Category: Energy

MIL-OSI Asia-Pac: DRDO & Indian Navy conduct combat firing (with reduced explosive) of indigenous Multi-Influence Ground Mine

Source: Government of India

Posted On: 05 MAY 2025 8:19PM by PIB Delhi

Defence Research and Development Organisation (DRDO) and Indian Navy have successfully undertaken combat firing (with reduced explosive) of the indigenously designed and developed Multi-Influence Ground Mine (MIGM). The system is an advanced underwater naval mine developed by the Naval Science & Technological Laboratory, Visakhapatnam in collaboration with other DRDO laboratories – High Energy Materials Research Laboratory, Pune and Terminal Ballistics Research Laboratory, Chandigarh.

MIGM is designed to enhance the Indian Navy’s capabilities against modern stealth ships and submarines. Bharat Dynamics Limited, Visakhapatnam and Apollo Microsystems Limited, Hyderabad are the production partners for the system.

Complimenting DRDO, Indian Navy and the Industry, Raksha Mantri Shri Rajnath Singh stated that the system will further enhance undersea warfare capabilities of the Indian Navy.

Secretary, Department of Defence R&D and Chairman DRDO Dr Samir V Kamat said, with this validation trial, the system is now ready for induction into the Indian Navy.

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SR/Savvy

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MIL OSI Asia Pacific News –

May 6, 2025
MIL-OSI Asia-Pac: Dr. Jitendra Singh Reviews DST Projects, Calls for AI led innovations, Support for Deep-Tech Startups

Source: Government of India

Dr. Jitendra Singh Reviews DST Projects, Calls for AI led innovations, Support for Deep-Tech Startups

Minister Champions India’s Own AI Open Stack to Propel Nation into Global Science Leadership

Dr. Jitendra Singh Urges ANRF to Help Medical Colleges Set Up Research Parks to Boost Clinical Innovation

Posted On: 05 MAY 2025 4:53PM by PIB Delhi

Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh on Monday chaired a comprehensive review of the Department of Science and Technology (DST), calling for bold new directions in science-driven growth, including AI-led innovations, deep tech StartUps and enhanced infrastructure sharing.

The meeting saw the Minister focus particularly on the evolving role of the newly constituted Anusandhan National Research Foundation (ANRF), as well as ongoing national missions like the Geospatial initiative.

Dr. Jitendra Singh held detailed discussions with Prof. Abhay Karandikar, ANRF’s newly appointed CEO, Dr. Shivkumar Kalyanaraman and other senior officials of the Ministry. During the meeting, Dr. Kalyanaraman presented an ambitious vision for the ANRF, promising catalytic funding mechanisms, deep integration with private industry, and strategic missions modeled on globally successful institutions such as the National Science Foundation (NSF) and DARPA.

In a significant step aimed at boosting indigenous innovation, ANRF is preparing to launch a “Small Business Deep Tech Innovation” programme, which will empower startups and MSMEs to scale breakthrough technologies for real-world applications.

Recognizing the need to better utilize existing national research infrastructure, the Minister reviewed ANRF’s plan to create a “Cloud of Research and Innovation Infrastructure,” a digital platform that would offer deep-tech startups and academic institutions access to underused scientific equipment and facilities across the country. This move is expected to democratize research capabilities, especially for smaller players who often lack access to high-end lab tools.

Among the major scientific thrusts discussed, the ANRF’s “AI-for-Science” initiative took centre stage. The programme aims to leverage artificial intelligence to accelerate discoveries in physics, chemistry, and biology by using machine learning to model complex scientific equations.

The Minister directed the ANRF leadership to kickstart a few select projects under this initiative and demonstrate tangible outcomes in the near term. He also encouraged the CEO to engage with university Vice Chancellors to raise awareness about the ANRF mission and opportunities for collaboration.

In another key direction, Dr. Jitendra Singh asked the ANRF to explore the possibility of helping medical colleges establish their own medical research parks — a move that could boost clinical innovation and local biotech entrepreneurship. The Minister further underscored the importance of building an indigenous “India AI Open Stack” — a foundational AI architecture embedded with science and engineering models tailored for Indian researchers. This, he noted, could position India as a global frontrunner in AI-driven scientific applications.

Dr. Jitendra Singh also revisited the concept of “deep science-to-deep tech acceleration,” urging the ANRF to focus on converting academic research — such as publications and patents — into commercial technologies. He emphasized the need for partnerships with top-tier industry players and the creation of venture-builder models to ensure that discoveries don’t remain confined to laboratories.

The Minister concluded by asking the ANRF to prioritize key areas of national relevance, including climate forecasting, material science, aerospace, biochemistry, and drug development. He stressed that the time has come for India to move from isolated innovation to a more integrated, impact-driven ecosystem that links research, startups, and industry.

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NKR/PSM

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MIL OSI Asia Pacific News –

May 6, 2025
MIL-OSI USA: Heinrich, Luján Statement on President Trump’s 2026 Budget Request

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)
Heinrich and Luján: “Donald Trump and Elon Musk’s budget will further tank the economy and throw working families under the bus. As New Mexico’s senators, we’ll fight back”
WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Appropriations Committee, and U.S. Senator Ben Ray Luján (D-N.M.) released the following statement onPresident Trump’s Fiscal Year 2026 (FY26) Preliminary Budget Request, which proposes slashing critical investments that benefit New Mexico families to fund massive tax cuts for billionaires like Elon Musk:
“Donald Trump’s budget doesn’t put New Mexico families first — it jeopardizes Medicaid and slashes nutrition programs and services hardworking people rely on, all to fund massive tax handouts to Trump, Elon Musk, and their billionaire donors.
“This proposal would drive up the cost of health care, groceries, housing, and utilities; gut public school and pre-K funding; defund cancer research; weaken law enforcement’s ability to fight drug trafficking; and strip resources from wildland firefighters, farmers, Tribes, and rural communities. It also threatens our public lands — paving the way for Republicans’ massive sell-off.
“Donald Trump and Elon Musk’s budget will further tank the economy and throw working families under the bus. As New Mexico’s senators, we’ll fight back — to protect Medicaid and Social Security, defend every dollar we’ve secured for our communities, and keep putting New Mexico families first.”
Among all of his proposed cuts, President Trump’s Fiscal Year 2026 (FY26) Preliminary Budget Request:
HEALTH:
Slashes funding for the U.S. Department of Health and Human Services (HHS) by $33 billion (-26%).
Slashes funding for the Centers for Medicare and Medicaid Services (CMS) by $674 million. CMS helps ensure over 100 million Americans have access to affordable, high-quality health insurance by overseeing Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), and Affordable Care Act marketplaces.
Cuts funding for the National Institutes of Health (NIH) by $18 billion or more than 40% — decimating funding for lifesaving medical treatments and cures.
Decimates funding for the Centers for Disease Control and Prevention (CDC) by cutting $3.6 billion — hollowing out the agency’s ability to save lives and protect Americans from health threats.
Guts funding for substance use prevention and treatment and mental health services by $1 billion (roughly –15%) and eliminates the Substance Abuse and Mental Health Services Administration — the agency with expertise in tackling the substance use and mental health crises.
Eliminates the Title X program, which helps nearly 3 million patients get preventative care, birth control, cancer screenings, and more in every state.
EDUCATION:
Guts funding for the U.S. Department of Education by $12 billion (-15%).
Eliminates all funding for Preschool Development Grants, which help states strengthen their early childhood education system and get parents the child care and pre-K they need.
Eliminates and cuts dozens of elementary and secondary education programs (the vast majority of which are not specified), underscoring that President Trump’s vision for returning education to the states means state and local taxpayers will pay more to support students and educators at their local schools as a result of major cuts in federal funding.
Eliminates several higher education programs, including TRIO, GEAR UP, Federal Work Study, Child Care Access Means Parents in Schools (CCAMPIS), and more, which help Americans pursue a postsecondary education and further their careers.
Slashes funding for the U.S. Department of Labor by $4.6 billion (-35%).
Proposes to “Make America Skilled Again” by cutting workforce training programs that help Americans develop skills and secure good-paying jobs by roughly a third.
Eliminates Job Corps and the Senior Community Service Employment Program.
Eliminates AmeriCorps, which enables over 200,000 Americans to help serve communities across the country, including by responding to natural disasters, supporting veterans, fighting the opioid epidemic, helping older Americans age with dignity, and working in our schools, educating and supporting students.
HOUSING:
Eviscerates the U.S. Department of Housing and Urban Development (HUD) with a 43.6% cut.
Slashes HUD rental assistance programs by 42.8% while foisting responsibility over those programs onto state and local governments. Over 10 million Americans rely on HUD rental assistance, the vast majority of whom are seniors, people with disabilities, and children. This will rip the roofs off Americans’ heads and put even more families at risk of homelessness.
Eliminates or cuts federal programs most targeted to build more affordable housing and address this country’s housing supply shortage, including in Tribal country.
Eliminates the Community Development Block Grant that cities and towns across the country use to improve the quality of life for their citizens every day.
PUBLIC SAFETY:
Slashes the U.S. Department of Justice’s (DOJ) budget by at least $3.7 billion (-10%).
Guts funding for grants to help keep communities safe by over $1 billion (-26%).
Cuts funding for Federal Bureau of Investigation (FBI) salaries and expenses by $545 million (-5%), endangering Americans’ safety.
Cuts funding for Drug Enforcement Agency (DEA) salaries and expenses by $212 million (-7%), weakening the agency’s capacity to crack down on drug trafficking. Also proposes shuttering major DEA offices in countries around the world, noting that those countries “are equipped to counter drug trafficking on their own.”
Cuts funding for the Bureau of Alcohol, Tobacco, Firearms and Explosives’ (ATF) salaries and expenses by $468 million (-29%) as part of the administration’s ongoing attempt to dismantle the agency in charge of enforcing our country’s gun laws.
Cuts $1.386 billion (-22%) from the U.S. Forest Service, gutting grant funding for state and Tribal wildfire risk reduction, volunteer fire departments, and much more. The proposal would cut at least 2,000 National Forest System staff positions, which will severely harm the administration’s stated goals of improving forest management.
Cuts funding for International Narcotics Control and Law Enforcement account by $1.3 billion (-91%) which helps prevent human trafficking, stop drug trafficking, and much more, with direct implications for American communities.
Proposes a reckless $209 million cut for NOAA’s weather satellites, which play a critical role in ensuring Americans have accurate weather forecasting and will result in a gap in observations when the current satellites retire early in the next decade.
NUTRITION:
Eliminates the Commodity Supplemental Food Program, which provides food assistance to low-income individuals 60 years of age and older to supplement diets and addressing potential nutrient deficiencies. The preliminary budget request does not mention any of the other 16 Nutrition Programs, including WIC, The Emergency Food Assistance Program (TEFAP), and the National School Lunch Program.
PUBLIC LANDS:
Cuts $900 million (- 30%) from National Park Service operations, abandoning national parks the administration says should now be transferred to the states, while providing no funding for states to manage massive new obligations that such a dramatic move would entail. This would incentivize states to sell off public lands to the highest bidder, threatening valued open space and areas of natural and historical value to local communities.
AGRICULTURE:
Guts funding for agricultural research, which is critical to ensuring American agriculture is competitive with the rest of the world and provides key resources to help farmers and ranchers prepare and adapt in an uncertain environment. Zeroes out foreign food aid that supports American farmers and is a lifeline for people living in extreme poverty across the world.
TRIBES:
Slashes $911 million (-24%) for core Tribal programs that uphold the federal government’s legally-obligated and court-ordered trust and treaty responsibilities to Tribal nations.
Decimates core Tribal programs, including road maintenance, housing, and programs for children and families.
Nearly eliminates funding for construction of Tribal schools, which are already too often dilapidated, and cuts Tribal law enforcement funding by 20%.
RURAL COMMUNITIES:
Slashes investments in core Rural Development programs by $721 million, including investments in safe drinking water, affordable housing, and resources to bolster the rural economy.
Cuts funding for the U.S. Department of Commerce by $1.9 billion (-18%). Outright eliminates the U.S. Economic Development Administration (EDA), which helps economically distressed communities across America get ahead.
Eliminates all Community Services Block Grant funding ($770 million) for community-based anti-poverty programs that help individuals and families access services to alleviate the causes of poverty.
Eliminates funding to 27 states by zeroing out funding for 6 of 7 regional commissions, which provide grants in economically distressed communities for disaster mitigation, opioid crisis support programming, workforce training, and much more. This includes eliminating the Southwest Border Regional Commission (SBRC).
The Southwest Border Regional Commission (SBRC) is one of eight authorized federal regional commissions and authorities, which are congressionally-chartered, federal-state partnerships created to promote economic development in their respective regions. Congress first authorized the establishment of the SBRC in 2008 to promote economic development in the southern border regions of New Mexico, Arizona, California, and Texas.
Last year, Heinrich secured an expansion of the SBRC’s jurisdiction to include the following counties in New Mexico: Bernalillo, Cibola, Curry, De Baca, Guadalupe, Roosevelt, Torrance, Lea, and Valencia. These are in addition to Catron, Grant, Hidalgo, Luna, Sierra, Socorro, Lincoln, Otero, Eddy, Doña Ana, and Chaves Counties in New Mexico, which are already included within the SBRC’s jurisdiction.
In 2023, Heinrich led the introduction of the Southwest Border Regional Commission Reauthorization Act, legislation to reauthorize and fully fund the Southwest Border Regional Commission (SBRC). The bill was cosponsored by U.S. Senators Ben Ray Luján (D-N.M.), Mark Kelly (D-Ariz.), Alex Padilla (D-Calif.), and former-U.S. Senators Kyrsten Sinema (I-Ariz.), and Laphonza Butler (D-Calif.).
INFRASTRUCTURE:
Cuts funding for the U.S. Bureau of Reclamation by $600 million (-34%), gutting investments in key restoration projects.
Cuts funding for the U.S. Army Corps of Engineers by $2 billion (-23%), slashing funding used to maintain our nation’s ports and harbors.
Cuts funding for Federal Emergency Management Agency (FEMA) non-disaster grants that help communities prepare for disasters, support efforts to prevent violence and terrorism, prepare emergency responders, and more.
Eliminates funding for the Corporation for Public Broadcasting, ending support for more than 1,500 local public television and radio stations.
Eliminates funding for the Institute of Museum and Library Services and the support provided to libraries and museums throughout the United States.
Cuts funding for the U.S. Environmental Protection Agency (EPA) by more than half by abandoning state and Tribal programs that build and maintain drinking water and sewer systems, starving states of longstanding federal funding provided to pay for states’ work enforcing federal laws, and decimating funding for cleaning up toxic Superfund sites. The request would also effectively eliminate research funding used to better understand the impacts on human health from polluted air and water and from toxic chemicals.
ENERGY:
Slashes funding for the Department of Energy overall by $4.7 billion (-9.4%).
Guts funding for Energy Efficiency and Renewable Energy programs by $2.572 billion (-74%) and proposes to rescind $15.25 billion from Infrastructure Law energy programs, which will raise energy costs for American consumers by halting vital innovation and energy projects.
Eliminates the Low Income Home Energy Assistance Program (LIHEAP), which helps 6 million American households heat and cool their homes.
ECONOMIC DEVELOPMENT:
Slashes funding for the Small Business Administration’s (SBA) Entrepreneurial Development Programs by $167 million, proposing the elimination of nearly all programs, including programs that support veterans as they work to start and grow a small business.
Eliminates $291 million in funding for all current Community Development Financial Institutions (CDFI) financial assistance awards, which help leverage private capital to support the development of child care centers, housing, health care facilities, and small businesses. Since 2010, CDFIs have financed over 1.3 million businesses and 557,000 affordable homes.
Completely eliminates the National Endowment for the Arts and the National Endowment for the Humanities, which provide funding for every state and every congressional district for cultural economic development and the creative economy.
Guts funding for the National Oceanic and Atmospheric Administration (NOAA) by $1.5 billion, which would eliminate all manner of programs that create good jobs, help local economies, and support ocean research, health, and coastal resilience.
More than halves funding for the National Science Foundation (NSF) with a $5.2 billion (-57%) cut. Cuts funding for the Department of Energy’s Office of Science by $1.148 billion (-14%). Together, these proposed cuts would decimate America’s edge in essential scientific research that would otherwise drive future economic growth.
FOREIGN ASSISTANCE:
Guts funding for the U.S. Department of State and America’s international security, economic, and humanitarian assistance programs by $31.2 billion (-48%).
Cuts funding for lifesaving and other humanitarian assistance by $4.7 billion (-54%), which will lead to preventable deaths and suffering across the globe, and threaten Americans’ safety and well-being by undercutting our efforts to stop disease outbreaks and prevent conflict. A cut of this magnitude will also lead to more migration of people fleeing poverty, conflict, and natural disasters.
Slashes economic growth and development funding across multiple agencies and accounts by $6 billion (67%) and proposes the final dissolution of the U.S. Agency for International Development (USAID).
Guts funding for global health initiatives by $6.2 billion (-62%).
Reneges on our treaty dues for the United Nations (U.N.), U.N. Peacekeeping operations, and a majority of other international organizations.
SPACE EXPLORATION:
Cuts National Aeronautics and Space Administration (NASA) funding by $6 billion (-24%), the largest single-year cut to NASA in U.S. history, which would mark an incredible retreat for American leadership and ambition in space. Terminates the Artemis Campaign to establish a human presence on the Moon after the Artemis III mission. Slashes funding for the Science Mission Directorate by $3.43 billion (-47%), which would cancel numerous current and planned missions to better understand our universe, solar system, and Earth.

MIL OSI USA News –

May 6, 2025
MIL-OSI USA: Griffith Statement on President Trump Executive Order Targeting Gain-of-Function Research

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

U.S. President Donald J. Trump signed an Executive Order to halt U.S. federal funding of gain-of-function research in overseas countries, like China and Iran, without proper oversight measures. In response to the Executive Order, U.S. Congressman Morgan Griffith (R-VA) issued the following statement:

“President Trump’s decisive action against gain-of-function research is a significant step towards greater government agency accountability. While this news is welcomed by many who have closely investigated COVID-19 origins, I believe future congressional action is essential to monitoring gain-of-function research of concern, reforming our public health agencies and protecting American life from risky experiments that involve dangerous virus transmission in humans.”

BACKGROUND

In the 118^th Congress, Rep. Griffith chaired the House Committee on Energy and Commerce Subcommittee on Oversight & Investigations.

Rep. Griffith chaired hearings on various issues, including but not limited to topics of biosafety and risky research.

Rep. Griffith was the lead Energy and Commerce Member in numerous forums with public health officials that were in various leadership positions during the outbreak of COVID-19, including working closely with the Select Subcommittee on the Coronavirus Pandemic.

During this time, Chairman Griffith participated in closed-door transcribed interviews questioning former National Institute of Allergy and Infectious Diseases (NIAID) Director Dr. Anthony Fauci and questioning former National Institutes of Health (NIH) Director Dr. Frances Collins.

Rep. Griffith was also a key figure in examining EcoHealth Alliance President Dr. Peter Daszak.

EcoHealth is the company that received grants from NIAID which in turn gave subgrants to the Wuhan Institute of Virology to conduct research on Coronavirus evolution and transmission.

Because of questions asked by Rep. Griffith related to significant inconsistencies and delays in required reports, among others, the U.S. Department of Health and Human Services recently announced that Dr. Daszak and EcoHealth Alliance would be debarred for five years, cutting them off from U.S. federal funding.

In January of 2025, the Wall Street Journal reported that President Trump was considering an Executive Order to halt federal funding to gain-of-function research. In response, Rep. Griffith called on President Trump to scrutinize the country’s national gain-of-function research policy.

Some of Rep. Griffith’s e-newsletters on these topics can be found here and here.

In March, Rep. Griffith introduced the Risky Research Review Act and the Royalty Transparency Act to rein in the federal health bureaucracy.

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MIL OSI USA News –

May 6, 2025
MIL-OSI USA: ICYMI: Beyer Fights For Feds

Source: United States House of Representatives – Representative Don Beyer (D-VA)

As Elon Musk and the Trump Administration expand their chaotic assault on the federal government and the workers and contractors who deliver its essential services to the American people, Northern Virginia Congressman Don Beyer continues to fight for civil servants who devote their careers to making this country stronger.

On Thursday, Beyer announced the introduction of two bills to rehire federal workers fired by Trump and Musk, and to protect them from future civil service purges. On Saturday, Beyer hosted a jobs fair for federal workers with 40 companies, organizations, and other employers; attendance dwarfed expectations, with over 2,400 people ultimately participating in the event.

Additional coverage from local news outlets:

Government Executive: “Federal Employees Removed By Trump Would Have Easier Pathway Back To Government Service Under Democratic Bill”

“Rep. Don Beyer, D-Va., who represents more than 72,000 federal workers, is introducing legislation to make it easier for government employees removed under the Trump administration to rejoin agencies and to deter a future president from undertaking a mass firing of the workforce.

“The Restoring Employment and Hiring Incentives for Removed Employees (REHIRE) Act would deem any federal employee who was involuntarily removed during the period between Jan. 1, 2025, and Jan. 1, 2027, as preference eligible for competitive service appointments, a special candidate consideration in the federal hiring process normally afforded to veterans or their family members.”

WUSA9: ‘I’m Ready To Work Seven Days A Week, Ten-Hour Days’ | Fired Federal Workers Flock To Alexandria Job Fair

“Fired federal workers arrived at George Washington Middle School in Alexandria on Saturday, looking for their next career. A job fair hosted by Virginia Congressman Don Beyer featured more than 40 employers ready to hire now.

…

“I think it tells you just how many people have been impacted by cuts already, or how many people are fearful that cuts may be coming to their positions,” said City of Alexandria Mayor Aliya Gaskins. “That’s huge for Alexandria, where we have over 16,000 residents who are federal workers.”

“Everyone at the job fair, like Marianne Carliez, wished they didn’t have to be.

“I’m this far away from cleaning houses so I can pay my mortgage,” said Carliez, whose career in foreign aid was cut short in January when federal cuts began. “It’s been 25 years of working hard, and I miss working. That’s just, that’s all I want. I want to work.”

“Beyer organized the job fair for Carliez and the thousands of people in a similar situation.”

Black Virginia News: Congressman Beyer’s job fair to assist federal workers and contractors will easily hit over 2,000 people

WJLA7: New Bill Would Rehire Fired Federal Workers And Reform Probationary Period Rules

“A group of House Democrats led by Northern Virginia Rep. Don Beyer has introduced two pieces of legislation aimed at rehiring and protecting federal workers.

…

“The second bill, the PREP Act, aims to reform the probationary process for federal employees, impacting both new hires and those with new jobs or recent promotions.”

ALXnow: City Of Alexandria Teams Up With Congressman Beyer For Federal Worker Job Fair On May 3

“The event aims to connect job seekers with more than 40 companies and organizations looking to hire. Recruiters and hiring managers from various fields, including healthcare, IT, local government, military, consumer electronics, accounting and finance, and federal government professional services, will be there.”

