NewzIntel.com

Category: Energy

  • MIL-OSI Africa: Operation Vulindlela Phase 2 to address water woes

    Source: South Africa News Agency

    President Cyril Ramaphosa has assured South Africans that Phase Two of Operation Vulindlela will tackle the country’s worsening water crisis, while deepening reforms already underway.

    The second phase of Operation Vulindlela launched by President Ramaphosa on Wednesday, will not only prioritise new areas for implementation, but also deepen the implementation of current reforms. 

    He emphasised that the immediate priority is to follow through on those reforms that are already underway to realise their full impact. 

    On water reform, President Ramaphosa said government will establish the National Water Resources Infrastructure Agency as a dedicated entity to own, manage and invest in the country’s water resources. 

    Through the Water Partnerships Office, government will support public-private partnerships in water infrastructure to reduce leaks, access new water sources, and improve wastewater treatment. 

    “To address the root causes of service delivery failures, we will amend the Water Services Act to separate the role of municipalities as water service authorities and water service providers. 

    “The days of standing by and watching while taps run dry or raw sewage runs into our rivers are over. We will take action to make sure that right of every South African to quality drinking water is protected,” he said. 

    Visa System

    On the visa system, the President said government will ensure that the recommendations of the work visa review are fully implemented and introduce an Electronic Travel Authorisation System to support growth in tourism. 

    The Minister of Home Affairs has already introduced the points-based system to make it easier for highly skilled immigrants to come to South Africa and contribute to the country’s economy, while at the same time enforcing immigration laws more effectively to combat illegal immigration. 

    “Through these measures, we will complete the reform of our network industries that we began in the previous phase and address the binding constraints on growth,” President Ramaphosa said. 

    The President acknowledged that while phase one of the programme has made meaningful progress, which will enable higher growth in the years to come, the economy continues to be held back by structural inefficiencies. 

    “Our economy needs to grow much faster to create the jobs that we need and to achieve prosperity for all. We need more rapid growth to enable government to spend more on healthcare, education, social grants, infrastructure and other key areas to improve the lives of our people.  Growth is the only way to achieve fiscal sustainability and social progress,” he said.

    The President said this is why the Government of National Unity (GNU) is committed to sustaining the momentum achieved by Operation Vulindlela on the economic reform agenda. 

    He emphasised the need for bold, far-reaching reform to revive and reshape the economy. 

    Energy sector

    In the energy sector, government will establish a competitive electricity market governed by the Electricity Regulation Amendment Act, which came into effect earlier this year. 

    “This will enable multiple generators to compete to produce electricity at the lowest cost and with the greatest efficiency. 

    “To support this, we will complete the restructuring of Eskom and establish an independent Transmission System Operator to create a level playing field for market competition,” he said. 

    To address the lack of grid capacity, the Minister of Electricity and Energy has launched the first round of Independent Transmission Projects to procure more than 1 000 km of new transmission lines. 

    These reforms will ultimately mean lower costs and a reliable electricity supply for all South Africans. 

    Logistics sector

    In the logistics sector, private rail companies will soon be able to operate on the freight rail network, following the publication of the Network Statement by Transnet in December last year. 

    This will enable massive investment in rolling stock and enable more goods to be transported by rail, helping the country’s export industries to grow. 

    “These reforms will generate significant capital and new revenue streams for Transnet to help stabilise its operations and enable it to invest,” the President said. 

    The implementation of the Freight Logistics Roadmap will continue in phase two, including the vertical separation of infrastructure and operations for both rail and ports, which will enable competition in operations and encourage private sector participation. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: Preferred bidders announced for Transnet’s South Dunes Precinct

    Source: South Africa News Agency

    Transnet National Ports Authority (TNPA) has named five companies as preferred bidders for the development of liquid bulk and green fuel terminals in the South Dunes Precinct of the Port of Richards Bay for a 25-year concession period. 

    The development, worth approximately R17 billion, is an integral part of expanding the port’s liquid bulk handling capacity, while advancing South Africa’s energy transition.

    Following a Request for Proposals (RFP) issued on 6 December 2023 under the Section 56 process of the National Ports Act (No. 12 of 2005), TNPA has awarded preferred bidder status to five companies for the development of five liquid bulk terminals.

    The successful preferred bidders are:

    1. KZN Oils (Pty) Ltd.

    2. Linsen Nambi (Pty) Ltd.

    3. Protank (Pty) Ltd.

    4. Bidvest/Mnambithi Consortium.

    5. KNGM Engineering (Pty) Ltd. 

    The project will entail funding, design, development, construction, operation, maintenance and transfer of the liquid bulk terminals for a 25-year concession period. 

    The sites will be designed to handle various petrochemical products that are critical for the economy of the country, including but not limited to diesel, petroleum, jet fuel, marine fuels, biofuel, hydrogen, liquefied petroleum gas (LPG), pure butane, pure propane, base oils and bitumen. 

    This forms part of TNPA’s masterplan for its KwaZulu-Natal ports, aligned with the broader Transnet Segment Strategy.

    “The award of preferred bidders for the South Dunes Precinct development is a major milestone in strengthening the Port of Richards Bay’s position as a premier liquid bulk and green fuel hub. By securing long-term investment in critical infrastructure, we are ensuring the port remains globally competitive, while contributing to South Africa’s energy security objectives,” said Richards Bay Port Manager, Captain Dennis Mqadi, emphasising the significance of the milestone.

    The South Dunes Precinct development aligns with TNPA’s commitment to attract private sector investment, modernising terminal infrastructure and ensuring long-term sustainability. By enhancing the port’s terminal capacity, the development will enable economic growth, job creation and allow opportunities for new entrants to participate in terminal operations.

    Negotiations to conclude the Terminal Operator Agreements will commence accordingly. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI USA: Energy Department Aligns Award Criteria for For-profit, Non-profit Organizations, and State and Local Governments, Saving $935 Million Annually

    Source: US Department of Energy

    WASHINGTON — The U.S. Department of Energy (DOE) today announced three new policy actions that are projected to save more than $935 million annually for the American taxpayer, while expanding American innovation and scientific research. In three new policy memorandums, the DOE announced that it will follow best practices used by fellow grant providers and limit “indirect costs” of DOE funding to 10% for state and local governments, 15% for non-profit organizations, and 15% for for-profit companies.

    The Energy Department expects to generate over $935 million in annual cost savings for the American people, delivering on President Trump’s commitment to bring greater transparency and efficiency to federal government spending. Estimated savings are based on applying the new policies to 2024 fiscal year spending.

    “This action ensures that Department of Energy funds are supporting state, local, for-profit and non-profit initiatives that make energy more affordable and secure for Americans, not funding administrative costs,” U.S. Secretary of Energy Chris Wright said. “By aligning our policy on indirect costs with industry standards, we are increasing accountability of taxpayer dollars and ensuring the American people are getting the greatest value possible from these DOE programs.”

    These policy actions follow an announcement made in April to limit financial support of “indirect costs” of DOE research funding at colleges and universities to 15%, saving an estimated additional $405 million annually.

    By enacting indirect cost limits, the Department aligns its practices with those common for other grant providers.

    The full three memorandums are available below:

    POLICY FLASH

    SUBJECT: Adjusting Department of Energy Financial Assistance Policy for State and Local Governments’ Financial Assistance Awards

    BACKGROUND: Pursuant to 5 U.S.C. 553(a)(2), the Department of Energy (“Department”) is updating its policy with respect to Department financial assistance funding awarded to state and local governments.

    Through its financial assistance programs (which include grants and cooperative agreements), the Department funds research, development, and deployment projects and activities in furtherance of its mission consistent with its policies and priorities.  A portion of the funding provided pursuant to a DOE financial assistance agreement (“Award”) goes to “indirect costs,” sometimes referred to as facilities and administration (F&A) costs.  Facilities costs can sometimes be comprised of such things as depreciation of buildings, rent, equipment, capital improvements, and other operations and maintenance expenses, while administration costs can include such things as general expenses for administrative salaries and fringe benefits such as insurance and paid time off, accounting, office supplies, payroll, and other general administration costs.   

    While the Department is aware that many Award recipients use indirect cost payments to effectuate activities funded by the Department’s financial assistance awards, these indirect cost payments are not for funding the Department’s direct project activities.  As these funds are entrusted to the Department by the American people, the Department must ensure it is putting funds to appropriate use on financial assistance programs.  To improve efficiency and curtail costs where appropriate, the Department seeks to better balance the financial needs of financial assistance award recipients with the Department’s obligation to responsibly manage federal funds. 

    Accordingly, this policy flash announces the Department’s updated policies, procedures, and general decision-making criteria for establishing standards (and limits) for payment of indirect costs related to financial assistance awarded to state and local governments.  When awarding financial assistance to state and local governments these policies, procedures, and criteria are intended to better balance the Department’s dual responsibilities to financial assistance award recipients and the American people.

    Effective immediately, this guidance only applies to new or conditional Awards with state and local governments.  New Awards are considered to be Awards issued under Notices of Funding Opportunity yet to be released. Conditional Awards are awards for prior Notices of Funding Opportunity or Funding Opportunity Announcements where negotiations are not yet complete and/or the Award has not been executed. This guidance does not apply to tribal entities.

    ESTABLISHING APPROPRIATE INDIRECT COST REIMBURSEMENT LIMITS:

    At present, the indirect cost rate for state and local government financial assistance Awards is typically negotiated by one of nine other Federal agencies, depending on the state and local governmental entity involved, see 2 C.F.R. 200, app. V(F)(1). The Department plans to establish a new policy on the payment of indirect costs under Awards to state and local governments.  The Department plans to establish a maximum allowable dollar amount (stated in terms of a percentage of the total project award amount) that it will reimburse for allowable, allocable, and reasonable indirect costs under Awards.  The percentage that will be reimbursable is inclusive of total indirect costs and fringe benefit costs.  

    For the reasons set forth in this memorandum, for New Awards, recipients should continue to utilize their negotiated and approved indirect cost rate(s) in applications for Awards, but the Department will establish a maximum dollar amount that it will reimburse under Awards to state and local governments.  The maximum limit of funds to be paid or reimbursed to a new Award recipient as indirect costs will be calculated as a percentage of the total project award amount and will be included in the Award terms as a cap.  For state and local government financial assistance awards, this maximum percentage is 10 percent (10%). 

    All New Awards to state and local governments will mandate that the Department will limit the payment or reimbursement of all allowable, allocable, and reasonable indirect costs to a maximum of ten percent (10%) of the total project award amount.  This policy will better balance the Department’s twin aims of funding meaningful financial assistance programs to stimulate a public purpose, such as improved infrastructure or technology deployment, and upholding its fiduciary Federal Stewardship obligations to the American people.

    In circumstances where the Secretary has determined it is necessary and appropriate, the dollar threshold for reimbursement of indirect costs may be modified for Award(s) to state and local governments that are subject to this policy.

    Additional information is forthcoming.

    POLICY FLASH

    SUBJECT: Adjusting Department of Energy Financial Assistance Policy for Non-profit Organizations’ Financial Assistance Awards

    BACKGROUND: Pursuant to 5 U.S.C. 553(a)(2), the Department of Energy (“Department”) is updating its policy with respect to Department financial assistance funding awarded to nonprofit organizations.

    Through its financial assistance programs (which include grants and cooperative agreements), the Department funds research, development, and deployment projects and activities in furtherance of its mission consistent with its policies and priorities. A portion of the funding provided pursuant to a Department financial assistance agreement (“Award”) goes to “indirect costs,” sometimes referred to as facilities and administration (“F&A”) costs. Facilities costs can sometimes be comprised of such things as depreciation of buildings, rent, equipment, capital improvements, and other operations and maintenance expenses, while administration costs can include such things as general expenses for administrative salaries and fringe benefits such as insurance and paid time off, accounting, office supplies, payroll, and other general administration costs.  

    While the Department is aware that many Award recipients use indirect cost payments to effectuate activities funded by the Department’s financial assistance awards, these indirect cost payments are not for funding the Department’s direct project activities. As these funds are entrusted to the Department by the American people, the Department must ensure it is putting funds to appropriate use on financial assistance programs. To improve efficiency and curtail costs where appropriate, the Department seeks to better balance the financial needs of financial assistance award recipients with the Department’s obligation to responsibly manage federal funds.

    Accordingly, this policy flash announces the Department’s updated policies, procedures, and general decision-making criteria for establishing standards (and limits) for payment of indirect costs related to financial assistance awarded to nonprofit organizations. When awarding financial assistance to nonprofit organizations these policies, procedures, and criteria are intended to better balance the Department’s dual responsibilities to Award recipients and the American people.

    Effective immediately, this guidance only applies to new or conditional Awards with nonprofit organizations. New Awards are considered to be Awards issued under Notices of Funding Opportunity yet to be released. Conditional Awards are awards for prior Notices of Funding Opportunity or Funding Opportunity Announcements where negotiations are not yet complete and/or the Award has not been executed.

    ESTABLISHING APPROPRIATE INDIRECT COST REIMBURSEMENT LIMITS:

    At present, the indirect cost rate for nonprofit organization Awards is typically negotiated by the Federal agency with the largest dollar value of Federal awards directly funded to the nonprofit organization, see 2 C.F.R. 200, app. IV(C)(2)(a). The Department plans to establish a new policy on the payment of indirect costs under Awards to nonprofit organizations. The Department plans to establish a maximum allowable dollar amount (stated in terms of a percentage of the total project award amount) that it will reimburse for allowable, allocable, and reasonable indirect costs under Awards. The percentage that will be reimbursable is inclusive of total indirect costs and fringe benefit costs.

    For the reasons set forth in this memorandum, for New Awards, recipients should continue to utilize their negotiated and approved indirect cost rate(s) in applications for Awards, but the Department will establish a maximum dollar amount that it will reimburse under Awards to nonprofit organizations. The maximum limit of funds to be paid or reimbursed to a new Award recipient as indirect costs will be calculated as a percentage of the total project award amount and will be included in the Award terms as a cap. For nonprofit organization Awards, this maximum percentage is 15 percent (15%).

    All New Awards to nonprofit organizations will mandate that the Department will limit the payment or reimbursement of all allowable, allocable, and reasonable indirect costs to a maximum of fifteen percent (15%) of the total project award amount. This policy will better balance the Department’s twin aims of funding meaningful financial assistance programs to stimulate a public purpose, such as improved infrastructure or technology deployment, and upholding its fiduciary Federal Stewardship obligations to the American people.

    In circumstances where the Secretary has determined it is necessary and appropriate, the dollar threshold for payment of indirect costs may be modified for Award(s) to nonprofit organizations that are subject to this policy.

    Additional information is forthcoming.

    POLICY FLASH

    SUBJECT: Adjusting Department of Energy Financial Assistance Policy for For-profit Organizations’ Financial Assistance Awards 

    BACKGROUND: Pursuant to 5 U.S.C. 553(a)(2), the Department of Energy (“Department”) is updating its policy with respect to Department financial assistance funding awarded to for-profit organizations.

    Through its financial assistance programs (which include grants and cooperative agreements), the Department funds research, development, and deployment projects and activities in furtherance of its mission consistent with its policies and priorities. A portion of the funding provided pursuant to a Department financial assistance agreement (“Award”) goes to “indirect costs.”. Indirect costs can be comprised of one or more indirect pools to include fringe pools associated with employee benefits, overhead pools that support business operations, and general and administrative (G&A) pools associated with the overall administration of a business.  These indirect pools typically may include costs for health insurance, paid leave, payroll taxes, rent, utilities, professional services, IT, supplies, executive salaries, rent, training, licenses and permits, depreciation, and other general expenses not directly tied to a specific project.  

    While the Department is aware that many Award recipients use indirect cost payments to effectuate activities funded by the Department’s financial assistance awards, these indirect cost payments are not for funding the Department’s direct project activities. As these funds are entrusted to the Department by the American people, the Department must ensure it is putting funds to appropriate use on financial assistance programs. To improve efficiency and curtail costs where appropriate, the Department seeks to better balance the financial needs of financial assistance award recipients with the Department’s obligation to responsibly manage federal funds.

    Accordingly, this policy flash announces the Department’s updated policies, procedures, and general decision-making criteria for establishing standards (and limits) for payment of indirect costs related to financial assistance awarded to for-profit organizations, as defined by 2 C.F.R. Part 910.122. When awarding financial assistance to for-profit organizations these policies, procedures, and criteria are intended to better balance the Department’s dual responsibilities to Award recipients and the American people.

    Effective immediately, this guidance only applies to new or conditional Awards with for-profit organizations. New Awards are considered to be Awards issued under Notices of Funding Opportunity yet to be released. Conditional Awards are awards for prior Notices of Funding Opportunity or Funding Opportunity Announcements where negotiations are not yet complete and/or the Award has not been executed.

    ESTABLISHING APPROPRIATE INDIRECT COST REIMBURSEMENT LIMITS:

    At present, the indirect cost rate for for-profit organization Awards is typically negotiated by the Federal agency with the largest dollar value of Federal awards directly funded to the for-profit organization, see 48 C.F.R. Part 42.003(a). The Department plans to establish a new policy on the payment of indirect costs under awards to for-profit organizations. The Department plans to establish a maximum allowable dollar amount (stated in terms of a percentage of the total project award amount) that it will reimburse for allowable, allocable, and reasonable indirect costs under Awards. The percentage that will be reimbursable is inclusive of total indirect costs and fringe benefit costs.

    For the reasons set forth in this memorandum, for New Awards, recipients should continue to utilize their negotiated and approved indirect cost rate(s) in applications for Awards, but the Department will establish a maximum dollar amount that it will reimburse under Awards to for-profit organizations. The maximum limit of funds to be paid or reimbursed to a new Award recipient as indirect costs will be calculated as a percentage of the total project award amount and will be included in the Award terms as a cap. For for-profit organization Awards, this maximum percentage is fifteen percent (15%).

    All New Awards to for-profit organizations will mandate that the Department will limit the payment or reimbursement of all allowable, allocable, and reasonable indirect costs to a maximum of fifteen percent (15%) of the total project award amount. This policy will better balance the Department’s twin aims of funding meaningful financial assistance programs to stimulate a public purpose, such as improved infrastructure or technology deployment, and upholding its fiduciary Federal Stewardship obligations to the American people.

    In circumstances where the Secretary has determined it is necessary and appropriate, the dollar threshold for payment of indirect costs may be modified for Award(s) to for-profit organizations that are subject to this policy.

    Additional information is forthcoming.

    These flashes will be available online at the Department of Energy Policy Flashes website.

    MIL OSI USA News –

  • MIL-OSI Economics: STATEMENT: CanREA members sign agreements to build new wind power projects in New Brunswick

    Source: – Press Release/Statement:

    Headline: STATEMENT: CanREA members sign agreements to build new wind power projects in New Brunswick

    NB Power has selected CanREA member companies to develop four new wind energy projects

    Fredericton, May 7, 2025— The Canadian Renewable Energy Association (CanREA) congratulates three member companies for signing Power Purchase Agreements representing just over 450 MW of wind energy, as announced by NB Power today.

    Each of these four new wind energy projects is being developed by First Nations communities, in partnership with CanREA members Eolectric, ABO Energy and Natural Forces. The projects, totalling 452 megawatts (MW) of new generation in New Brunswick, are expected to be in service in 2027/28. 

    “The partnership between First Nations communities and developers is a critical component of all these projects, which will help contribute to New Brunswick’s low-carbon future,” said Jean Habel, CanREA’s Senior Director for Quebec and Atlantic Canada.  

    Specifically:  

    CanREA Gigawatt member Eolectric was selected for a project providing 92 MW of capacity, the Astuwicuwon Wind Project, developed in partnership with the Sitansisk First Nation. 
    CanREA Gigawatt Member, ABO Energy, was selected for a project with 60 MW of capacity, the Papoqji’jg Wind Project, developed in partnership with the Pabineau First Nation. 
    CanREA Megawatt Member, Natural Forces, was selected for two projects with 300 MW of total capacity: the Salmon River Wind Project (200 MW, to be developed in partnership with Wolastoqey Resource Developments Inc., representing all six Wolastoqey communities), and the Paqt’smawei Sipu Wind Project (100 MW, which will be developed in partnership with the L’nui Menikuk First Nation (Indian Island) and Mi’gmaq United Investment Network). 
    “Wind power is an affordable, reliable, clean and quickly deployable electricity generation technology,” said Eddie Oldfield, CanREA’s Manager for Atlantic Canada. “CanREA will continue to work hard in Atlantic Canada to maximize the value of this tremendous energy resource.” 

    Quotes

    “The partnership between First Nations communities and developers is a critical component of all these projects, which will help contribute to New Brunswick’s low-carbon future.”  
    —Jean Habel, Senior Director, Quebec and Atlantic Canada, Canadian Renewable Energy Association (CanREA)

    “Wind power is an affordable, reliable, clean and quickly deployable electricity generation technology. CanREA will continue to work hard in Atlantic Canada to maximize the value of this tremendous energy resource.”
    —Eddie Oldfield, Manager, Atlantic Canada, Canadian Renewable Energy Association (CanREA) 

    For media inquiries or interview opportunities, please contact: 

    Communications Canadian Renewable Energy Association 613-227-5378 communications@renewablesassociation.ca 

    About CanREA 

    The Canadian Renewable Energy Association (CanREA) is the voice for wind energy, solar energy and energy storage solutions that will power Canada’s energy future. We work to create the conditions for a modern energy system through stakeholder advocacy and public engagement. Our diverse members are uniquely positioned to deliver clean, low-cost, reliable, flexible and scalable solutions for Canada’s energy needs. For more information on how Canada can use wind energy, solar energy and energy storage to help achieve its net-zero commitments, consult “Powering Canada’s Journey to Net-Zero: CanREA’s 2050 Vision.” Follow us on Bluesky and LinkedIn. Subscribe to our newsletter here. Learn more at renewablesassociation.ca. 

    The post STATEMENT: CanREA members sign agreements to build new wind power projects in New Brunswick appeared first on Canadian Renewable Energy Association.

    MIL OSI Economics –

  • MIL-OSI Africa: Energean Chief Executive Officer (CEO) Confirmed to Speak at Invest in African Energy (IAE) 2025 in Paris

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

    PARIS, France, May 8, 2025/APO Group/ —

    Mathios Rigas, CEO of Energean, will speak at the upcoming Invest in African Energy (IAE) 2025 Forum in Paris, where he will bring critical insights into the future of gas development and investment in Africa. As the head of one of the Mediterranean’s leading independent E&P companies, Rigas is uniquely positioned to discuss how African nations can accelerate gas monetization, meet rising domestic energy demand and attract private sector-led upstream investment.

    Energean’s entry into Morocco marks a notable expansion of its operations in Africa and reflects the company’s strategic focus on gas development across the continent. In April 2024, Energean farmed into the Lixus and Rissana offshore licenses and began drilling at the Anchois gas project in August. Although the discovery did not yield sufficient volumes to justify development, the move signals Energean’s intent to replicate its gas-focused success in the Mediterranean and target gas-weighed assets.

    IAE 2025 (www.Invest-Africa-Energy.com) is an exclusive forum designed to facilitate investment between African energy markets and global investors. Taking place May 13-14, 2025 in Paris, the event offers delegates two days of intensive engagement with industry experts, project developers, investors and policymakers. For more information, please visit www.Invest-Africa-Energy.com. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.

    Following the announcement in December 2024 that Energean would target new acquisitions across Africa, along with the Balkans, the UK and the North Sea, the company is actively reshaping its portfolio around high-impact, development-ready assets. This strategic shift comes in the wake of the divestment of mature assets and signals a renewed focus on frontier and underdeveloped regions, where Energean can apply its proven development model. Africa is set to play a central role in this new chapter, offering both resource potential and strong demand fundamentals.

    With its technical capabilities, successful track record in bringing offshore gas projects online, and experience navigating complex regulatory environments, Energean is well-positioned to make a significant contribution to Africa’s gas agenda. The company’s approach aligns with the continent’s energy transition priorities, offering cleaner-burning fuel sources that can support industrial growth, job creation and greater energy independence.

    IAE 2025 will serve as a critical platform for facilitating dialogue between Energean and key African stakeholders – including governments, regulators and investors – as the company deepens its presence on the continent. As Africa advances its gas agenda and seeks partners to support energy security and industrial development, IAE offers unmatched opportunities to share strategic insights, forge new partnerships and drive investment into high-impact, gas-focused projects.

    MIL OSI Africa –

  • MIL-OSI USA: King Reintroduces Legislation to Save Lives, Protect 2nd Amendment Rights for Law-Abiding Americans

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. – As mass shootings continue to kill or injure Americans needlessly, U.S. Senator Angus King (I-ME) reintroduced legislation to curb these mass killings without hindering 2nd amendment gun rights. The Gas-Operated Semi-Automatic Firearms Exclusion (GOSAFE) Act would protect communities from gun violence while safeguarding law-abiding Americans’ constitutional right to own a firearm for legitimate self-defense, hunting, and sporting purposes by limiting the features of certain guns that allow for detachable high-capacity magazines. The legislation would also create a voluntary buyback program for individuals choosing to get rid of their weapons.
    “The constant onslaught of news coverage that features mass shootings has become all too common and has traumatized far too many communities, including the heartbreak and loss we suffered here in Maine,” said Senator King. “The Gas-Operated Semiautomatic Firearm Exclusion (GOSAFE) Act addresses the lethal capacity weapons like the one used in Lewiston and most of the deadliest mass shootings across the country by limiting the functionality that allow for rapid reloading – and rapid killing – give police and first responders a chance to neutralize the situation. While nothing can bring back the lives of our family and friends in Lewiston, responsible actions moving forward can reduce the likelihood of such a nightmare happening again.”
    Senator King previously led bipartisan, common-sense legislation to address the gun violence epidemic in the United States while protecting the constitutional rights of law-abiding Americans. The Safer Communities Act, passed in 2022, includes funding for red flag laws, enhanced background checks for buyers under 21, and increased mental health resources.
    In addition, following the Lewiston shooting, Senator King has worked to increase mental health funding. In March 2024, the entire Maine Delegation announced that the Maine Department of Health and Human Services (Maine DHHS) would receive $2,048,452 through the U.S. Substance Abuse and Mental Health Services Administration’s (SAMHSA) Emergency Response Grant program (SERG). The funding is used for community mental health needs in the greater-Lewiston community. The delegation also sent a follow-up letter to the Inspector General of the U.S. Department of the Army, Lieutenant General Donna W. Martin, to further press for a comprehensive review of the facts and events leading up to the October 25, 2023 mass shooting.
    In addition to King, the legislation is cosponsored by Senators Martin Heinrich (D-NM), Mark Kelly (D-AZ), Michael Bennet (D-CO), Tim Kaine (D-VA), Tammy Duckworth (D-IL), Sheldon Whitehouse (D-RI), Jeanne Shaheen (D-NH), Alex Padilla (D-CA), Chris Van Hollen (D-MD), John Fetterman (D-PA), Ed Markey (D-MA), Ron Wyden (D-OR), and Mazie Hirono (D-HI).
    Senator King’s past OpEd on the GOSAFE Act can be found here.
    +++
    More specifically, the GOSAFE Act would:
    Regulate Sale, Transfer & Manufacture of Gas-Operated Semi-Automatic Firearms
    The GOSAFE Act would regulate the sale, transfer, and manufacture of gas-operated semi-automatic weapons by: 
    Establishing a list of prohibited firearms; 
    Preventing unlawful modifications of permissible firearms; 
    Mandating that future gas-operated designs are approved before manufacture; and  
    Preventing unlawful firearm self-assembly and manufacturing.  
    Protect Americans’ Second Amendment Right
    The GOSAFE Act protects Americans’ constitutional right to own a gun based on a firearm’s established use for self-defense, hunting, and sporting purposes. The bill accomplishes this by including exemptions based on maximum ammunition capacity according to a firearm’s individual class: a rifle, shotgun, or handgun.  
    This capacity must be “permanently fixed,” meaning the firearm cannot accept a detachable, high-capacity magazine that would increase the number of rounds that can be fired before reloading and make reloading easier. 
    Exemptions include:   
    .22 caliber rimfire or less firearms 
    Bolt action rifles 
    Semi-automatic shotguns 
    Recoil-operated handguns 
    Any rifle with a permanently fixed magazine of 10 rounds or less 
    Any shotgun with a permanently fixed magazine of 10 rounds or less 
    Any handgun with a permanently fixed magazine of 15 rounds or less 
    Limit High-Capacity Ammunition Devices, Outlaws Conversion Devices    
    The GOSAFE Act limits a firearm’s ability to inflict maximum harm in a short amount of time by directly regulating large capacity ammunition feeding devices.  The bill would limit the number of rounds that large capacity ammunition feeding devices are permitted to carry to 10 rounds of ammunition or fewer.  Additionally, the GOSAFE Act makes conversion devices, including bump stocks and Glock switches, unlawful. 
    Create Voluntary Buy-Back Program
    The GOSAFE Act will protect the value of firearms already owned before enactment and prevent stockpiling of these lethal firearms and large capacity magazines by establishing a voluntary buy-back program.  It would allow firearm owners to voluntarily turn over and receive compensation for non-transferrable firearms and magazines as defined by this legislation. 

    MIL OSI USA News –

  • MIL-OSI: JAMining Launches Secure and Sustainable Cloud Mining Contracts Amid Crypto Market Maturity

    Source: GlobeNewswire (MIL-OSI)

    Warwick, UK, May 08, 2025 (GLOBE NEWSWIRE) — As global interest in cryptocurrency continues to grow, JAMining, a world-leading cloud mining platform, is introducing a new generation of secure and stable cloud mining contracts, making digital asset generation more accessible, sustainable, and profitable than ever before.

    By combining clean energy infrastructure, FCA regulation, and an intuitive user experience, JAMining is removing traditional entry barriers in the crypto mining space—such as high hardware costs and complex configurations—and empowering users to participate in mining Bitcoin, Ethereum, Dogecoin, and other major digital currencies with just a few clicks.

    Cloud Mining Reimagined: Simplicity, Security, and Real Profit

    For those seeking an alternative to volatile trading environments, cloud mining offers a dependable path to passive crypto income. JAMining’s platform is designed for investors of all backgrounds—whether they’re exploring crypto for the first time or diversifying an existing portfolio. With mining plans backed by top-tier infrastructure and daily payouts, users can enjoy a fully managed, automated revenue stream.

    Each mining contract is supported by enterprise-grade equipment, operated in facilities powered by 100% renewable energy sources. The result is a mining model that is both eco-conscious and investor-friendly.

    Key Advantages of JAMining

    •  $100 Welcome Bonus
       New users receive $100 in credit to try cloud mining risk-free—no obligations, no deposits.
    •  Zero Hidden Fees
       JAMining charges no service or management fees, ensuring transparent earnings.
    •  Green Energy Operations
       All mining activity is powered by solar, hydro, and wind energy, contributing to a carbon-neutral crypto future.
    •  FCA-Regulated Platform
       JAMining is officially registered and supervised by the UK Financial Conduct Authority, providing unparalleled trust and regulatory oversight.
    •  High Profitability & Daily Payouts
       Users benefit from daily return-sharing, making it easier to compound gains or withdraw at any time.
    •  Multi-Crypto Settlement Support
       JAMining supports over 9 cryptocurrencies for payouts, including BTC, DOGE, ETH, SOL, USDC, USDT, XRP, LTC, and BCH.
    •  Reliable Security & Infrastructure
       With McAfee® and Cloudflare® protection, and a 100% uptime guarantee, users enjoy a secure, seamless mining experience.

    Profit Potential – Daily Earnings Table

    To help investors better understand JAMining’s income model, below is a sample profit table based on recent contract terms:

    Mining Without Complexity

    JAMining’s team handles all the technical operations—from maintenance and energy management to 24/7 customer support—so users don’t have to. This hands-off approach allows users to focus purely on profits, without the burden of configuring hardware, paying electricity bills, or monitoring complex metrics.

    Whether you’re just starting out in crypto, looking to supplement your income, or planning a long-term accumulation strategy, JAMining delivers a frictionless entry into one of the most promising areas of digital finance.

    About JAMining

    JAMining is a globally trusted cloud mining platform offering access to clean-energy-driven mining services for BTC, DOGE, ETH, and more. Backed by a team of blockchain professionals, sustainable infrastructure, and regulatory oversight, JAMining provides users with a modern, secure way to mine digital currencies—anytime, anywhere.

    Company: JAMining
    Website: https://jamining.com
    Contact: info@jamining.com

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network –

  • MIL-OSI USA: Congresswoman Lauren Boebert Introduces the American Energy Act

    Source: United States House of Representatives – Representative Lauren Boebert (Colorado, 3)

    WASHINGTON, DC– Congresswoman Lauren Boebert (CO-04) this week introduced the American Energy Act, a bill to streamline the permitting process for oil & gas producers and allow American energy companies to focus on creating jobs and lowering costs instead of bureaucratic red tape. Rep. Boebert introduced similar legislation in 2023, which passed through the House as part of H.R. 1 in the 118th Congress.

    “Our American oil & gas producers need to get back to what they do best: creating jobs, lowering energy costs for American families and small businesses, and producing the cleanest natural gas in the world,”said Congresswoman Boebert.“The days of bureaucracy and red tape under the Biden Administration are done; my American Energy Act streamlines the permitting process and allows energy companies to move forward instead of being held up by endless layers of government and malicious litigation from progressive advocacy groups.”

    The full text of Congresswoman Boebert’s American Energy Act can be found HERE.

    BACKGROUND:

    The American Energy Act ensures that the Department of Interior continues to process Applications for Permits to Drill (APDs) under a valid existing lease regardless of any unrelated civil action and extends the term of an APD from 2 years to 4 years.

    A backlog of thousands of APD’s were still waiting approval under the Biden Administration’s Department of Interior, freezing the ability of oil & gas producers to create well-paying jobs and engage in responsible energy exploration.

    In addition to bureaucratic red tape, lawsuits filed by radical progressive lawfare groups held up the approval process for many of the APDs under consideration by the DOI. The American Energy Act requires courts to remand lease sale Environmental Impact Studies to agencies to remedy when necessary, rather than allowing judges with a political agenda to simply vacate these leases.

    Cosponsors of the legislation include: Rep. Jeff Hurd (CO-03), Rep. Andy Ogles (TN-05), Rep. Ryan Zinke (MT-01), Rep. Byron Donalds (FL-19), Rep. Troy Nehls (TX-22), Rep. Pete Stauber (MN-08), Rep. Andy Biggs (AZ-05), Rep. Paul Gosar (AZ-09), Rep. Jeff Crank (CO-05), Rep. Barry Moore (AL-01), Rep. Pat Harrigan (NC-10), Rep. Julie Fedorchak (ND-AL), Rep. Ben Cline (VA-06), and Rep. Michelle Fischbach (MN-07).

    MIL OSI USA News –

  • MIL-OSI USA: Carbajal, House Democrats Lead Fight Against Republican Cuts to Medicaid and Food Assistance

    Source: United States House of Representatives – Representative Salud Carbajal (CA-24)

    As Republicans push an extreme budget that hands $7 trillion in giveaways to billionaires and big corporations, U.S. Representative Salud Carbajal (D-CA-24) joined House Democrats in introducing legislation to block the extreme and unprecedented cuts to Medicaid and food assistance in the Republican budget.

    “The Republican budget is harmful to the Central Coast’s working families—threatening to gut Medicaid, SNAP, and food assistance just to hand out more tax breaks to billionaires like Elon Musk,” said Rep. Carbajal. “I’m proud to stand with my Democratic colleagues to introduce the Hands Off Medicaid and SNAP Act, because no family should have to forgo medical care or go hungry while the ultra-wealthy get another tax giveaway.”

    While Republican leaders claim they won’t cut Medicaid benefits, the nonpartisan Congressional Budget Office confirmed that the Republican budget would result in the largest Medicaid cuts in U.S. history (see fact sheet here). The Republican proposal demands slashing at least $880 billion from programs under the House Energy and Commerce Committee, which is impossible without devastating cuts to Medicaid, a critical program that provides essential health care to nearly one in three Americans.


    The Republican budget also demands at least $230 billion in cuts to programs under the House Agriculture Committee, threatening the largest-ever cut to the Supplemental Nutrition Assistance Program (SNAP), which helps over 42 million Americans afford groceries. These cuts to food and health assistance come as grocery and health care costs remain high—and as Donald Trump advances a new wave of tariffs that would amount to the largest middle-class tax increase in 50 years, costing households an estimated $3,800 annually.

