Category: Energy

MIL-OSI China: Chinese business delegation visits Qatar

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

DOHA, Feb. 24 — A Chinese business delegation, organized by the China Council for the Promotion of International Trade (CCPIT), visited Qatar from Saturday to Monday to boost bilateral economic and trade ties and promote mutually beneficial cooperation.

The visit featured extensive talks between the delegation led by CCPIT Vice President Yu Jianlong and Qatari officials and business leaders, including those from the Investment Promotion Agency Qatar and QatarEnergy, and resulted in several cooperation agreements.

The delegation briefed Qatari political and business figures on China’s economic outlook and its latest opening-up measures.

It voiced readiness to level up practical business and industrial cooperation between the two countries, actively deepen and consolidate the Belt and Road cooperation, and strengthen bilateral cooperation under such frameworks as the China-Arab States Summit.

It also welcomed the Qatari business community to participate in the third China International Supply Chain Expo to be held in Beijing from July 16 to 20 to deepen bilateral industrial and supply chain cooperation.

MIL OSI China News –

February 25, 2025
MIL-OSI Security: Companies That Own and Operate Bulk Carrier Guilty, Sentenced For Environmental Crimes

Source: Office of United States Attorneys

NEW ORLEANS, LOUISIANA – Acting United States Attorney Michael M. Simpson announced that two companies that owned and operated the bulk carrier M/V ASL Singapore—ASL Singapore Shipping Limited and Jia Feng Shipping (Fuzhou) Limited — pled guilty on February 20, 2025 to knowingly violating the Act to Prevent Pollution from Ships (APPS), and obstruction of justice related to the falsification of the vessel’s Oil Record Book, a required log.

The guilty pleas occurred before U.S. District Judge Jay C. Zainey. The companies were sentenced during the same proceeding. Pursuant to the court approved plea agreement, the companies were fined a total of $1.85 million and are banned from operating in the United States in the future. Separate charges were filed against Fei Wang, a Chinese national who was the ship’s Chief Engineer. Wang pled guilty and was sentenced on January 24, 2025.

The criminal case stems from a routine U.S. Coast Guard inspection, which revealed that the crew had been using a portable pump and flexible hose—a so-called magic pipe—to dispose of oily bilge water. This action constituted a violation of MARPOL, the International Convention for the Prevention of Pollution from Ships, coupled with the vessel’s failure to use the appropriate pollution prevention equipment and monitoring. Crew members presented the vessel’s Oil Record Books to the Coast Guard knowing they contained fraudulent entries and omitted information about discharging oily bilge water directly overboard before arriving in the United States. The falsified logs were intended to conceal that since at least June 2023, the crew had dumped oily bilge water overboard directly from the bilge holding tank and was non- compliant with international treaties regulating oil pollution from ships.

ASL Singapore Shipping Limited is based in The Republic of the Marshall Islands, and Jia Feng is based in China. The corporations were each charged with two felonies: an APPS violation and obstruction of justice.

The Coast Guard Investigative Service and the EPA Criminal Investigations Division investigated the case with assistance from U.S. Coast Guard Sector New Orleans. Assistant U.S. Attorneys Christine M. Calogero and G. Dall Kammer of the General Crimes Unit are prosecuting the case.

MIL Security OSI –

February 25, 2025
MIL-OSI NGOs: ‘Drill Baby, Drill’: Report shows Woodside hell-bent on profit while people and nature pay the price

Source: Greenpeace Statement –

SYDNEY/PERTH, Tuesday 25 February 2025 — Greenpeace Australia Pacific has condemned gas corporation Woodside’s annual earnings announcement today, saying its billion dollar profits come at the expense of Australian communities and nature on the frontlines of extreme weather disasters.

The fossil fuel multinational reported AUD$3.57 billion in net profits after tax for 2024, a 115% year-on-year increase, as output rose to a record high.

Joe Rafalowicz, Head of Climate and Energy at Greenpeace Australia Pacific, said: “With so many Australians struggling to pay for groceries or rent as the cost of living crisis rages on, it’s not right that fossil fuel corporations are raking in billions from destroying our planet.

“Communities across Australia are reeling from the extreme weather disasters unfolding every summer, which the Insurance Council estimates will cost $35.2 billion a year by 2050. It is immoral for fossil fuel corporations like Woodside to toast their profits today, while people on the frontlines are left to pick up the tab when floods or bushfires destroy their homes.

“As Ningaloo Reef suffers another mass coral bleaching, Woodside is hell-bent to ‘Drill Baby, Drill’ for even more polluting gas at neighbouring Scott Reef. We must not allow the nature we love to become another victim of the fossil fuel industry’s endless pursuit of profit.

“The era of rampant corporate greed must end — it’s time for fossil fuel polluters to pay for the climate destruction they are unleashing on communities in Australia, the Pacific and around the world. We must hold polluters like Woodside accountable for their propaganda and for knowingly holding back climate action in this country.

“Let’s invest in the proven climate solutions we have right now — renewable wind and solar energy backed by storage. Greenpeace will continue to advocate for clean, safe, affordable renewable energy that will reduce global emissions and ensure a livable planet for all.”

Policies to make polluters pay are gaining momentum around the world, with governments including New York and Vermont introducing legislation forcing fossil fuel companies to pay for the climate destruction caused by their emissions.

-ENDS-

For more information or interviews contact Kate O’Callaghan on 0406 231 892 or [email protected]

MIL OSI NGO –

February 25, 2025
MIL-OSI Australia: How pumped hydro can provide the stability Australia’s energy transition needs
Source: Allens Insights

A reliable, durable and large-scale storage solution 10 min read

Australia’s favourable natural geographical landscape and abundance of retiring mine sites provide a unique opportunity for pumped hydro energy storage (PHES) to play a key role in driving the energy transition in this country. By delivering consistent, long-duration, dispatchable capacity during peak demand, PHES can help stabilise the system when other technologies may struggle.

The past two years have seen a surge in the uptake of battery energy storage systems (BESS). However, firming assets such as BESS and intermittent generators such as wind and solar are constrained by weather conditions, redundancy and, in the case of BESS, capacity and duration limits. These constraints highlight the need for a more reliable, durable, large-scale storage solution to complement the other technologies.

In the first part of our pumped hydro Insight series, we explore the drivers behind the growing uptake of PHES in Australia, and highlight key considerations for developers, investors, financiers, contractors and other stakeholders assessing such projects.

Key takeaways
- There is growing interest in PHES as a long-term, firm, long-duration dispatchable asset that is unconstrained by weather, technology, asset life or capacity limitations.
- Approximately 20 PHES projects are actively being developed in Australia, with over 22,000 sites identified as suitable for a PHES.
- PHES projects are capital intensive and inherently complex in their planning, procurement, delivery and commercialisation. These factors necessitate careful planning, robust risk mitigation strategies and proactive engagement with stakeholders to ensure the success of PHES over the long term.
What’s driving the uptake of PHES in Australia?

There is no doubt that interest in PHES as an energy generation and storage solution is growing. There are a number of key drivers behind this.

While BESS are an important part of the storage solution, they have limitations. Most BESS projects range between 200MW and 500MW, with larger projects, such as Melbourne Renewable Energy Hub’s 1,200MW battery, still only half the size of Snowy Hydro 2.0’s 2,200MW project. BESS typically provide around four hours of dispatchable energy before needing to recharge, while PHES can deliver up to 175 hours.

