased 1,029,191 shares of common stock to date in Q4 2024 for $185 million, excluding excise tax (at a weighted average price of $180.13 per share)
    • Total Q3 2024 return of capital of $780 million; represents ~78% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q3 2024 base dividend
    • As previously announced, Board approved a $2.0 billion increase to share repurchase authorization to $6.0 billion from $4.0 billion previously

    TRP ENERGY (“TRP”) TRADE

    • On November 3rd, Diamondback and TRP entered into a definitive agreement under which Diamondback will trade certain Delaware Basin assets and pay approximately $238 million in cash to TRP in exchange for TRP’s Midland Basin assets
    • TRP’s Midland Basin assets are made up of ~15,000 net acres across Upton and Reagan counties and consist of 55 remaining undeveloped operated locations, the majority of which immediately compete for capital
    • The asset also includes 18 Drilled Uncompleted Wells (“DUCs”) which provide for additional capital allocation flexibility
    • The trade is expected to be accretive to both Cash Flow and Free Cash Flow per share and enhances Diamondback’s near-term oil production profile
    • Expected to close in December 2024, subject to customary regulatory approvals and closing conditions
    • Jefferies LLC is serving as financial advisor to Diamondback. Kirkland & Ellis LLP is serving as legal advisor to Diamondback. J.P. Morgan Securities LLC, Moelis & Company and RBC Capital Markets are acting as financial advisors to TRP. Clifford Chance US LLP is serving as legal advisor to TRP.

    OPERATIONS UPDATE

    The tables below provide a summary of operating activity for the third quarter of 2024.

      Total Activity (Gross Operated):        
        Number of Wells
    Drilled    		   Number of Wells
    Completed    		  
      Midland Basin 71   87  
      Delaware Basin 5   8  
      Total 76   95  
      Total Activity (Net Operated):        
        Number of Wells
    Drilled    (1)    		   Number of Wells
    Completed    (1)    		  
      Midland Basin 67   95  
      Delaware Basin 4   7  
      Total 71   102  
      (1) Includes two additional net wells drilled and nine additional net wells completed, respectively, from interests acquired in the Endeavor Acquisition during the first six months of 2024.  
               

    During the third quarter of 2024, Diamondback drilled 71 gross wells in the Midland Basin and five gross wells in the Delaware Basin. The Company turned 87 operated wells to production in the Midland Basin and eight gross wells in the Delaware Basin, with an average lateral length of 12,238 feet. Operated completions during the third quarter consisted of 22 Wolfcamp A wells, 21 Lower Spraberry wells, 15 Jo Mill wells, 14 Wolfcamp B wells, 12 Middle Spraberry wells, four Dean wells, four Third Bone Spring wells and three Upper Spraberry wells.

    For the first nine months of 2024, Diamondback drilled 211 gross wells in the Midland Basin and 24 gross wells in the Delaware Basin. The Company turned 267 operated wells to production in the Midland Basin and 15 operated wells to production in the Delaware Basin. The average lateral length for wells completed during the first nine months of 2024 was 11,645 feet, and consisted of 72 Lower Spraberry wells, 61 Wolfcamp A wells, 45 Wolfcamp B wells, 40 Jo Mill wells, 34 Middle Spraberry wells, nine Wolfcamp D wells, nine Dean wells, six Upper Spraberry wells, four Third Bone Spring wells, one Second Bone Spring well and one Barnett well.

    FINANCIAL UPDATE

    Diamondback’s third quarter 2024 net income was $659 million, or $3.19 per diluted share. Adjusted net income (as defined and reconciled below) for the third quarter was $698 million, or $3.38 per diluted share.

    Third quarter 2024 net cash provided by operating activities was $1.2 billion. Through the first nine months of 2024, Diamondback’s net cash provided by operating activities was $4.1 billion.

    During the third quarter of 2024, Diamondback spent $633 million on operated and non-operated drilling and completions, $52 million on infrastructure and environmental and $3 million on midstream, for total cash capital expenditures of $688 million. Through the first nine months of 2024, Diamondback spent $1.8 billion on operated and non-operated drilling and completions, $128 million on infrastructure and environmental and $8 million on midstream, for total cash capital expenditures of $1.9 billion.

    Third quarter 2024 Consolidated Adjusted EBITDA (as defined and reconciled below) was $1.8 billion. Adjusted EBITDA net of non-controlling interest (as defined and reconciled below) for the third quarter was $1.7 billion.

    Diamondback’s third quarter 2024 Free Cash Flow (as defined and reconciled below) was $708 million. Adjusted Free Cash Flow (as reconciled and defined below) for the third quarter was $1.0 billion. Through September 30, 2024, Diamondback’s Free Cash Flow was $2.3 billion, with $2.7 billion of Adjusted Free Cash Flow over the same period.

    Third quarter 2024 average unhedged realized prices were $73.13 per barrel of oil, $(0.26) per Mcf of natural gas and $17.70 per barrel of natural gas liquids (“NGLs”), resulting in a total equivalent unhedged realized price of $44.80 per BOE.

    Diamondback’s cash operating costs for the third quarter of 2024 were $11.49 per BOE, including lease operating expenses (“LOE”) of $6.01 per BOE, cash general and administrative (“G&A”) expenses of $0.63 per BOE, production and ad valorem taxes of $2.91 per BOE and gathering, processing and transportation expenses of $1.94 per BOE.

    As of September 30, 2024, Diamondback had $201 million in standalone cash and $115 million in borrowings outstanding under its revolving credit facility, with approximately $2.4 billion available for future borrowings under the facility and approximately $2.6 billion of total liquidity. As of September 30, 2024, the Company had consolidated total debt of $13.1 billion and consolidated net debt (as defined and reconciled below) of $12.7 billion, up from consolidated total debt of $12.2 billion and up from consolidated net debt of $5.3 billion as of June 30, 2024. Effective in September 2024, the Company’s borrowing base and elected commitment was increased to $2.5 billion from $1.6 billion previously.

    DIVIDEND DECLARATIONS

    Diamondback announced today that the Company’s Board of Directors declared a base cash dividend of $0.90 per common share for the third quarter of 2024 payable on November 21, 2024 to stockholders of record at the close of business on November 14, 2024.

    Future base and variable dividends remain subject to review and approval at the discretion of the Company’s Board of Directors.

