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Category: Energy

  • MIL-OSI United Nations: New Permanent Representative of France Presents Credentials to the Director-General of the United Nations Office at Geneva

    Source: United Nations – Geneva

    Céline Jurgensen, the new Permanent Representative of France to the United Nations Office at Geneva, today presented her credentials to Tatiana Valovaya, the Director-General of the United Nations Office at Geneva.

    Prior to her appointment to Geneva, Ms. Jurgensen served as the Permanent Representative of France to the United Nations in Rome, including to the Food and Agriculture Organization, the World Food Programme, and the International Fund for Agricultural Development, since 2020. She was also posted at the Permanent Mission of France to the United Nations in New York from 2010 to 2012.

    From 2016 to 2020, Ms. Jurgensen was the Director for Strategy and Policy at the Military Applications Division of the French Alternative Energies and Atomic Energy Commission, a French scientific and research organization.  From 2014 to 2016, she was Deputy Assistant Secretary for Human Rights and Humanitarian Affairs at the United Nations, International Organizations, Human Rights and Francophonie Directorate of the Ministry of Foreign Affairs. In 2012, she joined the Ministry of Defence as Deputy Director for Strategic Affairs.

    Ms. Jurgensen joined the French Foreign Ministry in 2003 and was assigned to the Legal Affairs Directorate.  She graduated from the Paris Institute of Political Studies and the National School of Public Administration, class of 2003.  In addition to her professional activities, Ms. Jurgensen has lectured at the École Normale Supérieure in Paris, and at the Aix-Marseille University. 

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

     

    CR25.019E

    MIL OSI United Nations News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Butler County

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Center Opens in Butler County

    Disaster Recovery Center Opens in Butler County

    FRANKFORT, Ky

    – A Disaster Recovery Center will open in Butler County at 1 p

    m

    April 30 to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides

    The new Disaster Recovery Center in Butler County is located at:Gasper River Association of Baptists, 530 Helm Lane, Morgantown, KY 42261 Working hours are 1 – 7 p

    m

    Central Time April 30, and then 9 a

    m

    to 7 p

    m

    Central Time, Monday through Saturday

    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible

    The deadline to apply is June 25

    You can visit any Disaster Recovery Center to get in-person assistance

    No appointment is needed

     To find all other center locations, including those in other states, go to fema

    gov/drc or text “DRC” and a Zip Code to 43362

    You don’t have to visit a center to apply for FEMA assistance

     There are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860 and www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    minh

    phan
    Wed, 04/30/2025 – 20:16

    MIL OSI USA News –

  • MIL-OSI USA: Dusty Days Are Here Again for El Paso

    Source: NASA

    Spring and early summer are generally dusty in the Borderplex region of the Chihuahuan Desert—a transnational area that spans parts of southern New Mexico, West Texas, and the Mexican state of Chihuahua. With the region gripped by exceptional drought, this has been especially true in 2025.
    The latest in a string of storms lofted particles from dried lakes and other parched sources in northern Chihuahua and New Mexico and sent them streaming toward El Paso, Juárez, and Las Cruces. The MODIS (Moderate Resolution Imaging Spectroradiometer) on NASA’s Aqua satellite captured this image on April 27, 2025. The event followed a large dust storm that hit the region a week earlier, as well as other major dust storms in early and mid-March.
    Research indicates that March, April, and May are typically the most active months for airborne dust in El Paso. But the dust season so far this year has been “truly exceptional—one for the record books,” said Thomas Gill, an environmental scientist at the University of Texas at El Paso. For decades, Gill has used satellite observations and models to track dust activity around the planet and in the Borderplex region.
    He said this latest event is the tenth “full-fledged dust storm” of the year in El Paso, meaning it was dusty enough to restrict visibility to less than half a mile. For comparison, the average is 1.8 storms per year. “You would have to go back to 1936—during the Dust Bowl—to find a year with more,” Gill said. During the Dust Bowl years of 1935 and 1936, El Paso had 13 and 11 dust storms, respectively.
    Unusual drought and windy conditions are fueling the surge in dust. “We’re in the worst drought we’ve seen in at least a decade, and this March was the windiest we’ve seen in more than 50 years,” Gill added.
    Research shows dust storms can pose considerable hazards. In a 2023 analysis, Gill and several colleagues pointed out that the dangers of dust are often underappreciated. They contribute to deadly traffic accidents and elevate the risk of cardiorespiratory problems that lead to emergency room visits.
    Dust may also help spread a fungal infection called Valley Fever, though the precise role of dust storms remains a topic of ongoing research and debate. In another analysis, Gill and colleagues estimated that dust storms cause more than $150 billion in economic damage each year, with farmers, the health care sector, the renewable energy industry, and households bearing large costs.
    Several tools powered by NASA data and satellites are available to meteorologists, scientists, and others tracking dust storms. The Worldview browser hosts timely data and imagery from several satellites, and NASA’s Global Modeling and Assimilation Office has tools for real-time weather analysis and reanalysis.
    Gill collaborates frequently with a NASA-sponsored health and air quality team led by George Mason University’s Daniel Tong. That team is working to develop better ways of forecasting and analyzing how dust storms can affect air quality. Researchers with NASA’s SPoRT (Short-term Prediction Research and Transition) project have also developed a new technique that uses machine learning to improve the tracking of dust plumes at night.
    “It should be interesting to see how far the dust from this event travels,” noted Santiago Gasso, a University of Maryland atmospheric scientist based at NASA’s Goddard Space Flight Center. “Some of it could be headed to the Great Lakes, New England, and maybe even to Greenland, as happened after one of the storms in March.”
    Up to this point in the 2025 season, the Borderplex region has seen 28 days with dust. Over the past quarter century, the average for an entire year is 22 days. “We still have several more weeks of the dust season to go,” added Gill, noting that forecasters are warning of more dust as early as this weekend.
       
    NASA Earth Observatory image by Wanmei Liang, using MODIS data from NASA EOSDIS LANCE and GIBS/Worldview. Story by Adam Voiland.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Soars to New Heights in First 100 Days of Trump Administration

    Source: NASA

    Today is the 100th day of the Trump-Vance Administration after being inaugurated on Jan. 20. In his inaugural address, President Trump laid out a bold and ambitious vision for NASA’s future throughout his second term, saying, “We will pursue our manifest destiny into the stars, launching American astronauts to plant the Stars and Stripes on the planet Mars.” NASA has spent the first 100 days in relentless pursuit of this goal, continually exploring, innovating, and inspiring for the benefit of humanity.
    “In just 100 days, under the bold leadership of President Trump and acting Administrator Janet Petro, NASA has continued to further American innovation in space,” said Bethany Stevens, NASA press secretary. “From expediting the return of American astronauts home after an extended stay aboard the state-of-the-art International Space Station, to bringing two new nations on as signatories of the Artemis Accords, to the historic SPHEREx mission launch that takes us one step closer to mapping the secrets of the universe, NASA continues to lead on the world stage. Here at NASA, we’re putting the America First agenda into play amongst the stars, ensuring the United States wins the space race at this critical juncture in time.”
    A litany of victories in the first 100 days set the stage for groundbreaking success throughout the remainder of the term. Read more about NASA’s cutting-edge work in this short, yet dynamic, period of time below:
    Bringing Astronauts Home Safely, Space Station Milestones

    America brought Crew-9 safely home. NASA astronauts Butch Wilmore, Suni Williams, and Nick Hague, along with Roscosmos cosmonaut Aleksandr Gorbunov, returned to Earth after a successful mission aboard the International Space Station, splashing down in the Gulf of America. Their safe return reflects America’s unwavering commitment to the agency’s astronauts and mission success.
    A new, American-led mission launched to space. The agency’s Crew-10 mission is currently aboard the space station, with NASA astronauts Anne McClain and Nichole Ayers, joined by international partners from Japan and Russia. NASA continues to demonstrate American leadership and the power of space diplomacy as we maintain a continuous human presence in orbit.
    The agency welcomed home NASA astronaut Don Pettit, concluding a seven-month science mission aboard the orbiting laboratory. Pettit landed at 6:20 a.m. Kazakhstan time, April 20 on his 70th birthday, making him NASA’s oldest active astronaut and the third oldest person to reach orbit.
    NASA astronaut Jonny Kim launched and arrived safely at the International Space Station, marking the start of his first space mission. Over eight months, he’ll lead groundbreaking research that advances science and improves life on Earth, proving once again that Americans are built to lead in space.
    The four members of the agency’s SpaceX Crew-11, NASA astronauts Zena Cardman and Mike Fincke, JAXA (Japan Aerospace Exploration Agency) astronaut Kimiya Yui, and Roscosmos cosmonaut Oleg Platonov were named by NASA. Launching no earlier than July 2025, this mission continues America’s leadership in long-duration human spaceflight while strengthening critical global partnerships.
    NASA announced Chris Williams will launch in November 2025 for his first spaceflight. His upcoming mission underscores the pipeline of American talent ready to explore space and expand our presence beyond Earth.
    NASA is inviting U.S. industry to propose two new private astronaut missions to the space station in 2026 and 2027 – building toward a future where American companies sustain a continuous human presence in space and advance our national space economy.
    NASA and SpaceX launched the 32nd Commercial Resupply Services mission, delivering 6,700 pounds of cargo to the International Space Station. These investments in science and technology continue to strengthen America’s leadership in low Earth orbit. The payload supports cutting-edge research, including:

    New maneuvers for free-flying robots

    An advanced air quality monitoring system

    Two atomic clocks to explore relativity and ultra-precise timekeeping

    Sending Humans to Moon, Mars

    Teams began hot fire testing the first of three 12-kW Solar Electric Propulsion (SEP) thrusters. These high-efficiency thrusters are a cornerstone of next-generation spaceflight, as they offer greater fuel economy and mission flexibility than traditional chemical propulsion, making them an asset for long-duration missions to the Moon, Mars, and beyond. For Mars in particular, SEP enables three key elements required for success:

    Sustained cargo transport

    Orbital maneuvering

    Transit operations

    NASA completed the fourth Entry Descent and Landing technology test in three months, accelerating innovation to achieve precision landings on Mars’ thin atmosphere and rugged terrain.
    NASA’s Deep Space Optical Communications experiment aboard Psyche broke new ground, enabling the high-bandwidth connections vital for communications with crewed missions to Mars.
    Firefly Aerospace’s Blue Ghost Mission One successfully delivered 10 NASA payloads to the Moon, advancing landing, autonomy, and data collection skills for Mars missions.
    Intuitive Machines’ IM-2 mission achieved the southernmost lunar landing, collecting critical data from challenging terrain to inform Mars exploration strategies.
    NASA cameras aboard Firefly’s Blue Ghost lander captured unprecedented footage of engine plume-surface interactions, offering vital data for designing safer landings on the Moon and Mars.
    The agency’s Stereo Cameras for Lunar Plume-Surface Studies (SCALPSS) 1.1 aboard Blue Ghost collected more than 9,000 images of lunar descent, providing insights on lander impacts and terrain interaction to guide future spacecraft design.
    New SCALPSS hardware delivered for Blue Origin’s Blue Mark 1 mission also is enhancing lunar landing models, helping build precision landing systems for the Moon and Mars. The LuGRE (Lunar Global Navigation Satellite System Receiver Experiment) on Blue Ghost acquired Earth navigation signals from the Moon, advancing autonomous positioning systems crucial for lunar and Mars operations.
    The Electrodynamic Dust Shield successfully cleared lunar dust, demonstrating a critical technology for protecting equipment on the Moon and Mars.
    Astronauts aboard the space station conducted studies to advance understanding of how to keep crews healthy on long-duration Mars missions.
    NASA’s Moon to Mars Architecture Workshop gathered industry, academic, and international partners to refine exploration plans and identify collaboration opportunities.

    Artemis Milestones

    NASA completed stacking the twin solid rocket boosters for Artemis II, the mission that will send American astronauts around the Moon for the first time in more than 50 years. This is a powerful step toward returning our nation to deep space.
    At NASA’s Kennedy Space Center in Florida, teams joined the core stage with the solid rocket boosters inside the Vehicle Assembly Building.
    Engineers lifted the launch vehicle stage adapter atop the SLS (Space Launch System) core stage, connecting key systems that will soon power NASA’s return to the Moon.
    Teams received the Interim Cryogenic Propulsion Stage and moved the SLS core stage into the transfer aisle, clearing another milestone as the agency prepares to fully integrate America’s most powerful rocket.
    NASA attached the solar array wings that will help power the Orion spacecraft on its journey around the Moon, laying the groundwork for humanity’s next giant leap.
    Technicians installed the protective fairings on Orion’s service module to shield the spacecraft during its intense launch and ascent phase, as NASA prepares to send astronauts farther than any have gone in more than half a century.
    The agency’s next-generation mobile launcher continues to take shape, with the sixth of 10 massive modules being installed. This structure will carry future Artemis rockets to the launch pad.
    NASA and the Department of Defense teamed up aboard the USS Somerset for Artemis II recovery training, ensuring the agency and its partners are ready to safely retrieve Artemis astronauts after their historic mission around the Moon.
    NASA unveiled the Artemis II mission patch. The patch designates the mission as “AII,” signifying not only the second major flight of the Artemis campaign but also an endeavor of discovery that seeks to explore for all and by all.

    America First in Space

    NASA announced the first major science results from asteroid Bennu, revealing ingredients essential for life, a discovery made possible by U.S. leadership in planetary science through the OSIRIS-REx (Origins, Spectral Interpretation, Resource Identification, and Security-Regolith Explorer) mission. The team found salty brines, 14 of the 20 amino acids used to make proteins, and all five DNA nucleobases, suggesting that the conditions and ingredients for life were widespread in our early solar system. And this is just the beginning – these results were from analysis of only 0.06% of the sample.
    NASA was named one of TIME’s Best Companies for Future Leaders, underscoring the agency’s role in cultivating the next generation of American innovators.
    NASA awarded contracts to U.S. industry supporting Earth science missions,  furthering our understanding of the planet while strengthening America’s industrial base.
    As part of the Air Traffic Management-Exploration project, NASA supported Boeing’s test of digital and autonomous taxiing with a Cessna Caravan at Moffett Federal Airfield. The test used real-time simulations from the agency’s Future Flight Central to gather data that will help Boeing refine its systems and safely integrate advanced technologies into national airspace, demonstrating American aviation leadership.
    NASA successfully completed its automated space traffic coordination objectives between the agency’s four Starling spacecraft and SpaceX’s Starlink constellation. Teams demonstrated four risk mitigation maneuvers, autonomously resolving close approaches between two spacecraft with different owner/operators.  
    In collaboration with the National Institute of Aeronautics, NASA selected eight finalists in a university competition aimed at designing innovative aviation solutions that can help the agriculture industry. NASA’s Gateways to Blue Skies seeks ways to apply American aircraft and aviation technology to enhance the productivity, efficiency, and resiliency of American farms. 
    In Houston, United Airlines pilots successfully conducted operational tests of NASA-developed technologies designed to reduce flight delays. Using technologies from the Air Traffic Management Exploration project, pilots flew efficient re-routes, avoiding airspace with bad weather upon departure. United plans to expand the use of these capabilities, another example of how NASA innovations benefit all humanity. 
    On March 11, NASA’s newest astrophysics observatory, SPHEREx, launched on its journey to answer fundamental questions about our universe, thanks to the dedication and expertise of the agency’s team. Riding aboard a SpaceX Falcon 9 from Vandenberg Space Force Base, SPHEREx will scan the entire sky to study how galaxies formed, search for the building blocks of life, and look back to the universe’s earliest moments. After launch, SPHEREx turned on its detectors, and everything is performing as expected.

    Also onboard were four small satellites for NASA’s PUNCH (Polarimeter to Unify the Corona and Heliosphere) mission, which will help scientists understand how the Sun’s outer atmosphere becomes solar wind. These missions reflect the best of the agency – pushing the boundaries of discovery and expanding our understanding of the cosmos.

    On March 14, NASA’s EZIE (Electrojet Zeeman Imaging Explorer) mission launched from Vandenberg Space Force Base. This trio of small satellites will study auroral electrojets, or intense electric currents flowing high above Earth’s poles, helping the agency better understand space weather and its effects on our planet. The mission has taken its first measurements, demonstrating that the spacecraft and onboard instrument are working as expected.
    The X-59 quiet supersonic aircraft cleared another hurdle on its way to first flight. The team successfully completed an engine speed hold test, confirming the “cruise control” system functions as designed. 
    NASA researchers successfully tested a prototype that could help responders fight and monitor wildfires, even in low-visibility conditions. The Portable Airspace Management System, developed by NASA’s Advanced Capabilities for Emergency Response Operations project, safely coordinated simulated operations involving drones and other aircraft, tackling a major challenge for those on the front lines. This is just one example of how NASA’s innovation is making a difference where it’s needed most. 
    NASA’s Parker Solar Probe completed its 23rd close approach to the Sun, coming within 3.8 million miles of the solar surface while traveling at 430,000 miles per hour – matching its own records for distance and speed. That same day, Parker Solar Probe was awarded the prestigious Collier Trophy, a well-earned recognition for its groundbreaking contributions to heliophysics. 
    In response to severe weather that impacted more than 10 states earlier this month, the NASA Disasters Response Coordination System activated to support national partners. NASA worked closely with the National Weather Service and the Federal Emergency Management Agency serving the central and southeastern U.S. to provide satellite data and expertise that help communities better prepare, respond, and recover. 
    As an example of how NASA’s research today is shaping the transportation of tomorrow, the agency’s aeronautics engineers began a flight test campaign focused on safely integrating air taxis into the national airspace. Using a Joby Aviation demonstrator aircraft, engineers are helping standardize flight test maneuvers, improving tools to assist with collision avoidance and landing operations, and ensuring safe and efficient air taxis operations in various weather conditions.
    NASA premiered “Planetary Defenders,” a new documentary that follows the dedicated team behind asteroid detection and planetary defense. The film debuted at an event at the agency’s headquarters with digital creators, interagency and international partners, and now is streaming on NASA+, YouTube, and X. In its first 24 hours, it saw 25,000 views on YouTube – 75% above average – and reached 4 million impressions on X. 
    Finland became the 53rd nation to sign the Artemis Accords, reaffirming its commitment to the peaceful, transparent, and responsible exploration of space. This milestone underscores the growing global coalition led by the United States to establish a sustainable and cooperative presence beyond Earth.
    In Dhaka, Bangladesh, NASA welcomed a new signatory to the Artemis Accords. Bangladesh became the 54th nation to commit to the peaceful, safe, and responsible exploration of space. It’s a milestone that reflects our shared values and growing global momentum, reaffirming the United States’ leadership in building a global coalition for peaceful space exploration. 
    At NASA’s Armstrong Flight Research Center in Edwards, California, engineers conducted calibration flights for a new shock-sensing probe that will support future flight tests of the X-59 quiet supersonic demonstrator. Mounted on a research F-15D that will follow the X-59 closely in flight, the probe will gather data on the shock waves the X-59 generates, providing important data about its ability to fly faster than sound, but produce only a quiet thump.
    In its second asteroid encounter, Lucy flew by the asteroid Donaldjohanson and gave NASA a close look at a uniquely shaped fragment dating back 150 million years – an impressive performance ahead of its main mission target in 2027.
    A celebration of decades of discovery, NASA’s Hubble Space Telescope celebrated its 35th anniversary with new observations ranging from nearby solar system objects to distant galaxies – proof that Hubble continues to inspire wonder and advance our understanding of the universe.
    The SPHEREx team rang the closing bell at the New York Stock Exchange, spotlighting NASA’s newest space telescope and its bold mission to explore the origins of the universe.
    NASA received six Webby Awards and six People’s Voice Awards across platforms – recognition of America’s excellence in digital engagement and public communication.
    The NASA Electric Aircraft Testbed and Advanced Air Transport Technology project concluded testing of a 2.5-megawatt Wright Electric motor designed to eventually serve large aircraft. The testing used the project’s capabilities to simulate altitude conditions of up to 40,000 feet while the electric motor, the most powerful tested so far at the facility, ran at both full voltage and partial power. NASA partnered with the Department of Energy on the tests.
    U.S. entities can now request the Glenn Icing Computational Environment (GlennICE) tool from the NASA Software Catalog and discover solutions to icing challenges for novel engine and aircraft designs. A 3D computational tool, GlennICE allows engineers to integrate icing-related considerations earlier in the aircraft design process and enable safer, more efficient designs while saving costs in the design process.

    For more about NASA’s mission, visit:

    Home Page

    -end-
    Bethany StevensHeadquarters, Washington202-358-1600bethany.c.stevens@nasa.gov

    MIL OSI USA News –

  • MIL-OSI USA: Where Does Gold Come From? NASA Data Has Clues

    Source: NASA

    Since the big bang, the early universe had hydrogen, helium, and a scant amount of lithium. Later, some heavier elements, including iron, were forged in stars. But one of the biggest mysteries in astrophysics is: How did the first elements heavier than iron, such as gold, get created and distributed throughout the universe?
    “It’s a pretty fundamental question in terms of the origin of complex matter in the universe,” said Anirudh Patel, a doctoral student at Columbia University in New York. “It’s a fun puzzle that hasn’t actually been solved.”
    Patel led a study using 20-year-old archival data from NASA and ESA telescopes that finds evidence for a surprising source of a large amount of these heavy elements: flares from highly magnetized neutron stars, called magnetars. The study is published in The Astrophysical Journal Letters.
    Study authors estimate that magnetar giant flares could contribute up to 10% of the total abundance of elements heavier than iron in the galaxy. Since magnetars existed relatively early in the history of the universe, the first gold could have been made this way.
    “It’s answering one of the questions of the century and solving a mystery using archival data that had been nearly forgotten,” said Eric Burns, study co-author and astrophysicist at Louisiana State University in Baton Rouge.
    How could gold be made at a magnetar?
    Neutron stars are the collapsed cores of stars that have exploded. They are so dense that one teaspoon of neutron star material, on Earth, would weigh as much as a billion tons. A magnetar is a neutron star with an extremely powerful magnetic field.
    On rare occasions, magnetars release an enormous amount of high-energy radiation when they undergo “starquakes,” which, like earthquakes, fracture the neutron star’s crust. Starquakes may also be associated with powerful bursts of radiation called magnetar giant flares, which can even affect Earth’s atmosphere. Only three magnetar giant flares have been observed in the Milky Way and the nearby Large Magellanic Cloud, and seven outside.
    Patel and colleagues, including his advisor Brian Metzger, professor at Columbia University and senior research scientist at the Flatiron Institute in New York, have been thinking about how radiation from giant flares could correspond to heavy elements forming there. This would happen through a “rapid process” of neutrons forging lighter atomic nuclei into heavier ones.   
    Protons define the element’s identity on the periodic table: hydrogen has one proton, helium has two, lithium has three, and so on. Atoms also have neutrons which do not affect identity, but do add mass. Sometimes when an atom captures an extra neutron the atom becomes unstable and a nuclear decay process happens that converts a neutron into a proton, moving the atom forward on the periodic table. This is how, for example, a gold atom could take on an extra neutron and then transform into mercury. 
    In the unique environment of a disrupted neutron star, in which the density of neutrons is extremely high, something even stranger happens: single atoms can rapidly capture so many neutrons that they undergo multiple decays, leading to the creation of a much heavier element like uranium.
    When astronomers observed the collision of two neutron stars in 2017 using NASA telescopes and the Laser Interferomete Gravitational wave Observatory (LIGO), and numerous telescopes on the ground and in space that followed up the initial discovery, they confirmed that this event could have created gold, platinum, and other heavy elements. But neutron star mergers happen too late in the universe’s history to explain the earliest gold and other heavy elements. Recent research by co-authors of the new study — Jakub Cehula of Charles University in Prague, Todd Thompson of The Ohio State University, and Metzger — has found that magnetar flares can heat and eject neutron star crustal material at high speeds, making them a potential source.

    New clues in old data
    At first, Metzger and colleagues thought that the signature from the creation and distribution of heavy elements at a magnetar would appear in the visible and ultraviolet light, and published their predictions. But Burns in Louisiana wondered if there could be a gamma-ray signal bright enough to be detected, too. He asked Metzger and Patel to check, and they found that there could be such a signature.
    “At some point, we said, ‘OK, we should ask the observers if they had seen any,’” Metzger said.
    Burns looked up the gamma ray data from the last giant flare that has been observed, which was in December 2004. He realized that while scientists had explained the beginning of the outburst, they had also identified a smaller signal from the magnetar, in data from ESA (European Space Agency)’s INTErnational Gamma-Ray Astrophysics Laboratory (INTEGRAL), a recently retired mission with NASA contributions. “It was noted at the time, but nobody had any conception of what it could be,” Burns said.
    Metzger remembers that Burns thought he and Patel were “pulling his leg” because the prediction from their team’s model so closely matched the mystery signal in the 2004 data. In other words, the gamma ray signal detected over 20 years ago corresponded to what it should look like when heavy elements are created and then distributed in a magnetar giant flare.
    Patel was so excited, “I wasn’t thinking about anything else for the next week or two. It was the only thing on my mind,” he said.
    Researchers supported their conclusion using data from two NASA heliophysics missions: the retired RHESSI (Reuven Ramaty High Energy Solar Spectroscopic Imager) and the ongoing NASA’s Wind satellite, which had also observed the magnetar giant flare. Other collaborators on the new study included Jared Goldberg at the Flatiron Institute.
    Next steps in the magnetar gold rush
    NASA’s forthcoming COSI (Compton Spectrometer and Imager) mission can follow up on these results. A wide-field gamma ray telescope, COSI is expected to launch in 2027 and will study energetic phenomena in the cosmos, such as magnetar giant flares. COSI will be able to identify individual elements created in these events, providing a new advancement in understanding the origin of the elements. It is one of many telescopes that can work together to look for “transient” changes across the universe.
    Researchers will also follow up on other archival data to see if other secrets are hiding in observations of other magnetar giant flares.
    “It very cool to think about how some of the stuff in my phone or my laptop was forged in this extreme explosion of the course of our galaxy’s history,” Patel said.
    Media Contact
    Elizabeth LandauHeadquarters, Washington202-358-0845elandau@nasa.gov

    MIL OSI USA News –

  • MIL-OSI: TC Energy reports solid first quarter 2025 results

    Source: GlobeNewswire (MIL-OSI)

    Expect to place approximately $8.5 billion of projects into service in 2025, tracking to roughly 15 per cent under budget

    Announced $2.4 billion of new natural gas and nuclear power generation growth projects

    CALGARY, Alberta, May 01, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its first quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “As natural gas and electricity are forecasted to drive the majority of growth in final energy consumption through 2035, we are pleased to announce two new growth projects that represent strategic investments in North America’s energy future. We have approved the Northwoods project on our ANR system, designed to serve electric generation demand in the U.S. Midwest, including data centres and overall economic growth.” Poirier continued, “Demonstrating our commitment to delivering long-lived value through investment in high-quality, emission-less nuclear power generation, we have also sanctioned Unit 5 at Bruce Power for its Major Component Replacement. Backed by long-term contracts with credible counterparties and attractive build multiples1, these projects collectively highlight our disciplined strategy and our ability to capture high-value, low-risk opportunities across our portfolio.”