BESS also have a shorter asset life of around 20 years, with a steady degradation profile down to 60–70% of the nameplate capacity over time, whereas PHES projects are designed to last over 50 years. While BESS technology is still maturing on a utility scale, PHES has a long-established track record and doesn’t face the same fire risk, making it a more sustainable option for long-term energy storage.

In 2017, the Australian Renewable Energy Agency and the Australian National University identified 22,000 potential ‘bluefield’ PHES sites across Australia, with an estimated energy storage capacity of 67,000GWh. Many of these sites are in areas with natural elevation differences that facilitate the construction of connected upper and lower reservoirs with minimal excavation. The proximity of these sites to natural water sources, such as rivers and dams, would allow these projects to leverage existing water systems to create the necessary reservoirs.

PHES can also take a ‘closed-loop’ form, where water is transported to a site away from existing river systems and cycled between the two reservoirs. This type of system can be located where topographical features support it, allowing for new PHES facilities to be co-located with solar and wind generation projects in renewable energy zones, boosting grid reliability in those areas.

The planned and accelerated closure of mine sites presents a unique opportunity for owners to repurpose aging mines into PHES projects. Sites such as Kidston, Mt Rawdon and Muswellbrook show how former mine sites can be transformed into PHES facilities, capitalising on rehabilitation obligations and the potential for long-term, revenue-generating assets.

Australia has over 60,000 abandoned mine sites, posing challenges for owners who must manage costly rehabilitation efforts on non-revenue-generating assets. With around 75% of mine closures being unplanned or premature, there is an opportunity to repurpose these sites into valuable operational assets. Many of these sites have existing excavated pits that can be used as reservoirs for closed-loop PHES, reducing excavation risk costs and supporting mining companies’ rehabilitation goals through sustainable energy projects.

The Federal Government and most state governments are supporting private sector-led PHES projects through grants, concessional debt, revenue underwrites and streamlined approvals processes.

In NSW, EnergyCo’s Pumped Hydro Recoverable Grants Program, which is part of the Electricity Infrastructure Roadmap, helps developers with the cost of early-stage feasibility studies. Additionally, developers can tender for Long-Term Energy Service Agreements (LTESA) in NSW and the Capacity Investment Scheme (CIS) across Australia. The NSW Energy Security Corporation (which received $1 billion in funding and will act as the state equivalent of the Clean Energy Finance Corporation) has been mandated to investigate co-investment opportunities with the private sector on energy storage projects, including PHES.

Although no LTESA or CIS have been awarded to a PHES project yet, the NSW Government has shown strong long-term support for long-duration storage with an updated position to the Electricity Infrastructure Investment Act 2020 (NSW). By retaining the minimum dispatch duration definition at eight hours and broadening the long-duration storage LTESA assessment criteria, PHES projects are positioned to benefit from future government support. Similarly, under the proposed South Australian Firm Energy Reliability Mechanism, PHES projects offering dispatchable energy for at least eight hours will be able to bid for contracts to underwrite a portion of their revenue, complementing other state and federal policies.

After the infrastructure boom of the past decade, the pace of the transport infrastructure sector has slowed, while demand for energy infrastructure has risen. Civil contractors with experience in metro, rail and road projects are now focusing on energy projects to capitalise on the available work.

The civil infrastructure required for PHES, such as deep excavation, tunnelling and the construction of underground caverns and access routes, is similar to that required for transport infrastructure. Contractors with heavy engineering, excavation and tunnelling experience, and an available workforce, are well positioned to apply their skills to PHES projects.

What challenges are emerging?
Despite strong drivers and the promising potential of PHES, the uptake and reaching contract close of PHES transactions has lagged behind short to medium duration BESS, wind and solar projects.

PHES projects are inherently complex and capital intensive, with several key challenges emerging.
PHES projects typically require large areas of land, which can lead to complex environmental impacts, particularly biodiversity, water resources and, potentially, cultural heritage, and significant challenges with site access and spoil management. As a result, they require more detailed environmental impact assessments and complex approvals processes compared with BESS projects. In addition to state planning approval and environmental licences, PHES projects often require approval under the Environment Protection and Biodiversity Conservation Act 1999 (Cth), as well as being subject to any remediation obligations under any relevant mining tenements and approvals if located on a mine site.

Securing land tenure is another significant challenge, especially when land is required within national parks, is over land held by Aboriginal land councils or land where native title is still active.

Water entitlements and licences, crucial for establishing reservoirs, are also a key consideration, particularly for closed-loop projects. While some states, such as NSW, have introduced a special category of water licences for initial fills, these licences may come with restrictions that limit pumping from nearby water sources to periods of high flow, presenting programming challenges. In addition to securing the necessary approvals and resources, early engagement with traditional owners, landowners and local communities is essential for obtaining a social licence to operate.

We have seen a continuing shift in risk transfer across energy and infrastructure. For PHES, in particular, this has been driven by a limited pool of experienced civil contractors with PHES experience in Australia, a lack of competition among original equipment manufacturer suppliers, and supply chain impacts and increasing demand for energy projects. A consequence of this shift has been the growing use of disaggregated contract packages, including in PHES procurement.

By splitting contracts, developers can distribute risk among multiple parties and limit exposure to contractor insolvency, with each contractor focusing on their specialist area. Ideally, this improves quality and efficiency, at a more competitive price. However, this approach can create challenges, particularly for developers and financiers, introducing interface gap risks between the contractors, and resulting in smaller sizing for caps and security packages.

Transport infrastructure procurement has traditionally been driven by state governments, creating a concentrated and aligned purchasing power that drove well-understood risk profiles. The energy infrastructure market is comparatively more diffused, involving a mix of government and private developers, contractors of all tiers and international entrants. This has meant that ‘market standard’ positions are fluid and highly bespoke contracts are being developed.

An added complexity is that PHES procurement to date has been led by government-developers who are able to use collaborative commercial models with unfixed, variable cost elements. This is more difficult for private developers with limited funding sources who are required to demonstrate bankability to financiers. A balance will need to be struck between developers’ and financiers’ desire for firm pricing and transferred risk, with the contracting market’s calls for flexible, uncapped, commercial models.

The contractor-led market has brought with it a rise in collaborative contracting in the infrastructure sector and the market is evolving. As an example, NSW and Victoria have adopted incentivised target cost models in infrastructure procurement projects, and Snowy 2.0 shifted from a traditional engineering, procurement and construction model to an incentivised target cost model. While the rise in collaborative contracting has not involved a full-scale move from wrapped lump sum to alliance models, there is an increased focus on fair risk allocation, considering each party’s ability to manage risks.

In the PHES space, risk associated with input material costs, labour costs and underground work have been the particular focus of collaborative risk-sharing arrangements.

Input material and labour costs: PHES projects rely on significant quantities of materials such as concrete and steel, but supply chain issues and material cost escalation could increase project prices and timeframes. Additionally, the scale and construction duration of PHES projects requires substantial labour compared with other assets, with the remoteness of some projects potentially necessitating relocation packages and project-specific camps to attract skilled workers. Enterprise bargaining agreements can mitigate these challenges. However, the long construction period on PHES projects means that enterprise bargaining agreements are more likely to be renegotiated during delivery, reopening labour costs and creating the risk of industrial disputes. Given market changes, sensible and targeted risk-sharing mechanisms should be considered upfront to optimise value for money.

Underground work: PHES projects are complex and involve extensive subterranean work. While owners and developers can undertake geotechnical investigations prior to construction commencing, those have limitations, so a geotechnical risk-sharing mechanism is often needed. Geotechnical Baseline Reports are commonly used to set the agreed baseline conditions for tunnels and reservoirs, which serve as the test for any time or cost adjustments.