The Zebra: Beyer Sponsoring Job Fair for Federal Workers, Contractors

“This fair is specifically for federal workers and contractors who have lost their jobs in recent months. “Every day, I’m hearing from so many of my constituents who have been laid off – or are afraid that they may be the next to lose their jobs,” said Beyer in an email announcement.”

MIL OSI USA News –

May 6, 2025

MIL-OSI: Archrock Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 05, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today reported results for the first quarter 2025.

First Quarter 2025 and Recent Highlights

Revenue for the first quarter of 2025 was $347.2 million compared to $268.5 million in the first quarter of 2024.
Net income for the first quarter of 2025 was $70.9 million and EPS was $0.40, compared to $40.5 million and $0.26, respectively, in the first quarter of 2024.
Adjusted net income (a non-GAAP measure defined below) for the first quarter of 2025 was $74.5 million and adjusted EPS (a non-GAAP measure defined below) was $0.42, compared to $40.5 million and $0.26, respectively, in the first quarter of 2024.
Adjusted EBITDA (a non-GAAP measure defined below) for the first quarter of 2025 was $197.8 million compared to $131.0 million in the first quarter of 2024.
Announced acquisition of Natural Gas Compression Systems, Inc. (“NGCSI”) and NGCSE, Inc. (“NGCSE”) (collectively “NGCS”), which closed on May 1, 2025.
Declared a quarterly dividend of $0.19 per common share for the first quarter of 2025, approximately 15% higher compared to the first quarter of 2024, resulting in dividend coverage of 3.9x.
Raised full-year 2025 Adjusted EBITDA guidance to a range of $790 to $830 million.

Management Commentary and Outlook

“Our outstanding first quarter results were driven by solid execution and our operational transformation from prior and ongoing investments in our high-quality asset base and innovative processes and technology,” said Brad Childers, Archrock’s President and Chief Executive Officer. “We maintained record equipment utilization and, excluding asset sales, grew our operating fleet by over 70,000 horsepower. In addition, we delivered outstanding profitability in both business segments and maintained our sector-leading balance sheet, including a leverage ratio of 3.2x.

“Our excellent underlying business performance and financial strength have positioned us to participate in value-creating industry consolidation. The integration of Total Operations and Production Services is progressing as planned and during the first quarter, we also announced the strategic acquisition of NGCS. The addition of complementary, large horsepower and electric compression assets further enhances our earnings power and position as a premier provider of natural gas compression services.

“We believe our production-oriented business, high-graded operation and outstanding financial position provide us with differentiated cash flow stability. These factors, combined with our robust and committed backlog, give us good visibility into our outlook this coming year, even in the face of macroeconomic uncertainty.

“We are committed to our prudent and returns-based capital allocation approach. Our cash available for dividend coverage remains over 3.0x, we’ve repurchased approximately 977,000 shares totaling $22.7 million during 2025 and the Board of Directors approved an increase in the Company’s share repurchase program by an additional $50 million. We believe the growth in global natural gas demand continues to support infrastructure investment in the U.S., but we are prepared to take decisive action should production growth decelerate,” concluded Childers.

First Quarter 2025 Financial Results

Archrock’s first quarter 2025 net income of $70.9 million included transaction-related costs totaling $3.9 million, a non-cash long-lived and other asset impairment of $1.0 million, and restructuring charges of $0.7 million. Archrock’s first quarter 2024 net income of $40.5 million included a non-cash long-lived and other asset impairment of $2.6 million.

Adjusted EBITDA for the first quarter of 2025 and 2024 included $7.3 million and $2.4 million, respectively, in net gains related to the sale of compression and other assets.

Contract Operations

For the first quarter of 2025, contract operations segment revenue totaled $300.4 million, an increase of 35% compared to $223.1 million in the first quarter of 2024. Adjusted gross margin for the first quarter of 2025 was $210.6 million, up 45% from $145.3 million in the first quarter of 2024. Adjusted gross margin percentage for the first quarter of 2025 was 70%, compared to 65% in the first quarter of 2024. Total operating horsepower at the end of the first quarter of 2025 was 4.3 million, compared to 3.6 million at the end of the first quarter of 2024. Utilization at the end of the first quarter of 2025 was 96%, compared to 95% at the end of the first quarter of 2024.

Aftermarket Services

For the first quarter of 2025, aftermarket services segment revenue totaled $46.8 million, compared to $45.4 million in the first quarter of 2024. Adjusted gross margin for the first quarter of 2025 was $11.5 million, compared to $10.4 million in the first quarter of 2024. Adjusted gross margin percentage for the first quarter of 2025 was 25%, compared to 23% for the first quarter of 2024.

Balance Sheet

Long-term debt was $2.3 billion and our available liquidity totaled $589.9 million at March 31, 2025. Our leverage ratio was 3.2x as of both March 31, 2025 and 2024.

Shareholder Returns

Quarterly Dividend

Our Board of Directors recently declared a quarterly dividend of $0.19 per share of common stock, or $0.76 per share on an annualized basis. Dividend coverage in the first quarter of 2025 was 3.9x. The first quarter 2025 dividend will be paid on May 13, 2025 to stockholders of record at the close of business on May 6, 2025.

Share Repurchase Program

Year to date through May 1, 2025, Archrock repurchased 977,218 common shares at an average price of $23.22 per share, for an aggregate of approximately $22.7 million. Since April 2023, the Company has repurchased 2,460,418 common shares at an average price of $18.24 per share for an aggregate of $44.9 million.

The Board of Directors approved an increase in the Company’s share repurchase program by an additional $50 million through April 27, 2026, resulting in available capacity of $65.2 million as of May 1, 2025.

Updated 2025 Annual Guidance

Archrock is providing revised guidance for the full year 2025. The full-year 2025 guidance below incorporates eight months of the financial impact of the NGCS acquisition that closed on May 1, 2025.

(in thousands, except percentages, per share amounts, and ratios)

	Full Year 2025 Guidance
	Low			High
Net income^{(1) (2)}	$	245,000		$	285,000
Adjusted EBITDA⁽³⁾		790,000			830,000
Cash available for dividend⁽^{4) (5)}		480,000			495,000

Segment
Contract operations revenue	$	1,260,000		$	1,290,000
Contract operations adjusted gross margin percentage		69	%		71	%
Aftermarket services revenue	$	190,000		$	210,000
Aftermarket services adjusted gross margin percentage		22	%		24	%

Selling, general and administrative	$	149,000		$	144,000

Capital expenditures
Growth capital expenditures	$	330,000		$	370,000
Maintenance capital expenditures		110,000			120,000
Other capital expenditures		35,000			50,000

_______________⁽¹⁾2025 annual guidance for net income includes $1.0 million of long-lived and other asset impairment as of March 31, 2025, but does not include the impact of any such future costs, because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact adjusted EBITDA or cash available for dividend, however it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2024 and 2023 was $10.7 million and $12.0 million, respectively.
⁽²⁾Reflects an estimate of expenses incurred related to the acquisitions of Total Operations and Production Services, LLC (“TOPS”) and NGCS.
⁽³⁾Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽⁴⁾Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
⁽⁵⁾A forward-looking estimate of cash provided by operating activities is not provided because certain items necessary to estimate cash provided by operating activities, including changes in assets and liabilities, are not estimable at this time. Changes in assets and liabilities were $(25.8) million and $(28.0) million for the years 2024 and 2023, respectively.

Summary Metrics
(in thousands, except percentages, per share amounts and ratios)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Adjusted net income ⁽¹⁾	$	74,484		$	61,533		$	40,532
Adjusted EBITDA ⁽¹⁾	$	197,845		$	183,844		$	131,024

Contract operations revenue	$	300,397		$	286,466		$	223,051
Contract operations adjusted gross margin	$	210,598		$	200,245		$	145,308
Contract operations adjusted gross margin percentage		70	%		70	%		65	%

Aftermarket services revenue	$	46,766		$	39,950		$	45,437
Aftermarket services adjusted gross margin	$	11,509		$	9,054		$	10,437
Aftermarket services adjusted gross margin percentage		25	%		23	%		23	%

Selling, general, and administrative	$	37,207		$	42,234		$	31,665

Net cash provided by operating activities	$	115,628		$	124,338		$	137,702
Cash available for dividend⁽¹⁾	$	132,247		$	118,089		$	82,026
Cash available for dividend coverage ⁽²⁾		3.9	x		3.5	x		3.2	x

Adjusted free cash flow ⁽¹⁾	$	(48,403	)	$	68,945		$	51,779
Adjusted free cash flow after dividend ⁽¹⁾	$	(82,588	)	$	38,255		$	25,779

Total available horsepower (at period end) ⁽³⁾		4,461			4,401			3,780
Total operating horsepower (at period end) ⁽⁴⁾		4,283			4,227			3,593
Horsepower utilization spot (at period end) ⁽⁵⁾		96	%		96	%		95	%

_______________⁽¹⁾Management believes adjusted net income, adjusted EBITDA, cash available for dividend, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
⁽²⁾Defined as cash available for dividend divided by dividends declared for the period.
⁽³⁾Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
⁽⁴⁾Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
⁽⁵⁾Defined as total available horsepower divided by total operating horsepower at period end.

Conference Call Details

Archrock will host a conference call on May 6, 2025, to discuss first quarter 2025 financial results. The call will begin at 10:30 a.m. Eastern Time.

To listen to the call via a live webcast, please visit Archrock’s website at www.archrock.com. The call will also be available by dialing 1 (800) 715-9871 in the United States or 1 (646) 307-1963 for international calls. The access code is 4749623.

A replay of the webcast will be available on Archrock’s website for 90 days following the event.

Adjusted net income, a non-GAAP measure, is defined as net income (loss) excluding restructuring charges and transaction-related costs adjusted for income taxes. A reconciliation of net income to adjusted net income, the most directly comparable GAAP measure, and a reconciliation of basic and diluted earnings per common share to adjusted earnings per share, the most directly comparable GAAP measure, appear below.

Adjusted EBITDA, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items. A reconciliation of net income to adjusted EBITDA, the most directly comparable GAAP measure, and a reconciliation of our full year 2025 net income to adjusted EBITDA guidance appear below.

Adjusted gross margin, a non-GAAP measure, is defined as revenue less cost of sales, exclusive of depreciation and amortization. Adjusted gross margin percentage, a non-GAAP measure, is defined as adjusted gross margin divided by revenue. A reconciliation of net income to adjusted gross margin, the most directly comparable GAAP measure, and a reconciliation of gross margin to adjusted gross margin and adjusted gross margin percentage appear below.

Cash available for dividend, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items, less maintenance capital expenditures, other capital expenditures, cash taxes and cash interest expense. Reconciliations of net income to cash available for dividend and net income to net cash provided by operating activities, the most directly comparable GAAP measures, and a reconciliation of our full year 2025 net income to cash available for dividend guidance appear below.

Adjusted free cash flow, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities. A reconciliation of net cash provided by operating activities to adjusted free cash flow, the most directly comparable GAAP measure, appears below.

Adjusted free cash flow after dividend, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities less dividends paid to stockholders. A reconciliation of net cash provided by operating activities to adjusted free cash flow after dividend, the most directly comparable GAAP measure, appears below.

About Archrock

Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how Archrock embodies its purpose, WE POWER A CLEANER AMERICA, visit www.archrock.com.

Forward–Looking Statements

All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Archrock. Forward-looking information includes, but is not limited to statements regarding: guidance or estimates related to Archrock’s results of operations or of financial condition; fundamentals of Archrock’s industry, including the attractiveness of returns and valuation, stability of cash flows, demand dynamics and overall outlook, and Archrock’s ability to realize the benefits thereof; Archrock’s expectations regarding future economic, geopolitical and market conditions and trends; Archrock’s operational and financial strategies, including planned growth, coverage and leverage reduction strategies, Archrock’s ability to successfully effect those strategies, and the expected results therefrom; Archrock’s financial and operational outlook; demand and growth opportunities for Archrock’s services; structural and process improvement initiatives, the expected timing thereof, Archrock’s ability to successfully effect those initiatives and the expected results therefrom; the operational and financial synergies provided by Archrock’s size; statements regarding Archrock’s dividend policy; the expected benefits of the TOPS Acquisition, including its expected accretion and the expected impact on Archrock’s leverage ratio; and plans and objectives of management for future operations.

While Archrock believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: inability to achieve the expected benefits of the NGCS acquisition and difficulties in integrating NGCS; risks of acquisitions or mergers, including the NGCS acquisition, to reduce our ability to make distributions to our common stockholders; risks related to macroeconomic conditions, including an increase in inflation and trade tensions; pandemics and other public health crises; ongoing international conflicts and tensions; risks related to our operations; competitive pressures; risks of acquisitions to reduce our ability to make distributions to our common stockholders; inability to make acquisitions on economically acceptable terms; uncertainty to pay dividends in the future; risks related to a substantial amount of debt and our debt agreements; inability to access the capital and credit markets or borrow on affordable terms to obtain additional capital; inability to fund purchases of additional compression equipment; vulnerability to interest rate increases; erosion of the financial condition of our customers; risks related to the loss of our most significant customers; uncertainty of the renewals for our contract operations service agreements; risks related to losing management or operational personnel; dependence on particular suppliers and vulnerability to product shortages and price increases; information technology and cybersecurity risks; tax-related risks; legal and regulatory risks, including climate-related and environmental, social and governance risks.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock’s Annual Report on Form 10-K for the year ended December 31, 2024, Archrock’s Quarterly Reports on Form 10-Q and those set forth from time to time in Archrock’s filings with the Securities and Exchange Commission, which are available at www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

SOURCE: Archrock, Inc.

For information, contact:

Megan Repine
VP of Investor Relations
281-836-8360
investor.relations@archrock.com

Archrock, Inc. Unaudited Condensed Consolidated Statements of Operations (in thousands, except per share amounts)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Revenue:
Contract operations	$	300,397		$	286,466		$	223,051
Aftermarket services		46,766			39,950			45,437
Total revenue		347,163			326,416			268,488

Cost of sales, exclusive of depreciation and amortization
Contract operations		89,799			86,221			77,743
Aftermarket services		35,257			30,896			35,000
Total cost of sales, exclusive of depreciation and amortization		125,056			117,117			112,743

Selling, general and administrative		37,207			42,234			31,665
Depreciation and amortization		57,620			58,129			42,835
Long-lived and other asset impairment		972			1,203			2,568
Restructuring charges		665			—			—
Interest expense		37,741			38,238			27,334
Transaction-related costs		3,935			2,247			—
Gain on sale of assets, net		(7,335	)		(12,712	)		(2,381	)
Other (income) expense, net		(684	)		1,598			139
Income before income taxes		91,986			78,362			53,585
Provision for income taxes		21,136			18,604			13,053
Net income	$	70,850		$	59,758		$	40,532

Basic and diluted net income per common share ⁽¹⁾	$	0.40		$	0.34		$	0.26

Weighted-average common shares outstanding:
Basic		174,014			173,451			154,187
Diluted		174,371			173,848			154,501

_______________
⁽¹⁾Basic and diluted net income per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted net income per common share.

Archrock, Inc. Unaudited Supplemental Information (in thousands, except percentages, per share amounts and ratios)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Revenue:
Contract operations	$	300,397		$	286,466		$	223,051
Aftermarket services		46,766			39,950			45,437
Total revenue	$	347,163		$	326,416		$	268,488

Adjusted gross margin:
Contract operations	$	210,598		$	200,245		$	145,308
Aftermarket services		11,509			9,054			10,437
Total adjusted gross margin ⁽¹⁾	$	222,107		$	209,299		$	155,745

Adjusted gross margin percentage:
Contract operations		70	%		70	%		65	%
Aftermarket services		25	%		23	%		23	%
Total adjusted gross margin percentage ⁽¹⁾		64	%		64	%		58	%

Selling, general and administrative	$	37,207		$	42,234		$	31,665
% of revenue		11	%		13	%		12	%

Adjusted EBITDA ⁽¹⁾	$	197,845		$	183,844		$	131,024
% of revenue		57	%		56	%		49	%

Capital expenditures	$	168,140		$	97,988		$	99,755
Proceeds from sale of property, plant and equipment and other assets		(2,904	)		(43,387	)		(13,844	)
Net capital expenditures	$	165,236		$	54,601		$	85,911

Total available horsepower (at period end) ⁽²⁾		4,461			4,401			3,780
Total operating horsepower (at period end) ⁽³⁾		4,283			4,227			3,593
Average operating horsepower		4,254			4,205			3,606
Horsepower utilization:
Spot (at period end) ⁽⁴⁾		96	%		96	%		95	%
Average ⁽⁴⁾		96	%		95	%		96	%

Dividend declared for the period per share	$	0.190		$	0.190		$	0.165
Dividend declared for the period to all stockholders	$	33,758		$	33,487		$	25,978
Cash available for dividend coverage ⁽⁵⁾		3.9	x		3.5	x		3.2	x

Adjusted free cash flow ⁽¹⁾	$	(48,403	)	$	68,945		$	51,779
Adjusted free cash flow after dividend ⁽¹⁾	$	(82,588	)	$	38,255		$	25,779

_______________⁽¹⁾Management believes adjusted gross margin, adjusted EBITDA, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
⁽²⁾Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
⁽³⁾Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
⁽⁴⁾Defined as total available horsepower divided by total operating horsepower at period end (spot) or over time (average).
⁽⁵⁾Defined as cash available for dividend divided by dividends declared for the period.

	March 31,		December 31,		March 31,
	2025		2024		2024
Balance Sheet
Long-term debt ⁽¹⁾	$	2,297,767	$	2,198,376	$	1,566,566
Total equity		1,349,983		1,323,531		882,080

_______________
⁽¹⁾Carrying values are shown net of unamortized premium and deferred financing costs.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Income to Adjusted Net Income and Earnings Per Share to Adjusted Earnings Per Share (in thousands, except per share amounts)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Restructuring charges		665			—			—
Transaction-related costs		3,935			2,247			—
Tax effect of adjustments ⁽¹⁾		(966	)		(472	)		—
Adjusted net income ⁽²⁾	$	74,484		$	61,533		$	40,532

Weighted-average common shares outstanding used in diluted earnings per common share		174,371			173,451			154,401

Basic and diluted earnings per common share ⁽³⁾	$	0.40		$	0.34		$	0.26
Restructuring charges per share		0.00			—			—
Transaction-related costs per share		0.03			0.01			—
Tax effect of adjustments per share		(0.01	)		(0.00	)		—
Adjusted earnings per share ⁽²⁾	$	0.42		$	0.35		$	0.26

_______________
⁽¹⁾Represents tax effect of restructuring charges and transaction-related costs based on statutory tax rate.
⁽²⁾Management believes adjusted net income and adjusted earnings per share provides useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review our current period operating performance, comparability measure and performance measure for period-to-period comparisons without burdened earnings and earnings per share for non-recurring transactional costs.
⁽³⁾Basic and diluted net income per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted net income per common share.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Income to Adjusted EBITDA and Adjusted Gross Margin (in thousands)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Depreciation and amortization		57,620			58,129			42,835
Long-lived and other asset impairment		972			1,203			2,568
Unrealized change in fair value of investment in unconsolidated affiliate		—			1,484			—
Restructuring charges		665			—			—
Interest expense		37,741			38,238			27,334
Transaction-related costs		3,935			2,247			—
Stock-based compensation expense		4,027			3,431			3,964
Amortization of capitalized implementation costs		762			750			738
Indemnification expense, net		137			—			—
Provision for income taxes		21,136			18,604			13,053
Adjusted EBITDA ⁽¹⁾		197,845			183,844			131,024
Selling, general and administrative		37,207			42,234			31,665
Stock-based compensation expense		(4,027	)		(3,431	)		(3,964	)
Amortization of capitalized implementation costs		(762	)		(750	)		(738	)
Gain on sale of assets, net		(7,335	)		(12,712	)		(2,381	)
Other (income) expense, net		(684	)		1,598			139
Adjusted gross margin ⁽¹⁾	$	222,107		$	209,299		$	155,745

_______________
⁽¹⁾Management believes adjusted EBITDA and adjusted gross margin provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Total Revenue to Adjusted Gross Margin and Adjusted Gross Margin Percentage (in thousands)

	Three Months Ended
	March 31,					December 31,					March 31,
	2025					2024					2024
Total revenues	$	347,163				$	326,416				$	268,488
Cost of sales, exclusive of depreciation and amortization		(125,056	)				(117,117	)				(112,743	)
Depreciation and amortization		(57,620	)				(58,129	)				(42,835	)
Gross margin and gross margin percentage		164,487		47	%		151,170		46	%		112,910		42	%
Depreciation and amortization		57,620					58,129					42,835
Adjusted gross margin and adjusted gross margin percentage ⁽¹⁾	$	222,107		64	%	$	209,299		64	%	$	155,745		58	%

_______________
⁽¹⁾Management believes adjusted gross margin and adjusted gross margin percentage provide useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend (in thousands)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Depreciation and amortization		57,620			58,129			42,835
Long-lived and other asset impairment		972			1,203			2,568
Unrealized change in fair value of investment in unconsolidated affiliate		—			1,484			—
Restructuring charges		665			—			—
Interest expense		37,741			38,238			27,334
Transaction-related costs		3,935			2,247			—
Stock-based compensation expense		4,027			3,431			3,964
Amortization of capitalized implementation costs		762			750			738
Indemnification expense, net		137			—			—
Provision for income taxes		21,136			18,604			13,053
Adjusted EBITDA ⁽¹⁾		197,845			183,844			131,024
Less: Maintenance capital expenditures		(22,753	)		(21,623	)		(19,525	)
Less: Other capital expenditures		(6,019	)		(7,023	)		(2,920	)
Less: Cash tax (payment) refund		(92	)		134			89
Less: Cash interest expense		(36,734	)		(37,243	)		(26,642	)
Cash available for dividend ⁽²⁾	$	132,247		$	118,089		$	82,026

_______________⁽¹⁾Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽²⁾Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Cash Provided by Operating Activities to Cash Available for Dividend (in thousands)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net cash provided by operating activities	$	115,628		$	124,338		$	137,702
Inventory write-downs		(188	)		18			(199	)
Provision for credit losses		(156	)		(286	)		75
Gain on sale of assets, net		7,335			12,712			2,381
Current income tax provision		1,182			997			593
Cash tax (payment) refund		(92	)		134			89
Amortization of operating lease ROU assets		(1,204	)		(1,063	)		(947	)
Amortization of contract costs		(5,889	)		(6,106	)		(5,768	)
Deferred revenue recognized in earnings		3,746			5,294			2,859
Indemnification expense, net		137			—			—
Cash restructuring charges		665			—			—
Cash transaction-related costs		3,935			2,247			—
Time-based cash or equity settled units settled as equity		(1,756	)		—			—
Changes in assets and liabilities		37,676			8,450			(32,314	)
Maintenance capital expenditures		(22,753	)		(21,623	)		(19,525	)
Other capital expenditures		(6,019	)		(7,023	)		(2,920	)
Cash available for dividend ⁽¹⁾	$	132,247		$	118,089		$	82,026

_______________
⁽¹⁾Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Cash Provided By Operating Activities to Adjusted Free Cash Flow and Adjusted Free Cash Flow After Dividend (in thousands)

	Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Net cash provided by operating activities	$	115,628		$	124,338		$	137,702
Net cash used in investing activities		(164,031	)		(55,393	)		(85,923	)
Adjusted free cash flow ⁽¹⁾		(48,403	)		68,945			51,779
Dividends paid to stockholders		(34,185	)		(30,690	)		(26,000	)
Adjusted free cash flow after dividend ⁽¹⁾	$	(82,588	)	$	38,255		$	25,779

_______________
⁽¹⁾Management believes adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc. Unaudited Supplemental Information Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend Guidance (in thousands)

	Annual Guidance Range
	2025
	Low			High
Net income ⁽¹⁾	$	245,000		$	285,000
Interest expense		165,000			165,000
Provision for income taxes		98,000			98,000
Depreciation and amortization		248,000			248,000
Stock-based compensation expense		18,000			18,000
Long-lived and other asset impairment		1,000			1,000
Amortization of capitalized implementation costs		4,000			4,000
Transaction-related costs ⁽²⁾		10,000			10,000
Restructuring charges		1,000			1,000
Adjusted EBITDA ⁽³⁾		790,000			830,000
Less: Maintenance capital expenditures		(110,000	)		(120,000	)
Less: Other capital expenditures		(35,000	)		(50,000	)
Less: Cash tax expense		(5,000	)		(5,000	)
Less: Cash interest expense		(160,000	)		(160,000	)
Cash available for dividend ⁽⁴⁾⁽⁵⁾	$	480,000		$	495,000

_______________⁽¹⁾2025 annual guidance for net income includes $1.0 million of long-lived and other asset impairment as of March 31, 2025, but does not include the impact of any such future costs, because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact Adjusted EBITDA or cash available for dividend, however it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2024 and 2023 was $10.7 million and $12.0 million, respectively.
⁽²⁾Reflects an estimate of expenses to be incurred related to the TOPS and NGCS acquisitions.
⁽³⁾Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽⁴⁾Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
⁽⁵⁾A forward-looking estimate of cash provided by operating activities is not provided because certain items necessary to estimate cash provided by operating activities, including changes in assets and liabilities, are not estimable at this time. Changes in assets and liabilities were $(25.8) million and $(28.0) million for the years 2024 and 2023, respectively.