    Meanwhile, the proposed cuts would be used to help pay for tax breaks for the wealthiest Americans. According to the nonpartisan Yale Budget Lab, nearly 70 percent of the benefits of the major policies in the Republican budget would go to the top 5 percent of earners. While the top 0.1 percent gets an annual tax cut of $314,266, working and middle-class families would be left to bear the burden of higher costs and reduced access to health care and food assistance.

    The Hands Off Medicaid and SNAP Act would protect families by prohibiting Republicans from weaponizing the reconciliation process to cut benefits or remove individuals from Medicaid and SNAP. This would help ensure that tens of millions of Americans continue to have access to essential health care and food assistance (district-level data is available here).

    The text of the Hands Off Medicaid and SNAP Act is available here.

    MIL OSI USA News –

  • MIL-OSI USA: Durbin, Luján Introduce Bipartisan Legislation To Improve AI Testing, Safeguarding Americans Against Risks

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    May 07, 2025
    WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL), U.S. Senators Ben Ray Luján (D-NM), Marsha Blackburn (R-TN), Jim Risch (R-ID), and Peter Welch (D-VT) today introduced the Testing and Evaluation Systems for Trusted Artificial Intelligence (TEST) AI Act of 2025, legislation to improve the federal government’s capacity to test and evaluate Artificial Intelligence (AI) systems to drive innovation, protect national security, and build trust and confidence for Americans utilizing AI systems.
    The TEST AI Act aims to ensure that AI systems used by federal agencies are trustworthy, secure, and objective, and lays the groundwork for broader national AI evaluation standards through a transparent and collaborative approach. The TEST AI Act would direct a collaboration between the National Institute for Standards and Technology (NIST) and the Department of Energy (DOE) to establish a testbed pilot program to develop and refine measurement standards for evaluating AI systems.
    “While AI holds enormous positive potential, this new technology must be tested thoroughly to ensure that it is used responsibly,” said Durbin. “With the bipartisan TEST AI Act, we can direct the Department of Energy and the National Institute of Standards and Technology to develop AI testbeds, allowing us to safely explore the boundaries of AI, establish necessary guardrails, and protect against misuse.”
    “The TEST AI Act is a step towards transparency and accountability in artificial intelligence,” said Americans for Responsible Innovation (ARI) President Brad Carson. “Right now, AI systems are being deployed in high-stakes environments without independent oversight or clear standards. By building federal capacity for rigorous AI evaluations, this bill helps ensure AI tools are secure, effective, and ready for deployment.”
    Specifically, the TEST AI Act would:
    Codify the ongoing collaboration between NIST and DOE to evaluate AI models;
    Improve public-private partnerships through an AI Testing Working Group to guide standard development related to performance, reliability, security, privacy, and bias; and 
    Direct the development of a public strategy for testing, construction of testbeds, and compilation of a report to Congress on the results and recommendations for future standards development.
    Durbin, Luján, Blackburn, and Risch are co-leads of the Senate National Labs Caucus. The caucus works to elevate the National Labs’ visibility and support them as they meet national energy and security objectives. This caucus also helps identify bipartisan initiatives to maintain and extend U.S. leadership in critical scientific sectors.
    Full text of the bill is available here.
    -30-

    MIL OSI USA News –

  • MIL-OSI: Catch the High-Speed Action Again! American Rebel Light Beer NHRA 4-Wide Nationals Replay on FS1 – May 8, 2025

    Source: GlobeNewswire (MIL-OSI)

    Buckle up, crack open a cold American Rebel Light Beer, and get ready for pure NHRA excitement on the FS1 telecast!

    Nashville, TN, May 08, 2025 (GLOBE NEWSWIRE) — American Rebel Holdings, Inc. (NASDAQ: AREB) (“American Rebel” or the “Company”), creator of American Rebel Light Beer (americanrebelbeer.com) and a designer, manufacturer, and marketer of branded safes, personal security and self-defense products and apparel (americanrebel.com), is excited to announce that racing fans get another chance to witness the adrenaline-pumping excitement of NHRA’s 4-Wide Nationals, presented by American Rebel Light Beer, airing Thursday, May 8, 2025, on FS1’s NHRA Sportsman Series (check your local listings). Total combined television audience viewership was over 700,000 on the original broadcasts and is expected to exceed 900,000 viewers once the audience totals are finalized.

    Following a record-breaking weekend at Charlotte Motor Speedway’s zMAX Dragway (April 25–27, 2025), viewers can relive the historic 1,000th Top Fuel race, featuring four-wide drag racing at speeds over 300 mph – the fastest accelerating machines on the planet! American Rebel Light Beer, America’s fastest growing beer was featured prominently as the title sponsor and is a perfect match with the NHRA and our sponsorship with TSR Nitro Racing (tsrnitro.com).

    What to Expect on FS1 NHRA Sportsman Series Replay:

    • Date: Thursday, May 8, 2025
    • Network: FS1
    • Featured Racing: Super Stock, Stock Eliminator, Super Comp, Super Gas, and Top Sportsman

    American Rebel Light Beer: A Bold and Growing Presence in Motorsports

    The official title sponsorship of the NHRA 4-Wide Nationals marked a major milestone for American Rebel Light Beer, reinforcing its event-driven, patriotic brand identity. The beer’s trackside activations, promotional tents, and sampling stations helped expand its presence in North Carolina, fueling racing fans with America’s Patriotic, God Fearing, Constitution Loving, National Anthem Singing, Stand Your Ground Beer.

    Marketing Highlights:

    • Original Broadcast Audience: Nearly 700,000 viewers
    • Expected Final Viewership: Up to 1 million, including FS1 Sportsman Series replays
    • NHRA Social Media Reach: Over 9.2 million impressions
    • Live Concert Experience: American Rebel CEO Andy Ross performed a patriotic rock ‘n’ roll show between Nitro Qualifying Sessions

    Don’t Miss the Replay and look for the American Rebel Light Funny Car driven by Matt Hagan and the American Rebel Light Pro Stock Motorcycle driven by John Hall. Tune in Thursday, May 8, 2025, on FS1, and experience the raw horsepower, side-by-side battles, and all-American racing energy of NHRA’s Sportsman Series, powered by American Rebel Light Beer.

    American Rebel Light Funny Car

    The American Rebel Light Funny Car, driven by four-time NHRA Funny Car champion Matt Hagan, is a high-horsepower, American-made beast that embodies the bold, patriotic spirit of American Rebel Light Beer.

    Car Specs & Performance:

    • Supercharged Hemi engine, pushing over 11,000 horsepower
    • Capable of 330+ MPH in under 4 seconds
    • Patriotic design wrap, featuring American Rebel Light Beer’s bold branding
    • Drew massive fan engagement with trackside meet & greets, beer promotions, and live music from American Rebel CEO Andy Ross

    With Matt Hagan behind the wheel, the American Rebel Light Funny Car isn’t just a race car—it’s a high-speed symbol of freedom, power, and unapologetic American pride just like American Rebel Light Beer.

    Fast, fearless, and fueled by the spirit of American Rebel Light Beer—this Funny Car is built to win!

    American Rebel Light Pro Stock Motorcycle

    The American Rebel Pro Stock Motorcycle, piloted by John Hall, is a high-performance, all-American machine built for speed, power, and precision on the NHRA drag racing circuit.

    Bike Specs & Performance:

    • V-Twin engine, delivering high-horsepower acceleration
    • Capable of 6-second quarter-mile runs at speeds exceeding 200 mph
    • Wrapped in the American Rebel Light Beer brand symbolizing bold, stand-your-ground energy

    NHRA Sportsman Series

    • The NHRA Sportsman Series on FS1 features Lucas Oil Drag Racing Series events, showcasing amateur and semi-professional racers competing in various sportsman-level categories. These races include Super Stock, Stock Eliminator, Super Comp, Super Gas, and Top Sportsman, among others.
    • FS1 and FS2 air NHRA Sportsman Series events throughout the season, often as part of NHRA national event weekends. The broadcasts highlight grassroots drag racing, giving fans a look at up-and-coming drivers and regional competitors.
    • For the 2025 season, FS1 is scheduled to air multiple NHRA Sportsman Series events.

    About American Rebel Light:

    American Rebel Light is more than just a beer—it’s a celebration of freedom, passion, and quality. Brewed with care and precision, our light beer delivers a refreshing taste that’s perfect for every occasion.

    For more information about American Rebel Light and its sponsorship of the NHRA 4-Wide Nationals, visit American Rebel Light NHRA 4-Wide Nationals | Events | Charlotte Motor Speedway or follow us on social media @AmericanRebelBeer

    Since its launch in September 2024, American Rebel Light Beer has rolled out in Tennessee, Connecticut, Kansas, Kentucky, Ohio, Iowa, Missouri, North Carolina, Florida and Indiana and is adding new distributors and territories regularly. For more information about the launch events and the availability of American Rebel Beer, please visit americanrebelbeer.com or follow us on our social media platforms.

    Produced in partnership with AlcSource, American Rebel Light Beer (americanrebelbeer.com) is a domestic premium light lager celebrated for its exceptional quality and patriotic values. It stands out as America’s Patriotic, God-Fearing, Constitution-Loving, National Anthem-Singing, Stand Your Ground Beer.

    American Rebel Light is a Premium Domestic Light Lager Beer – All Natural, Crisp, Clean and Bold Taste with a Lighter Feel. With approximately 100 calories, 3.2 carbohydrates, and 4.3% alcoholic content per 12 oz serving, American Rebel Light Beer delivers a lighter option for those who love great beer but prefer a more balanced lifestyle. It’s all natural with no added supplements and importantly does not use corn, rice, or other sweeteners typically found in mass produced beers.

    About American Rebel Holdings, Inc.

    American Rebel Holdings, Inc. (NASDAQ: AREB) has operated primarily as a designer, manufacturer and marketer of branded safes and personal security and self-defense products and has recently transitioned into the beverage industry through the introduction of American Rebel Light Beer. The Company also designs and produces branded apparel and accessories. To learn more, visit americanrebel.com and americanrebelbeer.com. For investor information, visit americanrebelbeer.com/investor-relations.

    American Rebel Holdings, Inc.
    info@americanrebel.com

    American Rebel Beverages, LLC
    Todd Porter, President
    tporter@americanrebelbeer.com

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. American Rebel Holdings, Inc., (NASDAQ: AREB; AREBW) (the “Company,” “American Rebel,” “we,” “our” or “us”) desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words “forecasts” “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “could,” “target,” “potential,” “is likely,” “expect” and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include benefits of a launch party, actual launch timing and availability of American Rebel Beer, success and availability of the promotional activities, our ability to effectively execute our business plan, and the Risk Factors contained within our filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2024. Any forward-looking statement made by us herein speaks only as of the date on which it is made. 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 publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Company Contact:
    tporter@americanrebelbeer.com
    info@americanrebel.com

    For more details on American Rebel Light Beer and upcoming events, visit www.AmericanRebelBeer.com or follow @AmericanRebelBeer on social media.

    Attachment

    The MIL Network –

  • MIL-OSI: Allied Energy Corporation Advances Gas Supply Infrastructure to Support Bitcoin Mining Partner at Thiel Site

    Source: GlobeNewswire (MIL-OSI)

    • AGYP advances gas-to-power site for sustainable Bitcoin mining operations
    • Trapped gas converted to energy for off-grid AI & data infrastructure
    • Thiel site prepares final testing and computing equipment delivery
    • Natural gas solutions support decentralized computing and edge centers

    CARROLLTON, Texas, May 08, 2025 (GLOBE NEWSWIRE) — Allied Energy Corporation (OTC: AGYP) (”AGYP”), a Texas-based energy company focused on revitalizing underutilized domestic oil and gas resources, is pleased to provide a project update from the Thiel site where AGYP and its partner, Louis Energy Inc., are building out the infrastructure to deliver natural gas to support off-grid computing applications for Louis Energy Inc.

    Key Infrastructure Achievements: Turning Trapped Gas into a Strategic Asset

    AGYP and Louis Energy Inc. have been actively preparing the Thiel site to safely and efficiently channel natural gas to mobile containers for high-density computing. Completed milestones include:

    • Delivery of second modular computing container
    • Installation of on-site mobile office
    • Electrical installation preparation between Generator 2 and Container 2
    • Perimeter security fencing underway
    • Gas supply systems under validation
    • Generator test scheduled (pending P-5 approval)
    • On-site technicians conducting diagnostics and testing

    Planned Operational Advancements: Preparing for Final Integration

    AGYP is entering the final phase of its infrastructure buildout at Thiel, including:

    • Final cable installations and system optimization
    • Delivery of 10 pallets of computing equipment scheduled for next week
    • Wi-Fi connectivity via Starlink
    • Generator testing and operational clearance
    • Surveillance system installation
    • Gas system gauges and fittings to be pressure tested

    Once regulatory approvals are received, the site will begin formal gas-to-power operations.

    The Bigger Picture: Trapped Gas – An Untapped National Resource

    Stranded and flared gas—once considered a waste byproduct—is rapidly gaining traction as a sustainable, low-cost power source for decentralized infrastructure. AGYP’s work at the Thiel site is part of a broader push to transform U.S. energy usage:

    Use Cases for Trapped Gas Beyond Data Mining:

    • AI & Machine Learning Compute Farms – Powering high-density GPU systems
    • Agritech – Supporting controlled-environment agriculture in remote areas
    • Hydrogen Production – Fueling clean hydrogen from hydrocarbon sources
    • Remote & Emergency Operations – Delivering mobile energy to military and disaster response sites
    • Rural Electrification – Bringing energy to underserved communities through microgrids
    • Data & Edge Centers – Supporting low-latency applications with local infrastructure

    National Opportunity:

    • Over 1.4 billion cubic feet/day of gas is flared or vented in the U.S.
      (Source: U.S. Energy Information Administration, 2024)
    • Enough trapped gas exists to power over 10,000 MW of digital infrastructure
      (Source: Digital Wildcatters & Giga Energy)

    States like Texas, North Dakota, New Mexico, and Wyoming are seeing regulatory and ESG-driven momentum to utilize this untapped energy source.

    “We’re positioning AGYP at the center of a new energy economy—where natural gas isn’t wasted but redirected toward powering real-world innovation,” said George Montieth, CEO of AGYP.

    What’s Next for AGYP?

    With Thiel nearing full operational status, AGYP is actively exploring additional partnerships and deployment models to expand its gas-to-power strategy to other high-potential sites. In addition, further updates regarding the company’s carbon capture, gas monetization, and off-grid computing ventures will be provided in the coming months, as previously outlined in AGYP’s February 27, 2025 update.

    AGYP remains committed to turning America’s trapped gas into a strategic energy advantage.

    About AGYP:

    Allied Energy Corp. is an energy development and production company acquiring oil & gas reserves in some of the most prolific hydrocarbon bearing regions of the United States. The Company specializes in the business of reworking & re-completing ‘existing’ oil & gas wells located in the thousands of mature oil & gas producing fields across the United States. The Company applies its knowledge, experience, and effective well-remediation technologies to achieve higher production volumes, longer well life, and more efficient recovery of the proven and available oil and gas reserves in the fields/projects in which it has acquired an ownership interest. The Company will utilize updated technologies such as hydraulic fracturing (“fracking”), drilling of lateral (“horizontal”) legs in productive zones, and utilizing new cased hole electric logging to locate bypassed pays, all to enhance daily rates and oil & gas recoveries. By acquiring interests in a growing number of selected projects in various regions, Allied Energy Corp. is diversifying its exposure and effectively minimizing risk as it pursues corporate growth, top line & bottom-line revenues to the benefit of all stakeholders. There are proven, recoverable reserves contained in the many aging oil & gas fields that have been bypassed by companies moving away from these fields in search of deeper, more plentiful, but more costly reserves. The Company plans to concentrate on bypassed oil and gas as there is less competition and, as mentioned above, the costs are considerably less. Additionally, the company will acquire interests in marginal wells that can be acquired at minimal cost, of which there are 420,000 wells in the U.S. Quoting Barry Russell, President of the Independent Petroleum Association of America (“IPAA”) – “With approximately 20 percent of American oil production and 10 percent of American natural gas production coming from marginal wells, they are America’s true strategic petroleum reserve.”

    Safe Harbor Statement:

    This press release may contain certain forward-looking statements that are within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “potential” and similar expressions. These statements reflect the Company’s current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release, including such forward-looking statements.

    Contact:

    Allied Energy Corporation
    Phone: 972-632-2393
    Email: info@alliedengycorp.com
    X: https://x.com/AlliedEnergyCo1

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/805afac9-47b6-422a-a74e-41ed9df311b3

    https://www.globenewswire.com/NewsRoom/AttachmentNg/bf09204b-baac-49fe-974f-47b7e199e3a5

    https://www.globenewswire.com/NewsRoom/AttachmentNg/11283726-53b0-48cf-9160-09bcd53a59ec

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2a26cbf3-3990-4f81-8304-8e79d831567a

    The MIL Network –

  • MIL-OSI: Aemetis Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    • California Ethanol passes $2 billion cumulative revenue milestone.
    • Aemetis Biogas increased sales by 10,100 MMBtu compared with same quarter last year
    • Sales of investment tax credits resulted in cash proceeds of $19.0 million during Q1 2025.
    • India Biodiesel received letters of intent in April for an aggregate of $31 million of biodiesel sales to OMCs for delivery in May, June and July of 2025.

    CUPERTINO, Calif., May 08, 2025 (GLOBE NEWSWIRE) — Aemetis, Inc. (NASDAQ: AMTX), a renewable natural gas and renewable fuels company focused on low and negative carbon intensity products that replace petroleum products and reduce greenhouse gas emissions, today announced its financial results for the three months ended March 31, 2025.

    “Revenues during the first quarter of 2025 of $42.9 million reflect continued and strong execution by our California Ethanol and Dairy Renewable Natural Gas segments. After a pause in production and supply under the OMC contracts, our India Biodiesel segment is now approved to return to regular production levels,” said Todd Waltz, Chief Financial Officer of Aemetis. “We look forward to substantial additional revenues when we receive the LCFS provisional pathway approvals that are expected to approximately double our LCFS revenues and receive the federal Inflation Reduction Act Section 45Z production tax credits,” added Waltz.

    “We are pleased with the continued growth of Aemetis Biogas production and continued progress with building a large centralized dairy digester to process waste from four dairies that is expected to be operational in the next few months,” said Eric McAfee, Chairman and CEO of Aemetis. “Our continued focus on significantly improving cash flow from our California Ethanol segment by replacing fossil natural gas with lower carbon electricity is now underway with the fabrication of the equipment for the mechanical vapor recompression project.”

    Today, Aemetis will host an earnings review call at 11:00 a.m. Pacific time (PT).

    Live Participant Dial In (Toll Free): +1-877-545-0523 entry code 761021
    Live Participant Dial In (International): +1-973-528-0016 entry code 761021
    Webcast URL: https://www.webcaster4.com/Webcast/Page/2211/52416

    For details on the call, please visit http://www.aemetis.com/investors/conference-calls/

    Financial Results for the Three Months Ended March 31, 2025

    Total revenues during the first quarter of 2025 were $42.9 million compared to $72.6 million for the first quarter of 2024. Delays with the receipt of contracts in India from the government-owned Oil Marketing Companies accounted for the decline in revenue. New OMC letters of intent for $31 million were issued in April 2025 and we started shipments in April. Our Keyes ethanol plant increased revenues by $1.7 million due principally to an increase in the average price of Ethanol from $1.79 during 2024 to $1.98 during the first quarter of 2025. Our Dairy Natural Gas segment sold 70,900 MMBtu of renewable natural gas, an increase of 10,100 MMBtu from the same quarter last year.

    Gross loss for the first quarter of 2025 was $5.1 million, compared to a $0.6 million loss during the first quarter of 2024.

    Selling, general and administrative expenses increased by $1.6 million to $10.5 million during the first quarter of 2025 compared to $8.9 million during the same period in 2024, driven primarily from legal and other transaction costs associated with receiving $18 million of cash proceeds from tax credit sales during the first quarter.

    Operating loss was $15.6 million for the first quarter of 2025, compared to operating loss of $9.5 million for the same period in 2024.

    Interest expense, excluding accretion of Series A preferred units in the Aemetis Biogas LLC subsidiary, increased to $13.7 million during the first quarter of 2025 compared to $10.5 million during the first quarter of 2024. Additionally, Aemetis Biogas recognized $2.3 million of accretion of Series A preferred units during the first quarter of 2025 compared to $3.3 million during the first quarter of 2024.

    Income tax expense included a benefit from the sale of $7.0 million of Investment Tax Credits during the first quarter of 2025.

    Net loss was $24.5 million for the first quarter of 2025, compared to net loss of $24.2 million for the first quarter of 2024.

    Cash at the end of the first quarter of 2025 was $500 thousand compared to $900 thousand at the close of the fourth quarter of 2024. We recorded investments in capital projects related to the reduction of the carbon intensity of Aemetis ethanol and construction of dairy digesters of $1.8 million for the first quarter of 2025. Additionally, payments of $15.4 million were applied to the repayment of debt during the first quarter.

    About Aemetis

    Headquartered in Cupertino, California, Aemetis is a renewable natural gas and renewable fuel company focused on the operation, acquisition, development, and commercialization of innovative technologies that replace petroleum products and reduce greenhouse gas emissions. Founded in 2006, Aemetis is operating and actively expanding a California biogas digester network and pipeline system to convert dairy waste gas into Renewable Natural Gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year production facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin. Aemetis is developing a sustainable aviation fuel and renewable diesel fuel biorefinery in California, renewable hydrogen, and hydroelectric power to produce low carbon intensity renewable jet and diesel fuel. For additional information about Aemetis, please visit www.aemetis.com. 

    Company Investor Relations
    Media Contact:
    Todd Waltz
    (408) 213-0940
    investors@aemetis.com

    External Investor Relations
    Contact:
    Kirin Smith
    PCG Advisory Group
    (646) 863-6519
    ksmith@pcgadvisory.com

    NON-GAAP FINANCIAL INFORMATION

    We have provided non-GAAP measures as a supplement to financial results based on GAAP. A reconciliation of the non-GAAP measures to the most directly comparable GAAP measures is included in the accompanying supplemental data. Adjusted EBITDA is defined as net income/(loss) plus (to the extent deducted in calculating such net income) interest and amortization expense, income tax expense or benefit, accretion expense, depreciation expense, and share-based compensation expense.

    Adjusted EBITDA is not calculated in accordance with GAAP and should not be considered as an alternative to net income/(loss), operating income or any other performance measures derived in accordance with GAAP or to cash flows from operating, investing or financing activities as an indicator of cash flows or as a measure of liquidity. Adjusted EBITDA is presented solely as a supplemental disclosure because management believes that it is a useful performance measure that is widely used within the industry in which we operate. In addition, management uses Adjusted EBITDA for reviewing financial results and for budgeting and planning purposes. EBITDA measures are not calculated in the same manner by all companies and, accordingly, may not be an appropriate measure for comparison.

    Safe Harbor Statement

    This news release contains forward-looking statements, including statements regarding our assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements in this news release include, without limitation, statements relating to our five-year growth plan; trends in market conditions with respect to prices for inputs for our products versus prices for our products; our ability to fund, develop, build, maintain and operate digesters, facilities and pipelines for our Dairy Renewable Natural Gas segment; our ability to fund, develop and operate our Sustainable Aviation Fuel, Renewable Diesel, and Carbon Capture and Sequestration projects, including obtaining required permits; our ability to receive awarded grants by meeting all of the required conditions, including meeting the minimum contributions; our ability to fund, develop and operate our sustainable aviation fuel and renewable biodiesel projects; our intention to repurchase the Series A preferred units relating to our Aemetis Biogas subsidiary and the expected valuation premium thereof; and our ability to raise additional capital. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “showing signs,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to numerous risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to federal policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filed documents. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

    (Tables follow)

    AEMETIS, INC.  
    CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS  
    (unaudited, in thousands, except per share data)  
                   
            For the three months ended March 31,  
              2025       2024    
                   
    Revenues   $ 42,886     $ 72,634    
    Cost of goods sold     47,966       73,246    
    Gross loss     (5,080 )     (612 )  
                   
    Selling, general and administrative expenses     10,475       8,850    
    Operating loss     (15,555 )     (9,462 )  
                   
    Other expense (income):          
      Interest expense          
        Interest rate expense     11,018       9,092    
        Debt related fees and amortization expense   2,675       1,421    
        Accretion and other expenses of Series A preferred units   2,279       3,311    
      Other (income) expense     (215 )     67    
    Loss before income taxes     (31,312 )     (23,353 )  
      Income tax expense (benefit)     (6,783 )     878    
    Net loss   $ (24,529 )   $ (24,231 )  
                   
    Net loss per common share          
      Basic   $ (0.47 )   $ (0.58 )  
      Diluted   $ (0.47 )   $ (0.58 )  
                   
    Weighted average shares outstanding          
      Basic     52,584       41,889    
      Diluted     52,584       41,889    
                   
             
    AEMETIS, INC.
    CONSOLIDATED CONDENSED BALANCE SHEETS
    (in thousands)
                     
              March 31, 2025   December 31, 2024  
              (Unaudited)      
    Assets              
      Current assets:            
        Cash and cash equivalents     $ 499     $ 898    
        Accounts receivable     1,043       1,805    
        Inventories       22,930       25,442    
        Tax credit sale receivable       –       12,300    
        Prepaid and other current assets       4,021       4,251    
      Total current assets       28,493       44,696    
                     
        Property, plant and equipment, net       199,435       199,392    
        Other assets       14,590       15,214    
      Total assets     $ 242,518     $ 259,302    
                     
    Liabilities and stockholders’ deficit            
      Current liabilities:            
        Accounts payable     $ 32,115     $ 33,139    
        Current portion of long term debt       93,669       63,745    
        Short term borrowings     25,878       26,789    
        Other current liabilities       22,939       20,295    
      Total current liabilities       174,601       143,968    
                     
      Total long term liabilities       348,612       379,262    
                     
      Stockholders’ deficit:            
        Common stock     54       51    
        Additional paid-in capital       313,075       305,329    
        Accumulated deficit     (587,471 )     (562,942 )  
        Accumulated other comprehensive loss       (6,353 )     (6,366 )  
      Total stockholders’ deficit       (280,695 )     (263,928 )  
    Total liabilities and stockholders’ deficit     $ 242,518     $ 259,302    
                 
                     
    AEMETIS, INC.
    RECONCILIATION OF ADJUSTED EBITDA TO NET INCOME/(LOSS)
    (unaudited, in thousands)
                 
                 
          For the three months ended March 31,  
      EBITDA Calculation   2025       2024    
                 
      Net income (loss) $ (24,529 )   $ (24,231 )  
      Adjustments        
        Interest and amortization expense   13,705       10,525    
        Depreciation expense   2,357       1,798    
        Accretion of Series A preferred units   2,279       3,311    
        Share-based compensation   2,308       2,969    
        Income tax expense (benefit)   (6,783 )     878    
      Total adjustments   13,866       19,481    
                 
      Adjusted EBITDA $ (10,663 )   $ (4,750 )  
                 
                 
    AEMETIS, INC.
    PRODUCTION AND PRICE PERFORMANCE
    (unaudited)
               
      Three Months ended March 31,  
        2025       2024    
               
    California Ethanol          
    Ethanol          
    Gallons sold (in millions)   14.1       14.1    
    Average sales price/gallon $ 1.98     $ 1.79    
    Percent of nameplate capacity   103 %     103 %  
    WDG          
    Tons sold (in thousands)   93       94    
    Average sales price/ton $ 86     $ 98    
    Delivered Cost of Corn          
    Bushels ground (in millions)   4.8       4.9    
    Average delivered cost / bushel $ 6.63     $ 6.33    
               
    California Dairy Renewable Natural Gas          
    Renewable Natural Gas          
    MMBtu sold (in thousands)   70.9       60.8    
    Average price per MMBtu $ 3.65     $ 4.02    
    MMBtu stored as inventory   33.1       46.8    
    RINs          
    RINs sold (in thousands)   388.2       766.4    
    Average price per RIN $ 2.64     $ 3.08    
    LCFS          
    LCFS credits sold (in thousands)   16.0       18.0    
    Average price per LCFS credit $ 72.50     $ 66.00    
               
    India Biodiesel          
    Biodiesel          
    Metric tons sold (in thousands)   0       27.5    
    Average Sales Price/Metric ton $ –     $ 1,127    
    Percent of Nameplate Capacity   0 %     73.4 %  
    Refined Glycerin          
    Metric tons sold (in thousands)   0.0       2.4    
    Average Sales Price/Metric ton $ –     $ 551    

    The MIL Network –

  • MIL-OSI: Live Oak Bancshares Announces Appointment of Patrick T. McHenry to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, N.C., May 08, 2025 (GLOBE NEWSWIRE) — Live Oak Bancshares announced the appointment of Patrick T. McHenry to its board of directors effective May 21, 2025. McHenry has also been appointed to the board of directors of Live Oak Bank.

    “It is a privilege for Live Oak to have the astute financial and policy expertise of Patrick’s caliber join our board of directors,” said Live Oak Bancshares Chairman and CEO James S. (Chip) Mahan III. “His service to the U.S. government, and experience as former chairman of the House Financial Services Committee, will be a valuable addition to our leadership as Live Oak continues its mission to be America’s small business bank.”

    McHenry currently lives in Washington, D.C. and serves as an advisor on public policy, financial services, fintech, and artificial intelligence matters, in addition to serving as a distinguished fellow at Georgetown University’s Psaros Center for Financial Markets and Policy. He spent 20 years in Congress and is the former Chairman of the House Financial Services Committee and U.S. Representative for North Carolina’s 10th Congressional District. During his time leading the committee, McHenry drove a robust legislative agenda focused on cryptocurrency, capital formation, AI, fintech, data privacy, and corporate governance issues, among other topics.

    “Small business is a critical component of the U.S. economy, and I have long respected Live Oak Bank’s approach to supporting the capital needs of American entrepreneurs,” said McHenry. “There is a unique culture at Live Oak–one driven by an embrace of innovation and technology, two things that inspired much of my public policy work over the last 20 years. I am delighted to be part of the journey Chip and the team are on to serve small businesses in my home state of North Carolina and around the country.”

    In addition to his role as Chairman of the Financial Services Committee, McHenry previously served in House Republican leadership as the Chief Deputy Whip and also served as Speaker Pro Tempore of the House in October of 2023. He is a native of Gastonia, NC and a graduate of Belmont Abbey College.

    About Live Oak Bancshares
    Live Oak Bancshares, Inc. (NYSE: LOB) is a financial holding company and parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses who share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoak.bank.

    Contact:
    Claire Parker
    Live Oak Bank, Corporate Communications
    910.597.1592
    claire.parker@liveoak.bank

    The MIL Network –

  • MIL-OSI: Enphase Energy Announces Easy Expansion of IQ7 Solar Systems with IQ8 Microinverters

    Source: GlobeNewswire (MIL-OSI)

    FREMONT, Calif., May 08, 2025 (GLOBE NEWSWIRE) — Enphase Energy, Inc. (NASDAQ: ENPH), a global energy technology company and the world’s leading supplier of microinverter-based solar and battery systems, today announced the availability of new software that allows homeowners with existing legacy IQ7™ Microinverter-based systems to seamlessly expand their solar capacity using IQ8™ Microinverters. This software is now available across North America, Europe, and other key markets.

    With over one million homes worldwide using IQ7™ Microinverters, many homeowners are now looking to expand their systems to reduce energy costs and boost energy independence. Enphase’s new software enables solar installers to upgrade these systems with IQ8™ Microinverters, built for high-powered solar panels, while using the existing IQ® Gateway or IQ® Combiner hardware.

    “Enphase’s new expansion capability with the IQ8 Microinverters is a game-changer for us,” said Jeremy White, project manager at Robco Electric, an installer of Enphase products in the United States. “It allows us to offer our customers a straightforward path to scale their systems as their energy needs grow. We can now deliver more power with fewer headaches, which helps us provide the best service and keeps our business running efficiently.”

    “Homeowners are increasingly asking for ways to get more out of their existing systems, and the new IQ8 Microinverters make that possible,” said Mauricio Llovera, CEO of INVERSOL, an installer of Enphase products in Mexico. “This solution is a win-win, as it not only benefits our customers but also enables us to take on more projects without the complexity of traditional system upgrades. It’s the kind of innovation we’ve come to expect from Enphase.”

    “We’re excited to see Enphase continue to build on its existing product suite, constantly making our lives easier,” said David Monnier, CEO of La Maison des Energies, an installer of Enphase products in Switzerland. “The IQ8 Microinverters provide a seamless integration experience, allowing us to maximize energy output for our customers while maintaining the reliability and quality Enphase is known for. This capability is a significant boost to our business.”

    “The ability to upgrade existing IQ7 systems with IQ8 Microinverters opens up new opportunities for homeowners in the Netherlands,” said Jack van der Linden, account manager at Green Guys BV, an installer of Enphase products in the Netherlands. “With energy prices fluctuating, our customers want to optimize their solar systems without costly overhauls. This new solution from Enphase allows them to do just that — scaling their energy production efficiently and cost-effectively.”

    “Enphase’s latest innovation simplifies system upgrades for our customers in France, making it easier than ever to enhance solar production,” said Julien Vouriot, CEO and founder of Solair’ Forez, an installer of Enphase products in France. “We can now provide homeowners with a seamless way to integrate the latest microinverter technology, ensuring they get the most out of their solar investments while maintaining system reliability.”

    “The new software release unlocks seamless interoperability between IQ7 and IQ8 microinverters, which empowers our global installer network to deliver more value with less effort,” said Aaron Gordon, senior vice president and general manager of the systems business unit at Enphase Energy. “It’s a win for homeowners and a growth driver for our installers.”

    Enphase’s software-defined energy systems allow homeowners the ability to scale and optimize their solar investments over time. For more information about adding IQ8 Microinverters to IQ7 systems, watch the video here and visit the regional websites — United States, France, Switzerland, the Netherlands, and Germany.

    About Enphase Energy, Inc.

    Enphase Energy, a global energy technology company based in Fremont, CA, is the world’s leading supplier of microinverter-based solar and battery systems that enable people to harness the sun to make, use, save, and sell their own power — and control it all with a smart mobile app. The company revolutionized the solar industry with its microinverter-based technology and builds all-in-one solar, battery, and software solutions. Enphase has shipped approximately 81.5 million microinverters, and approximately 4.8 million Enphase-based systems have been deployed in over 160 countries. For more information, visit https://enphase.com/.

    ©2025 Enphase Energy, Inc. All rights reserved. Enphase Energy, Enphase, the “e” logo, IQ, and certain other marks listed at https://enphase.com/trademark-usage-guidelines are trademarks or service marks of Enphase Energy, Inc. in the U.S. and other countries. Other names are for informational purposes and may be trademarks of their respective owners.

    Forward-Looking Statements

    This press release may contain forward-looking statements, including statements related to the expected capabilities and performance of Enphase Energy’s technology and products, including safety, quality, and reliability; and the ability to continually enhance and maximize the value of their investments over the lifetime of the systems. These forward-looking statements are based on Enphase Energy’s current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those contemplated by these forward-looking statements as a result of such risks and uncertainties including those risks described in more detail in Enphase Energy’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, and other documents filed by Enphase Energy from time to time with the SEC. Enphase Energy undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations, except as required by law.

    Contact:

    Enphase Energy

    press@enphaseenergy.com

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI: Parex Resources Announces First Quarter Results, Declaration of Q2 2025 Dividend, and Operational Update

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Parex Resources Inc. (“Parex” or the “Company”) (TSX: PXT) is pleased to announce its financial and operating results for the three-month period ended March 31, 2025, the declaration of its Q2 2025 regular dividend of C$0.385 per share, as well as an operational update. All amounts herein are in United States Dollars (“USD”) unless otherwise stated.

    “We entered the year with a disciplined and diversified plan aimed at delivering steady performance, and given current market volatility, are focused on sustaining base production and maintaining flexibility,” commented Imad Mohsen, President & Chief Executive Officer.