    COMMON STOCK REPURCHASE PROGRAM

    During the third quarter of 2024, Diamondback repurchased ~2.9 million shares of common stock at an average share price of $176.40 for a total cost of approximately $515 million, excluding excise tax. To date, Diamondback has repurchased ~23.3 million shares of common stock at an average share price of $133.48 for a total cost of approximately $3.1 billion and has approximately $2.9 billion remaining on its current share buyback authorization. Subject to factors discussed below, Diamondback intends to continue to purchase common stock under the common stock repurchase program opportunistically with cash on hand, free cash flow from operations and proceeds from potential liquidity events such as the sale of assets. This repurchase program has no time limit and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Purchases under the repurchase program may be made from time to time in privately negotiated transactions, or in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. Any common stock purchased as part of this program will be retired.

    UPDATED 2024 GUIDANCE

    Below is Diamondback’s guidance for the full year 2024, which includes fourth quarter production, unit costs and capital guidance. The Company’s production and capital guidance for the full year 2024 has been updated to give effect to the Endeavor merger, which was completed on September 10, 2024.

      2024 Guidance 2024 Guidance
      Diamondback Energy, Inc. Viper Energy, Inc.
         
    2024 Net production – MBOE/d 587 – 590 (from 462 – 470) 48.75 – 49.25
    2024 Oil production – MBO/d 335 – 337 (from 273 – 276) 27.00 – 27.25
    Q4 2024 Oil production – MBO/d (total – MBOE/d) 470 – 475 (840 – 850) 29.25 – 29.75 (52.50 – 53.00)
         
    Q4 2024 Unit costs ($/BOE)    
    Lease operating expenses, including workovers $5.90 – $6.20  
    G&A    
    Cash G&A $0.55 – $0.65  
    Non-cash equity-based compensation $0.25 – $0.40  
    DD&A $14.00 – $15.00  
    Interest expense (net of interest income) $0.25 – $0.50  
    Gathering, processing and transportation $1.60 – $1.80  
         
    Production and ad valorem taxes (% of revenue) ~7%  
    Corporate tax rate (% of pre-tax income) 23%  
    Cash tax rate (% of pre-tax income) 15% – 18%  
    Cash taxes ($ – million) $240 – $300 $13 – $18
         
    Capital Budget ($ – million)    
    2024 Total capital expenditures $2,875 – $3,000 (from $2,350 – $2,450)  
    Q4 2024 Capital expenditures $950 – $1,050  
         
    Q4 2024 Gross horizontal wells drilled (net) 105 – 125 (100 – 118)  
    Q4 2024 Gross horizontal wells completed (net) 110 – 130 (102 – 120)  
         

    CONFERENCE CALL

    Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the third quarter of 2024 on Tuesday, November 5, 2024 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the recently completed Endeavor merger and other acquisitions or divestitures); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024, and those risks disclosed in its subsequent filings on Forms 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

    In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this letter or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

     
    Diamondback Energy, Inc.
    Condensed Consolidated Balance Sheets
    (unaudited, in millions, except share amounts)
           
      September 30,   December 31,
        2024       2023  
    Assets      
    Current assets:      
    Cash and cash equivalents ($169 million and $26 million related to Viper) $ 370     $ 582  
    Restricted cash   3       3  
    Accounts receivable:      
    Joint interest and other, net   233       192  
    Oil and natural gas sales, net ($109 million and $109 million related to Viper)   1,197       654  
    Inventories   126       63  
    Derivative instruments   42       17  
    Prepaid expenses and other current assets   51       110  
    Total current assets   2,022       1,621  
    Property and equipment:      
    Oil and natural gas properties, full cost method of accounting ($21,971 million and $8,659 million excluded from amortization at September 30, 2024 and December 31, 2023, respectively) ($4,771 million and $4,629 million related to Viper and $1,623 million and $1,769 million excluded from amortization related to Viper)   79,718       42,430  
    Other property, equipment and land   1,417       673  
    Accumulated depletion, depreciation, amortization and impairment ($1,016 million and $866 million related to Viper)   (18,082 )     (16,429 )
    Property and equipment, net   63,053       26,674  
    Funds held in escrow   43       —  
    Equity method investments   377       529  
    Derivative instruments   38       1  
    Deferred income taxes, net   62       45  
    Investment in real estate, net   81       84  
    Other assets   71       47  
    Total assets $ 65,747     $ 29,001  
    Liabilities and Stockholders’ Equity      
    Current liabilities:      
    Accounts payable – trade $ 198     $ 261  
    Accrued capital expenditures   641       493  
    Current maturities of long-term debt   1,000       —  
    Other accrued liabilities   857       475  
    Revenues and royalties payable   1,444       764  
    Derivative instruments   34       86  
    Income taxes payable   289       29  
    Total current liabilities   4,463       2,108  
    Long-term debt ($822 million and $1,083 million related to Viper)   11,923       6,641  
    Derivative instruments   79       122  
    Asset retirement obligations   493       239  
    Deferred income taxes   9,952       2,449  
    Other long-term liabilities   18       12  
    Total liabilities   26,928       11,571  
    Stockholders’ equity:      
    Common stock, $0.01 par value; 800,000,000 shares authorized; 292,742,664 and 178,723,871 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively   3       2  
    Additional paid-in capital   34,007       14,142  
    Retained earnings (accumulated deficit)   3,427       2,489  
    Accumulated other comprehensive income (loss)   (8 )     (8 )
    Total Diamondback Energy, Inc. stockholders’ equity   37,429       16,625  
    Non-controlling interest   1,390       805  
    Total equity   38,819       17,430  
    Total liabilities and stockholders’ equity $ 65,747     $ 29,001  
     
    Diamondback Energy, Inc.
    Condensed Consolidated Statements of Operations
    (unaudited, $ in millions except per share data, shares in thousands)
                   
      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023       2024       2023  
    Revenues:              
    Oil, natural gas and natural gas liquid sales $ 2,354     $ 2,265     $ 6,629     $ 6,063  
    Sales of purchased oil   282       59       698       59  
    Other operating income   9       16       28       62  
    Total revenues   2,645       2,340       7,355       6,184  
    Costs and expenses:              
    Lease operating expenses   316       226       825       618  
    Production and ad valorem taxes   153       118       413       421  
    Gathering, processing and transportation   102       73       261       209  
    Purchased oil expense   280       59       696       59  
    Depreciation, depletion, amortization and accretion   742       442       1,694       1,277  
    General and administrative expenses   49       34       141       111  
    Merger and integration expense   258       1       273       11  
    Other operating expenses   35       47       68       113  
    Total costs and expenses   1,935       1,000       4,371       2,819  
    Income (loss) from operations   710       1,340       2,984       3,365  
    Other income (expense):              
    Interest expense, net   (18 )     (37 )     (101 )     (130 )
    Other income (expense), net   89       33       87       61  
    Gain (loss) on derivative instruments, net   131       (76 )     101       (358 )
    Gain (loss) on extinguishment of debt   —       —       2       (4 )
    Income (loss) from equity investments, net   6       9       23       39  
    Total other income (expense), net   208       (71 )     112       (392 )
    Income (loss) before income taxes   918       1,269       3,096       2,973  
    Provision for (benefit from) income taxes   210       276       685       648  
    Net income (loss)   708       993       2,411       2,325  
    Net income (loss) attributable to non-controlling interest   49       78       147       142  
    Net income (loss) attributable to Diamondback Energy, Inc. $ 659     $ 915     $ 2,264     $ 2,183  
                   