The MIL Network –

May 6, 2025

MIL-OSI USA: Sen. Banks, Rep. Mrvan Push for Northwest Indiana Hydrogen Hub

Source: United States House of Representatives – Congressman Frank J. Mrvan (IN)

Washington, D.C – Senator Jim Banks (R-Ind.) and Representative Frank Mrvan (IN-01) sent a bipartisan letter to Energy Secretary Chris Wright urging the Trump administration to prioritize Northwest Indiana as a regional Hydrogen Hub. They highlighted the region’s unmatched manufacturing strength, existing energy infrastructure, and readiness to lead in blue hydrogen production using natural gas and carbon capture. The lawmakers argued that investing in Indiana’s hydrogen project would support President Trump’s push for American energy dominance, create jobs, lower costs, and strengthen the U.S. industrial base for decades to come.

In part, the letter reads: “Prioritizing a Hydrogen Hub in Northwest Indiana is a bold, pro-America decision that plays to our state’s strengths. Indiana offers the Hoosier workforce, infrastructure and industrial knowledge to deliver results fast. This project is a key step in strengthening America’s energy dominance, ensuring we remain the world leader in energy production while creating jobs and boosting economic growth. We respectfully ask that the Administration make the Hydrogen Hub project in Indiana a top priority.”

The full text of the letter is below and a pdf is available here.

We write today to express our strong support for the ongoing development of blue hydrogen energy in Northwest Indiana’s industrial corridor.

This region is home to a dense manufacturing hub, containing the largest inland oil refinery and two of the largest integrated steel production facilities in our nation. For over a century, major industry titans have made decisions to invest and locate along Northwest Indiana’s Lake Michigan shoreline. As a result, Hoosiers in the Northwest region and across the state have been world leaders in manufacturing.

Keeping in line with President Trump’s efforts to bolster American energy, this Hydrogen Hub presents a significant opportunity to expand energy production. In particular, the Whiting “Refinery in Northwest Indiana is an ideal location for blue hydrogen production, which is produced from clean and reliable natural gas using carbon capture technology. Blue hydrogen offers a quick, cost-effective solution by utilizing existing infrastructure, and will provide a scalable energy source capable of meeting immediate energy demands. Investing in blue hydrogen production at this facility will bolster existing supply chains and will best position the United States for energy dominance.

Further, we believe the success of the hydrogen energy project will support the Administration’s stated goal to reshore our critical industries and strengthen our manufacturing base. With our region’s established downstream infrastructure, midstream pipeline capacity and manufacturing prowess, the continued support for this project will ensure that our energy and steel industries remain well positioned for success into the next century.

Notably, the Whiting Refinery in Northwest Indiana can process up to 440,000 barrels of crude oil daily and would be an ideal site to locate a regional Hydrogen Hub. Continuing this project means investing in Hoosiers and a state that delivers. Indiana is ready to lead the way in blue hydrogen innovation, strengthening American manufacturing, boosting our domestic energy supply and lowering costs by maximizing the potential of our abundant and reliable fossil fuel resources.

Prioritizing a Hydrogen Hub in Northwest Indiana is a bold, pro-America decision that plays to our state’s strengths. Indiana offers the Hoosier workforce, infrastructure and industrial knowledge to deliver results fast. This project is a key step in strengthening America’s energy dominance, ensuring we remain the world leader in energy production while creating jobs and boosting economic growth. We respectfully ask that the Administration make the Hydrogen Hub project in Indiana a top priority.

Thank you for your consideration.

###

MIL OSI USA News –

May 6, 2025
MIL-OSI USA: Statement from Congressman Jonathan L. Jackson on the Retirement of Congresswoman Jan Schakowsky

Source: United States House of Representatives – Representative Jonathan Jackson – Illinois (1st District)

Statement from Congressman Jonathan L. Jackson on the Retirement of Congresswoman Jan Schakowsky

FOR IMMEDIATE RELEASE
May 5, 2025

I join Leader Hakeem Jeffries and my colleagues across the House in honoring the incredible legacy of Congresswoman Jan Schakowsky, a true champion for the people of Illinois and a fearless advocate for justice, equity, and compassion.

From her early days as a consumer advocate to her distinguished service in Congress, Jan has never wavered in her commitment to uplifting the voices of the voiceless and standing firm in defense of our most vulnerable communities. Her leadership on the House Energy and Commerce Committee—particularly her tireless work to lower prescription drug costs and defend Medicare and Social Security—has made a profound impact on families across this country.

Congresswoman Schakowsky has also been a guiding light within the Progressive Caucus and a fierce protector of consumer rights. Her dedication to principled public service and her unwavering progressive vision has helped shape the conscience of our Caucus and our country.

On a personal note, I am deeply grateful for her mentorship, her wisdom, and her friendship. She has been an inspiration not only to me, but to generations of advocates and public servants in Chicagoland and beyond. Though she will be missed in the halls of Congress, her legacy will endure in the movements she helped build and the lives she helped transform.

I wish Congresswoman Schakowsky and her family every blessing as they begin this next chapter. Thank you, Jan, for your service, your courage, and your unwavering heart!

###

MIL OSI USA News –

May 6, 2025
MIL-OSI USA: LEADER JEFFRIES STATEMENT ON RETIREMENT ANNOUNCEMENT OF REP. JAN SCHAKOWSKY

Source: United States House of Representatives – Congressman Hakeem Jeffries (8th District of New York)

Today, Democratic Leader Hakeem Jeffries released the following statement after Congresswoman Jan Schakowsky announced she would not seek another term in the House of Representatives:

A proud daughter of Illinois, Rep. Jan Schakowsky has spent her entire career standing up for the people of Chicagoland as a consumer advocate, a state legislator and a Congresswoman. Throughout her historic tenure in the People’s House, she has been a principled, progressive leader and has fiercely fought for the least, the lost and the left behind.

For over two decades, Jan has served on the prestigious House Committee on Energy and Commerce and was a leading voice in the development of the historic Affordable Care Act. A champion for the nation’s seniors, Rep. Schakowsky has fought relentlessly to prevent the privatization of Social Security and Medicare and to make prescription drugs more affordable for hardworking American taxpayers. As Chair and Ranking Member of the Commerce, Manufacturing and Trade Subcommittee, Jan has been a steadfast advocate for consumer safety and transparency.

As a Caucus Chief Deputy Whip, a member of the Steering and Policy Committee and a Vice Chair of the Progressive Caucus, Jan has been a mentor, a friend and a source of encouragement to myself and so many others. The House Democratic Caucus family will miss Jan tremendously next Congress and I wish her and her family the best in this next chapter.

###

MIL OSI USA News –

May 6, 2025
MIL-OSI: T1 Energy Announces First Quarter 2025 Earnings Release and Conference Call Schedule
Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas and NEW YORK, May 05, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) announced this afternoon that the Company will publish a press release detailing first quarter 2025 results and conduct a conference call on May 15, 2025.

The first quarter 2025 press release will be issued by 6:00 am U.S. Eastern Daylight Time. The conference call is scheduled to begin at 8:00 am Eastern Daylight Time.

To access the conference call, listeners should proceed as follows:
1. Click on the call link and complete the online registration form.
2. Upon registering, you will receive dial-in information and a unique PIN to join the call as well as an email confirmation with details.
3. Select a method for joining the call:
  1. Dial in: A dial in number and unique PIN are displayed to connect directly by phone.
  2. Call Me: Enter your phone number and a click “Call Me” for an immediate callback from the system. The call will come from a U.S. number.
  The MIL Network –
May 6, 2025
MIL-OSI Russia: The Asian Development Bank has provided Georgia with a 98 million euro loan for an energy saving and clean hydrogen project

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

Tbilisi, May 5 (Xinhua) — The Asian Development Bank (ADB) has provided Georgia with a 98 million euro (about 110.7 million U.S. dollars) loan for an energy conservation and clean hydrogen sector development project, the Georgian Finance Ministry said on Monday.

As specified by the department, the loan agreement was signed by the Minister of Finance of Georgia Lasha Khutsishvili and the head of the ADB Resident Mission in Georgia Leslie Berman Lam.

The project includes the installation of a climate-friendly energy storage system (BESS) at the Ksani substation in eastern Georgia, exploration of opportunities for the production and use of green hydrogen, practical training in the operation of the BESS, and exchange of technical knowledge with Georgian State Electricity System.

The implementation of the project will ensure increased sustainability, flexibility and security of the Georgian power system, improve the quality of energy supply, and contribute to the country’s energy independence.

ADB’s Georgia-related portfolio currently stands at about $5.1 billion. –0–

MIL OSI Russia News –

May 6, 2025

MIL-OSI: Diamondback Energy, Inc. Announces First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, May 05, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2025.

FIRST QUARTER 2025 AND RECENT HIGHLIGHTS

Average oil production of 475.9 MBO/d (850.7 MBOE/d)
Net cash provided by operating activities of $2.4 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $2.5 billion
Cash capital expenditures of $942 million
Free Cash Flow (as defined and reconciled below) of $1.5 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $1.6 billion
Declared Q1 2025 base cash dividend of $1.00 per share payable on May 22, 2025; implies a 2.9% annualized yield based on May 2, 2025 closing share price of $136.81
Repurchased 3,656,044 shares of common stock in Q1 2025 for $575 million excluding excise tax (at a weighted average price of $157.15 per share); repurchased 1,965,180 shares of common stock to date in Q2 2025 for $255 million excluding excise tax (at a weighted average price of $129.71 per share)
Total Q1 2025 return of capital of $864 million; represents ~55% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q1 2025 base dividend
As previously announced, closed acquisition of certain subsidiaries of Double Eagle IV Midco, LLC (“Double Eagle”) on April 1st
Closed drop down transaction to Viper Energy, Inc. (“Viper”), a subsidiary of Diamondback, on May 1st

UPDATED 2025 GUIDANCE HIGHLIGHTS

As a result of recent commodity price volatility, Diamondback is reducing activity in order to prioritize free cash flow generation. The Company believes this revised plan enhances capital efficiency and provides flexibility to (i) cut additional capital if prices weaken further or (ii) resume its original 2025 plan if commodity prices strengthen.

Full year oil production of 480 – 495 MBO/d (857 – 900 MBOE/d)
Full year 2025 cash capital expenditures guidance of $3.4 – $3.8 billion
The Company expects to drill 385 – 435 gross (349 – 395 net) wells and complete between 475 – 550 gross (444 – 514 net) wells with an average lateral length of approximately 11,500 feet in 2025
Q2 2025 oil production guidance of 485 – 500 MBO/d (866 – 900 MBOE/d)
Q2 2025 cash capital expenditures guidance of $800 – $900 million
Implies full year 2025 oil production per million dollars of cash capital expenditures (“MBO per $MM of CAPEX”) of 49.4, ~10% better than the Company’s original full year 2025 guidance provided in February 2025

OPERATIONS UPDATE

The tables below provide a summary of operating activity for the first quarter of 2025.

Total Activity (Gross Operated):
	Number of Wells Drilled	Number of Wells Completed
Midland Basin	124	116
Delaware Basin	2	7
Total	126	123

Total Activity (Net Operated):
	Number of Wells Drilled	Number of Wells Completed
Midland Basin	116	112
Delaware Basin	2	7
Total	118	119

During the first quarter of 2025, Diamondback drilled 124 gross wells in the Midland Basin and two gross wells in the Delaware Basin. The Company turned 116 operated wells to production in the Midland Basin and seven gross wells in the Delaware Basin, with an average lateral length of 11,978 feet. Operated completions during the first quarter consisted of 30 Wolfcamp A wells, 28 Lower Spraberry wells, 22 Wolfcamp B wells, 17 Jo Mill wells, eight Middle Spraberry wells, four Dean wells, four Barnett wells, three Third Bone Spring wells, three Wolfcamp D wells, two Second Bone Spring wells and two Upper Spraberry wells.

FINANCIAL UPDATE

Diamondback’s first quarter 2025 net income was $1.4 billion, or $4.83 per diluted share. Adjusted net income (as defined and reconciled below) for the first quarter was $1.3 billion, or $4.54 per diluted share.

First quarter 2025 net cash provided by operating activities was $2.4 billion.

During the first quarter of 2025, Diamondback spent $864 million on operated drilling and completions, $21 million on capital workovers and non-operated drilling and completions and $57 million on infrastructure, environmental and midstream, for total cash capital expenditures of $942 million.

First quarter 2025 Consolidated Adjusted EBITDA (as defined and reconciled below) was $2.9 billion. Adjusted EBITDA net of non-controlling interest (as defined and reconciled below) for the first quarter was $2.8 billion.

Diamondback’s first quarter 2025 Free Cash Flow (as defined and reconciled below) was $1.5 billion. Adjusted Free Cash Flow (as reconciled and defined below) for the first quarter was $1.6 billion.

First quarter 2025 average unhedged realized prices were $70.95 per barrel of oil, $2.11 per Mcf of natural gas and $23.94 per barrel of natural gas liquids (“NGLs”), resulting in a total equivalent unhedged realized price of $47.77 per BOE.

Diamondback’s cash operating costs for the first quarter of 2025 were $10.48 per BOE, including lease operating expenses (“LOE”) of $5.33 per BOE, cash general and administrative (“G&A”) expenses of $0.72 per BOE, production and ad valorem taxes of $2.98 per BOE and gathering, processing and transportation expenses of $1.45 per BOE.

As of March 31, 2025, Diamondback had $1.3 billion in standalone cash and no borrowings outstanding under its revolving credit facility, with approximately $2.5 billion available for future borrowings under the facility and approximately $3.8 billion of total liquidity. As of March 31, 2025, the Company had consolidated total debt of $14.1 billion and consolidated net debt (as defined and reconciled below) of $12.3 billion, up from consolidated total debt of $13.2 billion and consolidated net debt of $13.0 billion as of December 31, 2024.

DIVIDEND DECLARATIONS

Diamondback announced today that the Company’s Board of Directors declared a base cash dividend of $1.00 per common share for the first quarter of 2025 payable on May 22, 2025 to stockholders of record at the close of business on May 15, 2025.

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

COMMON STOCK REPURCHASE PROGRAM

During the first quarter of 2025, Diamondback repurchased ~3.7 million shares of common stock at an average share price of $157.15 for a total cost of approximately $575 million, excluding excise tax. To date, Diamondback has repurchased ~30.2 million shares of common stock at an average share price of $137.55 for a total cost of approximately $4.2 billion and has approximately $1.8 billion remaining on its current share buyback authorization. Subject to factors discussed below, Diamondback intends to continue to purchase common stock under the common stock repurchase program opportunistically with cash on hand, free cash flow from operations and proceeds from potential liquidity events such as the sale of assets. This repurchase program has no time limit and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Purchases under the repurchase program may be made from time to time in privately negotiated transactions, or in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. Any common stock purchased as part of this program will be retired.

FULL YEAR 2025 GUIDANCE

Below is Diamondback’s updated guidance for the full year 2025, which includes second quarter production, cash tax and capital guidance. Given recent weakness in commodity prices, the Company is reducing its activity levels and lowering its capital budget to prioritize free cash generation. Diamondback will continue to closely monitor the macro environment and has flexibility to (i) cut additional capital if prices weaken further or (ii) resume its original 2025 plan if commodity prices strengthen.

	2025 Guidance	2025 Guidance
	Diamondback Energy, Inc.	Viper Energy, Inc.

2025 Net production – MBOE/d	857 – 900 (from 883 – 909)	74.5 – 79.0
2025 Oil production – MBO/d	480 – 495 (from 485 – 498)	41.0 – 43.5
Q2 2025 Oil production – MBO/d (total – MBOE/d)	485 – 500 (866 – 900)	40.0 – 43.0 (72.5 – 78.0)

Unit costs ($/BOE)
Lease operating expenses, including workovers	$5.65 – $6.05 (from $5.90 – $6.30)
G&A
Cash G&A	$0.60 – $0.75	$0.80 – $1.00
Non-cash equity-based compensation	$0.25 – $0.35	$0.10 – $0.20
DD&A	$14.00 – $15.00	$15.50 – $16.50
Interest expense (net of interest income)	$0.40 – $0.65 (from $0.25 – $0.50)	$2.00 – $2.50
Gathering, processing and transportation	$1.40 – $1.60 (from $1.20 – $1.40)

Production and ad valorem taxes (% of revenue)	~7%	~7%
Corporate tax rate (% of pre-tax income)	23%
Cash tax rate (% of pre-tax income)	19% – 22% (from 17% – 20%)	21% – 23%
Q2 2025 Cash taxes ($ – million)⁽¹⁾	$340 – $400	$10 – $15

Capital Budget ($ – million)
Operated drilling and completion	$2,780 – $3,090 (from $3,130 – $3,440)
Capital workovers, non-operated properties and science	$280 – $320
Infrastructure, environmental and midstream⁽²⁾	$340 – $390 (from $390 – $440)
2025 Total capital expenditures	$3,400 – $3,800 (from $3,800 – $4,200)
Q2 2025 Capital expenditures	$800 – $900

Gross horizontal wells drilled (net)	385 – 435 (349 – 395) (from 446 – 471 (406 – 428))
Gross horizontal wells completed (net)	475 – 550 (444 – 514) (from 557 – 592 (526 – 560))
Average lateral length (Ft.)	~11,500′
FY 2025 Midland Basin well costs per lateral foot	$550 – $590 (from $555 – $605)
FY 2025 Delaware Basin well costs per lateral foot	$860 – $910
Midland Basin completed net lateral feet (%)	~95%
Delaware Basin completed net lateral feet (%)	~5%

^⁽¹⁾	Includes approximately $170 million of cash taxes related to the Viper dropdown transaction.
^⁽²⁾	Includes approximately $60 million in estimated midstream capital expenditures for the full year 2025.

CONFERENCE CALL

Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the first quarter of 2025 on Tuesday, May 6, 2025 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site.

About Diamondback Energy, Inc.