    “After a measured first quarter, drilling activity is increasing consistent with our budget. The recent tuck-in acquisition of LLA-32, an asset integral to our development plans, along with encouraging exploration results, represent key milestones that will drive near-term production. While we are well-positioned to deliver a strong second half, we will closely monitor commodity prices and our capital allocation throughout the year to maximize shareholder value.”

    Key Highlights

    • Generated Q1 2025 funds flow provided by operations (“FFO”)(1) of $122 million and FFO per share(2)(3) of $1.24.
    • Tracking to deliver FY 2025 average production guidance of 43,000 to 47,000 boe/d; YTD 2025 average production is approximately 43,100 boe/d(5)(7), with plans intact for a growing H2 2025 production profile.
    • Positive initial results at two prospects in the Southern Llanos, which are driving near-field exploration momentum.
    • Capital expenditure(6) guidance for FY 2025 remains at $285 to $315 million, though the Company continues to monitor commodity prices and could revise lower if warranted by market conditions.
    • Executed a tuck-in acquisition of the remaining working interest at LLA-32 for total consideration of $16 million.

    Q1 2025 Results

    • Average oil & natural gas production was 43,658 boe/d(7).
    • Realized net income of $81 million or $0.82 per share basic(3).
    • Generated FFO(1) of $122 million and FFO per share(2)(3) of $1.24.
    • Current taxes were $12 million; at current Brent crude oil strip pricing, the Company expects its FY 2025 effective current tax rate to be 0-3%.
    • Produced an operating netback(2) of $39.40/boe and an FFO netback(2) of $30.90/boe from an average Brent price of $74.98/bbl.
    • Incurred $57 million of capital expenditures(6), primarily from activities at Cabrestero, Capachos, and LLA-34.
    • Generated $65 million of free funds flow(6) that was used for return of capital initiatives, $10 million of bank debt repayment and increasing working capital surplus(1); working capital surplus(1) was $69 million and cash $81 million at quarter end.
    • Paid a C$0.385 per share(4) regular quarterly dividend and repurchased 524,900 shares.

    (1) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory.”
    (3) Based on weighted average basic shares for the period.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (5) Based on Q1 2025 actuals and estimated April 2025 average production; rounded for presentation purposes.
    (6) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory.”
    (7) See “Operational and Financial Highlights” for a breakdown of production by product type.

    Operational and Financial Highlights Three Months Ended
    (unaudited) Mar. 31, Mar. 31, Dec. 31,
      2025 2024 2024
    Operational      
    Average daily production      
    Light Crude Oil and Medium Crude Oil (bbl/d) 10,650   7,237   9,550  
    Heavy Crude Oil (bbl/d) 32,207   45,543   34,882  
    Crude Oil (bbl/d) 42,857   52,780   44,432  
    Conventional Natural Gas (mcf/d) 4,806   3,348   5,190  
    Oil & Gas (boe/d)(1) 43,658   53,338   45,297  
           
    Operating netback ($/boe)      
    Reference price – Brent ($/bbl) 74.98   81.87   74.01  
    Oil & gas sales(4) 67.29   70.80   63.73  
    Royalties(4) (9.22 ) (11.21 ) (9.43 )
    Net revenue(4) 58.07   59.59   54.30  
    Production expense(4) (14.41 ) (12.64 ) (15.53 )
    Transportation expense(4) (4.26 ) (3.40 ) (3.87 )
    Operating netback ($/boe)(2) 39.40   43.55   34.90  
           
    Funds flow provided by operations netback ($/boe)(2) 30.90   31.32   32.39  
           
    Financial ($000s except per share amounts)      
           
    Net income 80,629   60,093   (69,051 )
    Per share – basic(6) 0.82   0.58   (0.70 )
           
    Funds flow provided by operations(5) 121,944   148,307   141,201  
    Per share – basic(2)(6) 1.24   1.43   1.43  
           
    Capital expenditures(3) 57,054   85,421   82,110  
           
    Free funds flow(3) 64,890   62,886   59,091  
           
    EBITDA(3) 139,032   192,078   (10,419 )
    Adjusted EBITDA(3) 135,407   188,228   137,312  
           
    Long-term inventory expenditures (4,648 ) 3,843   (2,569 )
           
    Dividends paid 26,365   28,531   26,658  
    Per share – Cdn$(4)(6) 0.385   0.375   0.385  
           
    Shares repurchased 5,239   15,291   16,408  
    Number of shares repurchased (000s) 525   920   1,692  
           
    Outstanding shares (end of period) (000s)      
    Basic 97,814   102,914   98,339  
    Weighted average basic 98,115   103,474   99,063  
    Diluted(8) 99,105   103,829   99,238  
           
    Working capital surplus (deficit)(5) 69,040   55,901   59,397  
    Bank debt(7) 50,000   60,000   60,000  
    Cash 81,025   61,052   98,022  

    (1) Reference to crude oil or natural gas in the above table and elsewhere in this press release refer to the light and medium crude oil and heavy crude oil and conventional natural gas, respectively, product types as defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
    (2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures Advisory”.
    (3) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (4) Supplementary financial measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (5) Capital management measure. See “Non-GAAP and Other Financial Measures Advisory”.
    (6) Per share amounts (with the exception of dividends) are based on weighted average common shares.
    (7) Borrowing limit of $240.0 million as of March 31, 2025.
    (8) Diluted shares as stated include common shares and stock options outstanding at period-end. The March 31, 2025 closing stock price was C$13.42 per share.

    LLA-32 Tuck-In Acquisition

    On March 14, 2025, Parex executed a tuck-in acquisition for the remaining working interest at LLA-32 for total consideration of $16 million. LLA-32 is located to the north and adjacent to the Company’s core LLA-34 and Cabrestero blocks.

    The strategic rationale for the acquisition was to gain full control of the asset, grow production, expand inventory, and add low-cost recompletion opportunities.

    Following the close of the acquisition, Parex started a workover program with positive results thus far, and in Q2 2025, initiated a five-well development campaign. Current production from LLA-32 is roughly 4,000 boe/d(1).

    Operational Update

    2025 Corporate Guidance & Outlook

    While Parex’s 2025 corporate guidance of average production of 43,000 to 47,000 boe/d and capital expenditures of $285 to $315 million remains unchanged as previously disclosed, the Company is closely monitoring oil price volatility to ensure that project economics remain robust.

    Given the conventional nature of Parex’s business and the structure of its drilling and service contracts, optionality exists to adjust activity levels in response to prevailing market conditions in order to ensure efficient capital allocation and maximization of shareholder value.

    For Q2 2025, average production is expected to be similar to Q1 2025, supported by increased development activity and preliminary near-field exploration success.

    Operational Update

    Average production for Q1 2025 of 43,658 boe/d(2) was in line with Management expectations. The quarter progressed steadily, which is aligned with the Company’s activity plan to support a growing H2 2025 production profile, as previously disclosed.

    April 2025 average production was 41,400 boe/d(3), with production generally consistent with lower activity levels and modest capital outlay in Q1 2025, as well as higher than budgeted downtime due to weather factors. Downtime levels have normalized and initial average production rates in May are roughly 43,200 boe/d(4).

    With budgeted activity underway, operational momentum is expected to build through the remainder of the year. Parex currently has three drilling rigs operating (two operated and one non-operated). In addition to enhanced oil recovery initiatives at Cabrestero and LLA-34, activity for Q2 2025 is primarily focused on development wells that are planned to be sequential in nature and located on existing pads that enable efficient production across parallel operations.

    Near-Term Development Activity

    • Drilling at LLA-34 that is expected to continue through Q2 2025, resulting in the expected completion of six in-fill wells;
    • Commencing operations at LLA-32, with the first well of the campaign to be completed in late Q2 2025; and
    • Achieving initial access in the Putumayo, with activity starting with a workover rig in Q2 2025.

    Near-Field Exploration Program plus Follow-Up Drilling

    As part of this program, two separate prospects have yielded positive initial results in the Southern Llanos, where operations are ongoing:

    • On LLA-74, a prospect was drilled successfully.
      • Initial production began in early May, with current output of approximately 1,200 bbl/d of heavy crude oil(5).
    • Also on LLA-74, a prospect was drilled via a vertical well.
      • Based on management’s positive initial assessment, the program has progressed with the design of two horizontal wells to optimize production and recovery.
      • The first follow-up horizontal well is currently being drilled, with expected production in late May.

    (1) Estimated average production for April 1, 2025 to April 30, 2025; light & medium crude oil: ~3,409 bbl/d, conventional natural gas: ~3,544 mcf/d; rounded for presentation purposes.
    (2) See “Operational and Financial Highlights” for a breakdown of production by product type.
    (3) Estimated average production for April 1, 2025 to April 30, 2025; light & medium crude oil: ~10,099 bbl/d, heavy crude oil: ~30,541 bbl/d, conventional natural gas: ~4,557 mcf/d; rounded for presentation purposes.
    (4) Estimated average production for May 1, 2025 to May 6, 2025; light & medium crude oil: ~10,538 bbl/d, heavy crude oil: ~31,869 bbl/d, conventional natural gas: ~4,756 mcf/d; rounded for presentation purposes.
    (5) Short-term production rate. See “Oil & Gas Matters Advisory.”

    Risk Management

    For Q1 2025, Parex entered into a Brent crude oil hedge to manage price risk on approximately 25% of planned net crude oil production, utilizing a Brent put spread at $60/bbl and $70/bbl. For Q2 2025, Parex entered into similar hedges for the months of April 2025 and May 2025.

    Parex plans to regularly evaluate market conditions, operational requirements, and other pertinent factors, to assess the need for any additional hedging actions as it progresses through 2025.

    Return of Capital Update

    Q2 2025 Dividend

    Parex’s Board of Directors have approved a Q2 2025 regular dividend of C$0.385 per share to shareholders of record on June 9, 2025, to be paid on June 16, 2025. This regular dividend payment to shareholders is designated as an “eligible dividend” for purposes of the Income Tax Act (Canada).

    Normal Course Issuer Bids

    In 2025, Parex has repurchased approximately 0.7 million shares under its NCIBs, for total consideration of roughly C$10 million.

    Q1 2025 Results – Conference Call & Webcast

    Parex will host a conference call and webcast to discuss its Q1 2025 results on Thursday, May 8, 2025, beginning at 9:30 am MT (11:30 am ET). To participate in the conference call or webcast, please see the access information below:

    Conference ID: 5403995
    Participant Toll-Free Dial-In Number: 1-646-307-1963
    Participant Dial-In Number: 1-647-932-3411
    Webcast: https://events.q4inc.com/attendee/867962059

    Annual General Meeting

    On Thursday, May 8, 2025, Parex will hold its Annual General Meeting at 11:00 am MT (1:00 pm ET) both in-person and virtually. Participants may attend at the 4th Floor Conference Center, Eight Avenue Place, East Tower, 525, 8th Ave SW, Calgary, Alberta – and virtual participants can join through the following link: https:meetnow.global/M4SULLK.

    Additional information regarding the Annual General Meeting, including meeting materials, can be found at www.parexresources.com under Investors.

    About Parex Resources Inc.

    Parex is one of the largest independent oil and gas companies in Colombia, focusing on sustainable conventional production. The Company’s corporate headquarters are in Calgary, Canada, with an operating office in Bogotá, Colombia. Parex shares trade on the Toronto Stock Exchange under the symbol PXT.

    For more information, please contact:

    Mike Kruchten
    Senior Vice President, Capital Markets & Corporate Planning
    Parex Resources Inc.
    403-517-1733
    investor.relations@parexresources.com

    Steven Eirich
    Senior Investor Relations & Communications Advisor
    Parex Resources Inc.
    587-293-3286
    investor.relations@parexresources.com

    NOT FOR DISTRIBUTION OR FOR DISSEMINATION IN THE UNITED STATES

    Non-GAAP and Other Financial Measures Advisory

    This press release uses various “non-GAAP financial measures”, “non-GAAP ratios”, “supplementary financial measures” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below. Such measures are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other issuers. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP measures as indicators of Parex’s performance.

    These measures facilitate management’s comparisons to the Company’s historical operating results in assessing its results and strategic and operational decision-making and may be used by financial analysts and others in the oil and natural gas industry to evaluate the Company’s performance. Further, management believes that such financial measures are useful supplemental information to analyze operating performance and provide an indication of the results generated by the Company’s principal business activities.

    Set forth below is a description of the non-GAAP financial measures, non-GAAP ratios, supplementary financial measures and capital management measures used in this press release.

    Non-GAAP Financial Measures

    Capital expenditures, is a non-GAAP financial measure which the Company uses to describe its capital costs associated with oil and gas expenditures. The measure considers both property, plant and equipment expenditures and exploration and evaluation asset expenditures which are items in the Company’s statement of cash flows for the period and is calculated as follows:

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Property, plant and equipment expenditures $ 44,951   $ 40,831   $ 62,799
    Exploration and evaluation expenditures   12,103     44,590     19,311
    Capital expenditures $ 57,054   $ 85,421   $ 82,110


    Free funds flow,     is a non-GAAP financial measure that is determined by funds flow provided by operations less capital expenditures. The Company considers free funds flow to be a key measure as it demonstrates Parex’s ability to fund return of capital, such as the normal course issuer bid and dividends, without accessing outside funds and is calculated as follows:

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Cash provided by operating activities $ 87,621   $ 97,412   $ 67,847
    Net change in non-cash assets and liabilities   34,323     50,895     73,354
    Funds flow provided by operations   121,944     148,307     141,201
    Capital expenditures   57,054     85,421     82,110
    Free funds flow $ 64,890   $ 62,886   $ 59,091


    EBITDA    , is a non-GAAP financial measure that is defined as net income (loss) adjusted for finance income and expenses, other expenses, income tax expense (recovery) and depletion, depreciation and amortization.

    Adjusted EBITDA, is a non-GAAP financial measure defined as EBITDA adjusted for non-cash impairment charges, share-based compensation expense (recovery), unrealized foreign exchange gains (losses) and unrealized gains (losses) on risk management contracts.

    The Company considers EBITDA and Adjusted EBITDA to be key measures as they demonstrate Parex’s profitability before finance income and expenses, taxes, depletion, depreciation and amortization and other non-cash items. A reconciliation from net income to EBITDA and Adjusted EBITDA is as follows:

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Net income (loss) $ 80,629     $ 60,093     $ (69,051 )
    Adjustments to reconcile net income (loss) to EBITDA:          
    Finance income   (1,297 )     (1,257 )     (998 )
    Finance expense   5,056       4,455       4,318  
    Other expenses   1,147       739       2,208  
    Income tax expense (recovery)   3,078       75,817       (880 )
    Depletion, depreciation and amortization   50,419       52,231       53,984  
    EBITDA $ 139,032     $ 192,078     $ (10,419 )
    Non-cash impairment charges   —       —       137,841  
    Share-based compensation expense (recovery)   2,092       (2,463 )     6,149  
    Unrealized foreign exchange (gain) loss   (4,919 )     (1,387 )     2,581  
    Unrealized (gain) loss on risk management contracts   (798 )     —       1,160  
    Adjusted EBITDA $ 135,407     $ 188,228     $ 137,312  


    Non-GAAP Ratios

    Operating netback per boe, is a non-GAAP ratio that the Company considers to be a key measure as it demonstrates Parex’ profitability relative to current commodity prices. Parex calculates operating netback per boe as operating netback (calculated as oil and natural gas sales from production, less royalties, operating, and transportation expense) divided by the total equivalent sales volume including purchased oil volumes for oil and natural gas sales price and transportation expense per boe and by the total equivalent sales volume excluding purchased oil volumes for royalties and operating expense per boe.

    Funds flow provided by operations netback per boe or FFO netback per boe, is a non-GAAP ratio that includes all cash generated from operating activities and is calculated before changes in non-cash assets and liabilities, divided by produced oil and natural gas sales volumes. The Company considers funds flow provided by operations netback per boe to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to current commodity prices.

    Basic funds flow provided by operations per share or FFO per share, is a non-GAAP ratio that is calculated by dividing funds flow provided by operations by the weighted average number of basic shares outstanding. Parex presents basic funds flow provided by operations per share whereby per share amounts are calculated using weighted-average shares outstanding, consistent with the calculation of earnings per share. The Company considers basic funds flow provided by operations per share or FFO per share to be a key measure as it demonstrates Parex’s profitability after all cash costs relative to the weighted average number of basic shares outstanding.

    Capital Management Measures

    Funds flow provided by operations, is a capital management measure that includes all cash generated from operating activities and is calculated before changes in non-cash assets and liabilities. The Company considers funds flow provided by operations to be a key measure as it demonstrates Parex’s profitability after all cash costs. A reconciliation from cash provided by operating activities to funds flow provided by operations is as follows:

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Cash provided by operating activities $ 87,621   $ 97,412   $ 67,847
    Net change in non-cash assets and liabilities   34,323     50,895     73,354
    Funds flow provided by operations $ 121,944   $ 148,307   $ 141,201

    Working capital surplus, is a capital management measure which the Company uses to describe its liquidity position and ability to meet its short-term liabilities. Working capital surplus is defined as current assets less current liabilities.

      For the three months ended
      Mar. 31,   Mar. 31,   Dec. 31,
    ($000s)   2025     2024     2024
    Current assets $ 259,256   $ 276,113   $ 245,943
    Current liabilities   190,216     220,212     186,546
    Working capital surplus $ 69,040   $ 55,901   $ 59,397


    Supplementary Financial Measures

    “Oil and natural gas sales price per boe” is comprised of total commodity sales from oil and natural gas production, as determined in accordance with IFRS, divided by the total oil and natural gas sales volumes including purchased oil volumes.

    “Royalties per boe” is comprised of royalties, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Net revenue per boe” is comprised of net revenue, as determined in accordance with IFRS, divided by the total equivalent sales volume and includes purchased oil volumes.

    “Production expense per boe” is comprised of production expense, as determined in accordance with IFRS, divided by the total equivalent sales volume and excludes purchased oil volumes.

    “Transportation expense per boe” is comprised of transportation expense, as determined in accordance with IFRS, divided by the total equivalent sales volumes including purchased oil volumes.

    “Dividends paid per share” is comprised of dividends declared, as determined in accordance with IFRS, divided by the number of shares outstanding at the dividend record date.

    Oil & Gas Matters Advisory

    The term “Boe” means a barrel of oil equivalent on the basis of 6 Mcf of natural gas to 1 barrel of oil (“bbl”). Boe’s may be misleading, particularly if used in isolation. A boe conversation ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6 Mcf: 1Bbl, utilizing a conversion ratio at 6 Mcf: 1 Bbl may be misleading as an indication of value.

    This press release contains a number of oil and gas metrics, including, operating netbacks and FFO netbacks. These oil and gas metrics have been prepared by management and do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. Management uses these oil and gas metrics for its own performance measurements and to provide security holders with measures to compare the Company’s operations over time. Readers are cautioned that the information provided by these metrics, or that can be derived from the metrics presented in this news release, should not be relied upon for investment or other purposes.

    Any reference in this press release to short-term production rates are useful in confirming the presence of hydrocarbons, however such rates are not determination of the rates at which such wells will continue production and decline thereafter and readers are cautioned not to place reliance on such rates in calculating the aggregate production of Parex.

    Distribution Advisory

    The Company’s future shareholder distributions, including but not limited to the payment of dividends and the acquisition by the Company of its shares pursuant to an NCIB, if any, and the level thereof is uncertain. Any decision to pay further dividends on the common shares (including the actual amount, the declaration date, the record date and the payment date in connection therewith and any special dividends) or acquire shares of the Company will be subject to the discretion of the Board of Directors of Parex and may depend on a variety of factors, including, without limitation the Company’s business performance, financial condition, financial requirements, growth plans, expected capital requirements and other conditions existing at such future time including, without limitation, contractual restrictions and satisfaction of the solvency tests imposed on the Company under applicable corporate law. Further, the actual amount, the declaration date, the record date and the payment date of any dividend are subject to the discretion of the Board. There can be no assurance that the Company will pay dividends or repurchase any shares of the Company in the future.

    Advisory on Forward Looking Statements

    Certain information regarding Parex set forth in this document contains forward-looking statements that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate”, “forecast”, “guidance”, “budget” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. Such statements represent Parex’s internal projections, estimates or beliefs concerning, among other things, future growth, results of operations, production, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, plans for and results of drilling activity, environmental matters, business prospects and opportunities. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Parex’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Parex.

    In particular, forward-looking statements contained in this document include, but are not limited to, statements with respect to: the Company’s focus, plans, priorities and strategies; average production guidance and capital expenditure guidance; expectations and plans regarding the Company’s drilling activity, the Company’s production profile, prospects in the Southern Llanos, the LLA-32 tuck-in acquisition, drilling and programs at LLA-34, LLA-32, Putumayo, and LLA-74; expectations about the Company’s FY 2025 tax rate; plans with respect to assessing the need for additional hedging in 2025; the anticipated terms of the Company’s Q2 2025 regular quarterly dividend, including its expectation that it will be designated as an “eligible dividend”; and the anticipated date and time of Parex’s conference call to discuss Q1 2025 results.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, the impact of general economic conditions in Canada and Colombia; an unpredictable tariff and trade environment; prolonged volatility in commodity prices; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced in Canada and Colombia; determinations by OPEC and other countries as to production levels; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities in Canada and Colombia; the risks associated with negotiating with foreign governments as well as country risk associated with conducting international activities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; changes in income tax laws or changes in tax laws and incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under contracts; the risk that Brent oil prices may be lower than anticipated; the risk that Parex’s evaluation of its existing portfolio of development and exploration opportunities may not be consistent with its expectations; the risk that Parex may not have sufficient financial resources in the future to provide distributions to its shareholders; the risk that the Board may not declare dividends in the future or that Parex’s dividend policy changes; the risk that Parex may not be responsive to changes in commodity prices; the risk that Parex may not meet its production guidance for the year ended December 31, 2025; the risk that Parex’s 2025 capital expenditures may be greater or less than anticipated; the risk that plans and expectations related to Parex’s drilling program as disclosed herein do not materialize as expected and/or at all; and other factors, many of which are beyond the control of the Company.

    Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Parex’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca).

    Although the forward-looking statements contained in this document are based upon assumptions which Management believes to be reasonable, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, Parex has made assumptions regarding, among other things: current and anticipated commodity prices and royalty regimes; availability of skilled labour; timing and amount of capital expenditures; future exchange rates; the price of oil, including the anticipated Brent oil price; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; uninterrupted access to areas of Parex’s operations and infrastructure; recoverability of reserves and future production rates; the status of litigation; timing of drilling and completion of wells; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that Parex will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that Parex’s conduct and results of operations will be consistent with its expectations; that Parex will have the ability to develop its oil and gas properties in the manner currently contemplated; that Parex’s evaluation of its existing portfolio of development and exploration opportunities is consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of Parex’s production and reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that Parex will be able to obtain contract extensions or fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; that Parex will have sufficient financial resources to pay dividends and acquire shares pursuant to its NCIB in the future; that Parex is able to execute its plans with respect to the Company’s drilling program as disclosed herein; and other matters.

    Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide shareholders with a more complete perspective on Parex’s current and future operations and such information may not be appropriate for other purposes. Parex’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits Parex will derive. These forward-looking statements are made as of the date of this document and Parex disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

    This press release contains information that may be considered a financial outlook under applicable securities laws about the Company’s potential financial position, including, but not limited to; Parex’s FY 2025 capital expenditure guidance; Parex 2025 guidance, including anticipated Brent crude oil average prices, funds flow provided by operations netback; funds flow provided by operations, capital expenditures, free funds flow; and the anticipated terms of the Company’s Q2 2025 regular quarterly dividend including its expectation that it will be designated as an “eligible dividend”, all of which are subject to numerous assumptions, risk factors, limitations and qualifications, including those set forth in the above paragraphs. The actual results of operations of the Company and the resulting financial results will vary from the amounts set forth in this press release and such variations may be material. This information has been provided for illustration only and with respect to future periods are based on budgets and forecasts that are speculative and are subject to a variety of contingencies and may not be appropriate for other purposes. Accordingly, these estimates are not to be relied upon as indicative of future results. Except as required by applicable securities laws, the Company undertakes no obligation to update such financial outlook. The financial outlook contained in this press release was made as of the date of this press release and was provided for the purpose of providing further information about the Company’s potential future business operations. Readers are cautioned that the financial outlook contained in this press release is not conclusive and is subject to change.

    The following abbreviations used in this press release have the meanings set forth below:

    bbl one barrel
    bbls barrels
    bbl/d barrels per day
    boe barrels of oil equivalent of natural gas; one barrel of oil or natural gas liquids for six thousand cubic feet of natural gas
    boe/d barrels of oil equivalent of natural gas per day
    mcf thousand cubic feet
    mcf/d thousand cubic feet per day
    W.I. working interest

    PDF available: http://ml.globenewswire.com/Resource/Download/974163af-5043-41d6-a129-53a272c53539

    The MIL Network –

  • MIL-OSI Global: Alberta has long accused Ottawa of trying to destroy its oil industry. That’s a dangerous myth

    Source: The Conversation – Canada – By Ian Urquhart, Professor Emeritus, Political Science, University of Alberta

    “Alberta is a place soaked in self-deception.” Those words began Alberta-based journalist Mark Lisac’s 2004 book aimed at shattering the myths that have unhelpfully animated too much of Alberta’s politics over the past few decades.

    Current and former Alberta politicians are once again embracing and treating separatist grievances seriously. That means it’s time once again to highlight and challenge political misconceptions that have the potential to destroy Canada.

    Oil is the root of one such myth. The misconception? That Ottawa perenially opposes the oil and gas sector and is determined to stop its continued growth. The National Energy Program (1980), the Northern Gateway pipeline project (2016), the Energy East Pipeline (2017) and the proposed greenhouse gas pollution cap allegedly prove Ottawa’s hostility.

    Notably missing from these grievances is the Keystone XL pipeline and the Trans Mountain Expansion Project. Ottawa supported these projects aimed at transporting Alberta oilsands crude to foreign markets. The federal government even purchased the Trans Mountain project from Kinder Morgan in 2018 — not to kill it, but to build it.



    Read more:
    Justin Trudeau’s risky gamble on the Trans Mountain pipeline

    As for Keystone XL, Alberta Premier Jason Kenney thanked Prime Minister Justin Trudeau for supporting the project. This doesn’t fit the separatist narrative, so it’s largely ignored.

    Oilsands booster

    No one should dispute the National Energy Program’s devastating impact on Alberta’s conventional oil and gas sector 40 years ago. But the oilsands, not conventional oil, propelled Canada to its position as the world’s fourth largest oil producer.

    Has Ottawa facilitated or obstructed the spectacular post-1990 growth of oilsands production?

    The record shows that, since the mid-1970s, Ottawa has facilitated and supported the oilsands sector. The federal government helped keep the Syncrude project alive in 1975 when it took a 15 per cent interest in Canada’s second oilsands operation.

    Ironically, Ottawa’s enthusiasm for more, not less, petroleum from the oilsands also appeared in 1980 via the National Energy Program (NEP), the devil in Alberta’s conservative catechism. What most accounts of the NEP don’t mention is that Ottawa offered tax benefits to oilsands companies while stripping them from conventional oil producers.

    Furthermore, the NEP’s “made-in-Canada” pricing effectively guaranteed Syncrude would receive the world price for its production. At $38 per barrel, Syncrude received more than double what conventional producers received. If the NEP was harsh on conventional oil producers, it helped create a golden future for the oil sands.

    In the mid-1990s, Ottawa helped propel the post-1995 oilsands boom. The industry-dominated National Task Force on Oil Sands Strategies sought federal tax concessions to promote oilsands growth. The federal government delivered them in its 1996 budget, despite Prime Minister Jean Chretien’s general concern with cutting the deficit.

    Again, these measures clearly contradict the myth of federal opposition to the oil industry.

    Generous emissions caps

    Ottawa’s policy favouritism towards the oilsands didn’t end there. It has consistently animated the federal government’s treatment of the oilsands in its climate change policies.

    The federal Climate Change Plan for Canada (2002) treated oil and gas leniently. Its measures for large industrial emitters bore a striking resemblance to the climate change policy preferences of the Canadian Association of Petroleum Producers. Suncor and Syncrude, the two leading oilsands producers, estimated these federal proposals would add a pittance, between 20 and 30 cents, to their per barrel production costs.

    Justin Trudeau’s response to Alberta’s 2015 oilsands emissions cap also underlined Ottawa’s favouritism, not hostility, to the dominant player in Canada’s oil patch.

    Rachel Notley’s NDP government set this cap at 100 million tonnes of GHG per year, plus another 10 million tonnes allowed to new upgrading and co-generation facilities. This cap was a whopping 39 million tonnes or 55 per cent higher than what the oilsands emitted in 2014.

    This generous cap contributed to a tremendous increase in oilsands production. Healthy profits became record profits in 2022. Ottawa embraced Alberta’s largesse, incorporating the province’s cap into its post-2015 climate policies.

    Furthermore, Ottawa increased its leniency towards the oilsands by exempting new in-situ (non-mining) oilsands projects in Alberta from the federal Impact Assessment Act. This exemption applies until Alberta’s emissions cap is reached. Canada’s latest National Inventory Report on greenhouse gas emissions reported record oilsands GHG emissions of 89 million tonnes in 2023, still 11 million tonnes shy of the 100 million tonne threshold.

    Weaponizing myths

    Finally, we have today’s proposed national cap on greenhouse gas emissions. Alberta is apoplectic about the cap. But whether or not it’s intentional, Premier Danielle Smith’s outrage feeds into secessionist sentiment by seemingly misrepresenting the cap’s impact on oil and gas production.

    Smith and her environment minister use the work of the Parliamentary Budgetary Officer (PBO) to nurture their “Ottawa hates oil” narrative. They claim the officer’s analysis of the cap’s economic impact showed it “will cut oil and gas production by five per cent, or more than 245,000 barrels per day.”

    This is simply not true.

    In fact, the PBO concluded that, with the cap, oilsands production “is projected to remain well above current levels” — 15 per cent higher than in 2022. The proposed federal emissions cap, like the Alberta NDP’s cap of a decade ago, is higher than current oilsands emissions levels. The PBO concluded the proposed ceiling for oilsands emissions would be six per cent higher than 2022 emissions.

    Ottawa’s proposed cap, in fact, continues its decades-long support of the oilsands.

    Myths are central to our being. When I tell my grandsons about the pot of gold at the end of the rainbow, I hope to inspire curiosity, imagination and interest in their grandmother’s Irish heritage.

    But in politics, fanciful stories can be dangerous. Some weaponize myths, using the fictions at their core to encourage followers to let falsehoods rule their behaviour. That seems to be playing out yet again in Alberta. We must demand better from the political class.

    Ian Urquhart 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. Alberta has long accused Ottawa of trying to destroy its oil industry. That’s a dangerous myth – https://theconversation.com/alberta-has-long-accused-ottawa-of-trying-to-destroy-its-oil-industry-thats-a-dangerous-myth-255908

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Minutes – Wednesday, 7 May 2025 – Strasbourg – Final edition

    Source: European Parliament

    PV-10-2025-05-07

    EN

    EN

    iPlPv_Sit

    Minutes
    Wednesday, 7 May 2025 – Strasbourg

     Abbreviations and symbols

    + adopted
    – rejected
    ↓ lapsed
    W withdrawn
    RCV roll-call votes
    EV electronic vote
    SEC secret ballot
    split split vote
    sep separate vote
    am amendment
    CA compromise amendment
    CP corresponding part
    D deleting amendment
    = identical amendments
    § paragraph

    IN THE CHAIR: Martin HOJSÍK
    Vice-President

    1. Opening of the sitting

    The sitting opened at 09:00.


    2. Negotiations ahead of Parliament’s first reading (Rule 72) (action taken)

    The decisions of the LIBE and PECH committees and (jointly) the SEDE and ITRE committees to enter into interinstitutional negotiations had been announced on 5 May 2025 (minutes of 5.5.2025, item 12).

    Since no requests for vote had been made pursuant to Rule 72(2), the committees responsible had been able to begin negotiations after the expiry of the deadline set.


    3. EU support for a just, sustainable and comprehensive peace in Ukraine (debate)

    Council and Commission statements: EU support for a just, sustainable and comprehensive peace in Ukraine (2025/2685(RSP))

    Adam Szłapka (President-in-Office of the Council) and Ursula von der Leyen (President of the Commission) made the statements.

    The following spoke: Michael Gahler, on behalf of the PPE Group, Yannis Maniatis, on behalf of the S&D Group, Kinga Gál, on behalf of the PfE Group, Adam Bielan, on behalf of the ECR Group, Petras Auštrevičius, on behalf of the Renew Group, Terry Reintke, on behalf of the Verts/ALE Group, Özlem Demirel, on behalf of The Left Group, Hans Neuhoff, on behalf of the ESN Group, Sandra Kalniete, Thijs Reuten, Harald Vilimsky, who also declined to take a blue-card question from Moritz Körner, Alberico Gambino, Marie-Agnes Strack-Zimmermann, Virginijus Sinkevičius, Marc Botenga, who also answered a blue-card question from Sebastian Tynkkynen, Petar Volgin, Fidias Panayiotou, who also answered a blue-card question from Moritz Körner, Rasa Juknevičienė, Brando Benifei, Tom Vandendriessche, Mirosława Nykiel and Heléne Fritzon.

    IN THE CHAIR: Christel SCHALDEMOSE
    Vice-President

    The following spoke: Beata Szydło, Nathalie Loiseau, Mika Aaltola, Francisco Assis, Hannah Neumann, Paulius Saudargas, Marcos Ros Sempere, Roberto Vannacci, Victor Negrescu, Aurelijus Veryga, Hilde Vautmans, Matej Tonin, Danilo Della Valle, Francisco José Millán Mon, Tonino Picula, Pierre-Romain Thionnet, Salvatore De Meo, Raphaël Glucksmann, Merja Kyllönen, Ingeborg Ter Laak, Elena Yoncheva, Seán Kelly, who also answered a blue-card question from Petras Gražulis, Joanna Scheuring-Wielgus, Tamás Deutsch, Rihards Kols, Helmut Brandstätter, Adrián Vázquez Lázara, Vilija Blinkevičiūtė, Krzysztof Hetman, Jonas Sjöstedt, Danuše Nerudová, Tobias Cremer, Tomasz Buczek, Małgorzata Gosiewska, Dan Barna, Wouter Beke, Ignazio Roberto Marino, Irene Montero and Ana Miguel Pedro.

    The following spoke under the catch-the-eye procedure: Michał Szczerba, Juan Fernando López Aguilar, Viktória Ferenc, Arkadiusz Mularczyk, Dainius Žalimas, Jaume Asens Llodrà, Siegbert Frank Droese, Lukas Sieper, Maria Grapini, Damian Boeselager and Petras Gražulis.

    The following spoke: Valdis Dombrovskis (Member of the Commission) and Adam Szłapka.

    The debate closed.

    (The sitting was suspended at 11:19.)


    IN THE CHAIR: Roberta METSOLA
    President

    4. Resumption of the sitting

    The sitting resumed at 11:35.


    5. Commemoration of the 80th anniversary of the end of World War II in Europe

    The President made a statement to mark the 80th anniversary of the end of World War II in Europe.

    António Costa (President of the European Council), Robert Chot (Member of the Belgian Royal National Federation of War Volunteers), Janusz Komorowski (President of the Polish Association of Home Army Soldiers) and Janusz Maksymowicz (Vice-President of the Warsaw Uprising Insurgents Association), addressed the House.

    The House stood for the European anthem performed by soprano Francesca Sorteni, accompanied by Thomas Gautier and Claire Rigaux on violin, Marie Viard on cello and Emma Errara on viola.

    (The sitting was suspended for a few moments.)


    6. Resumption of the sitting

    The sitting resumed at 12:19.

    ⁂

    The following spoke: Valérie Hayer (the President noted her remarks. She pointed out that serving Europe in the House of democracy was an honourable commitment and called for everyone to respect what this represented).


    7. Welcome

    On behalf of Parliament, the President welcomed Dr Denis Mukwege, winner of the 2014 Sakharov Prize and 2018 Nobel Peace Prize, who had taken his seat in the distinguished visitors’ gallery.


    8. Voting time

    For detailed results of the votes, see also ‘Results of votes’ and ‘Results of roll-call votes’.