    Earnings (loss) per common share:              
    Basic $ 3.19     $ 5.07     $ 12.00     $ 12.01  
    Diluted $ 3.19     $ 5.07     $ 12.00     $ 12.01  
    Weighted average common shares outstanding:              
    Basic   204,730       178,872       187,253       180,400  
    Diluted   204,730       178,872       187,253       180,400  
     
    Diamondback Energy, Inc.
    Condensed Consolidated Statements of Cash Flows
    (unaudited, in millions)
                   
      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023       2024       2023  
    Cash flows from operating activities:              
    Net income (loss) $ 708     $ 993     $ 2,411     $ 2,325  
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
    Provision for (benefit from) deferred income taxes   51       10       180       185  
    Depreciation, depletion, amortization and accretion   742       442       1,694       1,277  
    (Gain) loss on extinguishment of debt   —       —       (2 )     4  
    (Gain) loss on derivative instruments, net   (131 )     76       (101 )     358  
    Cash received (paid) on settlement of derivative instruments   (4 )     (24 )     (36 )     (62 )
    (Income) loss from equity investment, net   (6 )     (9 )     (23 )     (39 )
    Equity-based compensation expense   16       13       49       40  
    Other   20       3       77       (23 )
    Changes in operating assets and liabilities:              
    Accounts receivable   106       (256 )     61       (218 )
    Income tax receivable   —       103       12       267  
    Prepaid expenses and other current assets   (11 )     (8 )     78       5  
    Accounts payable and accrued liabilities   (395 )     (28 )     (490 )     46  
    Income taxes payable   (36 )     23       (51 )     4  
    Revenues and royalties payable   95       53       109       139  
    Other   54       (33 )     104       (12 )
       Net cash provided by (used in) operating activities   1,209       1,358       4,072       4,296  
    Cash flows from investing activities:              
    Drilling, completions, infrastructure and midstream additions to oil and natural gas properties   (688 )     (684 )     (1,934 )     (2,052 )
    Property acquisitions   (7,791 )     (168 )     (7,994 )     (1,193 )
    Proceeds from sale of assets   207       868       459       1,400  
    Other   106       (1 )     103       (14 )
       Net cash provided by (used in) investing activities   (8,166 )     15       (9,366 )     (1,859 )
    Cash flows from financing activities:              
    Proceeds under term loan agreement   1,000       —       1,000       —  
    Proceeds from borrowings under credit facilities   1,011       1,015       1,185       4,466  
    Repayments under credit facilities   (1,073 )     (1,332 )     (1,333 )     (4,368 )
    Proceeds from senior notes   —       —       5,500       —  
    Repayment of senior notes   —       —       (25 )     (134 )
    Repurchased shares under buyback program   (515 )     (56 )     (557 )     (709 )
    Repurchased shares/units under Viper’s buyback program   —       (10 )     —       (67 )
    Proceeds from partial sale of investment in Viper Energy, Inc.   —       —       451       —  
    Net proceeds from Viper’s issuance of common stock   476       —       476       —  
    Dividends paid to stockholders   (416 )     (149 )     (1,316 )     (841 )
    Dividends/distributions to non-controlling interest   (59 )     (25 )     (157 )     (84 )
    Other   (5 )     (7 )     (142 )     (34 )
       Net cash provided by (used in) financing activities   419       (564 )     5,082       (1,771 )
    Net increase (decrease) in cash and cash equivalents   (6,538 )     809       (212 )     666  
    Cash, cash equivalents and restricted cash at beginning of period   6,911       21       585       164  
    Cash, cash equivalents and restricted cash at end of period $ 373     $ 830     $ 373     $ 830  
     
    Diamondback Energy, Inc.
    Selected Operating Data
    (unaudited)
               
      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    Production Data:          
    Oil (MBbls)   29,537       25,129       24,482  
    Natural gas (MMcf)   66,519       51,310       49,423  
    Natural gas liquids (MBbls)   11,918       9,514       8,943  
    Combined volumes (MBOE)(1)   52,541       43,195       41,662  
               
    Daily oil volumes (BO/d)   321,054       276,143       266,109  
    Daily combined volumes (BOE/d)   571,098       474,670       452,848  
               
    Average Prices:          
    Oil ($ per Bbl) $ 73.13     $ 79.51     $ 81.57  
    Natural gas ($ per Mcf) $ (0.26 )   $ 0.10     $ 1.62  
    Natural gas liquids ($ per Bbl) $ 17.70     $ 17.97     $ 21.02  
    Combined ($ per BOE) $ 44.80     $ 50.33     $ 54.37  
               
    Oil, hedged ($ per Bbl)(2) $ 72.32     $ 78.55     $ 80.51  
    Natural gas, hedged ($ per Mcf)(2) $ 0.60     $ 1.03     $ 1.62  
    Natural gas liquids, hedged ($ per Bbl)(2) $ 17.70     $ 17.97     $ 21.02  
    Average price, hedged ($ per BOE)(2) $ 45.43     $ 50.89     $ 53.74  
               
    Average Costs per BOE:          
    Lease operating expenses $ 6.01     $ 5.88     $ 5.42  
    Production and ad valorem taxes   2.91       3.26       2.83  
    Gathering, processing and transportation expense   1.94       1.90       1.75  
    General and administrative – cash component   0.63       0.63       0.51  
    Total operating expense – cash $ 11.49     $ 11.67     $ 10.51  
               
    General and administrative – non-cash component $ 0.30     $ 0.44     $ 0.31  
    Depreciation, depletion, amortization and accretion per BOE $ 14.12     $ 11.18     $ 10.61  
    Interest expense, net $ 0.34     $ 1.02     $ 0.89  

    (1)   Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
    (2)   Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.