Site selection is crucial for PHES projects, as suitable locations are often farther from existing grid infrastructure, leading to higher and more variable grid connection costs compared with BESS projects. Developers must ensure clarity on connection fees payable by a developer to the relevant network service provider and carefully consider the terms of connection agreements.

Additionally, developers should be aware of the generator performance standards and how they align with other regulatory approvals for the project.

A key challenge for developers is monetising storage projects and accessing debt capital markets. In the second part of our pumped hydro Insight series, we will explore the challenges, considerations and opportunities that developers, financiers and stakeholders face in monetising and creating stable revenue streams for PHES projects. Stay tuned.
Actions that you can take now
If you are considering entering the PHES space, as either a developer, investor, contractor, or financier, it is important to consider the following:
- Strategic site selection: Rehabilitating existing assets, such as former mines or cleared agricultural sites with low biodiversity and cultural heritage value, and easy access water supply, may reduce planning delays, simplify environmental approval, and, for mine sites, limit the need for extensive excavation.
- Early engagement: Engage early with all relevant parties, including local government, the community, traditional owners, landholders, consent authorities, regulators, contractors, geotechnical experts, financiers and government programs. The work done early in the project, and through concept and procurement processes, is crucial to the success of your PHES project.
- Monitor the market: As more PHES projects emerge, market trends in commercial models, risk profiles and offtake strategies will evolve.
- Adapting to changing regulations and government policies: We expect the regulatory landscape and government policies will evolve to better support PHES projects. Staying updated on these changes will be key to your project’s success.
Keep an eye out for future Insights in the pumped hydro series, where we will expand further on the offtake and financing strategies that will underpin the bankability and revenue generation of PHES projects.
MIL OSI News –
February 25, 2025
MIL-OSI USA: Agency Commissioner Nominees Announced

Source: US State of New York

Governor Kathy Hochul today announced the nomination of three New York State agency commissioners. The Governor nominates Denise Miranda as Commissioner of the State Division of Human Rights, Amanda Lefton as Commissioner of the Department of Environmental Conservation; and Willow Baer as Commissioner of the State Office for People With Developmental Disabilities.

“As we work to make New York the best place to raise a family, it’s critical to have a team in place with the skills and experience to make that goal a reality,” Governor Hochul said. “These three nominees have proven themselves to be strong leaders with a record of achievement — and they will play a pivotal role leading these state agencies.”

About Commissioner Denise Miranda

Denise Miranda was appointed by Governor Kathy Hochul in March 2024 as the Acting Commissioner of the Division of Human Rights (DHR).

During her first year at the Division, Ms. Miranda initiated a complete overhaul of the Division’s intake operations, increased staffing by 40 percent in the first six months, expanded education and outreach initiatives and engaged in wholesale organizational change to ensure and protect the Division’s legacy of being the first state agency in the country dedicated to protecting human and civil rights. In November of 2024, she launched the first statewide “Call Out Hate” campaign to support the work of the Division’s Hate and Bias Prevention Unit, which was created to combat prejudice and discrimination. At the close of the Acting Commissioner’s first year at DHR and with the Governor’s support, DHR saw a 30 percent increase in the agency’s budget and actively worked to increase the agency’s prevention efforts while hastening its processes for investigation and adjudication of claims.

Prior to this, Acting Commissioner Miranda served as the Executive Director of the New York State Justice Center for the Protection of People with Special Needs for seven years. She oversaw the agency’s operations, which included investigations into abuse and neglect, criminal prosecutions, and administrative disciplinary proceedings. Under her leadership, the Justice Center managed the care of over one million individuals, with a workforce of more than 425 employees and a $41 million operating budget.

About Commissioner Amanda Lefton

Amanda Lefton’s diverse career spans the public and private sectors, including previously serving as the Director of the Bureau of Ocean Energy Management (BOEM) within the Department of the Interior. Under her leadership, BOEM developed and implemented an ambitious federal offshore wind program creating a new industry of family supporting jobs and generational opportunity. Her collaborative approach brought together various stakeholders to responsibly manage the nation’s critical offshore energy and mineral resources.

Prior to her role as BOEM Director, Lefton served as the First Assistant Secretary for Energy and Environment for New York, where she led the State’s environmental and climate initiatives overseeing a portfolio of executive agencies including the DEC. She has also worked for The Nature Conservancy in New York as the Deputy Policy Director and climate mitigation lead, the Rochester Regional Joint Board of Workers United and the New York State Assembly and New York State Senate. Most recently, Lefton was the Vice President of Offshore Development, U.S. East at RWE — one of the world’s leading players in the offshore wind sector.

Originally from Queens, she grew up on Long Island and holds a Bachelor of Arts from the University at Albany. She now resides in the capital region with her wife and stepchildren.

About Commissioner Willow Baer

Willow Baer is honored to be nominated as Commissioner of OPWDD. Prior to stepping up as Acting Commissioner, Willow served as OPWDD’s Executive Deputy Commissioner and oversaw the agency’s operational management, including planning, fiscal planning and oversight, and policy development. She was also responsible for oversight of agency staff in a broad range of capacities, including direct care support, clinical and medical staff in residential and non-residential settings, maintenance and operations.

Willow has served twice as Assistant Counsel to Governor Kathy Hochul, overseeing legal priorities and legislation across the fields of Human Services and Mental Hygiene. Additionally, Willow previously served as General Counsel to OPWDD, General Counsel and Deputy Commissioner for the Office of Children & Family Services, and as Counsel to the NYS Justice Center. Willow was named a ‘2024 Power Players in Health Care by Politics NY and amNY Metro.

Willow has spent her entire career working to protect and advocate for underrepresented populations. She will continue the agency’s work to ensure that New York is a state that is inclusive, supportive, and one that those with developmental disabilities live with meaningful choice and are proud to call home.

Acting Commissioner of the Division of Human Rights Denise Miranda said, “It is the honor of my career to be nominated by Governor Hochul to lead the Division of Human Rights. For nearly 30 years, I’ve dedicated my professional life to advancing civil rights and protecting vulnerable communities throughout New York State, and I am grateful to the Governor for entrusting me with this responsibility. I am elated to accept this nomination and to partner with the Governor to pave the agency’s next chapter as we celebrate 80 years of our NYS Human Rights Law. I look forward to vigorously protecting the civil rights of all New Yorkers.”

Incoming Commissioner of the Department of Environmental Conservation Amanda Lefton said, “I am honored Governor Hochul has entrusted me to carry out the Department of Environmental Conservation’s critical mission. I am committed to delivering meaningful results to enhance the health and safety of communities all across the State and to protecting our environment and natural resources for future generations.”

Acting Commissioner of the Office for People With Developmental Disabilities Willow Baer said, “I am grateful that, under Governor Hochul’s leadership, New York State has restored its status as a national leader in providing services to people with developmental disabilities with policies that prioritize greater independence, innovative housing options, and community integration. I am honored and excited to be nominated by the Governor to lead the Office for People With Developmental Disabilities and I am humbled every day to be doing this work alongside the many self-advocates and families throughout New York State who are fighting for equity and inclusion.”

MIL OSI USA News –

February 25, 2025
MIL-OSI Australia: Retail petrol prices lower across all capital cities and almost all regional locations in the December quarter

Source: Australian Competition and Consumer Commission

The quarterly average for retail petrol prices decreased in the December quarter 2024, hitting a three-year low in real (inflation adjusted) terms, the ACCC’s latest petrol monitoring report has found.

Click to enlarge

Average retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 179.8 cents per litre (cpl), a decrease of 3.0 cpl from the previous quarter.