    Financial Highlights
    (All financial figures are unaudited and in Canadian dollars unless otherwise noted)

    • First quarter 2025 financial results from continuing operations2:
      • Comparable earnings3 of $1.0 billion or $0.95 per common share compared to $1.1 billion or $1.02 per common share in first quarter 2024
      • Net income attributable to common shares of $1.0 billion or $0.94 per common share compared to $1.0 billion or $0.95 per common share in first quarter 2024
      • Comparable EBITDA2 of $2.7 billion, similar to first quarter 2024
      • Segmented earnings of $2.0 billion compared to $1.9 billion in first quarter 2024
    • Reaffirming 2025 outlook:
      • Comparable EBITDA is expected to be $10.7 to $10.9 billion4
      • Comparable earnings per common share (EPS) outlook remains consistent with our 2024 Annual Report, and is expected to be lower than 2024
      • Capital expenditures are anticipated to be $6.1 to $6.6 billion on a gross basis, or $5.5 to $6.0 billion of net capital expenditures5
    • Declared a quarterly dividend of $0.85 per common share for the quarter ending June 30, 2025.

    Operational Highlights

    • Canadian Natural Gas Pipelines deliveries averaged 27.6 Bcf/d, up eight per cent compared to first quarter 2024
      • Total NGTL System deliveries set a new record of 17.8 Bcf on February 18, 2025
      • Canadian Mainline receipts averaged 5.0 Bcf/d, an increase of 14 per cent compared to first quarter 2024
    • U.S. Natural Gas Pipelines daily average flows were 31.0 Bcf/d, up five per cent compared to first quarter 2024
      • GTN set a new all-time record of 3.2 Bcf on February 19, 2025
      • Deliveries to LNG facilities averaged 3.5 Bcf/d, up five per cent compared to first quarter 2024
    • Mexico Natural Gas Pipelines flows averaged 3.1 Bcf/d, six per cent higher than first quarter 2024
      • Set a daily flow record of 4.1 Bcf on March 31, 2025
    • Bruce Power achieved 87 per cent availability in first quarter 2025, reflecting a planned outage on Unit 5
    • Cogeneration power plant fleet achieved 98.6 per cent availability in first quarter 2025, attributed to fewer forced outages and spring outages completed successfully ahead of plan.

    Project Highlights

    • The Southeast Gateway pipeline is ready for service. CFE has agreed to our contracted rate and accepted all requirements for in-service. Approval of our regulated rates from the Comisión Nacional de Energía (CNE) is expected by the end of May, at which time we anticipate the in-service of the Southeast Gateway pipeline. While 100 per cent of our capacity is contracted with the CFE and we have no requests for interruptible service, approval of the regulated rate by the CNE is normal course prior to commencing service. The 1.3 Bcf/d, 715-kilometre natural gas pipeline was constructed approximately 13 per cent under the original cost estimate in less than three years from the project’s final investment decision
    • Approved the Northwoods project, an expansion project on our ANR system designed to provide 0.4 Bcf/d of capacity to serve natural gas-fired electric generation demand in the U.S. Midwest, including data centres and overall economic growth. The project has an anticipated in-service date of late 2029 with an estimated cost of approximately US$0.9 billion, and expects to deliver a compelling build multiple in the range of five to seven times
    • Received approval of the Unit 5 Major Component Replacement (MCR) final cost and schedule estimate from the Ontario Independent Electricity System Operator (IESO) on April 2, 2025. The $1.1 billion Unit 5 MCR is expected to commence in fourth quarter 2026 with a return to service in early 2030
    • ANR and GLGT each filed Section 4 Rate Cases with FERC requesting an increase to their respective maximum transportation rates expected to become effective November 1, 2025, subject to refund. We will pursue a collaborative process to find a mutually beneficial outcome with our customers through settlement.
        three months ended
    March 31
    (millions of $, except per share amounts)     2025       20241  
             
    Income        
    Net income (loss) attributable to common shares from continuing operations     978       988  
    per common share – basic   $ 0.94     $ 0.95  
             
    Segmented earnings (losses)        
    Canadian Natural Gas Pipelines     516       501  
    U.S. Natural Gas Pipelines     1,109       1,043  
    Mexico Natural Gas Pipelines     211       212  
    Power and Energy Solutions     135       252  
    Corporate     (5 )     (61 )
    Total segmented earnings (losses)     1,966       1,947  
             
    Comparable EBITDA from continuing operations        
    Canadian Natural Gas Pipelines     890       846  
    U.S. Natural Gas Pipelines     1,367       1,306  
    Mexico Natural Gas Pipelines     233       214  
    Power and Energy Solutions     224       320  
    Corporate     (5 )     (16 )
    Comparable EBITDA from continuing operations     2,709       2,670  
    Depreciation and amortization     (678 )     (635 )
    Interest expense included in comparable earnings     (840 )     (780 )
    Allowance for funds used during construction     248       157  
    Foreign exchange gains (losses), net included in comparable earnings     (10 )     43  
    Interest income and other     51       75  
    Income tax (expense) recovery included in comparable earnings     (292 )     (281 )
    Net (income) loss attributable to non-controlling interests included in comparable earnings     (177 )     (171 )
    Preferred share dividends     (28 )     (23 )
    Comparable earnings from continuing operations     983       1,055  
    Comparable earnings per common share from continuing operations   $ 0.95     $ 1.02  
             
        three months ended
    March 31
    (millions of $, except per share amounts)     2025       2024  
             
    Cash flows2        
    Net cash provided by operations3     1,359       2,042  
    Comparable funds generated from operations3,4     1,949       2,436  
    Capital spending5     1,809       1,897  
    Disposition of equity interest, net of transaction costs6     —       (38 )
             
    Dividends declared        
    per common share   $ 0.85   7 $ 0.96  
             
    Basic common shares outstanding(millions)        
    – weighted average for the period     1,039       1,037  
    – issued and outstanding at end of period     1,040       1,037  
    1. Results reflect continuing operations.
    2. Includes continuing and discontinued operations.
    3. Represents three months of Liquids Pipelines earnings in first quarter 2024 compared to Liquids Pipelines earnings of nil for the three months ended March 31, 2025. Refer to the Discontinued operations section and the 2024 Annual Report for additional information.
    4. Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measure is net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP Measures section of this news release.
    5. Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments. Refer to Note 4, Segmented information of our Condensed consolidated financial statements for additional information.
    6. Included in the Financing activities section of the Condensed consolidated statement of cash flows.
    7. Reflects TC Energy’s proportionate allocation following the spinoff Transaction.

    CEO Message
    Throughout the first three months of 2025, TC Energy showcased the strength of our business and our position as an industry leading natural gas and power and energy solutions company. While evolving macroeconomic conditions continue to contribute to market uncertainty, we have reaffirmed our 2025 outlook based on our highly contracted, low-risk business with 97 per cent of our comparable EBITDA underpinned by rate-regulation and/or long-term take-or-pay contracts. We delivered strong operational and financial results, achieving approximately one per cent growth in both comparable EBITDA and segmented earnings compared to first quarter 2024, despite removing a second unit from service at Bruce Power for its MCR. These results continue to demonstrate the overall resiliency of our business. We remain focused on maximizing the value of our assets through safety and operational excellence, executing our selective portfolio of growth projects and ensuring financial strength and agility as we deliver solid growth, low risk and repeatable performance for our shareholders.

    The Southeast Gateway pipeline is now ready for service, representing a significant milestone in project execution. The 1.3 Bcf/d, 715-kilometre natural gas pipeline was constructed approximately 13 per cent under the original cost estimate in less than three years from the project’s final investment decision. Our partner and customer, CFE, has agreed to our contracted rate and accepted all requirements for in-service. We are jointly working with the CNE and the Secretary of Energy to obtain the approval of the regulatory rates, required for interruptible service. While 100 per cent of our capacity is contracted with the CFE and we have no requests for interruptible service, approval of the regulated rate by the CNE is normal course and required by Mexican regulation prior to commencing service. We expect to receive CNE approval by the end of May, at which time we anticipate the in-service of the Southeast Gateway pipeline. Southeast Gateway in-service will represent an important inflection point for TC Energy, contributing significant long-term contracted cash flow to our overall growth profile. The Government of Mexico has announced plans to bring approximately 29 gigawatts of new installed capacity online by 2030, including approximately 8.5 gigawatts of capacity from new natural gas plants6. The Southeast Gateway project is a critical component of this plan, strategically positioned to support operations of 10 of 14 planned natural gas power plants that support the country’s transition to lower-emitting, more reliable sources of energy while driving economic growth and energy security.

    As natural gas and electricity are forecasted to drive the majority of growth in final energy consumption through 2035, TC Energy’s portfolio of natural gas and power assets are presented with attractive in-corridor opportunities with visibility through the end of the decade. Reflecting this opportunity, we have sanctioned the Northwoods project on our ANR system in the range of a five to seven times build multiple. Under a 20 year, take-or-pay contract, the estimated US$0.9 billion project is designed to serve natural gas-fired electric generation demand in the U.S. Midwest, including data centres and overall economic growth. The estimated in-service date of the 0.4 Bcf/d capacity project is late 2029. The Northwoods project exemplifies our strategic focus on executing high value, in-corridor, low-risk projects at attractive build multiples, underpinned by long-term take-or-pay contracts with creditworthy counterparties, allowing us to continue to deliver solid growth, low risk and repeatable performance.

    Looking forward, led by a three-fold increase in LNG exports, strong growth in power generation driven by coal-to-gas conversions and data centre demand, we expect our assets will play a pivotal role in the delivery of reliable, affordable and sustainable energy. Our origination pipeline remains one of the most robust we have seen in decades, with several projects in advanced stages of development, largely related to coal-to-gas conversions and data centre demand growth. Over the past six months, we have sanctioned approximately $4 billion of new capital projects and believe we have line of sight to an increased cadence of project announcements in the second half of 2025 and into 2026. While we anticipate the majority of incremental capital would be weighted toward the end of the decade, we have added capital expenditures in 2025 and 2026 that further enhances our comparable EBITDA growth profile in 2027 and beyond, while ensuring the safety and reliability of our systems. These investments directly support service provided to our customers and their requests for capacity additions. Consistent with our disciplined approach to capital allocation, we expect projects to align with our target of five to seven times build multiples and underpinned by long-term contracts with strong counterparties.

    As electricity demand in Ontario is anticipated to grow 75 per cent by 20507, Bruce Power continues play a critical role. On April 2, 2025, we received approval of the Unit 5 MCR final cost and schedule estimate from the Ontario IESO. The $1.1 billion Unit 5 MCR is expected to commence in fourth quarter 2026 with a return to service in early 2030. As we progress the refurbishment program at Bruce Power, the team remains focused on achieving the highest level of reliability, availability and safety performance at the site. On January 31, 2025, Unit 4 was removed from service to commence its MCR program, with a return to service expected in 2028. Unit 3 MCR and Unit 4 MCR continue to advance on plan for both cost and schedule. The average 2025 plant availability percentage, excluding the Unit 3 and Unit 4 MCR programs, is expected to be in the low-90 per cent range, and reflects planned maintenance on Unit 2 anticipated in the third quarter of 2025. The MCR program provides TC Energy with line of sight to meaningful growth capital at attractive returns through the end of the decade, backed by a long-term contract to 2064 with the Ontario IESO.

    We continue to expect approximately $8.5 billion of projects to be placed into service in 2025, which includes the Southeast Gateway pipeline project. Our focus on project execution is a cornerstone of our strategic priorities. For the remaining projects anticipated to be placed in service in 2025, we are tracking to schedule and below initial cost estimates. High-grading projects remains a priority to optimize returns to maximize value. We will continue to sanction projects with a compelling risk/return profile to fill our $6.0 billion annual net capital expenditure limit and extend the duration of our project backlog, ensuring visibility to growth opportunities through 2030. Through this, we can continue to organically grow comparable EBITDA to support our three to five per cent dividend growth target and further reduce leverage over time.

    TC Energy’s Board of Directors approved a quarterly common share dividend of $0.85 per common share for the quarter ending June 30, 2025, equivalent to $3.40 per common share on an annualized basis.

    Teleconference and Webcast
    We will hold a teleconference and webcast on Thursday, May 1, 2025 at 6:30 a.m. (MDT) / 8:30 a.m. (EDT) to discuss our first quarter 2025 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

    Members of the investment community and other interested parties are invited to participate by calling 1-833-752-3826 (Canada/U.S.) or 1-647-846-8864 (International toll). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

    A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/13942. The webcast will be available for replay following the meeting.

    A replay of the teleconference will be available two hours after the conclusion of the call until midnight EDT on May 8, 2025. Please call 1-855-669-9658 (Canada/U.S.) or 1-412-317-0088 (International toll) and enter passcode 6585702.

    The unaudited interim Condensed consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Out extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to home and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

    Forward-Looking Information
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to expectations with respect to Southeast Gateway, including receipt of CNE approval, in-service date, cash flows and other impacts, expectations related to Northwoods project, including expected in-service dates and related expected capital expenditures, expected comparable EBITDA and comparable earnings in total and per common share and the sources thereof, expectations with respect to Bruce Power, including the MCR program and associated cost and schedule estimates, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to identified FERC rate cases, including timelines, processes and outcomes, expectations with respect to our strategic priorities, and the execution thereof, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about energy demand levels and drivers thereof, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability and our GHG Emissions Reduction Plan which are available on our website at www.TCEnergy.com.

    Non-GAAP and Supplementary Financial Measure
    This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

    This release contains references to build multiple, which is non-GAAP ratio which is calculated using capital expenditures and comparable EBITDA, of which comparable EBITDA is a non-GAAP measure. We believe build multiple provides investors with a useful measure to evaluate capital projects.

    This release also contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

    Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2025/tce-2025-q1-quarterly-report.pdf

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403.920.7859 or 800.608.7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403.920.7911 or 800.361.6522

    1 Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.
    2 Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.
    3 Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP Measures section of this news release.
    4 Based on USD/CAD foreign exchange rate of 1.35.
    5 Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.
    6 Source: Government of Mexico, CFE fourth quarter 2024 investor presentation
    7 Source: Ontario Independent Electricity System Operator (IESO)

    The MIL Network –

  • MIL-OSI United Kingdom: Council online Major Energy Related Planning map goes live

    Source: Scotland – Highland Council

    The Highland Council has today published its Renewable Energy Mapping Tool. 

    This tool will enable those with an interest in understanding the location and type of renewable energy projects within Highland to discover not only what already exists on the ground but also the stage that any projects may be at within the planning process. The tool provides key information for each development in a single click with an easy link into the planning case file where further detailed information is required.  The information can be easily filtered in many different ways to ease a particular search.

    Cllr Ken Gowans, Chair of the Council’s Economy and Infrastructure Committee, said “This is an incredible piece of work that will assist our communities greatly with finding a significant amount of information related to energy related development within Highland in one map.”

    The mapping tool enables users to search for a variety of energy planning projects including: pump storage, wind, energy storage, transmission grid, transmission switching substations and convertor infrastructure, hydro and other relevant applications.

    Currently, 1,305 records of applications are included in the mapping database and detailed information about each can be viewed individually or collectively. The records include applications recorded in Highland Council’s development management system.

    The Council aims to provide an online training video on how to use this powerful mapping resource so that users can get the most out the information available to them.

    The map can be found at highland.gov.uk/energymap

    30 Apr 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Governor Newsom announces appointments 4.29.25

    Source: US State of California 2

    Apr 29, 2025

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Kristina “Kris” Thayer, of Raleigh, North Carolina, has been appointed Director of The Office of Environmental Health Hazard Assessment. Thayer has been Director of the Director of the Integrated Risk Information System Division at the United States Environmental Protection Agency since 2019, where she has held multiple positions since 2017, including Director of the Integrated Risk Information System and Director of the Chemical and Pollution Assessment Division. She held multiple positions at the National Toxicology Program at the National Institute of Environmental Health Sciences from 2003 to 2017, including Deputy Director of the Division of Analysis, Director of the Office of Health Assessment and Translation, Director of the Center for the Evaluation of Risks to Human Reproduction, Staff Scientist at the Center for the Evaluation of Risk to Human Reproduction, Deputy Director of the Office of Risk Assessment Research, and Staff Scientist in the Office of Liaison and Scientific Review. Thayer is a member of the Society of Toxicology. She earned a Doctor of Philosophy degree in Biological Sciences from the University of Missouri, Columbia and a Bachelor of Science degree in Psychology from Pennsylvania State University, University Park. This position requires Senate confirmation, and compensation is $217,000. Thayer is a Democrat.

    Jason D. Johnson, of Redlands, has been appointed Undersecretary of Operations at the California Department of Corrections and Rehabilitation. Johnson has been Acting Undersecretary of Operations since 2024 at the California Department of Corrections and Rehabilitation, where he has held several positions since 2006, including Director of the Division of Adult Parole Operations, Chief Deputy Regional Administrator, Parole Administrator I, Parole Agent III Supervisor, Parole Agent II Supervisor, and Parole Agent I. Johnson was a Probation Officer II at San Bernardino County Probation Department from 2001 to 2006. He is a member of the Los Angeles County Police Chiefs’ Association, the Orange County Chiefs’ and Sherriffs’ Association, and the National Association of Blacks in Criminal Justice. Johnson earned a Master of Business Administration from the University of Redlands and a Bachelor of Arts in Criminal Justice from California State University, Fullerton. This position requires Senate confirmation, and the compensation is $239,796. Johnson is a Democrat.

    Joshua Prudhel, of Ceres, has been appointed Warden of Sierra Conservation Center, where he has been serving as Acting Warden since 2024. Prudhel was Chief Deputy Administrator at California State Prison, Sacramento from 2022 to 2024. He was a Correctional Administrator at California State Prison, Corcoran in 2022. Prudhel was Acting Chief Deputy Administrator at Correctional Training Facility from 2021 to 2022. He was a Correctional Administration at California State Prison, Corcoran from 2020 to 2021. Prudhel was Captain at California Health Care Facility from 2016 to 2020, where he was previously a Correctional Lieutenant from 2014 to 2016. He was a Correctional Lieutenant at California State Prison, Corcoran from 2011 to 2014, where he was previously a Correctional Sergeant from 2008 to 2011. Prudhel was a Correctional Sergeant at Deuel Vocational Institution from 2007 to 2008, and at Correctional Training Facility from 2005 to 2007. He was a Correctional Officer at San Quentin Rehabilitation Center from 2003 to 2005, and at Richard A. Mcgee Correctional Training Center from 2002 to 2003. Prudhel is a member of the California Correctional Supervisors Organization. This position does not require Senate confirmation, and the compensation is $193,524. Prudhel is a Republican.

    Megan Mekelburg, of Sacramento, has been appointed Deputy Secretary for Legislation at the California Natural Resources Agency. Mekelburg has been Deputy Appointments Secretary in the Office of Governor Gavin Newsom since 2024. She was Senior Associate at Environmental & Energy Consulting from 2023 to 2024. Mekelburg was Legislative Director in the Office of Senator Aisha Wahab in the California State Senate in 2023. She held multiple roles in the Office of Senator Josh Newman in the California State Senate from 2021 to 2023, including Legislative Director and Acting Chief of Staff. Mekelburg held multiple roles in the Office of Senator Henry Stern in the California State Senate from 2019 to 2021, including Legislative Aide and Executive Assistant. She earned a Master of Arts degree in Public Policy and Administration from California State University, Sacramento and a Bachelor of Arts degree in Sociology from University of California, Davis. This position does not require Senate confirmation, and the compensation is $160,008. Mekelburg is a Democrat.

    Matthew Sage, of Fair Oaks, has been appointed Commander of the State Threat Assessment Center at the Governor’s Office of Emergency Services. Sage has been the Deputy Commander of Intel/Analysis at the Governor’s Office of Emergency Services since 2023. He was an Account Executive at Echo Analytics Group from 2021 to 2022. He was a Supervisory Intelligence Specialist at the Department of the Army from 2015 to 2021. Sage was an Operations and Integrations Officer at Dyncorp International from 2012 to 2015. He was a Staff Officer at Sytera LLC. from 2011 to 2012. Sage was an Atmospherics Manager at AECOM/McNeill Technologies in 2011. He served as rank E-5 in the United States Army from 2006 to 2010. This position does not require Senate confirmation, and the compensation is $161,062. Sage is registered without party preference.

    Davina Hurt, of Belmont, has been appointed to the California Water Commission. Hurt has been the California Climate Policy Director at Pacific Environment since 2025. She was an Attorney/Civic Advocate at Davina Hurt Esq. from 2005 to 2024. Hurt held multiple positions with the City of Belmont from 2015 to 2024, including Mayor, Vice Mayor, and City Councilmember. She was a Campaign Manager at the Democratic Volunteer Center from 2014 to 2015. Hurt was a Securities Case Assistant at Heller Ehrman White and McAuliffe LLP from 2004 to 2005. She was a Senior Counsel and Civic Advocate at Tyson and Mendes LLP in 2004. Hurt was a Law Clerk at Bay Area Legal Aid from 2002 to 2004. She was a Law Clerk at the United States District Court for Northern District of California from 2002 to 2003. Hurt was a Summer Associate at Milberg, Weiss, Bershad, Hynes & Lerach LLP in 2002. She earned a Juris Doctor Degree from Santa Clara University School of Law and a Bachelor of the Arts degree in History and Political Science from Baylor University. This position requires Senate confirmation, and compensation is $100 per diem. Hurt is a Democrat.

    Peter Stern, of San Francisco, has been appointed to the California Horse Racing Board. Stern has been Chief Revenue Officer at Skedulo and an Advisor at Berkeley SkyDeck since 2025. He held several roles at Authorium from 2024 to 2025, including Advisor and Executive Vice President. He was the Co-Founder of VoiceBrain from 2021 to 2023. He was a Commissioner at California State Lottery Commission from 2019 to 2022. He held several positions at Inxeption from 2017 to 2021, including Executive Vice President of Business Operations and Senior Vice President of Corporate Development. Stern was the Airport Commissioner at the San Francisco International Airport from 2010 to 2019. He was Chief Revenue Officer at Skedulo from 2015 to 2017. Stern was the Chief Revenue Officer at Autopilot from 2013 to 2015. Stern was the Vice President of Sales at Kenandy, Inc. from 2011 to 2013. He held numerous positions at Salesforce from 2007 to 2011, including Vice President of Enterprise Corporate Sales and Corporate Sales Manager. Stern was Regional Manager at Oracle from 2005 to 2007. He was an Account Executive at Macromedia from 2002 to 2004. Stern was an Account Executive at Oracle from 2000 to 2000. This position requires Senate confirmation, and the compensation is $100 per diem. Stern is registered without party preference.

    Dyan Whyte, of Berkeley, has been appointed to the California State Mining and Geology Board. Whyte has been the Chief Financial Officer at Dataway US since 2019. She held multiple positions at the California Regional Water Quality Control Board, San Francisco Bay Region from 1988 to 1999, including Assistant Executive Officer and Senior Engineering Geologist. Whyte earned a Master of Science degree in Environmental Geology from University of California, Berkeley and a Bachelor of Science degree in Environmental Studies and Geology from California State University, Sonoma. This position requires Senate confirmation, and the compensation is $100 per diem. Whyte is a Democrat.

    Press Releases, Recent News

    Recent news

    Apr 29, 2025

    News What you need to know: California continues to improve efficiency and engagement in state government by advancing its first-in-the-nation project to integrate cutting-edge artificial intelligence technology into state operations. Los Angeles, California –…

    Apr 29, 2025

    News What you need to know: California is filing a lawsuit today against the Trump administration for dismantling AmeriCorps, which puts service and volunteer programs across the country and in California at risk. SACRAMENTO — Today, Governor Gavin Newsom and Attorney…

    Apr 28, 2025

    News SACRAMENTO — Governor Gavin Newsom today issued the following statement congratulating newly elected Canadian Prime Minister Mark Carney:“Jennifer and I warmly congratulate Prime Minister Mark Carney on his party’s election victory in Canada. California looks…

    MIL OSI USA News –

  • MIL-OSI Europe: Answer to a written question – Development of nuclear energy in the EU – E-000862/2025(ASW)

    Source: European Parliament

    The choice of the energy sources in the energy mix, and the decision to use or not use nuclear energy, remains within the remit of each Member State in accordance with the Treaty on Functioning of the EU[1].

    In order to decarbonize its economy and to end energy dependencies on unreliable suppliers, the EU has been accelerating its energy transition plans.

    This transition must be technology neutral[2]. According to The Commission’s projections, all zero and low carbon energy solutions, including nuclear energy, are needed to meet the 2040 decarbonisation targets[3].

    The Commission is committed to respecting and applying the principle of technological neutrality , as reflected in the Clean Industrial Deal (CID)[4] and the Affordable Energy Action Plan (AEAP)[5].

    As announced in the AEAP, the Commission will assess investments needs in an updated Nuclear Illustrative Programme and the possibility of streamlining current permitting and licensing practices for the deployment of new nuclear technologies in the EU, such as Small Modular Reactors (SMRs).

    In addition, the European Industrial Alliance on SMRs was launched to facilitate the deployment of first SMRs in the EU by early 2030s.

    The Commission will continue to support the work of the Alliance in line with the mission letter of the Commissioner for Energy and Housing.

    The Commission oversees the compatibility of state aid granted by Member States with the EU State aid rules. As announced in the CID, the Commission will assess the state aid for nuclear supply chains and technologies, including SMRs, in line with the Treaty and with respect to technological neutrality.

    • [1] Article194 of the Treaty on Functioning of the European Union.
    • [2] Communication from the Commission to the European Parliament, the European Council, the Council, the European Economic and Social Committee and the Committee of the Regions: ‘A Competitiveness Compass for the EU’ (https://european-research-area.ec.europa.eu/sites/default/files/documents/2025-01/COM%202025%2030%20-%20A%20Competitiveness%20Compass%20for%20the%20EU%20_%2029-1-2025.pdf).
    • [3] Communication from the Commission to the European Parliament, the Council, the European Economic and Social Committee and the Committee of the Regions: ‘Securing Europe’s 2040 climate target and path to climate neutrality by 2050 building a sustainable, just and prosperous society’ (https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM%3A2024%3A63%3AFIN).
    • [4] https://commission.europa.eu/document/download/9db1c5c8-9e82-467b-ab6a-905feeb4b6b0_en
    • [5] https://energy.ec.europa.eu/document/download/7e2e6198-b6b8-46fe-b263-984b437da3ab_en?filename=Communication%20-%20Action%20Plan%20for%20Affordable%20Energy.pdf

    MIL OSI Europe News –

  • MIL-OSI Europe: ERRATUM on the proposal for a regulation of the European Parliament and of the Council amending Regulation (EU) 2017/1938 as regards the role of gas storage for securing gas supplies ahead of the winter season (COM(2025)0099 ; C10-0041/2025 ; 2025/0051(COD)) – A10-0079/2025(ERR01)

    Source: European Parliament

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

    Source : © European Union, 2025 – EP

    MIL OSI Europe News –

  • MIL-OSI: Targa Resources Corp. Reports Record First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“TRGP,” the “Company” or “Targa”) today reported first quarter 2025 results.

    First quarter 2025 net income attributable to Targa Resources Corp. was $270.5 million compared to $275.2 million for the first quarter of 2024. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”)(1) of $1,178.5 million for the first quarter of 2025 compared to $966.2 million for the first quarter of 2024.

    Highlights

    • Record first quarter 2025 adjusted EBITDA of $1.2 billion, a 22% increase year over year
    • Repurchased $214 million of common shares through April 2025
    • Declared an annual common dividend of $4.00 per share for 2025, a 33% increase year over year
    • Continue to estimate full year 2025 adjusted EBITDA between $4.65 billion and $4.85 billion
    • Continue to estimate 2025 net growth capital expenditures of $2.6 billion to $2.8 billion

    On April 10, 2025, the Company declared an increase to its quarterly cash dividend to $1.00 per common share, or $4.00 per common share on an annualized basis, for the first quarter of 2025. This dividend represents a 33 percent increase over the common dividend declared with respect to the first quarter of 2024. Total cash dividends of approximately $217 million will be paid on May 15, 2025 on all outstanding shares of common stock to holders of record as of the close of business on April 30, 2025.