    NON-GAAP FINANCIAL MEASURES

    ADJUSTED EBITDA

    Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to Diamondback Energy, Inc., plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before non-cash (gain) loss on derivative instruments, net, interest expense, net, depreciation, depletion, amortization and accretion, depreciation and interest expense related to equity method investments, (gain) loss on extinguishment of debt, if any, non-cash equity-based compensation expense, capitalized equity-based compensation expense, merger and integration expenses, other non-cash transactions and provision for (benefit from) income taxes, if any. Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because the measure allows it to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company adds the items listed above to net income (loss) to determine Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Further, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.

    The following tables present a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP financial measure of Adjusted EBITDA:

    Diamondback Energy, Inc.
    Reconciliation of Net Income (Loss) to Adjusted EBITDA
    (unaudited, in millions)
               
      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    Net income (loss) attributable to Diamondback Energy, Inc. $ 659     $ 837     $ 915  
    Net income (loss) attributable to non-controlling interest   49       57       78  
    Net income (loss)   708       894       993  
    Non-cash (gain) loss on derivative instruments, net   (135 )     (46 )     52  
    Interest expense, net   18       44       37  
    Depreciation, depletion, amortization and accretion   742       483       442  
    Depreciation and interest expense related to equity method investments   15       23       18  
    Non-cash equity-based compensation expense   24       26       21  
    Capitalized equity-based compensation expense   (8 )     (7 )     (8 )
    Merger and integration expenses   258       3       1  
    Other non-cash transactions   (72 )     6       (12 )
    Provision for (benefit from) income taxes   210       252       276  
    Consolidated Adjusted EBITDA   1,760       1,678       1,820  
    Less: Adjustment for non-controlling interest   104       103       78  
    Adjusted EBITDA attributable to Diamondback Energy, Inc. $ 1,656     $ 1,575     $ 1,742  


    ADJUSTED NET INCOME

    Adjusted net income is a non-GAAP financial measure equal to net income (loss) attributable to Diamondback Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, merger and integration expense, other non-cash transactions and related income tax adjustments, if any. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors. Further, in order to allow investors to compare the Company’s performance across periods, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods.

    The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP measure of adjusted net income:

    Diamondback Energy, Inc.
    Adjusted Net Income
    (unaudited, $ in millions except per share data, shares in thousands)
       
      Three Months Ended September 30, 2024
      Amounts   Amounts Per
    Diluted Share
    Net income (loss) attributable to Diamondback Energy, Inc.(1) $ 659     $ 3.19  
    Net income (loss) attributable to non-controlling interest   49       0.24  
    Net income (loss)(1)   708       3.43  
    Non-cash (gain) loss on derivative instruments, net   (135 )     (0.66 )
    Merger and integration expense   258       1.26  
    Other non-cash transactions   (72 )     (0.35 )
    Adjusted net income excluding above items(1)   759       3.68  
    Income tax adjustment for above items   (12 )     (0.06 )
    Adjusted net income(1)   747       3.62  
    Less: Adjusted net income attributable to non-controlling interest   49       0.24  
    Adjusted net income attributable to Diamondback Energy, Inc.(1) $ 698     $ 3.38  
           
    Weighted average common shares outstanding:      
    Basic     204,730  
    Diluted     204,730  

    (1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc, (ii) less the reallocation of $6 million in earnings attributable to participating securities, (iii) divided by diluted weighted average common shares outstanding.


    OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES AND FREE CASH FLOW

    Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in operating assets and liabilities. The Company believes operating cash flow before working capital changes is a useful measure of an oil and natural gas company’s ability to generate cash used to fund exploration, development and acquisition activities and service debt or pay dividends. The Company also uses this measure because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure.

    Free Cash Flow, which is a non-GAAP financial measure, is cash flow from operating activities before changes in working capital in excess of cash capital expenditures. The Company believes that Free Cash Flow is useful to investors as it provides measures to compare both cash flow from operating activities and additions to oil and natural gas properties across periods on a consistent basis as adjusted for non-recurring tax impacts from divestitures, merger and integration expenses, the early termination of derivative contracts and settlements of treasury locks. These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of operating performance. The Company’s computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies. The Company uses Free Cash Flow to reduce debt, as well as return capital to stockholders as determined by the Board of Directors.

    The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measure of Free Cash Flow:

    Diamondback Energy, Inc.
    Operating Cash Flow Before Working Capital Changes and Free Cash Flow
    (unaudited, in millions)
                   
      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023       2024       2023  
    Net cash provided by operating activities $ 1,209     $ 1,358     $ 4,072     $ 4,296  
    Less: Changes in cash due to changes in operating assets and liabilities:              
    Accounts receivable   106       (256 )     61       (218 )
    Income tax receivable   —       103       12       267  
    Prepaid expenses and other current assets   (11 )     (8 )     78       5  
    Accounts payable and accrued liabilities   (395 )     (28 )     (490 )     46  
    Income taxes payable   (36 )     23       (51 )     4  
    Revenues and royalties payable   95       53       109       139  
    Other   54       (33 )     104       (12 )
    Total working capital changes   (187 )     (146 )     (177 )     231  
    Operating cash flow before working capital changes   1,396       1,504       4,249       4,065  
    Drilling, completions, infrastructure and midstream additions to oil and natural gas properties   (688 )     (684 )     (1,934 )     (2,052 )
    Total Cash CAPEX   (688 )     (684 )     (1,934 )     (2,052 )
    Free Cash Flow   708       820       2,315       2,013  
    Tax impact from divestitures(1)   —       64       —       64  
    Merger and integration expenses   258       —       273       —  
    Early termination of derivatives   37       —       37       —  
    Treasury locks   —       —       25       —  
    Adjusted Free Cash Flow $ 1,003     $ 884     $ 2,650     $ 2,077  

    (1) Includes the tax impact for the disposal of certain Midland Basin water assets and Delaware Basin oil gathering assets.


    NET DEBT

    The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

    Diamondback Energy, Inc.
    Net Debt
    (unaudited, in millions)
                           
      September 30,
    2024    		   Net Q3
    Principal
    Borrowings/
    (Repayments)    		   June 30,
    2024    		   March 31,
    2024    		   December 31,
    2023    		   September 30,
    2023
      (in millions)
    Diamondback Energy, Inc.(1) $ 12,284     $ 1,115     $ 11,169     $ 5,669     $ 5,697     $ 5,697  
    Viper Energy, Inc.(1)   830       (177 )     1,007       1,103       1,093       680  
    Total debt   13,114     $ 938       12,176       6,772       6,790       6,377  
    Cash and cash equivalents   (370 )         (6,908 )     (896 )     (582 )     (827 )
    Net debt $ 12,744         $ 5,268     $ 5,876     $ 6,208     $ 5,550  

    (1)  Excludes debt issuance costs, discounts, premiums and unamortized basis adjustments.