    8.1. Amending ERDF, Cohesion Fund and Just Transition Fund as regards specific measures to address strategic challenges in the context of the mid-term review ***I (vote)

    Amending ERDF, Cohesion Fund and Just Transition Fund as regards specific measures to address strategic challenges in the context of the mid-term review – (COM(2025)0123 – C10-0063/2025 – 2025/0084(COD))

    REQUEST FOR AN URGENT DECISION by the REGI Committee (Rule 170(5))

    Approved

    Vote: at a later part-session.

    Detailed voting results


    8.2. European Social Fund (ESF+): specific measures to address strategic challenges ***I (vote)

    European Social Fund (ESF+): specific measures to address strategic challenges – (COM(2025)0164 – C10-0064/2025 – 2025/0085(COD))

    REQUEST FOR AN URGENT DECISION by the EMPL Committee (Rule 170(5))

    Approved

    Vote: at a later part-session.

    Detailed voting results


    8.3. Discharge 2023: EU general budget – Commission, executive agencies and European Development Funds (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section III – Commission, executive agencies and the ninth, tenth and eleventh European Development Funds [COM(2024)0272 – C10-0067/2024 – 2024/2019(DEC)] – Committee on Budgetary Control. Rapporteur: Niclas Herbst (A10-0074/2025)

    (Majority of the votes cast)

    PROPOSALS FOR DECISIONS – Commission and executive agencies

    Adopted (P10_TA(2025)0077)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    PROPOSALS FOR DECISIONS – European Development Funds – EDF (9th, 10th and 11th)

    Adopted (P10_TA(2025)0077)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0077)

    Detailed voting results


    8.4. Discharge 2023: EU general budget – European Parliament (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section I – European Parliament [COM(2024)0272 – C10-0068/2024 – 2024/2020(DEC)] – Committee on Budgetary Control. Rapporteur: Monika Hohlmeier (A10-0062/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0078)

    Detailed voting results


    8.5. Discharge 2023: EU general budget – European Council and Council (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section II – European Council and Council [COM(2024)0272 – C10-0069/2024 – 2024/2021(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0052/2025)

    PROPOSAL FOR A DECISION

    Approved (P10_TA(2025)0079)

    Discharge postponed (see Annex V, Article 5(1)(b) to the Rules of Procedure)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0079)

    Detailed voting results


    8.6. Discharge 2023: EU general budget – Court of Justice of the European Union (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section IV – Court of Justice [COM(2024)0272 – C10-0070/2024 – 2024/2022(DEC)] – Committee on Budgetary Control. Rapporteur: Cristian Terheş (A10-0050/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0080)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0080)

    Detailed voting results


    8.7. Discharge 2023: EU general budget – Court of Auditors (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section V – Court of Auditors [COM(2024)0272 – C10-0071/2024 – 2024/2023(DEC)] – Committee on Budgetary Control. Rapporteur: Dick Erixon (A10-0047/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0081)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0081)

    Detailed voting results


    8.8. Discharge 2023: EU general budget – European Economic and Social Committee (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section VI – European Economic and Social Committee [COM(2024)0272 – C10-0073/2024 – 2024/2025(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0054/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0082)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0082)

    Detailed voting results


    8.9. Discharge 2023: EU general budget – Committee of the Regions (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section VII – Committee of the Regions [COM(2024)0272 – C10-0074/2024 – 2024/2026(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0046/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0083)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0083)

    Detailed voting results


    8.10. Discharge 2023: EU general budget – European Ombudsman (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section VIII – European Ombudsman [COM(2024)0272 – C10-0075/2024 – 2024/2027(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0055/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0084)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0084)

    Detailed voting results


    8.11. Discharge 2023: EU general budget – European Data Protection Supervisor (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section IX – European Data Protection Supervisor [COM(2024)0272 – C10-0076/2024 – 2024/2028(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0053/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0085)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0085)

    Detailed voting results


    8.12. Discharge 2023: EU general budget – European External Action Service (vote)

    Report on discharge in respect of the implementation of the general budget of the European Union for the financial year 2023, Section X – European External Action Service [COM(2024)0272 – C10-0072/2024 – 2024/2024(DEC)] – Committee on Budgetary Control. Rapporteur: Joachim Stanisław Brudziński (A10-0069/2025)

    (Majority of the votes cast)

    PROPOSAL FOR A DECISION

    Adopted (P10_TA(2025)0086)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0086)

    Detailed voting results


    8.13. Discharge 2023: European Public Prosecutor’s Office (vote)

    Report on discharge in respect of the implementation of the budget of the European Public Prosecutor’s Office for the financial year 2023 [COM(2024)0272 – C10-0077/2024 – 2024/2029(DEC)] – Committee on Budgetary Control. Rapporteur: Tomáš Zdechovský (A10-0051/2025)

    (Majority of the votes cast)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0087)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0087)

    Detailed voting results


    8.14. Discharge 2023: Agencies (vote)

    Report on discharge in respect of the implementation of the budget of the European Union Agencies for the financial year 2023 [COM(2024)0272 – C10-0078/2024 – 2024/2030(DEC)] – Committee on Budgetary Control. Rapporteur: Erik Marquardt (A10-0065/2025)

    (Majority of the votes cast)

    European Union Agency for the Cooperation of Energy Regulators (ACER)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Agency for Support for BEREC

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Translation Centre for the Bodies of the European Union (CdT)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Centre for the Development of Vocational Training (Cedefop)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Law Enforcement Training (CEPOL)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Aviation Safety Agency (EASA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Banking Authority (EBA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Centre for Disease Prevention and Control (ECDC)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Chemicals Agency (ECHA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Environment Agency (EEA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Fisheries Control Agency (EFCA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Food Safety Authority (EFSA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Institute for Gender Equality (EIGE)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Insurance and Occupational Pensions Authority (EIOPA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Institute of Innovation and Technology (EIT)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Labour Authority (ELA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Medicines Agency (EMA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Monitoring Centre for Drugs and Drug Addiction (now European Union Drugs Agency)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Maritime Safety Agency (EMSA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Cybersecurity (ENISA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Railways (ERA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Euratom Supply Agency (ESA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Securities and Markets Authority (ESMA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Training Foundation (ETF)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Asylum (EUAA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge and closure of the accounts was postponed (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for the Operational Management of Large-Scale IT Systems in the Area of Freedom, Security and Justice (eu-LISA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Agency for Safety and Health at Work (EU-OSHA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Foundation for the Improvement of Living and Working Conditions (Eurofound)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Criminal Justice Cooperation (Eurojust)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Law Enforcement Cooperation (Europol)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for the Space Programme (EUSPA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Union Agency for Fundamental Rights (FRA)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Border and Coast Guard Agency (Frontex)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0088)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0088)

    Detailed voting results


    8.15. Discharge 2023: Joint Undertakings (vote)

    Report on discharge in respect of the implementation of the budget of the EU joint undertakings for the financial year 2023 [COM(2024)0272 – C10-0079/2024 – 2024/2031(DEC)] – Committee on Budgetary Control. Rapporteur: Michal Wiezik (A10-0056/2025)

    (Majority of the votes cast)

    Clean Aviation Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Circular Bio-based Europe Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Clean Hydrogen Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Europe’s Rail Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European High Performance Computing Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    European Joint Undertaking for ITER and the Development of Fusion Energy

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Global Health EDCTP3 Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Innovative Health Initiative Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Chips Joint Undertaking (before 21.9.2023: Key Digital Technologies Joint Undertaking)

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Single European Sky ATM Research 3 Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    Smart Networks and Services Joint Undertaking

    PROPOSALS FOR DECISIONS

    Adopted (P10_TA(2025)0089)

    Discharge was granted and closure of the accounts approved (see Annex V, Article 5(1) to the Rules of Procedure).

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0089)

    Detailed voting results


    8.16. A revamped long-term budget for the Union in a changing world (vote)

    Report on a revamped long-term budget for the Union in a changing world [2024/2051(INI)] – Committee on Budgets. Rapporteurs: Siegfried Mureşan and Carla Tavares (A10-0076/2025)

    The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 9).

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0090)

    Detailed voting results


    8.17. The European Water Resilience Strategy (vote)

    Report on the European Water Resilience Strategy [2024/2104(INI)] – Committee on the Environment, Climate and Food Safety. Rapporteur: Thomas Bajada (A10-0073/2025)

    The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 13).

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0091)

    Detailed voting results


    8.18. 2023 and 2024 reports on Türkiye (vote)

    2023 and 2024 Commission reports on Türkiye [2025/2023(INI)] – Committee on Foreign Affairs. Rapporteur: Nacho Sánchez Amor (A10-0067/2025)

    The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 14).

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0092)

    The following had spoken:

    Nacho Sánchez Amor (rapporteur), to move an oral amendment to add a new paragraph after paragraph 31. Parliament had agreed to put the oral amendment to the vote.

    Jordan Bardella, to move an oral amendment to add a new paragraph after paragraph 36. Parliament had not agreed to put the oral amendment to the vote as more than 39 Members had opposed it.

    Detailed voting results


    8.19. 2023 and 2024 reports on Serbia (vote)

    Report on the 2023 and 2024 Commission reports on Serbia [2025/2022(INI)] – Committee on Foreign Affairs. Rapporteur: Tonino Picula (A10-0072/2025)

    The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 16).

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0093)

    The following had spoken:

    Tonino Picula (rapporteur), to move an oral amendment to paragraph 23. Parliament had agreed to put the oral amendment to the vote.

    Detailed voting results


    8.20. 2023 and 2024 reports on Kosovo (vote)

    Report on the 2023 and 2024 Commission Reports on Kosovo [2025/2019(INI)] – Committee on Foreign Affairs. Rapporteur: Riho Terras (A10-0075/2025)

    The debate had taken place on 6 May 2025 (minutes of 6.5.2025, item 17).

    (Majority of the votes cast)

    MOTION FOR A RESOLUTION

    Adopted (P10_TA(2025)0094)

    Detailed voting results

    20

    (The sitting was suspended at 13:39.)


    IN THE CHAIR: Javi LÓPEZ
    Vice-President

    9. Resumption of the sitting

    The sitting resumed at 13:44.


    10. Approval of the minutes of the previous sitting

    The minutes of the previous sitting were approved.


    11. Winning the global tech race: boosting innovation and closing funding gaps (topical debate)

    The following spoke: Eva Maydell to open the debate proposed by the PPE Group.

    The following spoke: Adam Szłapka (President-in-Office of the Council) and Costas Kadis (Member of the Commission).

    The following spoke: Pablo Arias Echeverría, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Julie Rechagneux, on behalf of the PfE Group, Elena Donazzan, on behalf of the ECR Group, Christophe Grudler, on behalf of the Renew Group, Kim Van Sparrentak, on behalf of the Verts/ALE Group, Leila Chaibi, on behalf of The Left Group, Marcin Sypniewski, on behalf of the ESN Group, Tomislav Sokol, Christel Schaldemose, Kosma Złotowski, Svenja Hahn, David Cormand, Milan Mazurek, Massimiliano Salini, Giorgio Gori, Philippe Olivier, Charlie Weimers, Morten Løkkegaard, Eszter Lakos, Laura Ballarín Cereza, Diego Solier, Fernando Navarrete Rojas, Matthias Ecke, Mario Mantovani and Elena Sancho Murillo.

    The following spoke: Costas Kadis and Adam Szłapka.

    The debate closed.


    12. Competition policy – annual report 2024 (debate)

    Report on competition policy – annual report 2024 [2024/2079(INI)] – Committee on Economic and Monetary Affairs. Rapporteur: Lara Wolters (A10-0071/2025)

    Lara Wolters introduced the report.

    The following spoke: Teresa Ribera (Executive Vice-President of the Commission).

    The following spoke: Andreas Schwab, on behalf of the PPE Group, and Thomas Bajada, on behalf of the S&D Group.

    IN THE CHAIR: Antonella SBERNA
    Vice-President

    The following spoke: Pierre Pimpie, on behalf of the PfE Group, Francesco Ventola, on behalf of the ECR Group, Stéphanie Yon-Courtin, on behalf of the Renew Group, Kira Marie Peter-Hansen, on behalf of the Verts/ALE Group, Martin Schirdewan, on behalf of The Left Group, Rada Laykova, on behalf of the ESN Group, Markus Ferber, René Repasi, Enikő Győri, Marlena Maląg, Marie Toussaint, Marcin Sypniewski, Branislav Ondruš, who also answered a blue-card question from João Oliveira, Georgios Aftias, Nikos Papandreou, Dirk Gotink, Adnan Dibrani, Marco Falcone and Jonás Fernández.

    The following spoke under the catch-the-eye procedure: Ralf Seekatz, Sebastian Tynkkynen, Petras Gražulis, João Oliveira and Alexander Jungbluth.

    The following spoke: Teresa Ribera and Lara Wolters.

    The debate closed.

    Vote: 8 May 2025.


    13. Resilience and the need to improve the interconnection of energy grid infrastructure in the EU: the first lessons from the blackout in the Iberian Peninsula (debate)

    Council and Commission statements: Resilience and the need to improve the interconnection of energy grid infrastructure in the EU: the first lessons from the blackout in the Iberian Peninsula (2025/2686(RSP))

    Adam Szłapka (President-in-Office of the Council) and Dan Jørgensen (Member of the Commission) made the statements.

    The following spoke: Dolors Montserrat, on behalf of the PPE Group, Nicolás González Casares, on behalf of the S&D Group, Jorge Buxadé Villalba, on behalf of the PfE Group, Diego Solier, on behalf of the ECR Group, Anna Stürgkh, on behalf of the Renew Group, Diana Riba i Giner, on behalf of the Verts/ALE Group, Estrella Galán, on behalf of The Left Group, Petr Bystron, on behalf of the ESN Group, Paulo Cunha, who also answered a blue-card question from Petras Gražulis, Francisco Assis, António Tânger Corrêa, who also answered a blue-card question from Bruno Gonçalves, Patryk Jaki, Oihane Agirregoitia Martínez, Jaume Asens Llodrà, Irene Montero, Marc Jongen, Lefteris Nikolaou-Alavanos, François-Xavier Bellamy, who also answered a blue-card question from Nicolás González Casares, Sofie Eriksson, Paolo Borchia, Nora Junco García, Christophe Grudler, Pernando Barrena Arza, Pilar del Castillo Vera, who also declined to take a blue-card question from Nicolás González Casares, and Elena Sancho Murillo.

    IN THE CHAIR: Christel SCHALDEMOSE
    Vice-President

    The following spoke: András Gyürk, Nicolas Bay, Michał Kobosko, João Oliveira, Ana Miguel Pedro, Bruno Gonçalves, Pascale Piera, Daniel Obajtek, Seán Kelly, Bruno Tobback, Georg Mayer, Aleksandar Nikolic and Juan Carlos Girauta Vidal.

    The following spoke under the catch-the-eye procedure: Davor Ivo Stier, Susana Solís Pérez, Sebastian Tynkkynen, Maria Zacharia and Lukas Sieper.

    The following spoke: Dan Jørgensen and Adam Szłapka.

    The debate closed.


    14. High levels of retail food prices and their consequences for European consumers (debate)

    Council and Commission statements: High levels of retail food prices and their consequences for European consumers (2025/2687(RSP))

    Adam Szłapka (President-in-Office of the Council) and Costas Kadis (Member of the Commission) made the statements.

    The following spoke: Tomislav Sokol, on behalf of the PPE Group, Camilla Laureti, on behalf of the S&D Group, Gilles Pennelle, on behalf of the PfE Group, Stefano Cavedagna, on behalf of the ECR Group, Asger Christensen, on behalf of the Renew Group, David Cormand, on behalf of the Verts/ALE Group, Hanna Gedin, on behalf of The Left Group, Milan Mazurek, on behalf of the ESN Group, Carmen Crespo Díaz, Adnan Dibrani, Tomasz Buczek, Veronika Vrecionová, Christine Singer, Ana Miranda Paz, who also answered a blue-card question from João Oliveira, Konstantinos Arvanitis, who also answered a blue-card question from Rody Tolassy, Kateřina Konečná, Péter Magyar, Biljana Borzan, Marieke Ehlers, Sergio Berlato, Ciaran Mullooly, Marc Botenga, Nikolaos Anadiotis, Krzysztof Hetman, Pierfrancesco Maran, Barbara Bonte, Jessika Van Leeuwen, Laura Ballarín Cereza, Margarita de la Pisa Carrión and France Jamet.

    IN THE CHAIR: Esteban GONZÁLEZ PONS
    Vice-President

    The following spoke under the catch-the-eye procedure: Cristina Maestre, Mireia Borrás Pabón, Csaba Dömötör, Sebastian Tynkkynen, Rasmus Andresen, Elena Kountoura, João Oliveira, Lukas Sieper and Maria Zacharia.

    The following spoke: Costas Kadis and Adam Szłapka.

    The debate closed.


    15. Malta’s Golden Passport scheme circumventing EU sanctions against Russia (debate)

    Council and Commission statements: Malta’s Golden Passport scheme circumventing EU sanctions against Russia (2025/2688(RSP))

    Adam Szłapka (President-in-Office of the Council) and Michael McGrath (Member of the Commission) made the statements.

    The following spoke: David Casa, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Jadwiga Wiśniewska, on behalf of the ECR Group, Raquel García Hermida-Van Der Walle, on behalf of the Renew Group, Saskia Bricmont, on behalf of the Verts/ALE Group, Giuseppe Antoci, on behalf of The Left Group, Luděk Niedermayer, Birgit Sippel, Georgiana Teodorescu, who also declined to take a blue-card question from Raquel García Hermida-Van Der Walle, Irena Joveva, Daniel Freund, Peter Agius, Thomas Bajada, who also answered a blue-card question from Raquel García Hermida-Van Der Walle and did not accept a blue-card question from Daniel Freund, Alice Teodorescu Måwe, Daniel Attard, who also answered a blue-card question from Daniel Freund, and Evelyn Regner.

    The following spoke under the catch-the-eye procedure: Juan Fernando López Aguilar and Sebastian Tynkkynen.

    The following spoke: Alex Agius Saliba (the President cut off the speaker as his remarks did not constitute a point of order).

    The following spoke under the catch-the-eye procedure: Maria Zacharia.

    The following spoke: Michael McGrath and Adam Szłapka.

    The debate closed.


    16. The role of gas storage for securing gas supplies ahead of the winter season (debate)

    Report on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1938 as regards the role of gas storage for securing gas supplies ahead of the winter season [COM(2025)0099 – C10-0041/2025 – 2025/0051(COD)] – Committee on Industry, Research and Energy. Rapporteur: Borys Budka (A10-0079/2025)

    Borys Budka introduced the report.

    The following spoke: Dan Jørgensen (Member of the Commission).

    The following spoke: Andrea Wechsler, on behalf of the PPE Group, Jens Geier, on behalf of the S&D Group, András Gyürk, on behalf of the PfE Group, Ondřej Krutílek, on behalf of the ECR Group, Yvan Verougstraete, on behalf of the Renew Group, Marie Toussaint, on behalf of the Verts/ALE Group, Dario Tamburrano, on behalf of The Left Group, Alexander Sell, on behalf of the ESN Group, Jüri Ratas, Nicolás González Casares, Julie Rechagneux, Michael Bloss, Thomas Geisel and Mirosława Nykiel.

    IN THE CHAIR: Ewa KOPACZ
    Vice-President

    The following spoke: Michalis Hadjipantela and Virgil-Daniel Popescu.

    The following spoke under the catch-the-eye procedure: Liudas Mažylis, Sebastian Tynkkynen, Marta Wcisło and Billy Kelleher.

    The following spoke: Dan Jørgensen and Borys Budka.

    The debate closed.

    Vote: 8 May 2025.


    17. Banking Union – annual report 2024 (debate)

    Report on Banking Union – annual report 2024 [2024/2055(INI)] – Committee on Economic and Monetary Affairs. Rapporteur: Ralf Seekatz (A10-0044/2025)

    Ralf Seekatz introduced the report.

    The following spoke: Michael McGrath (Member of the Commission).

    The following spoke: Marco Falcone, on behalf of the PPE Group, Jonás Fernández, on behalf of the S&D Group, Marlena Maląg, on behalf of the ECR Group, Billy Kelleher, on behalf of the Renew Group, Jussi Saramo, on behalf of The Left Group, Costas Mavrides and Giovanni Crosetto.

    The following spoke under the catch-the-eye procedure: Marta Wcisło, Sebastian Tynkkynen and Lukas Sieper.

    The following spoke: Michael McGrath and Ralf Seekatz.

    The debate closed.

    Vote: 8 May 2025.


    18. The fine against TikTok and the need to strengthen the protection of citizens’ rights on social media platforms (debate)

    Commission statement: The fine against TikTok and the need to strengthen the protection of citizens’ rights on social media platforms (2025/2704(RSP))

    Michael McGrath (Member of the Commission) made the statement.

    The following spoke: François-Xavier Bellamy, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Virginie Joron, on behalf of the PfE Group, Gheorghe Piperea, on behalf of the ECR Group, Veronika Cifrová Ostrihoňová, on behalf of the Renew Group, Alexandra Geese, on behalf of the Verts/ALE Group, Konstantinos Arvanitis, on behalf of The Left Group, Mary Khan, Pablo Arias Echeverría, Elisabeth Dieringer, Sandro Gozi, Fidias Panayiotou, Sunčana Glavak, Cynthia Ní Mhurchú and Moritz Körner.

    The following spoke under the catch-the-eye procedure: Juan Fernando López Aguilar, Billy Kelleher and Lukas Sieper.

    The following spoke: Michael McGrath.

    The debate closed.


    19. Debate on cases of breaches of human rights, democracy and the rule of law (debate)

    (For the titles and authors of the motions for resolutions, see minutes of 7.5.2025, item I.)


    19.1. Arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania

    Motions for resolutions B10-0260/2025, B10-0261/2025, B10-0262/2025, B10-0263/2025, B10-0264/2025 and B10-0265/2025 (2025/2690(RSP))

    Reinhold Lopatka, Marit Maij, Jan-Christoph Oetjen, Catarina Vieira and Tomasz Froelich introduced their groups’ motions for resolutions.

    The following spoke under the catch-the-eye procedure: Lukas Sieper.

    The following spoke: Michael McGrath (Member of the Commission).

    The debate closed.

    Vote: 8 May 2025.


    19.2. Return of Ukrainian children forcibly transferred and deported by Russia

    Motions for resolutions B10-0247/2025, B10-0249/2025, B10-0250/2025, B10-0252/2025, B10-0255/2025 and B10-0258/2025 (2025/2691(RSP))

    Jessika Van Leeuwen, Thijs Reuten, Petras Auštrevičius, Villy Søvndal and Małgorzata Gosiewska introduced their groups’ motions for resolutions.

    The following spoke: Michał Szczerba, on behalf of the PPE Group, and Pina Picierno, on behalf of the S&D Group.

    IN THE CHAIR: Antonella SBERNA
    Vice-President

    The following spoke: Karin Karlsbro, on behalf of the Renew Group, Ingeborg Ter Laak, Sandra Gómez López, Charles Goerens, Lukas Mandl, Pierfrancesco Maran, Isabel Wiseler-Lima, Davor Ivo Stier and Alice Teodorescu Måwe.

    The following spoke under the catch-the-eye procedure: Liudas Mažylis, Nikos Papandreou, Lukas Sieper and Marta Wcisło.

    The following spoke: Michael McGrath (Member of the Commission).

    The debate closed.

    Vote: 8 May 2025.


    19.3. Violations of religious freedom in Tibet

    Motions for resolutions B10-0248/2025, B10-0251/2025, B10-0253/2025, B10-0254/2025, B10-0256/2025 and B10-0259/2025 (2025/2692(RSP))

    Danuše Nerudová, Hannes Heide, Mariusz Kamiński, Engin Eroglu and Ville Niinistö introduced their groups’ motions for resolutions.

    The following spoke: Michael McNamara, on behalf of the Renew Group.

    The following spoke under the catch-the-eye procedure: Vytenis Povilas Andriukaitis and Lukas Sieper.

    The following spoke: Michael McNamara, on the previous speaker’s comments, and Lukas Sieper on Michael McNamara’s contribution.

    The following spoke: Michael McGrath (Member of the Commission).

    The debate closed.

    Vote: 8 May 2025.


    20. Democratic legitimacy and the Commission’s continued authorisation of genetically modified organisms despite Parliament’s objections (debate)

    Commission statement: Democratic legitimacy and the Commission’s continued authorisation of genetically modified organisms despite Parliament’s objections (2025/2645(RSP))

    Olivér Várhelyi (Member of the Commission) made the statement.

    The following spoke: Esther Herranz García, on behalf of the PPE Group, Biljana Borzan, on behalf of the S&D Group, Paolo Inselvini, on behalf of the ECR Group, Martin Häusling, on behalf of the Verts/ALE Group, Nikolas Farantouris, on behalf of The Left Group, Daniel Buda, Maria Noichl, Georgiana Teodorescu and Günther Sidl.

    The following spoke under the catch-the-eye procedure: Kristian Vigenin, Diana Iovanovici Şoşoacă, Vytenis Povilas Andriukaitis and Lukas Sieper.

    The following spoke: Olivér Várhelyi.

    The debate closed.


    21. The illegal visit of President Erdoğan to the occupied areas of Cyprus (debate)

    Council and Commission statements: The illegal visit of President Erdoğan to the occupied areas of Cyprus (2025/2705(RSP))

    Michael McGrath (Member of the Commission) made the statement on behalf of the Commission.

    The following spoke: Loucas Fourlas, on behalf of the PPE Group, Costas Mavrides, on behalf of the S&D Group, Afroditi Latinopoulou, on behalf of the PfE Group, Geadis Geadi, on behalf of the ECR Group (the President reminded the speaker of the rules on conduct), Kai Tegethoff, on behalf of the Verts/ALE Group, and Irene Montero, on behalf of The Left Group.

    The following spoke: Michael McGrath.

    The debate closed.


    22. Explanations of vote


    22.1. Discharge 2023: EU general budget – European External Action Service (A10-0069/2025 – Joachim Stanisław Brudziński) (oral explanations of vote)

    Lynn Boylan


    22.2. Written explanations of vote

    Explanations of vote submitted in writing under Rule 201 appear on the Members’ pages on Parliament’s website.


    23. Agenda of the next sitting

    The next sitting would be held the following day, 8 May 2025, starting at 09:00. The agenda was available on Parliament’s website.


    24. Approval of the minutes of the sitting

    In accordance with Rule 208(3), the minutes of the sitting would be put to the House for approval at the beginning of the afternoon of the next sitting.


    25. Closure of the sitting

    The sitting closed at 22:21.


    LIST OF DOCUMENTS SERVING AS A BASIS FOR THE DEBATES AND DECISIONS OF PARLIAMENT


    I. Motions for resolutions tabled

    Arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania

    The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions:

    on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0260/2025)
    Catarina Vieira, Nicolae Ştefănuță, Mounir Satouri, Maria Ohisalo, Mélissa Camara, Ville Niinistö
    on behalf of the Verts/ALE Group

    on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0261/2025)
    Yannis Maniatis, Francisco Assis, Marit Maij
    on behalf of the S&D Group

    on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0262/2025)
    Tomasz Froelich
    on behalf of the ESN Group

    on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0263/2025)
    Jan-Christoph Oetjen, Oihane Agirregoitia Martínez, Petras Auštrevičius, Malik Azmani, Dan Barna, Benoit Cassart, Olivier Chastel, Engin Eroglu, Svenja Hahn, Ilhan Kyuchyuk, Karin Karlsbro, Moritz Körner, Urmas Paet, Marie-Agnes Strack-Zimmermann, Hilde Vautmans, Michal Wiezik, Lucia Yar
    on behalf of the Renew Group

    on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0264/2025)
    Sebastião Bugalho, Reinhold Lopatka, Michael Gahler, David McAllister, Antonio López-Istúriz White, Ana Miguel Pedro, Davor Ivo Stier, Tomas Tobé, Liudas Mažylis, Ingeborg Ter Laak, Isabel Wiseler-Lima, Mirosława Nykiel, Wouter Beke, Luděk Niedermayer, Vangelis Meimarakis, Milan Zver, Tomáš Zdechovský, Danuše Nerudová, Miriam Lexmann, Jan Farský, Loránt Vincze, Jessica Polfjärd, Andrey Kovatchev, Inese Vaidere
    on behalf of the PPE Group

    on the arrest and risk of execution of Tundu Lissu, Chair of Chadema, the main opposition party in Tanzania (2025/2690(RSP)) (B10-0265/2025)
    Adam Bielan, Sebastian Tynkkynen, Waldemar Tomaszewski, Ondřej Krutílek, Veronika Vrecionová, Alexandr Vondra, Joachim Stanisław Brudziński, Ivaylo Valchev, Jadwiga Wiśniewska, Assita Kanko, Alberico Gambino, Carlo Fidanza
    on behalf of the ECR Group

    Return of Ukrainian children forcibly transferred and deported by Russia

    The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions:

    on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0247/2025)
    Merja Kyllönen
    on behalf of The Left Group

    on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0249/2025)
    Villy Søvndal, Sergey Lagodinsky, Nicolae Ştefănuță, Mounir Satouri, Maria Ohisalo, Catarina Vieira, Ville Niinistö
    on behalf of the Verts/ALE Group

    on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0250/2025)
    Yannis Maniatis, Francisco Assis, Thijs Reuten, Evin Incir, Pina Picierno
    on behalf of the S&D Group

    on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0252/2025)
    Petras Auštrevičius, Oihane Agirregoitia Martínez, Abir Al-Sahlani, Malik Azmani, Dan Barna, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Veronika Cifrová Ostrihoňová, Engin Eroglu, Svenja Hahn, Karin Karlsbro, Ľubica Karvašová, Moritz Körner, Ilhan Kyuchyuk, Nathalie Loiseau, Jan-Christoph Oetjen, Urmas Paet, Marie-Agnes Strack-Zimmermann, Eugen Tomac, Hilde Vautmans, Lucia Yar, Michał Kobosko
    on behalf of the Renew Group

    on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0255/2025)
    Sebastião Bugalho, Jessika Van Leeuwen, Michael Gahler, David McAllister, Sandra Kalniete, Andrzej Halicki, Antonio López-Istúriz White, Ana Miguel Pedro, Dariusz Joński, Davor Ivo Stier, Tomas Tobé, Reinhold Lopatka, Liudas Mažylis, Ingeborg Ter Laak, Isabel Wiseler-Lima, Mirosława Nykiel, Wouter Beke, Luděk Niedermayer, Vangelis Meimarakis, Milan Zver, Tomáš Zdechovský, Danuše Nerudová, Miriam Lexmann, Ondřej Kolář, Jan Farský, Loránt Vincze, Jessica Polfjärd, Andrey Kovatchev, Ewa Kopacz, Matej Tonin, Inese Vaidere
    on behalf of the PPE Group

    on the return of Ukrainian children forcibly transferred and deported by Russia (2025/2691(RSP)) (B10-0258/2025)
    Adam Bielan, Mariusz Kamiński, Małgorzata Gosiewska, Sebastian Tynkkynen, Michał Dworczyk, Veronika Vrecionová, Ondřej Krutílek, Jaak Madison, Alexandr Vondra, Arkadiusz Mularczyk, Bogdan Rzońca, Roberts Zīle, Ivaylo Valchev, Joachim Stanisław Brudziński, Assita Kanko, Aurelijus Veryga, Jadwiga Wiśniewska, Rihards Kols, Maciej Wąsik, Marlena Maląg, Charlie Weimers, Cristian Terheş
    on behalf of the ECR Group

    Violations of religious freedom in Tibet

    The following Members or political groups had requested that a debate be held, in accordance with Rule 150, on the following motions for resolutions:

    on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0248/2025)
    Ville Niinistö, Catarina Vieira, Maria Ohisalo, Erik Marquardt, Nicolae Ştefănuță, Mounir Satouri, Leoluca Orlando
    on behalf of the Verts/ALE Group

    on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0251/2025)
    Yannis Maniatis, Francisco Assis, Hannes Heide
    on behalf of the S&D Group

    on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0253/2025)
    Hermann Tertsch, Jorge Martín Frías, Jaroslav Bžoch, Susanna Ceccardi
    on behalf of the PfE Group

    on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0254/2025)
    Engin Eroglu, Oihane Agirregoitia Martínez, Petras Auštrevičius, Malik Azmani, Dan Barna, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Bernard Guetta, Svenja Hahn, Ľubica Karvašová, Moritz Körner, Ilhan Kyuchyuk, Nathalie Loiseau, Karin Karlsbro, Jan-Christoph Oetjen, Marie-Agnes Strack-Zimmermann, Lucia Yar, Dainius Žalimas
    on behalf of the Renew Group

    on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0256/2025)
    Sebastião Bugalho, Danuše Nerudová, Michael Gahler, Antonio López-Istúriz White, Ana Miguel Pedro, Davor Ivo Stier, Tomas Tobé, Reinhold Lopatka, Liudas Mažylis, Ingeborg Ter Laak, Isabel Wiseler-Lima, Mirosława Nykiel, Wouter Beke, Luděk Niedermayer, Vangelis Meimarakis, Milan Zver, Tomáš Zdechovský, Miriam Lexmann, Ondřej Kolář, Jan Farský, Loránt Vincze, Jessica Polfjärd, Andrey Kovatchev, Inese Vaidere
    on behalf of the PPE Group

    on the violations of religious freedom in Tibet (2025/2692(RSP)) (B10-0259/2025)
    Adam Bielan, Mariusz Kamiński, Waldemar Tomaszewski, Alberico Gambino, Sebastian Tynkkynen, Carlo Fidanza, Małgorzata Gosiewska, Ondřej Krutílek, Veronika Vrecionová, Assita Kanko, Michał Dworczyk, Arkadiusz Mularczyk, Bogdan Rzońca, Alexandr Vondra, Joachim Stanisław Brudziński, Jadwiga Wiśniewska, Maciej Wąsik, Marlena Maląg
    on behalf of the ECR Group