The decrease was largely due to lower international prices for refined petrol (Mogas 95). Mogas 95 prices are largely driven by international crude oil prices, which declined following slowing global oil demand together with increases in oil supply from Organisation of the Petroleum Exporting Countries (OPEC) members and some non-OPEC countries.

“A range of international factors which influence the prices of commodities like crude oil have led to prices at the bowser easing from the higher levels that were seen in early 2024,” ACCC Commissioner Anna Brakey said.

Lower average petrol prices in other capital cities and in regional locations

Average retail petrol prices in Canberra, Hobart and Darwin also fell in the December quarter 2024. Average prices in Darwin were 168.9 cpl, the lowest of the eight capital cities.

Average retail petrol prices across regional locations (in aggregate), fell to 179.5 cpl in the December quarter 2024, slightly below the average prices across the five largest cities. The ACCC monitors fuel prices of more than 190 regional locations across Australia.

“It is pleasing to see that motorists had some relief when filling up at petrol stations across the country,” Ms Brakey said.

Average petrol gross indicative retail differences increased

Gross indicative retail differences are a broad indicator of gross retail margins, including retail operating costs and profits. Average gross indicative retail differences across the five largest cities were 17.2 cpl in the December quarter 2024, an increase of 1.6 cpl from the previous quarter.

Quarterly average gross indicative retail differences can vary between cities, and were lowest in Perth (9.6 cpl) and highest in Brisbane (24.1 cpl).

In 2024, annual average gross indicative retail differences across the five largest cities were 16.3 cpl, which is slightly higher than pre-pandemic levels in real (inflation-adjusted) terms.

The following chart shows the changes in the components of average retail petrol prices across the five largest cities.

Components of quarterly average retail petrol prices across the five largest cities

Source: ACCC calculations based on data from Informed Sources, Argus Media, Ampol, bp, Mobil, Viva Energy, FuelWatch, the Reserve Bank of Australia and the Australian Taxation Office.

Notes: cents per litre change from the previous quarter.

* Excise and wholesale goods and services tax (65.4 cpl) excludes a component of retail goods and services tax (1.5 cpl) in the above chart. This is for consistency in reporting gross indicative retail difference figures throughout this report, which include a small component of goods and services tax. Total excise and goods and services tax for both wholesale and retail (66.9 cpl) is shown in the petrol bowser in the ‘December quarter 2024 – Petrol snapshot’.

Average diesel prices were lower in all capital cities, reflecting international trends

Quarterly average retail diesel prices across the five largest cities were 177.1 cpl in the December quarter 2024, down 8.4 cpl from the September quarter 2024. Average retail diesel prices were also lower in Canberra, Hobart and Darwin.

Retail diesel prices generally followed lower international diesel benchmark prices, which accounted for the largest component of retail diesel prices.

Quarterly average retail diesel prices in capital cities in the December quarter 2024

Source: ACCC calculations based on data from Informed Sources.

Note: cents per litre change from the previous quarter.

In real (inflation adjusted) terms, quarterly average retail diesel prices across the five largest cities were the lowest in over three years, when average diesel prices were 172.4 cpl in the September quarter 2021.

More consumers are using fuel price apps

Around two in five consumers (or 41 per cent) reported using fuel price apps to shop around for cheaper fuel in 2024, according to research published by the Australasian Convenience and Petroleum Marketers Association. This was up from 34 per cent in 2022.

“Taking advantage of the available information through apps and websites can be well worth it to find retailers with lower fuel prices in your area and to save money on fuel,” Ms Brakey said.

The ACCC also publishes up-to-date price charts, buying tips, and information on movements in the petrol price cycles that occur in Sydney, Melbourne, Brisbane, Adelaide and Perth, which can be helpful for consumers.

The ACCC has championed greater fuel price transparency for consumers for some time.

“We are aware that the Victorian Government recently announced a price transparency scheme to be phased in over 2025. Victoria is the only jurisdiction in Australia without a state or territory government fuel price transparency scheme,” Ms Brakey said.

Note to editors

‘Petrol’ means regular unleaded petrol unless otherwise specified.

Price changes are reported in nominal terms unless otherwise specified.

Singapore Mogas 95 Unleaded (Mogas 95) is the relevant international benchmark for the wholesale price of petrol in Australia. Singapore Gasoil with 10 parts per million sulphur content (Gasoil 10 ppm) is the international benchmark for the wholesale price of diesel.

Background

The ACCC has been monitoring retail prices in all capital cities and over 190 regional locations across Australia since 2007.

On 14 December 2022, the Treasurer issued a new direction to the ACCC to monitor the prices, costs and profits relating to the supply of petroleum products in the petroleum industry in Australia and produce a report every quarter for a further three years.

MIL OSI News –

February 25, 2025
MIL-OSI United Kingdom: Professor Sir Ian Chapman appointed next CEO of UK Research and Innovation with renewed focus on economic growth
Source: United Kingdom – Executive Government & Departments

Press release

Professor Sir Ian Chapman appointed next CEO of UK Research and Innovation with renewed focus on economic growth

Sir Ian will lead the team at UKRI in backing thousands of researchers and innovators in developing solutions which improve people’s lives and help grow the economy
Professor Sir Ian Chapman appointed as new UKRI CEO

Professor Sir Ian Chapman will become the next CEO of UK Research and Innovation (UKRI), leading a refreshed mission that puts economic growth at the heart of public investment in R&D, helping to fulfil the potential of science and technology in improving lives, Science Minister Lord Vallance has announced today (Tuesday 25 February).

UKRI is the country’s largest public research funder, with a budget of £9 billion per year, giving it a central role in ensuring public funding is invested in ambitious, pioneering research that will benefit the whole of the UK and provide a clear return on investment for hardworking taxpayers.

Its work in recent years includes backing the Oxford-AstraZeneca Covid-19 vaccine, which has saved countless lives and the construction of the world’s most advanced wind turbine test facility, helping the UK to become a clean energy superpower. It has also been a major contributor to the £1 billion of UK public investment in AI R&D so far so the UK captures the technology’s opportunities to enhance growth and productivity as the third largest AI market in the world.

Sir Ian will lead its team in supporting thousands of bright researchers and innovators in developing solutions from life-saving medicines to protecting our environment – ultimately making a visible, positive difference to people’s lives and supporting the missions at the heart of the Government’s Plan for Change.

His experience will be a major asset in drawing on the UK’s world-leading research talent, facilities, universities and businesses, as drivers of R&D which will kickstart economic growth, make Britain a clean energy superpower and build an NHS fit for the future.

During his time as CEO of the UK Atomic Energy Authority, Sir Ian has led the transition from an organisation rooted in deep R&D excellence, to one that is now also delivering a major infrastructure project to design and build a prototype powerplant; driving inward investment and economic growth; and enabling development of a skilled workforce and supply chain.

Science Minister, Lord Vallance, said:

“Growing the economy is this government’s number one mission and taking full advantage of the innovative ideas, talent and facilities across our country is key to reaching that goal and improving lives across the UK.

“Sir Ian’s leadership experience, scientific expertise and academic achievements make him an exceptionally strong candidate to lead UKRI in pursuing ambitious, curiosity-driven research, as well as innovations that will unlock new benefits for the UK’s people and drive our Plan for Change.

“We also thank Dame Ottoline Leyser ahead of her stepping down this summer, recognising her pivotal work in guiding UKRI through challenging times, notably during the Covid pandemic and through the UK’s return to participation in Horizon Europe.”