    DERIVATIVES

    As of November 1, 2024, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper Energy, Inc. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent pricing and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.

      Crude Oil (Bbls/day, $/Bbl)
      Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY2026
    Long Puts – Crude Brent Oil 82,000   52,000   33,000   10,000   —   —
    Long Put Price ($/Bbl) $57.44   $60.00   $60.00   $60.00   —   —
    Deferred Premium ($/Bbl) $-1.52   $-1.48   $-1.50   $-1.63   —   —
    Long Puts – WTI (Magellan East Houston) 35,000   58,000   46,000   22,000   —   —
    Long Put Price ($/Bbl) $57.57   $56.21   $55.22   $55.00   —   —
    Deferred Premium ($/Bbl) $-1.61   $-1.58   $-1.56   $-1.64   —   —
    Long Puts – WTI (Cushing) 125,000   138,000   109,000   38,000   —   —
    Long Put Price ($/Bbl) $57.28   $56.63   $55.73   $55.00   —   —
    Deferred Premium ($/Bbl) $-1.61   $-1.58   $-1.56   $-1.50   —   —
    Costless Collars – WTI (Cushing) 46,000   13,000   —   —   —   —
    Long Put Price ($/Bbl) $60.87   $60.00   —   —   —   —
    Short Call Price ($/Bbl) $89.91   $89.55   —   —   —   —
    Basis Swaps – WTI (Midland) 43,000   58,000   45,000   45,000   45,000   —
    $1.18   $1.10   $1.08   $1.08   $1.08   —
    Roll Swaps – WTI 40,000   —   —   —   —   —
    $0.82   —   —   —   —   —
      Natural Gas (Mmbtu/day, $/Mmbtu)
      Q4 2024   Q1 2025   Q2 2025   Q3 2025   Q4 2025   FY 2026
    Costless Collars – Henry Hub 398,261   690,000   630,000   630,000   630,000   80,000
    Long Put Price ($/Mmbtu) $2.78   $2.53   $2.49   $2.49   $2.49   $2.50
    Ceiling Price ($/Mmbtu) $6.53   $5.41   $5.46   $5.46   $5.46   $5.95
    Natural Gas Swaps – Henry Hub 13,370   —   —   —   —   —
    $3.23   —   —   —   —   —
    Natural Gas Basis Swaps – Waha Hub 471,630   650,000   590,000   590,000   590,000   10,000
    $-1.11   $-0.80   $-0.83   $-0.83   $-0.83   $-1.25

    Investor Contact:
    Adam Lawlis
    +1 432.221.7467
    alawlis@diamondbackenergy.com

    The MIL Network –

  • MIL-OSI: HighPeak Energy, Inc. Announces Third Quarter 2024 Financial and Operating Results

    Source: GlobeNewswire (MIL-OSI)

    FORT WORTH, Texas, Nov. 04, 2024 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (“HighPeak” or the “Company”) (NASDAQ: HPK) today announced financial and operating results for the quarter and nine months ended September 30, 2024, and provided updated 2024 production guidance.

    Highlights
    Third Quarter 2024

    • Sales volumes averaged 51,346 barrels of crude oil equivalent per day (“Boe/d”), consisting of 88% liquids (crude oil and NGL), representing a 6% increase over the second quarter 2024.
    • Net income was $49.9 million, or $0.35 per diluted share, and EBITDAX (a non-GAAP financial measure defined and reconciled below) was $214.3 million, or $1.51 per diluted share.
    • Generated free cash flow (a non-GAAP financial measure defined and reconciled below) of $36.1 million, which marks the fifth consecutive quarter of positive free cash flow generation.
    • The Company reduced long-term debt by $30 million during the third quarter and has reduced long-term debt by $90 million year-to-date, paid a quarterly dividend of $0.04 per share and continued to execute its share buyback plan by repurchasing over 870,000 shares during the third quarter.

    Recent Events

    • Increased 2024 average production guidance by more than 5% from the second quarter guidance revision and 10% from our original 2024 guidance to a range of 48,000 to 51,000 Boe/d expected for the full year 2024.
    • On November 4, 2024, the Company’s Board of Directors declared a quarterly dividend of $0.04 per common share outstanding payable in December 2024.

    Statement from HighPeak Chairman and CEO, Jack Hightower:

    “We promised this would be a year marked by steady and reliable achievements, and I am proud we have continued to demonstrate that commitment. There are three main takeaways from our third quarter results. First, our current well performance has led us to increase our full year production guidance 10% higher than originally projected. Second, our operations team continues to tighten costs, resulting in more capital and operating efficiencies across the corporate structure. Third, we continue to generate free cash flow, more than $200 million over the last five quarters, which in turn has strengthened our balance sheet and positioned us to take advantage of opportunities that increase shareholder value.

    “With HighPeak’s core values of maintaining disciplined operations, strengthening our balance sheet and maximizing value for our shareholders, we will finish strong in 2024 and set the course for continued momentum in 2025. Concurrently, we will remain diligent in our strategic alternatives process, with the goal of identifying a line of sight that will realize optimal value of this high quality asset.”

    Third Quarter 2024 Operational Update

    HighPeak’s sales volumes during the third quarter of 2024 averaged 51,346 Boe/d, a 6% increase over second quarter of 2024. Third quarter sales volumes consisted of approximately 88% liquids (crude oil and NGL).

    The Company ran two drilling rigs and one frac crew during the third quarter, drilled 17 gross (16.9 net) horizontal wells and completed 14 gross (10.5 net) producing horizontal wells. At September 30, 2024, the Company had 24 gross (23.9 net) horizontal wells and 1 gross (1.0 net) salt-water disposal well in various stages of drilling and completion.

    HighPeak President, Michael Hollis, commented,

    “The third quarter was another operationally disciplined, beat-and-raise quarter for HighPeak Energy. We increased the midpoint of our yearly production guide by an additional 5%, which is up 10% from our original guide. We also have exciting results both in our northern extension areas and our first well in the Middle Spraberry zone. The results of these successful wells bolster our massive runway of over 1,150 sub $50 oil breakeven drilling location inventory. At our current development cadence, that is over two decades of highly economic inventory.