    During the first quarter of 2025, Targa repurchased 651,163 shares of its common stock at a weighted average per share price of $191.86 for a total net cost of $124.9 million. As of March 31, 2025, there was $890.5 million remaining under the Company’s share repurchase program. Subsequent to quarter end, Targa repurchased 532,210 shares of its common stock at a weighted average per share price of $167.28 for a total net cost of $89.0 million.

    First Quarter 2025 – Sequential Quarter over Quarter Commentary

    Targa reported first quarter adjusted EBITDA of $1,178.5 million, representing a 5 percent increase compared to the fourth quarter of 2024. The sequential increase in adjusted EBITDA was attributable to contribution from the Badlands transaction and higher marketing margin. Volumes across Targa’s Gathering and Processing (“G&P”) and Logistics and Transportation (“L&T”) systems were negatively impacted by winter weather events which reduced system volumes during the first quarter. In the G&P segment, sequential adjusted operating margin was approximately flat as modestly lower Permian natural gas inlet volumes due to winter weather events were partially offset by higher fees. In the L&T segment, adjusted operating margin was also sequentially flat as higher marketing margin offset lower NGL pipeline transportation volumes, which were negatively impacted by winter weather events. Fractionation volumes were lower in the first quarter due to a major planned turnaround at Targa’s Cedar Bayou Fractionation facilities in Mont Belvieu, TX. Higher sequential marketing margin was attributable to increased optimization opportunities. Subsequent to quarter end, Targa’s Permian volumes and associated L&T system volumes have meaningfully increased from first quarter levels.

    Capitalization, Financing and Liquidity

    The Company’s total consolidated debt as of March 31, 2025 was $16,208.7 million, net of $106.7 million of debt issuance costs and $35.2 million of unamortized discount, with $14,534.4 million of outstanding senior unsecured notes, $920.0 million outstanding under the Commercial Paper Program, $600.0 million outstanding under the Securitization Facility, and $296.2 million of finance lease liabilities.

    In February 2025, Targa completed an underwritten public offering of 5.550% Notes due 2035 and 6.125% Notes due 2055, resulting in net proceeds of approximately $2.0 billion. Targa used the net proceeds from the issuance to fund the repurchase of all of the outstanding preferred equity in Targa Badlands LLC (the “Badlands Transaction”) and for general corporate purposes, including to repay borrowings under the Commercial Paper Program.

    Total consolidated liquidity as of March 31, 2025 was approximately $2.7 billion, including $2.6 billion available under the TRGP Revolver, and $151.4 million of cash.

    Growth Projects Update

    In Targa’s G&P segment, construction continues on its 275 MMcf/d Pembrook II, East Pembrook, and East Driver plants in Permian Midland and its 275 MMcf/d Bull Moose II and Falcon II plants in Permian Delaware. In Targa’s L&T segment, construction continues on its Delaware Express pipeline expansion, its 150 MBbl/d Train 11 and Train 12 fractionators in Mont Belvieu, and its GPMT LPG Export Expansion. The Company now expects its Pembrook II plant to begin operations in the third quarter of 2025 and remains on-track to complete its other announced expansions as previously disclosed.

    2025 Outlook

    Targa continues to estimate full year 2025 adjusted EBITDA to be between $4.65 billion and $4.85 billion supported by forecasted growth across its Permian G&P footprint, which is expected to drive record Permian, NGL pipeline transportation, fractionation, and LPG export volumes in 2025 relative to records set in 2024. While the growth is weighted to the second half of 2025, current and expected producer activity levels continue to support an outlook of meaningfully increasing volumes across the rest of 2025 and 2026.

    Targa’s estimate for 2025 net growth capital expenditures remains unchanged in a range of $2.6 billion to $2.8 billion, and its estimate for 2025 net maintenance capital expenditures also remains unchanged at approximately $250 million.

    Conference Call

    The Company will host a conference call for the investment community at 11:00 a.m. Eastern time (10:00 a.m. Central time) on May 1, 2025 to discuss its first quarter results. The conference call can be accessed via webcast under Events and Presentations in the Investors section of the Company’s website at www.targaresources.com/investors/events, or by going directly to https://edge.media-server.com/mmc/p/waa5bt3q. A webcast replay will be available at the link above approximately two hours after the conclusion of the event.

    An earnings supplement presentation and updated investor presentation are available under Events and Presentations in the Investors section of the Company’s website at www.targaresources.com/investors/events.

    (1)    Adjusted EBITDA and adjusted operating margin (segment) are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.”


    Targa Resources Corp. – Consolidated Financial Results of Operations

      Three Months Ended March 31,            
      2025     2024   2025 vs. 2024
      (In millions)
    Revenues:                      
    Sales of commodities $ 3,884.4     $ 3,942.4     $ (58.0 )     (1 %)
    Fees from midstream services   677.1       620.0       57.1       9 %
    Total revenues   4,561.5       4,562.4       (0.9 )     —  
    Product purchases and fuel   3,257.8       3,218.0       39.8       1 %
    Operating expenses   303.6       278.0       25.6       9 %
    Depreciation and amortization expense   367.6       340.5       27.1       8 %
    General and administrative expense   94.5       86.5       8.0       9 %
    Other operating (income) expense   (5.3 )     —       (5.3 )     (100 %)
    Income (loss) from operations   543.3       639.4       (96.1 )     (15 %)
    Interest expense, net   (197.1 )     (228.6 )     31.5       14 %
    Equity earnings (loss)   5.5       2.8       2.7       96 %
    Other, net   0.3       1.7       (1.4 )   NM  
    Income tax (expense) benefit   (72.2 )     (82.7 )     10.5       13 %
    Net income (loss)   279.8       332.6       (52.8 )     (16 %)
    Less: Net income (loss) attributable to noncontrolling interests   9.3       57.4       (48.1 )     (84 %)
    Net income (loss) attributable to Targa Resources Corp.   270.5       275.2       (4.7 )     (2 %)
    Premium on repurchase of noncontrolling interests, net of tax   70.5       —       70.5       100 %
    Net income (loss) attributable to common shareholders $ 200.0     $ 275.2     $ (75.2 )     (27 %)
    Financial data:                      
    Adjusted EBITDA (1) $ 1,178.5     $ 966.2     $ 212.3       22 %
    Adjusted cash flow from operations (1)   970.0       738.4       231.6       31 %
    Adjusted free cash flow (1)   328.2       2.8       325.4     NM  

    (1)    Adjusted EBITDA, adjusted cash flow from operations and adjusted free cash flow are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.”
    NM    Due to a low denominator, the noted percentage change is disproportionately high and as a result, considered not meaningful.


    Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

    Commodity sales are relatively flat reflecting lower NGL, natural gas and condensate volumes ($217.9 million), the unfavorable impact of hedges ($256.1 million) and lower condensate prices ($15.2 million), offset by higher natural gas and NGL prices ($431.2 million).

    The increase in fees from midstream services is primarily due to higher gas gathering and processing fees, and higher export volumes, partially offset by lower transportation and fractionation fees.

    Product purchases and fuel are relatively flat reflecting higher natural gas and NGL prices, offset by lower NGL and natural gas volumes.

    The increase in operating expenses is primarily due to higher labor, taxes and maintenance costs, partially offset by lower rental costs.

    See “—Review of Segment Performance” for additional information on a segment basis.

    The increase in depreciation and amortization expense is primarily due to the impact of system expansions on the Company’s asset base.

    The decrease in interest expense, net is due to recognition of cumulative interest on a legal ruling associated with the Splitter Agreement in 2024, partially offset by higher borrowings in 2025.

    The decrease in income tax expense is primarily due to a decrease in pre-tax book income.

    The decrease in net income attributable to noncontrolling interests is primarily due to the Badlands Transaction in 2025 and the acquisition of the remaining membership interest in Cedar Bayou Fractionators, L.P. in 2024.

    The premium on repurchase of noncontrolling interests, net of tax is due to the Badlands Transaction in 2025.

    Review of Segment Performance

    The following discussion of segment performance includes inter-segment activities. The Company views segment operating margin and adjusted operating margin as important performance measures of the core profitability of its operations. These measures are key components of internal financial reporting and are reviewed for consistency and trend analysis. For a discussion of adjusted operating margin, see “Non-GAAP Financial Measures ― Adjusted Operating Margin.” Segment operating financial results and operating statistics include the effects of intersegment transactions. These intersegment transactions have been eliminated from the consolidated presentation.

    The Company operates in two primary segments: (i) Gathering and Processing; and (ii) Logistics and Transportation.

    Gathering and Processing Segment

    The Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment’s assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast.

    The following table provides summary data regarding results of operations of this segment for the periods indicated:

      Three Months Ended March 31,                
      2025     2024     2025 vs. 2024
      (In millions, except operating statistics and price amounts)
    Operating margin $   602.2     $   556.4     $   45.8       8 %
    Operating expenses     208.2         188.1         20.1       11 %
    Adjusted operating margin $   810.4     $   744.5     $   65.9       9 %
    Operating statistics (1):                            
    Plant natural gas inlet, MMcf/d (2) (3)                            
    Permian Midland (4)     2,985.6         2,746.1         239.5       9 %
    Permian Delaware     3,020.3         2,648.9         371.4       14 %
    Total Permian     6,005.9         5,395.0         610.9       11 %
                                 
    SouthTX     295.1         304.9         (9.8 )     (3 %)
    North Texas     171.5         184.5         (13.0 )     (7 %)
    SouthOK (5)     318.0         357.2         (39.2 )     (11 %)
    WestOK     200.1         210.1         (10.0 )     (5 %)
    Total Central     984.7         1,056.7         (72.0 )     (7 %)
                                 
    Badlands (5) (6)     136.9         127.1         9.8       8 %
    Total Field     7,127.5         6,578.8         548.7       8 %
                                 
    Coastal     398.8         524.7         (125.9 )     (24 %)
                                 
    Total     7,526.3         7,103.5         422.8       6 %
    NGL production, MBbl/d (3)                            
    Permian Midland (4)     429.5         392.8         36.7       9 %
    Permian Delaware     366.4         307.0         59.4       19 %
    Total Permian     795.9         699.8         96.1       14 %
                                 
    SouthTX     28.8         28.9         (0.1 )     —  
    North Texas     21.0         21.9         (0.9 )     (4 %)
    SouthOK (5)     33.1         28.1         5.0       18 %
    WestOK     15.2         11.7         3.5       30 %
    Total Central     98.1         90.6         7.5       8 %
                                 
    Badlands (5)     16.4         14.6         1.8       12 %
    Total Field     910.4         805.0         105.4       13 %
                                  
    Coastal     32.7         39.1         (6.4 )     (16 %)
                                 
    Total     943.1         844.1         99.0       12 %
    Crude oil, Badlands, MBbl/d     107.1         94.4         12.7       13 %
    Crude oil, Permian, MBbl/d     29.0         27.6         1.4       5 %
    Natural gas sales, BBtu/d (3)     2,592.8         2,650.5         (57.7 )     (2 %)
    NGL sales, MBbl/d (3)     570.2         498.8         71.4       14 %
    Condensate sales, MBbl/d     18.1         19.1         (1.0 )     (5 %)
    Average realized prices (7):                            
    Natural gas, $/MMBtu     2.24         1.50         0.74       49 %
    NGL, $/gal     0.50         0.48         0.02       4 %
    Condensate, $/Bbl     72.32         77.22         (4.90 )     (6 %)

    (1)    Segment operating statistics include the effect of intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period and the denominator is the number of calendar days during the period.
    (2)    Plant natural gas inlet represents the Company’s undivided interest in the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant, other than Badlands during 2024.
    (3)    Plant natural gas inlet volumes and gross NGL production volumes include producer take-in-kind volumes, while natural gas sales and NGL sales exclude producer take-in-kind volumes.
    (4)    Permian Midland includes operations in WestTX, of which the Company owns a 72.8% undivided interest, and other plants that are owned 100% by the Company. Operating results for the WestTX undivided interest assets are presented on a pro-rata net basis in the Company’s reported financials.
    (5)    Operations include facilities that are not wholly owned by the Company.
    (6)    Badlands natural gas inlet represents the total wellhead volume and includes the Targa volumes processed at the Little Missouri 4 plant.
    (7)    Average realized prices, net of fees, include the effect of realized commodity hedge gain/loss attributable to the Company’s equity volumes. The price is calculated using total commodity sales plus the hedge gain/loss as the numerator and total sales volume as the denominator, net of fees.

    The following table presents the realized commodity hedge gain (loss) attributable to the Company’s equity volumes that are included in the adjusted operating margin of the Gathering and Processing segment:

        Three Months Ended March 31, 2025     Three Months Ended March 31, 2024  
        (In millions, except volumetric data and price amounts)  
        Volume
    Settled    		     Price
    Spread (1)    		     Gain
    (Loss)    		     Volume
    Settled    		     Price
    Spread (1)    		     Gain
    (Loss)    		  
    Natural gas (BBtu)     7.7     $ 0.96     $ 7.4       14.4     $ 1.27     $ 18.3  
    NGL (MMgal)     97.5       (0.07 )     (6.6 )     134.1       0.01       1.7  
    Crude oil (MBbl)     0.7       1.00       0.7       0.4       (7.25 )     (2.9 )
                    $ 1.5                 $ 17.1  

    (1)    The price spread is the differential between the contracted derivative instrument pricing and the price of the corresponding settled commodity transaction.

    Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

    The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes in the Permian. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Roadrunner II plant during the second quarter of 2024, the Greenwood II plant during the fourth quarter of 2024, the Bull Moose plant during the first quarter of 2025, and continued strong producer activity despite severe winter weather events which impacted volumes during the first quarter of 2025.

    The increase in operating expenses was primarily due to higher volumes and multiple plant additions in the Permian.

    Logistics and Transportation Segment

    The Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of the Company’s other businesses. The Logistics and Transportation segment also includes Grand Prix NGL Pipeline, which connects the Company’s gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with the Company’s Downstream facilities in Mont Belvieu, Texas. The Company’s Downstream facilities are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana.

    The following table provides summary data regarding results of operations of this segment for the periods indicated:

      Three Months Ended March 31,              
      2025     2024     2025 vs. 2024
      (In millions, except operating statistics)
    Operating margin $   646.7     $   532.1     $   114.6     22 %
    Operating expenses     95.5         90.0         5.5     6 %
    Adjusted operating margin $   742.2     $   622.1     $   120.1     19 %
    Operating statistics MBbl/d (1):                          
    NGL pipeline transportation volumes     843.5         717.8         125.7     18 %
    Fractionation volumes     979.9         797.2         182.7     23 %
    Export volumes     447.7         439.0         8.7     2 %
    NGL sales     1,186.4         1,227.6         (41.2 )   (3 %)

    (1)    Segment operating statistics include intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period and the denominator is the number of calendar days during the period.

    Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

    The increase in adjusted operating margin was due to higher pipeline transportation and fractionation margin and higher marketing margin. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from the Company’s Permian Gathering and Processing systems, the addition of Train 9 during the second quarter of 2024, the in-service of the Daytona NGL Pipeline during the third quarter of 2024, and the addition of Train 10 during the fourth quarter of 2024. Marketing margin increased due to greater optimization opportunities.

    The increase in operating expenses was predominantly due to system expansions.

    Other

        Three Months Ended March 31,        
        2025     2024     2025 vs. 2024  
        (In millions)  
    Operating margin   $ (248.8 )   $ (22.1 )   $ (226.7 )
    Adjusted operating margin   $ (248.8 )   $ (22.1 )   $ (226.7 )

    Other contains the results of commodity derivative activity mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. The Company has entered into derivative instruments to hedge the commodity price associated with a portion of the Company’s future commodity purchases and sales and natural gas transportation basis risk within the Company’s Logistics and Transportation segment.

    About Targa Resources Corp.

    Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

    Targa is a FORTUNE 500 company and is included in the S&P 500.

    For more information, please visit the Company’s website at www.targaresources.com.

    Non-GAAP Financial Measures

    This press release includes the Company’s non-GAAP financial measures: adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment). The following tables provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures.

    The Company utilizes non-GAAP measures to analyze the Company’s performance. Adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment) are non-GAAP measures. The GAAP measures most directly comparable to these non-GAAP measures are income (loss) from operations, Net income (loss) attributable to Targa Resources Corp. and segment operating margin. These non-GAAP measures should not be considered as an alternative to GAAP measures and have important limitations as analytical tools. Investors should not consider these measures in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Additionally, because the Company’s non-GAAP measures exclude some, but not all, items that affect income and segment operating margin, and are defined differently by different companies within the Company’s industry, the Company’s definitions may not be comparable with similarly titled measures of other companies, thereby diminishing their utility. Management compensates for the limitations of the Company’s non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these insights into the Company’s decision-making processes.

    Adjusted Operating Margin

    The Company defines adjusted operating margin for the Company’s segments as revenues less product purchases and fuel. It is impacted by volumes and commodity prices as well as by the Company’s contract mix and commodity hedging program.

    Gathering and Processing adjusted operating margin consists primarily of:

    • service fees related to natural gas and crude oil gathering, treating and processing; and
    • revenues from the sale of natural gas, condensate, crude oil and NGLs less producer settlements, fuel and transport and the Company’s equity volume hedge settlements.

    Logistics and Transportation adjusted operating margin consists primarily of:

    • service fees (including the pass-through of energy costs included in certain fee rates);
    • system product gains and losses; and
    • NGL and natural gas sales, less NGL and natural gas purchases, fuel, third-party transportation costs and the net inventory change.

    The adjusted operating margin impacts of mark-to-market hedge unrealized changes in fair value are reported in Other.

    Adjusted operating margin for the Company’s segments provides useful information to investors because it is used as a supplemental financial measure by management and by external users of the Company’s financial statements, including investors and commercial banks, to assess:

    • the financial performance of the Company’s assets without regard to financing methods, capital structure or historical cost basis;
    • the Company’s operating performance and return on capital as compared to other companies in the midstream energy sector, without regard to financing or capital structure; and
    • the viability of capital expenditure projects and acquisitions and the overall rates of return on alternative investment opportunities.

    Management reviews adjusted operating margin and operating margin for the Company’s segments monthly as a core internal management process. The Company believes that investors benefit from having access to the same financial measures that management uses in evaluating the Company’s operating results. The reconciliation of the Company’s adjusted operating margin to the most directly comparable GAAP measure is presented under “Review of Segment Performance.”

    Adjusted EBITDA

    The Company defines adjusted EBITDA as Net income (loss) attributable to Targa Resources Corp. before interest, income taxes, depreciation and amortization, and other items that the Company believes should be adjusted consistent with the Company’s core operating performance. The adjusting items are detailed in the adjusted EBITDA reconciliation table and its footnotes. Adjusted EBITDA is used as a supplemental financial measure by the Company and by external users of the Company’s financial statements such as investors, commercial banks and others to measure the ability of the Company’s assets to generate cash sufficient to pay interest costs, support the Company’s indebtedness and pay dividends to the Company’s investors.

    Adjusted Cash Flow from Operations and Adjusted Free Cash Flow

    The Company defines adjusted cash flow from operations as adjusted EBITDA less cash interest expense on debt obligations and cash tax (expense) benefit. The Company defines adjusted free cash flow as adjusted cash flow from operations less maintenance capital expenditures (net of any reimbursements of project costs) and growth capital expenditures, net of contributions from noncontrolling interests and including contributions to investments in unconsolidated affiliates. Adjusted cash flow from operations and adjusted free cash flow are performance measures used by the Company and by external users of the Company’s financial statements, such as investors, commercial banks and research analysts, to assess the Company’s ability to generate cash earnings (after servicing the Company’s debt and funding capital expenditures) to be used for corporate purposes, such as payment of dividends, retirement of debt or redemption of other financing arrangements.

    The following table reconciles the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the periods indicated:

      Three Months Ended March 31,  
      2025     2024  
      (In millions)  
    Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA, Adjusted Cash Flow from Operations and Adjusted Free Cash Flow          
    Net income (loss) attributable to Targa Resources Corp. $ 270.5     $ 275.2  
    Interest (income) expense, net   197.1       228.6  
    Income tax expense (benefit)   72.2       82.7  
    Depreciation and amortization expense   367.6       340.5  
    (Gain) loss on sale or disposition of assets   (0.5 )     (1.1 )
    Write-down of assets   2.0       1.0  
    (Gain) loss from financing activities   0.6       —  
    Equity (earnings) loss   (5.5 )     (2.8 )
    Distributions from unconsolidated affiliates   4.9       6.3  
    Compensation on equity grants   17.6       14.6  
    Risk management activities   248.8       22.0  
    Noncontrolling interests adjustments (1)   3.2       (0.8 )
    Adjusted EBITDA $ 1,178.5     $ 966.2  
    Interest expense on debt obligations (2)   (193.2 )     (224.9 )
    Cash taxes   (15.3 )     (2.9 )
    Adjusted Cash Flow from Operations $ 970.0     $ 738.4  
    Maintenance capital expenditures, net (3)   (47.3 )     (49.8 )
    Growth capital expenditures, net (3)   (594.5 )     (685.8 )
    Adjusted Free Cash Flow $ 328.2     $ 2.8  

    (1)    Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest accounting.
    (2)    Excludes amortization of interest expense. The three months ended March 31, 2024 includes $54.9 million of interest expense on a 2024 legal ruling associated with an agreement, dated December 27, 2015, for crude oil and condensate between Targa Channelview LLC, then a subsidiary of the Company, and Noble Americas Corp.
    (3)    Represents capital expenditures, net of contributions from noncontrolling interests and includes contributions to investments in unconsolidated affiliates.

    The following table presents a reconciliation of estimated net income of the Company to estimated adjusted EBITDA for 2025:

      2025E  
      (In millions)  
    Reconciliation of Estimated Net Income Attributable to Targa Resources Corp. to    
    Estimated Adjusted EBITDA    
    Net income attributable to Targa Resources Corp. $ 1,555.0  
    Interest expense, net   860.0  
    Income tax expense   485.0  
    Depreciation and amortization expense   1,525.0  
    Equity earnings   (20.0 )
    Distributions from unconsolidated affiliates   25.0  
    Compensation on equity grants   70.0  
    Risk management and other   250.0  
    Estimated Adjusted EBITDA $ 4,750.0  

    Regulation FD Disclosures

    The Company uses any of the following to comply with its disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. The Company routinely posts important information on its website at www.targaresources.com, including information that may be deemed to be material. The Company encourages investors and others interested in the company to monitor these distribution channels for material disclosures.

    Forward-Looking Statements

    Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding our projected financial performance, capital spending and payment of future dividends. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, actions taken by other countries with significant hydrocarbon production, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of our completion of capital projects and business development efforts, the expected growth of volumes on our systems, the impact of significant public health crises, commodity price volatility due to ongoing or new global conflicts, the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms, changes in laws and regulations, particularly with regard to taxes, tariffs and international trade, and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    Targa Investor Relations
    InvestorRelations@targaresources.com
    (713) 584-1133

    The MIL Network –

  • MIL-OSI Asia-Pac: Depot Darpan portal & mobile application to ensure Food Storage depots meet highest quality & performance standards

    Source: Government of India

    Posted On: 01 MAY 2025 1:41PM by PIB Delhi

    The Department of Food and Public Distribution (DFPD), Government of India, ensures food security for over 80 crore beneficiaries through scientific warehousing and smart storage solutions for food grains.

    DFPD is now envisaging the Depot Darpan portal and mobile application with the objective to ensure that the Food Storage depots meet the highest quality and performance standards. It enables Depot managers to evaluate infrastructure, operational and financial performance on a near real-time basis

    Depot Managers upload geo-tagged inputs of the infrastructure available in their depot, generating automated ratings and action points for timely improvements. The system ensures 100% validation by the supervisory officers and random third-party audits.

    The warehouses are assessed based on two main categories:

    • Infrastructural aspects which include safety standards, storage conditions, environmental, technology adoption and statutory parameters.
    • Operational efficiency aspects which include stock turnover, losses, space utilization, manpower expenses, and profitability.

    Each category is evaluated independently, and the warehouse receives a Star rating based on the composite scoring from both parameters.

    Depot Darpan is uniquely integrated with smart warehousing technologies, creating a seamless digital monitoring ecosystem that includes: CCTV Surveillance and IoT sensors, monitoring key parameters such as CO₂ & Phosphine levels, fire hazards, humidity, unauthorized entry and temperature in real time thereby, ensuring security and efficiency in food grain storage.

    The IoT-Enabled Monitoring includes:

    1. Ambient sensor – Temperature and relative humidity to monitor grain moisture and temperature
    2. Carbon dioxide (CO2) – To monitor and indicate potential grain infestation
    3. Phosphine gas sensor – Ensures occupational safety for workers through early warning to prevent exposure to toxic gas levels Detects fumigation leakages, increasing effectiveness of treatment
    4. Gate Shutter sensor – Detection of unauthorized door access. – Alerts for unauthorized door openings outside designated hours. Monitors door status during fumigation processes. Ensures proper ventilation by tracking door openings as required.
    5. Fire/smoke sensor- Provides early warning to prevent fire-related damage and ensure safety.

    In addition, AI based technology for bag counting, ANPR (Automatic Number plate Recognition) for vehicle identification and tracking, and Face Recognition technology (FRS) for access control and security are also deployed in warehouses on pilot basis.

    A total of around 2278 warehouses including those owned by FCI & CWC and that hired from State agencies/ private will be onboarded in this digital initiative.

    Depot Darpan mobile app allows supervisory officials to track warehouse performance anytime, anywhere, supporting better decision making. Automated reports are used in regular reviews, leading to continuous and seamless improvements in infrastructure and efficiency.

    Depot Darpan, a mirror of warehousing excellence, ensures improved warehousing and greater operational efficiency in the public distribution system and reinforces the commitment to the nation’s food security with every grain scientifically stored.

    Depot Darpan portal and mobile application shall be formally inaugurated by Union Minister of Consumer Affairs, Food & Public Distribution and New and Renewable Energy on 20th May, 2025.

    ******

    Abhishek Dayal/Nihi Sharma

    (Release ID: 2125724) Visitor Counter : 88

    MIL OSI Asia Pacific News –

  • MIL-OSI: Notice of Results

    Source: GlobeNewswire (MIL-OSI)

    Diversified Energy Company PLC
    (“Diversified” or the “Company”)

    Notice of First Quarter 2025 Results Timing

    Diversified Energy Company PLC (LSE: DEC, NYSE: DEC) (“Diversified” or the “Company”) is pleased to announce that the Company plans to publish its Trading Statement for the three months ended March 31, 2025 (the “1Q25 Trading Statement”) on Monday, May 12th, 2025. The Company will host a conference call that day at 1:00 PM GMT (8:00 AM EST) to discuss the 1Q25 Trading Statement and make an audio replay of the event available shortly thereafter.

    Conference Details

    Prior to the event, Diversified will publish the Company’s 1Q25 Trading Statement on its website at https://ir.div.energy/news-events/regulatory-news and make a supplementary presentation available at https://ir.div.energy/presentations.

    For further information, please contact:

    Diversified Energy Company PLC +1 973 856 2757
    Doug Kris dkris@dgoc.com
    Senior Vice President, Investor Relations &
    Corporate Communications    		 www.div.energy
       
    FTI Consulting dec@fticonsulting.com
    U.S. & UK Financial Public Relations  
       

    About Diversified Energy Company PLC

    Diversified is a leading publicly traded energy company focused on natural gas and liquids production, transport, marketing, and well retirement. Through our unique differentiated strategy, we acquire existing, long-life assets and invest in them to improve environmental and operational performance until retiring those assets in a safe and environmentally secure manner. Recognized by ratings agencies and organizations for our sustainability leadership, this solutions-oriented, stewardship approach makes Diversified the Right Company at the Right Time to responsibly produce energy, deliver reliable free cash flow, and generate shareholder value.