    II. Delegated acts (Rule 114(2))

    Draft delegated acts forwarded to Parliament

    – Commission Delegated Regulation supplementing Regulation (EU) 2023/2631 of the European Parliament and of the Council by establishing the content, methodologies, and presentation of the information to be voluntarily disclosed by issuers of bonds marketed as environmentally sustainable or of sustainability-linked bonds in the templates for periodic post-issuance disclosures (C(2025)00005 – 2025/2674(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 16 April 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation supplementing Regulation (EU) 2023/2631of the European Parliament and of the Council by specifying rules of procedure for the exercise of the power to impose fines or periodic penalty payments by the European Securities and Markets Authority on external reviewers (C(2025)00006 – 2025/2676(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 16 April 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation supplementing Regulation (EU) 2023/2631 of the European Parliament and of the Council by specifying the type of fees to be charged by ESMA to external reviewers of European Green Bonds, the matters in respect of which fees are due, the amount of the fees, and the manner in which those fees are to be paid (C(2025)00007 – 2025/2677(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 16 April 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation supplementing Directive 2013/36/EU of the European Parliament and of the Council with regard to regulatory technical standards specifying the general conditions for the functioning of supervisory colleges, and repealing Commission Delegated Regulation (EU) 2016/98 (C(2025)00701 – 2025/2678(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 23 April 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation amending Regulation (EU) 2023/1804 of the European Parliament and of the Council as regards additional data types on alternative fuels infrastructure (C(2025)01912 – 2025/2661(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 2 April 2025

    referred to committee responsible: TRAN

    – Commission Delegated Regulation supplementing Regulation (EU) 2023/1804 of the European Parliament and of the Council as regards common technical requirements for a common application programme interface (C(2025)01913 – 2025/2659(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 2 April 2025

    referred to committee responsible: TRAN

    – Commission Delegated Regulation amending Regulation (EC) No 1272/2008 of the European Parliament and of the Council as regards the harmonised classification and labelling of certain substances (C(2025)01916 – 2025/2660(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 2 April 2025

    referred to committee responsible: ENVI
    opinion: IMCO

    – Commission Delegated Regulation amending Regulation (EU) 2023/1804 of the European Parliament and of the Council as regards standards for wireless recharging, electric road system, vehicle-to-grid communication and hydrogen supply for road transport vehicles (C(2025)01918 – 2025/2662(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 2 April 2025

    referred to committee responsible: TRAN

    – Commission Delegated Regulation amending Delegated Regulation (EU) 2015/68 and Delegated Regulation (EU) 2015/208 with regard to vehicle braking requirements and to vehicle functional safety requirements for agricultural and forestry vehicles (C(2025)01944 – 2025/2663(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 3 April 2025

    referred to committee responsible: IMCO

    – Commission Delegated Regulation amending Delegated Regulation (EU) 2023/205 as regards the European Maritime Single Window environment data set (C(2025)02021 – 2025/2667(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 7 April 2025

    referred to committee responsible: TRAN

    – Commission Delegated Regulation supplementing Regulation (EU) No 305/2011 of the European Parliament and of the Council by establishing threshold levels and classes of performance for permanent anchor devices and safety hooks (C(2025)02119 – 2025/2670(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 9 April 2025

    referred to committee responsible: IMCO

    – Commission Delegated Directive amending Directive 2005/36/EC of the European Parliament and of the Council as regards the minimum training requirements for the profession of veterinary surgeon (C(2025)02128 – 2025/2671(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 10 April 2025

    referred to committee responsible: IMCO

    – Commission Delegated Regulation amending Regulation (EU) 2019/1021 of the European Parliament and of the Council as regards perfluorooctane sulfonic acid and its derivatives (C(2025)02189 – 2025/2672(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 14 April 2025

    referred to committee responsible: ENVI

    – Commission delegated decision on the unilateral inclusion of sectors by Finland in the emissions trading system within the Union for buildings, road transport and additional sectors pursuant to Article 30j of Directive 2003/87/EC of the European Parliament and of the Council (C(2025)02232 – 2025/2673(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 15 April 2025

    referred to committee responsible: ENVI
    opinion: ITRE

    – Commission Delegated Regulation amending Delegated Regulation (EU) 2023/2197 as regards the date of application (C(2025)02258 – 2025/2675(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 16 April 2025

    referred to committee responsible: SANT

    – Commission Delegated Regulation supplementing Regulation (EU) No 575/2013 of the European Parliament and of the Council with regard to regulatory technical standards specifying the conditions and indicators that the EBA is to use to determine whether extraordinary circumstances in the sense of Article 325az(5) and Article 325bf(6) of that Regulation have occurred (C(2025)02287 – 2025/2679(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 23 April 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation supplementing Regulation (EU) 2023/1114 of the European Parliament and of the Council with regard to regulatory technical standards specifying the arrangements, systems and procedures to prevent, detect and report market abuse, the templates to be used for reporting suspected market abuse, and the coordination procedures between the competent authorities for the detection and sanctioning of market abuse in cross-border market abuse situations (C(2025)02480 – 2025/2684(DEA))

    Deadline for raising objections: 3 months from the date of receipt of 29 April 2025

    referred to committee responsible: ECON

    – Commission Delegated Regulation amending Annex I to Regulation (EU) 2019/1021 of the European Parliament and of the Council as regards perfluorooctanoic acid (PFOA), its salts and PFOA-related compounds (C(2025)02566 – 2025/2701(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 5 May 2025

    referred to committee responsible: ENVI

    – Commission Delegated Regulation (EU)…/ … amending Annex I to Regulation (EU) 2019/1021 of the European Parliament and of the Council as regards UV-328 (C(2025)02567 – 2025/2703(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 5 May 2025

    referred to committee responsible: ENVI

    – Commission Delegated Regulation amending Delegated Regulation (EU) 2024/2910 on the implementation of the Union’s international obligations, as referred to in Article 15(2) of Regulation (EU) No 1380/2013 of the European Parliament and of the Council, under the General Fisheries Commission for the Mediterranean (C(2025)02570 – 2025/2702(DEA))

    Deadline for raising objections: 2 months from the date of receipt of 5 May 2025

    referred to committee responsible: PECH


    III. Implementing measures (Rule 115)

    Draft implementing measures falling under the regulatory procedure with scrutiny forwarded to Parliament

    – Commission Regulation correcting certain language versions of Regulation (EU) No 142/2011 implementing Regulation (EC) No 1069/2009 of the European Parliament and of the Council laying down health rules as regards animal by-products and derived products not intended for human consumption and implementing Council Directive 97/78/EC as regards certain samples and items exempt from veterinary checks at the border under that Directive (D010438/05 – 2025/2693(RPS) – deadline: 22 July 2025)
    referred to committee responsible: ENVI
    opinion: AGRI

    – Commission Regulation amending Annex II to Regulation (EC) No 396/2005 of the European Parliament and of the Council as regards maximum residue levels for acetamiprid in or on certain products (D102375/03 – 2025/2664(RPS) – deadline: 4 June 2025)
    referred to committee responsible: ENVI

    – Commission Regulation amending Annex III to Regulation (EC) No 1333/2008 of the European Parliament and of the Council as regards the use of polyvinylpolypyrrolidone (E 1202) as a carrier in colour tablets for the decorative colouring of poultry eggshells (D106245/02 – 2025/2680(RPS) – deadline: 29 June 2025)
    referred to committee responsible: ENVI

    – Commission Regulation amending Regulation (EU) 2023/915 as regards maximum levels of inorganic arsenic in fish and other seafood (D106246/02 – 2025/2681(RPS) – deadline: 29 July 2025)
    referred to committee responsible: ENVI


    IV. Documents received

    The following documents had been received from other institutions:

    – Proposal for transfer of appropriations DEC 05/2025 – Section III – Commission (N10-0013/2025 – C10-0065/2025 – 2025/2078(GBD))
    referred to committee responsible: BUDG

    – Proposal for transfer of appropriations INF 1/2025 – Section VI – Economic and Social Committee (N10-0014/2025 – C10-0078/2025 – 2025/2091(GBD))
    referred to committee responsible: BUDG

    – Proposal for transfer of appropriations No. 2/2025 – Section IX – European Data Protection Supervisor (N10-0015/2025 – C10-0079/2025 – 2025/2092(GBD))
    referred to committee responsible: BUDG


    V. Transfers of appropriations and budgetary decisions

    In accordance with Article 31(1) of the Financial Regulation, the Committee on Budgets had decided to approve the European Commission’s transfers of appropriations DEC 03/2025 and DEC 04/2025 – Section III – Commission.

    In accordance with Article 31(6) of the Financial Regulation, the Council of the European Union had decided to approve the European Commission’s transfers of appropriations DEC 03/2025 and DEC 04/2025 – Section III – Commission.


    ATTENDANCE REGISTER

    Present:

    Aaltola Mika, Abadía Jover Maravillas, Adamowicz Magdalena, Aftias Georgios, Agirregoitia Martínez Oihane, Agius Peter, Agius Saliba Alex, Alexandraki Galato, Allione Grégory, Al-Sahlani Abir, Anadiotis Nikolaos, Anderson Christine, Andersson Li, Andresen Rasmus, Andrews Barry, Andriukaitis Vytenis Povilas, Androuët Mathilde, Angel Marc, Annemans Gerolf, Annunziata Lucia, Antoci Giuseppe, Arias Echeverría Pablo, Arimont Pascal, Arłukowicz Bartosz, Arnaoutoglou Sakis, Arndt Anja, Arvanitis Konstantinos, Asens Llodrà Jaume, Assis Francisco, Attard Daniel, Aubry Manon, Auštrevičius Petras, Axinia Adrian-George, Azmani Malik, Bajada Thomas, Baljeu Jeannette, Ballarín Cereza Laura, Bardella Jordan, Barna Dan, Barrena Arza Pernando, Bartulica Stephen Nikola, Bartůšek Nikola, Bay Nicolas, Bay Christophe, Beke Wouter, Beleris Fredis, Bellamy François-Xavier, Benea Dragoş, Benifei Brando, Benjumea Benjumea Isabel, Beňová Monika, Berendsen Tom, Berger Stefan, Berlato Sergio, Bernhuber Alexander, Biedroń Robert, Bielan Adam, Bischoff Gabriele, Blaha Ľuboš, Blinkevičiūtė Vilija, Blom Rachel, Bloss Michael, Bocheński Tobiasz, Boeselager Damian, Bogdan Ioan-Rareş, Bonaccini Stefano, Bonte Barbara, Borchia Paolo, Borrás Pabón Mireia, Borvendég Zsuzsanna, Borzan Biljana, Bosanac Gordan, Boßdorf Irmhild, Bosse Stine, Botenga Marc, Boyer Gilles, Boylan Lynn, Brandstätter Helmut, Brasier-Clain Marie-Luce, Bricmont Saskia, Brnjac Nikolina, Brudziński Joachim Stanisław, Bryłka Anna, Buchheit Markus, Buczek Tomasz, Buda Daniel, Buda Waldemar, Budka Borys, Bugalho Sebastião, Buła Andrzej, Bullmann Udo, Burkhardt Delara, Buxadé Villalba Jorge, Bystron Petr, Bžoch Jaroslav, Camara Mélissa, Canfin Pascal, Carberry Nina, Cârciu Gheorghe, Carême Damien, Casa David, Caspary Daniel, Cassart Benoit, Castillo Laurent, del Castillo Vera Pilar, Cavazzini Anna, Cavedagna Stefano, Cepeda José, Ceulemans Estelle, Chahim Mohammed, Chaibi Leila, Chastel Olivier, Chinnici Caterina, Christensen Asger, Ciccioli Carlo, Cifrová Ostrihoňová Veronika, Ciriani Alessandro, Cisint Anna Maria, Clausen Per, Clergeau Christophe, Cormand David, Corrado Annalisa, Costanzo Vivien, Cotrim De Figueiredo João, Cowen Barry, Cremer Tobias, Crespo Díaz Carmen, Cristea Andi, Crosetto Giovanni, Cunha Paulo, Dahl Henrik, Danielsson Johan, Dauchy Marie, Dávid Dóra, David Ivan, Decaro Antonio, de la Hoz Quintano Raúl, Della Valle Danilo, Deloge Valérie, De Masi Fabio, De Meo Salvatore, Demirel Özlem, Deutsch Tamás, Devaux Valérie, Dibrani Adnan, Diepeveen Ton, Dieringer Elisabeth, Dîncu Vasile, Di Rupo Elio, Disdier Mélanie, Dobrev Klára, Doherty Regina, Doleschal Christian, Dömötör Csaba, Do Nascimento Cabral Paulo, Donazzan Elena, Dorfmann Herbert, Dostalova Klara, Dostál Ondřej, Droese Siegbert Frank, Dworczyk Michał, Ecke Matthias, Ehler Christian, Ehlers Marieke, Eriksson Sofie, Erixon Dick, Eroglu Engin, Estaràs Ferragut Rosa, Everding Sebastian, Falcă Gheorghe, Falcone Marco, Farantouris Nikolas, Farreng Laurence, Farský Jan, Ferber Markus, Ferenc Viktória, Fernández Jonás, Fidanza Carlo, Fiocchi Pietro, Firea Gabriela, Firmenich Ruth, Fita Claire, Fourlas Loucas, Fourreau Emma, Fragkos Emmanouil, Freund Daniel, Frigout Anne-Sophie, Fritzon Heléne, Froelich Tomasz, Fuglsang Niels, Funchion Kathleen, Furet Angéline, Furore Mario, Gahler Michael, Gál Kinga, Galán Estrella, Gálvez Lina, Gambino Alberico, García Hermida-Van Der Walle Raquel, Garraud Jean-Paul, Gasiuk-Pihowicz Kamila, Geadi Geadis, Gedin Hanna, Geese Alexandra, Geier Jens, Geisel Thomas, Gemma Chiara, Georgiou Giorgos, Gerbrandy Gerben-Jan, Germain Jean-Marc, Gerzsenyi Gabriella, Geuking Niels, Gieseke Jens, Giménez Larraz Borja, Girauta Vidal Juan Carlos, Glavak Sunčana, Glück Andreas, Glucksmann Raphaël, Goerens Charles, Gomart Christophe, Gomes Isilda, Gómez López Sandra, Gonçalves Bruno, Gonçalves Sérgio, González Casares Nicolás, González Pons Esteban, Gori Giorgio, Gosiewska Małgorzata, Gotink Dirk, Gozi Sandro, Grapini Maria, Gražulis Petras, Grims Branko, Griset Catherine, Gronkiewicz-Waltz Hanna, Groothuis Bart, Grossmann Elisabeth, Grudler Christophe, Gualmini Elisabetta, Guarda Cristina, Győri Enikő, Gyürk András, Hadjipantela Michalis, Hahn Svenja, Haider Roman, Halicki Andrzej, Hansen Niels Flemming, Hauser Gerald, Häusling Martin, Hava Mircea-Gheorghe, Heide Hannes, Heinäluoma Eero, Henriksson Anna-Maja, Herbst Niclas, Herranz García Esther, Hetman Krzysztof, Hohlmeier Monika, Hojsík Martin, Holmgren Pär, Hölvényi György, Homs Ginel Alicia, Humberto Sérgio, Imart Céline, Incir Evin, Inselvini Paolo, Iovanovici Şoşoacă Diana, Jamet France, Jarubas Adam, Jerković Romana, Jongen Marc, Joński Dariusz, Joron Virginie, Jouvet Pierre, Joveva Irena, Juknevičienė Rasa, Junco García Nora, Jungbluth Alexander, Kabilov Taner, Kalfon François, Kaliňák Erik, Kaljurand Marina, Kalniete Sandra, Kamiński Mariusz, Karlsbro Karin, Kartheiser Fernand, Karvašová Ľubica, Katainen Elsi, Kefalogiannis Emmanouil, Kelleher Billy, Keller Fabienne, Kelly Seán, Kennes Rudi, Khan Mary, Kircher Sophia, Knafo Sarah, Knotek Ondřej, Kobosko Michał, Köhler Stefan, Kohut Łukasz, Kokalari Arba, Kolář Ondřej, Kols Rihards, Konečná Kateřina, Kopacz Ewa, Körner Moritz, Kountoura Elena, Kovařík Ondřej, Kovatchev Andrey, Krištopans Vilis, Kruis Sebastian, Krutílek Ondřej, Kubín Tomáš, Kuhnke Alice, Kulja András Tivadar, Kulmuni Katri, Kyllönen Merja, Kyuchyuk Ilhan, Lakos Eszter, Lalucq Aurore, Lange Bernd, Langensiepen Katrin, Laššáková Judita, László András, Latinopoulou Afroditi, Laurent Murielle, Laureti Camilla, Laykova Rada, Lazarov Ilia, Le Callennec Isabelle, Leggeri Fabrice, Lenaers Jeroen, Leonardelli Julien, Lewandowski Janusz, Lexmann Miriam, Liese Peter, Loiseau Nathalie, Løkkegaard Morten, Lopatka Reinhold, López Javi, López Aguilar Juan Fernando, López-Istúriz White Antonio, Lövin Isabella, Lucano Mimmo, Luena César, Łukacijewska Elżbieta Katarzyna, Lupo Giuseppe, McAllister David, Madison Jaak, Maestre Cristina, Magoni Lara, Magyar Péter, Maij Marit, Maląg Marlena, Manda Claudiu, Mandl Lukas, Maniatis Yannis, Mantovani Mario, Maran Pierfrancesco, Marczułajtis-Walczak Jagna, Maréchal Marion, Mariani Thierry, Marino Ignazio Roberto, Marquardt Erik, Martín Frías Jorge, Martusciello Fulvio, Marzà Ibáñez Vicent, Mato Gabriel, Mavrides Costas, Maydell Eva, Mayer Georg, Mazurek Milan, Mažylis Liudas, McNamara Michael, Mebarek Nora, Meimarakis Vangelis, Meleti Eleonora, Mendes Ana Catarina, Mendia Idoia, Mertens Verena, Mesure Marina, Metsola Roberta, Metz Tilly, Mikser Sven, Milazzo Giuseppe, Millán Mon Francisco José, Minchev Nikola, Miranda Paz Ana, Molnár Csaba, Montero Irene, Montserrat Dolors, Morace Carolina, Morano Nadine, Moratti Letizia, Moreira de Sá Tiago, Moreno Sánchez Javier, Moretti Alessandra, Motreanu Dan-Ştefan, Mularczyk Arkadiusz, Müller Piotr, Mullooly Ciaran, Mureşan Siegfried, Muşoiu Ştefan, Nagyová Jana, Navarrete Rojas Fernando, Negrescu Victor, Nemec Matjaž, Nerudová Danuše, Nesci Denis, Neuhoff Hans, Neumann Hannah, Nevado del Campo Elena, Nica Dan, Niebler Angelika, Niedermayer Luděk, Niinistö Ville, Nikolaou-Alavanos Lefteris, Nikolic Aleksandar, Ní Mhurchú Cynthia, Noichl Maria, Nordqvist Rasmus, Novakov Andrey, Nykiel Mirosława, Obajtek Daniel, Ódor Ľudovít, Oetjen Jan-Christoph, Ohisalo Maria, Olivier Philippe, Omarjee Younous, Ondruš Branislav, Ó Ríordáin Aodhán, Orlando Leoluca, Ozdoba Jacek, Paet Urmas, Pajín Leire, Palmisano Valentina, Panayiotou Fidias, Papadakis Kostas, Papandreou Nikos, Pappas Nikos, Pascual de la Parte Nicolás, Patriciello Aldo, Paulus Jutta, Pedro Ana Miguel, Pedulla’ Gaetano, Pellerin-Carlin Thomas, Peltier Guillaume, Penkova Tsvetelina, Pennelle Gilles, Pereira Lídia, Peter-Hansen Kira Marie, Petrov Hristo, Picaro Michele, Picierno Pina, Picula Tonino, Piera Pascale, Pietikäinen Sirpa, Pimpie Pierre, Piperea Gheorghe, de la Pisa Carrión Margarita, Pokorná Jermanová Jaroslava, Polato Daniele, Polfjärd Jessica, Popescu Virgil-Daniel, Pozņaks Reinis, Prebilič Vladimir, Princi Giusi, Protas Jacek, Pürner Friedrich, Rackete Carola, Radev Emil, Radtke Dennis, Rafowicz Emma, Ratas Jüri, Razza Ruggero, Rechagneux Julie, Regner Evelyn, Repasi René, Repp Sabrina, Ressler Karlo, Reuten Thijs, Riba i Giner Diana, Ricci Matteo, Ridel Chloé, Riehl Nela, Ripa Manuela, Rodrigues André, Ros Sempere Marcos, Roth Neveďalová Katarína, Rougé André, Ruissen Bert-Jan, Ruotolo Sandro, Rzońca Bogdan, Saeidi Arash, Salini Massimiliano, Salis Ilaria, Salla Aura, Sánchez Amor Nacho, Sanchez Julien, Sancho Murillo Elena, Saramo Jussi, Sardone Silvia, Sargiacomo Eric, Satouri Mounir, Saudargas Paulius, Sbai Majdouline, Sberna Antonella, Schaldemose Christel, Schaller-Baross Ernő, Schenk Oliver, Scheuring-Wielgus Joanna, Schieder Andreas, Schilling Lena, Schneider Christine, Schnurrbusch Volker, Schwab Andreas, Scuderi Benedetta, Seekatz Ralf, Sell Alexander, Serrano Sierra Rosa, Sidl Günther, Sienkiewicz Bartłomiej, Sieper Lukas, Simon Sven, Singer Christine, Sinkevičius Virginijus, Sippel Birgit, Sjöstedt Jonas, Śmiszek Krzysztof, Smith Anthony, Smit Sander, Sokol Tomislav, Solier Diego, Solís Pérez Susana, Sommen Liesbet, Sonneborn Martin, Sorel Malika, Sousa Silva Hélder, Søvndal Villy, Squarta Marco, Staķis Mārtiņš, Stancanelli Raffaele, Ştefănuță Nicolae, Steger Petra, Stier Davor Ivo, Storm Kristoffer, Stöteler Sebastiaan, Stoyanov Stanislav, Strack-Zimmermann Marie-Agnes, Strada Cecilia, Streit Joachim, Strik Tineke, Strolenberg Anna, Sturdza Şerban Dimitrie, Stürgkh Anna, Sypniewski Marcin, Szczerba Michał, Szekeres Pál, Szydło Beata, Tamburrano Dario, Tânger Corrêa António, Tarczyński Dominik, Tarquinio Marco, Tarr Zoltán, Târziu Claudiu-Richard, Tavares Carla, Tegethoff Kai, Teodorescu Georgiana, Teodorescu Måwe Alice, Terheş Cristian, Ter Laak Ingeborg, Terras Riho, Tertsch Hermann, Thionnet Pierre-Romain, Timgren Beatrice, Tinagli Irene, Tobback Bruno, Tobé Tomas, Tolassy Rody, Tomac Eugen, Tomašič Zala, Tomaszewski Waldemar, Tomc Romana, Tonin Matej, Toom Jana, Torselli Francesco, Tosi Flavio, Toussaint Marie, Tovaglieri Isabella, Tridico Pasquale, Trochu Laurence, Tsiodras Dimitris, Tudose Mihai, Turek Filip, Tynkkynen Sebastian, Ušakovs Nils, Vaidere Inese, Valchev Ivaylo, Vălean Adina, Valet Matthieu, Van Brempt Kathleen, Van Brug Anouk, van den Berg Brigitte, Vandendriessche Tom, Van Dijck Kris, Van Lanschot Reinier, Van Leeuwen Jessika, Vannacci Roberto, Van Sparrentak Kim, Varaut Alexandre, Vasconcelos Ana, Vasile-Voiculescu Vlad, Vautmans Hilde, Vedrenne Marie-Pierre, Ventola Francesco, Verougstraete Yvan, Veryga Aurelijus, Vicsek Annamária, Vieira Catarina, Vigenin Kristian, Vilimsky Harald, Vincze Loránt, Vind Marianne, Vistisen Anders, Vivaldini Mariateresa, Volgin Petar, von der Schulenburg Michael, Vondra Alexandr, Voss Axel, Vozemberg-Vrionidi Elissavet, Vrecionová Veronika, Vázquez Lázara Adrián, Waitz Thomas, Walsh Maria, Walsmann Marion, Warborn Jörgen, Warnke Jan-Peter, Wąsik Maciej, Wawrykiewicz Michał, Wcisło Marta, Wechsler Andrea, Weimers Charlie, Werbrouck Séverine, Wiesner Emma, Wiezik Michal, Winkler Iuliu, Winzig Angelika, Wiseler-Lima Isabel, Wiśniewska Jadwiga, Wölken Tiemo, Wolters Lara, Yar Lucia, Yon-Courtin Stéphanie, Yoncheva Elena, Zacharia Maria, Zalewska Anna, Žalimas Dainius, Zan Alessandro, Zarzalejos Javier, Zdechovský Tomáš, Zdrojewski Bogdan Andrzej, Zijlstra Auke, Zīle Roberts, Zingaretti Nicola, Złotowski Kosma, Zver Milan

    Excused:

    Verheyen Sabine

    MIL OSI Europe News –

  • MIL-OSI Security: Met Police continues clampdown on tool theft across London

    Source: United Kingdom London Metropolitan Police

    Met officers have seized around half a million pounds worth of suspected stolen tools following a proactive policing operation at a car boot sale in east London.

    Local officers made six arrests and recovered around 1,500 tools worth £150,000 at the Warren Farm Bonzer Boot Sale in Romford. A further 159 tools were seized during another search at a property in Hackney.

    The intelligence-led activity was carried out in response to concerns from tradespeople about tool theft and is part of the Met’s continued focus on tackling the crimes that matter most to Londoners.

    Inspector Mark Connolly, from the Met’s Havering Safer Neighbourhood Team who led the operation, said:

    “We know tool theft has a significant impact on tradespeople and we’re working hard across the Met to tackle it through targeted operations like this and prevention, such as holding tool marking events and issuing advice on keeping vehicles secure.

    “While victims have their livelihoods disrupted, organised crime groups are making huge sums of money from selling on suspected stolen tools and we won’t stand for it.

    “This is the second operation of this kind we’ve carried out over the past month and we will continue to take action against those who make the lives of Londoners a misery through this type of offending.”

    Among the items recovered were three surveillance systems used to monitor earth and infrastructure movements each worth more than £30,000, a device used to measure ground depth worth around £20,000, and a motorised heist worth £17,000.

    Met officers were also joined by partners including Havering Council’s trading standards team at the operation on Thursday, 1 May.

    Councillor Ray Morgon, Leader of Havering Council, added:

    “This is once again excellent work from our trading standards team working in partnership with police and other partners.

    “Illegal and harmful products have been taken off the streets in our borough as a result of this operation. I know there has been a lot of work to get this result, so I thank everyone involved.

    “It’s our aim to help keep our residents safe and we want to continue to crackdown on a crime that is often hiding in plain sight in venues such as car boot sales and our town centres. That is why we will continue to take the strongest action we can against those trying to sell these harmful and illegal products and work with the police to bring them to justice.”

    Four men and two women, aged between 25 and 60 and from Hackney, Newham and Kent, were arrested on suspicion of handling stolen goods. They have since been bailed while officers carry out further enquiries.

    Tradesperson and social media influencer Shoaib Awan, widely known as The Gas Expert, said:

    “As a tradesperson who has invested years in education, training and building a business, repeated incidents of tool theft are not only demoralising, but financially crippling, and is forcing many to walk away from their respective trades.

    “I fully support the great work the Met Police is doing to crack down on this type of illegal activity and I’ll continue to work with them alongside our partners to bring down the organised crime groups and people who have a complete disregard for the law and their victims.”

    The activity is part of the Met’s continued crackdown on tool theft which last month resulted in around £50,000 worth of suspected stolen tools being recovered from a car boot sale in Rainham.

    Officers will work over the coming weeks to identify the tools and trace their original owners.

    Any tradespeople or those in possession of power tools are advised to mark their property, take photographs, and record serial numbers so that, in the event of theft, officers have more chance of returning property.

    If you suspect anyone of selling stolen or counterfeit goods, you can report this to us online or anonymously to the independent charity Crimestoppers by calling 0800 555 111.

    MIL Security OSI –

  • MIL-OSI: Talen Energy Reports First Quarter 2025 Results, Affirms and Narrows 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Earnings Release Highlights

    • First quarter GAAP Net Income (Loss) Attributable to Stockholders of $(135) million.
    • First quarter Adjusted EBITDA of $200 million and Adjusted Free Cash Flow of $87 million, ahead of internal estimates.
    • Affirming and narrowing 2025 guidance; 2026 outlook unchanged.
    • Extended the Susquehanna Unit 2 refueling outage to perform incremental maintenance that is expected to improve capacity performance and efficiency.
    • The Federal Energy Regulatory Commission (the “FERC”) approved the terms of the reliability-must-run (“RMR”) settlement agreement between Talen, PJM, and key stakeholders to run units at Brandon Shores and H.A. Wagner generation facilities through May 31, 2029.

    HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) — Talen Energy Corporation (“Talen,” the “Company,” “we,” or “our”) (NASDAQ: TLN), an independent power producer dedicated to powering the future, today reported its first quarter 2025 financial and operating results.

    “We are pleased today to report Talen’s solid start to the year. Our fleet ran well during periods of high demand demonstrating the value of our dispatchable fleet, earning $200 million of Adjusted EBITDA and $87 million of Adjusted Free Cash Flow. We are affirming and narrowing guidance. We remain committed to shareholders and continued to repurchase stock during the first quarter under our share repurchase program,” said Talen President and Chief Executive Officer Mac McFarland.

    McFarland continued, “The FERC approved our RMR settlement agreement, ensuring the units at our Brandon Shores and H.A. Wagner assets continue to support the grid in and around Baltimore. The AWS campus is energized and we are actively executing under this arrangement. We continue to pursue commercial and regulatory solutions for the Susquehanna ISA amendment.”

    Summary of Financial and Operating Results (Unaudited)

        Three Months Ended March 31,
    (Millions of Dollars Unless Otherwise Stated)   2025   2024
    GAAP Net Income (Loss) Attributable to Stockholders   $ (135 )   $ 294  
    Adjusted EBITDA     200       289  
    Adjusted Free Cash Flow     87       194  
    Total Generation (TWh) (a)     9.7       8.1  
    Carbon-Free Generation     46 %     58 %
    OSHA TRIR (b)     0.4       0.3  
    Fleet EFOF (c)     1.2 %     1.9 %

    ______________________

    (a) Total generation is net of station use consumption, where applicable, includes volumes produced by Susquehanna in support of Nautilus operations and includes generation from ERCOT assets for the three months ended March 31, 2024.
    (b) OSHA Total Recordable Incident Rate (“OSHA TRIR”) is the number of recordable incidents x 200,000 / total number of manhours worked. Only includes Talen-operated generation facilities (i.e., excludes Conemaugh and Keystone).
    (c) Fleet Equivalent Forced Outage Factor (“Fleet EFOF”) is the percentage of a given period in which a generating unit is not available due to forced outages and forced de-rates. Represents all generation facilities, including our portion of partially-owned facilities.
       

    For the quarter ended March 31, 2025, we reported GAAP Net Income (Loss) Attributable to Stockholders of $(135) million, Adjusted EBITDA of $200 million and Adjusted Free Cash Flow of $87 million. GAAP Net Income (Loss) Attributable to Stockholders decreased $(429) million compared to prior year, primarily due to the absence of the gain on the sale of the AWS Data Campus, unrealized losses in the nuclear facility decommission trust, and lower realized hedge gains due to higher settled PJM West Hub on-peak prices as a result of colder than normal weather. The decrease in Adjusted EBITDA of $(89) million and Adjusted Free Cash Flow of $(107) million compared to first quarter 2024 was primarily due to lower realized hedge gains.

    Our generation fleet continued to run reliably and safely, with a Fleet EFOF of 1.2% and an OSHA TRIR of 0.4. Total generation was 9.7 TWh, with 46% contributed from carbon-free nuclear generation at our Susquehanna nuclear facility. Also, our PJM gas-fired assets were dispatched more frequently during times of peak load than they were in 2024.

    Affirming and Narrowing 2025 Guidance; 2026 Outlook Unchanged

    (Millions of Dollars)   2025E
    Adjusted EBITDA   $975 – $1,125
    Adjusted Free Cash Flow   $450 – $540
         

    Susquehanna Refueling Outage

    On March 25, 2025, Susquehanna commenced its planned refueling outage on Unit 2. During the outage, we identified incremental maintenance in the non-nuclear portion of the Unit which we expect will lead to operational efficiency. As a prudent operator, we have elected to complete this scope of work while Unit 2 is already in outage and market prices and demand are relatively low. The incremental maintenance investment is expected to add roughly $20 million of additional spend and extend the outage into mid-May. We anticipate the resulting improvements in operational efficiency of Unit 2 will be long-term in nature and pay back the additional costs and lost margin in approximately one-and-a-half years.

    RMR Arrangement

    On May 1, 2025, the FERC approved the terms under which Talen will operate the units at its Brandon Shores and H.A. Wagner generation facilities until May 31, 2029, beyond their scheduled May 31, 2025 retirement dates. Talen, PJM, and a broad coalition of the Maryland Public Service Commission, Maryland customers, and electric utilities reached agreement in January 2025 on the “reliability-must-run” or “RMR” agreement. Under the RMR agreement, Brandon Shores Units 1 and 2 and H.A. Wagner Units 3 and 4 will remain in service and provide power necessary to maintain grid and transmission reliability in and around the City of Baltimore until transmission upgrades to provide reliable power to the area from other sources are complete. Beginning June 1, 2025, we expect to receive $145 million annually for Brandon Shores and $35 million for H.A. Wagner with some performance incentives.

    Share Repurchases

    Since the start of 2024, we have repurchased approximately 14 million shares, or 23% of our outstanding shares, for a total of approximately $2 billion, with $995 million remaining under our share repurchase program through year-end 2026. During the first quarter 2025, we repurchased 452,130 shares of stock for a total of $83 million. All share repurchase amounts exclude transaction costs.

    Balance Sheet and Liquidity

    We are focused on maintaining net leverage below our target of 3.5x net debt-to-Adjusted EBITDA, along with ample liquidity. As of May 2, 2025, we had total available liquidity of approximately $970 million, comprised of $270 million of unrestricted cash and $700 million of available capacity under the revolving credit facility. Our projected net leverage ratio, utilizing the 2025E Adjusted EBITDA midpoint and net debt balance as of May 2, 2025, is approximately 2.6x.

    Update on Hedging Activities

    As of March 31, 2025, including the impact of the Nuclear PTC, we had hedged approximately 95% of our expected generation volumes for 2025, 60% for 2026 and 30% for 2027. The Company’s hedging program is a key component of our comprehensive risk policy and supports the objective of increasing cash flow stability while maintaining upside optionality.

    Earnings Call

    The Company will hold an earnings call on Thursday, May 8, 2025, at 9:00 a.m. EDT (8:00 a.m. CDT). To listen to the earnings call, please register in advance for the webcast here. For participants joining the call via phone, please register here prior to the start time to receive dial-in information. For those unable to participate in the live event, a digital replay of the earnings call will be archived for approximately one year and available on Talen’s Investor Relations website at https://ir.talenenergy.com/news-events/events.

    About Talen

    Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably and delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to capture this significant growth opportunity, as data centers serving artificial intelligence increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.

    Investor Relations:
    Sergio Castro
    Vice President & Treasurer
    InvestorRelations@talenenergy.com 

    Media:
    Taryne Williams
    Director, Corporate Communications
    Taryne.Williams@talenenergy.com 

    Forward Looking Statements

    This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things, capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations, and are subject to numerous factors that present considerable risks and uncertainties.