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

Forward-Looking Statements

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

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 26, 2025, and those risks disclosed in its subsequent filings on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

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


Diamondback Energy, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except share amounts)

	March 31,			December 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents ($560 million and $27 million related to Viper)	$	1,816		$	161
Restricted cash		225			3
Accounts receivable:
Joint interest and other, net		257			198
Oil and natural gas sales, net ($146 million and $149 million related to Viper)		1,334			1,387
Inventories		117			116
Derivative instruments		267			168
Prepaid expenses and other current assets		67			77
Total current assets		4,083			2,110
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($22,019 million and $22,666 million excluded from amortization at March 31, 2025 and December 31, 2024, respectively) ($6,097 million and $5,713 million related to Viper and $2,279 million and $2,180 million excluded from amortization related to Viper)		83,727			82,240
Other property, equipment and land		1,452			1,440
Accumulated depletion, depreciation, amortization and impairment ($1,148 million and $1,081 million related to Viper)		(20,283	)		(19,208	)
Property and equipment, net		64,896			64,472
Funds held in escrow		208			1
Equity method investments		383			375
Derivative instruments		61			2
Deferred income taxes, net ($249 million and $185 million related to Viper)		235			173
Other assets		200			159
Total assets	$	70,066		$	67,292
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable – trade	$	124		$	253
Accrued capital expenditures		754			690
Current maturities of debt		914			900
Other accrued liabilities		761			1,020
Revenues and royalties payable		1,575			1,491
Derivative instruments		75			43
Income taxes payable		550			414
Total current liabilities		4,753			4,811
Long-term debt ($822 million and $1,083 million related to Viper)		12,996			12,075
Derivative instruments		93			106
Asset retirement obligations		586			573
Deferred income taxes		9,887			9,826
Other long-term liabilities		8			39
Total liabilities		28,323			27,430
Stockholders’ equity:
Common stock, $0.01 par value; 800,000,000 shares authorized; 287,287,926 and 290,984,373 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		3			3
Additional paid-in capital		33,125			33,501
Retained earnings (accumulated deficit)		5,352			4,238
Accumulated other comprehensive income (loss)		(7	)		(6	)
Total Diamondback Energy, Inc. stockholders’ equity		38,473			37,736
Non-controlling interest		3,270			2,126
Total equity		41,743			39,862
Total liabilities and stockholders’ equity	$	70,066		$	67,292


Diamondback Energy, Inc.
Condensed Consolidated Statements of Operations
(unaudited, $ in millions except per share data, shares in thousands)

	Three Months Ended March 31,
		2025			2024
Revenues:
Oil, natural gas and natural gas liquid sales	$	3,657		$	2,101
Sales of purchased oil		374			116
Other operating income		17			10
Total revenues		4,048			2,227
Costs and expenses:
Lease operating expenses		408			255
Production and ad valorem taxes		228			119
Gathering, processing and transportation		111			77
Purchased oil expense		382			117
Depreciation, depletion, amortization and accretion		1,097			469
General and administrative expenses		73			46
Merger and integration expense		37			12
Other operating expenses		39			14
Total costs and expenses		2,375			1,109
Income (loss) from operations		1,673			1,118
Other income (expense):
Interest expense, net		(40	)		(39	)
Other income (expense), net		27			(3	)
Gain (loss) on derivative instruments, net		226			(48	)
Gain (loss) on extinguishment of debt		—			2
Income (loss) from equity investments, net		8			2
Total other income (expense), net		221			(86	)
Income (loss) before income taxes		1,894			1,032
Provision for (benefit from) income taxes		403			223
Net income (loss)		1,491			809
Net income (loss) attributable to non-controlling interest		86			41
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,405		$	768

Earnings (loss) per common share:
Basic	$	4.83		$	4.28
Diluted	$	4.83		$	4.28
Weighted average common shares outstanding:
Basic		289,612			178,477
Diluted		289,612			178,477


Diamondback Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income (loss)	$	1,491		$	809
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes		6			52
Depreciation, depletion, amortization and accretion		1,097			469
(Gain) loss on extinguishment of debt		—			(2	)
(Gain) loss on derivative instruments, net		(226	)		48
Cash received (paid) on settlement of derivative instruments		85			(4	)
(Income) loss from equity investment, net		(8	)		(2	)
Equity-based compensation expense		18			14
Other		24			16
Changes in operating assets and liabilities:
Accounts receivable		(6	)		(95	)
Income tax receivable		3			12
Prepaid expenses and other current assets		6			89
Accounts payable and accrued liabilities		(374	)		(110	)
Income taxes payable		135			70
Revenues and royalties payable		84			(35	)
Other		20			3
Net cash provided by (used in) operating activities		2,355			1,334
Cash flows from investing activities:
Additions to oil and natural gas properties		(942	)		(609	)
Property acquisitions		(750	)		(153	)
Proceeds from sale of assets		41			12
Other		(2	)		(1	)
Net cash provided by (used in) investing activities		(1,653	)		(751	)
Cash flows from financing activities:
Proceeds from borrowings under credit facilities		2,277			90
Repayments under credit facilities		(2,538	)		(80	)
Proceeds from senior notes		1,200			—
Repayment of senior notes		—			(25	)
Repurchased shares under buyback program		(575	)		(42	)
Proceeds from partial sale of investment in Viper Energy, Inc.		—			451
Net proceeds from Viper’s issuance of common stock		1,232			—
Dividends paid to stockholders		(290	)		(548	)
Dividends/distributions to non-controlling interest		(95	)		(44	)
Other		(36	)		(71	)
Net cash provided by (used in) financing activities		1,175			(269	)
Net increase (decrease) in cash and cash equivalents		1,877			314
Cash, cash equivalents and restricted cash at beginning of period		164			585
Cash, cash equivalents and restricted cash at end of period	$	2,041		$	899


Diamondback Energy, Inc.
Selected Operating Data
(unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Production Data:
Oil (MBbls)		42,835		43,785		24,874
Natural gas (MMcf)		100,578		107,249		50,602
Natural gas liquids (MBbls)		16,961		19,615		8,653
Combined volumes (MBOE)⁽¹⁾		76,559		81,275		41,961

Daily oil volumes (BO/d)		475,944		475,924		273,341
Daily combined volumes (BOE/d)		850,656		883,424		461,110

Average Prices:
Oil ($ per Bbl)	$	70.95	$	69.48	$	75.06
Natural gas ($ per Mcf)	$	2.11	$	0.48	$	0.99
Natural gas liquids ($ per Bbl)	$	23.94	$	19.27	$	21.26
Combined ($ per BOE)	$	47.77	$	42.71	$	50.07

Oil, hedged ($ per Bbl)⁽²⁾	$	70.06	$	68.72	$	74.13
Natural gas, hedged ($ per Mcf)⁽²⁾	$	3.34	$	0.82	$	1.36
Natural gas liquids, hedged ($ per Bbl)⁽²⁾	$	23.94	$	19.27	$	21.26
Average price, hedged ($ per BOE)⁽²⁾	$	48.89	$	42.76	$	49.97

Average Costs per BOE:
Lease operating expenses	$	5.33	$	5.67	$	6.08
Production and ad valorem taxes		2.98		2.77		2.84
Gathering, processing and transportation expense		1.45		1.17		1.84
General and administrative – cash component		0.72		0.69		0.76
Total operating expense – cash	$	10.48	$	10.30	$	11.52

General and administrative – non-cash component	$	0.24	$	0.20	$	0.34
Depreciation, depletion, amortization and accretion	$	14.33	$	14.22	$	11.18
Interest expense, net	$	0.52	$	0.42	$	0.93

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

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

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

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

Diamondback Energy, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(unaudited, in millions)

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,405		$	1,074		$	768
Net income (loss) attributable to non-controlling interest		86			216			41
Net income (loss)		1,491			1,290			809
Non-cash (gain) loss on derivative instruments, net		(141	)		(51	)		44
Interest expense, net		40			34			39
Depreciation, depletion, amortization and accretion		1,097			1,156			469
Depreciation and interest expense related to equity method investments		21			30			23
(Gain) loss on extinguishment of debt		—			—			(2	)
Non-cash equity-based compensation expense		23			24			21
Capitalized equity-based compensation expense		(5	)		(8	)		(7	)
Merger and integration expenses		37			30			12
Other non-cash transactions		(19	)		2			2
Provision for (benefit from) income taxes		403			115			223
Consolidated Adjusted EBITDA		2,947			2,622			1,633
Less: Adjustment for non-controlling interest		146			118			86
Adjusted EBITDA attributable to Diamondback Energy, Inc.	$	2,801		$	2,504		$	1,547

ADJUSTED NET INCOME

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

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

Diamondback Energy, Inc.
Adjusted Net Income
(unaudited, $ in millions except per share data, shares in thousands)

	Three Months Ended March 31, 2025
	Amounts			Amounts Per Diluted Share
Net income (loss) attributable to Diamondback Energy, Inc.⁽¹⁾	$	1,405		$	4.83
Net income (loss) attributable to non-controlling interest		86			0.30
Net income (loss)⁽¹⁾		1,491			5.13
Non-cash (gain) loss on derivative instruments, net		(141	)		(0.49	)
Merger and integration expense		37			0.13
Other non-cash transactions		(19	)		(0.07	)
Adjusted net income excluding above items⁽¹⁾		1,368			4.70
Income tax adjustment for above items		26			0.09
Adjusted net income⁽¹⁾		1,394			4.79
Less: Adjusted net income attributable to non-controlling interest		74			0.25
Adjusted net income attributable to Diamondback Energy, Inc.⁽¹⁾	$	1,320		$	4.54

Weighted average common shares outstanding:
Basic					289,612
Diluted					289,612

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

OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES AND FREE CASH FLOW

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

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

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

Diamondback Energy, Inc.
Operating Cash Flow Before Working Capital Changes and Free Cash Flow
(unaudited, in millions)

	Three Months Ended
	March 31, 2025			December 31, 2024
Net cash provided by operating activities	$	2,355		$	2,341
Less: Changes in cash due to changes in operating assets and liabilities:
Accounts receivable		(6	)		(103	)
Income tax receivable		3			(3	)
Prepaid expenses and other current assets		6			(24	)
Accounts payable and accrued liabilities		(374	)		114
Income taxes payable		135			138
Revenues and royalties payable		84			59
Other		20			(100	)
Total working capital changes		(132	)		81
Operating cash flow before working capital changes		2,487			2,260
Additions to oil and natural gas properties		(942	)		(933	)
Total Cash CAPEX		(942	)		(933	)
Free Cash Flow		1,545			1,327
Merger and integration expenses		37			30
Treasury locks		1			—
Adjusted Free Cash Flow	$	1,583		$	1,357

NET DEBT

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

Diamondback Energy, Inc.
Net Debt
(unaudited, in millions)

	March 31, 2025			Net Q1 Principal Borrowings/(Repayments)			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(in millions)
Diamondback Energy, Inc.⁽¹⁾	$	13,269		$	1,200		$	12,069		$	12,284		$	11,169		$	5,669
Viper Energy, Inc.⁽¹⁾		830			(261	)		1,091			830			1,007			1,103
Total debt		14,099		$	939			13,160			13,114			12,176			6,772
Cash and cash equivalents		(1,816	)					(161	)		(370	)		(6,908	)		(896	)
Net debt	$	12,283					$	12,999		$	12,744		$	5,268		$	5,876

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

DERIVATIVES

As of May 2, 2025, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper Energy, Inc. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent pricing and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.

	Crude Oil (Bbls/day, $/Bbl)
	Q2 2025		Q3 2025		Q4 2025		Q1 2026
Long Puts – Crude Brent Oil		50,000		36,000		21,000		4,000
Long Put Price ($/Bbl)		$58.30		$56.39		$55.00		$55.00
Deferred Premium ($/Bbl)		$-1.50		$-1.50		$-1.47		$-1.45
Long Puts – WTI (Magellan East Houston)		96,000		102,000		65,000		15,000
Long Put Price ($/Bbl)		$55.10		$54.75		$54.62		$55.00
Deferred Premium ($/Bbl)		$-1.59		$-1.61		$-1.63		$-1.66
Long Puts – WTI (Cushing)		152,000		146,000		86,000		25,000
Long Put Price ($/Bbl)		$55.53		$54.40		$53.98		$55.00
Deferred Premium ($/Bbl)		$-1.59		$-1.55		$-1.55		$-1.32
Basis Swaps – WTI (Midland)		71,000		76,000		76,000		—
Basis Swaps – WTI (Midland)		$1.05		$1.05		$1.05		—
Roll Swaps – WTI		25,000		25,000		25,000		—
Roll Swaps – WTI		$0.93		$0.93		$0.93		—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q2 2025		Q3 2025		Q4 2025		FY 2026		FY 2027
Costless Collars – Henry Hub		690,000		690,000		690,000		620,000		40,000
Floor Price ($/Mmbtu)		$2.49		$2.49		$2.49		$2.77		$3.00
Ceiling Price ($/Mmbtu)		$5.28		$5.28		$5.28		$6.33		$6.65
Natural Gas Basis Swaps – Waha Hub		610,000		610,000		610,000		460,000		240,000
Natural Gas Basis Swaps – Waha Hub		$-0.88		$-0.88		$-0.88		$-1.62		$-1.48
Natural Gas Basis Swaps – Houston Ship Channel		13,407		20,000		20,000		40,000		—
Natural Gas Basis Swaps – Houston Ship Channel		$-0.49		$-0.49		$-0.49		$-0.37		—

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

The MIL Network –

May 6, 2025

MIL-OSI: Gibson Energy Reports 2025 First Quarter Results Driven by Record Infrastructure EBITDA and All-Time High Volumes at Gateway and Edmonton

Source: GlobeNewswire (MIL-OSI)

^{All financial figures are in Canadian dollars unless otherwise noted}

CALGARY, Alberta, May 05, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three months ended March 31, 2025.

Key Highlights:

All-time high volumes at both the Gateway and Edmonton terminals drove record Infrastructure Adjusted EBITDA⁽¹⁾ of $155 million
Realized recurring and non-recurring cost savings of approximately $6 million, increasing DCF per share in the first quarter by 7%, with line of sight to $18 million of total savings, relative to our target of over $25 million
Secured a strategic long-term partnership with Baytex Energy Corp. (“Baytex”)
Appointed Riley Hicks as Senior Vice President and Chief Financial Officer effective February 4, 2025, and Dave Gosse as Senior Vice President and Chief Operating Officer to become effective May 20, 2025
Subsequent to the quarter, completed the Gateway dredging project safely, on time and on budget

“We are off to a solid start to 2025, delivering record quarterly Infrastructure EBITDA,” said Curtis Philippon, President & Chief Executive Officer. “Our cost focus efforts continue to deliver results, and we are seeing great progress on our key capital projects at Gateway. With a revitalized leadership team in place and disciplined execution underway, we are well positioned to deliver a strong finish to the year.”

Financial Highlights:

Revenue of $2,748 million decreased by $541 million in the first quarter, compared to $3,289 million in the first quarter of 2024, primarily due to the impact of reduced sales volumes and lower commodity prices within the Marketing segment
Infrastructure Adjusted EBITDA⁽¹⁾ of $155 million in the first quarter, a $4 million or 2% increase from the first quarter of 2024, primarily due to increased throughput at the Edmonton Terminal and Gateway, and lower operating and other costs, partially offset by lower volume at the Hardisty Terminal, and the disposal of non-core assets in the prior period
Marketing Adjusted EBITDA⁽¹⁾ of $0 in the first quarter, a $33 million decrease from the first quarter of 2024, primarily due to the Crude Marketing business’ lower contribution as continued increased demand for Canadian heavy oil has maintained steep backwardation and limited volatility, impacting storage, quality and time-based opportunities. For the Refined Products business, slightly stronger crack spreads during the quarter were offset by higher feedstock costs driven by continued strength in the WCS differential, as well as the impact of seasonal reduction in demand for asphalt products
Adjusted EBITDA⁽¹⁾ on a consolidated basis of $142 million in the first quarter, a $28 million or 16% decrease from the first quarter of 2024, primarily due to lower contributions from the Marketing segment and the other factors impacting segment EBITDA noted above, as well as the impact of unrealized gains and losses on derivative financial instruments recorded in both periods
Net income of $50 million in the first quarter, a $9 million or 23% increase from the first quarter of 2024, primarily due to the impact of items affecting segment EBITDA noted above as well as lower general and administrative costs primarily due to executive transition and restructuring costs in the prior period, partially offset by higher corporate foreign exchange losses
Distributable Cash Flow⁽¹⁾ of $91 million in the first quarter, a $24 million or 21% decrease from the first quarter of 2024, primarily due to lower Adjusted EBITDA from the Marketing segment, partially offset by increased Infrastructure Adjusted EBITDA
Dividend Payout ratio⁽²⁾ on a trailing twelve-month basis of 77%, which is within the 70% – 80% target range
Net debt to Adjusted EBITDA⁽²⁾ ratio of 3.7x at March 31, 2025, compared to 3.5x at March 31, 2024, primarily due to lower contributions from the Company’s Marketing segment and higher interest expenses compared to the same period last year

Strategic Developments:

Appointed Riley Hicks as Senior Vice President and Chief Financial Officer, effective February 4, 2025; Riley joined Gibson in 2018 and has held various finance and commercial roles, including most recently Senior Vice President Corporate Development, Marketing and Strategy
Entered into a long-term strategic partnership with Baytex; under the initial 10-year take-or-pay and area dedication agreement, Gibson will invest approximately $50 million in new liquids infrastructure and Baytex will direct production to Gibson’s core Edmonton terminal, enhancing the Company’s quality of cash flows
Surpassed a major safety milestone, with over 9 million hours worked without a lost time injury
Subsequent to the quarter, Dave Gosse was appointed as Senior Vice President and Chief Operating Officer, to become effective May 20, 2025; with more than 30 years of operational and engineering leadership, in roles including President of Energy Transfer Canada, Dave adds strong expertise to Gibson’s executive team
Subsequent to the quarter, successfully completed the dredging project at Gateway safely, on time and on budget, making Gateway one of only two terminals in Texas capable of loading up to 1.6 million barrels on a Very Large Crude Carrier and up to full capacity on a Suezmax vessel

(1) Adjusted EBITDA and distributable cash flow are non-GAAP financial measures. See the “Specified Financial Measures” section of this release.
(2) Net debt to adjusted EBITDA ratio and dividend payout ratio are non-GAAP financial ratios. See the “Specified Financial Measures” section of this release.

Management’s Discussion and Analysis and Financial Statements
The 2025 first quarter Management’s Discussion and Analysis and unaudited Condensed Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months ended March 31, 2025, as compared to the three months ended March 31, 2024. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.

Earnings Conference Call & Webcast Details
A conference call and webcast will be held to discuss the 2025 first quarter financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Tuesday, May 6, 2025.

To register for the call, view dial-in numbers, and obtain a dial-in PIN, please access the following URL:

Registration at least five minutes prior to the conference call is recommended.

This call will also be broadcast live on the Internet and may be accessed directly at the following URL:

The webcast will remain accessible for a 12-month period at the above URL.

Supplementary Information

Gibson has also made available certain supplementary information regarding the 2025 first quarter financial and operating results, available at www.gibsonenergy.com.

About Gibson
Gibson is a leading liquids infrastructure company with its principal businesses consisting of storage, optimization, processing, and gathering of liquids and refined products, as well as waterborne vessel loading. Headquartered in Calgary, Alberta, the Company’s operations are located across North America, with core terminal assets in Hardisty and Edmonton, Alberta, Ingleside and Wink, Texas, and a facility in Moose Jaw, Saskatchewan.

Gibson shares trade under the symbol GEI and are listed on the Toronto Stock Exchange. For more information, visit www.gibsonenergy.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements). All statements other than statements of historical fact are forward-looking statements. The use of any of the words ‘‘anticipate’’, ‘‘plan’’, ‘‘contemplate’’, ‘‘continue’’, ‘‘estimate’’, ‘‘expect’’, ‘‘intend’’, ‘‘propose’’, ‘‘might’’, ‘‘may’’, ‘‘will’’, ‘‘shall’’, ‘‘project’’, ‘‘should’’, ‘‘could’’, ‘‘would’’, ‘‘believe’’, ‘‘predict’’, ‘‘forecast’’, ‘‘pursue’’, ‘‘potential’’ and ‘‘capable’’ and similar expressions are intended to identify forward looking statements. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, future cost savings to be realized by the Company, the future effective date of appointment of the Company’s new Senior Vice President and Chief Operating Officer, results through the remainder of the current fiscal year, and the capital expenditure in relation to the project with Baytex, and Gibson’s ability to achieve the anticipated benefits of such project, including the enhancement of the quality of the Company’s cash flows. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form dated February 18, 2025, and Management’s Discussion and Analysis dated May 5, 2025, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.

For further information, please contact:

Investor Relations
(403) 776-3077
investor.relations@gibsonenergy.com

Media Relations
(403) 476-6334
communications@gibsonenergy.com

Specified Financial Measures
This press release refers to certain financial measures that are not determined in accordance with GAAP, including non-GAAP financial measures and non-GAAP financial ratios. Readers are cautioned that non-GAAP financial measures and non-GAAP financial ratios do not have standardized meanings prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other entities. Management considers these to be important supplemental measures of the Company’s performance and believes these measures are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in industries with similar capital structures.

For further details on these specified financial measures, including relevant reconciliations, see the “Specified Financial Measures” section of the Company’s MD&A for the three months ended March 31, 2025 and 2024, which is incorporated by reference herein and is available on Gibson’s SEDAR+ profile at www.sedarplus.ca and Gibson’s website at www.gibsonenergy.com.

a) Adjusted EBITDA

Noted below is the reconciliation to the most directly comparable GAAP measures of the Company’s segmented and consolidated adjusted EBITDA for the three months ended March 31, 2025, and 2024:

Three months ended March 31,	Infrastructure			Marketing			Corporate and Adjustments				Total
($ thousands)	2025		2024	2025		2024	2025		2024		2025		2024

Segment profit	154,079		145,663	13,860		19,381	—		—		167,939		165,044
Unrealized (gain) loss on financial instruments	(455	)	4,149	(13,746	)	14,217	—		—		(14,201	)	18,366
General and administrative	—		—	—		—	(14,323	)	(21,920	)	(14,323	)	(21,920	)
Adjustments to share of profit from equity accounted investees	1,173		1,481	—		—	—		—		1,173		1,481
Executive transition and restructuring costs	—		—	—		—	2,405		7,135		2,405		7,135
Renewable power purchase agreement	—		—	—		—	(806	)	—		(806	)	—
Adjusted EBITDA	154,797		151,293	114		33,598	(12,724	)	(14,785	)	142,187		170,106

	Three months ended March 31,
($ thousands)	2025		2024

Net Income	49,953		40,489

Income tax expense	14,044		12,455
Depreciation, amortization, and impairment charges	42,532		43,431
Finance costs, net	33,658		35,403
Unrealized (gain) loss on derivative financial instruments	(14,201	)	18,366
Unrealized loss on renewable power purchase agreement	6,787		9,476
Share-based compensation	3,128		5,064
Acquisition and integration costs	—		1,305
Adjustments to share of profit from equity accounted investees	1,173		1,481
Corporate foreign exchange loss (gain) and other	2,708		(4,499	)
Executive transition and restructuring costs	2,405		7,135
Adjusted EBITDA	142,187		170,106

b) Distributable Cash Flow

The following is a reconciliation of distributable cash flow from operations to its most directly comparable GAAP measure, cash flow from operating activities:

	Three months ended March 31,
($ thousands)	2025		2024

Cash flow from operating activities	121,852		192,833
Adjustments:
Changes in non-cash working capital and taxes paid	15,417		(26,078	)
Replacement capital	(5,808	)	(4,372	)
Cash interest expense, including capitalized interest	(31,549	)	(33,878	)
Acquisition and integration costs⁽¹⁾	—		1,305
Executive transition and restructuring costs⁽¹⁾	2,405		—
Lease payments	(6,317	)	(8,034	)
Current income tax	(5,226	)	(7,312	)
Distributable cash flow	90,774		114,464

c) Dividend Payout Ratio

	Twelve months ended March 31,
	2025		2024
Distributable cash flow	351,583		392,853
Dividends declared	270,630		247,946
Dividend payout ratio	77	%	63	%

d) Net Debt To Adjusted EBITDA Ratio

	Twelve months ended March 31,
	2025		2024

Current and long-term debt	2,619,116		2,643,464
Lease liabilities	47,752		58,480
Less: unsecured hybrid debt	(450,000	)	(450,000	)
Less: cash and cash equivalents	(46,090	)	(108,858	)

Net debt	2,170,778		2,143,086
Adjusted EBITDA	582,223		605,095
Net debt to adjusted EBITDA ratio	3.7		3.5

The MIL Network –

May 6, 2025

MIL-OSI: Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, May 05, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the first quarter ended March 31, 2025.