    The MIL Network –

  • MIL-OSI: Alm. Brand A/S – Interim Report for Q1 2025

    Source: GlobeNewswire (MIL-OSI)

    Satisfactory profit leads to DKK 50 million upgrade of guidance for insurance service result

    • The insurance service result for Q1 2025 was a profit of DKK 337 million (Q1 2024: DKK 291 million), corresponding to a combined ratio of 88.2 (Q1 2024: 89.3), driven in particular by sustained growth in Personal Lines, fewer weather-related claims and an improved expense ratio.
    • The guidance for the full-year insurance service result is lifted by DKK 50 million to DKK 1.55-1.75 billion excluding the run-off result for Q2-Q4 2025.
    • Insurance revenue grew at a satisfactory rate of 5.2% to DKK 2,858 million (Q1 2024: DKK 2,717 million), driven in particular by growth of 8.2% in Personal Lines.
    • The undiscounted underlying claims experience improved by 0.7 of a percentage point to 65.2%, driven by a positive development in both Personal Lines and Commercial Lines, which reflects the effects of the profitability-enhancing measures implemented and synergies realised. Adjusted for a one-off gain in Q1 2024, the undiscounted underlying claims experience improved by 1.9 percentage points year on year.
    • The implementation of synergy initiatives is progressing according to plan and generated a positive accounting effect of DKK 145 million in Q1 2025.
    • The expense ratio improved strongly to 18.6 (Q1 2024: 20.2) in line with the planned trajectory.
    • The investment result was satisfactory at DKK 96 million (Q1 2024: DKK 167 million), in particular in light of the fact that the quarter was characterised by geopolitical turmoil, with bonds and illiquid credit contributing favourably to the investment result.
    • The divestment of the Energy & Marine business was completed on 3 March 2025. As a result, Alm. Brand Group initiated a share buyback programme for a total amount of DKK 1.6 billion.

    Rasmus Werner Nielsen (CEO) considers the Q1 performance satisfactory:

    “In an increasingly unstable world, we’re pleased that we were able to help our customers with some 105,000 claims in the first quarter.

    We recorded yet another satisfactory quarterly performance, showing that more and more customers are turning to Alm. Brand Group for insurance. Our performance was driven not least by the dedicated efforts we’ve made to lower our costs and thereby further enhance our competitive strength. Moreover, our personal customers were less affected by weather-related events than in the first quarter of 2024, and major claims expenses were below the level normally expected.

    After completing the divestment of the Energy & Marine business in March, we’re now a fully-focused Danish non-life insurer with a healthy balance between Personal Lines and Commercial Lines. The first quarter also yet again demonstrated that we’re on track to meet the ambitious targets we set in connection with the merger of Alm. Brand and Codan.”

    Webcast and conference call
    Alm. Brand will host a conference call for investors and analysts today, Thursday 1 May 2025 at 11:00 a.m. The conference call and presentation will be available on Alm. Brand’s investor website here.

    Conference call dial-in numbers for investors and analysts (pin: 743033):

    Denmark: +45 8987 5045
    UK: +44 20 3936 2999
    USA:  +1 646 664 1960

    Link to webcast: https://events.q4inc.com/attendee/173001933

    Contact
    Please direct any questions regarding this announcement to:

    Investors and equity analysts:                       

    Head of Investor Relations & ESG                 
    Mads Thinggaard                             
    Mobile no. +45 2025 5469              

    Press:                                                                                      

    Head of Communications and Media Relations
    Mikkel Luplau Schmidt
    Mobile no. +45 2052 3883

    Attachments

    The MIL Network –

  • MIL-OSI Video: Indigenous Activist from Greenland | United Nations

    Source: United Nations (Video News)

    Ms. Sara Olsvig, International Chair of the Inuit Circumpolar Council, talks about critical issues surrounding the Inuit in the Arctic, including her native Greenland. She acted as a member of the UN Secretary-General’s Panel on Critical Energy Transition Minerals in 2024 and is a speaker for the thematic dialogue on the financing of Indigenous Peoples’ work and participation, with a focus on critical minerals, during the 24th Session of the Permanent Forum on Indigenous Issues (21 April – 2 May 2025).

    https://www.youtube.com/watch?v=patM0oZo2wM

    MIL OSI Video –

  • MIL-OSI New Zealand: A booming good summer for male kākāpō on the North Island mainland

    Source: Department of Conservation

    Date:  01 May 2025 Source:  Released by Ngāi Tahu 01/05/2025

    11-year-old Taeatanga, one of the three male kākāpō currently living within the sanctuary as part of a fenced habitat trial, started booming in December and 6-year-old Tautahi followed suit. It’s unknown if Bunker, the third and youngest male at the site, boomed this year.

    Booming is one aspect of the elaborate breeding behaviour of male kākāpō, designed to attract the attention of potential mates.

    Te Rūnanga o Ngāi Tahu representative on the Kākāpō Recovery Group Tāne Davis says that this occurrence is a significant milestone for the iwi involved in caring for and protecting these precious taonga.

    “The iwi ki te iwi (iwi to iwi) transfer of these kākāpō from Ngāi Tāhu to Ngāti Koroki Kahukura, Raukawa, Ngāti Hauā, and Waikato was a commitment to share kaitiakitanga of these manu,” Tāne Davis says.

    “While males booming does not necessarily mean that the maunga will be a successful breeding site in future, it is a clear sign that the manu are feeling at home and comfortable to exhibit their natural behaviours,” he says.

    Ngāti Korokī Kahukura representative and Sanctuary Mountain Maungatautari Cultural Advocate and Educator, Bodie Taylor says having these manu at Maungatuatari is an honour and mana whenua continues to take the role of whāngai (fostering) of these taonga very seriously.

    “Hearing the booming of kākāpō back on Maungatautari is a privilege and a testament to the importance and success of our relationship with Ngāi Tahu. We are looking forward to the next steps in this journey to hopefully welcoming female kākāpō to Maungatautari one day, and the opportunity of being able to contribute to the population growth of these precious manu,” he says.

    Sanctuary Mountain Maungatautari Chief Executive Helen Hughes wholeheartedly supports this, saying that this incredible step in the journey of kākāpō at Sanctuary Mountain Maungatautari is to be truly celebrated.

    “It has been a wonderful, and at times challenging, 18 months of learning, both for the birds and for everyone involved in this ground-breaking recovery effort. Our team of dedicated sanctuary rangers, who care for these birds daily, are gaining and sharing vital knowledge about their behaviour on Maungatautari and the booming is an extremely positive sign for the future of kākāpō at Sanctuary Mountain Maungatautari,” she says.

    DOC’s Kākāpō Recovery Programme Operations Manager Deidre Vercoe said the news was an encouraging early indication that the habitat may be suitable for the males, however it was still too early to know whether the site could one day support a breeding population.

    “There are a lot of factors at play. These males have been supplementary fed over the last six months to help with the challenges of keeping them settled inside the fenceline. It is likely this has helped them reach booming condition, so we don’t know if they would boom on the maunga without this feeding. Males have also been known to boom without the presence of females before, at island sites that didn’t support a breeding population. It will be many years before we know enough about this site and its future for kākāpō.”

    Deidre said the sound of kākāpō booming would have been prolific throughout the country before the arrival of humans and mammalian predators. She dreams that will be true again one day.

    “Knowing we have helped return that sound to mainland Aotearoa after decades of kākāpō existing only on offshore islands is very special. There is a long way to go, but milestones like this offer an exciting glimpse into the future we are striving for, when kākāpō can live safely amongst us once again.”

    Background information

    About the fenced habitat trial

    The site trial at Sanctuary Mountain Maungatautari began in July 2023. Ten male kākāpō were introduced to the trial in total, but seven have since been returned to the southern islands to help reduce the significant monitoring workload following multiple breaches of the fence.

    Three males continue to live at the site, helping provide crucial lessons for the future of this critically endangered species. The trial is run by DOC’s Kākāpō Recovery Programme, with support from its National Partner Meridian Energy, together with Treaty Partner Te Rūnanga o Ngāi Tahu, Sanctuary Mountain Maungatautari, Ngāti Koroki Kahukura, Ngāti Hauā, Raukawa and Waikato.

    Kākāpō breeding behaviour

    For more information on the elaborate breeding behaviour of male kākāpō see Kākāpō behaviour.

    Contact

    For media enquiries contact:

    Email: media@doc.govt.nz

    MIL OSI New Zealand News –

  • MIL-OSI Submissions: Energy Sector – Equinor to commence second tranche of the 2025 share buy-back programme

    Source: Equinor

    30 APRIL 2025 – Equinor (OSE: EQNR, NYSE: EQNR) will after the annual general meeting 14 May 2025 commence the second tranche of up to USD 1,265 million of the share buy-back programme for 2025, as announced in relation with the first quarter results 30 April 2025.

    Execution of share buy-back under the tranche is subject to renewal of a board authorisation for share buy-back from the annual general meeting 14 May 2025 and agreement with the Norwegian State regarding share buy-back.

    In this second tranche of the share buy-back programme for 2025, shares for up to USD 417.5 million will be purchased in the market, implying a total second tranche of up to USD 1,265 million including shares to be redeemed from the Norwegian State. The tranche will end no later than 21 July 2025.

    Equinor announced at the Capital Market Update in February 2025 a share buy-back programme of up to USD 5 billion for 2025, including shares to be redeemed from the Norwegian State, in order to conclude the two-year programme for 2024 – 2025, announced in February 2024. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the second tranche in 2025, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.

    Commencement of new share buy-back tranches after the second tranche in 2025 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy and will be subject to a new board authorisation for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back (as further described below).

    The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares purchased as part of the second tranche for 2025 will thus be cancelled through a capital reduction at the annual general meeting of the company in May 2026.

    Further information about the share buy-back programme and the second tranche:

    The second tranche of the share buy-back programme for 2025 is subject to an authorisation being granted to the board of directors by the annual general meeting of the company 14 May 2025. According to such authorisation proposed by the board of directors, the maximum number of shares which can be purchased in the market is 84 million. The minimum price that can be paid per share is NOK 50, and the maximum price is NOK 1,000. The authorisation proposed will be valid until the annual general meeting of the company in May 2026, but no later than 30 June 2026.

    It is a precondition for execution of the second tranche that Equinor and the Norwegian State have entered into an agreement regulating the State’s participation in the share buy-back programme: At the annual general meeting of the company in May 2026, the State will, as per proposal by the board of directors, vote for the cancellation of shares purchased in the market pursuant to the board authorisation, and the redemption and cancellation of a proportionate number of its shares in order to maintain its ownership share in the company at 67%. The price to be paid to the State for redemption of the State’s shares shall be the volume-weighted average of the price paid by Equinor for shares purchased in the market plus interest rate compensation, adjusted for any dividends paid.

    In the second tranche in 2025, shares will be purchased on the Oslo Stock Exchange and possibly other trading venues within the EEA. Transactions will be conducted in accordance with applicable safe harbour conditions, and as further set out in the Norwegian Securities Trading Act of 2007, EU Commission Regulation (EC) No 2016/1052 and the Norwegian Financial Supervisory Authority’s Guidelines for buy-back programmes from March 2025.

    The board of directors will propose to the annual general meeting to be held in May 2026, to cancel shares purchased in the market in this second tranche in 2025 and to redeem and cancel a proportionate number of the State’s shares per the agreement with the State. Based on renewal of this agreement, shares purchased under subsequent tranches of the share buy-back programme for 2025, and a proportionate number of the State’s shares will follow a similar process at the annual general meeting of the company in 2026.

    This is information that Equinor is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Energy Sector – Equinor first quarter 2025 results

    Source: Equinor

    30 APRIL 2025 – Equinor delivered adjusted operating income* of USD 8.65 billion and USD 2.25 billion after tax in the first quarter of 2025. Equinor reported net operating income of USD 8.87 billion and net income at USD 2.63 billion. Adjusted net income* was USD 1.79 billion, leading to adjusted earnings per share* of USD 0.66.

    • Strong financial and operational performance
    • Strong financial results and cash flow
    • Solid oil and gas production 
    • Strategic progress 
    • Successful start-up of the Johan Castberg and Halten East fields
    • Final investment decision on Northern Lights phase 2.

    Capital distribution

    First quarter cash dividend of USD 0.37 per share
    Proposed second tranche of share buy-back of up to USD 1.265 billion
    Expected total capital distribution for 2025 of up to USD 9 billion.

    Anders Opedal, President and CEO of Equinor ASA:
    “Equinor delivers strong financial results in the first quarter. I am pleased to see the good operational performance and solid production capturing higher gas prices. With the current market uncertainties, Equinor’s core objective is safe, stable and cost efficient operations and resilience through a strong balance sheet.”

    “We maintain a competitive capital distribution and expect to deliver a total of USD 9 billion in 2025.”

    “The production start-up of the Johan Castberg field strengthens Norway’s role as a reliable energy exporter to Europe. The field opens a new region in the Barents Sea and is expected to contribute to energy supply, value creation and ripple effects for at least 30 years to come.”

    “We have invested in Empire Wind after obtaining all necessary approvals, and the order to halt work now is unprecedented and in our view unlawful. This is a question of the rights and obligations granted under legally issued permits, and security of investments based on valid approvals. We seek to engage directly with the US Administration to clarify the matter and are considering our legal options.”

    Solid production

    Equinor delivered a total equity production of 2,123 mboe per day in the first quarter, down from 2,164 mboe in the same quarter last year.

    The operational performance for most of the fields on Norwegian continental shelf is strong, including the Johan Sverdrup and Troll fields. This almost offsets the negative production impact from the shut-in at Sleipner B after the fire in fourth quarter 2024 and planned and unplanned maintenance at Hammerfest LNG.

    In the US, production increased from the same period last year. This was due to increased production from the fields and transactions increasing Equinor’s ownership interest in onshore gas assets in 2024.

    The production from the international upstream segment, excluding US, is down compared to the same quarter last year, due to exits from Nigeria and Azerbaijan in 2024.

    The total power generation from the renewable portfolio was 0.76 TWh, on par with the same period last year.

    In the quarter, Equinor completed five offshore exploration wells on the NCS with two commercial discoveries.

    Strong financial results

    Equinor delivered adjusted operating income* of USD 8.65 billion. and USD 2.25 billion after tax* in the first quarter of 2025. The results are driven by solid gas production and higher gas prices.

    Equinor realised a European gas price of USD 14.8 per mmbtu and realised liquids prices were USD 70.6 per bbl in the first quarter.

    Adjusted operating and administrative expenses* increased from the same quarter last year driven by overlift, higher maintenance activity and some one-off costs. This was partially offset by active measures to reduce costs for business development and early phase projects in renewables and low carbon solutions.

    A strong operational performance generated a cash flow from operating activities, before taxes paid and working capital items, of USD 10.6 billion for the first quarter. Equinor paid one NCS tax instalment of USD 3.09 billion in the quarter.

    Cash flow from operations after taxes paid* ended at USD 7.39 billion.

    Organic capital expenditure* was USD 3.02 billion for the quarter, and total capital expenditures were USD 4.50 billion.

    Equinor continues to demonstrate capital discipline and strengthen financial robustness with a net debt to capital employed adjusted ratio* of 6.9% at the end of the first quarter, compared to 11.9% at the end of the fourth quarter of 2024.

    Empire Wind 1

    After quarter close, Equinor received a halt work order from the US government on the offshore construction on the outer continental shelf for the Empire Wind project. The lease was obtained in 2017 and the project was fully permitted in 2024. It has a potential for delivering power to half a million New York homes, and is approximately 30% to completion.

    Equinor is complying with the order and is seeking dialogue with the proper authorities and assessing legal options. The Empire Wind project has per
    31 March 2025 a gross book value of around USD 2.5 billion, including South Brooklyn Marine Terminal.

    Strategic progress

    A major milestone was reached when production was started from the Johan Castberg field in the Barents Sea on 31 March. Production also started at the Halten East development in the Norwegian Sea, with estimated recoverable reserves of 100 million boe and one year pay-back time.

    Equinor continues to optimise and strengthen long-term value creation on the NCS, and was awarded 27 new production licenses in the Awards in Predefined Areas round (APA) in January. The ambition is to drill around 250 exploration wells on the NCS by 2035.

    In the quarter, the Bacalhau floating production, storage and offloading vessel (FPSO) arrived at its destination in the Santos Basin in Brazil’s pre-salt region. First oil is expected in 2025.

    Within low carbon solutions, Equinor together with partners Shell and TotalEnergies made a final investment decision to progress phase two of the groundbreaking Northern Lights carbon transport and storage development in Øygarden. The NOK 7.5 billion investment is expected to increase the total injection capacity from 1.5 million tonnes of CO2 per year (Mtpa) to at least 5 Mtpa and further develop the commercial market for transport and storage of CO2.

    The appraisal wells for carbon storage at Smeaheia were completed in the quarter on time and on cost.

    Competitive capital distribution

    The board of directors has decided a cash dividend of USD 0.37 per share for the first quarter 2025, in line with communication at the Capital Markets Update in February.

    Expected total capital distribution for 2025 is USD 9 billion, including a share buy-back programme of up to USD 5 billion. The board has decided to initiate a second tranche of the share buy-back programme of up to USD 1.265 billion. The second tranche is subject to an authorisation from the company’s annual general meeting 14 May 2025 and will commence after this. The tranche will end no later than 21 July 2025.

    The first tranche of the share buy-back programme for 2025 was completed on 24 March 2025 with a total value of USD 1.2 billion.

    All share buy-back amounts include shares to be redeemed by the Norwegian State.

    *For items marked with an asterisk throughout this report, see Use and reconciliation of non-GAAP financial measures in the Supplementary disclosures.

    MIL OSI – Submitted News –

  • MIL-OSI: Prospera Energy Announces 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, April 30, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSX.V: PEI, OTC: GXRFF) (“Prospera”, “PEI” or the “Corporation”)

    In Q4 2024, Prospera Energy underwent a strategic transformation under new leadership, shifting its focus toward reactivating existing wells within its core Saskatchewan heavy oil assets. This realignment is designed to improve production reliability and predictability, ultimately strengthening cash flow and overall financial stability. As part of this strategic shift, interim CEO Shubham Garg was appointed Chairman of the Board, and Darren Jackson assumed the role of Chief Operating Officer. As these changes take effect, PEI expects to benefit from increased access to financing, more efficient capital deployment, and enhanced financial performance in 2025. Prospera will host a live webinar conference call on May 1, 2025, at 11:00 a.m. MST to discuss 2024 results and the Company’s ongoing strategy: Click here to register.

    PEI has submitted its year-end financial information for 2024, which will be showcased on April 29th, 2025, within the Company’s issuer profile on SEDAR+ at www.Sedarplus.ca.

    Operational highlights for 2024 are as follows:

    • Realized $18.1 million in sales revenue in 2024, compared to $13.1 million in 2023.
    • Realized average gross sales of 652 boe/d in 2024, an increase of 29% from 2023 levels of 505 boe/d.
    • Realized average sales prices of $75.95/boe in 2024, compared to $71.48/boe in 2023.
    • Realized a positive operating netback of $6,013,280 in 2024, compared to $3,356,773 in 2023.
    • Realized positive funds flow provided by operations of $2,623,166 in 2024, compared to $190,823 in 2023.
    • Completed two working interest acquisitions in core Saskatchewan assets, resulting in a 17% increase in the average working interest in the region. As of December 31, 2024, PEI’s average working interest across all properties is 97% on a production weighted basis.
    • PEI’s 2024 third party reserves report highlights include the following:
      • NPV before tax for PDP reserves increased 3% from $27.1MM to $28.0MM at a 10% discount rate.
      • NPV before tax for PDNP reserves doubled from $8.5MM to $18.9MM at a 10% discount rate.
      • NPV before tax for 1P reserves increased 24% from $89.9MM to $111.4MM at a 10% discount rate.
      • NPV before tax for 2P reserves increased 20% from $133.3MM to $159.3MM at a 10% discount rate.
      • Gross 2P reserves increased by 26% from 5,403 to 6,793 Mboe (98% liquids).
    • In 2024 PEI raised $16.5m in financing:
      • $12.2 million through the issuance of senior debt.
      • $3.4 million through the issuance of a GORR.
      • $0.9 million through the issuance of promissory notes with warrants.
    • Increased Property and Equipment balance to $47.8 million from $39.3 million on December 31, 2023.
         
    Operating netback 2024 2023
    Total petroleum and natural gas sales 18,126,190 13,183,464
    Royalties (1,483,792) (1,365,520)
    Operating costs (10,629,118) (8,461,171)
    Operating netback 6,013,280 3,356,773
    Operating netback ($/BOE) 2024 2023
    Sales 75.95 71.48
    Royalties (6.22) (7.40)
    Operating costs (44.54) (45.88)
    Operating netback 25.19 18.20
    Assets ($) 2024 2023
    Current assets    
    Cash 364,083 118,933
    Trade and other receivables 1,874,548 3,244,596
    Prepaid expenses and deposits 393,207 548,443
    Inventory 564,802 521,426
    Total current assets 3,196,640 4,433,398
    Non-current assets    
    Trade and other receivables 1,676,252 4,387,826
    Deposits 1,283,422 1,015,400
    Property and equipment 47,776,659 39,331,690
    Total assets 53,932,973 49,168,314
         

    About Prospera

    Prospera Energy Inc. is a publicly traded Canadian energy company specializing in the exploration, development, and production of crude oil and natural gas. Headquartered in Calgary, Alberta, Prospera is dedicated to optimizing recovery from legacy fields using environmentally safe and efficient reservoir development methods and production practices. The company’s core properties are strategically located in Saskatchewan and Alberta, including Cuthbert, Luseland, Hearts Hill, and Brooks. Prospera Energy Inc. is listed on the TSX Venture Exchange under the symbol PEI and the U.S. OTC Market under GXRFF.

    Prospera reports gross production at the first point of sale, excluding gas used in operations and volumes from partners in arrears, even if cash proceeds are received. Gross production represents Prospera’s working interest before royalties, while net production reflects its working interest after royalty deductions. These definitions align with ASC 51-324 to ensure consistency and transparency in reporting.

    It is important to note that BOEs (barrels of oil equivalent) may be misleading, particularly if used in isolation. The BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

    For Further Information:

    Shawn Mehler, PR
    Email: investors@prosperaenergy.com

    Chris Ludtke, CFO
    Email: cludtke@prosperaenergy.com

    Shubham Garg, Interim CEO, Chairman of the Board
    Email: sgarg@prosperaenergy.com

    FORWARD-LOOKING STATEMENTS
    This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. 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.

    Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Prospera. As a result, Prospera cannot guarantee that any forward-looking statement will materialize, and the reader is cautioned not to place undue reliance on any forward- looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and Prospera does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by Canadian securities law.

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

    The MIL Network –

  • MIL-OSI USA: April 30th, 2025 Heinrich Announces Legislation to Combat Gun Trafficking, Protect Communities from Gun Violence

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    Legislation builds on Heinrich’s work to increase criminal penalties for straw purchases and stop illegal gun trafficking out of our country
    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), a member of the core bipartisan group of senators who negotiated and passed the Bipartisan Safer Communities Act (BSCA), co-sponsored the Preventing Illegal Weapons Trafficking Act, legislation to protect communities from gun violence by requiring federal law enforcement to coordinate efforts to prevent the importation and trafficking of machinegun conversion devices including ‘auto-sears’ — illegal gun modification devices that can convert semi-automatic weapons into fully-automatic weapons — and seize all profits that come from the illegal trafficking of these devices.
    “I’m proud that the provisions I wrote in the Bipartisan Safer Communities Act have already led to hundreds of arrests and kept firearms out of the hands of dangerous criminals. But with at least 91 mass shooting in the United States already this year, it’s clear we have more work to do,” said Heinrich. I’m proud to co-sponsor the Preventing Illegal Weapons Trafficking Act, which will help law enforcement keep New Mexicans safe from gun violence by providing new tools to combat illegal gun trafficking.”
    Specifically, the Preventing Illegal Weapons Trafficking Act will: 

    Direct the U.S. Department of Justice, U.S. Department of Homeland Security, and U.S. Department of the Treasury to develop a coordinated national strategy to prevent or intercept the importation and trafficking of automatic gun conversion devices;

    The Preventing Illegal Weapons Trafficking Act is co-sponsored by U.S. Senators Amy Klobuchar (D-Minn.), Richard Blumenthal (D-Conn.), Tammy Duckworth (D-Ill.), Dick Durbin (D-Ill.),  Mazie Hirono (D-Hawaii), Ed Markey (D-Mass.), Alex Padilla (D-Calif.), Jeanne Shaheen (D-N.H.), Tina Smith (D-Minn.), Sheldon Whitehouse (D-R.I.), and Ron Wyden (D-Ore.). 
    The legislation is endorsed by GIFFORDS and Brady: United Against Gun Violence.
    The text of the bill is here. 
    Heinrich-Led Gun Trafficking and Straw Purchase Provisions: 
    Heinrich-led provisions in the Bipartisan Safer Communities Act increased criminal penalties for straw purchasers and made it a crime, for the first time ever, to traffic firearms out of the United States. Straw purchasers are people who buy guns for those who cannot buy them directly themselves due to their age, felony criminal convictions, or other limitations. By increasing penalties for straw purchasing, Heinrich’s provision is helping to keep guns out of the hands of criminals and those who would use them against our communities. By making it illegal to traffic firearms out of the country, Heinrich’s provision gave law enforcement the tools needed to prosecute and disrupt the flow of firearms to Mexico and the Northern Triangle, fueling the violence that has driven so many to flee their home countries.  
    To date, the Department of Justice has charged more than 600 defendants using BSCA’s gun trafficking and straw purchasing laws, removing hundreds of firearms off the streets in the process. These cases are significant, often preventing and prosecuting highly dangerous activity, such as crimes linked to organized trafficking rings and transnational criminal organizations.  
    For example, in March 2024, the Justice Department charged several defendants with trafficking and straw purchasing over 100 firearms, including many military-grade weapons, that were allegedly intended to be smuggled to a Mexican drug cartel. In April 2024, a defendant was sentenced to 276 months in prison for firearms trafficking and straw purchasing, as well as distribution of fentanyl, where the evidence showed that two of the trafficked firearms had been used in gang-related shootings. In 2o23, a defendant was sentenced to two years in prison for running an illegal gun trafficking enterprise, repeatedly taking money to lie on firearm purchase forms and obtain weapons for convicted felons. 
    In New Mexico, the Office of the United States Attorney for the District of New Mexico has charged 11 defendants with BSCA violations. 
    Heinrich’s Longtime Leadership to Tackle Gun Violence:
    A gun owner and father, Heinrich has long worked to advance and pass bipartisan policies that save lives, protect public safety, and reduce gun violence.
    This month, Heinrich introduced his Gas-Operated Semi-Automatic Firearms Exclusion (GOSAFE) Act and bipartisan Banning Unlawful Machinegun Parts (BUMP) Act, commonsense legislation designed to protect communities from gun violence, while safeguarding Americans’ constitutional right to own a firearm for legitimate self-defense, hunting, and sporting purposes.
    Heinrich recently convened a press conference in Albuquerque with New Mexicans to Prevent Gun Violence, Everytown, community leaders, and students to announce the introduction of his GOSAFE Act. For photos and videos of that event, click here.