Incoming UKRI CEO, Professor Sir Ian Chapman, said:

“I am excited to be joining an excellent team at UKRI focussed on improving the lives and livelihoods of UK citizens.

“Research and innovation must be central to the prosperity of our society and our economy, so UKRI can shape the future of the country.

“I was tremendously fortunate to represent UKAEA, an organisation at the forefront of global research and innovation of fusion energy, and I look forward to building on those experiences to enable the wider UK research and innovation sector.”

Through our world-class universities and institutes, UKRI develops and nurtures future talent who can maintain the UK’s position as a global hub of research, development and deployment in the long term while collaborating with partners around the world so that scientific and technological advances driven in the UK can benefit lives at home and around the world.

UKRI plays a key part in driving up UK participation in the world’s largest research programme, Horizon Europe, helping to build a more efficient and joined-up approach to research funding and unleashing the power of UK research and innovation.

UKRI will also play an increasing role in steering our long-term industrial strategy, removing barriers to growth and building on the UK’s strategic advantage in its fundamental science capability.

UKRI Chairman, Sir Andrew Mackenzie, said:

“The board and I are delighted that Ian will become UKRI’s next CEO in the summer.

“Research and Innovation are fundamental to UK growth. Ian has the skills, experience, leadership and commitment to unlock this opportunity to improve the lives and livelihoods of everyone. We look forward to working with him on the next phase of UKRI’s development and our stewardship of the UK’s innovation culture and systems.

“We thank Ottoline for an outstanding five years as UKRI’s CEO. She has delivered a step-change in operational effectiveness and cross-discipline work through collective and inclusive leadership and secured more social and commercial impacts from our investments.”

Climate Minister Kerry McCarthy said:

“I’d like to thank Sir Ian for his many years of dedicated service at UK Atomic Energy Agency, the last nine as CEO. In that time, he has transformed the organisation into a world leading hub for fusion energy commercialisation and driven the UK and global strategy for fusion development forward.

“I am delighted that the UK will continue to benefit from his drive and expertise in his new role. We will shortly begin recruiting a new UKAEA CEO to lead the UK’s world-class fusion programme into the next decade.”

Notes to editors

Established in 2018, UKRI is a non-departmental public body that combines the strengths of nine distinct research and innovation funders:

Arts and Humanities Research Council (AHRC)

Biotechnology and Biological Sciences Research Council (BBSRC)

Engineering and Physical Sciences Research Council (EPSRC)

Economic and Social Research Council (ESRC)

Innovate UK (IUK)

Medical Research Council (MRC)

Natural Environment Research Council (NERC)

Research England (RE)

Science and Technology Facilities Council (STFC)

Sir Ian – who currently sits on UKRI’s Board – will take up the post in the summer, bringing strong leadership experience from his role as CEO of the UK Atomic Energy Authority since 2016 and links to academia. He is a Fellow of the Royal Society, the Royal Academy of Engineering, and the Institute of Physics, and a visiting Professor at Durham University.

With a background in fusion and firm grasp of the part that ambitious and targeted R&D can play in improving lives, he has published over 100 journal papers and received several awards for his research.

His appointment follows an open recruitment process launched in August 2024, after Professor Dame Ottoline Leyser announced her intention to stand down as UKRI’s CEO from June 2025.

Having held the post since 2020, Dame Ottoline leaves a strong foundation to build on, from navigating the continued delivery of research through the pandemic to supporting the UK’s return to participation in Horizon Europe – putting UKRI in a strong position to bolster its role as an engine for delivering pioneering research to improve lives and grow our economy.

The UKAEA Board has provisionally agreed that Tim Bestwick (UKAEA deputy CEO) will take over as interim CEO of UKAEA after Sir Ian leaves, whilst a permanent replacement is appointed.

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Published 25 February 2025
MIL OSI United Kingdom –
February 25, 2025
MIL-OSI United Nations: Ongoing Liquidity Crisis Hindering United Nations Ability to Retain Geographically Diverse, Skilled Workforce, Delegates Stress as Fifth Committee Resumes Session

Source: United Nations General Assembly and Security Council

Stressing that the Organization’s key asset is its staff, many delegates of the Fifth Committee (Administrative and Budgetary) today emphasized the pressure that the ongoing liquidity crisis is having on efforts to rejuvenate the Organization and attract and retain talent from all parts of the world.

“The human resources policies and the liquidity situation of the United Nations are inextricably linked,” said Singapore’s representative, speaking for the Association of Southeast Asian Nations (ASEAN) during the opening day of the Committee first resumed session. “We note with concern from the Secretary-General’s report that temporary hiring restrictions imposed as a result of the dismal liquidity situation of the UN have constrained efforts to fill geographical posts that could have gone to un- and under-represented countries.”

She emphasized that staff training and development are key to building a United Nations that can respond to contemporary challenges. “While we are cognizant of the UN’s ongoing liquidity challenges, we hope that their training is not compromised to achieve short-term savings,” she said, adding that training locations should not be limited to UN Headquarters.

Echoing this sentiment, the representative of the European Union, in its capacity as observer, said the Organization’s financial situation must be carefully considered when discussing the Organization’s most essential resources: its staff. “We strongly believe in the fundamental importance of a comprehensive and strategic workforce planning system,” she said, adding that planning and selection should be closely aligned with a recruitment process that ensures the Organization attracts and hires the most suitable candidates with the right skill sets. In addition, the 120-day target for staff selection should be met. “We repeat our call to rejuvenate the Organization and acquire and retain young talent,” she said, adding that talent outreach and well-structured internship programmes are key priorities that “we take very seriously”.

Speaking on behalf of the Group of 77 and China, Iraq’s delegate said geographical representation and gender parity remain a core concern for the Group, which expects the Secretariat to intensify its efforts to achieve equal representation at all staff levels, with a focus on senior level staff at D-1 and above posts, as well as significant contributions from troop-contributing countries and police-contributing countries. He noted that the Secretary-General’s staff composition report showed that staff declined by 34 to 36,757 during the reporting period ending on December 2023, due in part to temporary hiring restrictions placed against the regular budget in July 2023.

Keen to review the Secretariat’s efforts to improve the Organizaton’s rejuvenation, including through the Young Professionals Programme, the Group notes that during the 2022-2023 biennium, 175,781 applications applied for 2,765 jobs in the internship programme. “With an average of 63 applicants competing for one vacancy, the Group looks forward to having more information on how the refined internship programme, including the financial support from the UN, will help more applicants from all developing countries be successfully selected as interns,” he added.

Kuwait’s delegate, speaking on behalf of the Gulf Cooperation Council, agreed that the Organizaton’s staff are its greatest asset and noted that data from Secretariat reports indicate that personnel from the Gulf Cooperation Council countries remain underrepresented. “Recruiting must be completed to ensure a balance,” he said. Recognizing the unprecedented loss of staff working with the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), he called for the protection of staff and all relief workers.

The President of the UN Field Staff Union said the Organizaton’s severe liquidity and funding shortfall has created a crisis that threatens the foundation of the staff’s work. “UN staff — who are the backbone of this institution — are being forced to bear the brunt of these financial constraints. Workloads are increasing beyond sustainable levels,” he said, urging Member States to meet their financial commitments fully and on time. “The cost of inaction is measured in human lives. If we allow this crisis to continue, we are not just failing UN staff; we are failing the world.

“Fewer staff means fewer peacekeepers in conflict zones, fewer aid workers delivering food and medicine, fewer experts tackling global challenges. Every member of staff lost weakens our ability to respond to the world’s most pressing crises. Let me be clear — this is not just about jobs. It is about the UN’s ability to fulfill its mission,” he said.