FIRST QUARTER HIGHLIGHTS

As previously announced, Q1 2025 average production of 31,311 bo/d (57,378 boe/d)
Q1 2025 consolidated net income (including non-controlling interest) of $153 million; net income attributable to Viper of $75 million, or $0.62 per Class A common share
Q1 2025 cash available for distribution to Viper’s Class A common shares (as defined and reconciled below) of $100 million, or $0.76 per Class A common share
Declared Q1 2025 base cash dividend of $0.30 per Class A common share; implies a 2.9% annualized yield based on the May 2, 2025, Class A common share closing price of $42.08
Declared Q1 2025 variable cash dividend of $0.27 per Class A common share; total base-plus-variable dividend of $0.57 per Class A common share implies a 5.4% annualized yield based on the May 2, 2025, Class A common share closing price of $42.08
Total Q1 2025 return of capital to Class A shareholders of $75 million, or $0.57 per Class A common share, represents 75% of cash available for distribution
442 total gross (8.0 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q1 2025 with an average lateral length of 11,946 feet

RECENT EVENTS AND FORWARD OUTLOOK

As previously announced, on May 1, 2025, closed the Drop Down transaction, whereby Viper Energy Partners LLC (“OpCo”), the Company’s operating subsidiary, acquired all of the equity interests of certain mineral and royalty subsidiaries of Diamondback for consideration of $1.0 billion of cash and 69.6 million limited liability company units of OpCo and an equivalent number of shares of the Company’s Class B common stock (the “Drop Down”)
Following the close of the Drop Down, Viper’s long-term issuer default rating was upgraded to BBB- by Fitch; represents second investment grade rating for Viper
As of May 2, 2025, during the second quarter of 2025, repurchased 239,374 shares of the Company’s Class A common stock for an aggregate purchase price of approximately $9 million, excluding excise tax (average price of $37.85 per Class A common share)
As of May 2, 2025, during the second quarter of 2025, repurchased approximately $36 million in aggregate principal amount of the Company’s 5.375% Senior Notes due 2027 (“2027 Notes”)
Initiating average daily production guidance for Q2 2025 of 40,000 to 43,000 bo/d (72,500 to 78,000 boe/d)
Maintaining average daily production for the balance of 2025, following the closing of the Drop Down, of 47,000 to 49,000 bo/d (85,000 to 88,000 boe/d), resulting in expected full year 2025 average daily production of 41,000 to 43,500 bo/d (74,500 to 79,000 boe/d)

“As previously announced, we are excited the transformative Drop Down transaction between Viper and Diamondback has closed. As a result of the conservative financing of this transaction, as well as Viper’s continued strong financial and operating results, we expect leverage to remain below 1.0x even in a sustained $50 per barrel WTI environment. Given the strength of our balance sheet, we will look to use this period of volatility to our advantage where we can, as highlighted by the opportunistic share repurchases we have been able to make so far this quarter,” stated Kaes Van’t Hof, Chief Executive Officer of Viper.

Mr. Van’t Hof continued, “Despite the potential for sustained weakness in commodity prices and reduced activity levels, we expect Viper’s production to remain durable and are maintaining our previous guidance for oil production for the balance of 2025, although we continue to monitor operator activity levels. The symbiotic relationship between Diamondback and Viper is highlighted during times like these where Diamondback continues to focus its development on wells where Viper owns high royalty interests, and therefore enhances Diamondback’s consolidated capital efficiency. Further, the roughly 45% of Viper’s current production that is operated by third parties is predominately exposed to well-capitalized operators in the best parts of the Permian Basin, led by Exxon operating almost half of our third party production.”

FINANCIAL UPDATE

As previously announced, Viper’s first quarter 2025 average unhedged realized prices were $71.33 per barrel of oil, $2.08 per Mcf of natural gas and $24.52 per barrel of natural gas liquids, resulting in a total equivalent realized price of $47.25/boe.

As previously announced, Viper’s first quarter 2025 average hedged realized prices were $70.26 per barrel of oil, $3.74 per Mcf of natural gas and $24.52 per barrel of natural gas liquids, resulting in a total equivalent realized price of $48.99/boe.

During the first quarter of 2025, the Company recorded total operating income of $245 million and consolidated net income (including non-controlling interest) of $153 million.

As of March 31, 2025, the Company had a cash balance of $560 million and total long-term debt outstanding (excluding debt issuance costs, discounts and premiums) of $830 million, resulting in net debt (as defined and reconciled below) of $270 million. Viper’s outstanding long-term debt as of March 31, 2025 consisted of $430 million in aggregate principal amount of its 2027 Notes, $400 million in aggregate principal amount of its 7.375% Senior Notes due 2031 and no borrowings on its revolving credit facility, leaving $1.3 billion available for future borrowings and $1.9 billion of total liquidity.

As of May 1, 2025, after giving effect to the closing of the Drop Down, Viper had roughly $255 million in borrowings on its revolving credit facility, leaving approximately $995 million available for future borrowings and a similar amount of total liquidity.

As of May 2, 2025, during the second quarter of 2025, Viper had repurchased approximately $36 million in aggregate principal amount of the Company’s 2027 Notes.

FIRST QUARTER 2025 CASH DIVIDEND & CAPITAL RETURN PROGRAM

Viper announced today that the Company’s Board of Directors (the “Board”) declared a base cash dividend of $0.30 per Class A common share for the first quarter of 2025, payable on May 22, 2025 to Class A common shareholders of record at the close of business on May 15, 2025.

The Board also declared a variable cash dividend of $0.27 per Class A common share for the first quarter of 2025, payable on May 22, 2025 to Class A common shareholders of record at the close of business on May 15, 2025.

As of May 2, 2025, during the second quarter of 2025, Viper repurchased 239,374 shares of Class A common stock for an aggregate purchase price of approximately $9 million, excluding excise tax (average price of $37.85 per Class A common share). In total, since the initiation of Viper’s common stock repurchase program on November 9, 2020 through May 2, 2025, the Company has repurchased 13,683,957 shares of Class A common stock for an aggregate purchase price of approximately $325 million, reflecting an average price of $23.74 per Class A common share. Future base and variable cash dividends and stock repurchases are at the discretion of the Board and are subject to a number of factors discussed in Viper’s reports filed with the Securities and Exchange Commission.

OPERATIONS UPDATE

During the first quarter of 2025, Viper estimates that 442 gross (8.0 net 100% royalty interest) horizontal wells with an average royalty interest of 1.8% were turned to production on its acreage position with an average lateral length of 11,946 feet. Of these 442 gross wells, Diamondback is the operator of 108 gross wells, with an average royalty interest of 4.0%, and the remaining 334 gross wells, with an average royalty interest of 1.1%, are operated by third parties.

As of March 31, 2025, Viper’s footprint of mineral and royalty interests was 37,573 net royalty acres on a historical basis and 60,725 net royalty acres on a pro forma basis, after giving effect to the Drop Down.

Our gross well information as of May 1, 2025 is as follows, after giving effect to the Drop Down:

	Diamondback Operated	Third-Party Operated	Total
Q1 2025 Horizontal wells turned to production⁽¹⁾⁽²⁾:
Gross wells	108	334	442
Net 100% royalty interest wells	4.3	3.7	8.0
Average percent net royalty interest	4.0%	1.1%	1.8%

Horizontal producing well count:
Gross wells	3,725	11,546	15,271
Net 100% royalty interest wells	235.0	165.0	400.0
Average percent net royalty interest	6.3%	1.4%	2.6%

Horizontal active development well count:
Gross wells	239	682	921
Net 100% royalty interest wells	13.0	10.4	23.4
Average percent net royalty interest	5.4%	1.5%	2.5%

Line of sight wells:
Gross wells	417	677	1,094
Net 100% royalty interest wells	27.1	8.9	36.0
Average percent net royalty interest	6.5%	1.3%	3.3%

(1) Represents wells turned to production on Viper’s standalone acreage position; does not give effect to the Drop Down.
(2) Average lateral length of 11,946 feet.

The 921 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, after giving effect to the Drop Down, there are currently 63 gross rigs operating on Viper’s acreage, 16 of which are operated by Diamondback. The 1,094 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

GUIDANCE UPDATE

Below is Viper’s guidance for the full year 2025, as well as average production guidance for Q2 2025, which gives effect to the Drop Down. Given recent market volatility, Diamondback and our other operators are closely monitoring the macro environment and may review their operating plans for the remainder of 2025, and thus our production guidance could be subject to change.


	Viper Energy, Inc.

Q2 2025 Net Production – Mbo/d	40.0 – 43.0
Q2 2025 Net Production – Mboe/d	72.5 – 78.0
Full Year 2025 Net Production – Mbo/d	41.0 – 43.5
Full Year 2025 Net Production – Mboe/d	74.5 – 79.0

Unit costs ($/boe)
Depletion	$15.50 – $16.50
Cash G&A	$0.80 – $1.00
Non-Cash Share-Based Compensation	$0.10 – $0.20
Net Interest Expense	$2.00 – $2.50

Production and Ad Valorem Taxes (% of Revenue)	~7%
Cash Tax Rate (% of Pre-Tax Income Attributable to the Company)⁽¹⁾	21% – 23%
Q2 2025 Cash Taxes ($ – million)⁽²⁾	$10 – $15

(1) Pre-tax income attributable to the Company is reconciled below.
(2) Attributable to the Company.

CONFERENCE CALL

Viper will host a conference call and webcast for investors and analysts to discuss its results for the first quarter of 2025 on Tuesday, May 6, 2025 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

About Viper Energy, Inc.

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

About Diamondback Energy, Inc.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the Drop Down and any other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

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

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

Viper Energy, Inc.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except par values and share data)

	March 31,			December 31,
		2025			2024
Assets
Current assets:
Cash and cash equivalents	$	560		$	27
Royalty income receivable (net of allowance for credit losses)		146			149
Royalty income receivable—related party		41			31
Income tax receivable		2			2
Derivative instruments		31			18
Prepaid expenses and other current assets		12			11
Total current assets		792			238
Property:
Oil and natural gas interests, full cost method of accounting ($2,279 and $2,180 excluded from depletion at March 31, 2025 and December 31, 2024, respectively)		6,097			5,713
Land		6			6
Accumulated depletion and impairment		(1,148	)		(1,081	)
Property, net		4,955			4,638
Derivative instruments		12			—
Deferred income taxes (net of allowances)		249			185
Funds held in escrow		223			1
Other assets		7			7
Total assets	$	6,238		$	5,069
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable—related party	$	2		$	2
Accrued liabilities		66			43
Derivative instruments		5			2
Income taxes payable		18			2
Total current liabilities		91			49
Long-term debt, net		822			1,083
Derivative instruments		2			—
Other long-term liabilities		—			30
Total liabilities		915			1,162
Stockholders’ equity:
Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 131,323,078 shares issued and outstanding as of March 31, 2025 and 102,977,142 shares issued and outstanding as of December 31, 2024		—			—
Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 87,831,750 shares issued and outstanding as of March 31, 2025 and 85,431,453 shares issued and outstanding as of December 31, 2024		—			—
Additional paid-in capital		2,566			1,569
Retained earnings (accumulated deficit)		108			118
Total Viper Energy, Inc. stockholders’ equity		2,674			1,687
Non-controlling interest		2,649			2,220
Total equity		5,323			3,907
Total liabilities and stockholders’ equity	$	6,238		$	5,069

Viper Energy, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts, shares in thousands)

	Three Months Ended March 31,
		2025			2024
Operating income:
Oil income	$	201		$	177
Natural gas income		15			7
Natural gas liquids income		28			21
Royalty income		244			205
Lease bonus income		1			—
Total operating income		245			205
Costs and expenses:
Production and ad valorem taxes		17			14
Depletion		67			47
General and administrative expenses—related party		4			2
General and administrative expenses		2			3
Total costs and expenses		90			66
Income (loss) from operations		155			139
Other income (expense):
Interest expense, net		(13	)		(20	)
Gain (loss) on derivative instruments, net		32			(7	)
Total other income (expense), net		19			(27	)
Income (loss) before income taxes		174			112
Provision for (benefit from) income taxes		21			13
Net income (loss)		153			99
Net income (loss) attributable to non-controlling interest		78			56
Net income (loss) attributable to Viper Energy, Inc.	$	75		$	43

Net income (loss) attributable to common shares:
Basic	$	0.62		$	0.49
Diluted	$	0.62		$	0.49
Weighted average number of common shares outstanding:
Basic		120,926			87,537
Diluted		121,030			87,629

Viper Energy, Inc.
Condensed Consolidated Statements of Cash Flows
(unaudited, in millions)

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income (loss)	$	153		$	99
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes		(1	)		(1	)
Depletion		67			47
(Gain) loss on derivative instruments, net		(32	)		7
Net cash receipts (payments) on derivatives		9			(3	)
Other		1			2
Changes in operating assets and liabilities:
Royalty income receivable		3			(23	)
Royalty income receivable—related party		(10	)		(30	)
Accounts payable and accrued liabilities		(4	)		5
Accounts payable—related party		—			(1	)
Income taxes payable		15			12
Other		—			1
Net cash provided by (used in) operating activities		201			115
Cash flows from investing activities:
Acquisitions of oil and natural gas interests		(486	)		(21	)
Proceeds from sale of oil and natural gas interests		—			1
Net cash provided by (used in) investing activities		(486	)		(20	)
Cash flows from financing activities:
Proceeds from borrowings under credit facility		295			90
Repayment on credit facility		(556	)		(80	)
Net proceeds from public offering		1,232			—
Dividends to stockholders		(85	)		(44	)
Dividends to Diamondback		(59	)		(67	)
Dividends to other non-controlling interest		(9	)		—
Net cash provided by (used in) financing activities		818			(101	)
Net increase (decrease) in cash and cash equivalents		533			(6	)
Cash, cash equivalents and restricted cash at beginning of period		27			26
Cash, cash equivalents and restricted cash at end of period	$	560		$	20

Viper Energy, Inc.
Selected Operating Data
(unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Production Data:
Oil (MBbls)		2,818		2,747		2,312
Natural gas (MMcf)		7,221		7,236		5,589
Natural gas liquids (MBbls)		1,142		1,209		954
Combined volumes (Mboe)⁽¹⁾		5,164		5,162		4,198

Average daily oil volumes (bo/d)		31,311		29,859		25,407
Average daily combined volumes (boe/d)		57,378		56,109		46,132

Average sales prices:
Oil ($/Bbl)	$	71.33	$	69.91	$	76.61
Natural gas ($/Mcf)	$	2.08	$	0.84	$	1.22
Natural gas liquids ($/Bbl)	$	24.52	$	22.15	$	22.17
Combined ($/boe)⁽²⁾	$	47.25	$	43.56	$	48.85

Oil, hedged ($/Bbl)⁽³⁾	$	70.26	$	69.00	$	75.64
Natural gas, hedged ($/Mcf)⁽³⁾	$	3.74	$	1.05	$	1.12
Natural gas liquids ($/Bbl)⁽³⁾	$	24.52	$	22.15	$	22.17
Combined price, hedged ($/boe)⁽³⁾	$	48.99	$	43.38	$	48.19

Average Costs ($/boe):
Production and ad valorem taxes	$	3.29	$	3.13	$	3.43
General and administrative – cash component		0.97		0.72		1.08
Total operating expense – cash	$	4.26	$	3.85	$	4.51

General and administrative – non-cash stock compensation expense	$	0.19	$	0.16	$	0.12
Interest expense, net	$	2.52	$	3.70	$	4.67
Depletion	$	12.97	$	12.51	$	11.18

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

NON-GAAP FINANCIAL MEASURES

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

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

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

Viper Energy, Inc.
(unaudited, in millions, except per share data)

	Three Months Ended March 31, 2025
Net income (loss) attributable to Viper Energy, Inc.	$	75
Net income (loss) attributable to non-controlling interest		78
Net income (loss)		153
Interest expense, net		13
Non-cash share-based compensation expense		1
Depletion		67
Non-cash (gain) loss on derivative instruments		(23	)
Provision for (benefit from) income taxes		21
Consolidated Adjusted EBITDA		232
Less: Adjusted EBITDA attributable to non-controlling interest		99
Adjusted EBITDA attributable to Viper Energy, Inc.	$	133

Adjustments to reconcile Adjusted EBITDA to cash available for distribution:
Income taxes payable for the current period	$	(23	)
Debt service, contractual obligations, fixed charges and reserves		(9	)
Lease bonus income, net of tax		(1	)
Cash available for distribution to Viper Energy, Inc. shareholders	$	100

	Three Months Ended March 31, 2025
	Amounts		Amounts Per Common Share
Reconciliation to cash available for variable dividends:
Cash available for distribution to Viper Energy, Inc. shareholders	$	100	$	0.76

Return of Capital	$	75	$	0.57
Less:
Base dividend		39		0.30
Cash available for variable dividends	$	36	$	0.27

Total approved base and variable dividend per share			$	0.57

Class A common stock outstanding				131,323

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

Viper Energy, Inc.
Pre-tax income attributable to Viper Energy, Inc.
(unaudited, in millions)

	Three Months Ended March 31, 2025
	Three Months Ended March 31, 2025
Income (loss) before income taxes	$	174
Less: Net income (loss) attributable to non-controlling interest		78
Pre-tax income attributable to Viper Energy, Inc.	$	96

Income taxes payable for the current period	$	23
Effective cash tax rate attributable to Viper Energy, Inc.		24.0	%

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

The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to the Company to the non-GAAP financial measure of adjusted net income (loss):

Viper Energy, Inc.
Adjusted Net Income (Loss)
(unaudited, in millions, except per share data)

	Three Months Ended March 31, 2025
	Amounts			Amounts Per Diluted Share
Net income (loss) attributable to Viper Energy, Inc. ⁽¹⁾	$	75		$	0.62
Net income (loss) attributable to non-controlling interest		78			0.64
Net income (loss)⁽¹⁾		153			1.26
Non-cash (gain) loss on derivative instruments, net		(23	)		(0.19	)
Adjusted income excluding above items⁽¹⁾		130			1.07
Income tax adjustment for above items		3			0.03
Adjusted net income (loss)⁽¹⁾		133			1.10
Less: Adjusted net income (loss) attributed to non-controlling interests		68			0.56
Adjusted net income (loss) attributable to Viper Energy, Inc. ⁽¹⁾	$	65		$	0.54

Weighted average Class A common shares outstanding:
Basic					120,926
Diluted					121,030

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

RECONCILIATION OF LONG-TERM DEBT TO NET DEBT

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

	March 31, 2025			Net Q1 Principal Borrowings/ (Repayments)			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(in millions)
Total long-term debt⁽¹⁾	$	830		$	(261	)	$	1,091		$	831		$	1,007		$	1,103
Cash and cash equivalents		(560	)					(27	)		(169	)		(35	)		(20	)
Net debt	$	270					$	1,064		$	662		$	972		$	1,083

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

Derivatives

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

	Crude Oil (Bbls/day, $/Bbl)
	Q2 2025			Q3 2025			Q4 2025		FY 2026		FY 2027
Deferred Premium Puts – WTI (Cushing)		20,000			18,000			—		—		—
Strike	$	55.00		$	55.00		$	—	$	—	$	—
Premium	$	(1.61	)	$	(1.60	)	$	—	$	—	$	—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q2 2025		Q3 2025		Q4 2025		FY 2026		FY 2027
Costless Collars – Henry Hub		60,000		60,000		60,000		60,000		—
Floor	$	2.50	$	2.50	$	2.50	$	2.75	$	—
Ceiling	$	4.93	$	4.93	$	4.93	$	6.64	$	—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q2 2025			Q3 2025			Q4 2025			FY 2026			FY 2027
Natural Gas Basis Swaps – Waha Hub		60,000			60,000			60,000			60,000			40,000
Swap Price	$	(0.80	)	$	(0.80	)	$	(0.80	)	$	(1.50	)	$	(1.40	)

Investor Contact:

Chip Seale
+1 432.247.6218
cseale@viperenergy.com

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

The MIL Network –

May 6, 2025

MIL-OSI Africa: NERSA approves setting up of advisory forum

Source: South Africa News Agency

The National Energy Regulator of South Africa (NERSA) has approved the establishment of an advisory forum which will advise the energy regulator on various matters related to the establishment of a competitive electricity market.

“This advisory forum, the Electricity Market Advisory Forum (EMAF), will advise the energy regulator on various matters related to the establishment of a competitive electricity market. Members will be appointed by, and accountable to, the energy regulator with an approved term of reference,” NERSA said in a statement on Friday.

The establishment of EMAF was approved at a meeting held on Tuesday, 29 April 2025.

The decision of the regulator recognises the “profound changes anticipated in the electricity sector and the role of the energy regulator, heralded by the amended Electricity Regulation Act (ERA), which includes the establishment of a competitive electricity market over the next five years.”

“The EMAF is a proactive move to involve stakeholders to support the energy regulator to establish a robust and inclusive regulatory environment to oversee the nascent electricity market. This includes licensing the Market Operator as the National Transmission Company of South Africa’s (NTCSA) licensed activity and approving the Market Rule and Market Code.

“The impending electricity market will involve regulatory activities that are novel in the South African environment – such as the task of market surveillance and enforcement alluded to in the draft South African Wholesale Electricity Market (SAWEM) Code. The energy regulator, cognisant of the need to garner advice from stakeholders and experts, also appreciates the need to simultaneously accelerate institutional strengthening as a key enabler for an efficient electricity market,” it said.

It further added that an inclusive consultation process, such as the establishment advisory forum, should also encourage the readiness of all stakeholders for the market as it evolves.

The advisory forum will initially focus on advising NERSA on the finalisation of the Market Rule and Market Code. The EMAF will also advise on key enablers required to establish a competitive electricity market, including the implementation of the Market Rule and Market Code and regulatory oversight of market operations.

“The energy regulator will outline the process for appointing members to the EMAF in due course. It is anticipated that the EMAF’s strength will lie in the appropriate blend of institutional representation with individual expertise in establishing, operating and monitoring a functioning and competitive electricity market, including end-user perspectives.”

The Market Rule Project Team is finalising the terms of reference for the EMAF, including the scope and mandate of the EMAF, membership selection criteria and the code of conduct. –SAnews.gov.za

MIL OSI Africa –

May 6, 2025
MIL-OSI Africa: Eskom plans to avoid load shedding this winter

Source: South Africa News Agency

Eskom is planning to avoid load shedding during the winter period, as its operational performance has improved and it expects additional capacity to come online.

For load shedding to be avoided, unplanned outages must remain below 13 gigawatts (GW).

“If outages increase to 15GW, load shedding would be limited to a maximum of 21 days out of 153 days at stage 2 – an improvement over the prior winter’s worst-case prediction of stage 5 load shedding,” Eskom Group Chief Executive, Dan Marokane, said on Monday, in Johannesburg.

Addressing a media briefing on Eskom’s State of the System for the 2024/2025 financial year, Marokane said the improved winter outlook is due to a 3.1GW decrease in unplanned outages compared to the previous year.

As a result, the forecast range has been lowered to 13-15GW, down from 14 -17GW in winter 2024.

Last winter had no load shedding, with average unplanned outages at 12.3GW – significantly below the winter 2024 base-case projection of 14GW.