    In October 2024, Heinrich secured critical funding for New Mexico law enforcement to purchase four new NIBIN machines for Las Cruces, Farmington, Gallup, and Roswell. This allows law enforcement to trace firearms used in crimes and hold criminals accountable, all while saving officers valuable time and resources.
    In 2017, Heinrich cosponsored the bipartisan Fix NICS Act, which now requires federal and state authorities to produce background check implementation plans and holds federal agencies accountable for reporting relevant criminal records to the National Instant Criminal Background Check System (NICS). He also led the successful call to repeal the Dickey Amendment, which had previously prevented the Center for Disease Control and Prevention (CDC) from funding research on gun violence and its effects on public health.

    MIL OSI USA News –

  • MIL-OSI USA: House Passes Rep. John James’ Resolution to Overturn Biden’s California Clean Trucks Rule, Protecting American Truckers and Consumers

    Source: United States House of Representatives – Congressman John James (Michigan 10th District)

    WASHINGTON, D.C. – Today, the U.S. House of Representatives passed a resolution led by Representative John James (MI-10) utilizing the Congressional Review Act (CRA) to overturn the Biden Administration’s approval of California’s Advanced Clean Trucks rule. This Biden era waiver would allow California to ram its comply-or-die “zero-emission truck” rule down the throat of America– essentially killing Michigan’s trucking industry. It would mandate truck makers to only sell zero-emission trucks which would increase vehicle prices for consumers, increase costs and manufacturing complexities for automakers, and convolute the regulatory environment.

    James’ legislation would nullify an overreaching and impractical mandate that threatens American consumers, small businesses, and the nation’s supply chain. The Advanced Clean Trucks rule, if left unchecked, would force costly transitions to electric trucks, driving up prices for goods and disproportionately burdening working families and truckers across the country. 

    “Michigan is not afraid of the future, but we demand to be a part of it. The Biden Administration left behind comply-or-die Green New Deal mandates that threaten to crush our trucking industry and drive-up costs for hardworking Americans,” said Congressman James. “I know — my family has a trucking company. Republicans are working hard to implement President Trump’s America First agenda, and the first step is repealing the rules and waivers that fueled Bideninflation.”

    “The passage of these resolutions is a victory for Americans who will not be forced into purchasing costly EVs because of California’s unworkable mandates,” said Chairmen Brett Guthrie and Morgan Griffith. “If not repealed, the California waivers would lead to higher prices for both new and used vehicles, increase our reliance on China, and strain our electric grid. The passage of these three resolutions will help to protect Americans from some of the worst policies of the Biden-Harris Administration. Thank you to Vice Chairman Joyce, Congressman Obernolte, and Congressman James for your work to ensure that families and businesses can continue choosing the vehicles they need.” 

    “This is not the United States of California. California should never be given the keys to set policies that impact our interstate supply chains. The trucking industry is grateful to our Congressional leaders who are removing Sacramento from the driver’s seat and restoring common sense to our nation’s environmental policies. ” Said Chris Spear, American Trucking Associations President & CEO.

    “The Truck Renting and Leasing Association (TRALA) is urging Congress to adopt the House resolutions this week authored by Congressman John James and his colleagues that would reverse the Biden EPA waivers that allows California to impose electric vehicle (EV) sales mandates,” said Jake Jacoby, Truck Renting and Leasing Association (TRALA) President & CEO. “TRALA wishes to thank Congressman James in his leadership on this critical issue and it asks the…Senate to follow suit and pass the CRAs immediately.”

    “America’s small business truck dealers want to sell trucks that their customers want to buy, and those trucks must be affordable and fit their customers’ needs,” said the National Automobile Dealers Association (NADA). “A one-size-fits-all ZEV mandate that restricts then bans the sale of diesel trucks would reduce customer choice without an affordable replacement and could have unintended consequences for the supply chain and the economy.”

    This bill is a part of a broader package introduced by the House Energy and Commerce Committee, which included two additional CRA’s:

    • H.J. Res. 88, introduced by Congressman John Joyce (PA-13), would reverse the EPA’s decision to approve a waiver granted to California allowing the State to ban the sale of gas-powered vehicles by 2035.
    • H.R. Res. 89, introduced by Congressman Jay Obernolte (CA-23), would put an end to the EPA’s decision to allow California to implement its most recent nitrogen oxide (NOx) engine emission standards, which create burdensome and unworkable standards for heavy-duty on-road engines.

    The California Clean Truck CRA builds on James’ efforts to push back on the Biden Administration’s burdensome regulations. In 2024, he successfully introduced a CRA to block Biden Administration rules on electric vehicle mandates for light- and medium-duty vehicles, as well as the National Labor Relations Board’s joint employer rule. His latest effort has garnered support from industry leaders, including the American Trucking Associations and the Owner-Operator Independent Drivers Association, who have praised the move to safeguard truckers and the broader economy. 

    Rep. James’ CRA to nullify the Clean Trucks rule passed the House with 231 bipartisan votes. This is James’ second legislative item to pass the House this week. 

    Click here to view the CRA text. 

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Congressman Russell Fry (SC-07) Introduces House Bill to Expand Nationwide Background Checks for Contractors Working with Children

    Source:

    Congressman Russell Fry (SC-07) Introduces House Bill to Expand Nationwide Background Checks for Contractors Working with Children

    Washington, D.C. – Today, Congressman Russell Fry (SC-07) introduced the Comprehensive Health & Integrity in Licensing and Documentation Act (CHILD Act) of 2025, along with Congressman Jared Moskowitz (D-FL). This bill ensures that all individuals with unsupervised access to children— whether full-time employees or independent contractors—are eligible for nationwide background checks.

    The CHILD Act of 2025 aims to close a dangerous loophole created by the Child Protection Improvements Act of 2018, which inadvertently limited access to FBI background checks for contractors working in schools and other child-focused settings.

    The National Child Protection Act (NCPA) of 1993 encouraged states to use federal background checks for people working with vulnerable groups like children, the elderly, or those with disabilities. In 2018, a law was introduced that narrowed who could be checked, leaving out many contractors—including those working directly with kids. The CHILD Act of 2025 fixes this by allowing schools, afterschool programs, and similar organizations to run full federal background checks on anyone, including contractors, who may have access to children and vulnerable groups.

    In South Carolina, independent contractors who work with children are typically required to pass FBI and SLED background checks. However, some states lack the NCPA statute, and contractors can’t directly access the federal system unless they work through a state agency or local school district—leading to confusion, inconsistency, and potential risk. Other states have even weaker protections, with some relying only on name-based checks or allowing individual school districts to decide for themselves.

    “This is about consistency and accountability,” said Congressman Fry. “Parents shouldn’t have to wonder if individuals who have unsupervised contact with their kids, such as after-school tutors, nurses, school bus drivers, transportation providers, or other contracted personnel, have been fully vetted or not. The CHILD Act would fix this loophole and provide parents with peace of mind and students with a safe environment.”

    “Parents shouldn’t have any question that the teachers, staff, and other personnel taking care of their kids at school have been thoroughly vetted,” said Congressman Moskowitz. “That’s why I’m helping lead the CHILD Act, a bipartisan bill to fix an oversight in the law and ensure contractors who work with kids are subject to nationwide background checks. It’s the right thing to do for our kids and a commonsense fix to help keep our schools safe.”

    This is the House companion bill to legislation introduced in the Senate by the Chairman of the Senate Judiciary Committee Chuck Grassley (R-IA) and Ranking Member Dick Durbin (D-IL).

    “Parents should feel more confident that every individual who works with their children has been properly and thoroughly vetted,” said Senator Grassley. “My bipartisan legislation with Senator Durbin would amend the Child Protection Improvements Act to help ensure all child care workers, including contractors, undergo nationwide background checks,” Grassley said. “Our legislative fix will help keep kids safe and give parents greater peace of mind.”

    “When parents drop their kids off at school, they shouldn’t have to worry if their children are safe in the care of the school’s faculty,” said Senator Durbin. “While the Child Protection Improvements Act was passed with the intent of keeping children safe, it created an inadvertent complication in securing nationwide background checks for all personnel with unsupervised access to children, namely contractors hired by schools. Schools often rely on contractors for a number of services geared toward children, including providing safe transportation. Today, I’m introducing bipartisan legislation with Senator Grassley to correct the current patchwork approach to securing nationwide background checks for those who work with children.”

    The CHILD Act of 2025 is supported by HopSkipDrive, the National District Attorneys Association, Students Against Destructive Decisions, Student Transportation & Education Equity, Roundtable, Parents Helping Parents, Inc., National Diversity Coalition, RaisingHOPE, Inc., National Center on Adoption and Permanency, and Streets Are For Everyone (SAFE).

    “Safety has always been, and will always be, our top priority at HopSkipDrive and background checks are an integral component of our 15-step certification process,” said Joanna McFarland, Co-Founder and CEO of HopSkipDrive. “We are proud to support the bipartisan CHILD Act to amend the National Child Protection Act and enhance access to safe, reliable student transportation. This crucial amendment will help ensure the highest standards of safety are met nationwide, and we extend our gratitude to the bill sponsors for their leadership on this important issue.”

    “NDAA is happy to support the CHILD Act of 2025, which safeguards our most vulnerable populations by allowing businesses and organizations to conduct thorough background checks of individuals that are under contract with a qualified entity,” said Nelson Bunn, Executive Director of the National District Attorneys Association.

    The supporting organizations also submitted this letter.

    Congressman Fry serves on both the House Energy and Commerce Committee and the House Judiciary Committee. To stay up to date with Congressman Fry and his work for the Seventh District, follow his official Facebook, Instagram, and X pages and visit his website at fry.house.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Rep. Clyde’s CRA to Overturn Costly Biden-Era Energy Standards Passes Senate

    Source: United States House of Representatives – Representative Andrew S. Clyde (R-GA)

    WASHINGTON, D.C. — Today, Congressman Andrew Clyde (GA-09) released the following statement after his Congressional Review Act (CRA) joint resolution of disapproval, H.J.Res. 42, passed the Senate by a vote of 52-46. The resolution, which passed the House of Representatives with bipartisan support last month, rescinds the Biden-Harris Administration’s final rule that put additional costs and red tape on appliance manufacturers, with consumers bearing the ultimate cost.

    “I applaud the Senate for passing my commonsense resolution to reverse Biden’s DOE energy efficiency standards that place needless red tape on manufacturers, limit consumer choice, and increase prices for hardworking Americans,” said Clyde. “Both consumers and manufacturers are sick and tired of Washington bureaucrats raising costs and stifling innovation through unnecessary mandates. Thankfully, Congress is taking critical steps to repeal harmful regulations that the Biden-Harris Administration forced on our country. I look forward to H.J.Res. 42 arriving on President Trump’s desk for his signature so we can overturn yet another burdensome Biden-era rule for the American people.”

    Background

    On October 9th, 2024, the Biden-Harris Department of Energy finalized certification, labeling, and enforcement provisions for various consumer products and commercial equipment. The rule, entitled “Energy Conservation Program for Appliance Standards: Certification Requirements, Labeling Requirements, and Enforcement Provisions for Certain Consumer Products and Commercial Equipment,” amended or created new requirements for 20 different products, including dishwashers, central AC and heat pumps, clothes washers, and more.

    On March 3rd, 2025, the Office of Management and Budget issued a Statement of Administration Policy in support of H.J.Res. 42.

    Related

    Rep. Clyde’s CRA to Overturn Costly Biden-Era Energy Standards Passes House

    Rep. Clyde Leads Fight to Overturn More Than a Dozen Biden-Era Rules, Saving +$100 Billion

    MIL OSI USA News –

  • MIL-OSI Canada: B.C. streamlines permitting for renewable-energy projects

    Source: Government of Canada regional news

    The Province is taking action to speed up permitting for renewable-energy projects to meet growing demand for clean power, address climate change and secure energy independence for British Columbians in the face of unprecedented trade threats.

    Government introduced the renewable energy projects (streamlined permitting) act to the legislative assembly on Wednesday, April 30, 2025. If passed, the act will expand the authority of the BC Energy Regulator (BCER) to oversee renewable-energy projects, building on the Province’s investments to generate the clean power needed to create a healthier environment and sustainable future for British Columbians.

    “B.C. has a once-in-a-generation opportunity to become a world leader in clean-energy production and we will take every action possible to see that all British Columbians benefit from this opportunity,” said Adrian Dix, Minister of Energy and Climate Solutions. “Renewable energy projects like wind and solar are urgently needed to provide affordable clean power, create jobs, and strengthen and diversify our economy, especially during this period of global market uncertainty.”

    If approved, these changes will establish the BCER as the primary permitting agency for renewable-energy projects and transmission lines. The legislation will help simplify the approvals process for these projects, eliminating the need for cross-ministry and agency permitting, by establishing the BCER as the single window for permitting in accordance with strict environmental standards. This will be completed in a staged approach through regulation.

    The BCER’s initial focus will be on the North Coast Transmission Line (NCTL) project and the wind- and solar-power projects in BC Hydro’s 2024 call for power. This will help accelerate the expansion of British Columbia’s electricity grid and meet the demand in growth arising from critical-mineral and metal mining, port electrification, hydrogen and fuel processing, and shipping projects under consideration.

    The proposed legislation would also:

    • exempt the NCTL project and the nine wind projects selected in the 2024 call for power from the environmental assessment processes and allow government to do the same for other wind-power projects in the future; and
    • enable the BCER to establish a new rigorous regulatory framework for renewable-energy projects through consultation with First Nations, ensuring that environmental standards are upheld.

    “The BC Energy Regulator is pleased to see the introduction of this legislation and has been engaging with ministries and others to prepare for this expanded mandate that will include permitting processes and engagement functions,” said Michelle Carr, CEO and commissioner, BC Energy Regulator. “Our staff are working across seven regional offices to ensure energy activities are carried out safely, responsibly and in alignment with provincial goals and BCER’s vision for a resilient energy future.”

    The Province is committed to accelerating decisions on renewable-energy projects responsibly.

    The BCER has demonstrated expertise at getting projects moving quickly, while providing robust regulatory oversight through the lifecycle of projects. This is a natural evolution of the BCER’s role, which initially focused on oil, gas and geothermal development, then expanded to include hydrogen and now, renewable energy.

    Quotes:

    Doug Slater, vice-president, Indigenous relations and regulatory affairs, FortisBC —

    “Our focus is on delivering safe, reliable and affordable energy to the families and businesses we serve. Collaborating with local power providers and Indigenous organizations helps us meet the energy demands of homes and businesses in the southern Interior while supporting regional development. Our hope is that these legislative and regulatory changes will help streamline processes and accelerate projects to efficiently deliver power to our customers, including our plans to add up to 1,100 GWh of energy supply as soon as 2030.”

    Kwatuuma Cole Sayers, executive director, Clean Energy Association of British Columbia —

    “This legislation is an important step toward a balanced regulatory framework that encourages responsible clean-energy development at a critical time for our communities, our economy and our climate. The Clean Energy Association of British Columbia is proud to work with the Province and the BC Energy Regulator to help build a framework that is efficient, transparent and aligned with the Declaration on the Rights of Indigenous Peoples Act. Together, we can build a cleaner, stronger and more resilient future.”

    Quick Facts:

    • Under the renewable energy projects (streamlined permitting) act, a renewable or clean resource means biomass, biogas, geothermal heat, hydro, solar, ocean, wind or any other clean-energy resource.
    • The BCER has a team of more than 300 employees in seven offices throughout B.C.
    • The BCER’s staff includes biologists, engineers, hydrologists, agrologists, compliance and enforcement officers, First Nations liaison officers, heritage conservation officers and archeologists.
    • The BCER will hire additional staff and subject-matter experts to support the additional responsibilities.
    • In 2024, FortisBC issued a request for expression of interest for new power to identify projects from lower-carbon and renewable sources in British Columbia that could add up to 1,100 gigawatt hours (GWh) of energy supply for its approximately 190,000 electricity customers in the south Okanagan by 2030.

    Learn More:

    To learn more about the BC Energy Regulator, visit: https://www.bc-er.ca/

    For more information about B.C. legislation, visit: https://strongerbc.gov.bc.ca/Legislation

    A backgrounder follows.

    MIL OSI Canada News –

  • MIL-OSI: Sharc Energy Announces 2024 Year End Financial Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, April 30, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) is pleased to announce it has filed financial results for the year ended December 31, 2024. All figures are in Canadian Dollars and in accordance with IFRS unless otherwise stated.

    Fourth Quarter and Year-end Financial Highlights:

    • Revenue for the year ended December 31, 2024 (“YE 2024”) is $2.17M representing a 36% increase over the $1.59M of revenue reported in the year ended December 31, 2023 (“YE 2023”).
    • As of April 30, 2025, the Company has a Sales Pipeline1 of 16.8 million (M) and Sales Order Backlog2of $3.0M. This represents a $0.5M increase or 20% growth in Sales Order Backlog since November 27, 2024 disclosure. Sales Pipeline saw a marginal decrease of 2% since November 27, 2024 disclosure reflecting the deliberate efforts by the Company to refill the pipeline once projects convert to the order book. The combined pipeline showed an aggregate growth of 1% or $0.1M from the previous disclosure on November 27, 2024. Entering 2025, the $3.0M Sales Order Backlog, which is estimated to be converted to revenue within an average of 12 months from disclosure, represents a 38% improvement compared to YE 2024 revenue of $2.17M. The Company continues to observe the maturity of its Sales Pipeline providing the Company’s revenue more consistency and with reduced volatility, providing a solid platform to scale and grow.
    • During the three months ended December 31, 2024 (“Q4 2024”), the Company reported revenues of $(0.18M), a loss of $1.41M and an Adjusted EBITDA3 loss of $0.9M. In the same period in the prior year (“Q4 2023”) the company reported revenues of $(0.14M), a loss of $1.34M and an Adjusted EBITDA loss of $0.85M.
    • During YE 2024, the Company reported revenues of $2.17M, a loss of $3.72M and an Adjusted EBITDA loss of $2.57M. Revenue increased 36% over revenue comparative in 2023 of $1.59M, the loss decreased 5% over comparative in 2023 of $3.9M and Adjusted EBITDA loss increased 5% over 2023 comparative of $2.45M.
    • Gross margins for YE 2024 were 42% compared to 43% in YE 2023. Management remains optimistic that this margin range aligns with our expectations for the coming quarters but the margin percentage varies dependent on sales mix and stage of completion of each project.

    Michael Albertson, Chief Executive Officer and President of SHARC Energy, said, “2024 was a strong growth year for the Company with revenues growing by 36% from $1.59M in 2023 to $2.17M in 2024. We enter 2025 poised to continue revenue growth momentum with nearly $3.0M in purchase orders, or Sales Order Backlog, to fulfil which would represent a 38% improvement over 2024 revenue if all realized within the year. This is without consideration of jobs that will purchase order during 2025.”

    “SHARC Energy’s pipeline has reached a key maturity milestone as Sales Order Backlog averaged approximately $2.75 million in each disclosure since April 29, 2024 despite recognizing year over year revenue growth. Sales Order Backlog currently contains 9 projects made up of 3 SHARC projects and 6 PIRANHA projects. This compares to 9 projects being included in Sales Order Backlog as of April 29, 2024, consisting of 4 SHARC projects and 5 PIRANHA projects. We see this as a strong indication that the Company’s future revenue is not only growing but diversifying & stabilizing. There are several projects, including larger SHARC supported Thermal Energy Network projects, indicating signs of conversion from Sales Pipeline to Sales Order Backlog which should affirm continued stability and growth of revenue in the near and long term.”

    Mr. Albertson continues, “Thermal Energy Networks, commonly referred to as TENs or District Energy Systems, is a growing solution for managing small to large scale thermal energy loads efficiently and cost-effectively. WET supported solutions continue to grow in awareness and acceptance with the Company learning of projects in planning across North America and globally. In the Greater Vancouver, British Columbia region alone, there are several municipal or utility supported TENs ranging in size and scale, similar to the False Creek Neighborhood Energy Utility or leləm̓ projects, in different stages of development that will increase SHARC Energy’s local footprint over the next few years. In the United States, legislation allowing or mandating utilities to develop thermal energy network demonstration projects or pilots have been passed in eight states, including the State of New York and recently added California, where the Company has installations in progress, projects in design and a growing list of leads looking to implement Wastewater Energy Transfer with District Energy Systems and TENs.”

    “We are continuing to progress into new sectors for the SHARC and PIRANHA with promising opportunities developing within wastewater treatment facilities, universities, water utilities, correctional facilities and the design & build/energy sectors. These sectors are increasingly receptive to SHARC Energy’s offerings which is promising as these sectors can provide fewer regulatory hurdles, long-term customer relationships, shorter sales cycles, and the potential for larger-scale projects. The Company anticipates the closing of new business in these adjacent sectors as early as this year.”

    “Furthermore, SHARC Energy is gearing up to launch new products in its portfolio which will be introduced to the market soon. With the support of original equipment manufacturer relationships SHARC Energy has, we feel there is significant opportunity to better serve more customers and increase our revenue and margin dollars earned going forward. SHARC Energy’s tailwinds are strong and set to propel the Company to profitability in the coming years. We are very excited about our position in the thermal energy market!” stated Mr. Albertson.

    Q4 2024 Highlights and Subsequent Events

    • Michael Albertson appointed CEO, President and Director. On December 12, 2024, the Company announced the appointment of Michael Albertson as the new Chief Executive Officer, President and Director. Lynn Mueller has led SHARC Energy as CEO, President and Chairman of the Board since 2014 and will stay on as Executive Chairman of SHARC Energy’s Board of Directors.
    • Fred Andriano appointed to the Board of Directors. The Company announced the appointment of Fred Andriano to its Board of Directors on November 7, 2024. Mr. Andriano was previously CFO at WaterFurnace International, where his leadership was critical in strategic acquisitions, international joint ventures and impressive growth, with revenues doubling from $65M to $130M culminating in a $364M acquisition by NIBE Group in 2014. He continued as CFO and eventually moving to Vice President of Financial and Administrative Services for NIBE North America. During this time, Mr. Andriano played a pivotal role in securing major acquisitions, such as Enertech and The Climate Control Group, expanding NIBE’s footprint in the renewable energy space. 
    • Closing of $2 Million 8.0% Debenture financing. The Company closed a non-brokered private placement of debenture units of the Company (“Debenture units”) at a price of $1,000 per Debenture Unit, for gross proceeds of $2,000,000. Each Debenture Unit will be comprised of: (i) a $1,000 principal amount of 8.0% unsecured debenture of the Company (the “Debenture”); and (ii) 5,000 common share purchase warrants of the Company (the “Warrants”). Each Warrant will entitle the holder thereof to acquire one common share in the capital of the Company (each, a “Share”) at an exercise price of $0.20 per Share for a period of 36 months from the date of issuance.
    • False Creek Neighbourhood Energy Utility (“NEU”) Expansion. The Company continued work on the supply and maintenance agreement with the City of Vancouver for the provision and maintenance of five SHARC systems for the False Creek NEU Expansion. During the period, the Company completed and billed milestone 3.5 of 5 of the agreement, where all components have been delivered to site. The remaining milestones were achieved in Q1 and Q2 2025.
    • SHARC WET system key in Whitney Young retrofit featured in NYSERDA Empire Building Challenge. The Company shipped a SHARC WET system for the Whitney Young Manor recapitalization project in Yonkers, New York during Q1 2024. The Whitney Young Manor will undergo a $22 million renovation, with nearly $12 million allocated to the project’s decarbonization effort, inclusive of all energy efficiency measures. The retrofit project will highlight how to leverage a recapitalization opportunity to comprehensively retrofit energy systems and modernize an affordable housing complex.
    • Insiders, including management and directors, have purchased 5,653,396 common shares of the Company during YE 2024. Insider ownership represents 16% of the current outstanding float.

    For complete financial information for the year ended December 31, 2024, please see the Audited Annual Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com.

    About SHARC Energy  

    SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

    SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

    Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

    The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

    Forward-Looking Statements 

    Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves 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 information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation. 

    _______________________________________

    1 Sales Pipeline is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
    2 Sales Order Backlog is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year End 2024 MD&A.
    3 Adjusted EBITDA is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Year end 2024 MD&A.

    The MIL Network –

  • MIL-OSI: Ellomay Capital Announces the Filing of the Annual Report on Form 20-F for 2024

    Source: GlobeNewswire (MIL-OSI)

    Tel-Aviv, Israel, April 30, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, USA and Israel, today announced the filing of its Annual Report on Form 20-F for the year ended December 31, 2024 with the Securities and Exchange Commission.

    A copy of the Annual Report on Form 20-F is available to be viewed and downloaded from the Investor Relations section of the Company’s website at http://www.ellomay.com. The Company will provide a hard copy of the Annual Report on Form 20-F, including the Company’s complete audited financial statements, free of charge to its shareholders upon request.

    The financial statements included in the Annual Report on Form 20-F present a decrease of approximately €0.6 million in depreciation and amortization costs and a decrease of approximately €0.1 million in tax benefit for the year ended December 31, 2024, compared to the unaudited financial results for the year ended and as of December 31, 2024 published by the Company on March 31, 2025.

    About Ellomay Capital Ltd.

    Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.

    To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

      ● Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
         
      ● 9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
         
      ● Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
         
      ● 83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
         
      ● Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status; and
         
      ● Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

    For more information about Ellomay, visit http://www.ellomay.com.

    Contact:

    Kalia Rubenbach (Weintraub)
    CFO
    Tel: +972 (3) 797-1111
    Email: kaliaw@ellomay.com

    The MIL Network –

  • MIL-OSI: Tenaris Announces 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    The financial and operational information contained in this press release is based on unaudited consolidated condensed interim financial statements presented in U.S. dollars and prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standard Board and adopted by the European Union, or IFRS. Additionally, this press release includes non-IFRS alternative performance measures i.e., EBITDA, Free Cash Flow, Net cash / debt and Operating working capital days. See exhibit I for more details on these alternative performance measures.

    LUXEMBOURG, April 30, 2025 (GLOBE NEWSWIRE) — Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) (“Tenaris”) today announced its results for the quarter ended March 31, 2025 in comparison with its results for the quarter ended March 31, 2024.

    Summary of 2025 First Quarter Results

    (Comparison with fourth and first quarter of 2024)

      1Q 2025 4Q 2024 1Q 2024 
    Net sales ($ million) 2,922 2,845 3% 3,442 (15%)
    Operating income ($ million) 550 558 (2%) 812 (32%)
    Net income ($ million) 518 519 0% 750 (31%)
    Shareholders’ net income ($ million) 507 516 (2%) 737 (31%)
    Earnings per ADS ($) 0.94 0.94 0% 1.27 (26%)
    Earnings per share ($) 0.47 0.47 0% 0.64 (26%)
    EBITDA* ($ million) 696 726 (4%) 987 (29%)
    EBITDA margin (% of net sales) 23.8% 25.5%   28.7%  
     
    *EBITDA in the fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. If this charge was not included EBITDA would have amounted to $659 million, or 23.2% of sales.
     

    In the first quarter, our sales were buoyed by seasonal volumes in Canada and higher onshore sales in the USA while our average selling price declined. This was due to market and product mix effects with lower sales of OCTG premium products in Mexico, Turkey and Saudi Arabia and lower sales of seamless line pipe for offshore projects. On a comparable basis our EBITDA rose 6% and net income remained in line with the results of the previous quarter.

    During the quarter, free cash flow amounted to $647 million following a reduction in working capital of $224 million. After spending $237 million on share buybacks, our net cash position increased to $4.0 billion at March 31, 2025.

    Market Background and Outlook

    Oil and gas drilling activity has been stable in most parts of the world so far this year. Over the last month, however, the outlook for oil demand and prices has changed with a decline in expectations for global economic growth and the announcement by OPEC+ that it would increase production. Oil and gas companies are likely to adjust their investment plans over the short term in response to a lower oil and gas price environment while maintaining their medium and long term plans for development of major projects.