    “As most are aware, there are structural differences between the Delaware and the Midland Basins that results in the D,C&E cost to be less in the Midland Basin. These structural differences of depth, pressure and horse-power requirements for stimulation can lead to over $3 million of savings per well. HighPeak’s acreage enjoys similar structural differences compared with the more central portions of the Midland Basin. HighPeak’s D,C&E costs are roughly $2 million dollars cheaper per well than average Midland Basin wells. Generating similar oil recoveries for roughly 25% less cost per foot, generates superior returns. Sustaining this for decades will drive significant shareholder value.

    “The HighPeak team continues to be focused on reducing operational and capital costs. All the hard work and effort over the last few years is now paying off. HighPeak lowered the midpoint of its 2024 LOE guide by 12.5% last quarter and we reaffirm our LOE range and tightened capital expenditure range for 2024. As continuous improvement is in our DNA, we look forward to achieving additional efficiency gains in 2025.”

    Third Quarter 2024 Financial Results

    HighPeak reported net income of $49.9 million for the third quarter of 2024, or $0.35 per diluted share. The Company reported EBITDAX of $214.3 million, or $1.51 per diluted share.

    Third quarter average realized prices were $75.99 per barrel (“$/Bbl”) of crude oil, $21.14 per barrel of NGL and $0.42 per Mcf of natural gas, resulting in an overall realized price of $57.49 per Boe, or 76.3% of the weighted average of NYMEX crude oil prices, excluding the effects of derivatives. HighPeak’s cash costs for the third quarter were $11.81 per Boe, including lease operating expenses of $7.12 per Boe, workover expenses of $0.38 per Boe, production and ad valorem taxes of $3.26 per Boe and G&A expenses of $1.05 per Boe. As a result, the Company’s unhedged EBITDAX per Boe was $45.68, or 79.5% of the overall realized price per Boe for the quarter, excluding the effects of derivatives.

    HighPeak’s third quarter 2024 capital expenditures to drill, complete, equip, provide facilities and for infrastructure were $140.0 million. 

    Dividends

    During the third quarter of 2024, HighPeak’s Board of Directors approved a quarterly dividend of $0.04 per share, or $5.0 million in dividends paid to stockholders during the quarter. In addition, in November 2024, the Company’s Board of Directors declared a quarterly dividend of $0.04 per share, or approximately $5.0 million in dividends, to be paid on December 23, 2024 to stockholders of record on December 2, 2024.

    Conference Call

    HighPeak will host a conference call and webcast on Tuesday, November 5, 2024, at 10:00 a.m. Central Time for investors and analysts to discuss its results for the third quarter of 2024. Conference call participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on the HighPeak Energy website at www.highpeakenergy.com under the “Investors” section of the website. A replay will also be available on the website following the call.

    When available, a copy of the Company’s earnings release, investor presentation and Quarterly Report on Form 10-Q may be found on its website at www.highpeakenergy.com.

    About HighPeak Energy, Inc.

    HighPeak Energy, Inc. is a publicly traded independent crude oil and natural gas company, headquartered in Fort Worth, Texas, focused on the acquisition, development, exploration and exploitation of unconventional crude oil and natural gas reserves in the Midland Basin in West Texas. For more information, please visit our website at www.highpeakenergy.com.

    Cautionary Note Regarding Forward-Looking Statements

    The information in this press release contains forward-looking statements that involve risks and uncertainties. When used in this document, the words “believes,” “plans,” “expects,” “anticipates,” “forecasts,” “intends,” “continue,” “may,” “will,” “could,” “should,” “future,” “potential,” “estimate” or the negative of such terms and similar expressions as they relate to HighPeak Energy, Inc. (“HighPeak Energy,” the “Company” or the “Successor”) are intended to identify forward-looking statements, which are generally not historical in nature. The forward-looking statements are based on the Company’s current expectations, assumptions, estimates and projections about the Company and the industry in which the Company operates. Although the Company believes that the expectations and assumptions reflected in the forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond the Company’s control. For example, the Company’s review of strategic alternatives may not result in a sale of the Company, a recommendation that a transaction occur or result in a completed transaction, and any transaction that occurs may not increase shareholder value, in each case as a result of such risks and uncertainties.

    These risks and uncertainties include, among other things, the results of the strategic review being undertaken by the Company’s Board and the interest of prospective counterparties, the Company’s ability to realize the results contemplated by its 2024 guidance, volatility of commodity prices, product supply and demand, the impact of a widespread outbreak of an illness, such as the coronavirus disease pandemic, on global and U.S. economic activity, competition, the ability to obtain environmental and other permits and the timing thereof, other government regulation or action, the ability to obtain approvals from third parties and negotiate agreements with third parties on mutually acceptable terms, litigation, the costs and results of drilling and operations, availability of equipment, services, resources and personnel required to perform the Company’s drilling and operating activities, access to and availability of transportation, processing, fractionation, refining and storage facilities, HighPeak Energy’s ability to replace reserves, implement its business plans or complete its development activities as scheduled, access to and cost of capital, the financial strength of counterparties to any credit facility and derivative contracts entered into by HighPeak Energy, if any, and purchasers of HighPeak Energy’s oil, natural gas liquids and natural gas production, uncertainties about estimates of reserves, identification of drilling locations and the ability to add proved reserves in the future, the assumptions underlying forecasts, including forecasts of production, expenses, cash flow from sales of oil and gas and tax rates, quality of technical data, environmental and weather risks, including the possible impacts of climate change, cybersecurity risks and acts of war or terrorism. These and other risks are described in the Company’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and other filings with the SEC. The Company undertakes no duty to publicly update these statements except as required by law.

    Reserve engineering is a process of estimating underground accumulations of hydrocarbons that cannot be measured in an exact way. The accuracy of any reserve estimate depends on the quality of available data, the interpretation of such data and price and cost assumptions made by reserve engineers. Reserves estimates included herein may not be indicative of the level of reserves or PV-10 value of oil and natural gas production in the future. In addition, the results of drilling, testing and production activities may justify revisions of estimates that were made previously. If significant, such revisions could impact HighPeak’s strategy and change the schedule of any further production and development drilling. Accordingly, reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately recovered.

    Use of Projections

    The financial, operational, industry and market projections, estimates and targets in this press release and in the Company’s guidance (including production, operating expenses and capital expenditures in future periods) are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic, regulatory and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial, operational, industry and market projections, estimates and targets, including assumptions, risks and uncertainties described in “Cautionary Note Regarding Forward-Looking Statements” above. These projections are speculative by their nature and, accordingly, are subject to significant risk of not being actually realized by the Company. Projected results of the Company for 2024 are particularly speculative and subject to change. Actual results may vary materially from the current projections, including for reasons beyond the Company’s control. The projections are based on current expectations and available information as of the date of this release. The Company undertakes no duty to publicly update these projections except as required by law.