“This year’s winter outlook prediction is built on an improvement in operational performance and overall efficiency. Load shedding was the lowest in Eskom’s last financial year (FY) 2025 than in the previous two years.

“In FY 2025, we delivered power 96% of the time. In the previous year, the figure was just 9.9%. Our diesel open cycle gas turbines (OCGTs) were utilised approximately 50% less in FY 2025 compared to the two previous financial years, saving around R16 billion,” the CEO said.

Against this progress, Eskom has seen some setbacks in operational excellence, as evidenced by the recent load shedding requirements between January to April 2025.

“A targeted plan has been put in place to reinforce operational discipline and accelerate recovery initiatives to address the root causes related to the recent load shedding events,” Marokane said.

Minister of Electricity and Energy, Dr Kgosientsho Ramokgopa, said Koeberg unit 1 has received the long-term operating go-ahead from the regulator to ensure 20 years of additional life.

“We have been able to restore Kusile unit 2 and 3. Kusile unit 1 will be placed back in its original form before the end of May. The three units at Kusile will give us [additional] megawatts (MW) during the winter period.

“Kusile unit 6 has been synchronised to the grid. It is yet to be in commercial operation. It is a technical issue. It is [providing electricity] and at times, it must be taken out to be fixed. Once it gets into commercial operation, we will get the long-term benefits of the unit.

“We plan to bring back Medupi unit 4 back to service during winter. It has been out of service for about four years. We are expecting to get about 800MW in the middle of winter,” Ramokgopa said.

The Minister said load reduction will remain in place to protect the equipment and as a safety precaution to protect the lives of those who are close to the infrastructure when it gets overloaded due to rampant illegal connections.

From 1 April 2024 – 31 March 2025, Eskom implemented load shedding for 13 days compared to 329 and 208 in the two previous years, respectively.

Marokane said Eskom supplied South Africa with more electricity and reduced load shedding without the extensive use of diesel during the period under review.

“We had a 45% reduction in diesel consumption against the backdrop of the highest send out in the last three years and the lowest load shedding days.

“We used the OCGTs very tactically to support the high vulnerability and once we have our capacity, you will see the diesel expenditure going down significantly,” he said.

According to Eskom Group Executive for Generation, Bheki Nxumalo, Eskom has continued to maintain high levels of planned maintenance as part of efforts to improve fleet reliability in preparation for the high winter demand, while also meeting environmental licence conditions and regulatory requirements.

“We have evolved our Generation Recovery Plan to ensure our data-led analysis into the delays in returning units from outages on time, which has caused our fleet to be constrained and not able to accommodate a sudden loss of units, receives intense management focus, as we use our ‘high challenge, high support’ culture to support our teams to rectify this situation,” Nxumalo said. – SAnews.gov.za

MIL OSI Africa –

May 6, 2025
MIL-OSI Security: Nuclear Desalination: A Sustainable Solution for Water Security in the Arab Region

Source: International Atomic Energy Agency – IAEA

Jordan: Advancing SMR-Powered Desalination

Jordan, where 75 per cent of the land is classified as arid desert, is taking significant steps toward nuclear desalination. The government is exploring Small Modular Reactors (SMRs), compact reactors that could power desalination plants. In 2023, an IAEA team evaluated Jordan’s studies on using SMRs to provide drinking water from the Red Sea to Amman, where water demand is rising.

“Desalination is considered the primary source of fresh water in Jordan to fulfil the expected demand and reduce the supply-demand deficit,” says Khalid Khasawneh, Commissioner for Nuclear Power Reactors at the Jordan Atomic Energy Commission (JAEC). “It offers competitive prices for fresh water to end consumers, in comparison with imported energy sources.”

Saudi Arabia: The Desalination Leader Exploring Nuclear

Saudi Arabia, already the world’s largest desalinated water producer, began exploring the use of nuclear energy for desalination in the late 1970s. As part of its strategy to move from an oil-based economy toward a diversified power production, the country is now considering nuclear plants to achieve its net zero ambitions and meet its long-term water needs.

According to the King Abdullah City for Atomic and Renewable Energy (KACARE), “the Kingdom is planning a sustainable energy mix that includes atomic energy to meet the energy needs of the Kingdom to produce electricity, desalinated water and thermal energy,” which aims to reduce reliance on hydrocarbons and support economic growth.

Egypt: Nuclear Power and Water Strategy

Egypt is also integrating nuclear technology into its water strategy. With the country’s first nuclear power plant, El-Dabaa, under construction, discussions are underway about pairing nuclear energy with desalination in coastal regions. According to the Egyptian State Information Service: “Nuclear energy contributes to enhancing energy security and achieving environmental balance and water security.” As “nuclear facilities can supply the energy required for desalination plants to produce potable water.”

Kuwait: Exploring Nuclear Desalination for Sustainable Water Solutions

Kuwait, which depends heavily on seawater desalination to meet its freshwater needs, is increasingly turning to nuclear technologies to find more sustainable solutions for water and the environment. “Kuwait is facing the effect of climate change, ocean acidification, pollution from the oil and shipping industry, power and desalination activities,” said Nader Al-Awadi, the Executive Commissioner for International Cooperation at the Kuwait Institute of Scientific Research (KISR). In line with its efforts to address these environmental challenges, Kuwait has also established a large-scale facility to carry out research on ocean acidification, aiming to further understand the impacts of changing ocean conditions on marine ecosystems, which are directly tied to the effectiveness of desalination technologies.

MIL Security OSI –

May 6, 2025
MIL-OSI Africa: Zimbabwe’s Finance Minister to Present Energy Investment Outlook at Invest in African Energy (IAE) 2025

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

PARIS, France, May 5, 2025/APO Group/ —

Mthuli Ncube, Zimbabwe’s Minister of Finance, Economic Planning and Investment Promotion, will address global investors at the Invest in African Energy (IAE) 2025 Forum in Paris next week. As a keynote speaker, Minister Ncube will present Zimbabwe’s energy investment outlook, economic reform agenda and efforts to mobilize private capital across the power, hydrocarbons and renewable energy value chains.

Zimbabwe is targeting rapid energy sector expansion to meet rising industrial and consumer demand, reduce reliance on electricity imports and support long-term economic transformation. Key investment opportunities span power generation, transmission infrastructure, oil and gas exploration and the deployment of renewable energy – with a particular emphasis on solar and hydroelectric resources. The country is estimated to have a $4.8-billion funding gap for large-scale solar projects and is actively working to expand the pool of available capital. Efforts are also underway to enhance financial inclusion and secure more favorable terms for foreign investors in energy infrastructure.

IAE 2025 (http://apo-opa.co/3GH3mpN) 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.

Meanwhile, Zimbabwe is home to the Muzarabani Prospect in the north, currently being explored by Australian-listed Invictus Energy. The company has identified eight high-potential gas and condensate prospects in the eastern portion of its Cabora Bassa Basin project, with the Musuma prospect emerging as a key target for exploration drilling in 2025. Recent survey results revealed significant prospectivity in the eastern basin, estimating approximately 2.9 trillion cubic feet of gas and 184 million barrels of condensate across the eight prospects on a gross mean unrisked basis.

Minister Ncube’s participation signals Zimbabwe’s commitment to fostering an enabling investment environment and positioning energy as a central pillar of national development. The country’s strategic location, resource potential and improving macroeconomic stability make it a compelling destination for long-term infrastructure and energy investment.

“Minister Ncube’s keynote will offer investors direct insight into the policy direction and financing mechanisms shaping Zimbabwe’s energy future. His presence at IAE 2025 underscores the country’s strong push to deepen international investment partnerships in support of energy access and industrialization,” says Sandra Jeque, Events & Project Director at Energy Capital & Power.

MIL OSI Africa –

May 6, 2025

MIL-OSI USA: Reconciliation Recommendations of the House Committee on Armed Services

Source: US Congressional Budget Office

Legislation Summary

H. Con. Res. 14, the Concurrent Resolution on the Budget for Fiscal Year 2025, instructed the House Committee on Armed Services to recommend legislative changes that would increase deficits up to a specified amount over the 2025-2034 period. As part of the reconciliation process, the House Committee on Armed Services approved legislation on April 29, 2025, that would increase deficits.

Estimated Federal Cost

In CBO’s estimation, the reconciliation recommendations of the House Committee on Armed Services would increase deficits by $144.0 billion over the 2025-2034 period. The estimated budgetary effects of the legislation are shown in Table 1. The costs of the legislation fall within budget functions 050 (national defense) and 700 (veterans benefits and services).

Table 1. Estimated Budgetary Effects of Reconciliation Recommendations Title ll, House Committee on Armed Services, as Ordered Reported on April 29, 2025
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2025-2029	2025-2034
	Increases or Decreases (-) in Direct Spending
Budget Authority	150,273	125	-2,290	-708	180	0	0	0	0	0	147,580	147,580
Estimated Outlays	1,957	40,299	42,019	23,548	16,779	9,367	4,878	2,889	1,514	742	124,602	143,992

Basis of Estimate

For this estimate, CBO assumes that the legislation will be enacted in summer 2025. CBO’s estimates are relative to its January 2025 baseline and cover the period from 2025 through 2034. Outlays of appropriated amounts were estimated using historical obligation and spending rates for similar programs.

Direct Spending

Enacting this legislation would increase direct spending by $144.0 billion over the 2025‑2034 period. (see Table 2). Almost all of that amount would result from specified direct appropriations for defense activities ($142.8 billion in outlays), with additional estimated amounts related to changes to military housing privatization authorities
($1.2 billion in outlays).

Appropriated Amounts

The legislation would appropriate $150.3 billion for 2025. Of that amount, almost all would be for the Department of Defense (DoD), with the remainder for nuclear weapons activities of the Department of Energy ($3.2 billion) and the Armed Forces Retirement Home ($6 million). CBO expects that amounts appropriated by this legislation would be subject to sequestration under the Balanced Budget and Emergency Deficit Control Act of 1985. CBO estimates that a portion of any unobligated balances from those appropriations would be canceled in 2027, 2028, and 2029, which would reduce the budget authority provided by this legislation. After adjusting for the effects of sequestration, CBO estimates that, on net, specified budget authority would total about $146.3 billion and outlays from that budget authority would total $142.8 billion over the 2025-2034 period. The following sections would appropriate specific amounts for the following purposes:

Section 20002 would appropriate $33.8 billion for shipbuilding programs, increasing outlays by $31.8 billion;
Section 20003 would appropriate $24.7 billion for air and missile defense activities, increasing outlays by $23.5 billion;
Section 20004 would provide $20.7 billion for the acquisition of munitions and sustainment of the defense industrial base, increasing outlays by $19.5 billion;
Section 20005 would appropriate $13.5 billion to expedite the delivery of low-cost weapons and capabilities, increasing outlays by $13.0 billion;
Section 20006 would appropriate $0.4 billion to improve the audit readiness of DoD’s financial statements and for cybersecurity programs, increasing outlays by $0.4 billion;
Section 20007 would provide $7.3 billion for air superiority programs, increasing outlays by $6.8 billion;
Section 20008 would provide $12.9 billion for improvements to nuclear forces (of which $3.2 billion would be for the Department of Energy), increasing outlays by $12.6 billion;
Section 20009 would appropriate $11.1 billion to improve the capabilities of the U.S. Indo-Pacific Command, increasing outlays by $10.5 billion;
Section 20010 would appropriate $11.5 billion to improve military readiness, increasing outlays by $10.9 billion;
Section 20011 would appropriate $5.0 billion for border security activities, increasing outlays by $4.9 billion;
Section 20012 would appropriate $2.0 billion for military intelligence programs, increasing outlays by $1.9 billion;
Section 20013 would appropriate $10 million for oversight activities by the DoD Inspector General, increasing outlays by $9 million; and
Section 20001 would increase budget authority by $8.5 billion. Of that amount, $7.3 billion would be specifically appropriated for efforts to improve the quality of life for members of the armed forces, increasing outlays by $6.9 billion.[1] The remaining budget authority and outlays in section 20001 would arise from changes to housing privatization authorities, described in the next section.

Estimated Amounts

Section 20001 would modify authorities related to the privatization of military housing that CBO estimates would increase direct spending by $1.2 billion over the 2025-2034 period.

To finance housing privatization projects, DoD typically enters into long-term contracts with private-sector developers to renovate, construct, operate, and maintain military housing. Those developers leverage DoD contributions, along with expected future Basic Allowance for Housing (BAH) payments for military personnel, to borrow additional capital to complete the projects.

CBO considers acquiring housing for military personnel in that manner to be a governmental activity, and that amounts expended by such public-private ventures should be recorded in the federal budget as outlays at the time they occur. When proposed legislation would affect transactions involving third-party financing of governmental activities, CBO’s cost estimate for the legislation shows budget authority for the full cost of the project at the time the project is initiated. Outlays are shown over the construction period for each project. In cost estimates, CBO classifies those cash flows as direct spending.

Subsection 20001(b) would increase, through 2029, the limit on the amount of funding that DoD can contribute to privatization projects. Measured by the total capital costs of a project, the section would raise DoD’s authorized contribution threshold from 33.3 percent to 60 percent. CBO expects that providing additional funding would facilitate DoD privatization projects that are not financially viable under current law.

CBO estimates that extra funding would allow DoD to initiate one additional privatized housing project by 2029. Based on the cost of previous projects, CBO estimates that the new project would cost $500 million. To account for the uncertainty regarding the timing of that project, CBO evenly distributed the estimated budget authority over the 2026‑2029 period. Thus, after accounting for the time needed to complete the construction of the project, CBO estimates that increasing the funding limit would increase direct spending by $450 million over the 2025-2034 period.

Subsection 20001(c) would authorize DoD to pay higher rates of BAH through 2029 to unaccompanied service members living in military housing (such as barracks) provided under the Military Housing Privatization Initiative. CBO expects that the increased payments would facilitate DoD privatization projects that are not financially viable under the current amounts for that allowance.

CBO estimates that in each year from 2027 through 2029, DoD would initiate one project for unaccompanied housing as a result of the higher rates. Based on the cost of previous projects and adjusting for inflation, CBO estimates that, on average, projects would cost $270 million each. Accounting for the time necessary to complete each project, CBO estimates that enacting the higher BAH would increase direct spending by $780 million over the 2025‑2034 period.

Uncertainty

Unobligated balances of appropriations provided by this legislation would be subject to sequestration procedures. The amount sequestered would depend on how quickly the agencies can obligate the provided amounts. If obligation rates differ from CBO’s estimates, the amount of balances canceled through sequestration could be greater or less than estimated here.

In addition, the cost and number of the military housing privatization projects arising from the temporary authorities in section 20001 could differ from CBO’s estimates.

Pay-As-You-Go Considerations

The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. The net changes in outlays that are subject to those pay-as-you-go procedures are shown in Table 1.

Increase in Long-Term Net Direct Spending and Deficits

CBO estimates that enacting the legislation would not increase net direct spending or on‑budget deficits in any of the four consecutive 10-year periods beginning in 2035.

Mandates

The legislation contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.

Mandates: Brandon Lever

Estimate Reviewed By

David Newman
Chief, Defense, International Affairs, and Veterans’ Affairs Cost Estimates Unit

Kathleen FitzGerald
Chief, Public and Private Mandates Unit

Christina Hawley Anthony
Deputy Director of Budget Analysis

H. Samuel Papenfuss
Deputy Director of Budget Analysis

Chad Chirico
Director of Budget Analysis

Phillip L. Swagel

Director, Congressional Budget Office

[Table 2 begins on the next page.]

Estimated Changes in Direct Spending Under Reconciliation Recommendations
Title ll, House Committee on Armed Services, as Ordered Reported on April 29, 2025

(Continued)

By Fiscal Year, Millions of Dollars

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2025-2029

2025-2034

Increases or Decreases (-) in Direct Spending

Sec. 20011, Border Security

Budget Authority

5,000

-21

-12

-4

4,963

Estimated Outlays

151

3,569

958

113

4,832

4,861

Sec. 20012, Intelligence Programs

Budget Authority

2,000

-13

-8

-3

1,976

Estimated Outlays

1,006

573

178

1,880

1,932

Sec. 20013, Inspector General

Budget Authority

-1

Estimated Outlays

Sec. 20001, Quality of Life^a

Budget Authority

7,315

125

243

381

400

8,464

Estimated Outlays

463

4,218

2,010

257

308

350

275

164

7,256

8,145

Total Changes

Budget Authority

150,273

125

-2,290

-708

180

147,580

Estimated Outlays

1,957

40,299

42,019

23,548

16,779

9,367

4,878

2,889

1,514

742

124,602

143,992

Memorandums:

Military Housing Privatization^a

Estimated Budget Authority

125

395

405

1,320

Estimated Outlays

130

240

310

260

160

400

1,230

Sequestration^b

Estimated Budget Authority

-2,685

-1,103

-225

-4,013

Estimated Outlays

-2,685

-1,103

-225

-4,013

a.In addition to the amounts specifically appropriated, section 20001 would modify military housing privatization authorities, which CBO estimates would increase direct spending by $1.2 billion over the 2025-2034 period. Those amounts are included in the $8.5 billion in budget authority and $8.1 billion in outlays for section 20001. The amounts shown here are included in the estimate for section 20001.

b.In total, this legislation would specifically appropriate $150.3 billion. Unobligated balances from those amounts would be subject to sequestration under the Balanced Budget and Emergency Deficit Control Act of 1985. CBO estimates that a portion of any unobligated balances from those appropriations would be canceled in 2027, 2028, and 2029, which could reduce the budget authority provided in this legislation. The estimated reductions in budget authority and outlays from the sequestration of unobligated balances are included in each section for which CBO estimates there would be unobligated balances and in the Total Changes above.

MIL OSI USA News –

May 6, 2025

MIL-OSI USA: Congressman Raul Ruiz, M.D. and Congressman Gabe Evans Introduce Legislation to Expand 45X Credit and Bolster Domestic Clean Energy Manufacturing

Source: United States House of Representatives – Congressman Raul Ruiz (36th District of California)

Washington, D.C. – Today, Congressman Raul Ruiz, M.D. (CA-25) and Congressman Gabe Evans (CO-8) introduced the Critical Minerals and Manufacturing Support Act, a bill aimed at strengthening the 45X Advanced Manufacturing Production Credit to spur domestic production of critical clean energy technologies, create good-paying jobs, and enhance U.S. energy security.

“As we work to build a resilient, clean energy future, expanding the 45X credit—a tax incentive to boost domestic production of critical clean energy components—is a critical step in ensuring the United States leads in renewable energy innovation and manufacturing,” said Congressman Dr. Raul Ruiz (CA-25) “This bill will drive investments into domestic production, strengthen our energy independence, and create thousands of jobs—particularly in regions like Lithium Valley in California, where we have a once-in-a-generation opportunity to lead in the global lithium supply chain. For our district, this means good-paying jobs, new economic opportunities, and long-term investments that will uplift local communities.”

“By modernizing the 45X credit, we are not just investing in clean energy; we are investing in American workers, national security, and economic prosperity,” Congressman Ruiz added. “For families in our district, this translates to economic growth, workforce development, and a stronger, more resilient local economy. This legislation builds on our commitment to a clean, sustainable future that lifts up communities, improves quality of life, and secures our leadership in the global energy economy.”

The legislation follows a series of executive actions by President Donald Trump aimed at reducing the United States’ dependence on foreign sources for critical minerals and rare earth elements.

“CO-08 is already home to several innovative battery manufacturers that are leading the way in onshoring supply chains. As a strong supporter of American-made products representing these manufacturers, I am proud to help introduce this legislation to expand the 45X tax credit and improve incentives for battery manufacturing domestic supply chains. In doing so, we will encourage critical clean energy technologies, create good-paying jobs, and enhance U.S. energy security – all things that will help Coloradans.” –Congressman Gabe Evans

“Battery technology is omnipresent in a variety of applications – including for national defense – and our dependence on the Chinese for critical materials raises vulnerabilities for our combat readiness and economic security,” said Sam Gillard, BATT Executive Director. “This bipartisan legislation will go a long way to creating the resilient supply chain for battery materials in the U.S. necessary to allow us to decouple this critical market from Chinese market manipulation.”

“This is one of the most promising ways to further reduce our reliance on foreign entities of concern and expand the incentives to invest in a sustainable domestic market across the battery supply chain,” said Drew Ronneberg, BATT Policy Director. “Congress should seize upon this sensible approach to ensure America leads rather than follows.”

“We extend our sincere gratitude to Congressman Ruiz for his unwavering commitment and dedicated efforts to advancing a robust domestic critical minerals supply chain, both in California and across the nation,” said Carmen Rene, Chief Financial Officer of EnergySource Minerals. “This legislation provides essential security and incentives for projects like ours, which are at the forefront of securing a sustainable and abundant supply of American lithium and other critical minerals vital to strengthening our energy infrastructure and national security.”

“Imperial County is proud to be at the forefront of Lithium Valley, contributing to a more secure and self-reliant American energy future. The BATT SEC Act promotes exactly the kind of private-sector investment we’re working to bring to our region – investment that creates good-paying jobs, strengthens our domestic supply chains, and reduces our reliance on adversarial nations for critical minerals. By encouraging responsible resource development here at home, this bill helps position Imperial County as a hub for next generation energy innovation,” said Supervisor John Hawk, Chair of the Imperial County Board of Supervisors.

Background on the Critical Minerals and Manufacturing Support Act

The Critical Minerals and Manufacturing Support Act would:

Extend and expand the 45X Advanced Manufacturing Production Credit to provide long-term certainty for U.S. clean energy manufacturers.
Increase incentives for domestic production of critical minerals, battery components, and renewable energy technologies.
Prioritize job creation and workforce development
Boost American competitiveness by reducing reliance on foreign supply chains and accelerating clean energy manufacturing growth.

MIL OSI USA News –

May 6, 2025

MIL-OSI Russia: Kazakhstan is developing production of strategically important petrochemical products

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

Source: People’s Republic of China – State Council News

ALMATY, May 5 (Xinhua) — Kazakhstan is actively developing the petrochemical industry and entering industrial production of key types of products, the Kazinform news agency reported on Monday, citing Kazakh Energy Minister Yerlan Akkenzhenov.

According to him, in November 2022, the Kazakhstan Petrochemical Industries Inc /KPI/ plant for the production of polypropylene with a capacity of 500 thousand tons per year was launched. The KPI plant is the first integrated gas chemical complex in Kazakhstan.

As E. Akkenzhenov said, by the end of 2024, the plant produced about 250 thousand tons of polypropylene. Today, the enterprise produces 12 grades of polypropylene for the production of various products, including sacks, consumer packaging, carpets, and disposable tableware. By the end of this year, it is planned to launch the production of 2 new grades of polypropylene.

It was previously reported that on March 31, 2025, construction of a polyethylene production plant “Silleno” was launched in the special economic zone “National Industrial Petrochemical Technopark” in the Atyrau region. The construction of the plant with a capacity of 1.25 million tons of polyethylene per year is planned to be completed in 2028, and the launch of production is scheduled for 2029.