    US OCTG reference prices have continued to increase following the extension of tariffs to imports of all steel products. These and further increases should offset much of the impact of the tariffs and higher steel and scrap purchase costs on our US operations.

    For the second quarter, we expect our sales to show a small increase as our average selling price recovers and volumes remain close to the level of the first quarter and our EBITDA margin should be in line with the first quarter.

    Analysis of 2025 First Quarter Results

    Tubes

    The following table indicates, for our Tubes business segment, sales volumes of seamless and welded pipes for the periods indicated below:

    Tubes Sales volume (thousand metric tons) 1Q 2025 4Q 2024
    		 1Q 2024
    Seamless 775 748 4% 777 0%
    Welded 212 164 29% 269 (21%)
    Total 987 913 8% 1,046 (6%)
               

    The following table indicates, for our Tubes business segment, net sales by geographic region, operating income and operating income as a percentage of net sales for the periods indicated below:

    Tubes 1Q 2025 4Q 2024
    		 1Q 2024
    Net sales ($ million)          
    North America 1,244 1,131 10% 1,590 (22%)
    South America 552 595 (7%) 617 (11%)
    Europe 208 341 (39%) 253 (17%)
    Asia Pacific, Middle East and Africa 761 629 21% 833 (9%)
    Total net sales ($ million) 2,765 2,695 3% 3,292 (16%)
    Services performed on third party tubes ($ million) 101 93 9% 192 (47%)
    Operating income ($ million) 514 533 (4%) 785 (35%)
    Operating margin (% of sales) 18.6% 19.8%   23.9%  
               

    Net sales of tubular products and services increased 3% sequentially and decreased 16% year on year. Volumes sold increased 8% sequentially while average selling prices decreased 5% due principally to product and market mix effects. In North America sales increased as higher seasonal sales in Canada and higher sales to US Rig Direct® customers more than outweighed a further steep decline in sales in Mexico. In South America sales declined due to lower shipments to the Raia offshore project and lower prices in Argentina. In Europe, following a quarter with an exceptionally high level of sales, sales declined to a more stable level. In Asia Pacific, Middle East and Africa sales increased due to higher sales in the UAE, shipments of welded pipes for a pipeline in Saudi Arabia, and sales of line pipe for a gas processing plant in Africa.

    Operating results from tubular products and services amounted to a gain of $514 million in the first quarter of 2025 compared to a gain of $533 million in the previous quarter and a gain of $785 million in the first quarter of 2024. Operating income in the fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas. Excluding this gain Tubes operating income would have amounted to $467 million (17.3% of sales) in the fourth quarter of 2024. On a comparable basis, margins improved as the decline in average selling prices was offset by lower costs due to higher utilization of production capacity and lower raw materials and variable costs.

    Others

    The following table indicates, for our Others business segment, net sales, operating income and operating income as a percentage of net sales for the periods indicated below:

    Others 1Q 2025 4Q 2024 1Q 2024
    Net sales ($ million) 157 150 5% 150 4%
    Operating income ($ million) 36 25 44% 26 38%
    Operating margin (% of sales) 23.1% 16.8%   17.5%  
               

    Net sales of other products and services increased 5% sequentially and increased 4% year on year. Sequentially, sales increased mainly due to higher sales of sucker rods and oil services in Argentina.

    Selling, general and administrative expenses, or SG&A, amounted to $457 million, or 15.6% of net sales, in the first quarter of 2025, compared to $446 million, or 15.7% in the previous quarter and $508 million, or 14.8% in the first quarter of 2024. Sequentially, the increase in SG&A is mainly due to higher shipment costs partially offset by a decrease in taxes, provisions and others.

    Other operating results amounted to a gain of $6 million in the first quarter of 2025, compared to a gain of $81 million in the previous quarter and a $12 million gain in the first quarter of 2024. The fourth quarter of 2024 included a $67 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas.

    Financial results amounted to a gain of $35 million in the first quarter of 2025, compared to a gain of $48 million in the previous quarter and a loss of $25 million in the first quarter of 2024. Financial result of the quarter is mainly attributable to a $67 million net finance income from the net return of our portfolio investments offset by net foreign exchange losses of $15 million and $16 million in fees paid in connection with the collection of $242 million from Pemex.

    Equity in earnings of non-consolidated companies generated a gain of $14 million in the first quarter of 2025, compared to a gain of $35 million in the previous quarter and a gain of $48 million in the first quarter of 2024. These results are mainly derived from our participation in Ternium (NYSE:TX). During the fourth quarter of 2024 the result from Ternium´s investment included a $43 million gain from the partial reversal of a provision for the ongoing litigation related to the acquisition of a participation in Usiminas, while in the first quarter of 2025 it includes a $5 million loss related to the same ongoing litigation.

    Income tax charge amounted to $81 million in the first quarter of 2025, compared to $123 million in the previous quarter and $85 million in the first quarter of 2024. The quarter income tax charge reflects the positive net effect from foreign exchange rate movements and inflation adjustments on deferred tax assets and liabilities, mainly in Argentina, and the recognition of other deferred tax assets.

    Cash Flow and Liquidity of 2025 First Quarter

    Net cash generated by operating activities during the first quarter of 2025 was $821 million, compared to $492 million in the previous quarter and $887 million in the first quarter of 2024. During the first quarter of 2025 cash generated by operating activities includes a net working capital reduction of $224 million.

    With capital expenditures of $174 million, our free cash flow amounted to $647 million during the quarter. Following share buybacks of $237 million in the quarter, our net cash position increased to $4.0 billion at March 31, 2025.

    Conference call

    Tenaris will hold a conference call to discuss the above reported results, on May 1, 2025, at 08:00 a.m. (Eastern Time). Following a brief summary, the conference call will be opened to questions.

    To listen to the conference please join through one of the following options:
    ir.tenaris.com/events-and-presentations or
    https://edge.media-server.com/mmc/p/gu6ip3ag/

    If you wish to participate in the Q&A session please register at the following link:
    https://register-conf.media-server.com/register/BIf49770ff47c94e2587121e780b6acb85

    Please connect 10 minutes before the scheduled start time.

    A replay of the conference call will also be available on our webpage at: ir.tenaris.com/events-and-presentations

    Some of the statements contained in this press release are “forward-looking statements”. Forward-looking statements are based on management’s current views and assumptions and involve known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied by those statements. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

     
    Consolidated Condensed Interim Income Statement
     
    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
      Unaudited
    Net sales 2,922,212 3,441,544
    Cost of sales (1,920,855) (2,134,052)
    Gross profit 1,001,357 1,307,492
    Selling, general and administrative expenses (457,065) (508,132)
    Other operating income 11,788 16,024
    Other operating expenses (6,167) (3,720)
    Operating income 549,913 811,664
    Finance Income 78,444 56,289
    Finance Cost (11,745) (20,583)
    Other financial results, net (31,441) (60,468)
    Income before equity in earnings of non-consolidated companies and income tax 585,171 786,902
    Equity in earnings of non-consolidated companies 14,035 48,179
    Income before income tax 599,206 835,081
    Income tax (81,342) (84,856)
    Income for the period 517,864 750,225
         
    Attributable to:    
    Shareholders’ equity 506,931 736,980
    Non-controlling interests 10,933 13,245
      517,864 750,225
     
    Consolidated Condensed Interim Statement of Financial Position
     
    (all amounts in thousands of U.S. dollars) At March 31, 2025   At December 31, 2024
      Unaudited    
    ASSETS          
    Non-current assets          
    Property, plant and equipment, net 6,183,251     6,121,471  
    Intangible assets, net 1,359,463     1,357,749  
    Right-of-use assets, net 147,606     148,868  
    Investments in non-consolidated companies 1,574,156     1,543,657  
    Other investments 1,014,502     1,005,300  
    Deferred tax assets 838,912     831,298  
    Receivables, net 197,411 11,315,301   205,602 11,213,945
    Current assets          
    Inventories, net 3,519,237     3,709,942  
    Receivables and prepayments, net 174,294     179,614  
    Current tax assets 360,416     332,621  
    Contract assets 51,736     50,757  
    Trade receivables, net 1,842,313     1,907,507  
    Derivative financial instruments 4,083     7,484  
    Other investments 2,581,761     2,372,999  
    Cash and cash equivalents 770,208 9,304,048    675,256 9,236,180
    Total assets   20,619,349     20,450,125
    EQUITY          
    Shareholders’ equity   17,164,683     16,593,257
    Non-controlling interests   231,994     220,578
    Total equity   17,396,677     16,813,835
    LIABILITIES          
    Non-current liabilities          
    Borrowings 7,437     11,399  
    Lease liabilities 91,148     100,436  
    Deferred tax liabilities 472,789     503,941  
    Other liabilities 300,116     301,751  
    Provisions 68,969 940,459   82,106 999,633
    Current liabilities          
    Borrowings 345,183     425,999  
    Lease liabilities 54,061     44,490  
    Derivative financial instruments 1,945     8,300  
    Current tax liabilities 304,019     366,292  
    Other liabilities 377,238     585,775  
    Provisions 139,965     119,344  
    Customer advances 228,086     206,196  
    Trade payables 831,716 2,282,213   880,261 2,636,657
    Total liabilities   3,222,672     3,636,290
    Total equity and liabilities   20,619,349     20,450,125
     
    Consolidated Condensed Interim Statement of Cash Flows
     
    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
      (Unaudited)
    Cash flows from operating activities    
    Income for the period 517,864 750,225
    Adjustments for:    
    Depreciation and amortization 146,406 175,442
    Provision for the ongoing litigation related to the acquisition of participation in Usiminas 9,877 –
    Income tax accruals less payments (54,133) (29,222)
    Equity in earnings of non-consolidated companies (14,035) (48,179)
    Interest accruals less payments, net (8,423) 11,938
    Changes in provisions (2,393) 1,545
    Changes in working capital 223,817 (9,548)
    Others, including net foreign exchange 2,020 34,776
    Net cash provided by operating activities 821,000 886,977
         
    Cash flows from investing activities    
    Capital expenditures (173,838) (172,097)
    Changes in advances to suppliers of property, plant and equipment 12,916 2,952
    Loan to joint ventures (1,359) (1,354)
    Proceeds from disposal of property, plant and equipment and intangible assets 900 5,412
    Changes in investments in securities (225,636) (759,667)
    Net cash used in investing activities (387,017) (924,754)
         
    Cash flows from financing activities    
    Changes in non-controlling interests – 1,120
    Acquisition of treasury shares (237,188) (311,064)
    Payments of lease liabilities (14,655) (16,768)
    Proceeds from borrowings 347,570 829,947
    Repayments of borrowings (429,126) (754,078)
    Net cash used in financing activities (333,399) (250,843)
         
    Increase (decrease) in cash and cash equivalents 100,584 (288,620)
         
    Movement in cash and cash equivalents    
    At the beginning of the period 660,798 1,616,597
    Effect of exchange rate changes (2,430) (4,921)
    Increase (decrease) in cash and cash equivalents 100,584 (288,620)
    At March 31, 758,952 1,323,056
         

    Exhibit I – Alternative performance measures

    Alternative performance measures should be considered in addition to, not as substitute for or superior to, other measures of financial performance prepared in accordance with IFRS.

    EBITDA, Earnings before interest, tax, depreciation and amortization.

    EBITDA provides an analysis of the operating results excluding depreciation and amortization and impairments, as they are recurring non-cash variables which can vary substantially from company to company depending on accounting policies and the accounting value of the assets. EBITDA is an approximation to pre-tax operating cash flow and reflects cash generation before working capital variation. EBITDA is widely used by investors when evaluating businesses (multiples valuation), as well as by rating agencies and creditors to evaluate the level of debt, comparing EBITDA with net debt.

    EBITDA is calculated in the following manner:

    EBITDA = Net income for the period + Income tax charges +/- Equity in Earnings (losses) of non-consolidated companies +/- Financial results + Depreciation and amortization +/- Impairment charges/(reversals).

    EBITDA is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
    Income for the period 517,864 750,225
    Income tax charge 81,342 84,856
    Equity in earnings of non-consolidated companies (14,035) (48,179)
    Financial Results (35,258) 24,762
    Depreciation and amortization 146,406 175,442
    EBITDA 696,319 987,106
         

    Free Cash Flow

    Free cash flow is a measure of financial performance, calculated as operating cash flow less capital expenditures. FCF represents the cash that a company is able to generate after spending the money required to maintain or expand its asset base.

    Free cash flow is calculated in the following manner:

    Free cash flow = Net cash (used in) provided by operating activities – Capital expenditures.

    Free cash flow is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) Three-month period ended March 31,
      2025 2024
    Net cash provided by operating activities 821,000 886,977
    Capital expenditures (173,838) (172,097)
    Free cash flow 647,162 714,880
         

    Net Cash / (Debt)

    This is the net balance of cash and cash equivalents, other current investments and fixed income investments held to maturity less total borrowings. It provides a summary of the financial solvency and liquidity of the company. Net cash / (debt) is widely used by investors and rating agencies and creditors to assess the company’s leverage, financial strength, flexibility and risks.

    Net cash/ debt is calculated in the following manner:

    Net cash = Cash and cash equivalents + Other investments (Current and Non-Current)+/- Derivatives hedging borrowings and investments – Borrowings (Current and Non-Current).

    Net cash/debt is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At March 31,
      2025 2024
    Cash and cash equivalents 770,208 1,323,350
    Other current investments 2,581,761 2,248,863
    Non-current investments 1,007,444 976,206
    Current borrowings (345,183) (608,278)
    Non-current borrowings (7,437) (28,122)
    Net cash / (debt) 4,006,793 3,912,019
         

    Operating working capital days

    Operating working capital is the difference between the main operating components of current assets and current liabilities. Operating working capital is a measure of a company’s operational efficiency, and short-term financial health.

    Operating working capital days is calculated in the following manner:

    Operating working capital days = [(Inventories + Trade receivables – Trade payables – Customer advances) / Annualized quarterly sales ] x 365.

    Operating working capital days is a non-IFRS alternative performance measure.

    (all amounts in thousands of U.S. dollars) At March 31,
      2025 2024
    Inventories 3,519,237 3,911,719
    Trade receivables 1,842,313 2,303,293
    Customer advances (228,086) (239,342)
    Trade payables (831,716) (1,041,434)
    Operating working capital 4,301,748 4,934,236
    Annualized quarterly sales 11,688,848 13,766,176
    Operating working capital days 134 131
         

    Giovanni Sardagna
    Tenaris
    1-888-300-5432
    www.tenaris.com

    The MIL Network –

  • MIL-OSI: National Fuel Reports Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    WILLIAMSVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2025 fiscal year.

    FISCAL 2025 SECOND QUARTER SUMMARY

    • GAAP net income of $216 million, or $2.37 per share, an increase of 32% per share compared to the prior year.
    • Adjusted operating results of $218 million, or $2.39 per share, an increase of 34% per share compared to the prior year. See non-GAAP reconciliation on page 2.
    • Seneca produced a record 105.5 Bcf of natural gas, an increase of 3% from the prior year and 8% sequentially, largely due to strong results from pads recently turned in line in the Eastern Development Area (“EDA”).
    • Utility segment net income of $63.5 million, or $0.70 per share, an increase of 44% per share compared to the prior year, primarily as a result of the New York jurisdiction’s 2024 rate settlement, which led to its first base rate increase since 2017.
    • Pipeline & Storage segment net income of $31.7 million, or $0.35 per share, an increase of 5% per share compared to the prior year. In addition, Empire Pipeline reached an agreement with its customers to amend its existing rate settlement, which was approved by the FERC on March 17, 2025, with new rates effective November 1, 2025.
    • The Company is increasing its guidance for fiscal 2025 adjusted earnings per share to a range of $6.75 to $7.05.

    MANAGEMENT COMMENTS

    David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “During our second quarter, National Fuel built upon its positive momentum which, along with the tailwind of higher natural gas price realizations, drove a 32% increase in earnings per share over the prior year.

    “Our integrated Appalachian natural gas development program, focused on the highly prolific EDA, continues to deliver strong operational results and improving capital efficiency. Seneca’s recent well results exhibited the highest productivity we’ve seen to date, giving us further confidence in our deep, high-quality well inventory, and allowing us to increase our production guidance for fiscal 2025. On the regulated side of the business, we saw significant earnings growth during the quarter, driven by the ongoing impact of positive rate case outcomes that balance the continued investment in modernizing our infrastructure with the goal of maintaining affordable rates for our customers.

    “National Fuel’s integrated natural gas business, track record of strong operational execution, and consistent approach to managing risk, collectively position us well to navigate an uncertain global economic backdrop. As such, we remain confident in our ability to provide strong returns, achieve our long-term growth targets, and continue to deliver shareholder value.”

    RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS

                   
      Three Months Ended March 31,
      (Thousands)   (Per Share)
        2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 2.37     $ 1.80  
    Items impacting comparability:              
    Premiums paid on early redemption of debt (E&P / Midstream)   2,385       —       0.03       —  
    Tax impact of premiums paid on early redemption of debt   (642 )     —       (0.01 )     —  
    Unrealized (gain) loss on derivative asset (E&P)   335       (536 )     0.00       0.00  
    Tax impact of unrealized (gain) loss on derivative asset   (90 )     147       0.00       0.00  
    Unrealized (gain) loss on other investments (Corporate / All Other)   (17 )     (769 )     0.00       (0.01 )
    Tax impact of unrealized (gain) loss on other investments   4       162       0.00       0.00  
    Adjusted Operating Results $ 218,333     $ 165,276     $ 2.39     $ 1.79  

    FISCAL 2025 GUIDANCE UPDATE

    National Fuel is increasing its guidance for fiscal 2025 adjusted earnings per share, which is now expected to be within a range of $6.75 to $7.05, an increase of $0.15 at the midpoint of the Company’s prior guidance range. This updated range incorporates our second quarter results as well as higher expected production and lower unit costs in the Exploration and Production segment for the remainder of the fiscal year.

    The Company is assuming NYMEX natural gas prices will average $3.50 per MMBtu for the remaining six months of fiscal 2025 (no change from previous guidance), which approximates the current NYMEX forward curve at this time. Given the continued volatility in NYMEX natural gas prices, the Company is providing the following sensitivities to its adjusted operating results guidance range:

    NYMEX Assumption
    Remaining 6 months
    ($/MMBtu)    		 Fiscal 2025
    Adjusted Earnings
    Per Share Sensitivities
    $3.00 $6.50 – $6.80
    $3.50 $6.75 – $7.05
    $4.00 $7.05 – $7.35

    The Company’s other fiscal 2025 guidance assumptions remain largely unchanged as detailed in the table on page 7.

    FINANCING ACTIVITIES UPDATE

    In February 2025, the Company issued $1 billion of new five- and ten-year notes (split in two equal tranches) to refinance the early redemption of $950 million of notes that were scheduled to mature in July 2025 and January 2026. In addition, the Company placed $50 million (plus interest) in trust for the benefit of holders of long-term debt issued under the Company’s 1974 Indenture and scheduled to mature in June 2025. Placing these funds in trust discharged the 1974 Indenture, relieving the Company from its obligations to comply with the indenture’s covenants. In connection with these transactions, the Company recognized an after-tax loss of $1.7 million, which is presented as an item impacting comparability for the quarter.

    DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

    The following earnings discussion of each operating segment for the quarter ended March 31, 2025 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the six months ended March 31, 2025 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

    Note that management defines adjusted operating results as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

    Upstream Business

    Exploration and Production Segment

    The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 97,828     $ 62,065     $ 35,763  
                           
    Premiums paid on early redemption of debt, net of tax   1,045       —       1,045  
    Unrealized (gain) loss on derivative asset (2022 CA asset sale), net of tax   245       (389 )     634  
    Adjusted Operating Results $ 99,118     $ 61,676     $ 37,442  
               
    Adjusted EBITDA $ 214,350     $ 172,068     $ 42,282  
                           

    Seneca’s second quarter GAAP earnings increased $35.8 million versus the prior year. GAAP earnings included a $1.0 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Seneca’s share of premiums paid by the Company associated with its long-term debt redemptions.

    Excluding items impacting comparability, Seneca’s adjusted operating results in the second quarter increased $37.4 million primarily due to higher realized natural gas prices and natural gas production, as well as lower per unit operating expenses.

    During the second quarter, Seneca produced 105.5 Bcf of natural gas, an increase of 2.6 Bcf, or 3%, from the prior year, and 7.8 Bcf, or 8%, higher compared to the fiscal 2025 first quarter. Two highly prolific pads turned in line this year in the EDA (Tioga Utica) were the main drivers behind these increases in production.

    Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.94 per Mcf, an increase of $0.38 per Mcf from the prior year. This increase was primarily due to higher NYMEX prices and higher spot prices at local sales points in Pennsylvania.

      Three Months Ended
      March 31,
    (Cost per Mcf)   2025       2024     Variance
    Lease Operating and Transportation Expense (“LOE”) $ 0.67     $ 0.68     $ (0.01 )
    General and Administrative Expense (“G&A”) $ 0.18     $ 0.17     $ 0.01  
    Taxes and Other $ 0.07     $ 0.06     $ 0.01  
    Total Cash Operating Costs $ 0.92     $ 0.91     $ 0.01  
    Depreciation, Depletion and Amortization Expense (“DD&A”) $ 0.61     $ 0.71     $ (0.10 )
    Total Operating Costs $ 1.53     $ 1.62     $ (0.09 )
                           

    On a per unit basis, the second quarter total cash operating costs were up slightly compared to the prior year as other taxes increased as a result of a higher Impact Fee in Pennsylvania due to the increase in NYMEX natural gas prices. LOE included $59 million ($0.56 per Mcf), or 84% of total LOE, for gathering and compression service fees paid to the Company’s Gathering segment to connect Seneca’s production to sales points along interstate pipelines. DD&A for the quarter was $0.61 per Mcf, a decrease of $0.10 per Mcf from the prior year, largely due to ceiling test impairments recorded in prior quarters that lowered Seneca’s full cost pool depletable base.

    Midstream Businesses

    Pipeline and Storage Segment

    The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 31,707     $ 30,737     $ 970  
               
    Adjusted EBITDA $ 70,169     $ 70,033     $ 136  
                           

    The Pipeline and Storage segment’s second quarter GAAP earnings increased $1.0 million versus the prior year primarily due to higher operating revenues. The increase in operating revenues of $1.6 million, or 1%, was primarily attributable to an increase in Supply Corporation’s transportation and storage rates effective February 1, 2024, in accordance with its rate settlement, which was approved in fiscal 2024.

    Empire Rate Case Update

    On March 17, 2025, FERC approved an amendment to Empire’s 2019 rate case settlement, which provides for modest unit rate reductions for Empire’s transportation services. Based on current contracts, this settlement amendment is estimated to decrease Empire’s revenues on a yearly basis by approximately $0.5 million with new rates effective November 1, 2025. Under the amendment, Empire may not file a new rate case before April 30, 2027, and is required to file a rate case by May 31, 2031.

    Gathering Segment

    The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 26,342     $ 28,706     $ (2,364 )
    Premiums paid on early redemption of debt, net of tax   698       —       698  
    Adjusted Operating Results $ 27,040     $ 28,706     $ (1,666 )
               
    Adjusted EBITDA $ 52,748     $ 53,103     $ (355 )
                           

    The Gathering segment’s second quarter GAAP earnings decreased $2.4 million versus the prior year as higher operating revenues were more than offset by higher O&M and DD&A expense. GAAP earnings also included a $0.7 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Gathering’s share of premiums paid by the Company associated with its long-term debt redemptions.

    Operating revenues increased $1.0 million, or 2%, primarily due to an increase in throughput from Seneca’s new wells in Tioga County. While O&M expense increased $1.5 million, the per unit rate of $0.09 per Mcf remained unchanged. DD&A expense increased $1.2 million primarily due to higher average depreciable plant in service compared to the prior year.

    Downstream Business

    Utility Segment

    The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 63,544     $ 44,739     $ 18,805  
               
    Adjusted EBITDA $ 95,270     $ 78,326     $ 16,944  
                           

    The Utility segment’s second quarter GAAP earnings increased $18.8 million, or 42%, primarily as a result of the implementation of the recently approved rate case settlement in the Utility’s New York jurisdiction, which became effective October 1, 2024.

    For the quarter, customer margin (operating revenues less purchased gas sold) increased $22.2 million, primarily due to the New York rate case settlement. Other income increased $10.8 million, largely due to the New York rate settlement, which required the recognition of non-service pension and post-retirement benefit income and a corresponding reduction in new base rates, resulting in no effect on net income.

    O&M expense increased by $4.2 million, primarily driven by higher personnel costs, partially offset by a reduction related to amortizations of certain regulatory assets as a result of the New York rate settlement. Further, interest expense increased $2.4 million primarily due to a higher average amount of net borrowings.

    Corporate and All Other

    The Company’s operations that are included in Corporate and All Other generated a combined net loss of $3.1 million in the current year second quarter, compared to combined earnings of less than $0.1 million in the prior year. The reduction in earnings during the second quarter was primarily driven by higher interest expense due to a higher average amount of net borrowings. A decrease in investment income on marketable securities and corporate-owned life insurance policies also contributed to the earnings reduction.

    EARNINGS TELECONFERENCE

    A conference call to discuss the results will be held on Thursday, May 1, 2025, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay will be available following the call through the end of the day, Thursday, May 8, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 458634.

    National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

    Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; the Company’s ability to complete strategic transactions; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    GUIDANCE SUMMARY
     

    As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2025. Additional details on the Company’s forecast assumptions and business segment guidance are outlined in the table below.