The representative of Switzerland, speaking also for Liechtenstein, welcomed Secretariat efforts to improve mechanisms for recruiting young professionals, including modernizing job descriptions, removing artificial barriers to entry and enhancing digital and language skills. She also backed the Secretary-General’s proposal to structure and professionalize the UN internship programme. “We note with interest the recommendations to introduce financial support for interns to strengthen geographical diversity and to offer more structured learning,” she added.

The representative of the United States said Washington, D.C., will consider proposals using three criteria: whether the proposal promotes a transparent and accountable system; reflects actual or proposed cost-savings and efficiencies; and how it aligns with his Government’s national interests and priorities, including “making the US safer, stronger and more prosperous”. To this end, the delegation will defend against efforts to undermine the system of desirable ranges by advancing a vague, discriminatory and deeply flawed concept of equitable geographic representation.

Human Resources Management

Martha Helena Lopez, Assistant Secretary-General for Human Resources, presented the Secretary-General’s five reports on human resources management reform: Overview of human resources management reform for the period 2023–2024 (document A/79/566); Review of the United Nations Secretariat Internship Programme (document A/79/566/Add.1); Composition of the Secretariat: staff demographics (document A/79/584); Composition of the Secretariat: gratis personnel, retired staff, consultants, individual contractors and United Nations Volunteers (document A/79/581); and Practice of the Secretary-General in disciplinary matters and cases of possible criminal behaviour, from 1 January to 31 December 2023 (document A/79/615).

Regarding the redesigned internship programme, she said “it aligns with UN values of fairness and accessibility, upholds commitments to youth in the Pact for the Future, and ensures meaningful engagement of young people.” The proposal addresses the need for more structured learning and financial support for interns, including the cost of travel, health insurance, a monthly stipend and a technology allowance for remote interns. “This would remove a significant barrier to broader participation for individuals from all economic backgrounds,” she added. The Secretariat invites the Assembly to approve the removal of current restrictions and the principle of a centrally funded support scheme.

The Secretary-General report covering staff demographics offers a comprehensive view of Secretariat staff from 1 January to 31 December 2023 and during the 2019 to 2023 period, she noted. It gives a comprehensive analysis of the gratis personnel, retired staff, consultants, individual contractors, and United Nations Volunteers engaged across the Secretariat from 1 January 2022 to 31 December 2023 and highlights trends observed from 2014 to 2023, offering insights into the evolution of the Secretariat’s affiliated personnel. The final report provides comprehensive measures for the Secretary-General’s approach to misconduct cases and analysis of the data and trends in the Secretariat’s disciplinary practices.

Juliana Gaspar Ruas, Chair of the Advisory Committee on Administrative and Budgetary Questions (ACABQ), presented that body’s related reports (documents A/79/745, A/79/746, A/79/747, A/79/748 and A/79/749).

After those presentations, Fifth Committee Vice-Chair Johanna Bischof (Austria) drew delegates’ attention to the relevant reports of the Joint Inspection Unit and related notes by the Secretary-General transmitting his comments and comments of the United Nations Chief Executives Board for Coordination on the respective reports: Review of the use of non-staff personnel and related contractual modalities in the United Nations system organizations – Note by the Secretary-General (documents A/79/694 and A/79/694/Add.1); Review of the quality, effectiveness, efficiency and sustainability of health insurance schemes in the United Nations system organizations (documents A/79/695 and A/79/695/Add.1); and Flexible working arrangements in United Nations system organizations (documents A/79/693 and A/79/693/Add.1).

Joint Inspection Unit

Carolina Fernández Opazo, Inspector and Chairperson of the Joint Inspection Unit, introduced the Report of the Joint Inspection Unit for 2024 and programme of work for 2025 (document A/79/34), and Federica Pietracci, Senior Programme Management Officer of the United Nations System Chief Executives Board for Coordination, introduced the Note by the Secretary-General on the Report of the Joint Inspection Unit for 2024 (document A/79/742).

Standards of Accommodation for Air Travel

Ms. Lopez also introduced the Secretary-General’s report on standards of accommodation for air travel (document A/79/628), and Ms. Gaspar Ruas presented the Advisory Committee’s related report (document A/79/7/Add.44).

Proposed Programme of Work

The Committee also approved its proposed programme of work for this session (document A/C.5/79/L.29).

MIL OSI United Nations News –

February 25, 2025
MIL-OSI Australia: Broken Hill’s energy future secured by hi-tech air energy storage system

Source: New South Wales Premiere

Published: 25 February 2025

Released by: Minister for Energy and Climate Change, Minister for Planning and Public Spaces

An old Broken Hill mine site will soon be transformed into a first-of-its-kind compressed air energy storage system, delivering energy security, jobs and investment to Broken Hill.

The Minns Labor Government has provided planning approval for Hydrostor’s compressed air energy storage system with a capacity of 200 megawatts (MW) / 1,600 MW-hours (MWh). The Silver City Energy Storage Centre could power about 80,000 homes in peak demand and will maintain a reserve capacity of 250 MWh to provide back-up to Broken Hill during times of planned and unplanned outages.

The project is the first-of-its-kind in Australia. It utilises advanced technology that uses compressed air to store energy and generate electricity, without producing greenhouse gases.

The $638 million project will boost the local economy, creating up to 400 full-time construction jobs and around 26 ongoing operational jobs.

During periods of low-energy demand, excess electricity is used to compress air and store it in large underground caverns or tanks.

When energy demand is high, the compressed air is released, heated and expanded through turbines to generate electricity.

The project will be supported by a 65-year government lease on a Crown land site near the Potosi mine at Broken Hill.

The energy storage system will support different renewable energy sources in the region to reliably power homes and businesses in and around Broken Hill.

Broken Hill City Council will receive $3.1 million under a Voluntary Planning Agreement, paid over five years, to benefit the local community.

With work expected to start this year, it is estimated construction of the project will take three to four years.

For more information visit Silver City Energy Storage System | Planning Portal – Department of Planning and Environment

Minister for Climate Change and Energy Penny Sharpe said:

“Hydrostor’s Silver City Energy Storage Centre boosts the reliability of the NSW electricity grid and provides back-up for homes and businesses in the state’s far west in times of planned and unplanned outages.

“Energy storage solutions like this will go a long way to preventing blackouts like the ones the Far West experienced last year.

“The project will provide construction and ongoing jobs, and will put Broken Hill on the map as a nation leader in renewable energy.”

Minister for Planning and Public Spaces Paul Scully said:

“The city needs a reliable supply of power and this project will provide certainty and reliability for local residents and businesses.

“The Minns Government is working with proponents to see industrial sites rehabilitated and renewed for future use.

“This technology not only supports our transition to cleaner energy sources but also promotes economic growth through job creation in the energy sector.”

Minister for Lands and Property Steve Kamper said:

“It’s fantastic to see planning approval confirmed for the Hydrostor project which will be further supported by a 65-year government lease on a Crown land site near Broken Hill.

“The Silver City Energy Storage Facility will be the first of its kind for Australia, generating both vital backup energy for Broken Hill and significant ongoing jobs and investment spending for the Far West economy.”

MIL OSI News –

February 25, 2025
MIL-OSI Australia: NSW Government taking action on waste crisis
Source: New South Wales Premiere

Published: 25 February 2025

Released by: Minister for Energy and Climate Change

Minns Labor Government is taking strong action to prevent a waste crisis in NSW, with landfill due to reach capacity in Greater Sydney by 2030.
NSW has just passed landmark legislation to become the first state to implement a statewide mandate for Food Organics and Garden Organics (FOGO) recycling, to divert food waste from landfill into compost.