     
    TALEN ENERGY CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
         
        Three Months Ended March 31,
    (Millions of Dollars, except share data)   2025   2024
    Capacity revenues   $ 49     $ 45  
    Energy and other revenues     582       572  
    Unrealized gain (loss) on derivative instruments     (241 )     (108 )
    Operating Revenues     390       509  
             
    Fuel and energy purchases     (268 )     (150 )
    Nuclear fuel amortization     (26 )     (35 )
    Unrealized gain (loss) on derivative instruments     59       (27 )
    Energy Expenses             (235 )             (212 )
             
    Operating Expenses        
    Operation, maintenance and development     (146 )     (154 )
    General and administrative     (34 )     (43 )
    Depreciation, amortization and accretion     (74 )     (75 )
    Other operating income (expense), net     (7 )     —  
    Operating Income (Loss)             (106 )     25  
    Nuclear decommissioning trust funds gain (loss), net     (12 )     75  
    Interest expense and other finance charges     (74 )     (59 )
    Gain (loss) on sale of assets, net     2       324  
    Other non-operating income (expense), net     3       23  
    Income (Loss) Before Income Taxes             (187 )     388  
    Income tax benefit (expense)     52       (69 )
    Net Income (Loss)             (135 )     319  
    Less: Net income (loss) attributable to noncontrolling interest     —       25  
    Net Income (Loss) Attributable to Stockholders   $         (135 )   $ 294  
    Per Common Share        
    Net Income (Loss) Attributable to Stockholders – Basic   $ (2.94 )   $ 5.00  
    Net Income (Loss) Attributable to Stockholders – Diluted   $ (2.94 )   $ 4.84  
    Weighted-Average Number of Common Shares Outstanding – Basic (in thousands)     45,849       58,807  
    Weighted-Average Number of Common Shares Outstanding – Diluted (in thousands)     45,849       60,716  
    TALEN ENERGY CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
             
    (Millions of Dollars, except share data)   March 31,
    2025    		   December 31,
    2024
    Assets        
    Cash and cash equivalents   $ 295     $ 328  
    Restricted cash and cash equivalents     25       37  
    Accounts receivable     100       123  
    Inventory, net     219       302  
    Derivative instruments     33       66  
    Other current assets     174       184  
    Total current assets     846       1,040  
    Property, plant and equipment, net     3,138       3,154  
    Nuclear decommissioning trust funds     1,717       1,724  
    Derivative instruments     5       5  
    Other noncurrent assets     159       183  
    Total Assets   $ 5,865     $ 6,106  
             
    Liabilities and Equity        
    Long-term debt, due within one year   $ 17     $ 17  
    Accrued interest     54       18  
    Accounts payable and other accrued liabilities     203       266  
    Derivative instruments     92       —  
    Other current liabilities     156       154  
    Total current liabilities     522       455  
    Long-term debt     2,975       2,987  
    Derivative instruments     42       7  
    Postretirement benefit obligations     289       305  
    Asset retirement obligations and accrued environmental costs     468       468  
    Deferred income taxes     294       362  
    Other noncurrent liabilities     95       135  
    Total Liabilities   $ 4,685     $ 4,719  
    Commitments and Contingencies        
             
    Stockholders’ Equity        
    Common stock ($0.001 par value, 350,000,000 shares authorized) (a)   $ —     $ —  
    Additional paid-in capital     1,718       1,725  
    Accumulated retained earnings (deficit)     (528 )     (326 )
    Accumulated other comprehensive income (loss)     (10 )     (12 )
    Total Stockholders’ Equity     1,180       1,387  
    Total Liabilities and Stockholders’ Equity   $ 5,865     $ 6,106  

    ______________________
    (a) 45,509,780 and 45,961,910 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.

    TALEN ENERGY CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                 
        Three Months Ended March 31,
    (Millions of Dollars)   2025   2024
    Operating Activities            
    Net Income (Loss)   $ (135 )   $ 319  
    Non-cash reconciliation adjustments:            
    Unrealized (gains) losses on derivative instruments   196     128  
    Depreciation, amortization and accretion   72     74  
    Deferred income taxes   (70 )   57  
    Nuclear fuel amortization   26     35  
    Nuclear decommissioning trust funds (gain) loss, net (excluding interest and fees)   23     (64 )
    (Gain) loss on AWS Data Campus Sale   —     (324 )
    Other   37     (42 )
    Changes in assets and liabilities:            
    Accounts receivable   23     11  
    Inventory, net   83     89  
    Other assets   22     (1 )
    Accounts payable and accrued liabilities   (60 )   (154 )
    Accrued interest   36     29  
    Collateral received (posted), net   (67 )   5  
    Other liabilities   (67 )   11  
    Net cash provided by (used in) operating activities   119     173  
    Investing Activities            
    Nuclear decommissioning trust funds investment purchases   (592 )   (564 )
    Nuclear decommissioning trust funds investment sale proceeds   581     553  
    Nuclear fuel expenditures   (46 )   (41 )
    Property, plant and equipment expenditures   (18 )   (25 )
    Proceeds from AWS Data Campus Sale   —     339  
    Other   7     3  
    Net cash provided by (used in) investing activities   (68 )   265  
    Financing Activities            
    Share repurchases   (83 )   (30 )
    Deferred financing costs   (9 )   —  
    Debt repayments   (4 )   (2 )
    Cumulus Digital TLF repayment   —     (182 )
    Repurchase of noncontrolling interest   —     (39 )
    Other   —     (6 )
    Net cash provided by (used in) financing activities           (96 )           (259 )
    Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents           (45 )   179  
    Beginning of period cash and cash equivalents and restricted cash and cash equivalents   365     901  
    End of period cash and cash equivalents and restricted cash and cash equivalents   $         320     $         1,080  
                 

    Non-GAAP Financial Measures

    Adjusted EBITDA and Adjusted Free Cash Flow, which we use as measures of our performance and liquidity, are not financial measures prepared under GAAP. Non-GAAP financial measures do not have definitions under GAAP and may be defined and calculated differently by, and not be comparable to, similarly titled measures used by other companies. Non-GAAP measures are not intended to replace the most comparable GAAP measures as indicators of performance. Generally, a non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Management cautions readers not to place undue reliance on the following non-GAAP financial measures, but to also consider them along with their most directly comparable GAAP financial measures. Non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analyzing our results as reported under GAAP.

    Adjusted EBITDA

    We use Adjusted EBITDA to: (i) assist in comparing operating performance and readily view operating trends on a consistent basis from period to period without certain items that may distort financial results; (ii) plan and forecast overall expectations and evaluate actual results against such expectations; (iii) communicate with our Board of Directors, shareholders, creditors, analysts, and the broader financial community concerning our financial performance; (iv) set performance metrics for our annual short-term incentive compensation; and (v) assess compliance with our indebtedness.

    Adjusted EBITDA is computed as net income (loss) adjusted, among other things, for certain: (i) nonrecurring charges; (ii) non-recurring gains; (iii) non-cash and other items; (iv) unusual market events; (v) any depreciation, amortization, or accretion; (vi) mark-to-market gains or losses; (vii) gains and losses on the nuclear facility decommissioning trust (“NDT”); (viii) gains and losses on asset sales, dispositions, and asset retirement; (ix) impairments, obsolescence, and net realizable value charges; (x) interest expense; (xi) income taxes; (xii) legal settlements, liquidated damages, and contractual terminations; (xiii) development expenses; (xiv) noncontrolling interests, except where otherwise noted; and (xv) other adjustments. Such adjustments are computed consistently with the provisions of our indebtedness to the extent that they can be derived from the financial records of the business. Pursuant to TES’s debt agreements, Cumulus Digital contributes to Adjusted EBITDA beginning in the first quarter 2024, following termination of the Cumulus Digital credit facility and associated cash flow sweep.

    Additionally, we believe investors commonly adjust net income (loss) information to eliminate the effect of nonrecurring restructuring expenses and other non-cash charges, which can vary widely from company to company and from period to period and impair comparability. We believe Adjusted EBITDA is useful to investors and other users of our financial statements to evaluate our operating performance because it provides an additional tool to compare business performance across companies and between periods. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to such items described above. These adjustments can vary substantially from company to company and period to period depending upon accounting policies, book value of assets, capital structure, and the method by which assets were acquired.

    Adjusted Free Cash Flow

    Adjusted Free Cash Flow is utilized by our chief operating decision makers to evaluate cash flow activities. Adjusted Free Cash Flow is computed as Adjusted EBITDA reduced by capital expenditures (including nuclear fuel but excluding development, growth, and (or) conversion capital expenditures), cash payments for interest and finance charges, cash payments for income taxes (excluding income taxes paid from the NDT, taxes paid or deductions taken as a result of strategic asset sales, and benefits of the Nuclear PTC utilized to reduce income taxes paid), and pension contributions.

    We believe Adjusted Free Cash Flow is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to determine a company’s ability to meet future obligations and to compare business performance across companies and across periods. Adjusted Free Cash Flow is widely used by investors to measure a company’s levered cash flow without regard to items such as ARO settlements; nonrecurring development, growth and conversion expenditures; and cash proceeds or payments for the sale or purchase of assets, which can vary substantially from company to company and from period to period depending upon accounting methods, book value of assets, capital structure, and the method by which assets were acquired.

    Adjusted EBITDA / Adjusted Free Cash Flow Reconciliation

    The following table presents a reconciliation of the GAAP financial measure of “Net Income (Loss)” presented on the Consolidated Statements of Operations to the non-GAAP financial measures of Adjusted EBITDA and Adjusted Free Cash Flow:

        Three Months Ended March 31,
    (Millions of Dollars)   2025   2024
    Net Income (Loss)   $ (135 )   $ 319  
    Adjustments        
    Interest expense and other finance charges     74       59  
    Income tax (benefit) expense     (52 )     69  
    Depreciation, amortization and accretion     74       75  
    Nuclear fuel amortization     26       35  
    Unrealized (gain) loss on commodity derivative contracts     182       134  
    Nuclear decommissioning trust funds (gain) loss, net     12       (75 )
    Stock-based and other long-term incentive compensation expense     13       18  
    (Gain) loss on asset sales, net (a)     (2 )     (324 )
    Operational and other restructuring activities     9       2  
    Noncontrolling interest     —       (11 )
    Other     (1 )     (12 )
    Total Adjusted EBITDA   $ 200     $ 289  
             
    Capital expenditures, net     (64 )     (59 )
    Interest and finance charge payments     (23 )     (34 )
    Income taxes     (9 )     —  
    Pension contributions     (17 )     (2 )
    Total Adjusted Free Cash Flow   $ 87     $ 194  

    ______________________
    (a) See Note 18 to the Q1 2025 Financial Statements for additional information.

    Adjusted EBITDA / Adjusted Free Cash Flow Reconciliation: 2025 Guidance

        2025E
    (Millions of Dollars)   Low   High
    Net Income (Loss)   $ 205     $ 325  
             
    Adjustments        
    Interest expense and other finance charges     235       245  
    Income tax (benefit) expense     60       80  
    Depreciation, amortization and accretion     295       295  
    Nuclear fuel amortization     105       105  
    Unrealized (gain) loss on commodity derivative contracts     75       75  
    Adjusted EBITDA   $ 975     $ 1,125  
             
    Capital expenditures, net   $ (190 )   $ (210 )
    Interest and finance charge payments     (210 )     (220 )
    Income taxes     (70 )     (80 )
    Pension contributions     (55 )     (75 )
    Adjusted Free Cash Flow   $ 450     $ 540  

    ______________________
    Note: Figures are rounded to the nearest $5 million.

    The MIL Network –

  • MIL-OSI: GDEV releases 2024 Energy and Impact Report

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — As part of GDEV Management, LLC’s (GDEV) commitment to support sustainable infrastructure and energy technologies, GDEV today released its 2024 Energy and Impact Report. GDEV’s investments scale energy businesses and advance critical infrastructure. With more than $400 million deployed in over a dozen platform investments, GDEV continues to bridge the gap between capital markets and real asset development.

    Notable takeaways from GDEV’s 2024 Energy and Impact Report include:

    • GDEV’s portfolio includes 12 active sustainable infrastructure platforms and 421 full time employees.
    • Portfolio companies have developed, owned or financed more than 332 MW of generation capacity, which provides 652 GWh of clean power per annum, as well as 261 MWh of storage capacity, which provides for 219 GWh of grid flexibility per annum.
    • Portfolio companies have enabled over $643 million in project investment and have a combined pipeline representing over $20 billion in capital expenditures.

    The Energy and Impact Report spotlights a handful of GDEV portfolio companies driving the energy transition including Relevate Power, Telyon and Nexus Holdings:

    • Relevate Power, a redeveloper of hydropower assets with 36 facilities across 8 states and 25 river systems, produces over 250 GWh of clean energy generation per annum.
    • Telyon, a vertically integrated energy development company specializing in commercial and industrial solar energy and battery storage, is actively developing in 24 states and has 50MW of projects under operation and construction.
    • Nexus Holdings, an investment and advisory firm for low-carbon infrastructure projects, has supported the development and execution of more than 400 unique infrastructure projects that represent $300 billion in capital expenditures.

    “GDEV’s deep industry expertise, strategic partnerships, and flexible capital solutions put us in a strong position to navigate this landscape and support the growth of companies in the energy infrastructure space,” said Benjamin Baker, Managing Partner of GDEV. “As we look ahead, we remain committed to accelerating the development of energy solutions that strengthen the grid, improve market accessibility, and drive innovation across the sector.”

    About GDEV Management, LLC
    GDEV Management, LLC is a middle market infrastructure private equity business that invests in high-growth sustainable infrastructure companies across sectors including renewable energy, energy efficiency, grid infrastructure, transport and sustainable fuels. GDEV Management, LLC is affiliated with Greenbacker Capital Management, LLC, an SEC-registered investment adviser.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. Although Greenbacker believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that the expectations will be attained or that any deviation will not be material. GDEV undertakes no obligation to update any forward-looking statement contained herein to conform to actual results or changes in its expectations. Additionally, past performance is not a guarantee or indicator of future results.

    Disclaimers
    Portfolio Company data is based on self-reporting per respective portfolio company as of 12/31/24. Represents all portfolio companies, including both exited and currently in portfolio, as of 12/31/24 or at time of exit. Exited portfolio companies data are excluded from project pipelines and scope emissions.

    Media Contacts
    Mission Control for GDEV Management, LLC
    GDEV@missionc2.com

    The MIL Network –

  • MIL-OSI: Berry Corporation Reports First Quarter 2025 Financial and Operational Results, Reaffirms FY25 Guidance and Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, May 08, 2025 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today announced its financial and operational results for the first quarter of 2025, as well as a quarterly cash dividend of $0.03 per share. Berry has provided a supplemental slide deck summarizing these results, which can be found at www.bry.com. The Company plans to host a conference call and webcast to discuss its first quarter 2025 results and latest 2025 outlook, at 10:00 a.m. CT, Thursday, May 8, 2025; access details can be found in this release.

    First Quarter 2025 Highlights

    • Reaffirmed FY25 guidance due to favorable hedge position, protecting cash flows and liquidity position
    • Produced 24.7 MBoe/d (93% oil), in-line with plan and down slightly quarter-over-quarter due to planned downtime associated with drilling activity targeting the thermal diatomite reservoir
    • Reported hedged LOE of $26.40/Boe, 9% below midpoint of FY25 guidance
    • Returned $2 million in cash to shareholders through quarterly dividend of $0.03 per share, which represents a 5% dividend yield(2) on an annual basis
    • Paid down $11 million of total debt
    • Increased liquidity to $120 million while improving leverage ratio(1) quarter-over-quarter to 1.37x
    • Reported net loss of $97 million, or $1.25 per diluted share, including a non-cash impairment of $113 million (after tax), and Adjusted Net Income(1) of $9 million, or $0.12 per diluted share
    • Generated operating cash flow of $46 million, Adjusted EBITDA(1) of $68 million and Free Cash Flow(1) of $17 million
    • Reported zero recordable incidents, zero lost-time incidents, and no reportable spills in our E&P operations

    Other Updates

    • Oil volumes 73% hedged for remainder of 2025 at $74.69/Bbl and 63% hedged for 2026 at $69.42/Bbl(3)
    • Mark-to-market (crude oil) hedge value of $129 million as of May 2, 2025
    • Completed drilling Berry-operated Uinta Basin 4-well horizontal pad; first production expected in the third quarter
    • Published updated and expanded sustainability metrics in April; Sustainability Report planned for the third quarter
         
    (1) Please see “Non-GAAP Financial Measures and Reconciliations” in this release for a reconciliation and more information on these Non-GAAP measures.
    (2) Based on BRY share price of $2.59 as of May 2, 2025.
    (3) Based on the midpoint of full year 2025 oil production guidance.
         

    MANAGEMENT COMMENTS

    Fernando Araujo, Berry’s Chief Executive Officer, said, “We delivered strong financial and operating results in the first quarter, highlighting the strengths of our business model and strategy. Production decreased slightly due to planned downtime, as we drilled twice as many California wells compared to last quarter. Our California drilling program is focused on our thermal diatomite assets, building on our success in 2024 with exceptional results. At recent strip pricing, rates of return here exceed 100%. In Utah, we recently finished drilling our 4-well horizontal pad ahead of schedule and on budget. First production from this pad is expected in the third quarter. Our high- quality, low-break even assets position us well, even in the current environment.”

    Mr. Araujo continued, “We are confident in our ability to navigate current market volatility and our 2025 outlook remains unchanged. Our cash flow is protected by our strong hedge position, and our strategy is anchored by our shallow decline rate, low capital intensity assets and high rate of return development. We have a resilient business with low breakeven prices and expect to fully fund our 2025 plan at prices well below current levels. ”

    FIRST QUARTER 2025 FINANCIAL AND OPERATING SUMMARY

    Selected Comparative Results

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (in millions, except per share amounts)
    Production (MBoe/d)   24.7       26.1       25.4  
    Oil, natural gas & NGL revenues(1) $ 148     $ 158     $ 166  
    Net income (loss) $ (97 )   $ (2 )   $ (40 )
    Adjusted Net Income(2) $ 9     $ 17     $ 11  
    Adjusted EBITDA(2) $ 68     $ 82     $ 69  
    Earnings per diluted share $ (1.25 )   $ (0.02 )   $ (0.53 )
    Adjusted earnings per diluted share(2) $ 0.12     $ 0.21     $ 0.14  
    Cash Flow from Operations $ 46     $ 41     $ 1  
    Capital expenditures $ 28     $ 17     $ 17  
    Free cash flow(2) $ 17     $ 24     $ 10  
    __________
    (1) Revenues do not include hedge settlements.
    (2) Please see “Non-GAAP Financial Measures and Reconciliations” in this press release for more information on these Non-GAAP measures and reconciliations to the nearest GAAP measures.
     

    CAPITAL STRUCTURE

    As of March 31, 2025, Berry had $439 million outstanding on its 2024 term loan and no borrowings outstanding under its 2024 revolving credit facility. As of March 31, 2025, the Company had $120 million of liquidity, consisting of $39 million of cash and cash equivalents, $49 million available for borrowings under its 2024 revolving credit facility and $32 million available for delayed draw borrowings under its 2024 term loan. Based on current forward commodity prices, Berry expects to fund the remainder of its 2025 capital development program with cash flow from operations. As of March 31, 2025, the Company had a leverage ratio(1) of 1.37x.

         
    (1) Please see “Non-GAAP Financial Measures and Reconciliations” later in this press release for reconciliation and more information on these Non-GAAP measures.
       

    DEBT REDUCTION AND SHAREHOLDER RETURNS

    During the quarter, the Company paid down approximately $11 million of total debt.

    On May 7, 2025, Berry’s Board of Directors approved a quarterly cash dividend of $0.03 per share of common stock, payable on May 29, 2025 to shareholders of record as of the close of business on May 19, 2025.

    2025 GUIDANCE (UNCHANGED FROM PRIOR OUTLOOK)

     Full Year 2025 Guidance Low High
    Average Daily Production (boe/d)(1)  $24,800 $26,000
    Non-energy LOE ($/boe)(2) $13.00 $15.00
    Energy LOE (unhedged) ($/boe)(3) $12.70 $14.50
    Natural Gas Purchase Hedge Settlements ($/boe)(4)(5) $1.00 $1.60
    Taxes, Other Than Income Taxes ($/boe) $5.50 $6.50
    Adjusted G&A expenses – E&P Segment & Corp ($/boe)(6)(7) $6.35 $6.75
    Capital Expenditures ($ millions)(8) (9) $110 $120
    _____________ 
    (1)   Oil production is expected to be approximately 93% of total.
    (2)    Non-energy LOE consists of lease operating costs not included in Energy LOE.
    (3)    Energy LOE (unhedged) consists of costs to generate steam and electricity the Company produces and uses in its operations and the power the Company purchases for its E&P operations.
    (4)    Natural gas purchase hedge settlements is the cash (received) or paid from these derivatives on a per boe basis.
    (5)    Based on natural gas hedge positions and basis differentials as of December 31, 2024, and the Henry Hub gas price of $3.00 per mmbtu.
    (6)   Adjusted G&A expenses is a non-GAAP financial measure. The Company does not provide a reconciliation of this measure because the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in or excluded from the GAAP financial measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
    (7)   See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”
    (8)    Total company capital expenditures, including E&P segment, well servicing & abandonment services segment and corporate.
    (9)    Approximately 60% of Berry’s 2025 capital program is expected to be directed to California, with 40% allocated to Utah.
             

    RISK MANAGEMENT

    Berry utilizes hedges to manage commodity price risk, protect the balance sheet and ensure cash flow to fund its annual capital program. In April 2025, the Company strategically raised the average oil hedge price in 2026 and 2027 by $6 per barrel on 2.3 MBbls/d by converting most of its Brent collars and all purchased puts into swaps to provide additional protection in the current volatile pricing environment.

    Based on the midpoint of Berry’s 2025 full year oil production guidance and its hedge book as of May 2, 2025, the Company has 73% of its estimated oil production volumes hedged for the remainder of 2025 at an average price of $74.69/Bbl of Brent, and 63% of oil production (assuming the midpoint of 2025 annual guidance) hedged for 2026 at $69.42/Bbl. Berry has gas purchase hedges for approximately 80% of its expected gas demand for the remainder of 2025, with an average swap price of $4.24/MMBtu. Complete details on the Company’s derivative positions can be found in its investor presentation located at https://ir.bry.com/reports-resources.

    CONFERENCE CALL DETAILS

    Berry plans to host a conference call to discuss its first quarter 2025 results, as well as its 2025 outlook:

    Call Date: Thursday, May 8, 2025
    Call Time: 11:00 a.m. Eastern Time / 10:00 a.m. Central Time / 8:00 a.m. Pacific Time

    Join the live listen-only audio webcast at https://edge.media-server.com/mmc/p/2swb49hy or at https://bry.com/category/events. Accompanying slides will also be available at the time of the call at www.bry.com.

    To ask a question on the call, please dial in using the phone number and passcode below:

    Toll-Free: (800) 715-9871
    Passcode: 6035522

    A web based audio replay will be available shortly after the broadcast and will be archived at https://ir.bry.com/reports-resources or visit https://edge.media-server.com/mmc/p/2swb49hy or https://bry.com/category/events

    ABOUT BERRY CORPORATION (BRY)

    Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (100% oil), and our Utah assets are in the Uinta Basin (65% oil). We provide our well servicing and abandonment services to third party operators in California and our California E&P operations through C&J Well Services (CJWS). More information can be found at the Company’s website at www.bry.com.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    This press release includes forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

    You can typically identify forward-looking statements by words such as “aim,” “anticipate,” “achievable,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would” and other similar words that reflect the prospective nature of events or outcomes. All statements other than statements of historical facts included in this press release that address plans, activities, events, objectives, goals, strategies or developments that we expect, believe or anticipate will or may occur in the future, such as those regarding our financial position, liquidity, cash flows, financial and operating results, capital program and development and production plans, operations and business strategy, potential acquisition and other strategic opportunities, reserves, hedging activities, capital expenditures, return of capital, future distributions, capital investments, our ESG strategy and the initiation of new projects or business in connection therewith, recovery factors and other guidance, are forward-looking statements. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, the Company does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise, unless required by law.

    Factors that could cause actual results to differ from management’s expectations include, but are not limited to: the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of our products; the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; volatility of oil, natural gas and NGL prices, including as a result of political instability, armed conflicts or economic sanctions; inflation levels and government efforts aimed to reduce inflation, including related interest rate determinations; overall domestic and global political and economic trends, geopolitical risks and general economic and industry conditions; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet our working capital requirements or fund planned investments; our ability to satisfy our debt obligations and comply with all covenants, agreements and conditions under our debt agreements; any future impairments to the Company’s proved or unproved oil and gas properties or write-downs of productive assets; the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict in oil and gas producing regions, including the ongoing conflict in Ukraine, the ongoing conflict in the Middle East, or a prolonged recession, among other factors; changes in supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC+ and change in OPEC+’s production levels; the competitiveness and rate of adoption of alternative energy sources, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues; the price and availability of natural gas and electricity to generate stream used in our operations; disruptions to, capacity constraints in, or other limitations on pipeline and other transportation systems that deliver our oil and natural gas to customers and other processing and transportation considerations; our ability to recruit and/or retain key members of our senior management and key technical employees; potential liability resulting from pending or future litigation, government investigations or other legal proceedings; competition and consolidation in the E&P industry; our ability to replace our reserves through exploration and development activities or acquisitions; our ability to make acquisitions and successfully integrate any acquired businesses; information technology failures or cyberattacks; and the other risks described under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the Securities and Exchange Commission (the “SEC”).

    Investors are urged to consider carefully the disclosure in our filings with the SEC, available from us at via our website or via the Investor Relations contact below, or from the SEC’s website at www.sec.gov.

    CONTACT

    Contact: Berry Corporation (bry)
    Christopher Denison: Director – Investor Relations & Sustainability
    (661) 616-3811
    ir@bry.com

    TABLES FOLLOWING

    The financial information and certain other information presented have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column in certain tables. In addition, certain percentages presented here reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers, or may not sum due to rounding.

    SUMMARY OF RESULTS

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ and shares in thousands, except per share amounts)
    Consolidated Statement of Operations Data:          
    Revenues and other:          
    Oil, natural gas and natural gas liquids sales $ 147,862     $ 157,957     $ 166,318  
    Service revenue   23,664       23,554       31,683  
    Electricity sales   4,967       3,262       4,243  
    Gains (losses) on oil and gas sales derivatives   5,475       (5,730 )     (71,200 )
    Marketing and other revenues   683       36       5,036  
    Total revenues and other   182,651       179,079       136,080  
               
    Expenses and other:          
    Lease operating expenses   57,282       55,763       61,276  
    Cost of services   20,825       20,907       27,304  
    Electricity generation expenses   1,209       1,523       1,093  
    Transportation expenses   939       1,122       1,059  
    Marketing expenses   292       —       4,390  
    Acquisition costs   —       —       2,617  
    General and administrative expenses   20,305       18,389       20,234  
    Depreciation, depletion and amortization   40,392       43,579       42,831  
    Impairment of oil and gas properties   157,910       —       —  
    Taxes, other than income taxes   9,240       8,498       15,689  
    (Gains) losses on natural gas purchase derivatives   (5,691 )     7,883       4,481  
    Other operating expense (income)   401       3,763       (133 )
    Losses on debt retirement   —       7,066       —  
    Total expenses and other   303,104       168,493       180,841  
               
    Other (expenses) income:          
    Interest expense   (15,172 )     (10,859 )     (9,140 )
    Other, net   272       136       (83 )
    Total other expenses   (14,900 )     (10,723 )     (9,223 )
    Loss before income taxes   (135,353 )     (137 )     (53,984 )
    Income tax (benefit) expense   (38,673 )     1,622       (13,900 )
    Net loss $ (96,680 )   $ (1,759 )   $ (40,084 )
               
    Net loss per share:          
    Basic $ (1.25 )   $ (0.02 )   $ (0.53 )
    Diluted $ (1.25 )   $ (0.02 )   $ (0.53 )
               
    Weighted-average shares of common stock outstanding – basic   77,196       76,939       76,254  
    Weighted-average shares of common stock outstanding – diluted   77,196       76,939       76,254  
               
    Adjusted Net Income(1) $ 9,370     $ 16,531     $ 10,910  
    Weighted-average shares of common stock outstanding – diluted   77,371       77,213       77,373  
    Diluted earnings per share on Adjusted Net Income(1) $ 0.12     $ 0.21     $ 0.14  
               
               
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ and shares in thousands, except per share amounts)
    Adjusted EBITDA(1) $ 68,450     $ 81,780     $ 68,534  
    Free Cash Flow(1) $ 17,483     $ 24,144     $ 10,337  
    Adjusted General and Administrative Expenses(1) $ 18,300     $ 16,325     $ 18,943  
    Effective Tax Rate   29 %   N/A     26 %
               
    Cash Flow Data:          
    Net cash provided by operating activities $ 45,872     $ 41,361     $ 27,273  
    Net cash used in investing activities $ (19,770 )   $ (19,907 )   $ (18,661 )
    Net cash used in financing activities $ (16,876 )   $ (889 )   $ (9,990 )
     
    __________
    (1) See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”
     
      March 31, 2025   December 31, 2024
      (unaudited)
    ($ and shares in thousands)
    Balance Sheet Data:      
    Total current assets $ 161,114   $ 149,643  
    Total property, plant and equipment, net $ 1,153,711   $ 1,320,380  
    Total current liabilities $ 183,429   $ 187,880  
    Long-term debt $ 374,478   $ 384,633  
    Total stockholders’ equity $ 631,468   $ 730,636  
    Outstanding common stock shares as of   77,596     76,939  
                 

    The following table represents selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis.

      Three Months Ended
    March 31, 2025
      E&P   Well Servicing and Abandonment
    Services    		   Corporate/Eliminations   Consolidated Company
      (unaudited)
    (in thousands)
    Revenues(1) $ 153,512     $ 29,747     $ (6,083 )   $ 177,176  
    Net (loss) before income taxes $ (101,417 )   $ (1,711 )   $ (32,225 )   $ (135,353 )
    Capital expenditures $ 27,618     $ 56     $ 715     $ 28,389  
    Total assets $ 1,385,674     $ 52,392     $ (33,728 )   $ 1,404,338  
      Three Months Ended
    December 31, 2024
      E&P   Well Servicing and
    Abandonment
    Services    		   Corporate/Eliminations   Consolidated Company
      (unaudited)
    (in thousands)
    Revenues(1) $ 161,254   $ 29,468     $ (5,913 )   $ 184,809  
    Net income (loss) before income taxes $ 38,101   $ (3,157 )   $ (35,081 )   $ (137 )
    Capital expenditures $ 15,386   $ 1,057     $ 774     $ 17,217  
    Total assets $ 1,535,292   $ 57,752     $ (75,358 )   $ 1,517,686  
      Three Months Ended
    March 31, 2024
      E&P   Well Servicing and
    Abandonment
    Services    		   Corporate/Eliminations   Consolidated Company
      (unaudited)
    (in thousands)
    Revenues(1) $ 175,597     $ 35,468     $ (3,785 )   $ 207,280  
    Net (loss) income before income taxes $ (24,836 )   $ (1,241 )   $ (27,907 )   $ (53,984 )
    Capital expenditures $ 15,417     $ 1,332     $ 187     $ 16,936  
    Total assets $ 1,625,178     $ 65,948     $ (115,610 )   $ 1,575,516  
    __________
    (1) These revenues do not include hedge settlements.
     

    COMMODITY PRICING

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    Weighted Average Realized Prices          
    Oil without hedge ($/bbl) $ 69.48   $ 69.08   $ 75.31  
    Effects of scheduled derivative settlements ($/bbl)   0.08     1.64     (2.17 )
    Oil with hedge ($/bbl) $ 69.56   $ 70.72   $ 73.14  
    Natural gas ($/mcf) $ 3.95   $ 3.47   $ 3.76  
    NGLs ($/bbl) $ 30.56   $ 29.67   $ 29.60  
               
    Purchased Natural Gas          
    Purchase price, before the effects of derivative settlements
    ($/mmbtu)    		 $ 4.35   $ 3.76   $ 4.11  
    Effects of derivative settlements ($/mmbtu)   0.35     0.62     0.92  
    Purchase price, after the effects of derivative settlements
    ($/mmbtu)    		 $ 4.70   $ 4.38   $ 5.03  
               
    Index Prices          
    Brent oil ($/bbl) $ 74.98   $ 74.01   $ 81.76  
    WTI oil ($/bbl) $ 71.51   $ 70.33   $ 77.02  
    Natural gas ($/mmbtu) – SoCal Gas city-gate(1) $ 4.50   $ 3.57   $ 4.21  
    Natural gas ($/mmbtu) – Northwest, Rocky Mountains(2) $ 3.88   $ 3.09   $ 3.41  
    Henry Hub natural gas ($/mmbtu)(2) $ 4.14   $ 2.44   $ 2.15  
    __________
    (1) The natural gas we purchase to generate steam and electricity is primarily based on Rockies price indexes, including transportation charges, as we currently purchase a substantial majority of our gas needs from the Rockies, with the balance purchased in California. SoCal Gas city-gate Index is the relevant index used only for the portion of gas purchases in California.
    (2) Most of our gas purchases and gas sales in the Rockies are predicated on the Northwest, Rocky Mountains index, and to a lesser extent based on Henry Hub.
     

    Natural gas prices and differentials are strongly affected by local market fundamentals, availability of transportation capacity from producing areas and seasonal impacts. Our key exposure to gas prices is in costs. We purchase substantially more natural gas for our California steamfloods and cogeneration facilities than we produce and sell in the Rockies. In May 2022, we began purchasing most of our gas in the Rockies and transporting it to our California operations using the Kern River pipeline capacity. Beginning in 2025, we purchased approximately 43,000 mmbtu/d in the Rockies (48,000 mmbtu/d prior to this change), with the remaining volumes purchased in California markets. Gas volumes purchased in California fluctuate, and averaged 4,000 mmbtu/d in the first quarter of 2025, 3,000 mmbtu/d in the fourth quarter of 2024 and 5,000 mmbtu/d in the first quarter of 2024. The natural gas we purchased in the Rockies is shipped to our operations in California to help limit our exposure to California fuel gas purchase price fluctuations. We strive to further minimize the variability of our fuel gas costs for our steam operations by hedging a significant portion of our gas purchases. Additionally, the negative impact of higher gas prices on our California operating expenses is partially offset by higher gas sales for the gas we produce and sell in the Rockies. The Kern River pipeline capacity allows us to purchase and sell natural gas at the same pricing indices.

    CURRENT HEDGING SUMMARY

    As of May 2, 2025, we had the following crude oil production and gas purchases hedges.

        Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027   FY 2028
    Brent – Crude Oil production                        
    Swaps                        
    Hedged volume (bbls)     1,637,198     1,613,083     1,518,000     5,247,518     3,483,500     1,505,500  
    Hedged volume (mbbls) per day     18.0     17.5     16.5     14.4     9.5     4.1  
    Weighted-average price ($/bbl)   $ 74.35   $ 74.48   $ 75.28   $ 69.74   $ 69.72   $ 68.05  
    Collars                        
    Hedged volume (bbls)     —     —     —     180,000     182,000     —  
    Hedged volume (mbbls) per day     —     —     —     0.5     0.5     —  
    Weighted-average ceiling ($/bbl)   $ —   $ —   $ —   $ 81.36   $ 80.00   $ —  
    Weighted-average floor ($/bbl)   $ —   $ —   $ —   $ 60.00   $ 65.00   $ —  
    NWPL – Natural Gas purchases(1)                        
    Swaps                        
    Hedged volume (mmbtu)     3,640,000     3,680,000     3,680,000     12,160,000     —     —  
    Hedged volume (mmbtu) per day     40.0     40.0     40.0     33.3     —     —  
    Weighted-average price ($/mmbtu)   $ 4.29   $ 4.29   $ 4.15   $ 3.93   $ —   $ —  
    __________
    (1) The term “NWPL” is defined as Northwest Rocky Mountain Pipeline.
     

    GAINS (LOSSES) ON DERIVATIVES

    A summary of gains and losses on the derivatives included on the statements of operations is presented below:

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
      (unaudited)
    (in thousands)
    Realized (losses) gains on commodity derivatives:          
    Realized gains (losses) on oil sales derivatives $ 164     $ 7,173     $ (4,682 )
    Realized (losses) on natural gas purchase derivatives   (1,476 )     (3,184 )     (4,412 )
    Total realized (losses) gains on derivatives $ (1,312 )   $ 3,989     $ (9,094 )
               
    Unrealized gains (losses) on commodity derivatives:          
    Unrealized gains (losses) on oil sales derivatives $ 5,311     $ (12,903 )   $ (66,518 )
    Unrealized gains (losses) on natural gas purchase derivatives   7,167       (4,699 )     (69 )
    Total unrealized gains (losses) on derivatives $ 12,478     $ (17,602 )   $ (66,587 )
    Total gains (losses) on derivatives $ 11,166     $ (13,613 )   $ (75,681 )
     

    PRODUCTION STATISTICS

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024  
    Net Oil, Natural Gas and NGLs Production Per Day(1):            
    Oil (mbbl/d)            
    California 20.4   21.8   21.3  
    Utah 2.6   2.5   2.5  
    Total oil 23.0   24.3   23.8  
    Natural gas (mmcf/d)            
    Utah 7.9   8.4   7.9  
    Total natural gas 7.9   8.4   7.9  
    NGLs (mbbl/d)            
    Utah 0.4   0.4   0.3  
    Total NGLs 0.4   0.4   0.3  
    Total Production (mboe/d)(2) 24.7   26.1   25.4  
    __________
    (1) Production represents volumes sold during the period. We also consume a portion of the natural gas we produce on lease to extract oil and gas.
    (2) Natural gas volumes have been converted to boe based on energy content of six mcf of gas to one bbl of oil. Barrels of oil equivalence does not necessarily result in price equivalence. The price of natural gas on a barrel of oil equivalent basis is currently substantially lower than the corresponding price for oil and has been similarly lower for a number of years. For example, in the three months ended March 31, 2025, the average prices of Brent oil and Henry Hub natural gas were $74.98 per bbl and $4.14 per mmbtu respectively.
     

    CAPITAL EXPENDITURES

      Three Months Ended
      March 31, 2025   December 31, 2024 March 31, 2024
          (unaudited)
    (in thousands)    		    
    Capital expenditures (1)(2) $ 28,389   $ 17,217   $ 16,936  
    __________
    (1) Capital expenditures include capitalized overhead and interest and excludes acquisitions and asset retirement spending.
    (2) Capital expenditures for the three months ended March 31, 2025 were less than $1 million related to the well servicing and abandonment services segment. Capital expenditures for the three months ended December 31, 2024 and March 31, 2024 were $1 million related to the well servicing and abandonment services segment.
     

    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

    Adjusted EBITDA is not a measure of either net income (loss) or cash flow, Free Cash Flow is not a measure of cash flow, Adjusted Net Income (Loss) is not a measure of net income (loss), and Adjusted General and Administrative Expenses is not a measure of general and administrative expenses, in all cases, as determined by GAAP. Rather, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies.