    The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the six months ended March 31, 2025, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax premiums paid on early redemptions of debt, which reduced earnings by $0.02 per share; (3) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.01 per share; and (4) after-tax unrealized losses on other investments, which reduced earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on a derivative asset and unrealized gain or loss on investments during the remaining six months ending September 30, 2025, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

      Previous FY 2025 Guidance   Updated FY 2025 Guidance
           
    Consolidated Adjusted Earnings per Share $6.50 to $7.00   $6.75 to $7.05
    Consolidated Effective Tax Rate ~ 25%   ~ 25%
           
    Capital Expenditures (Millions)      
    Exploration and Production $495 – $515   $495 – $515
    Pipeline and Storage $130 – $150   $130 – $150
    Gathering $95 – $110   $95 – $110
    Utility $165 – $185   $165 – $185
    Consolidated Capital Expenditures $885 – $960   $885 – $960
           
    Exploration and Production Segment Guidance      
           
    Commodity Price Assumptions (remaining six months)      
    NYMEX natural gas price $3.50 /MMBtu   $3.50 /MMBtu
    Appalachian basin spot price $2.90 /MMBtu   $2.60 /MMBtu
    Realized natural gas prices, after hedging ($/Mcf) $2.77 – $2.81   $2.72 – $2.76
           
    Production (Bcf) 410 to 425   415 to 425
           
    E&P Operating Costs($/Mcf)      
    LOE $0.68 – $0.70   $0.68 – $0.69
    G&A $0.18 – $0.19   $0.18 – $0.19
    DD&A $0.63 – $0.67   $0.63 – $0.65
           
    Other Business Segment Guidance(Millions)      
    Gathering Segment Revenues $250 – $260   $250 – $260
    Pipeline and Storage Segment Revenues $415 – $435   $415 – $435
           
    Utility Segment Guidance(Millions)      
    Customer Margin* $445 – $465   $445 – $465
    O&M Expense $240 – $250   $240 – $245
    Non-Service Pension & OPEB Income $23 – $27   $23 – $27
           
    * Customer Margin is defined as Operating Revenues less Purchased Gas Expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
    QUARTER ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
    (Thousands of Dollars) Production   Storage   Gathering   Utility   All Other   Consolidated*
                           
    Second quarter 2024 GAAP earnings $ 62,065     $ 30,737     $ 28,706     $ 44,739     $ 25     $ 166,272  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset   (536 )                     (536 )
    Tax impact of unrealized (gain) loss on derivative asset   147                       147  
    Unrealized (gain) loss on other investments                   (769 )     (769 )
    Tax impact of unrealized (gain) loss on other investments                   162       162  
    Second quarter 2024 adjusted operating results   61,676       30,737       28,706       44,739       (582 )     165,276  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   5,322                       5,322  
    Higher (lower) realized natural gas prices, after hedging   31,956                       31,956  
    Midstream Revenues                      
    Higher (lower) operating revenues       1,227       819               2,046  
    Downstream Margins***                      
    Impact of usage and weather               3,011           3,011  
    Impact of new rates in New York               14,577           14,577  
    Higher (lower) other operating revenues               (924 )         (924 )
    Operating Expenses                      
    Lower (higher) lease operating and transportation expenses   (1,196 )                     (1,196 )
    Lower (higher) operating expenses   (1,855 )     (1,248 )     (1,168 )     (3,330 )         (7,601 )
    Lower (higher) property, franchise and other taxes   (948 )                     (948 )
    Lower (higher) depreciation / depletion   6,973       745       (966 )     (685 )         6,067  
    Other Income (Expense)                      
    Higher (lower) other income               8,545       612       9,157  
    (Higher) lower interest expense       331       (891 )     (1,895 )     (2,902 )     (5,357 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (2,331 )     241       463       (545 )     (159 )     (2,331 )
    All other / rounding   (479 )     (326 )     77       51       (45 )     (722 )
    Second quarter 2025 adjusted operating results   99,118       31,707       27,040       63,544       (3,076 )     218,333  
    Items impacting comparability:                      
    Premiums paid on early redemption of debt   (1,430 )         (955 )             (2,385 )
    Tax impact of premiums paid on early redemption of debt   385           257               642  
    Unrealized gain (loss) on derivative asset   (335 )                     (335 )
    Tax impact of unrealized gain (loss) on derivative asset   90                       90  
    Unrealized gain (loss) on other investments                   17       17  
    Tax impact of unrealized gain (loss) on other investments                   (4 )     (4 )
    Second quarter 2025 GAAP earnings $ 97,828     $ 31,707     $ 26,342     $ 63,544     $ (3,063 )   $ 216,358  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
    QUARTER ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
      Production   Storage   Gathering   Utility   All Other   Consolidated*
                           
    Second quarter 2024 GAAP earnings per share $ 0.67     $ 0.33     $ 0.31     $ 0.48     $ 0.01     $ 1.80  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset, net of tax   —                       —  
    Unrealized (gain) loss on other investments, net of tax                   (0.01 )     (0.01 )
    Second quarter 2024 adjusted operating results per share   0.67       0.33       0.31       0.48       —       1.79  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   0.06                       0.06  
    Higher (lower) realized natural gas prices, after hedging   0.35                       0.35  
    Midstream Revenues                      
    Higher (lower) operating revenues       0.01       0.01               0.02  
    Downstream Margins***                      
    Impact of usage and weather               0.03           0.03  
    Impact of new rates in New York               0.16           0.16  
    Higher (lower) other operating revenues               (0.01 )         (0.01 )
    Operating Expenses                      
    Lower (higher) lease operating and transportation expenses   (0.01 )                     (0.01 )
    Lower (higher) operating expenses   (0.02 )     (0.01 )     (0.01 )     (0.04 )         (0.08 )
    Lower (higher) property, franchise and other taxes   (0.01 )                     (0.01 )
    Lower (higher) depreciation / depletion   0.09       0.01       (0.01 )     (0.01 )         0.08  
    Other Income (Expense)                      
    Higher (lower) other income               0.09       0.01       0.10  
    (Higher) lower interest expense       —       (0.01 )     (0.02 )     (0.03 )     (0.06 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (0.03 )     —       0.01       (0.01 )     —       (0.03 )
    All other / rounding   (0.02 )     0.01       —       0.03       (0.02 )     —  
    Second quarter 2025 adjusted operating results per share   1.08       0.35       0.30       0.70       (0.04 )     2.39  
    Items impacting comparability:                      
    Premiums paid on early redemption of debt, net of tax   (0.01 )         (0.01 )             (0.02 )
    Unrealized gain (loss) on derivative asset, net of tax   —                       —  
    Unrealized gain (loss) on other investments, net of tax                   —       —  
    Second quarter 2025 GAAP earnings per share $ 1.07     $ 0.35     $ 0.29     $ 0.70     $ (0.04 )   $ 2.37  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
    SIX MONTHS ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
    (Thousands of Dollars) Production   Storage   Gathering   Utility   All Other   Consolidated*
    Six months ended March 31, 2024 GAAP earnings $ 114,548     $ 54,792     $ 57,531     $ 71,289     $ 1,132     $ 299,292  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset   3,662                       3,662  
    Tax impact of unrealized (gain) loss on derivative asset   (1,004 )                     (1,004 )
    Unrealized (gain) loss on other investments                   (1,818 )     (1,818 )
    Tax impact of unrealized (gain) loss on other investments                   382       382  
    Six months ended March 31, 2024 adjusted operating results   117,206       54,792       57,531       71,289       (304 )     300,514  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   (817 )                     (817 )
    Higher (lower) realized natural gas prices, after hedging   33,964                       33,964  
    Midstream Revenues                      
    Higher (lower) operating revenues       10,865       (332 )             10,533  
    Downstream Margins***                      
    Impact of usage and weather               2,685           2,685  
    Impact of new rates in New York               22,442           22,442  
    Higher (lower) other operating revenues               (1,364 )         (1,364 )
    Operating Expenses                      
    Lower (higher) operating expenses   (1,742 )     (2,105 )     (1,108 )     (4,575 )         (9,530 )
    Lower (higher) property, franchise and other taxes   (746 )                     (746 )
    Lower (higher) depreciation / depletion   13,816       452       (1,802 )     (1,309 )         11,157  
    Other Income (Expense)                      
    Higher (lower) other income   (1,888 )     (603 )         11,720       2,300       11,529  
    (Higher) lower interest expense       328       (1,271 )     (3,679 )     (3,165 )     (7,787 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (2,338 )     (246 )     905       (1,128 )     43       (2,764 )
    All other / rounding   (226 )     679       262       (38 )     (219 )     458  
    Six months ended March 31, 2025 adjusted operating results   157,229       64,162       54,185       96,043       (1,345 )     370,274  
    Items impacting comparability:                      
    Impairment of assets   (141,802 )                     (141,802 )
    Tax impact of impairment of assets   37,169                       37,169  
    Premiums paid on early redemption of debt   (1,430 )         (955 )             (2,385 )
    Tax impact of premiums paid on early redemption of debt   385           257               642  
    Unrealized gain (loss) on derivative asset   (684 )                     (684 )
    Tax impact of unrealized gain (loss) on derivative asset   184                       184  
    Unrealized gain (loss) on other investments                   (2,600 )     (2,600 )
    Tax impact of unrealized gain (loss) on other investments                   546       546  
    Six months ended March 31, 2025 GAAP earnings $ 51,051     $ 64,162     $ 53,487     $ 96,043     $ (3,399 )   $ 261,344  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
    SIX MONTHS ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
      Production   Storage   Gathering   Utility   All Other   Consolidated*
    Six months ended March 31, 2024 GAAP earnings per share $ 1.24     $ 0.59     $ 0.62     $ 0.77     $ 0.02     $ 3.24  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset, net of tax   0.03                       0.03  
    Unrealized (gain) loss on other investments, net of tax                   (0.02 )     (0.02 )
    Six months ended March 31, 2024 adjusted operating results per share   1.27       0.59       0.62       0.77       —       3.25  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   (0.01 )                     (0.01 )
    Higher (lower) realized natural gas prices, after hedging   0.37                       0.37  
    Midstream Revenues                      
    Higher (lower) operating revenues       0.12       —               0.12  
    Downstream Margins***                      
    Impact of usage and weather               0.03           0.03  
    Impact of new rates in New York               0.25           0.25  
    Higher (lower) other operating revenues               (0.01 )         (0.01 )
    Operating Expenses                      
    Lower (higher) operating expenses   (0.02 )     (0.02 )     (0.01 )     (0.05 )         (0.10 )
    Lower (higher) property, franchise and other taxes   (0.01 )                     (0.01 )
    Lower (higher) depreciation / depletion   0.15       —       (0.02 )     (0.01 )         0.12  
    Other Income (Expense)                      
    Higher (lower) other income   (0.02 )     (0.01 )         0.13       0.03       0.13  
    (Higher) lower interest expense       —       (0.01 )     (0.04 )     (0.03 )     (0.08 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (0.03 )     —       0.01       (0.01 )     —       (0.03 )
    All other / rounding   0.02       0.02       0.01       (0.01 )     (0.01 )     0.03  
    Six months ended March 31, 2025 adjusted operating results per share   1.72       0.70       0.60       1.05       (0.01 )     4.06  
    Items impacting comparability:                      
    Impairment of assets, net of tax   (1.14 )                     (1.14 )
    Premiums paid on early redemption of debt, net of tax   (0.01 )         (0.01 )             (0.02 )
    Unrealized gain (loss) on derivative asset, net of tax   (0.01 )                     (0.01 )
    Unrealized gain (loss) on other investments, net of tax                   (0.02 )     (0.02 )
    Rounding                   (0.01 )     (0.01 )
    Six months ended March 31, 2025 GAAP earnings per share $ 0.56     $ 0.70     $ 0.59     $ 1.05     $ (0.04 )   $ 2.86  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                   
    (Thousands of Dollars, except per share amounts)              
      Three Months Ended   Six Months Ended
      March 31,   March 31,
      (Unaudited)   (Unaudited)
    SUMMARY OF OPERATIONS   2025       2024       2025       2024  
    Operating Revenues:              
    Utility Revenues $ 343,574     $ 290,198     $ 571,998     $ 492,119  
    Exploration and Production and Other Revenues   311,958       264,614       560,818       518,633  
    Pipeline and Storage and Gathering Revenues   74,418       75,127       146,616       144,549  
        729,950       629,939       1,279,432       1,155,301  
    Operating Expenses:              
    Purchased Gas   135,338       105,940       200,675       162,491  
    Operation and Maintenance:              
    Utility   63,447       59,288       118,691       112,993  
    Exploration and Production and Other   35,059       32,794       68,600       67,620  
    Pipeline and Storage and Gathering   42,363       39,340       78,304       74,303  
    Property, Franchise and Other Taxes   25,214       23,019       47,270       45,434  
    Depreciation, Depletion and Amortization   111,277       118,935       220,647       234,725  
    Impairment of Assets   —       —       141,802       —  
        412,698       379,316       875,989       697,566  
                   
    Operating Income   317,252       250,623       403,443       457,735  
                   
    Other Income (Expense):              
    Other Income (Deductions)   15,232       6,070       22,952       9,801  
    Interest Expense on Long-Term Debt   (39,662 )     (28,453 )     (73,024 )     (56,915 )
    Other Interest Expense   (5,095 )     (6,636 )     (9,476 )     (12,910 )
                   
    Income Before Income Taxes   287,727       221,604       343,895       397,711  
                   
    Income Tax Expense   71,369       55,332       82,551       98,419  
                   
    Net Income Available for Common Stock $ 216,358     $ 166,272     $ 261,344     $ 299,292  
                   
    Earnings Per Common Share              
    Basic $ 2.39     $ 1.81     $ 2.88     $ 3.25  
    Diluted $ 2.37     $ 1.80     $ 2.86     $ 3.24  
                   
    Weighted Average Common Shares:              
    Used in Basic Calculation   90,500,162       92,114,415       90,640,333       92,011,772  
    Used in Diluted Calculation   91,176,327       92,512,447       91,312,334       92,478,604  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
       
      March 31,   September 30,
    (Thousands of Dollars)   2025       2024  
    ASSETS      
    Property, Plant and Equipment $ 14,834,817     $ 14,524,798  
    Less – Accumulated Depreciation, Depletion and Amortization   7,487,618       7,185,593  
    Net Property, Plant and Equipment   7,347,199       7,339,205  
    Current Assets:      
    Cash and Temporary Cash Investments   39,954       38,222  
    Cash Held in Trust for Bondholders   51,352       —  
    Receivables – Net   291,132       127,222  
    Unbilled Revenue   49,077       15,521  
    Gas Stored Underground   6,413       35,055  
    Materials and Supplies – at average cost   48,451       47,670  
    Unrecovered Purchased Gas Costs   3,562       —  
    Other Current Assets   78,532       92,229  
    Total Current Assets   568,473       355,919  
    Other Assets:      
    Recoverable Future Taxes   88,623       80,084  
    Unamortized Debt Expense   7,166       5,604  
    Other Regulatory Assets   118,800       108,022  
    Deferred Charges   69,572       69,662  
    Other Investments   71,958       81,705  
    Goodwill   5,476       5,476  
    Prepaid Pension and Post-Retirement Benefit Costs   194,325       180,230  
    Fair Value of Derivative Financial Instruments   45       87,905  
    Other   8,326       5,958  
    Total Other Assets   564,291       624,646  
    Total Assets $ 8,479,963     $ 8,319,770  
    CAPITALIZATION AND LIABILITIES      
    Capitalization:      
    Comprehensive Shareholders’ Equity      
    Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and      
    Outstanding – 90,397,698 Shares and 91,005,993 Shares, Respectively $ 90,398     $ 91,006  
    Paid in Capital   1,042,822       1,045,487  
    Earnings Reinvested in the Business   1,855,366       1,727,326  
    Accumulated Other Comprehensive Loss   (222,975 )     (15,476 )
    Total Comprehensive Shareholders’ Equity   2,765,611       2,848,343  
    Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs   2,381,126       2,188,243  
    Total Capitalization   5,146,737       5,036,586  
    Current and Accrued Liabilities:      
    Notes Payable to Banks and Commercial Paper   208,400       90,700  
    Current Portion of Long-Term Debt   350,000       500,000  
    Accounts Payable   127,611       165,068  
    Amounts Payable to Customers   34,393       42,720  
    Dividends Payable   46,555       46,872  
    Interest Payable on Long-Term Debt   19,454       27,247  
    Customer Advances   —       19,373  
    Customer Security Deposits   30,358       36,265  
    Other Accruals and Current Liabilities   184,925       162,903  
    Fair Value of Derivative Financial Instruments   201,464       4,744  
    Total Current and Accrued Liabilities   1,203,160       1,095,892  
    Other Liabilities:      
    Deferred Income Taxes   1,072,436       1,111,165  
    Taxes Refundable to Customers   302,293       305,645  
    Cost of Removal Regulatory Liability   300,256       292,477  
    Other Regulatory Liabilities   140,828       151,452  
    Other Post-Retirement Liabilities   3,404       3,511  
    Asset Retirement Obligations   193,802       203,006  
    Other Liabilities   117,047       120,036  
    Total Other Liabilities   2,130,066       2,187,292  
    Commitments and Contingencies   —       —  
    Total Capitalization and Liabilities $ 8,479,963     $ 8,319,770  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
      Six Months Ended
      March 31,
    (Thousands of Dollars)   2025       2024  
           
    Operating Activities:      
    Net Income Available for Common Stock $ 261,344     $ 299,292  
    Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
    Impairment of Assets   141,802       —  
    Depreciation, Depletion and Amortization   220,647       234,725  
    Deferred Income Taxes   25,787       65,187  
    Premiums Paid on Early Redemption of Debt   2,385       —  
    Stock-Based Compensation   10,487       10,477  
    Other   14,317       11,874  
    Change in:      
    Receivables and Unbilled Revenue   (197,553 )     (50,123 )
    Gas Stored Underground and Materials and Supplies   27,861       25,675  
    Unrecovered Purchased Gas Costs   (3,562 )     —  
    Other Current Assets   13,737       15,201  
    Accounts Payable   17,322       (15,641 )
    Amounts Payable to Customers   (8,327 )     13,327  
    Customer Advances   (19,373 )     (21,003 )
    Customer Security Deposits   (5,907 )     1,836  
    Other Accruals and Current Liabilities   21,528       26,927  
    Other Assets   (20,282 )     (22,165 )
    Other Liabilities   (28,343 )     (9,328 )
    Net Cash Provided by Operating Activities $ 473,870     $ 586,261  
           
    Investing Activities:      
    Capital Expenditures $ (434,260 )   $ (481,958 )
    Other   8,881       (1,189 )
    Net Cash Used in Investing Activities $ (425,379 )   $ (483,147 )
           
    Financing Activities:      
    Changes in Notes Payable to Banks and Commercial Paper   117,700       (8,600 )
    Shares Repurchased Under Repurchase Plan   (50,471 )     (4,230 )
    Reduction of Long-Term Debt   (954,086 )     —  
    Net Proceeds From Issuance of Long-Term Debt   989,019       —  
    Dividends Paid on Common Stock   (93,543 )     (91,048 )
    Net Repurchases of Common Stock Under Stock and Benefit Plans   (4,026 )     (3,914 )
    Net Cash Provided by (Used in) Financing Activities $ 4,593     $ (107,792 )
           
    Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash   53,084       (4,678 )
    Cash, Cash Equivalents, and Restricted Cash at Beginning of Period   38,222       55,447  
    Cash, Cash Equivalents, and Restricted Cash at March 31 $ 91,306     $ 50,769  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    UPSTREAM BUSINESS
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    EXPLORATION AND PRODUCTION SEGMENT   2025       2024     Variance     2025       2024     Variance
    Total Operating Revenues $ 311,958     $ 264,614     $ 47,344     $ 560,818     $ 518,633     $ 42,185  
    Operating Expenses:                  
    Operation and Maintenance:                  
    General and Administrative Expense   18,847       17,165       1,682       38,173       34,958       3,215  
    Lease Operating and Transportation Expense   71,176       69,662       1,514       136,816       136,736       80  
    All Other Operation and Maintenance Expense   3,310       2,644       666       7,178       8,188       (1,010 )
    Property, Franchise and Other Taxes   4,275       3,075       1,200       7,657       6,713       944  
    Depreciation, Depletion and Amortization   64,622       73,448       (8,826 )     127,925       145,413       (17,488 )
    Impairment of Assets   —       —       —       141,802       —       141,802  
        162,230       165,994       (3,764 )     459,551       332,008       127,543  
                       
    Operating Income   149,728       98,620       51,108       101,267       186,625       (85,358 )
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   37       100       (63 )     74       201       (127 )
    Interest and Other Income (Deductions)   101       1,170       (1,069 )     373       (342 )     715  
    Interest Expense on Long-Term Debt   (1,949 )     —       (1,949 )     (1,949 )     —       (1,949 )
    Other Interest Expense   (15,091 )     (15,108 )     17       (30,291 )     (30,377 )     86  
    Income Before Income Taxes   132,826       84,782       48,044       69,474       156,107       (86,633 )
    Income Tax Expense   34,998       22,717       12,281       18,423       41,559       (23,136 )
    Net Income $ 97,828     $ 62,065     $ 35,763     $ 51,051     $ 114,548     $ (63,497 )
    Net Income Per Share (Diluted) $ 1.07     $ 0.67     $ 0.40     $ 0.56     $ 1.24     $ (0.68 )
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    MIDSTREAM BUSINESSES
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    PIPELINE AND STORAGE SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 71,185     $ 71,210     $ (25 )   $ 139,935     $ 136,036     $ 3,899  
    Intersegment Revenues   38,388       36,810       1,578       76,251       66,397       9,854  
    Total Operating Revenues   109,573       108,020       1,553       216,186       202,433       13,753  
    Operating Expenses:                  
    Purchased Gas   162       325       (163 )     121       926       (805 )
    Operation and Maintenance   30,642       29,062       1,580       57,677       55,013       2,664  
    Property, Franchise and Other Taxes   8,600       8,600       —       17,266       17,320       (54 )
    Depreciation, Depletion and Amortization   18,547       19,490       (943 )     37,132       37,704       (572 )
        57,951       57,477       474       112,196       110,963       1,233  
                       
    Operating Income   51,622       50,543       1,079       103,990       91,470       12,520  
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   952       1,257       (305 )     1,905       2,515       (610 )
    Interest and Other Income   1,794       2,046       (252 )     3,833       3,978       (145 )
    Interest Expense   (11,700 )     (12,119 )     419       (23,428 )     (23,843 )     415  
    Income Before Income Taxes   42,668       41,727       941       86,300       74,120       12,180  
    Income Tax Expense   10,961       10,990       (29 )     22,138       19,328       2,810  
    Net Income $ 31,707     $ 30,737     $ 970     $ 64,162     $ 54,792     $ 9,370  
    Net Income Per Share (Diluted) $ 0.35     $ 0.33     $ 0.02     $ 0.70     $ 0.59     $ 0.11  
                       
                       
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    GATHERING SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 3,233     $ 3,917     $ (684 )   $ 6,681     $ 8,513     $ (1,832 )
    Intersegment Revenues   61,797       60,076       1,721       119,480       118,068       1,412  
    Total Operating Revenues   65,030       63,993       1,037       126,161       126,581       (420 )
    Operating Expenses:                  
    Operation and Maintenance   12,275       10,796       1,479       21,703       20,300       1,403  
    Property, Franchise and Other Taxes   7       94       (87 )     (227 )     117       (344 )
    Depreciation, Depletion and Amortization   10,834       9,611       1,223       21,349       19,068       2,281  
        23,116       20,501       2,615       42,825       39,485       3,340  
                       
    Operating Income   41,914       43,492       (1,578 )     83,336       87,096       (3,760 )
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit (Costs)   —       9       (9 )     (1 )     19       (20 )
    Interest and Other Income   93       72       21       152       143       9  
    Interest Expense on Long-Term Debt   (1,334 )     —       (1,334 )     (1,334 )     —       (1,334 )
    Other Interest Expense   (4,450 )     (3,701 )     (749 )     (8,661 )     (7,431 )     (1,230 )
    Income Before Income Taxes   36,223       39,872       (3,649 )     73,492       79,827       (6,335 )
    Income Tax Expense   9,881       11,166       (1,285 )     20,005       22,296       (2,291 )
    Net Income $ 26,342     $ 28,706     $ (2,364 )   $ 53,487     $ 57,531     $ (4,044 )
    Net Income Per Share (Diluted) $ 0.29     $ 0.31     $ (0.02 )   $ 0.59     $ 0.62     $ (0.03 )
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    DOWNSTREAM BUSINESS
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    UTILITY SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 343,574     $ 290,198     $ 53,376     $ 571,998     $ 492,119     $ 79,879  
    Intersegment Revenues   119       306       (187 )     203       393       (190 )
    Total Operating Revenues   343,693       290,504       53,189       572,201       492,512       79,689  
    Operating Expenses:                  
    Purchased Gas   171,777       140,836       30,941       273,249       224,886       48,363  
    Operation and Maintenance   64,444       60,229       4,215       120,704       114,913       5,791  
    Property, Franchise and Other Taxes   12,202       11,113       1,089       22,313       21,019       1,294  
    Depreciation, Depletion and Amortization   17,135       16,268       867       33,962       32,305       1,657  
        265,558       228,446       37,112       450,228       393,123       57,105  
                       
    Operating Income   78,135       62,058       16,077       121,973       99,389       22,584  
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   12,299       857       11,442       18,170       1,327       16,843  
    Interest and Other Income   714       1,340       (626 )     1,242       3,250       (2,008 )
    Interest Expense   (10,927 )     (8,528 )     (2,399 )     (21,643 )     (16,986 )     (4,657 )
    Income Before Income Taxes   80,221       55,727       24,494       119,742       86,980       32,762  
    Income Tax Expense   16,677       10,988       5,689       23,699       15,691       8,008  
    Net Income $ 63,544     $ 44,739     $ 18,805     $ 96,043     $ 71,289     $ 24,754  
    Net Income Per Share (Diluted) $ 0.70     $ 0.48     $ 0.22     $ 1.05     $ 0.77     $ 0.28  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    ALL OTHER   2025       2024     Variance     2025       2024     Variance
    Total Operating Revenues $ —     $ —     $ —     $ —     $ —     $ —  
    Operating Expenses:                  
    Operation and Maintenance   —       —       —       —       —       —  
        —       —       —       —       —       —  
                       
    Operating Income   —       —       —       —       —       —  
    Other Income (Expense):                  
    Interest and Other Income (Deductions)   (222 )     (41 )     (181 )     (358 )     (119 )     (239 )
    Interest Expense   (131 )     (84 )     (47 )     (248 )     (165 )     (83 )
    Loss before Income Taxes   (353 )     (125 )     (228 )     (606 )     (284 )     (322 )
    Income Tax Benefit   (82 )     (29 )     (53 )     (141 )     (67 )     (74 )
    Net Loss $ (271 )   $ (96 )   $ (175 )   $ (465 )   $ (217 )   $ (248 )
    Net Loss Per Share (Diluted) $ —     $ —     $ —     $ (0.01 )   $ —     $ (0.01 )
               
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    CORPORATE   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ —     $ —     $ —     $ —     $ —     $ —  
    Intersegment Revenues   1,341       1,286       55       2,683       2,571       112  
    Total Operating Revenues   1,341       1,286       55       2,683       2,571       112  
    Operating Expenses:                  
    Operation and Maintenance   5,219       5,121       98       9,266       8,916       350  
    Property, Franchise and Other Taxes   130       137       (7 )     261       265       (4 )
    Depreciation, Depletion and Amortization   139       118       21       279       235       44  
        5,488       5,376       112       9,806       9,416       390  
                       
    Operating Loss   (4,147 )     (4,090 )     (57 )     (7,123 )     (6,845 )     (278 )
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Costs   (212 )     (387 )     175       (423 )     (774 )     351  
    Interest and Other Income   41,785       40,234       1,551       82,846       81,262       1,584  
    Interest Expense on Long-Term Debt   (36,379 )     (28,453 )     (7,926 )     (69,741 )     (56,915 )     (12,826 )
    Other Interest Expense   (4,905 )     (7,683 )     2,778       (10,066 )     (15,767 )     5,701  
    Income (Loss) before Income Taxes   (3,858 )     (379 )     (3,479 )     (4,507 )     961       (5,468 )
    Income Tax Benefit   (1,066 )     (500 )     (566 )     (1,573 )     (388 )     (1,185 )
    Net Income (Loss) $ (2,792 )   $ 121     $ (2,913 )   $ (2,934 )   $ 1,349     $ (4,283 )
    Net Income (Loss) Per Share (Diluted) $ (0.04 )   $ 0.01     $ (0.05 )   $ (0.03 )   $ 0.02     $ (0.05 )
                       
                       
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    INTERSEGMENT ELIMINATIONS   2025       2024     Variance     2025       2024     Variance
    Intersegment Revenues $ (101,645 )   $ (98,478 )   $ (3,167 )   $ (198,617 )   $ (187,429 )   $ (11,188 )
    Operating Expenses:                  
    Purchased Gas   (36,601 )     (35,221 )     (1,380 )     (72,695 )     (63,321 )     (9,374 )
    Operation and Maintenance   (65,044 )     (63,257 )     (1,787 )     (125,922 )     (124,108 )     (1,814 )
        (101,645 )     (98,478 )     (3,167 )     (198,617 )     (187,429 )     (11,188 )
    Operating Income   —       —       —       —       —       —  
    Other Income (Expense):                  
    Interest and Other Deductions   (42,109 )     (40,587 )     (1,522 )     (84,861 )     (81,659 )     (3,202 )
    Interest Expense   42,109       40,587       1,522       84,861       81,659       3,202  
    Net Income $ —     $ —     $ —     $ —     $ —     $ —  
    Net Income Per Share (Diluted) $ —     $ —     $ —     $ —     $ —     $ —  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    SEGMENT INFORMATION (Continued)
    (Thousands of Dollars)
                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
      (Unaudited)   (Unaudited)
              Increase           Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
                           
    Capital Expenditures:                      
    Exploration and Production $ 108,384   (1) $ 124,184   (3) $ (15,800 )   $ 230,986   (1)(2) $ 285,141   (3)(4) $ (54,155 )
    Pipeline and Storage   15,626   (1)   18,025   (3)   (2,399 )     35,417   (1)(2)   42,579   (3)(4)   (7,162 )
    Gathering   18,499   (1)   19,949   (3)   (1,450 )     31,526   (1)(2)   39,518   (3)(4)   (7,992 )
    Utility   41,867   (1)   37,741   (3)   4,126       78,298   (1)(2)   68,251   (3)(4)   10,047  
    Total Reportable Segments   184,376       199,899       (15,523 )     376,227       435,489       (59,262 )
    All Other   —       —       —       —       —       —  
    Corporate   174       121       53       378       182       196  
    Eliminations   (3,520 )     —       (3,520 )     (3,520 )     —       (3,520 )
    Total Capital Expenditures $ 181,030     $ 200,020     $ (18,990 )   $ 373,085     $ 435,671     $ (62,586 )
    (1)   Capital expenditures for the quarter and six months ended March 31, 2025, include accounts payable and accrued liabilities related to capital expenditures of $44.8 million, $2.4 million, $6.8 million, and $4.8 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2025, since they represent non-cash investing activities at that date.
    (2)   Capital expenditures for the six months ended March 31, 2025, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the six months ended March 31, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2025.
    (3)   Capital expenditures for the quarter and six months ended March 31, 2024, include accounts payable and accrued liabilities related to capital expenditures of $44.4 million, $5.0 million, $5.5 million, and $8.0 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at March 31, 2024, since they represented non-cash investing activities at that date.
    (4)   Capital expenditures for the six months ended March 31, 2024, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the six months ended March 31, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2024.
         