The legislation mandates FOGO collection services for households by July 2030, and for businesses and institutions in stages from July 2026.

FOGO bins will be rolled out at premises such as supermarkets, pubs, cafes, universities, schools, hotels and hospitals. Large supermarkets will also be required to report on the amounts and types of surplus food donated to charities like OzHarvest, Second Bite and Foodbank.

With FOGO taking up to a third of household red bin capacity, this legislation will help take some pressure off landfill. It also takes us one step closer to a circular economy in NSW, where resources are recycled, reused and repurposed.

The new laws are backed by a $81 million FOGO Fund to go largely to Councils for infrastructure including bins, kitchen caddies and liners, contamination audits, community education programs and staffing, including a $9 million boost in funding allocated to:
- $4 million to support implementation in apartments and multi-unit dwellings
- $3 million for a statewide advertising campaign to raise awareness and encourage behaviour change
- $1 million for councils with existing FOGO services to conduct annual ‘booster’ education campaigns
- $1 million for a pilot to tackle contamination hotspots using artificial intelligence.
The new laws are projected to divert up to one million tonnes of organic waste from landfill each year. Most will be transformed into high-quality compost for parks, sporting fields and agriculture, promoting healthier soils and sustainable food production.

The NSW Environment Protection Authority is working closely with communities, councils and industry to ensure a smooth and effective transition.

A step-by-step Best Practice Guide has also been launched to help councils introduce FOGO and manage contamination risks.

To learn more about the rollout, visit the NSW EPA website.

The next step to tackle the waste crisis is the refinement of the Energy from Waste framework in NSW.

A discussion paper outlines some small, proposed changes to the existing Energy from Waste framework, including clarification around the definition of thermal treatment.

Public consultation is open from Tuesday, 25 February until Tuesday, 8 April, and feedback can be provided through the NSW Government’s Have Your Say platform.

Quote attributable to Minister for Energy, Penny Sharpe:

“NSW has ignored the crisis for landfill capacity for too long. We cannot kick this can down the road any longer.

“The new FOGO laws mean NSW is leading the nation in combating food waste, becoming the first to mandate this recycling revolution across the state.

“These new laws are backed by $81 million to support councils to move to FOGO by 2030.”
MIL OSI News –
February 25, 2025
MIL-OSI USA: Kevin Lombardo’s Family Rebuilt Their Home and Lives After Marshall Fire

Source: US National Renewable Energy Laboratory

Fire Survivors Embraced an Energy-Efficient Passive Design Structure

The family is settling into their new house, enjoying the benefits of the efficient design. Photo from Trendum Media

Sitting in a friend’s Boulder, Colorado, townhouse after the Dec. 30, 2021, Marshall Fire burned his family’s home to the ground, Kevin Lombardo, a National Renewable Energy Laboratory (NREL) Client and Infrastructure Services manager, was struck by the enormity of what they faced.

He and his wife Casey had grabbed their two young sons and some precious belongings to flee just before the Marshall Fire engulfed their Louisville, Colorado, home of six years. Driven by wind gusts up to 115 mph, Colorado’s most destructive wildfire ever quickly destroyed 1,100 structures in Louisville, Superior, and unincorporated Boulder County. Two residents died in the firestorm.

“I don’t really know what to do,” Lombardo recalled thinking. “Do I file an insurance claim? Take a picture? Still pay my mortgage? This feels bigger than that.”

Lombardo, who has worked in tech since he was a teen growing up in New Jersey, is used to problem solving and was familiar with NREL’s building expertise.

Having started at NREL in 2007 as a contractor before becoming a full-time employee the following year, Lombardo said, “I know a little bit of a lot of what NREL does. I’ve worked with the buildings folks in the past. Our team [in IT] supports [the U.S. Department of Energy] DOE and the Solar Decathlon.”

But starting from scratch to rebuild his family’s home was overwhelming. He was not thinking of anything special. All he wanted to do was replace their dwelling. “I felt like: I don’t care. Let’s put a house back,” he said.

Their former home was an almost unidentifiable scorched lot filled with rubble. Only a surviving metal mailbox revealed where they had lived. “All the landmarks were gone,” he said.

The next few months became an exhausting blur of trying to navigate a new reality. Slowly, with support from the community and neighbors—getting donated clothing, food, as well as emotional and logistical support—they began with others a journey to recovery, becoming “fire survivors,” not victims.

During a building webinar about passive-designed homes, which use a building strategy that relies on natural sources of heating and cooling to reduce energy use, a new vision finally clicked. While such designs have been around for decades, they are employed more commonly on the East and West coasts using various building techniques to increase building efficiency.

Encouraged by an Xcel Energy rebate program designed to ease the demand for electricity, the Lombardos began exploring a way to rebuild a better structure.

“It hadn’t crossed my mind at first,” he said. “Then it clicked. I blame my mental state at the time.”

After a series of meetings with different builders, the Lombardos decided on an architect, builder, and landscaper who shared their vision. Their ties to NREL emerged.

“I asked my architect and builder, ‘Did you guys ever hear of this Solar Decathlon?’” Lombardo recalled. “And my architect said, ‘Yeah, I competed in it.’ My builder said that he had consulted with some of the student teams.”

The exterior of Kevin’s rebuilt home. Photo from Trendum Media

NREL-Tested Building Technology Used

Techniques tested at the competition and validated at NREL came into play.

“We were holistically tied together,” Lombardo said, noting that after only a couple of meetings, they had a concept. “It took off, and it took off fast.”

Still, it took time. On Sept. 1, 2022, the Lombardo family moved into their secondary rental property in Louisville. The property was unharmed but occupied by renters during the Marshall Fire.

The new footprint that emerged was solid: a three-story, 2,572 square-foot rectangular home, slightly larger than their previous house. But the difference was obvious, reflecting their own adjustments and personal touches. Even the two boys, Max and Miles, had input. The architect asked the boys to draw what they would like. Overjoyed, both sketched out rooms that, as Lombardo said, look like something from Tony Stark’s Iron Man lab. Their desires became reality. Both have lofts in their bedrooms connected by a secret bookshelf door. This helped comfort the youngsters who had been frightened by the devastation.

The loft inside of the Lombardo house was suggested by the two boys. Photo from Trendum Media

Other construction elements incorporated a mix of traditional and cutting-edge building techniques.

The new home is situated on their reclaimed lot to ensure maximum exposure to the sun in the winter, yet the house also has awnings to protect from too much sun in the summer. The exterior of the house is corrugated steel. Also, the entire house is air sealed, and all the vents are ember-resistant vents. That way, if there is another fire and an ember hits the vent, a material within the vent expands to prevent the fire from entering. Exterior walls are thicker than normal construction, employing a 12-inch double-stud technique, which helps with both insulation and fire resistance.

Furthermore, the house is all-electric, utilizing a heat pump for any active heating and cooling that might be needed, and solar panels are being installed. Control and monitoring of the energy usage, air quality, and mechanical systems are accomplished through multiple sensors and an open-source home-automation platform running on a local server in the house.

The Lombardos also chose to leverage additional techniques such as recycled denim and cellulose insulation, a concrete-free “slab” under the ground floor, and a laundry-to-landscape gray water implementation that helps provide irrigation to their native and waterwise perennials and trees in the front yard.

Finally, in spring 2024, the family moved into the house. Hours after the movers left, the electric utility shut off the power for 42 hours due to high winds. A lot of the neighbors got cold and uncomfortable and left for hotels, but because of the high performance of their house, the Lombardos stayed comfortable and warm with no active heating.