According to the minister, 49.2 percent of early construction work to prepare the site has been completed to date, and excavation work has begun to develop pits for the pyrolysis plant. –0–

MIL OSI Russia News –

May 6, 2025

MIL-OSI Canada: Province takes energy action to electrify economy, increase resilience

Source: Government of Canada regional news

The Province, in partnership with BC Hydro, is launching an ambitious plan to harness British Columbia’s clean-electricity advantage, driving economic growth and transformative change, strengthening energy security and advancing climate action.

“With this work, we are securing our energy and our economy for the future by expanding one of our greatest assets: abundant clean electricity,” said Premier David Eby. “We are boosting our clean-energy supply, powering our growing communities and industries, and creating thousands of family-supporting jobs – all while advancing reconciliation and reducing pollution. Perhaps most importantly, this will help build a strong foundation for our province and our country at a time of external threats to our sovereignty and prosperity.”

The Clean Power Action Plan is a forward-thinking strategy to leverage B.C.’s clean-electricity advantage, ensuring a resilient and sustainable future for British Columbia. With five transformative initiatives, the plan aims to accelerate economic growth, while securing long-term energy stability for generations to come:

launching a second call for power to acquire a target of up to 5,000 gigawatt-hours per year of energy from large, clean and renewable projects in partnership with First Nations and independent power producers – enough to power 500,000 new homes. This builds on the success of the 2024 call for power, which resulted in 10 new renewable-energy projects, with First Nations asset ownership between 49% and 51%, capable of powering about 500,000 new homes;
opening up the opportunity to explore B.C.’s power potential through a request for expressions of interest exploring capacity and firm, baseload electricity projects to deliver for peak demand periods and to provide back-up intermittent energy resources;
ushering in an expanded era of energy efficiency by partnering with innovators through a request for expressions of interest to deliver market-ready demand-side management technologies that help people and businesses save energy and money;
investing more than $12 million from the B.C. Innovative Clean Energy (ICE) fund in a targeted three-year call for new, made-in-B.C. clean-energy technologies that will combat climate change and create sustainable jobs; and
streamlining connections to B.C.’s grid to enable new homes and businesses to access clean electricity faster and less expensively.

“Uncertain times demand bold, decisive action, and we need to respond with urgency and with confidence and turn adversity into opportunity,” said Adrian Dix, Minister of Energy and Climate Solutions. “Our commitment to strengthening energy security and building a resilient electricity system will unlock critical economic opportunities, foster innovation, deepen collaboration with First Nations and reaffirm B.C.’s leadership in climate action.”

These initiatives build on actions underway, including setting BC Hydro rate increases at 3.75% for the next two years to provide stable, affordable rates, while enabling significant investments, offering new optional rates to help residential customers save, and implementing BC Hydro’s $36-billion 10-year capital plan to expand and reinforce electricity infrastructure throughout the province.

Beyond driving economic development and ensuring energy security, the Clean Power Action Plan also supports electrification – the transition from fossil fuels to clean electricity in homes, businesses, industry and transportation, a key pillar of the CleanBC climate strategy.

“Through collaboration with government, First Nations, and the clean-energy sector, BC Hydro is making significant investments and seeking new partnerships to secure B.C.’s clean-energy future,” said Chris O’Riley, president and CEO, BC Hydro. “The initiatives in the Clean Power Action Plan will set the stage for an increased renewable, reliable and resilient energy supply to support our growing province in the years ahead. At the same time, we remain committed to affordability by offering customers more ways to save energy and money, while maintaining stable, predictable rates.”

By taking action today, the Province and BC Hydro are laying the foundation for a cleaner, stronger and more resilient future. Through strategic investments, innovation and collaboration, British Columbia is poised to lead in sustainable-energy development, while driving economic progress. As the Clean Power Action Plan moves forward, it will continue to empower communities, create opportunities and secure the province’s place as a leader in clean energy and climate action.

Quote:

Kwatuuma Cole Sayers, executive director, Clean Energy Association of British Columbia (CEBC) –

“The 2024 call for power was historic, showing what’s possible when First Nations, industry, and government collaborate to deliver clean electricity, drive investment, and advance reconciliation. Today’s announcement builds on that momentum with a second call and plan that prioritizes Indigenous equity, local energy solutions and jobs, and sustainable economic growth. CEBC applauds the Province for its continued leadership and remains committed to building a clean and equitable future for all British Columbians.”

Quick Facts:

The 10 wind and solar projects selected through BC Hydro’s 2024 call for power will power 500,000 homes and increase electricity supply by 8%.
These projects represent up to $6 billion in private capital spending throughout the province and will create approximately 2,000 jobs during construction.
Nearly all the projects have First Nations majority ownership – representing up to $3 billion of asset ownership by First Nations.
BC Hydro is investing more than $700 million over the next three years in energy-efficiency tools, technology and programs, which is expected to result in 2,000 gigawatt-hours per year of electricity savings, or enough to power 200,000 homes.
Since 2008, the B.C. Innovative Clean Energy Fund has committed more than $124 million to support pre-commercial clean-energy technology projects, clean-energy vehicles, research and development, and energy-efficiency programs.
BC Hydro’s residential, commercial and industrial rates are the third lowest in North America (among 22 utilities surveyed in Hydro Quebec’s 2024 Rates Comparison Report).

Learn More:

For information on B.C.’s Clean Power Action Plan, visit: https://news.gov.bc.ca/files/EnergizingEconomyReport.pdf

For information about the wind- and solar-energy projects selected in BC Hydro’s 2024 call for power, visit: https://www.bchydro.com/work-with-us/selling-clean-energy/2024-call-for-power/participants.html

To find out about the Province’s rate stability direction, visit: https://news.gov.bc.ca/releases/2025ECS0011-000216

To compare BC Hydro rates with other energy utilities in North America, visit: http://news.gov.bc.ca/files/BCHydroRates.pdf

To learn more about the Innovative Clean Energy Fund and the 2025 targeted call for clean-energy innovation, visit: https://www2.gov.bc.ca/gov/content/industry/electricity-alternative-energy/innovative-clean-energy-solutions/innovative-clean-energy-ice-fund

For information about BC Hydro’s energy-efficiency programs, visit: https://www.bchydro.com/toolbar/about/strategies-plans-regulatory/supply-operations/efficiency-plan.html

MIL OSI Canada News –

May 6, 2025

MIL-OSI: RUBIS: Q1 2025 trading update – Continued strong operating performance of Rubis’ diversified business model

Source: GlobeNewswire (MIL-OSI)

Paris, 5 May 2025, 5:45pm

Energy Distribution
- Retail & Marketing – Solid volume growth at +4%, gross margin at €218m (+4%)
  - Strong momentum of the retail business both in Africa and in the Caribbean region
  - Bitumen activity performing well in Togo and South Africa – Nigeria volume growth resumes
- Support & Services – Revenue up 2% at €266m
  - Lower bitumen trading margins as a result of higher in-house activity
Renewable Electricity Production
- Secured portfolio up 22% vs March 2024 at 1.1 GWp
No direct impact of trade tariffs on the business
2025 Guidance reaffirmed

SALES BREAKDOWN BY SEGMENT AND BY REGION

(in €m)	Q1 2025	Q1 2024	Q1 2025 vs Q1 2024
Energy Distribution	1,687	1,652	+2%
Retail & Marketing	1,420	1,392	+2%
Europe	215	209	+3%
Caribbean	584	590	-1%
Africa	621	593	+5%
Support & Services	266	260	+2%
Renewable Electricity Production	11	8	+28%
TOTAL	1,697	1,660	+2%

On 5 May 2025, Clarisse Gobin-Swiecznik, Managing Partner, commented on the Q1 2025 activity: “Our position as distributor of energy and mobility solutions, leader in a diversity of regions, has once again proved successful. Q1 demonstrates Rubis’ resilience and ability to deliver strong performance in a challenging global environment. Our Energy Distribution businesses achieved robust growth across all regions while Photosol delivered according to plan. Looking ahead, we remain confident in our 2025 guidance, supported by the strength and growth potential of our diverse businesses”

HIGHLIGHTS

No direct impact of trade tariffs on the business

None of Rubis’ businesses is directly concerned by the trade tariffs turmoil ongoing. The Group does not operate in the US, nor in China.

New geographical development: Acquisition of Soida in Angola

In March 2025, Rubis Énergie acquired 60% of the share capital of Soida (Sociedade Industrial de Derivados Asfálticos), adding to its existing share of 35% acquired at the end of 2022 and leading to a final stake in the Company of 95%. Soida distributes bitumen in Angola with a market share well over 50% and extending further bitumen geographical footprint.

Publication of first Sustainability Statement (CSRD) including strategy and updated climate ambitions for 2030

Rubis’ first Sustainability Statement (CSRD format) was published on 28 April covering among others: Climate change – Update on decarbonisation targets and financial implications. Beyond regulatory requirements, the Sustainability Statement provides a solid foundation for shaping the Group’s Think Tomorrow 2026–2030 Roadmap, which will integrate business-specific priorities and be co-constructed with the operating entities.

Q1 2025 COMMERCIAL PERFORMANCE

1. ENERGY DISTRIBUTION – RETAIL & MARKETING

In Q1 2025, volume continued to increase across the board. Margins also saw an upward trend, with some variability.

Volume sold and gross margin by product in Q1 2025

	Volume (in ‘000 m³)			Gross margin (in €m)
(in ‘000 m³)	Q1 2025	Q1 2024	Q1 2025 vs Q1 2024	Q1 2025	Q1 2024	Q1 2025 vs Q1 2024
LPG	346	343	1%	83	84	-0%
Fuel	1,071	1,048	2%	113	103	10%
Bitumen	135	100	35%	21	23	-6%
TOTAL	1,552	1,491	4%	218	209	4%

Volume sold and gross margin by region in Q1 2025

	Volume (in ‘000 m³)			Gross margin (in €m)
	Q1 2025	Q1 2024	Q1 2025 vs Q1 2024	Q1 2025	Q1 2024	Q1 2025 vs Q1 2024
Europe	255	245	4%	65	62	4%
Caribbean	584	573	2%	85	80	7%
Africa	712	674	6%	68	67	1%
TOTAL	1,552	1,491	4%	218	209	4%

LPG volume was slightly up. The main drivers for growth over the quarter were bulk in France, where sales teams were particularly dynamic and won several new contracts. Autogas in France also saw a strong performance, as a result of several contracts won with service stations in 2024. Market share in France continued to increase, benefiting from a high level of customer engagement. These strong dynamics were partially offset by lower volume in Morocco where the market faced a product shortage after difficult weather conditions kept the supply vessels from unloading the product. Gross margin remained stable.

As regards fuel:
- in the retail business (representing 49% of fuel volume and 52% of fuel gross margin in Q1 2025) volume grew by 4% vs Q1 2024. Gross margin increased by 14%, driven by:
  - increasing volume in East Africa, with Zambia, Uganda and Rwanda showing significant growth rates thanks to rebranded service stations,
  - Madagascar also saw significant volume and margin growth year over year, thanks to a well-maintained network and improved logistics, enabling the Company to increase its market share,
  - activity continued to be very dynamic in the Caribbean, with Jamaica, Barbados, and Guyana still performing well. The situation in Haiti remains unchanged with half of the service stations closed at the end of March 2025;
- the Commercial and Industrial business (C&I, representing 28% of fuel volume and 24% of fuel gross margin in Q1 2025) increased by 2% in volume and decreased by 1% in gross margin over the period, led by Kenya, Zambia, Guyana, Suriname and Barbados;
- the aviation segment (representing 20% of fuel volume and 19% of fuel gross margin in Q1 2025) saw increased margins in Q1 2025 at +6% despite a slight volume decline of 2%. This performance was mainly driven by the Eastern Caribbean region, where some airlines decreased their frequencies, and the pricing environment was favourable.
Bitumen volume was up 35% yoy, mainly driven by Nigeria where Rubis’ supply situation was particularly strong. Togo and South Africa also saw strong volume increase, with improving margins. Gross margin showed a 6% decrease yoy and is the result of a different product mix in Nigeria.

2. ENERGY DISTRIBUTION – SUPPORT & SERVICES

The Support & Services activity recorded €266m of revenue (+2% yoy) in Q1 2025.

Volume excluding crude deliveries was up 5% and margins were down 4% vs Q1 2024.

In the Caribbean, trading activity was dynamic with +5% in volume.

In Africa, bitumen shipping activity was at a level comparable to that of Q1 2024 (volume +1%) with more numerous but shorter routes.

SARA refinery and logistics operations present specific business models with stable earnings profile.

3. RENEWABLE ELECTRICITY PRODUCTION – PHOTOSOL

Operational data	Q1 2025	Q1 2024	Q1 2025 vs Q1 2024
Assets in operation (MWp)	535	450	+19%
Electricity production (GWh)	102	81	+26%
Sales (in €m)	11	8	+28%

Over Q1 2025, Photosol commissionned 12MWp, leading its assets in operation to grow by 19% yoy at 535 MWp. The secured portfolio increased by 22% to 1.1 GWp with 53 MWp new projects secured over Q1 2025. The pipeline reached 5.7 GWp (+21% yoy). Revenue for Q1 2025 stood at €11m, up 28% vs Q1 2024, benefitting from portfolio expansion and a higher load factor.

In April 2025, Alix Lajoie became President and Thomas Aubagnac became CEO of Photosol, as planned. Both were previously Deputy CEOs since 2023. The two founders, David Guinard and Robin Ucelli, remain shareholders and Board members of Photosol.

OUTLOOK – FY 2025 GUIDANCE REAFFIRMED

The working assumptions used to establish the 2025 guidance remain unchanged.

Group EBITDA is expected at €710m to €760m in 2025 (assuming IAS 29 – hyperinflation impact unchanged versus 2024).

Reminder: Photosol 2027 ambitions:

Secured portfolio⁽¹⁾ above 2.5 GWp
Consolidated EBITDA⁽²⁾: €50-55m, of which c.10% EBITDA contribution from farm-down initiatives
- Power EBITDA⁽³⁾: €80-85m
- Secured EBITDA⁽⁴⁾: €150-200m

NON-FINANCIAL RATING

MSCI: AA (reiterated in Dec-24)
Sustainalytics: 29.2 (from 30.7 previously)
ISS ESG: C (from C- previously)
CDP: B (reiterated in Feb-25)

Webcast for investors and analysts
Date: 5 May 2024, 6:00pm
Link to register: https://channel.royalcast.com/rubisen/#!/rubisen/20250505_1
Participants from Rubis:

Marc Jacquot, CFO
Clémence Mignot-Dupeyrot, Head of IR

Upcoming events
Shareholders’ Meeting: 12 June 2025
Q2 & H1 2025 results: 9 September 2025
Q3 & 9M 2025 trading update: 4 November 2025
Q4 & FY 2025 results: 12 March 2026

(1) Includes ready-to-build, under construction and in operation capacities.
(2) EBITDA reported in Rubis Group consolidated financial statements.
(3) Aggregated EBITDA from operating PV through electricity sales.
(4) Illustrative EBITDA coming from secured portfolio.

Press Contact

Analyst Contact

RUBIS – Communication department

RUBIS – Clémence Mignot-Dupeyrot, Head of IR

Tel: +33 (0)1 44 17 95 95

presse@rubis.fr

Tel: +33 (0)1 45 01 87 44

investors@rubis.fr

Attachment

RUBIS: Q1 2025 trading update – Continued strong operating performance of Rubis’ diversified business model

The MIL Network –

May 6, 2025

MIL-OSI Banking: ICC leadership joins B20 South Africa task forces

Source: International Chamber of Commerce

Headline: ICC leadership joins B20 South Africa task forces

Bolstering ICC’s engagement as an official B20 Network Partner, ICC representatives will lend expertise and leadership to co-chair the following B20 task forces:

Co-Chair, Finance and Infrastructure
John W.H. Denton AO, ICC Secretary General,

Industrial Transformation and Innovation
Shinta Kamdani, ICC Executive Board Vice-Chair, and Marjorie Yang, ICC Executive Board Member

Digital Transformation
Karan Bilimoria, Chair, ICC United Kingdom

The B20 is the official platform for the international business community to support the work of the G20 process. Since 2010, when the B20 was established, ICC has played a consistent and leading role in shaping the process, providing policy leadership and expertise, amplifying outcomes and supporting continuity, most recently as an official B20 Network Partner.

This year’s G20 Presidency is held by South Africa, marking the first time it has been led by an African nation. The B20 is hosted by Business Unity South Africa (BUSA).

The B20 Secretariat has convened the following eight task forces:

Employment & Education
Trade & Investment
Energy Mix & Just Transition
Digital Transformation
Integrity & Compliance
Finance & Infrastructure
Sustainable Food Systems & Agriculture
Industrial Transformation & Innovation.

Each of the eight task forces is chaired by a business leader from Africa and will produce a series of policy recommendations in line with the B20’s theme of Inclusive Growth and Prosperity through Global Cooperation.

Highlighting the unique agency of South Africa’s G20 Presidency and how ICC is working to support its success, ICC Secretary General John W.H. Denton AO, who participated in the B20 South Africa launch in Cape Town in February 2025, said:

“The G20 process in South Africa represents a unique opportunity to revitalise multilateralism in the current context. At ICC we are honoured to be B20 Network Partners once again, supporting all eight of the Task Forces this year. We look forward to working closely with the Secretariat to ensure the private sector is positioned as a true partner to these important discussions, leveraging our global network and policy insights.”

In addition to task force co-leadership roles, ICC B20 support includes the participation of 19 members of the ICC leadership across the eight task forces, policy support from the ICC Global Policy department, and network support from the ICC Agri-Food Initiative.

MIL OSI Global Banks –

May 6, 2025

MIL-OSI Banking: Energy Trades Coalition Supports House Natural Resources Provisions in Budget Reconciliation

Source: Independent Petroleum Association of America

Headline: Energy Trades Coalition Supports House Natural Resources Provisions in Budget Reconciliation

May 2, 2025 Energy Trades Coalition Supports House Natural Resources Provisions in Budget Reconciliation

Posted at 11:06h in Letters and Comments by Jennifer Pett

We write to you today as a coalition of oil and natural gas trade associations representing over 80% of domestic production in the United States to express our strong support for the budget reconciliation provisions currently under consideration by the House Natural Resources Committee. We stand ready to offer our full assistance in fulfilling President Donald J. Trump’s goals to unleash American energy and strengthen the economic future of the United States.

We strongly agree with the President that the success of the American economy and the prosperity of its citizens depend on the ability of our members to prudently access and develop the abundant energy resources with which our nation has been so generously blessed.

The budget reconciliation provisions under consideration are critical to advancing this shared goal. Our coalition advocated tirelessly during the Biden Administration for a return to regularly held federal lease sales, common-sense permitting reform, and unleashing American resources. These provisions, included in the House Natural Resources bill text will increase domestic energy production allowing for affordable and reliable energy to all Americans. …

MIL OSI Global Banks –

May 6, 2025

MIL-OSI Canada: Keynote address by President Pierre Tremblay at the 2025 Canadian Nuclear Association conference

Source: Government of Canada News

April 17, 2025

– Check against delivery –

Introduction

Good morning, everyone. 

Thank you, Jill, for that kind introduction. 

Before I begin, I would like to acknowledge that we are gathered here today in Ottawa on the unceded traditional territory of the Algonquin Anishinaabe peoples. 

I respectfully recognize the relationship that First Nations, Inuit and Métis peoples have with the land and waters that all Canadians live in and enjoy. Please take a moment to reflect and offer our gratitude to the Indigenous Nations and communities who are the traditional caretakers of these lands and waters.

As mentioned, I am Pierre Tremblay, President of the Canadian Nuclear Safety Commission, or CNSC, and I couldn’t be happier to be speaking to you today on behalf of the regulator.  

My 40 years in Canada’s nuclear sector have been very rewarding. My career has given me a deep appreciation and respect for the people who work in the sector and their shared focus on safety and the culture that supports it.  

For my remarks this morning, I will share my perspective on the nuclear landscape here in Canada – both our focused oversight of the existing fleet and our readiness to regulate new nuclear.

I also want to provide updates on how the CNSC is working to become more efficient in delivering its priorities. And finally, I will offer my thoughts on furthering our own engagement efforts and strengthening trust with all people in Canada – as well as our expectations of industry and proponents.  

Nuclear in Canada

This is an important and interesting time for Canada’s nuclear sector – we must step up and face the moment. 

We recognize the sector will continue to evolve and we will continue to be ready to regulate and respond to advancements without compromising safety.

As the regulator, we are expected to continue our efforts to manage regulatory burden, expedite reviews and maintain a competent and talented workforce, innovating and leveraging new techniques, approaches and technologies to find even greater efficiencies.

As we do all of this, we will never compromise on safety. The industry must do the same. Together, we can all ensure the deployment of safe nuclear projects. 

While Canada’s nuclear sector is complex and changing, the continued safe operations of the existing fleet is paramount and fulfilling our mandate and delivering on our important job here at home remains my top priority.

We also need to continue to ensure readiness to regulate new technologies and approaches. The CNSC is committed to reviewing and regulating safe nuclear projects in Canada, including new reactors, large and small.

That is why we value our strong relationships with international partners such as the US NRC and the United Kingdom’s ONR.

And why we are heartened to know they are equally committed and value our ongoing collaboration.

There is a drive to build new nuclear and expand infrastructure in support of the growing electricity market; this includes, for example, the appropriate extraction of minerals.

Luckily, the CNSC as a life cycle regulator is an extremely capable organization. But the responsibility does not sit with us alone. We need others to engage meaningfully. Only then will the sector move forward.

New nuclear

From my perspective at the regulator, Canada’s nuclear sector continues to be one of this country’s strengths. The mechanisms and tools are in place. But there is a need to embrace the moment.

Now, what do I mean by this?

More provinces are now looking at carbon-free technologies. Nuclear is naturally seeing more interest.

This includes the potential for new units in Ontario and New Brunswick. We are also seeing the sector expand to include new provinces and sites in Saskatchewan and Alberta.

On April 4, the Commission issued a Nuclear Power Reactor Construction licence to Ontario Power Generation to construct 1 General Electric Hitachi BWRX-300 reactor at its Darlington New Nuclear Project site in Clarington, Ontario.

This is the first power reactor licence to construct that the CNSC has issued in its 25 years. And actually, the first power reactor licence to construct in Canada in over 50 years.

The CNSC will continue to work with all provincial partners to ensure regulatory clarity and efficiency.

With this evolution in the sector, the concept of the traditional nuclear host community in Canada is evolving along with the technology. This requires a change in how the CNSC informs and engages with all people in Canada, a need to continue to modernize our regulatory framework, and a willingness to evolve together.

The CNSC at its core

This gets to the heart of the CNSC – how we operate, what our priorities and focus are. All of these considerations are essential to the nuclear sector in Canada.