    Drilling Locations

    The Company has estimated its drilling locations based on well spacing assumptions and upon the evaluation of its drilling results and those of other operators in its area, combined with its interpretation of available geologic and engineering data. The drilling locations actually drilled on the Company’s properties will depend on the availability of capital, regulatory approvals, commodity prices, costs, actual drilling results and other factors. Any drilling activities conducted on these identified locations may not be successful and may not result in additional proved reserves. Further, to the extent the drilling locations are associated with acreage that expires, the Company would lose its right to develop the related locations.

           
    HighPeak Energy, Inc.
    Unaudited Condensed Consolidated Balance Sheet Data
    (In thousands)
           
      September 30, 2024   December 31, 2023
    Current assets:          
    Cash and cash equivalents $ 135,573     $ 194,515  
    Accounts receivable   76,444       94,589  
    Derivative instruments   24,843       31,480  
    Inventory   7,966       7,254  
    Prepaid expenses   3,921       995  
    Total current assets   248,747       328,833  
    Crude oil and natural gas properties, using the successful efforts method of accounting:          
    Proved properties   3,798,128       3,338,107  
    Unproved properties   75,088       72,715  
    Accumulated depletion, depreciation and amortization   (1,079,113 )     (684,179 )
    Total crude oil and natural gas properties, net   2,794,103       2,726,643  
    Other property and equipment, net   3,483       3,572  
    Derivative instruments   —       16,059  
    Other noncurrent assets   15,133       5,684  
    Total assets $ 3,061,466     $ 3,080,791  
               
    Current liabilities:          
    Current portion of long-term debt, net $ 120,000     $ 120,000  
    Accounts payable – trade   52,557       63,583  
    Accrued capital expenditures   30,388       39,231  
    Revenues and royalties payable   28,532       29,724  
    Other accrued liabilities   25,499       19,613  
    Derivative instruments   1,937       13,054  
    Advances from joint interest owners   425       262  
    Operating leases   290       528  
    Accrued interest   —       1,398  
    Total current liabilities   259,628       287,393  
    Noncurrent liabilities:          
    Long-term debt, net   953,825       1,030,299  
    Deferred income taxes   227,966       197,068  
    Asset retirement obligations   14,231       13,245  
    Operating leases   126       —  
    Derivative instruments   —       65  
    Commitments and contingencies          
               
    Stockholders’ equity          
    Common stock   13       13  
    Additional paid-in capital   1,173,231       1,189,424  
    Retained earnings   432,446       363,284  
    Total stockholders’ equity   1,605,690       1,552,721  
    Total liabilities and stockholders’ equity $ 3,061,466     $ 3,080,791  
               
    HighPeak Energy, Inc.
    Unaudited Condensed Consolidated Statements of Operations
    (in thousands, except per share data)
                 
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
    Operating revenues:                      
    Crude oil sales $ 270,636     $ 338,372     $ 827,595     $ 790,458  
    NGL and natural gas sales   942       7,214       7,013       19,682  
    Total operating revenues   271,578       345,586       834,608       810,140  
    Operating costs and expenses:                      
    Crude oil and natural gas production   35,413       39,820       98,482       107,696  
    Production and ad valorem taxes   15,412       18,839       46,410       44,395  
    Exploration and abandonments   362       1,728       1,027       4,372  
    Depletion, depreciation and amortization   136,578       117,420       395,121       291,562  
    Accretion of discount   241       122       722       360  
    General and administrative   4,971       6,934       14,391       11,952  
    Stock-based compensation   3,753       14,057       11,326       22,095  
    Total operating costs and expenses   196,730       198,920       567,479       482,432  
    Other expense   1,404       540       3,405       8,042  
    Income from operations   73,444       146,126       263,724       319,666  
    Interest income   2,172       730       6,964       923  
    Interest expense   (42,579 )     (37,022 )     (129,204 )     (103,278 )
    Loss on derivative instruments, net   32,334       (29,655 )     (23,411 )     (30,898 )
    Loss on extinguishment of debt   —       (27,300 )     —       (27,300 )
    Income before income taxes   65,371       52,879       118,073       159,113  
    Income tax expense   15,438       14,100       31,985       38,251  
    Net income $ 49,933     $ 38,779     $ 86,088     $ 120,862  
                           
    Earnings per share:                      
    Basic net income $ 0.36     $ 0.28     $ 0.62     $ 0.94  
    Diluted net income $ 0.35     $ 0.28     $ 0.60     $ 0.90  
                           
    Weighted average shares outstanding:                      
    Basic   124,988       123,159       125,595       115,164  
    Diluted   129,094       127,006       129,581       120,531  
                           
    Dividends declared per share $ 0.04     $ 0.025     $ 0.12     $ 0.075  
                                   

     

    HighPeak Energy, Inc.
    Unaudited Condensed Consolidated Statements of Cash Flows
    (in thousands)
               