    We define Adjusted EBITDA as earnings before interest expense; income taxes; depreciation, depletion, and amortization; derivative gains or losses net of cash received or paid for scheduled derivative settlements; impairments; stock compensation expense; and unusual and infrequent items. Our management believes Adjusted EBITDA provides useful information in assessing our financial condition, results of operations and cash flows and is widely used by the industry and the investment community. The measure also allows our management to more effectively evaluate our operating performance and compare the results between periods without regard to our financing methods or capital structure. We also use Adjusted EBITDA in planning our capital expenditure allocation to sustain production levels and to determine our strategic hedging needs aside from the hedging requirements of the 2024 Term Loan and 2024 Revolver.

    We define Free Cash Flow as cash flow from operations less capital expenditures. We use Free Cash Flow as the primary metric to measure our ability to pay dividends, pay down debt, repurchase stock, and make strategic growth and bolt-on acquisitions. Management believes Free Cash Flow may be useful in an investor analysis of our ability to generate cash from operating activities from our existing oil and gas asset base after capital expenditures and to fund such activities. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of Free Cash Flow is available for dividends, debt repayment, share repurchases, strategic acquisitions or other growth opportunities, or other discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from this measure.

    We define Adjusted Net Income (Loss) as net income (loss) adjusted for derivative gains or losses net of cash received or paid for scheduled derivative settlements, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably, including non-cash items such as derivative gains and losses. This measure is used by management when comparing results period over period. We believe Adjusted Net Income (Loss) is useful to investors because it reflects how management evaluates the Company’s ongoing financial and operating performance from period-to-period after removing certain transactions and activities that affect comparability of the metrics and are not reflective of the Company’s core operations. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

    We define Adjusted General and Administrative Expenses as general and administrative expenses adjusted for non-cash stock compensation expense and unusual and infrequent costs. Management believes Adjusted General and Administrative Expenses is useful because it allows us to more effectively compare our performance from period to period. We believe Adjusted General and Administrative Expenses is useful to investors because it reflects how management evaluates the Company’s ongoing general and administrative expenses from period-to-period after removing non-cash stock compensation, as well as unusual or infrequent costs that affect comparability of the metrics and are not reflective of the Company’s administrative costs. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

    While Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are non-GAAP measures, the amounts included in the calculation of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP and should not be considered as an alternative to, or more meaningful than income and liquidity measures calculated in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing our financial performance, such as our cost of capital and tax structure, as well as the historic cost of depreciable and depletable assets. Our computations of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses may not be comparable to other similarly titled measures used by other companies. Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

    Leverage Ratio is a non-GAAP financial measure, which is used by management and external users of our financial statements to evaluate the financial condition of the Company. It is calculated as net debt divided by Adjusted EBITDA (defined above) for the most recently completed 12-month period. Net debt is calculated as long-term debt (from our 2024 Term Loan and 2024 Revolver), including the current portion and excluding unamortized discount and debt issuance costs, less unrestricted cash and cash equivalents. Management believes that Leverage Ratio provides useful information to investors because it is widely used by analysts, investors and ratings agencies in evaluating the financial condition of companies.

    ADJUSTED EBITDA

    The following tables present reconciliations of the GAAP financial measures of net income (loss) and net cash provided (used) by operating activities to the non-GAAP financial measure of Adjusted EBITDA, as applicable, for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (in thousands)
    Adjusted EBITDA reconciliation:
    Net loss $ (96,680 )   $ (1,759 )   $ (40,084 )
    Add (Subtract):          
    Interest expense   15,172       10,859       9,140  
    Income tax (benefit) expense   (38,673 )     1,622       (13,900 )
    Depreciation, depletion, and amortization   40,392       43,579       42,831  
    Impairment of oil and gas properties   157,910       —       —  
    Stock compensation expense   2,406       2,315       385  
    (Gains) losses on derivatives   (11,166 )     13,613       75,681  
    Net cash (paid) received for scheduled derivative settlements   (1,312 )     722       (9,094 )
    Acquisition costs(1)   —       —       2,617  
    Non-recurring costs(2)   —       —       1,091  
    Other operating expense (income)   401       3,763       (133 )
    Losses on debt retirement(3)   —       7,066       —  
    Adjusted EBITDA $ 68,450     $ 81,780     $ 68,534  
               
    Net cash provided by operating activities $ 45,872     $ 41,361     $ 27,273  
    Add (Subtract):          
    Cash interest payments   13,459       14,129       15,256  
    Cash income tax payments   66       651       —  
    Acquisition costs(1)   —       —       2,617  
    Non-recurring costs(2)   —       —       1,091  
    Changes in operating assets and liabilities – working capital(4)   9,265       13,535       22,543  
    Other operating (income) expense – cash portion(5)   (212 )     7,664       (246 )
    Losses on debt retirement – cash portion(6)   —       4,440       —  
    Adjusted EBITDA $ 68,450     $ 81,780     $ 68,534  
    __________
    (1) Includes legal and other professional expenses related to various transactions activities.
    (2) Non-recurring costs included cost savings initiatives.
    (3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
    (4) Changes in other assets and liabilities consists of working capital and various immaterial items.
    (5) Represents the cash portion of other operating (income) expenses from the income statement, net of the non-cash portion in the cash flow statement.
    (6) Includes expenses related to the financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
     

    FREE CASH FLOW

    The following table presents a reconciliation of the GAAP financial measure of operating cash flow to the non-GAAP financial measure of Free Cash Flow for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (in thousands)
    Free Cash Flow reconciliation:          
    Net cash provided by operating activities $ 45,872     $ 41,361     $ 27,273  
    Capital expenditures   (28,389 )     (17,217 )     (16,936 )
    Free Cash Flow $ 17,483     $ 24,144     $ 10,337  
     

    LEVERAGE RATIO

    The following table presents our leverage ratio.

        Three Months Ended
        March 31, 2025   December 31, 2024
        (unaudited)
    (in thousands)
    Net debt reconciliation:        
    2024 Term loan borrowings   $ 438,750     $ 450,000  
    2024 Revolver borrowings     —       —  
    Subtract:        
    Unrestricted cash     (39,002 )     (15,336 )
    Net Debt   $ 399,748     $ 434,664  
             
    Trailing twelve month Adjusted EBITDA   $ 291,680     $ 291,764  
             
    Leverage Ratio   1.37x   1.49x
             

    ADJUSTED NET INCOME (LOSS)

    The following table presents a reconciliation of the GAAP financial measures of net income (loss) and net income (loss) per share — diluted to the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share — diluted for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (in thousands)   per share – diluted   (in thousands)   per share – diluted   (in thousands)   per share – diluted
      (unaudited)
    Adjusted Net Income reconciliation:      
    Net loss $ (96,680 )   $ (1.25 )   $ (1,759 )   $ (0.02 )   $ (40,084 )   $ (0.52 )
    Add (Subtract):                      
    (Gains) losses on derivatives   (11,166 )     (0.14 )     13,613       0.18       75,681       0.98  
    Net cash (paid) received for scheduled derivative settlements   (1,312 )     (0.02 )     722       0.01       (9,094 )     (0.12 )
    Other operating expenses (income)   401       —       3,763       0.04       (133 )     —  
    Impairment of oil and gas properties   157,910       2.04       —       —       —       —  
    Acquisition costs(1)   —       —       —       —       2,617       0.03  
    Non-recurring costs(2)   —       —       —       —       1,091       0.02  
    Losses on debt retirement(3)   —       —       7,066       0.09       —       —  
    Total additions, net   145,833       1.88       25,164       0.32       70,162       0.91  
    Income tax expense of adjustments(4)   (39,783 )     (0.51 )     (6,874 )     (0.09 )     (19,168 )     (0.25 )
    Adjusted Net Income $ 9,370     $ 0.12     $ 16,531     $ 0.21     $ 10,910     $ 0.14  
                           
    Basic EPS on Adjusted Net Income $ 0.12         $ 0.21         $ 0.14      
    Diluted EPS on Adjusted Net Income $ 0.12         $ 0.21         $ 0.14      
                           
    Weighted average shares of common stock outstanding – basic   77,196           76,939           76,254      
    Weighted average shares of common stock outstanding – diluted   77,371           77,213           77,373      
    __________
    (1) Includes legal and other professional expenses related to various transaction activities.
    (2) Non-recurring costs included cost savings initiatives.
    (3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
    (4) The federal and state statutory rates were utilized for all periods presented.
     

    As a result of operating evaluations, market volatility and price declines we recorded a non-cash pre-tax asset impairment charge of $158 million ($113 million after-tax) on one of our non-thermal diatomite proved properties in California for the three months ended March 31, 2025. We believe our current plans and exploration and development efforts will allow us to realize the carrying value of our unproved property balance at March 31, 2025.

    ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES

    The following table presents a reconciliation of the GAAP financial measure of general and administrative expenses to the non-GAAP financial measure of Adjusted General and Administrative Expenses for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ in thousands)
    Adjusted General and Administrative Expense reconciliation:
    General and administrative expenses $ 20,305     $ 18,389     $ 20,234  
    Subtract:          
    Non-cash stock compensation expense (G&A portion)   (2,005 )     (2,064 )     (200 )
    Non-recurring costs(1)   —       —       (1,091 )
    Adjusted General and Administrative Expenses $ 18,300     $ 16,325     $ 18,943  
               
    Well servicing and abandonment services segment $ 2,300     $ 2,015     $ 2,929  
               
    E&P segment, and corporate $ 16,000     $ 14,310     $ 16,014  
    E&P segment, and corporate ($/boe) $ 7.19     $ 5.96     $ 6.93  
               
    Total mboe   2,225       2,400       2,310  
    __________                      
    (1) Non-recurring costs included cost savings initiatives.
     

    E&P OPERATING COSTS

    Overall, management assesses the efficiency of our E&P operations by considering core E&P operating costs. The substantial majority of such costs is our lease operating expenses (“LOE”) which includes fuel gas, purchased power, labor, field office, vehicle, supervision, maintenance, tools and supplies, and workover expenses. A core component of our E&P operations in California is steam, which we use to lift heavy oil to the surface. The most significant cost component of generating steam is the fuel gas purchased to operate traditional steam generators and our cogeneration facilities.

    The following table includes key components of our LOE as well as the gas purchase hedge effect of the fuel used in our steam generation. Energy LOE consists of the costs to generate the steam and electricity we produce and use in our operations and the power we purchase for our E&P operations. Non-energy LOE consists of all other LOE costs. Energy LOE – hedged includes the realized (cash settled) hedge effects on the fuel gas we purchase. LOE – hedged includes the realized (cash settled) hedge effects on our total LOE.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ in thousands)
    Energy LOE – unhedged $ 26,323   $ 27,597   $ 30,090  
    Non-energy LOE   30,959     28,166     31,186  
    Lease operating expenses(1)   57,282     55,763     61,276  
    Gas purchase hedges – realized   1,476     3,184     4,412  
    Lease operating expenses – hedged $ 58,758   $ 58,947   $ 65,688  
               
    Energy LOE – unhedged $ 26,323   $ 27,597   $ 30,090  
    Gas purchase hedges – realized   1,476     3,184     4,412  
    Energy LOE – hedged $ 27,799   $ 30,781   $ 34,502  
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (per boe)
    Energy LOE – unhedged $ 11.83   $ 11.50   $ 13.03  
    Non-energy LOE   13.91     11.74     13.50  
    Lease operating expenses(1)   25.74     23.24     26.53  
    Gas purchase hedges – realized   0.66     1.33     1.91  
    Lease operating expenses – hedged $ 26.40   $ 24.57   $ 28.44  
               
    Energy LOE – unhedged $ 11.83   $ 11.50   $ 13.03  
    Gas purchase hedges – realized   0.66     1.33     1.91  
    Energy LOE – hedged $ 12.49   $ 12.83   $ 14.94  
    __________
    (1) Lease operating expenses (“LOE”) is also referred to as LOE – unhedged.
     

    Energy LOE – hedged and LOE – hedged are not complete measures of our operating costs. These are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Our management believes Energy LOE – hedged and LOE – hedged provide useful information in assessing our operating costs and results of operations and are used by the industry and the investment community. These measures also allow our management to more effectively evaluate our operating performance and compare the results between periods.

    While Energy LOE – hedged and LOE – hedged are non-GAAP measures, the amounts included in the calculation of these measures were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, operating costs in accordance with GAAP and should not be considered as an alternative to, or more meaningful than cost measures calculated in accordance with GAAP. Our computations of Energy LOE – hedged and LOE – hedged may not be comparable to other similarly titled measures used by other companies. Energy LOE – hedged and LOE – hedged should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

    The MIL Network –

  • MIL-OSI United Kingdom: UK and Norway accelerate clean energy opportunities

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK and Norway accelerate clean energy opportunities

    British workers and businesses will benefit from more investment in the UK’s clean energy future, with a new partnership signed with Norway.

    • British workers and businesses to benefit from new Green Industrial Partnership with Norway, to unleash clean energy job opportunities
    • partnership will support clean energy investment in the North Sea, including in green hydrogen and offshore wind, as Energy Secretary meets businesses to make the case for investment in UK
    • government driving forward with mission to make the UK a clean energy superpower to deliver energy security and protect billpayers

    On a visit to Oslo this week, Energy Secretary Ed Miliband secured a Green Industrial Partnership with Norwegian counterparts Ministers Terje Aasland and Cecilie Myrseth and met with Norway’s Prime Minister Jonas Gahr Støre.  

    The Energy Secretary also met a number of energy companies to deepen bilateral relationships and make the case for clean energy investment in Britain. Norway is a crucial ally in securing our energy security, which in turn will deliver clean, secure and cheaper power for British families, whilst securing new clean energy manufacturing jobs through the Plan for Change.  

    The ambitious partnership enhances the UK and Norway’s longstanding collaboration on energy and is one of the key deliverables of Prime Minister Keir Starmer’s and Norwegian Prime Minister Støre’s over-arching Strategic Partnership. 

    It focuses on key areas that support the development of renewables. These include offshore wind and grid development, collaboration on the protection of UK and Norwegian offshore infrastructure and reducing barriers to develop a North Sea hub for the cross-border storage of carbon dioxide. 

    This builds on the government’s aim for the North Sea to be at the heart of Britain’s clean energy future and to drive economic growth.

    Energy Secretary Ed Miliband said:

    Energy security is national security – and only by working with key partners like Norway can we accelerate clean power that we control, getting us off the rollercoaster of fossil fuels in these unstable times. 

    Together we can invest in a clean energy future and take advantage of the opportunities ahead in the North Sea, with good clean energy jobs and export opportunities for British business – delivering growth through our Plan for Change.

    Norway’s Minister of Energy Terje Aasland said:

    Norway and the United Kingdom have a unique relationship in the energy sector, characterized by innovation and close cooperation across the North Sea. I am very pleased that today we are establishing a forward-looking partnership to promote the green transition and further strengthen the collaboration between our two countries.

    Minister of Trade and Industry Cecilie Myrseth said:

    This agreement is important for Norwegian industry, especially when it comes to securing value chains for raw materials and clean energy. By combining Norwegian and British strengths, we can create jobs, develop new industries, and enhance our competitiveness.

    Minister of Climate and Environment, Andreas Bjelland Eriksen said:

    A green transition is crucial if we are to meet our climate targets, while also creating new jobs. The partnership with the United Kingdom will strengthen our joint efforts to promote implementation of the Paris Agreement through international climate diplomacy. We will also further develop the close cooperation we have to halt and reverse the deforestation of the rainforest.

    It is estimated that the UK’s seas have the potential to store up to 78 billion tonnes of carbon dioxide, which this partnership could help to unlock to support jobs and reduce emissions across Europe.  

    Research also suggests that closer cooperation on the clean energy transition in the North Seas could lower bills, create up to 51,000 jobs, and add up to £36 billion to the UK economy. By 2030, the North Sea could provide up to 120GW of offshore wind generation, which is enough to power over 120 million homes. This will contribute to the UK and Europe’s energy security in a volatile world, whilst creating significant export opportunities for British business. 

    Norway is a key energy partner for the UK, and the new partnership builds on decades of collaboration and a mutual commitment to support the development of the UK’s offshore sectors in the North Sea. By working with European partners to transform the North Sea basin into a low carbon and renewables powerhouse, the UK can accelerate the global energy transition and lead efforts to combat climate change on the world stage. 

    UK and Norwegian companies are already playing an important role in driving the energy transition forward. This includes firms such as Norwegian energy major Equinor which has invested in UK offshore wind, carbon capture, usage and storage (CCUS) and hydrogen, as well as Europe’s biggest renewables generator, Statkraft, a major developer in the UK alongside other Norwegian companies Fred Olsen and Vårgrønn.  

    This agreement forms part of the UK-Norway Strategic Partnership, covering defence, security, energy and the green transition.

    Notes to editors 

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: AMG and Qualitas Energy Announce Partnership

    Source: GlobeNewswire (MIL-OSI)

    • AMG to invest in Qualitas Energy, a leading renewables-focused global infrastructure manager specializing in energy transition with more than €3.5 billion in AUM
    • Qualitas Energy has a distinctive competitive position given its opportunistic value-add approach, vertically integrated industrial platform, and strategically tailored, market-specific solutions
    • Partnership will expand AMG’s participation in private markets and alternatives more broadly

    WEST PALM BEACH, FL, and MADRID, May 08, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today announced that it has entered into a definitive agreement to acquire a minority equity interest in Qualitas Energy, a leading global investment and management platform with a dual focus on funding and developing renewable energy, energy transition, and sustainable infrastructure.

    Under the terms of the agreement, Qualitas Energy’s management team will retain majority ownership and continue to lead the organization’s day-to-day operations, maintaining investment, strategic, and operational independence. As part of the transaction, Qualitas Energy’s Executive Chairman Iñigo Olaguíbel and Chief Executive Officer Oscar Pérez, along with other members of the senior management team, will enter into additional long-term commitments with Qualitas Energy, reinforcing their alignment with the business and its investors.

    Qualitas Energy has a long-term track record of excellent investment performance. Founded in 2006, the firm invests globally with a focus on Europe, where the heightened importance of energy security is driving demand for investments into renewable energy sources. Led by Mr. Olaguíbel and Mr. Pérez, the firm has raised approximately €5 billion in capital across six funds and co-investment opportunities, which has been deployed to invest in solar, wind, batteries and storage, hydroelectric power, and renewable natural gas.

    “We are pleased to partner with Qualitas Energy, a global infrastructure manager specializing in energy transition with a two-decade track record of delivering strong returns for clients,” said Jay C. Horgen, President and Chief Executive Officer of AMG. “Given the increasing focus on energy independence and security in Europe, along with the firm’s distinctive approach, vertically integrated industrial platform, and locally based teams with deep knowledge of their respective geographies, Qualitas Energy is well-positioned to build on its business momentum. I am delighted to welcome Iñigo, Oscar, and their partners to our Affiliate group.”

    “We are excited to partner with AMG as we continue to build an enduring multi-generational firm,” said Iñigo Olaguíbel, Managing Partner and Executive Chairman of Qualitas Energy. “We selected AMG because of its long-term orientation and reputation as a collaborative partner. Through AMG’s unique approach, Qualitas Energy will maintain our independence, preserve our unique culture, and gain access to a broad range of proven strategic capabilities to advance our long-term objectives.”

    “As part of its strategic evolution, Qualitas Energy is focused on becoming the asset manager at the forefront of energy transition investing,” added Oscar Pérez, Managing Partner and Chief Executive Officer of Qualitas Energy. “We aim to continue expanding our investment capacity, and our partnership with AMG will enhance our ability to achieve that goal.”

    The terms of the transaction were not disclosed. The transaction is expected to close in the fourth quarter of 2025, subject to customary closing conditions.

    About AMG

    AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long-term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of March 31, 2025, AMG’s aggregate assets under management were approximately $712 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

    About Qualitas Energy

    Qualitas Energy is a leading global investment and management platform with a dual focus on both funding and developing renewable energy, energy transition, and sustainable infrastructure. Since 2006, the Qualitas Energy team has dedicated over €14 billion to the energy transition worldwide. These investments have been deployed through six vehicles: Fotowatio/FRV, Vela Energy, Qualitas Energy III, Qualitas Energy IV, Qualitas Energy V, and Qualitas Energy Credit Fund I. Qualitas Energy’s existing portfolio currently comprises over 11 GW of operational and development-stage renewable energy assets – including solar PV, concentrated solar power (CSP), wind, energy storage, hydroelectric power, and renewable natural gas – across Spain, Germany, the United Kingdom, Italy, Poland, Chile, and the United States. Over the past five years, Qualitas Energy has generated enough energy to supply 1.2 million homes and has successfully avoided the emission of 1 million metric tons of CO2 equivalent. The Qualitas Energy team consists of approximately 540 professionals across fifteen offices in Madrid, Berlin, London, Milan, Hamburg, Wiesbaden, Trier, Cologne, Stuttgart, Warsaw, Wroclaw, Santiago, Durham, Bristol, and Edinburgh. Please visit www.qualitasenergy.com for further information.

    Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws, and could be impacted by a number of factors, including those described under the section entitled “Risk Factors” in AMG’s most recent Annual Report on Form 10-K, as such factors may be updated from time to time in the Company’s periodic filings with the SEC, which are accessible on the SEC’s website at www.sec.gov. AMG undertakes no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by applicable law. This release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate. From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

    Media contacts

    AMG Media & Investor Relations
    Patricia Figueroa
    (617) 747-3300
    ir@amg.com
    pr@amg.com

    Qualitas Energy
    Henar Hernández
    henar.hernandez@qenergy.com
    +34 697 11 68 72

    Headland Consultancy
    qualitas@headlandconsultancy.com
    +44 7435 546304
    +44 7311 369929

    The MIL Network –

  • MIL-OSI: AMG Reports Financial and Operating Results for the First Quarter of 2025

    Source: GlobeNewswire (MIL-OSI)

    • New partnerships with Verition Fund Management and Qualitas Energy, together with Q1 investment in NorthBridge Partners, further diversify AMG’s business and broaden its participation in alternatives, in line with its growth strategy
    • Affiliate Peppertree Capital Management to be acquired, marking culmination of AMG investment and a successful outcome for all stakeholders
    • Strong net client cash inflows in alternatives of approximately $14 billion, driven by both liquid alternatives and private markets
    • Repurchased approximately $173 million in common stock in the first quarter

    WEST PALM BEACH, Fla., May 08, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the first quarter of 2025.

    Jay C. Horgen, President and Chief Executive Officer of AMG, said:
    “In the first quarter, AMG reported Economic Earnings per share of $5.20, reflecting the ongoing evolution of our business and the positive impact of our disciplined capital allocation strategy. AMG’s focus on investing in areas of secular demand has enhanced the Company’s long-term growth prospects, and, together with our business strength and momentum, has positioned us to capitalize on the current market environment.

    “AMG’s proven ability to magnify the competitive advantages of partner-owned firms, while also preserving their independence, continues to differentiate our unique partnership model and is highly valued by prospective Affiliates. Since the beginning of the year, we have announced three new partnerships with firms managing alternative strategies. In February, we announced an investment in NorthBridge Partners, a private markets manager specializing in industrial logistics real estate assets. More recently, we announced two additional new partnerships with high-quality firms that have outstanding track records of performance across nearly two decades: Verition Fund Management, a premier global multi-strategy investment firm, and Qualitas Energy, a leading renewables-focused global infrastructure manager specializing in energy transition. These new partnerships enhance AMG’s exposure to secular growth areas and accelerate the evolution of our business profile, increasing our participation in liquid alternatives and private markets.

    “Given the diversity of our business and the quality of our Affiliates, along with our unique partnership structure, our strong capital position, and our overall financial flexibility, AMG is well-positioned to execute our strategy across all stages of a market cycle, and we are confident in our ability to create meaningful incremental shareholder value over time.”

    FINANCIAL HIGHLIGHTS     Three Months Ended  
    (in millions, except as noted and per share data)     3/31/2024   3/31/2025  
    Operating Performance Measures            
    AUM (at period end, in billions)     $ 699.4     $ 712.2    
    Average AUM (in billions)       680.0       712.1    
    Net client cash flows (in billions)       (3.7 )     (0.4 )  
    Aggregate fees       1,471.6       1,270.4    
    Financial Performance Measures            
    Net income (controlling interest)     $ 149.8     $ 72.4    
    Earnings per share (diluted)(1)       4.14       2.20    
    Supplemental Performance Measures(2)            
    Adjusted EBITDA (controlling interest)     $ 259.8     $ 228.2    
    Economic net income (controlling interest)       186.7       158.7    
    Economic earnings per share       5.37       5.20    
                         

    For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.

    Capital Management
    During the first quarter of 2025, the Company repurchased approximately $173 million in common stock. The Company also announced a first-quarter cash dividend of $0.01 per share of common stock, payable June 2, 2025 to stockholders of record as of the close of business on May 19, 2025.

    About AMG
    AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of March 31, 2025, AMG’s aggregate assets under management were approximately $712 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

    Conference Call, Replay, and Presentation Information
    A conference call will be held with AMG’s management at 12:00 p.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

    The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13753083. The live call and replay of the session and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.

    Investor and Media Relations: Patricia Figueroa
    +1 (617) 747-3300
    ir@amg.com
    pr@amg.com

    Financial Tables Follow

    ASSETS UNDER MANAGEMENT – STATEMENT OF CHANGES (in billions) 

      Alternatives   Differentiated Long-Only  
    BY STRATEGY – QUARTER TO DATE Private Markets
    		   Liquid
    Alternatives
    		     Equities
    		   Multi-Asset &
    Fixed Income
    		   Total
    		  
    AUM, December 31, 2024 $ 135.4   $ 140.7     $ 316.2   $ 115.6   $ 707.9  
    Client cash inflows and commitments   3.5     15.9       8.8     4.8     33.0  
    Client cash outflows   (0.1 )   (5.7 )     (22.5 )   (5.1 )   (33.4 )
    Net client cash flows   3.4     10.2       (13.7 )   (0.3 )   (0.4 )
    New investments   1.7     —       —     —     1.7  
    Market changes   0.4     2.4       (2.0 )   (0.3 )   0.5  
    Foreign exchange   0.3     1.5       1.7     0.2     3.7  
    Realizations and distributions (net)   (0.9 )   (0.0 )     (0.1 )   (0.1 )   (1.1 )
    Other   —     0.0       0.0     (0.1 )   (0.1 )
    AUM, March 31, 2025 $ 140.3   $ 154.8     $ 302.1   $ 115.0   $ 712.2  
                                     

    CONSOLIDATED STATEMENTS OF INCOME

      Three Months Ended
    (in millions, except per share data) 3/31/2024   3/31/2025
    Consolidated revenue $ 499.9     $ 496.6  
           
    Consolidated expenses:      
    Compensation and related expenses   240.4       230.3  
    Selling, general and administrative   91.7       94.7  
    Intangible amortization and impairments   7.3       83.3  
    Interest expense   29.9       34.1  
    Depreciation and other amortization   3.0       2.8  
    Other expenses (net)   9.0       11.7  
    Total consolidated expenses   381.3       456.9  
           
    Equity method income (net)(3)   117.5       75.3  
    Investment and other income   18.0       11.6  
    Income before income taxes   254.1       126.6  
           
    Income tax expense   55.4       27.4  
    Net income   198.7       99.2  
           
    Net income (non-controlling interests)   (48.9 )     (26.8 )
    Net income (controlling interest) $ 149.8     $ 72.4  
           
    Average shares outstanding (basic)   32.8       29.2  
    Average shares outstanding (diluted)   40.1       32.6  
           
    Earnings per share (basic) $ 4.56     $ 2.48  
    Earnings per share (diluted)(1) $ 4.14     $ 2.20  
     

    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)

      Three Months Ended
    (in millions, except per share data) 3/31/2024   3/31/2025
    Net income (controlling interest) $ 149.8     $ 72.4  
    Intangible amortization and impairments   25.6       85.8  
    Intangible-related deferred taxes   16.3       (0.7 )
    Other economic items   (5.0 )     1.2  
    Economic net income (controlling interest) $ 186.7     $ 158.7  
           
    Average shares outstanding (adjusted diluted)   34.8       30.5  
    Economic earnings per share $ 5.37     $ 5.20  
           
    Net income (controlling interest) $ 149.8     $ 72.4  
    Interest expense   29.9       34.1  
    Income taxes   57.4       30.3  
    Intangible amortization and impairments   25.6       85.8  
    Other items   (2.9 )     5.6  
    Adjusted EBITDA (controlling interest) $ 259.8     $ 228.2  
                   

    See Notes for additional information.

    CONSOLIDATED BALANCE SHEETS

      Period Ended
    (in millions) 12/31/2024   3/31/2025
    Assets      
    Cash and cash equivalents $ 950.0     $ 816.5  
    Receivables   409.7       581.7  
    Investments   595.6       592.8  
    Goodwill   2,504.9       2,512.5  
    Acquired client relationships (net)   1,777.8       1,703.9  
    Equity method investments in Affiliates (net)   2,246.6       2,159.5  
    Fixed assets (net)   57.6       56.9  
    Other assets   288.7       290.3  
    Total assets $ 8,830.9     $ 8,714.1  
           
    Liabilities and Equity      
    Payables and accrued liabilities $ 639.1     $ 665.7  
    Debt   2,620.2       2,620.7  
    Deferred income tax liability (net)   520.5       520.5  
    Other liabilities   402.4       442.1  
    Total liabilities   4,182.2       4,249.0  
           
    Redeemable non-controlling interests   350.5       366.1  
    Equity:      
    Common stock   0.6       0.6  
    Additional paid-in capital   733.1       667.8  
    Accumulated other comprehensive loss   (163.6 )     (175.7 )
    Retained earnings   6,899.8       6,971.9  
        7,469.9       7,464.6  
    Less: treasury stock, at cost   (4,124.6 )     (4,276.4 )
    Total stockholders’ equity   3,345.3       3,188.2  
    Non-controlling interests   952.9       910.8  
    Total equity   4,298.2       4,099.0  
    Total liabilities and equity $ 8,830.9     $ 8,714.1  
                   

    Notes

    (1) Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.
       
      We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.
       
      We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.
       
      The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:
       

     

        Three Months Ended
      (in millions) 3/31/2024   3/31/2025
      Numerator      
      Net income (controlling interest) $ 149.8   $ 72.4  
      Income (loss) from hypothetical settlement of Redeemable non-controlling interests, net of taxes   13.0     (3.9 )
      Interest expense on junior convertible securities, net of taxes   3.4     3.4  
      Net income (controlling interest), as adjusted $ 166.2   $ 71.9  
      Denominator      
      Average shares outstanding (basic)   32.8     29.2  
      Effect of dilutive instruments:      
      Stock options and restricted stock units   2.0     1.3  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests   3.6     0.4  
      Junior convertible securities   1.7     1.7  
      Average shares outstanding (diluted)   40.1     32.6  
                   
    (2) As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website atwww.sec.gov.
       
      Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.
       
      The following table provides a reconciliation of Average shares outstanding (adjusted diluted):
       
        Three Months Ended
      (in millions) 3/31/2024   3/31/2025
      Average shares outstanding (diluted) 40.1     32.6  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests (3.6 )   (0.4 )
      Junior convertible securities (1.7 )   (1.7 )
      Average shares outstanding (adjusted diluted) 34.8     30.5  
                 
    (3) The following table presents pre-tax equity method earnings, equity method intangible amortization and impairments, and equity method income tax, which in aggregate form Equity method income (net):
       
        Three Months Ended
      (in millions) 3/31/2024   3/31/2025
      Pre-tax equity method earnings $ 142.4     $ 99.5  
      Equity method intangible amortization and impairments   (20.8 )     (18.6 )
      Equity method income tax   (4.1 )     (5.6 )
      Equity method income (net) $ 117.5     $ 75.3  
                     

    Forward-Looking Statements and Other Matters

    Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, global trade tensions and changes in trade policies, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this press release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

    This press release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.

    From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

    The MIL Network –

  • MIL-OSI: Leiðrétting: Lánasjóður sveitarfélaga – Útboð LSS 39 0303 og LSS151155

    Source: GlobeNewswire (MIL-OSI)

    Lánasjóður sveitarfélaga hefur ákveðið að efna til útboðs á skuldabréfaflokkunum LSS 39 0303 og LSS151155 mánudaginn 12. maí 2025. Lánasjóðurinn stefnir að því að taka tilboðum að fjárhæð 500 til 1.500 milljónir króna að nafnvirði í skuldabréfaflokknum LSS151155 og að fjárhæð 500 til 1.500 milljónir króna að nafnvirði í skuldabréfaflokknum LSS 39 0303. Lánasjóðurinn áskilur sér rétt til að hækka og lækka útboðsfjárhæð útboðsins, taka hvaða tilboði sem er eða hafna þeim öllum. Lánasjóðurinn hefur boðið aðalmiðlurum sjóðsins Arion banka, Íslandsbanka, Kviku banka, Landsbankanum og Fossum fjárfestingabanka að taka þátt í útboðinu. 

    Óskað er eftir tilboðum í samræmi við eftirfarandi lýsingu:

    Fyrirkomulag: “Hollensk” uppboðsaðferð þar sem allir tilboðsgjafar fá sömu ávöxtunarkröfu og hæst er tekið. Heimilt er að afturkalla eða breyta tilboði með sama hætti og tilboðum er skilað inn, sé það gert fyrir lok útboðsfrests.

    Tilboð: Í tilboði skal taka fram ávöxtunarkröfu án þóknunar og tilboðsfjárhæð.  

    Að öðru leyti er vísað til skilmála skuldabréfanna á heimasíðu Lánasjóðs sveitarfélaga

    Tilboð skulu berast fyrir kl. 16:00, mánudaginn 12. maí 2025 til Lánasjóðs sveitarfélaga á netfangið utbod@lanasjodur.is

    Öllum tilboðum verður svarað fyrir kl. 17:00 á útboðsdegi. Uppgjör sölu fer fram fimmtudaginn 15. maí 2025.

    Nánari upplýsingar veitir Óttar Guðjónsson, framkvæmdastjóri, ottar@lanasjodur.is / s. 515 4949

    The MIL Network –

  • MIL-OSI: Hut 8 Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    ASIC fleet upgrade drives 79% increase in hashrate and 37% improvement in fleet efficiency quarter-over-quarter

    Launch of American Bitcoin accelerates Hut 8’s evolution as an integrated energy infrastructure platform

    Earnings Release Highlights

    • Revenue of $21.8 million, net loss of $134.3 million, and Adjusted EBITDA of ($117.7) million.
    • Total energy capacity under management of 1,020 megawatts (“MW”) as of March 31, 2025.
    • ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.
    • Strategic Bitcoin reserve of 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.

    MIAMI, May 08, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced its financial results for the first quarter of 2025.

    “The first quarter of 2025 marked significant advances in Hut 8’s evolution as an integrated energy infrastructure platform,” said Asher Genoot, CEO of Hut 8. “As reflected in our results, the first quarter was a deliberate and necessary phase of investment. We believe the returns on this work will become increasingly visible in the quarters ahead.”

    “Following a period of disciplined investment and execution, including a major upgrade of our ASIC fleet, we launched American Bitcoin, a majority-owned subsidiary of Hut 8 focused exclusively on industrial-scale Bitcoin mining and strategic Bitcoin accumulation. The streamlined capital allocation framework made possible by the American Bitcoin launch reinforces our ability to scale lower-cost-of-capital businesses such as high-performance computing. With approximately 10,800 megawatts of development capacity in our pipeline and 10,264 Bitcoin retained in reserve as of March 31, 2025, we believe we are well-positioned and capitalized for disciplined growth. And through our ownership in American Bitcoin, we have preserved exposure to Bitcoin while establishing a new vehicle purpose-built for shareholder value creation.”

    “Building on this foundation, we continue to execute against our 2025 roadmap by advancing potential catalysts for topline growth, including the energization of Vega, the initial sitework at River Bend, and the development of our utility-scale power portfolio. We believe these initiatives will further accelerate our ability to generate resilient near-term cash flows while building toward enduring leadership across next-generation digital infrastructure markets.”

    First Quarter 2025 Highlights

    Power

    • Generated $4.4 million in first quarter revenue from Power Generation and Managed Services.
    • Secured and broke ground on 592 acres at our River Bend campus in Louisiana, where initial sitework is underway.
    • ~10,800 MW development pipeline with ~2,600 MW of capacity under exclusivity as of March 31, 2025.