The CNSC is a globally recognized, mature nuclear regulator, with all the governance needed to provide strong regulatory oversight.

Whether this is working alone or in collaboration the CNSC is willing to evolve and work to improve the regulatory framework and identify efficiencies.

Collaboration and regulatory efficiency

We are open to recognizing and altering how we achieve our goal to ensure the safety of all people in Canada.

While we will never reduce our high standards for safety and security that we have established, we recognize there may be different ways to get the same result. And this is where we remain open.

It is not for me or the CNSC to tell industry how to pivot, but as technology continues to evolve and the sector continues to modernize, there are opportunities to revisit how we work together.

Remote monitoring and access to data is something industry is – and should be – considering. Remote access supports efficiency, as the regulator can access more real-time information.

The CNSC will evolve along with the sector. We welcome the suggestions and will engage in a meaningful way to identify improvements.

But improvement begins at home, and the review of the CNSC’s regulatory framework identified an opportunity to ensure clarity of requirements for SMRs, such as ensuring we are using a technology-neutral, risk-informed, performance-based approach.

We recognize and are committed to ensuring that our regulations are risk-informed and set out clear performance objectives.

For example, exploring amendments to the Nuclear Security Regulations that respond to changes in security threats and adapt to technological advancements.

The CNSC as a lifecycle regulator is committed to delivering effective and timely regulatory decisions for nuclear projects.

SMRs and other advances in technology continue to afford us the ability to identify challenges and turn them into opportunities to modernize and evolve.

CNSC readiness

I have already mentioned that we are refocusing our energies here at home – there is a need to focus on mission critical and safety significant issues in our existing nuclear fleet, and to be efficient and timely in our work.

This of course must be balanced with a readiness for new technologies, techniques and activities – all of which require us to conduct meaningful engagement and consultation with the Indigenous Nations and communities whose rights and interests may be impacted by nuclear activities.

Delivering on this considerable agenda means that talent management is vital to ensure that we have the capacity to support our work.

This capacity comes from a diverse workforce. We know from experience that our workplace is stronger, better and more capable when it is diverse. We remain unabashedly committed to diversity in the workplace.

That is why the CNSC continues to focus efforts on supporting diversity across the nuclear sector. 2025 will see our third Indigenous Girls in STEM workshop, which provides Indigenous girls an inclusive space to explore science, technology, engineering and mathematics, or STEM subjects. The workshop enables them to do so in a way that weaves together learning with Indigenous culture, knowledge and traditions.

Diverse voices are vital to fostering innovation and lead to better decision-making and better safety outcomes. Complex challenges like those we face in the nuclear sector require varied perspectives.

The path to positive results

I will now offer my thoughts on how we further our engagement efforts and strengthen trust with all people in Canada – this, I believe, is the recipe for success.  

We are committed to continuing our collaboration, engagement and consultation with Indigenous Nations and communities in support of advancing reconciliation. The CNSC is also committed to engaging with the public and interested parties as part of improving our regulatory processes.

We remain flexible and open minded around how we execute our mandate and our requirements. This will enable us to find new ways of working that serve all involved – and we will never compromise on safety.

Barriers need to be removed, support and capacity provided and a commitment to meaningful engagement. All of this will allow us to address the key challenges to meaningful engagement, finding tangible solutions to enable an effective path forward for advancing reconciliation.

Meaningful engagement and inclusion of Indigenous peoples in relation to the nuclear sector is something that the whole of Government and the nuclear sector must be committed to and actively support.

There are a number of examples across the nuclear sector where we have seen some promising relationship-building and partnerships.

One such example is the Neya Wabun Guardian Program established through the long-term relationship agreement between the Algonquins of Pikwakanagan First Nation or AOPFN, Atomic Energy of Canada Limited, AECL and Canadian Nuclear Laboratories, CNL.

This program establishes an AOPFN monitoring presence at Chalk River Laboratories, enabling reporting back to their leadership. The environmental monitoring program weaves together science with Indigenous Knowledge and values which is an important step towards reconciliation.

AOPFN have been willing to engage meaningfully and are working hard to the benefit of their nation and community.

The equity partnership between the Saugeen Ojibway Nation or SON and Bruce Power supports the global fight against cancer and provides new economic opportunities within SON Territory, including an equity stake and a revenue-sharing program benefiting the community directly.

It is important to highlight these partnerships that provide many groups – Indigenous Nations and communities, environmentalists, community members – with access and opportunities to participate.

At the CNSC we have made material changes to demonstrate that we are listening and responding to the interests and concerns of rights holders.

For example, during our part two hearing for OPG’s application for a licence to construct an SMR at the Darlington site – the Darlington New Nuclear Project, we listened, heard and learned, which led to important and impactful changes to this proceeding that demonstrated inclusivity and recognition of the rights holders.

We changed the physical layout of the room by removing the standard stage under the Commission, so we were all on the same level. The Commission also benefitted from the time that was dedicated for Indigenous ceremony, song and prayer.

These efforts enhanced the experience of all hearing participants, resulting in a more inclusive and collaborative environment, which in turn serves to continuously strengthen trust.

The Commission has also revised its practices, addressing feedback from rights holders and providing more time to ensure the perspectives of rights holders are heard.

It is also focused on transparency in its hearing process. Understanding that the public is entitled to hearing information and documentation and that such transparency serves to build and maintain trust in the regulatory process.

We must do more. And we are committed to doing more.

The CNSC remains committed to consultation, engagement and collaboration with Indigenous Nations and communities.

This is consistent with the United Nations Declaration on the Rights of Indigenous Peoples Act or “UNDA”, which was passed by Canadian Parliament in 2021.

UNDA requires the development and implementation of an action plan in consultation and collaboration with Indigenous peoples. It also requires we ensure that the laws of Canada are consistent with the UN Declaration.

In addition to supporting the Action Plan efforts, the CNSC actively works to establish long-term relationships with Indigenous Nations, supporting capacity building, enabling studies and data gathering through our funding programs, and collaborating on monitoring and oversight activities, joint assessments and reporting to the Commission.

Recently, the Federal Court of Canada issued its decision on the Judicial Review application brought by Kebaowek First Nation, KFN, challenging the Commission’s authorization to CNL to construct a Near Surface Disposal Facility.

This decision recognizes the CNSC’s “broad, inclusive approach to consultation” and finds that the Commission’s decision concerning the impacts of the proposed NSDF is reasonable. The Court also directed CNL and the CNSC to resume consultation with KFN with a view to implementing the UNDRIP free, prior and informed consent standard

There is a need for us to better understand from the perspective of Indigenous Nations and communities what free, prior and informed consent means to them. We need to better understand these perspectives so that we can work together to move forward.

All of this is an example of how we are evolving to address the ever-changing landscape.

In short, we’re doing our part and expect industry to do the same. 

Conclusion

We are at a critical juncture in history. And we have lots to do.

The CNSC will be here making sure that safety remains top of mind for everyone.

And we will continue to work hard to provide clarity on our expectations and requirements. In return, we expect everyone else to engage and to deliver as well.

Thank you.

MIL OSI Canada News –

May 6, 2025

MIL-OSI: Heelstone Renewable Energy, a Qualitas Energy company, acquires renewable development portfolio from Valor Infrastructure Partners (“VIP”) and appoints new CEO

Source: GlobeNewswire (MIL-OSI)

The transaction includes the acquisition of VIP’s portfolio of greenfield solar and onshore wind projects located in the Southwest and Western regions of the United States
Mike Weich, former CEO of VIP, will assume the role of CEO at Heelstone Renewable Energy (“Heelstone”)
This acquisition represents another milestone in Heelstone’s strategic expansion into a fully integrated renewable energy independent power producer (IPP)

DURHAM, N.C., May 05, 2025 (GLOBE NEWSWIRE) — Heelstone Renewable Energy (“Heelstone”), a premier U.S. utility-scale renewable energy platform, has acquired the wind and solar development assets and the team of Valor Infrastructure Partners (“VIP”), a renewable energy company based in Palm Beach, Florida. This transaction marks Heelstone’s first acquisition since its purchase in May 2024 by Qualitas Energy, a leading global investment and management platform with a dual focus on both funding and developing renewable energy, energy transition, and sustainable infrastructure.

The acquired portfolio of development-stage projects includes a number of early-stage onshore wind projects in the Western region of the country, as well as an advanced-stage solar PV project in Texas, which has an expected installed capacity of 190 MWp and a targeted commercial operation date (COD) between 2027 and 2028, subject to development progress.

As part of the transaction, eleven experienced professionals from VIP will join Heelstone’s team, bringing deep expertise across onshore renewables—including solar, wind, and battery storage. Among them are Mike Weich, former CEO of VIP, who will assume the role of CEO at Heelstone, and Daryl Hart, former Chief Development Officer of VIP, who will take on same role at Heelstone.

Heelstone, headquartered in Durham, North Carolina, now comprises around 60 professionals whose capabilities span the full lifecycle of renewable energy projects. The team brings a robust understanding of the U.S. market landscape, backed by extensive experience in project execution.

With a portfolio of over 5 GW and a track record that has been built over more than a decade, Heelstone continues to grow as a premier renewable energy development platform. Under the ownership of Qualitas Energy, the company is evolving into a fully integrated IPP and reinforcing its intention to become a market leader in developing, de-risking, and executing renewable energy projects. This acquisition marks a significant step forward in that objective, as it will expand the company’s capabilities, technology focus, and geographic reach.

Alejandro Ciruelos, Partner and Country Head USA at Qualitas Energy said: “Heelstone’s resilient business model and solid fundamentals provide a strong foundation for long-term growth. The integration of VIP’s team and select assets enhances our platform, combining best-in-class capabilities with a maturing project pipeline. With this strengthened position, Heelstone is ready to capitalise on strategic opportunities—both organically and through acquisitions—at a pivotal moment for the renewable energy industry, where high-quality execution is key to success.”

Mike Weich, CEO at Heelstone Renewable Energy, added: “I’m honored to lead Heelstone at such an exciting time for the company. With the support of Qualitas Energy and the addition of the VIP team, we’re well-equipped to expand our footprint and accelerate the delivery of high-quality renewable energy projects. Together, we’re building a stronger, more agile platform ready to meet the growing demand for clean energy across the U.S.”

About Heelstone Renewable Energy
Heelstone Renewable Energy, LLC (Heelstone) is a leading solar and storage independent power producer with expertise in development, construction, and operation. Based in Durham, North Carolina, Heelstone has extensive knowledge of project finance and a proven track record from over a decade in bringing utility-scale solar projects to fruition. Heelstone continues to add to its development pipeline and operating portfolio as it expands its presence in markets across the United States. For more information, visit www.heelstoneenergy.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 managed investments of over €14 billion in renewable energies worldwide. These investments have been deployed through five vehicles: Fotowatio / FRV, Vela Energy, Qualitas Energy III, Qualitas Energy IV, and Qualitas Energy V.

Qualitas Energy’s existing portfolio currently comprises over 11 GW of operating and development energy assets across Spain, Germany, the UK, Italy, Poland, Chile, and the United States. This includes 7 GWp of solar PV, 4 GW of wind energy, 242 MW of concentrated solar power (CSP), 136 MW of battery storage, 66 MW of hydroelectric power, and 1.9 TWh of biomethane.

Qualitas Energy has produced enough energy to supply 1.2 million homes and has successfully avoided the emission of 1 million metric tonnes of CO2 equivalent since 2022.

The Qualitas Energy team is composed of more than 540 professionals across fifteen offices in Madrid, Berlin, London, Milan, Hamburg, Wiesbaden, Trier, Cologne, Stuttgart, Warsaw, Wroclaw, Santiago, Durham, Bristol, and Edinburgh.

Please visit qualitasenergy.com for further information.

Media contacts
Henar Hernández
Global Head of Communications
henar.hernandez@qenergy.com
+34 697 11 68 72

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b408bdd9-6bd6-41fb-8e09-4615cffe2648

The MIL Network –

May 6, 2025

MIL-OSI: SkyFire Energy and Jayman BUILT Celebrate 10 MW Milestone by donating solar system to support Discovery House and the families it serves

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 05, 2025 (GLOBE NEWSWIRE) — SkyFire Energy is marking a significant clean energy milestone: 10 megawatts (MW) of installed solar capacity achieved through its longstanding partnership with Jayman BUILT by giving back to the community in a powerful way.

To mark the occasion, SkyFire Energy is launching a special edition of Power Your Purpose, its flagship community impact initiative that donates solar power systems to non-profits. This edition’s recipient is Discovery House, a Calgary-based non-profit that supports women and children leaving domestic violence. With the installation of a fully donated solar system, Discovery House will be able to lower its utility bills and reduce operational costs, enabling the organization to invest more deeply in life-saving programs and services.

“Reaching the 10-megawatt milestone with Jayman BUILT reflects the power of long-term, purpose-driven collaboration,” said David Vonesch, President and CEO at SkyFire Energy. “Through Power Your Purpose, the benefits of solar energy are extended to organizations like Discovery House – creating meaningful, community-level impact.”

Focused on empowering change through clean energy, the Power Your Purpose initiative helps reduce operational costs for these organizations, allowing them to reinvest in mission-driven services. Built on a community engagement and environmental stewardship foundation, Power Your Purpose represents a growing legacy of impact, supporting organizations creating lasting, positive change and advancing a more sustainable and equitable future.

“At the heart of our organization is a deep commitment to giving back to the communities where we live, work, and play. We are proud to continue our partnership with SkyFire Energy in support of a deserving Calgary charity—demonstrating our shared dedication to sustainability,” says Stephanie Myers, Vice President, Jayman BUILT. “ Everyone deserves a safe place to call home. By investing in organizations like Discovery House, we are investing in people—their potential, their dignity, and their future.”

“Discovery House is thrilled to be the recipient of a new solar system. With this system installed, the organization can reduce its energy costs, which have risen greatly in the past decade,” says Leslie Hill, Executive Director. Discovery House. “This will allow us to use our funds to help the families we serve recover, rebuild, and reimagine their lives. Many thanks to SkyFire Energy and Jayman BUILT for this tremendous boost that will make an impact for years to come.”

SkyFire Energy is currently accepting nominations for the next Power Your Purpose recipient in British Columbia. Members of the public are encouraged to nominate a local non-profit making a meaningful difference in their communities. Nominations close on May 30, 2025, at 11:59 PM MST.

Nominate a deserving organization now at: https://skyfireenergy.com/power-your-purpose/

For more information, visit SkyFire Energy and Jayman BUILT.

Media Contacts:

SkyFire Energy Inc.
Amanda Schewaga
marketing@skyfireenergy.com
403-251-0668

Jayman BUILT
Vanessa Sambrooke
vsambrooke@jayman.com
403-723-7662

Discovery House
Iboro Edem, Communications Specialist
iedem@discoveryhouse.ca
403-998-4914

About SkyFire Energy Inc.
SkyFire Energy Inc. is Western Canada’s leading solar installer. Since 2001, the company has designed and installed thousands of grid-connected solar power systems throughout Alberta, BC, Saskatchewan, Manitoba, Ontario, Northwest Territories, Nunavut and the Yukon. Its portfolio includes the design and installation of more than 200 MWp of solar PV systems, and its operations and maintenance team has serviced over 2 GWp of utility-scale solar and BESS projects.

For more information: https://skyfireenergy.com

About Jayman BUILT
For over 40 years, Jayman BUILT has continually redefined the way new homes are built, bought and, most importantly, lived in. Customer experience remains central to the company’s mission. Active in community developments in Calgary, Cochrane, Edmonton, Leduc, St. Albert and Sherwood Park, Jayman BUILT is one of Alberta’s largest homebuilders, having welcomed over 30,000 new homeowners.

For more information: https://www.jayman.com

About Discovery House Family Violence Prevention Society
Discovery House is a non-profit organization providing a continuum of care to women and their children leaving domestic violence. The organization offers transitional, longer-term, safe housing while families begin rebuilding their lives. Discovery House provides mothers access to counselling, support, and programs designed to ensure they do not return to abusive environments, helping to prevent the cycle of violence from continuing.

The MIL Network –

May 6, 2025

MIL-OSI: EnerPure Further Strengthens Board with New Independent Director, John Cooper

Source: GlobeNewswire (MIL-OSI)

Winnipeg, MB, May 05, 2025 (GLOBE NEWSWIRE) — EnerPure Inc. (“EnerPure” or the “Company”), a recycling and energy transition company, is pleased to announce that John Cooper has joined the Board of Directors (the “Board”) of EnerPure and joins Todd Habicht, Rick Koshman, Albert Krahn, Rachel Carroll, Robert Peterson, and Paul Paradis who were re-appointed as Directors at the Company’s Annual General Meeting held on April 30, 2025.

“Over the years we have always looked to continually strengthen our Board to help ensure we can deliver on the tremendous opportunity before us. The addition of John, with his 30+ years of experience in the energy industry and broad-based leadership experience will provide invaluable guidance as we transition from development into commercialization.” commented Todd Habicht, Founder and Executive Chairman.

“I’m honoured to join the Board of EnerPure and support the management team as it enters its commercialization and growth phase.” said John Cooper. “The EnerPure team has done a great job developing a commercial solution related to the handling of UMO. It is innovated and sized very well to address underserved markets across North America.”

About John Cooper – LinkedIn

With over 30 years of leadership in public and private entities with significant experience in energy, industrial waste and logistics, Mr. Cooper is currently CEO of PTW Energy Services. Prior to PTW, he has served in various senior positions including as Chief Executive Officer of Tervita Corporation; President and Chief Executive Officer of ClearStream Energy Services Inc.; Chief Operating Officer of Savanna Energy Services Corp.; President and Chief Executive Officer at Enermax Services Inc.; General Manager at Waste Management and President of Superior Propane Inc. Mr. Cooper holds a bachelor’s degree in Mathematics and Economics from the University of Western Ontario.

About EnerPure – https://enerpure.tech

“We recycle Used Motor Oil (UMO) to reduce GHG emissions while producing a lower carbon-intensive marine fuel.”

Each year ~17 billion litres of UMO* are improperly burned or dumped, causing widespread environmental harm. EnerPure sees a tremendous opportunity to solve this problem through the deployment of its modular micro-scale recycling plants using its patented technology to convert UMO into high-quality marine fuel.

EnerPure is entering its next phase of growth, with our first commercial plant planned for Alberta. Our recycling plants require ~5% of the capex of traditional solutions, enabling localized recycling (while reducing the cost of collection) and providing strong economic returns.

Our technology has been proven via our pilot plant (operating at 43% of scale) with 1.6 million litres processed and validated through the sale of over 1.2 million litres. Our drop-in ISO 8217-compliant marine fuel is in high demand in a growing market with its 14.6% lower carbon intensity. Annually each recycling plant can reduce greenhouse gas (“GHG”) emissions and criteria air contaminants by 36,315 and 437 tonnes, respectively.

EnerPure, while delivering strong economic returns, offers a proven, scalable platform where environmental need meets commercial opportunity, powering the energy transition through smart regional recycling.

*UMO is defined as any petroleum-based or synthetic lubricating oil that cannot be used for its original purpose due to contamination.

Disclosure and Caution

This press release may contain certain disclosures that may constitute “forward-looking statements” within the meaning of Canadian securities legislation. In making the forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements are subject to numerous risks, uncertainties and other factors, including but not limited to economic, capital expenditures, and engineering projections, that may cause future results to differ materially from those expressed or implied in such forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

The MIL Network –

May 6, 2025

MIL-OSI Russia: Students of SPbGASU are among the winners and prize-winners of the All-Russian Olympiad “Heat and Gas Supply and Ventilation”

Translation. Region: Russian Federal

Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – SPbGASU Team: Vitaly Chumakov, Nikita Chernikov, Vasily Gromov and Rostislav Benfialov

The All-Russian Olympiad “Heat and Gas Supply and Ventilation” was held at the Don State Technical University (Rostov-on-Don). Students from 15 leading Russian universities took part in it: 37 undergraduate students and 29 master’s students.

Nikita Chernikov, a fourth-year student of the Faculty of Environmental Engineering and Urban Management in the field of Construction (Engineering Life Support Systems in Construction), was recognized as the winner; Vitaly Chumakov, a second-year master’s student of the same faculty in the field of Construction (Heat, Gas Supply and Ventilation), took third place.

Victory at first attempt

Nikita Chernikov admits that he had never participated in Olympiads before and was glad to learn what they are like, including university-level all-Russian ones.

“Participation in the Olympiad gave me the opportunity to assess the real level of my knowledge, compare it with students of our specialty from universities in other cities. It was very nice to know that I have such a high level of preparation in my specialty. I hardly prepared for the Olympiad: I applied the knowledge that I had accumulated over several years of studying in specialized subjects. Only before the trip I looked at the topics of the Olympiad problems that were given in previous years. I would like to thank SPbGASU for providing students with the opportunity to attend such events and demonstrate their level, and personally the teacher of the Department of Heat and Gas Supply and Ventilation Viktor Aleksandrovich Yakovlev, who invited me to take part in the Olympiad,” said Nikita.

The Olympiad motivates and expands communication!

Vitaly Chumakov took part in this Olympiad not for the first time, and already became a winner. Due to his experience and knowledge, he believes that it is quite possible to complete all the tasks correctly. The competition tests included a test task, tasks and practical tasks. For example, in an office there are violations of the ventilation systems, which led to fogging of windows, high humidity, and an unpleasant smell. It is necessary to determine what could have gone wrong? But there is one nuance in completing the tasks: you need to complete them in four hours.

“The time limit is also a test of skill: it is not enough to be able to solve everything, you need to be able to do it quickly. The Olympiad gives you the opportunity to test your strength, understand the gaps in your knowledge, meet the best students of other universities, and these contacts can be useful in the future in your professional activities, since different regions have different schools, and the exchange of experience is interesting and useful. I had a gap in heat and gas supply and heat supply of external networks due to the fact that in practice I did not deal with them that much. I work in design, and my area is internal networks. I want to continue my studies in graduate school. The results of the Olympiad motivate and give me confidence that I can also master graduate school. You can’t stop at a specific result, you always need to develop yourself,” Vitaly noted.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

May 6, 2025

Category: Energy

Dr. Jitendra Singh Reviews DST Projects, Calls for AI led innovations, Support for Deep-Tech StartupsMinister Champions India’s Own AI Open Stack to Propel Nation into Global Science Leadership

Legislation Summary

Estimated Federal Cost

Basis of Estimate

Direct Spending

Appropriated Amounts

Uncertainty

Pay-As-You-Go Considerations

Increase in Long-Term Net Direct Spending and Deficits

Mandates

Estimate Reviewed By

May 2, 2025 Energy Trades Coalition Supports House Natural Resources Provisions in Budget Reconciliation

Dr. Jitendra Singh Reviews DST Projects, Calls for AI led innovations, Support for Deep-Tech Startups

Minister Champions India’s Own AI Open Stack to Propel Nation into Global Science Leadership