      Nine Months Ended September 30,
      2024   2023
    CASH FLOWS FROM OPERATING ACTIVITIES:          
    Net income $ 86,088     $ 120,862  
    Adjustments to reconcile net income to net cash provided by operations:          
    Provision for deferred income taxes   30,898       38,251  
    Loss on extinguishment of debt   —       27,300  
    Loss on derivative instruments   23,411       30,898  
    Cash paid on settlement of derivative instruments   (11,897 )     (21,032 )
    Amortization of debt issuance costs   6,199       9,352  
    Amortization of original issue discounts on long-term debt   7,385       12,660  
    Stock-based compensation expense   11,326       22,095  
    Accretion expense   722       360  
    Depletion, depreciation and amortization expense   395,121       291,562  
    Exploration and abandonment expense   386       3,747  
    Changes in operating assets and liabilities:          
    Accounts receivable   18,145       (29,385 )
    Prepaid expenses, inventory and other assets   (12,387 )     (1,628 )
    Accounts payable, accrued liabilities and other current liabilities   (4,524 )     16,700  
    Net cash provided by operating activities   550,873       521,742  
    CASH FLOWS FROM INVESTING ACTIVITIES:          
    Additions to crude oil and natural gas properties   (452,148 )     (840,663 )
    Changes in working capital associated with crude oil and natural gas property additions   (13,214 )     (86,468 )
    Acquisitions of crude oil and natural gas properties   (10,367 )     (9,602 )
    Proceeds from sales of properties   118       —  
    Deposit and other costs related to pending acquisitions   —       (409 )
    Other property additions   (216 )     (103 )
    Net cash used in investing activities   (475,827 )     (937,245 )
    CASH FLOWS FROM FINANCING ACTIVITIES:          
    Repayments under Term Loan Credit Agreement   (90,000 )     —  
    Repurchased shares under buyback program   (27,247 )     —  
    Dividends paid   (15,082 )     (8,706 )
    Dividend equivalents paid   (1,602 )     (903 )
    Debt issuance costs   (58 )     (26,401 )
    Proceeds from exercises of warrants   1       1,728  
    Borrowings under Term Loan Credit Agreement   —       1,170,000  
    Repayments under Prior Credit Agreement   —       (525,000 )
    Repayments of 10.000% Senior Notes and 10.625% Senior Notes   —       (475,000 )
    Borrowings under Prior Credit Agreement   —       255,000  
    Proceeds from issuance of common stock   —       155,768  
    Stock offering costs   —       (5,371 )
    Premium on extinguishment of debt   —       (4,457 )
    Proceeds from exercises of stock options   —       148  
    Net cash (used in) provided by financing activities   (133,988 )     536,806  
    Net (decrease) increase in cash and cash equivalents   (58,942 )     121,303  
    Cash and cash equivalents, beginning of period   194,515       30,504  
    Cash and cash equivalents, end of period $ 135,573     $ 151,807  
               
    HighPeak Energy, Inc.
    Unaudited Summary Operating Highlights
                           
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
    Average Daily Sales Volumes:                      
    Crude oil (Bbls)   38,710       44,381       38,581       37,171  
    NGLs (Bbls)   6,497       4,708       5,890       3,895  
    Natural gas (Mcf)   36,831       21,716       32,418       18,221  
    Total (Boe)   51,346       52,708       49,874       44,102  
                           
    Average Realized Prices (excluding effects of derivatives):                      
    Crude oil per Bbl $ 75.99     $ 82.87     $ 78.29     $ 77.90  
    NGL per Bbl $ 21.14     $ 20.08     $ 21.96     $ 22.23  
    Natural gas per Mcf $ 0.42     $ 1.89     $ 0.58     $ 1.58  
    Total per Boe $ 57.49     $ 71.27     $ 61.07     $ 67.29  
                           
    Margin Data ($ per Boe):                      
    Average price, excluding effects of derivatives $ 57.49     $ 71.27     $ 61.07     $ 67.29  
    Lease operating expenses   (7.12 )     (7.87 )     (6.74 )     (8.23 )
    Expense workovers   (0.38 )     (0.34 )     (0.47 )     (0.71 )
    Production and ad valorem taxes   (3.26 )     (3.89 )     (3.40 )     (3.69 )
    General and administrative expenses   (1.05 )     (1.43 )     (1.05 )     (0.99 )
      $ 45.68     $ 57.74     $ 49.41     $ 53.67  
                           
    HighPeak Energy, Inc.
    Unaudited Earnings Per Share Details
                           
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
    Net income as reported $ 49,933     $ 38,779     $ 86,088     $ 120,862  
    Participating basic earnings   (4,835 )     (3,771 )     (8,280 )     (12,413 )
    Basic earnings attributable to common shareholders   45,098       35,008       77,808       108,449  
    Reallocation of participating earnings   66       54       102       192  
    Diluted net income attributable to common shareholders $ 45,164     $ 35,062     $ 77,910     $ 108,641  
                           
    Basic weighted average shares outstanding   124,988       123,159       125,595       115,164  
    Dilutive warrants and unvested stock options   1,952       1,688       1,832       3,208  
    Dilutive unvested restricted stock   2,154       2,159       2,154       2,159  
    Diluted weighted average shares outstanding   129,094       127,006       129,581       120,531  
                           
    Net income per share attributable to common shareholders:                      
    Basic $ 0.36     $ 0.28     $ 0.62     $ 0.94  
    Diluted $ 0.35     $ 0.28     $ 0.60     $ 0.90  
                           
    HighPeak Energy, Inc.
    Unaudited Reconciliation of Net Income to EBITDAX, Discretionary Cash Flow and Net Cash Provided by Operations
    (in thousands)
                 
      Three Months Ended September 30,   Nine Months Ended September 30,
      2024   2023   2024   2023
    Net income $ 49,933     $ 38,779     $ 86,088     $ 120,862  
    Interest expense   42,579       37,022       129,204       103,278  
    Interest income   (2,172 )     (730 )     (6,964 )     (923 )
    Income tax expense   15,438       14,100       31,985       38,251  
    Depletion, depreciation and amortization   136,578       117,420       395,121       291,562  
    Accretion of discount   241       122       722       360  
    Exploration and abandonment expense   362       1,728       1,027       4,372  
    Stock based compensation   3,753       14,057       11,326       22,095  
    Derivative related noncash activity   (33,775 )     15,883       11,514       9,866  
    Loss on extinguishment of debt   —       27,300       —       27,300  
    Other expense   1,404       540       3,405       8,042  
    EBITDAX   214,341       266,221       663,428       625,065  
    Cash interest expense   (38,020 )     (33,798 )     (115,620 )     (85,723 )
    Other (a)   53       4,480       1,831       (3,287 )
    Discretionary cash flow   176,374       236,903       549,639       536,055  
    Changes in operating assets and liabilities   729       (78,837 )     1,234       (14,313 )
    Net cash provided by operating activities $ 177,103     $ 158,066     $ 550,873     $ 521,742  
                           
    (a) includes interest and other income net of current tax expense, other expense and operating portion of exploration and abandonment expenses.
     
    HighPeak Energy, Inc.
    Unaudited Free Cash Flow Reconciliation
    (in thousands)
               
      Three Months Ended September 30, 2024   Nine Months Ended September 30, 2024
               
    Net cash provided by operating activities $ 177,103     $ 550,873  
    Changes in operating assets and liabilities   (729 )     (1,234 )
    Discretionary cash flow   176,374       549,639  
    Less: Additions to crude oil and natural gas properties (excluding acquisitions)   (140,251 )     (452,148 )
    Free cash flow $ 36,123     $ 97,491  
               

    Investor Contact:

    Ryan Hightower
    Vice President, Business Development
    817.850.9204
    rhightower@highpeakenergy.com

    Source: HighPeak Energy, Inc.

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