    Digital Infrastructure

    • Generated $1.3 million in first quarter revenue from CPU Colocation.
    • Continued construction at the 205 MW Vega site, which remains on track for energization in the second quarter of 2025, with more than 70% of budgeted capital expenditures incurred through March 31, 2025.
    • Established operational infrastructure for the Vega data center, including the onboarding of site management and development of operating processes for the direct-to-chip liquid-cooled facility.
    • Energized a direct-to-chip liquid-cooled test rack module at Salt Creek in preparation for the energization of Vega.
    • Enhanced our operating software through the development of a new curtailment control solution in Reactor designed specifically to optimize energy consumption at Vega and a more robust feature set in Operator to help automate ASIC-level operations.

    Compute

    • Generated $16.1 million in first quarter revenue from Bitcoin Mining, GPU-as-a-Service, and Data Center Cloud operations.
    • Executed ASIC fleet upgrade, which was completed in the first week of April 2025, increasing deployed hashrate to 9.3 EH/s and improving average fleet efficiency to approximately 20 J/TH at the end of Q1 2025.
    • Launched American Bitcoin, a pure-play Bitcoin miner, following the strategic contribution of substantially all of Hut 8’s ASIC miners to and in exchange for a majority interest in American Data Centers, Inc., a company formed by a group of investors including Eric Trump and Donald Trump Jr., which was subsequently renamed and relaunched as American Bitcoin in connection with the transaction.

    Capital Strategy and Balance Sheet

    • Expanded Bitcoin held in reserve to 10,264 Bitcoin with a market value of $847.2 million as of March 31, 2025.
    • Generated $275.5 million in net proceeds from the Company’s ATM program from inception to quarter-end, selling 9.8 million shares at a weighted average price of $28.23 per share.

    Key Performance Indicators

        Three Months Ended
        March 31,
        2025   2024
    Cost to mine a Bitcoin (excluding hosted facilities)(1)   $ 58,757     $ 20,419  
    Cost to mine a Bitcoin(2)   $ 58,757     $ 24,594  
    Weighted average revenue per Bitcoin mined(3)   $ 92,224     $ 51,769  
    Number of Bitcoin mined(4)     167       716  
    Energy cost per MWh   $ 51.71     $ 40.06  
    Hosting cost per MWh   $ —     $ 68.72  
    Energy capacity under management (mining)(5)     665 MW       884 MW  
    Total energy capacity under management(6)     1,020 MW       1,239 MW  
    Number of Bitcoin in strategic reserve(7)     10,264       9,102  
    (1) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense (excluding hosted facilities) divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (2) Cost to mine a Bitcoin (or weighted average cost to mine a Bitcoin) is calculated as the sum of total all-in electricity expense and hosting expense divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV.
    (3) Weighted average revenue per Bitcoin mined is calculated as the sum of total self-mining revenue divided by Bitcoin mined during the respective periods and includes our net share of the King Mountain JV. For the quarter ended March 31, 2024 the weighted average revenue per Bitcoin mined includes one month of activity from discontinued operations at our Drumheller site.
    (4) Bitcoin mined includes our net share of the King Mountain JV and excludes discontinued operations from our Drumheller site. Bitcoin mined excluding our net share of the King Mountain JV was 135 and 592 for the three months ended March 31, 2025 and 2024, respectively.
    (5) Energy capacity under management (mining) represents the total power capacity related to Bitcoin Mining infrastructure, including self-mining sites, ASIC Colocation agreements, and Managed Services agreements.
    (6) Total energy capacity under management includes (i) energy capacity under management (mining) and (ii) all energy-related assets including Power Generation, CPU Colocation infrastructure, and non-operational sites.
    (7) Number of Bitcoin in strategic reserve includes Bitcoin held in custody, pledged as collateral, or pledged for a miner purchase under an agreement with BITMAIN.

    Select First Quarter 2025 Financial Results

    Revenue for the three months ended March 31, 2025 was $21.8 million compared to $51.7 million in the prior year period, and consisted of $4.4 million in Power revenue, $1.3 million in Digital Infrastructure revenue, and $16.1 million in Compute revenue, and nil in Other revenue.

    Net (loss) income for the three months ended March 31, 2025 was ($134.3) million compared to $250.7 million for the prior year period. This included losses on digital assets of $112.4 million and gains on digital assets of $274.6 million for the three months ended March 31, 2025 and 2024, respectively.

    Adjusted EBITDA for the three months ended March 31, 2025 was ($117.7) million compared to $297.0 million for the prior year period. A reconciliation of Adjusted EBITDA to the most comparable GAAP measure, net income (loss), and an explanation of this measure has been provided in the table included below in this press release.

    All financial results are reported in U.S. dollars.

    Conference Call

    The Hut 8 Corp. First Quarter 2025 Conference Call will commence today, Thursday, May 8, 2025, at 8:30 a.m. ET. Investors can join the live webcast here.

    Supplemental Materials and Upcoming Communications

    The Company expects to make available on its website materials designed to accompany the discussion of its results, along with certain supplemental financial information and other data. For important news and information regarding the Company, including investor presentations and timing of future investor conferences, visit the Investor Relations section of the Company’s website, https://hut8.com/investors, and its social media accounts, including on X and LinkedIn. The Company uses its website and social media accounts as primary channels for disclosing key information to its investors, some of which may contain material and previously non-public information.

    Analyst Coverage

    A full list of Hut 8 Corp. analyst coverage can be found at https://hut8.com/investors/analyst-coverage/.

    About Hut 8

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-potential computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five ASIC Colocation and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to including statements relating to the Company’s evolution as an integrated energy infrastructure platform, the impact of the Company’s investments in 2024 and Q1 2025, the impact of American Bitcoin, the Company’s ability to execute on its 2025 roadmap and initiatives, the timing for energizing the Vega site, and the Company’s future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Adjusted EBITDA

    In addition to results determined in accordance with GAAP, Hut 8 relies on Adjusted EBITDA to evaluate its business, measure its performance, and make strategic decisions. Adjusted EBITDA is a non-GAAP financial measure. The Company defines Adjusted EBITDA as net (loss) income, adjusted for impacts of interest expense, income tax provision or benefit, depreciation and amortization, our share of unconsolidated joint venture depreciation and amortization, foreign exchange gain or loss, gain or loss on sale of property and equipment, the removal of non-recurring transactions, asset contribution costs, gain on derivatives, gain on other financial liability, loss from discontinued operations, net loss attributable to non-controlling interests before taxes, and stock-based compensation expense in the period presented. You are encouraged to evaluate each of these adjustments and the reasons the Company’s board of directors and management team consider them appropriate for supplemental analysis.

    The Company’s board of directors and management team use Adjusted EBITDA to assess its financial performance because it allows them to compare operating performance on a consistent basis across periods by removing the effects of capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and amortization), and other items (such as non-recurring transactions mentioned above) that impact the comparability of financial results from period to period. Net income (loss) is the GAAP measure most directly comparable to Adjusted EBITDA. In evaluating Adjusted EBITDA, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. There can be no assurance that the Company will not modify the presentation of Adjusted EBITDA in the future, and any such modification may be material. Adjusted EBITDA has important limitations as an analytical tool and you should not consider Adjusted EBITDA in isolation or as a substitute for analysis of results as reported under GAAP. Because Adjusted EBITDA may be defined differently by other companies in the industry, the Company’s definition of this non-GAAP financial measure may not be comparable to similarly titled measures of other companies, thereby diminishing its utility.

     
    Hut 8 Corp. and Subsidiaries
    Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income
    (Unaudited in USD thousands, except share and per share data)
     
        Three Months Ended
        March 31,
          2025     2024  
    Revenue:            
    Power   $ 4,380     $ 9,938  
    Digital Infrastructure     1,317       5,844  
    Compute     16,118       32,138  
    Other     —       3,821  
    Total revenue     21,815       51,741  
                 
    Cost of revenue (exclusive of depreciation and amortization shown below):            
    Cost of revenue – Power     3,628       3,633  
    Cost of revenue – Digital Infrastructure     1,559       4,629  
    Cost of revenue – Compute     13,472       17,686  
    Cost of revenue – Other     —       2,199  
    Total cost of revenue     18,659       28,147  
                 
    Operating expenses (income):            
    Depreciation and amortization     14,899       11,472  
    General and administrative expenses     21,059       19,999  
    Losses (gains) on digital assets     112,394       (274,574 )
    Loss (gain) on sale of property and equipment     2,454       (190 )
    Total operating expenses (income)     150,806       (243,293 )
    Operating (loss) income     (147,650 )     266,887  
                 
    Other income (expense):            
    Foreign exchange gain (loss)     9       (2,399 )
    Interest expense     (7,469 )     (6,281 )
    Asset contribution costs     (22,780 )     —  
    Gain on derivatives     20,862       —  
    Gain on other financial liability     1,139       —  
    Equity in earnings of unconsolidated joint venture     1,365       4,522  
    Total other expense     (6,874 )     (4,158 )
                 
    (Loss) income from continuing operations before taxes     (154,524 )     262,729  
                 
    Income tax benefit (provision)     20,205       (4,396 )
                 
    Net (loss) income from continuing operations   $ (134,319 )   $ 258,333  
                 
    Loss from discontinued operations (net of income tax benefit of nil and nil, respectively)     —       (7,626 )
                 
    Net (loss) income     (134,319 )     250,707  
                 
    Less: Net loss attributable to non-controlling interests     430       169  
    Net (loss) income attributable to Hut 8 Corp.   $ (133,889 )   $ 250,876  
                 
    Net (loss) income per share of common stock:            
    Basic from continuing operations attributable to Hut 8 Corp.   $ (1.30 )   $ 2.90  
    Diluted from continuing operations attributable to Hut 8 Corp.   $ (1.30 )   $ 2.76  
                 
    Weighted average number of shares of common stock outstanding:            
    Basic     102,854,747       89,149,845  
    Diluted     102,854,747       93,696,683  
                 
    Net (loss) income   $ (134,319 )   $ 250,707  
    Other comprehensive (loss) income:            
    Foreign currency translation adjustments     1,187       (11,074 )
    Total comprehensive (loss) income     (133,132 )     239,633  
    Less: Comprehensive loss attributable to non-controlling interest     431       134  
    Comprehensive loss (income) attributable to Hut 8 Corp.   $ (132,701 )   $ 239,767  

    Adjusted EBITDA Reconciliation

        Three Months Ended
        March 31,
    (in USD thousands)   2025   2024
    Net (loss) income   $ (134,319 )   $ 250,707  
    Interest expense     7,469       6,281  
    Income tax (benefit) provision     (20,205 )     4,396  
    Depreciation and amortization     14,899       11,472  
    Share of unconsolidated joint venture depreciation and amortization(1)     5,485       5,349  
    Foreign exchange (gain) loss     (9 )     2,399  
    Losses (gains) on sale of property and equipment     2,454       (190 )
    Gain on derivatives     (20,862 )     —  
    Gain on other financial liability     (1,139 )     —  
    Non-recurring transactions(2)     1,485       4,300  
    Asset contribution costs     22,780       —  
    Loss from discontinued operations (net of income tax of nil and nil, respectively)     —       7,626  
    Net loss attributable to non-controlling interests before taxes     473       169  
    Stock-based compensation expense     3,793       4,474  
    Adjusted EBITDA   $ (117,696 )   $ 296,983  
    (1) Net of the accretion of fair value differences of depreciable and amortizable assets included in equity in earnings of unconsolidated joint venture in the Unaudited Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income in accordance with ASC 323. See Note 9. Investments in unconsolidated joint venture of our Unaudited Condensed Consolidated Financial Statements for further detail.
    (2) Non-recurring transactions for the three months ended March 31, 2025 represent approximately $1.5 million related to restructuring and American Bitcoin related transaction costs. Non-recurring transactions for the three months ended March 31, 2024 represent approximately $1.4 million of transaction costs related to the Far North JV acquisition and $2.9 million related to restructuring cost.

    Contacts

    Hut 8 Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Public Relations
    Gautier Lemyze-Young
    media@hut8.com

    The MIL Network –

  • MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Argentina: David Cairns

    Source: United Kingdom – Executive Government & Departments 3

    Press release

    Change of His Majesty’s Ambassador to Argentina: David Cairns

    Mr David Cairns has been appointed His Majesty’s Ambassador to the Argentine Republic.

    Mr David Cairns has been appointed His Majesty’s Ambassador to the Argentine Republic, in succession to Mrs Kirsty Hayes, who will be transferring to another Diplomatic Service appointment.

    Mr Cairns will take up his appointment during September 2025.

    Curriculum vitae           

    Full name: David Seldon Cairns

    Date Role
    2019 to present Equinor, Vice President
    2015 to 2019 Stockholm, Her Majesty’s Ambassador and Director of Nordic Baltic Network
    2010 to 2014 FCO, Director, Estates, Security, Corporate Services
    2006 to 2010 Tokyo, Director of Trade and Investment
    2002 to 2006 Geneva, First Secretary WTO
    2000 to 2002 FCO, Private Secretary to Baronesses Scotland and Amos
    1999 to 2000 FCO, EU Directorate. Head of Public Diplomacy
    1995 to 1998 Tokyo, Second Secretary Commercial
    1993 to 1994 FCO, Security Policy Department
    1993 Joined FCO

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 6 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Revised SHAKTI Policy for Coal Allocation to Power Sector

    Source: Government of India

    Posted On: 08 MAY 2025 12:09PM by PIB Delhi

    The Cabinet Committee on Economic Affairs (CCEA) in the meeting held on 07.05.2025, chaired by the Prime Minister Shri Narendra Modi, has accorded its approval for the Revised SHAKTI (Scheme for Harnessing and Allocating Koyala Transparently in India) Policy for Coal Allocation to Power Sector. The Revised SHAKTI Policy adds to the series of coal sector reforms being undertaken by the Government.

    With the introduction of SHAKTI Policy in 2017, there was a paradigm shift of coal allocation mechanism from a nomination-based regime to a more transparent way of allocation of coal linkages through auction / tariff-based bidding. Now, the multiple paras of the SHAKTI Policy, for coal linkage, have been mapped to only two Windows in the Revised SHAKTI Policy, aligning with the spirit of ease of doing business, encouraging competition, efficiency, better use of capacity, seamless pit head thermal capacity addition and affordable power to the country.

    The current revision with innovative features will further enhance the scope and impact of the SHAKTI policy and support the power sector through

    • Greater flexibility
    • Wider eligibility and
    • Better accessibility to coal

    The new policy will ensure coal linkage to all power producers leading to generation of more power, cheaper tariffs and an overall positive impact on the economy, thereby leading to increased employment generation potential. The reliable and affordable power supply to various sectors would catalyze economic activities and support the Atmanirbhar Bharat Initiative. The increased availability of domestic coal, in a simplified manner would also facilitate the revival of remaining stressed power assets. The linkage coal can now be used for generating power from Un-requisitioned Surplus (URS) capacity, for sale in power markets, which will not only deepen power markets by increasing availability of power in power exchanges but will also ensure optimum utilization of generating stations.

    Further, the new linkages offered to the power sector would increase the coal availability for the power sector and increase the mining activities in the coal bearing regions resulting in generation of higher revenue to the State Governments which can be utilized for development of these regions and local population in general. The policy would encourage pit head thermal capacity addition and facilitate imported coal substitution in the Imported Coal Based (ICB) plants that can secure domestic coal thereby reducing their import coal dependency. 

    Following are the provisions of the Revised SHAKTI Policy.  

    For grant of fresh coal linkages to Thermal Power Plants of Central Sector/State Sector/ Independent Power Producers (IPPs), following two windows have been approved under the Revised SHAKTI policy:

    1. Coal Linkage to Central Gencos/States at Notified price: Window–I
    2. Coal Linkage to all Gencos at a Premium above Notified price: Window–II

    Window-I (coal at notified price):

    1. Existing mechanism for grant of coal linkage to Central Sector Thermal Power Projects (TPPs) including Joint Ventures (JVs) & their subsidiaries would  continue.
    2. Coal linkages to be earmarked to States and to an agency authorized by group of States as per existing mechanism, on the recommendation of Ministry of Power. Coal linkage earmarked to States may be utilized by States in its own Genco, IPPs to be identified through TBCB or existing IPPs having PPA under Section 62 of the Electricity Act, 2003 for setting up of a new expansion unit having PPA under Section 62.

    Window-II (premium over notified price):

    Any domestic coal-based power producer having PPA or untied and also Imported coal-based power plants (if they so require) can secure coal on auction basis for a period upto 12 months or for the period of more than 12 months upto 25 years by paying premium above the notified price and providing the power plants the flexibility to sell the electricity as per their choice.

    This Revised SHAKTI Policy would maximize domestic coal utilization, ensure seamless thermal capacity addition, reduce dependence for coal on global markets, reinforce nation’s energy independence aligning with Government’s push for Energy Security for All.

    ****

    Shuhaib T

    (Release ID: 2127652) Visitor Counter : 92

    MIL OSI Asia Pacific News –

  • MIL-OSI: Cenovus announces first-quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) today announced its first-quarter 2025 financial and operating results. The company generated more than $1.3 billion in cash from operating activities, $2.2 billion of adjusted funds flow and $983 million of free funds flow. Operating results in the quarter were strong, with Upstream production increasing to 818,900 barrels of oil equivalent per day (BOE/d)1 while Downstream crude throughput was 665,400 barrels per day (bbls/d), representing an overall utilization rate of 92%.

    The Board of Directors has approved an 11% increase in the base dividend to $0.80 per share annually, beginning in the second quarter of 2025. Consistent with Cenovus’s financial framework, the base dividend is underpinned by our growth plan and resilience at a US$45 WTI oil price.

    Highlights

    • Upstream production of 818,900 BOE/d, maintaining near-record performance and exceeding the previous quarter.
    • Continued momentum in Downstream performance, including record utilization of 104% in Canadian Refining, with 90% utilization and adjusted market capture2,3 of 62% in U.S. Refining.
    • Returned $595 million to shareholders, including $62 million through share purchases, $333 million through common and preferred share dividends, and $200 million through the redemption of Cenovus’s Series 5 preferred shares on March 31, 2025. The company subsequently purchased 10.9 million common shares for $178 million between April 1 and May 5, 2025.
    • Progressed all Upstream growth projects as planned, including introduction of steam to the first two well pads at Narrows Lake with first oil expected early in the third quarter, as well as completing preparations for tow-out of the concrete gravity structure (CGS) and the topsides for the West White Rose project.

    “We delivered strong operational performance across our integrated portfolio, while significantly progressing our major growth projects toward completion,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “Combined with our commitment to financial discipline and cost control, we are well positioned to effectively navigate market volatility and continue to grow shareholder returns.”

    Financial summary

    ($ millions, except per share amounts) 2025 Q1 2024 Q4 2024 Q1
    Cash from (used in) operating activities 1,315 2,029 1,925
    Adjusted funds flow2 2,212 1,601 2,242
    Per share (diluted)2 1.21 0.87 1.19
    Capital investment 1,229 1,478 1,036
    Free funds flow2 983 123 1,206
    Excess free funds flow2 373 (416) 832
    Net earnings (loss) 859 146 1,176
    Per share (diluted) 0.47 0.07 0.62
    Long-term debt, including current portion 7,524 7,534 7,227
    Net debt 5,079 4,614 4,827


    Production and throughput

    (before royalties, net to Cenovus) 2025 Q1 2024 Q4 2024 Q1
    Oil and NGLs (bbls/d)1 670,900 670,600 658,200
    Conventional natural gas (MMcf/d) 887.9 873.3 855.8
    Total upstream production (BOE/d)1 818,900 816,000 800,900
    Total downstream crude throughput (bbls/d) 665,400 666,700 655,200

    1See Advisory for production by product type.

    2Non-GAAP financial measure or contains a non-GAAP financial measure. See Advisory.

    3Adjusted Market Capture excludes the impact of inventory holding gains or losses. See Advisory for more details.


    First-quarter results

    Operating1

    Cenovus’s total revenues were $13.3 billion in the first quarter, up from $12.8 billion in the fourth quarter of 2024, primarily due to rising commodity prices. Upstream revenues were $8.3 billion, an increase from $7.3 billion in the previous quarter, while Downstream revenues were $7.7 billion compared with $7.8 billion in the prior quarter.

    Total operating margin4 was $2.8 billion, compared with $2.3 billion in the previous quarter. Upstream operating margin5 was $3.0 billion, an increase from $2.7 billion in the fourth quarter due to higher benchmark oil prices and favourable timing differences between production and sales. The company had a Downstream operating margin5 shortfall of $237 million compared with a shortfall of $396 million in the previous quarter, as adjusted market capture6 in U.S. Refining improved to 62%. Operating margin in the U.S. Refining segment included a $23 million inventory holding loss and $81 million of turnaround expenses.

    Total Upstream production was 818,900 BOE/d in the first quarter, up from 816,000 BOE/d in the fourth quarter. Christina Lake production was 237,800 bbls/d, compared with 251,400 bbls/d in the prior quarter, having benefited from higher production rates following its fall turnaround. Foster Creek production was 202,700 bbls/d compared with 195,200 bbls/d in the fourth quarter, reflecting a successful well optimization program and two new sustaining well pads being brought online. Sunrise production was 52,100 bbls/d compared with 53,100 bbls/d in the fourth quarter. Production from the Lloydminster thermal assets increased to 109,900 bbls/d from 108,900 bbls/d in the prior quarter, while Lloydminster conventional heavy oil output rose to 21,800 bbls/d from 18,000 bbls/d in the fourth quarter. Production in the Conventional segment was 123,900 BOE/d, up from 117,800 BOE/d in the previous quarter.

    In the Offshore segment, production was 68,800 BOE/d compared with 69,700 BOE/d in the fourth quarter. In Asia Pacific, production volumes were 57,200 BOE/d, lower than 62,200 BOE/d in the previous quarter, primarily due to timing of condensate lifting in Indonesia in the first quarter. In the Atlantic region, production was 11,600 bbls/d, an increase from 7,500 bbls/d in the prior quarter, due to increased output at the partner-operated Terra Nova field and the return to operations of the SeaRose floating production, storage and offloading (FPSO) vessel in the White Rose field.

    Total Downstream crude throughput in the first quarter was 665,400 bbls/d, in line with fourth quarter throughput of 666,700 bbls/d. Crude throughput in Canadian Refining was 111,900 bbls/d, representing a record utilization rate of 104%, compared with 104,400 bbls/d in the previous quarter.

    In U.S. Refining, crude throughput was 553,500 bbls/d, representing a utilization rate of 90%, compared with 562,300 bbls/d in the fourth quarter. U.S. Refining revenues were $6.4 billion, slightly lower than $6.6 billion in the previous quarter. Adjusted market capture6 in the U.S. was 62%, compared with 52% in the fourth quarter, benefiting from improved process unit reliability and the return of the Lima Refinery to full operations following a turnaround completed in the fourth quarter of 2024, while continuing to be impacted by a narrow heavy oil price differential.

    4Non-GAAP financial measure. Total operating margin is the total of Upstream operating margin plus Downstream operating margin. See Advisory.
    5Specified financial measure. See Advisory.
    6Contains a non-GAAP financial measure. See Advisory.


    Financial

    Cash from operating activities in the first quarter was $1.3 billion, compared with $2.0 billion in the fourth quarter. Adjusted funds flow was $2.2 billion, compared with $1.6 billion in the prior quarter, and excess free funds flow (EFFF) was $373 million, compared with a shortfall of $416 million in the fourth quarter. Net earnings in the first quarter were $859 million, compared with $146 million in the previous quarter. First-quarter financial results improved in part due to higher benchmark prices, higher Upstream sales volumes and improved Downstream market capture relative to the fourth quarter.

    Long-term debt, including the current portion, was $7.5 billion as at March 31, 2025. Net debt increased from December 31, 2024 to $5.1 billion as at March 31, 2025, as free funds flow of $983 million was more than offset by returns to shareholders of $595 million, including the redemption of $200 million of Cenovus’s Series 5 preferred shares on March 31, 2025, and a $861 million build of non-cash working capital. The company continues to steward toward net debt of $4.0 billion and returning 100% of EFFF to shareholders over time in accordance with its financial framework.

    In the first quarter of 2025, the company received a rating upgrade from Moody’s to Baa1 with a stable outlook. Cenovus remains committed to maintaining its investment grade credit ratings at S&P Global Ratings, Moody’s, Morningstar DBRS and Fitch Ratings.

    Growth projects

    In the Oil Sands segment, steaming of the first two well pads in the Narrows Lake field began in late April. The project remains on track for first oil early in the third quarter of 2025, as planned. At Sunrise, one well pad was brought online in April as the company continues to progress the facility’s growth plan to access higher-quality resource and fully utilize the asset’s steam capacity. The optimization project at Foster Creek is now approximately 75% complete and remains on schedule for startup in 2026. Preparations are being made to complete critical project tie-ins during the Foster Creek turnaround in the second quarter of 2025.

    The West White Rose project continues to progress toward installation and commissioning of the offshore platform later this year. Preparations are underway to tow the CGS to its field location in the second quarter, where it will be mated with the topsides in the third quarter. The West White Rose project is now approximately 90% complete and remains on-schedule for first oil in the second quarter of 2026.

    “These oil sands growth projects access some of the best resources in our portfolio,” McKenzie said. “At both Narrows Lake and Sunrise, we’re moving into new higher-quality development areas, which will drive lower steam-to-oil ratios and increased production without adding any new steam capacity and at a low capital cost. Once the West White Rose project is operating, we’ll be adding around 45,000 bbls/d of light sweet oil production tied to global pricing, generating significant free cash flow.”

    Dividend declarations and share purchases

    The Board of Directors has declared a quarterly base dividend of $0.20 per common share, payable on June 30, 2025, to shareholders of record as of June 13, 2025.

    In addition, the Board has declared a quarterly dividend on each of the Cumulative Redeemable First Preferred Shares – Series 1, Series 2 and Series 7 – payable on June 30, 2025, to shareholders of record as of June 13, 2025, as follows:

    Preferred shares dividend summary

    Share series Rate (%) Amount ($/share)
    Series 1 2.577 0.16106
    Series 2 4.568 0.28472
    Series 7 3.935 0.24594

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

    In the first quarter, the company returned $595 million to shareholders, composed of $62 million from its purchase of 3 million shares through its normal course issuer bid (NCIB), $333 million through common and preferred share dividends and $200 million through the redemption of Cenovus’s Series 5 preferred shares. Subsequent to the quarter, the company purchased 10.9 million common shares through May 5, 2025 for $178 million.

    2025 planned maintenance

    The following table provides details on planned maintenance activities at Cenovus assets in 2025 and anticipated production or throughput impacts.

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

    (MBOE/d or Mbbls/d) Q2 Q3 Q4 Annualized impact
    Upstream
    Oil Sands 30 – 40 5 – 7 – 10 – 12
    Offshore – 4 – 6 – 1 – 2
    Conventional – – – –
    Downstream
    Canadian Refining – – – –
    U.S. Refining 35 – 45 2 – 4 6 – 10 13 – 17


    Potential turnaround expenses

    ($ millions) Q2 Q3 Q4 Annualized impact
    Downstream
    Canadian Refining – – – –
    U.S. Refining 240 – 295 80 – 95 40 – 50 440 – 520

    Conference call today

    Cenovus will host a conference call today, May 8, 2025, starting at 9 a.m. MT (11 a.m. ET).

    For analysts wanting to join the call, please register in advance at Conference call registration.

    To participate in the live conference call, you must complete the online registration form in advance of the conference call start time. Register ahead of time to receive a unique PIN to access the conference call via telephone. Once registered, participants can dial into the conference call from their telephone via the unique PIN or click on the “Call Me” option to receive an automated call directly on their telephone.

    An audio webcast will also be available and archived for approximately 30 days.

    Cenovus will also host its Annual Meeting of Shareholders today, May 8, 2025, in a virtual format beginning at 1 p.m. MT (3 p.m. ET). The webcast link to the Shareholders Meeting is available under Shareholder information in the Investors section of cenovus.com.

    Advisory

    Basis of Presentation

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

    Barrels of Oil Equivalent

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

    Product types

    Product type by operating segment Three months ended
    March 31, 2025
    Oil Sands
    Bitumen (Mbbls/d) 602.5
    Heavy crude oil (Mbbls/d) 21.8
    Conventional natural gas (MMcf/d) 11.4
    Total Oil Sands segment production (MBOE/d) 626.2
    Conventional
    Light crude oil (Mbbls/d) 5.2
    Natural gas liquids (Mbbls/d) 20.5
    Conventional natural gas (MMcf/d) 589.3
    Total Conventional segment production (MBOE/d) 123.9
    Offshore
    Light crude oil (Mbbls/d) 11.6
    Natural gas liquids (Mbbls/d) 9.3
    Conventional natural gas (MMcf/d) 287.2
    Total Offshore segment production (MBOE/d) 68.8
    Total Upstream production (MBOE/d) 818.9


    Forward‐looking Information

    This news release contains certain forward‐looking statements and forward‐looking information (collectively referred to as “forward‐looking information”) within the meaning of applicable securities legislation about Cenovus’s current expectations, estimates and projections about the future of the company, based on certain assumptions made in light of the company’s experiences and perceptions of historical trends. Although Cenovus believes that the expectations represented by such forward‐looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Forward‐looking information in this document is identified by words such as “anticipate”, “continue”, “deliver”, “drive”, “plan”, “position”, “progress”, “steward”, and “will” or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: Net Debt; returning Excess Free Funds Flow to shareholders; navigating market volatility and growing shareholder returns; financial discipline and cost control; growth plans and projects; delivering long-term shareholder value; production guidance; the optimization project and turnaround at Foster Creek; timing of first oil at Narrows Lake; timing of well pads and first oil at Sunrise; the installation and commissioning of, and timing of first oil from, the West White Rose project; free cash flow; 2025 planned maintenance; and dividend payments.

    Developing forward‐looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Cenovus and others that apply to the industry generally. The factors or assumptions on which the forward‐looking information in this news release are based include, but are not limited to: the allocation of free funds flow; commodity prices, inflation and supply chain constraints; Cenovus’s ability to produce on an unconstrained basis; Cenovus’s ability to access sufficient insurance coverage to pursue development plans; Cenovus’s ability to deliver safe and reliable operations and demonstrate strong governance; and the assumptions inherent in Cenovus’s 2025 corporate guidance available on cenovus.com.

    The risk factors and uncertainties that could cause actual results to differ materially from the forward‐looking information in this news release include, but are not limited to: the accuracy of estimates regarding commodity production and operating expenses, inflation, taxes, royalties, capital costs and currency and interest rates; risks inherent in the operation of Cenovus’s business; and risks associated with climate change and Cenovus’s assumptions relating thereto and other risks identified under “Risk Management and Risk Factors” and “Advisory” in Cenovus’s Management’s Discussion and Analysis (MD&A) for the year ended December 31, 2024.

    Except as required by applicable securities laws, Cenovus disclaims any intention or obligation to publicly update or revise any forward‐looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned that the foregoing lists are not exhaustive and are made as at the date hereof. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward‐looking information. For additional information regarding Cenovus’s material risk factors, the assumptions made, and risks and uncertainties which could cause actual results to differ from the anticipated results, refer to “Risk Management and Risk Factors” and “Advisory” in Cenovus’s MD&A for the periods ended December 31, 2024 and March 31, 2025 and to the risk factors, assumptions and uncertainties described in other documents Cenovus files from time to time with securities regulatory authorities in Canada (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and Cenovus’s website at cenovus.com).

    Specified Financial Measures

    This news release contains references to certain specified financial measures that do not have standardized meanings prescribed by IFRS Accounting Standards. Readers should not consider these measures in isolation or as a substitute for analysis of the company’s results as reported under IFRS Accounting Standards. These measures are defined differently by different companies and, therefore, might not be comparable to similar measures presented by other issuers. For information on the composition of these measures, as well as an explanation of how the company uses these measures, refer to the Specified Financial Measures Advisory located in Cenovus’s MD&A for the period ended March 31, 2025 (available on SEDAR+ at sedarplus.ca, on EDGAR at sec.gov and on Cenovus’s website at cenovus.com) which is incorporated by reference into this news release.

    Upstream Operating Margin and Downstream Operating Margin

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

    Total Operating Margin

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

      Upstream (7) Downstream (7) Total
    ($ millions) Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q4 2024 Q1 2024
    Revenues
    Gross Sales 9,252 8,240 7,864 7,705 7,837 8,233 16,957 16,077 16,097
    Less: Royalties (906) (914) (747) — — — (906) (914) (747)
      8,346 7,326 7,117 7,705 7,837 8,233 16,051 15,163 15,350
    Expenses
    Purchased Product 1,167 1,000 771 7,082 7,364 6,885 8,249 8,364 7,656
    Transportation and Blending 3,247 2,816 2,811 — — — 3,247 2,816 2,811
    Operating 893 842 898 854 866 787 1,747 1,708 1,685
    Realized (Gain) Loss on Risk Management (9) (2) 6 6 3 1 (3) 1 7
    Operating Margin 3,048 2,670 2,631 (237) (396) 560 2,811 2,274 3,191

    7Found in the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements. Revenues and purchased product for Q1 2024 Downstream operations were revised. See Note 21 of our March 31, 2025, interim Consolidated Financial Statements.


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

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

      Three Months Ended
    ($ millions) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Cash From (Used in) Operating Activities (8) 1,315 2,029 1,925
    (Add) Deduct:      
    Settlement of Decommissioning Liabilities (36) (64) (48)
    Net Change in Non-Cash Working Capital (861) 492 (269)
    Adjusted Funds Flow 2,212 1,601 2,242
    Capital Investment 1,229 1,478 1,036
    Free Funds Flow 983 123 1,206
    Add (Deduct):      
    Base Dividends Paid on Common Shares (327) (330) (262)
    Purchase of Common Shares under Employee Benefit Plan (58) (43) —
    Dividends Paid on Preferred Shares (6) (18) (9)
    Settlement of Decommissioning Liabilities (36) (64) (48)
    Principal Repayment of Leases (83) (80) (70)
    Acquisitions, Net of Cash Acquired (100) (3) (10)
    Proceeds From Divestitures — (1) 25
    Excess Free Funds Flow 373 (416) 832

    8Found in the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements.


    Adjusted Market Capture

    Adjusted market capture contains a non-GAAP financial measure and is used in the company’s U.S. Refining segment to provide an indication of margin captured relative to what was available in the market based on widely-used benchmarks. Cenovus defines adjusted market capture as refining margin, net of holding gains and losses, divided by the weighted average 3-2-1 market benchmark crack, net of RINs, expressed as a percentage. The weighted average crack spread, net of RINs, is calculated on Cenovus’s operable capacity-weighted average of the Chicago and Group 3 3-2-1 benchmark market crack spreads, net of RINs.

    The company previously disclosed market capture which did not exclude the effect of inventory holding gains or losses. Cenovus replaced market capture with adjusted market capture to exclude the impact of inventory holding gains or losses. The company believes this metric provides more comparability and accuracy when measuring the cash generating performance of our downstream operations. Comparative periods were revised to conform with our current presentation.

    ($ millions) Three months ended
    March 31, 2025    		 Three months ended
    December 31, 2024
    Revenues (9) 6,423 6,574
    Purchased Product (9) 6,006 6,296
    Gross Margin 417 278
    Inventory Holding (Gain) Loss 23 45
    Adjusted Gross Margin 440 323
    Total Processed Inputs (Mbbls/d) 581.0 588.4
    Adjusted Gross Margin ($/bbl) 8.41 5.98
    Operable Capacity (Mbbls/d) 612.3 612.3
    Operable Capacity by Regional Benchmark (percent)
    Chicago 3-2-1 Crack Spread Weighting 81 81
    Group 3 3-2-1 Crack Spread Weighting 19 19
    Benchmark Prices and Exchange Rate
    Chicago 3-2-1 Crack Spread (US$/bbl) 13.68 12.12
    Group 3 3-2-1 Crack Spread (US$/bbl) 16.48 12.66
    RINs (US$/bbl) 4.76 4.02
    US$ per C$1 – Average 0.697 0.715
    Weighted Average Crack Spread, Net of RINs ($/bbl) 13.58 11.47
    Adjusted Market Capture (percent) 62 52

    9Found in Note 1 of the March 31, 2025, or the December 31, 2024, interim Consolidated Financial Statements.


    Cenovus Energy Inc.

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

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