    DEGREE DAYS                                  
                              Percent Colder
                              (Warmer) Than:
    Three Months Ended March 31,   Normal       2025       2024     Normal(1)     Last Year(1)  
    Buffalo, NY(2)   3,226       3,116       2,705       (3.4 )     15.2  
    Erie, PA   3,023       3,017       2,576       (0.2 )     17.1  
                                       
    Six Months Ended March 31,                                  
    Buffalo, NY(2)   5,352       5,000       4,563       (6.6 )     9.6  
    Erie, PA   4,917       4,714       4,240       (4.1 )     11.2  
                                       
    (1)   Percents compare actual 2025 degree days to normal degree days and actual 2025 degree days to actual 2024 degree days.
    (2)   Normal degree days changed from NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in New York effective October 2024.
         
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                           
    EXPLORATION AND PRODUCTION INFORMATION
                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
              Increase           Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
                           
    Gas Production/Prices:                      
    Production (MMcf)                      
    Appalachia   105,514       102,883       2,631       203,232       203,640       (408 )
                           
    Average Prices (Per Mcf)                      
    Weighted Average $ 3.02     $ 1.98     $ 1.04     $ 2.64     $ 2.14     $ 0.50  
    Weighted Average after Hedging $ 2.94     $ 2.56     $ 0.38     $ 2.74     $ 2.53     $ 0.21  
                           
    Selected Operating Performance Statistics:                      
    General and Administrative Expense per Mcf(1) $ 0.18     $ 0.17     $ 0.01     $ 0.19     $ 0.17     $ 0.02  
    Lease Operating and Transportation Expense per Mcf(1)(2) $ 0.67     $ 0.68     $ (0.01 )   $ 0.67     $ 0.67     $ —  
    Depreciation, Depletion and Amortization per Mcf(1) $ 0.61     $ 0.71     $ (0.10 )   $ 0.63     $ 0.71     $ (0.08 )
                           
    (1)   Refer to page 15 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.
    (2)   Amounts include transportation expense of $0.57 per Mcf for the three months ended March 31, 2025 and March 31, 2024. Amounts include transportation expense of $0.57 per Mcf for the six months ended March 31, 2025 and March 31, 2024.
         
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    Pipeline and Storage Throughput – (millions of cubic feet – MMcf)            
                                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Firm Transportation – Affiliated   49,240       42,561       6,679       81,110       74,056       7,054  
    Firm Transportation – Non-Affiliated   185,490       179,697       5,793       356,502       348,303       8,199  
    Interruptible Transportation   454       1,271       (817 )     515       1,389       (874 )
        235,184       223,529       11,655       438,127       423,748       14,379  
                                           
    Gathering Volume – (MMcf)                                      
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Gathered Volume   129,771       125,565       4,206       250,732       249,388       1,344  
                                           
                                           
    Utility Throughput – (MMcf)                                      
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Retail Sales:                                      
    Residential Sales   32,111       27,063       5,048       50,587       45,045       5,542  
    Commercial Sales   5,420       4,293       1,127       8,339       7,093       1,246  
    Industrial Sales   302       190       112       501       327       174  
        37,833       31,546       6,287       59,427       52,465       6,962  
    Transportation   25,086       22,637       2,449       42,028       40,166       1,862  
        62,919       54,183       8,736       101,455       92,631       8,824  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
     

    In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted operating results, adjusted EBITDA and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

    Management defines adjusted operating results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel’s reported GAAP earnings to adjusted operating results for the three and six months ended March 31, 2025 and 2024:

      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands except per share amounts)   2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 261,344     $ 299,292  
    Items impacting comparability:              
    Impairment of assets (E&P)   —       —       141,802       —  
    Tax impact of impairment of assets   —       —       (37,169 )     —  
    Premiums paid on early redemption of debt (E&P / Midstream)   2,385       —       2,385       —  
    Tax impact of premiums paid on early redemption of debt   (642 )     —       (642 )     —  
    Unrealized (gain) loss on derivative asset (E&P)   335       (536 )     684       3,662  
    Tax impact of unrealized (gain) loss on derivative asset   (90 )     147       (184 )     (1,004 )
    Unrealized (gain) loss on other investments (Corporate / All Other)   (17 )     (769 )     2,600       (1,818 )
    Tax impact of unrealized (gain) loss on other investments   4       162       (546 )     382  
    Adjusted Operating Results $ 218,333     $ 165,276     $ 370,274     $ 300,514  
                   
    Reported GAAP Earnings Per Share $ 2.37     $ 1.80     $ 2.86     $ 3.24  
    Items impacting comparability:              
    Impairment of assets, net of tax (E&P)   —       —       1.14       —  
    Premiums paid on early redemption of debt, net of tax (E&P / Midstream)   0.02       —       0.02       —  
    Unrealized (gain) loss on derivative asset, net of tax (E&P)   —       —       0.01       0.03  
    Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)   —       (0.01 )     0.02       (0.02 )
    Rounding   —       —       0.01       —  
    Adjusted Operating Results Per Share $ 2.39     $ 1.79     $ 4.06     $ 3.25  
     

    Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel’s reported GAAP earnings to adjusted EBITDA for the three and six months ended March 31, 2025 and 2024:

      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands)   2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 261,344     $ 299,292  
    Depreciation, Depletion and Amortization   111,277       118,935       220,647       234,725  
    Other (Income) Deductions   (15,232 )     (6,070 )     (22,952 )     (9,801 )
    Interest Expense   44,757       35,089       82,500       69,825  
    Income Taxes   71,369       55,332       82,551       98,419  
    Impairment of Assets   —       —       141,802       —  
    Adjusted EBITDA $ 428,529     $ 369,558     $ 765,892     $ 692,460  
                   
    Adjusted EBITDA by Segment              
    Pipeline and Storage Adjusted EBITDA $ 70,169     $ 70,033     $ 141,122     $ 129,174  
    Gathering Adjusted EBITDA   52,748       53,103       104,685       106,164  
    Total Midstream Businesses Adjusted EBITDA   122,917       123,136       245,807       235,338  
    Exploration and Production Adjusted EBITDA   214,350       172,068       370,994       332,038  
    Utility Adjusted EBITDA   95,270       78,326       155,935       131,694  
    Corporate and All Other Adjusted EBITDA   (4,008 )     (3,972 )     (6,844 )     (6,610 )
    Total Adjusted EBITDA $ 428,529     $ 369,558     $ 765,892     $ 692,460  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
    SEGMENT ADJUSTED EBITDA
     
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands)   2025       2024       2025       2024  
    Exploration and Production Segment              
    Reported GAAP Earnings $ 97,828     $ 62,065     $ 51,051     $ 114,548  
    Depreciation, Depletion and Amortization   64,622       73,448       127,925       145,413  
    Other (Income) Deductions   (138 )     (1,270 )     (447 )     141  
    Interest Expense   17,040       15,108       32,240       30,377  
    Income Taxes   34,998       22,717       18,423       41,559  
    Impairment of Assets   —       —       141,802       —  
    Adjusted EBITDA $ 214,350     $ 172,068     $ 370,994     $ 332,038  
                   
    Pipeline and Storage Segment              
    Reported GAAP Earnings $ 31,707     $ 30,737     $ 64,162     $ 54,792  
    Depreciation, Depletion and Amortization   18,547       19,490       37,132       37,704  
    Other (Income) Deductions   (2,746 )     (3,303 )     (5,738 )     (6,493 )
    Interest Expense   11,700       12,119       23,428       23,843  
    Income Taxes   10,961       10,990       22,138       19,328  
    Adjusted EBITDA $ 70,169     $ 70,033     $ 141,122     $ 129,174  
                   
    Gathering Segment              
    Reported GAAP Earnings $ 26,342     $ 28,706     $ 53,487     $ 57,531  
    Depreciation, Depletion and Amortization   10,834       9,611       21,349       19,068  
    Other (Income) Deductions   (93 )     (81 )     (151 )     (162 )
    Interest Expense   5,784       3,701       9,995       7,431  
    Income Taxes   9,881       11,166       20,005       22,296  
    Adjusted EBITDA $ 52,748     $ 53,103     $ 104,685     $ 106,164  
                   
    Utility Segment              
    Reported GAAP Earnings $ 63,544     $ 44,739     $ 96,043     $ 71,289  
    Depreciation, Depletion and Amortization   17,135       16,268       33,962       32,305  
    Other (Income) Deductions   (13,013 )     (2,197 )     (19,412 )     (4,577 )
    Interest Expense   10,927       8,528       21,643       16,986  
    Income Taxes   16,677       10,988       23,699       15,691  
    Adjusted EBITDA $ 95,270     $ 78,326     $ 155,935     $ 131,694  
                   
    Corporate and All Other              
    Reported GAAP Earnings $ (3,063 )   $ 25     $ (3,399 )   $ 1,132  
    Depreciation, Depletion and Amortization   139       118       279       235  
    Other (Income) Deductions   758       781       2,796       1,290  
    Interest Expense   (694 )     (4,367 )     (4,806 )     (8,812 )
    Income Taxes   (1,148 )     (529 )     (1,714 )     (455 )
    Adjusted EBITDA $ (4,008 )   $ (3,972 )   $ (6,844 )   $ (6,610 )
     

    Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

    The MIL Network –

  • MIL-OSI: CLIMATEROCK ANNOUNCES ADJOURNMENT OF SHAREHOLDER MEETING TO 11:00 AM EASTERN TIME MAY 1, 2025

    Source: GlobeNewswire (MIL-OSI)

    London, April 30, 2025 (GLOBE NEWSWIRE) — ClimateRock (“ClimateRock” or the “Company”) (OTC: “CLRCF”, “CLRUF”, “CLRWF”, “CLRRF”) announced today that, in connection with the Company’s extraordinary general meeting of shareholders (the “Special Meeting”) to consider and approve, among other things, an extension of time for the Company to consummate an initial business combination from May 2, 2025 to November 2, 2025, or such earlier date as determined by the Company’s board of directors (the “Extension”), the Company is adjourning the Special Meeting from 12:00 p.m. Eastern time on Wednesday, April 30, 2025, to 11:00 a.m. Eastern time on Thursday, May 1, 2025. 

    As a result of this change, the deadline for holders of the Company’s Class A ordinary shares issued in the Company’s initial public offering to submit their shares for redemption in connection with the Extension, is being extended to 9:00 a.m., Eastern time, on Thursday, May 1, 2025.

    About ClimateRock

    ClimateRock is a special purpose acquisition company led by Chairman, Charles Ratelband, and CEO, Per Regnarsson, and is incorporated as a Cayman Islands exempted company for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses in any industry or geographic location, but it is focused on acquiring a target within the sustainable energy industry in the Organization for Economic Co-operation and Development countries, including climate change, environment, renewable energy and emerging, clean technologies. For more information, please visit Driving The Energy Transition – ClimateRock (climate-rock.com).

    Forward-Looking Statements

    This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. These forward-looking statements and factors that may cause such differences include, without limitation, uncertainties relating to the Company’s shareholder approval of the Extension, its inability to complete an initial business combination within the required time period or, and other risks and uncertainties indicated from time to time in filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading “Risk Factors” and in other reports the Company has filed, or to be filed, with the SEC. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

    Participants in the Solicitation

    ClimateRock and its directors, executive officers, other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the securityholders of the Company in favor of the approval of the proposals to be presented to shareholders at the Special Meeting. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of the Company’s directors and officers in the Company’s definitive proxy statement filed with the SEC on April 17, 2025 (as may be amended, the “Proxy Statement”), which may be obtained free of charge from the sources indicated above.

    No Offer or Solicitation

    This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Extension. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act or an exemption therefrom.

    Additional Information and Where to Find It

    ClimateRock urges investors, shareholders and other interested persons to read the Proxy Statement as well as other documents filed by the Company with the SEC, because these documents will contain important information about the Company and the Extension. Shareholders may obtain copies of the Proxy Statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to: Advantage Proxy, Inc., P.O. Box 10904, Yakima, WA 98909, Attn: Karen Smith.

    INVESTOR RELATIONS CONTACT

    ClimateRock
    Phone number: +44 208 050 7820
    Email: info@climate-rock.com 

    The MIL Network –

  • MIL-OSI: COMSTOCK RESOURCES, INC. REPORTS FIRST QUARTER 2025 FINANCIAL AND OPERATING RESULTS

    Source: GlobeNewswire (MIL-OSI)

    FRISCO, TX, April 30, 2025 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the quarter ended March 31, 2025.

    Highlights of 2025‘s First Quarter

    • Higher natural gas prices in the first quarter drove improved financial results in the quarter.
      • Natural gas and oil sales, including realized hedging gains, were $405 million for the quarter.
      • Operating cash flow was $239 million or $0.81 per diluted share.
      • Adjusted EBITDAX for the quarter was $293 million.
      • Adjusted net income was $53.8 million or $0.18 per diluted share for the quarter.
    • Comstock resumed completion activity in late 2024 allowing it to turn fourteen (11.3 net) operated wells to sales since the last update with an average per well initial production rate of 25 MMcf per day.
    • The successful results of Comstock’s step out Western Haynesville well drilled in Freestone County, Texas substantially extended the success the Company has had in proving up its Western Haynesville acreage.

    Financial Results for the Three Months Ended March 31, 2025

    Natural gas prices improved substantially in the first quarter of 2025 and Comstock realized $3.58 per Mcf before hedging and $3.52 per Mcf after hedging for its natural gas production of 115 Bcf in the quarter. Comstock’s natural gas and oil sales in the first quarter of 2025 increased to $405.0 million (including realized hedging losses of $8.0 million). Operating cash flow (excluding changes in working capital) generated in the first quarter of 2025 was $239.0 million, and net loss for the first quarter was $115.4 million or $0.40 per share. The net loss in the quarter included a pre-tax $322.4 million unrealized loss on hedging contracts held for price risk management resulting from the rise in future natural gas prices since the end of 2024. Excluding this item and exploration expense, adjusted net income for the first quarter of 2025 was $53.8 million, or $0.18 per diluted share.

    Comstock’s production cost per Mcfe in the first quarter averaged $0.83 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.30 for lease operating costs, $0.10 for production and other taxes and $0.06 for cash general and administrative expenses. Comstock’s unhedged operating margin was 77% in the first quarter of 2025 and 76% after hedging.

    Drilling Results

    Comstock drilled seven (6.9 net) operated horizontal Haynesville/Bossier shale wells in the first quarter of 2025, which had an average lateral length of 11,660 feet. Comstock turned eleven (8.3 net) operated wells to sales in the first quarter of 2025.

    Since its last operational update in February, Comstock has turned fourteen (11.3 net) operated Haynesville/Bossier shale wells to sales. These wells had initial production rates that averaged 25 MMcf per day. The completed lateral length of these wells averaged 12,220 feet. Included in the wells turned to sales was our first Western Haynesville well drilled in Freestone county, the Olajuwon Pickens #1, which had a 10,306 foot completed lateral. This well is 24.4 miles away from the closest producing Western Haynesville well and represents a major milestone in Comstock’s progress in delineating its Western Haynesville acreage. The Olajuwon Pickens #1 was turned to sales at an initial production rate of 41 MMcf per day.

    Other

    On April 29, 2025, Comstock also announced that its bank group reaffirmed the $2.0 billion borrowing base under its $1.5 billion revolving credit facility.

    Earnings Call Information

    Comstock has planned a conference call for 10:00 a.m. Central Time on May 1, 2025, to discuss the first quarter 2025 operational and financial results. Investors wishing to listen should visit the Company’s website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:
    https://register-conf.media-server.com/register/BIe794f2ba5583499f970858176fd39094.
    Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/99m3j47q.

    If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on May 1, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/99m3j47q.

    This press release may contain “forward-looking statements” as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties which could cause actual results to differ materially from those described herein. Although the Company believes the expectations in such statements to be reasonable, there can be no assurance that such expectations will prove to be correct. Information concerning the assumptions, uncertainties and risks that may affect the actual results can be found in the Company’s filings with the Securities and Exchange Commission (“SEC”) available on the Company’s website or the SEC’s website at sec.gov.

    Comstock Resources, Inc. is a leading independent natural gas producer with operations focused on the development of the Haynesville shale in North Louisiana and East Texas. The Company’s stock is traded on the New York Stock Exchange under the symbol CRK.

    COMSTOCK RESOURCES, INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share amounts)

        Three Months Ended
    March 31,    		  
        2025     2024  
    Revenues:            
    Natural gas sales   $ 412,286     $ 287,083  
    Oil sales     702       876  
    Total natural gas and oil sales     412,988       287,959  
    Gas services     99,866       47,813  
    Total revenues     512,854       335,772  
    Operating expenses:            
    Production and ad valorem taxes     11,179       17,908  
    Gathering and transportation     42,617       47,099  
    Lease operating     35,000       35,072  
    Exploration     2,150       —  
    Depreciation, depletion and amortization     167,891       190,689  
    Gas services     116,769       48,680  
    General and administrative     11,080       9,171  
    Total operating expenses     386,686       348,619  
    Operating income (loss)     126,168       (12,847 )
    Other income (expenses):            
    Gain (loss) from derivative financial instruments     (330,339 )     39,307  
    Other income     339       331  
    Interest expense     (54,837 )     (49,557 )
    Total other expenses     (384,837 )     (9,919 )
    Loss before income taxes     (258,669 )     (22,766 )
    Benefit from income taxes     143,276       8,292  
    Net loss     (115,393 )     (14,474 )
    Net income attributable to noncontrolling interest     (5,885 )     (1,847 )
    Net loss available to the Company   $ (121,278 )   $ (16,321 )
                 
    Net loss per share            
    Basic   $ (0.40 )   $ (0.05 )
    Diluted   $ (0.40 )   $ (0.05 )
    Weighted average shares outstanding:            
    Basic     290,303       277,962  
    Diluted     290,303       277,962  

    COMSTOCK RESOURCES, INC.
    OPERATING RESULTS
    (In thousands, except per unit amounts)

        Three Months Ended March 31,  
        2025     2024  
    Natural gas production (MMcf)     115,029       139,443  
    Oil production (Mbbls)     10       12  
    Total production (MMcfe)     115,091       139,515  
                 
    Natural gas sales   $ 412,286     $ 287,083  
    Natural gas hedging settlements (1)     (7,959 )     47,995  
    Total natural gas including hedging     404,327       335,078  
    Oil sales     702       876  
    Total natural gas and oil sales including hedging   $ 405,029     $ 335,954  
                 
    Average natural gas price (per Mcf)   $ 3.58     $ 2.06  
    Average natural gas price including hedging (per Mcf)   $ 3.52     $ 2.40  
    Average oil price (per barrel)   $ 70.20     $ 73.00  
    Average price (per Mcfe)   $ 3.59     $ 2.06  
    Average price including hedging (per Mcfe)   $ 3.52     $ 2.41  
                 
    Production and ad valorem taxes   $ 11,179     $ 17,908  
    Gathering and transportation     42,617       47,099  
    Lease operating     35,000       35,072  
    Cash general and administrative (2)     6,640       5,755  
    Total production costs   $ 95,436     $ 105,834  
                 
    Production and ad valorem taxes (per Mcfe)   $ 0.10     $ 0.13  
    Gathering and transportation (per Mcfe)     0.37       0.34  
    Lease operating (per Mcfe)     0.30       0.25  
    Cash general and administrative (per Mcfe)     0.06       0.04  
    Total production costs (per Mcfe)   $ 0.83     $ 0.76  
                 
    Unhedged operating margin     77 %     63 %
    Hedged operating margin     76 %     68 %
                 
    Gas services revenue   $ 99,866     $ 47,813  
    Gas services expenses     116,769       48,680  
    Gas services margin   $ (16,903 )   $ (867 )
                 
    Natural Gas and Oil Capital Expenditures:            
    Unproved property acquisitions   $ 9,684     $ 69,444  
    Total natural gas and oil properties acquisitions   $ 9,684     $ 69,444  
    Exploration and Development:            
    Development leasehold   $ 3,556     $ 3,938  
    Exploratory drilling and completion     100,107       106,456  
    Development drilling and completion     145,578       145,793  
    Other development costs     515       37  
    Total exploration and development capital expenditures   $ 249,756     $ 256,224  

    (1)    Included in gain (loss) from derivative financial instruments in operating results.

    (2)    Excludes stock-based compensation.

    COMSTOCK RESOURCES, INC.
    NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share amounts)

        Three Months Ended
    March 31,    		  
        2025     2024  
    ADJUSTED NET INCOME (LOSS):            
    Net loss   $ (115,393 )   $ (14,474 )
    Unrealized loss from derivative financial instruments     322,380       8,688  
    Exploration expense     2,150       —  
    Adjustment to income taxes     (155,292 )     (2,752 )
    Adjusted net income (loss)   $ 53,845     $ (8,538 )
                 
    Adjusted net income (loss) per share (2)   $ 0.18     $ (0.03 )
    Diluted shares outstanding     293,633       277,962  
                 
                 
    ADJUSTED EBITDAX:            
    Net loss   $ (115,393 )   $ (14,474 )
    Interest expense     54,837       49,557  
    Income taxes     (143,276 )     (8,292 )
    Depreciation, depletion, and amortization     167,891       190,689  
    Exploration     2,150       —  
    Unrealized loss from derivative financial instruments     322,380       8,688  
    Stock-based compensation     4,442       3,415  
    Total Adjusted EBITDAX (3)   $ 293,031     $ 229,583  

    (1)   Adjusted net income (loss) is presented because of its acceptance by investors and by Comstock management as an indicator of the Company’s profitability excluding non-cash unrealized gains and losses on derivative financial instruments, exploration expense and other unusual items.

    (2)   Adjusted net income (loss) per share is calculated to include the dilutive effects of unvested restricted stock pursuant to the two-class method and performance stock units pursuant to the treasury stock method.

    (3)   Adjusted EBITDAX is presented in the earnings release because management believes that adjusted EBITDAX, which represents Comstock’s results from operations before interest, income taxes, and certain non-cash items, including depreciation, depletion and amortization, unrealized gains and losses on derivative financial instruments and exploration expense, is a common alternative measure of operating performance used by certain investors and financial analysts.

    COMSTOCK RESOURCES, INC.
    NON-GAAP FINANCIAL MEASURES
    (In thousands)

        Three Months Ended
    March 31,    		  
        2025     2024  
    OPERATING CASH FLOW (1):            
    Net loss   $ (115,393 )   $ (14,474 )
    Reconciling items:            
    Unrealized loss from derivative financial instruments     322,380       8,688  
    Deferred income taxes     (143,276 )     (8,287 )
    Depreciation, depletion and amortization     167,891       190,689  
    Amortization of debt discount and issuance costs     2,944       1,984  
    Stock-based compensation     4,442       3,415  
    Operating cash flow   $ 238,988     $ 182,015  
    (Increase) decrease in accounts receivable     (33,660 )     99,418  
    Decrease in other current assets     559       5,576  
    Decrease in accounts payable and accrued expenses     (31,141 )     (115,470 )
    Net cash provided by operating activities   $ 174,746     $ 171,539  
        Three Months Ended
    March 31,    		  
        2025     2024  
    FREE CASH FLOW (DEFICIT)(2):            
    Operating cash flow   $ 238,988     $ 182,015  
    Less:            
    Exploration and development capital expenditures     (249,756 )     (256,224 )
    Midstream capital expenditures     (48,668 )     (5,298 )
    Other capital expenditures     (86 )     (29 )
    Contributions from midstream partner     59,500       6,000  
    Free cash deficit from operations   $ (22 )   $ (73,536 )
    Acquisitions     (9,684 )     (69,444 )
    Free cash deficit after acquisitions   $ (9,706 )   $ (142,980 )

    (1)   Operating cash flow is presented in the earnings release because management believes it to be useful to investors as a common alternative measure of cash flows which excludes changes to other working capital accounts.

    (2)   Free cash deficit from operations and free cash deficit after acquisitions are presented in the earnings release because management believes them to be useful indicators of the Company’s ability to internally fund acquisitions and debt maturities after exploration and development capital expenditures, midstream and other capital expenditures, contributions from its midstream partner, proved and unproved property acquisitions, and proceeds from divestiture of natural gas and oil properties.

    COMSTOCK RESOURCES, INC.
    CONSOLIDATED BALANCE SHEETS
    (In thousands)

        March 31,
    2025    		     December 31,
    2024    		  
    ASSETS            
    Cash and cash equivalents   $ 32,875     $ 6,799  
    Accounts receivable     208,506       174,846  
    Derivative financial instruments     —       4,865  
    Other current assets     97,595       97,524  
    Total current assets     338,976       284,034  
    Property and equipment, net     5,828,842       5,688,389  
    Goodwill     335,897       335,897  
    Operating lease right-of-use assets     97,832       73,777  
        $ 6,601,547     $ 6,382,097  
                 
    LIABILITIES AND STOCKHOLDERS’ EQUITY            
    Accounts payable   $ 433,797     $ 421,814  
    Accrued costs     113,231       146,173  
    Operating leases     47,256       35,927  
    Derivative financial instruments     263,796       8,940  
    Total current liabilities     858,080       612,854  
    Long-term debt     3,050,034       2,952,090  
    Deferred income taxes     201,841       345,116  
    Derivative financial instruments     129,416       66,757  
    Long-term operating leases     50,485       37,740  
    Asset retirement obligation     34,507       33,996  
    Total liabilities     4,324,363       4,048,553  
    Stockholders’ Equity:            
    Common stock     146,460       146,130  
    Additional paid-in capital     1,367,696       1,366,274  
    Accumulated earnings     607,341       728,619  
    Total stockholders’ equity attributable to Comstock     2,121,497       2,241,023  
    Noncontrolling interest     155,687       92,521  
    Total stockholders’ equity     2,277,184       2,333,544  
        $ 6,601,547     $ 6,382,097  

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