The family loves it, even though they still need to make the home their own. “It sort of feels like being on a vacation,” Lombardo said.

The house has drawn plenty of attention as one of several green-technique homes in the neighborhood. They have opened it up for tours, including the Boulder Green Homes Tour in June when more than 140 visitors stopped by.

As time goes by, it becomes more and more like home. “Finding a place for the Christmas tree will make it seem more like ours,” Lombardo said.

Yet, memories of the tragedy linger.

“We don’t want to go through it again. I don’t want my kids feeling like they’re living in a house where it could happen again,” Lombardo said. “So, yes, a fire can happen again. Nothing is fireproof, really.”

But Lombardo and his family feel comfortable knowing that they have done the best possible to ensure their house is safe and energy efficient—and perhaps an inspiration to others.

MIL OSI USA News –

February 25, 2025
MIL-OSI USA: SBA Administrator Loeffler Issues Memo on Day One Priorities
Source: United States Small Business Administration

WASHINGTON — Following her confirmation and swearing-in as the 28th Administrator of the U.S. Small Business Administration, Kelly Loeffler issued a Day One memo outlining her top priorities for the agency.

“Small businesses are the backbone of our nation, driving innovation, job creation, and prosperity – and there’s no stronger advocate for small business than President Trump or myself. But over the last four years, the SBA has burdened entrepreneurs with bureaucracy – with its programs becoming mired in fraud, waste, and abuse,” SBA Administrator Loeffler said. “That changes today. My first priority is rebuilding the SBA into an America First engine for free enterprise – by empowering small businesses and fueling economic growth.

“From day one, we will uphold the highest standards of accountability, performance, and integrity, where taxpayer dollars will be safeguarded, not squandered. We will streamline operations, drive efficiency, and ensure programs deliver real results. It’s a new day at the SBA, and I’m honored to lead a team that is committed to serving America’s job creators and citizens when disaster strikes.”

The following priorities have been distributed to all SBA staff as the agency prepares to carry out President Trump’s America First agenda and empower small businesses to thrive:

Supporting President Trump’s America First Agenda
1. Promoting “Made in America” with U.S. manufacturing: The vast majority of America’s manufacturers are small businesses, and SBA programs have powered tens of thousands of them. This agency is committed to supporting the America First agenda by rebuilding American supply chains and investing in manufacturing to strengthen our economy and national security. The agency will transform its Office of International Trade into the Office of Manufacturing and Trade – which will focus on promoting economic independence, job creation, and fair trade practices to power the next blue-collar boom. SBA will also partner across agencies to scale innovative manufacturing and technology startups that will help our nation return to “Made in America.”
2. Implementing President Trump’s executive orders: SBA will enforce all of President Trump’s executive orders including Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government, Ending Radical and Wasteful Government DEI Programs and Preferencing and Unleashing American Energy. To date, SBA has already taken the following actions:
  - Eliminated the Office of Diversity, Equity, Inclusion, and Accessibility, placing DEIA employees on administrative leave.
  - Paused grants across the agency that do not comply with President Trump’s executive orders.
  - Paused the Green Lender Initiative to reverse the previous Administration’s favoritism for Green New Deal ventures that did not support America’s return to energy dominance.
3. Supporting the Department of Government Efficiency: SBA will continue working closely with President Trump’s DOGE as the federal government moves into a new era of accountability, transparency, and efficiency. SBA will prioritize eliminating fraud and waste within the agency, to ensure American taxpayer dollars are utilized in the most productive way possible to benefit small businesses and economic growth and resilience.
4. Mandating full-time, in-office work for SBA employees: Pursuant to President Trump’s Return to In-Person Work presidential memorandum, SBA will require all employees, unless exempt, to return to their respective duty stations five days a week as of today, Monday, Feb. 24, 2025.
5. Prioritizing workforce optimization: As part of the broader effort to support President Trump’s workforce optimization initiatives, SBA will continue to evaluate workforce reduction measures, including the overhaul of all advisory boards, to ensure the agency is operating with maximum efficiency to deliver results for U.S. taxpayers, small businesses, and those affected by disaster.
6. Cracking down on fraud: SBA’s loan programs should be a powerful tool for empowering small business formation and delivering critical aid to disaster victims. The prior Administration left these programs with unaddressed fraud – including an estimated $200 billion in pandemic-era fraud. Starting today, the SBA will institute a zero-tolerance policy for fraud and investigate fraud across all programs. The agency has established a Fraud Working Group and will appoint a Fraud Czar to identify, stop, and claw back criminally obtained funds on behalf of American taxpayers – working across agencies to prevent fraud.
Eliminating Wasteful Spending and Cracking Down on Fraud
1. Conducting an agency-wide financial audit: As fraud has risen, so too have delinquencies, defaults, and charge-offs on loan programs, exacerbated by the previous Administration’s lax loan underwriting, servicing, and collection efforts. As a result, SBA has not satisfactorily completed a financial audit for several consecutive years. Therefore, the agency will request an independent audit of its financials to address mismanagement, restore the credibility of financial statements, and preserve the solvency of public-private programs like the 7(a) lending program and the Small Business Investment Company program, which are designed to drive economic growth without taxpayer subsidy.
2. Protecting the solvency of loan programs and restoring underwriting standards: Likewise, SBA will review all options to protect the solvency of its lending programs, including revising practices that have jeopardized the zero-subsidy status of programs like 7(a). The agency will also restart its dormant collections programs effective immediately. Furthermore, SBA will restore its underwriting standards, ensuring taxpayer dollars only go to supporting eligible small businesses across America – by conducting a full review of current lending SOPs, ending the “Do What You Do” standard for lending, and enhancing oversight of non-bank lenders.
3. Banning illegal aliens from receiving SBA assistance: Programs funded by American citizens should only benefit American citizens. Consistent with President Trump’s Ending Taxpayer Subsidization of Open Borders executive order, the agency will implement a policy banning illegal aliens from receiving any taxpayer-funded assistance from SBA – putting U.S. citizens and America first.
4. Restricting hostile foreign nationals from accessing SBA assistance: Similarly, in the interest of national security, the agency will implement measures to prevent hostile foreign nationals, especially those with ties to the Chinese Communist Party, from accessing SBA assistance.
Empowering Small Businesses
1. Creating a strike force to cut regulation: For the first time in years, SBA will fully staff and empower the Office of Advocacy to utilize its power to identify and eliminate burdensome regulations promulgated by all federal agencies, as authorized by the Regulatory Flexibility Act, Small Business Regulatory Enforcement Fairness Act of 1996, the Congressional Review Act, and other statutes. The Administrator will work alongside the Chief Counsel for Advocacy to cut past and future regulations across the board and partner with all federal agencies to ensure they are working to reduce bureaucracy and costs for job creators and promote successful business formation.
2. Improving SBA customer service, technology, and cybersecurity: Respecting that small businesses must perform for their customers, the SBA must meet performance standards across our own operations. Working with DOGE, the SBA will review the agency’s multiple digital interfaces. To streamline and improve user experience across all platforms, the agency will also review its technology for cybersecurity, response times, and customer satisfaction – including by collaborating with the White House on the application of artificial intelligence.
3. Promoting fair competition by returning 8(a) contracting goals to statutory levels: The previous Administration increased the 8(a) federal contracting goal for Small Disadvantaged Businesses to an all-time high of 15%. This action unfairly tipped the scales against any small business that did not qualify as “disadvantaged,” negatively impacting many veteran-owned small businesses. As part of a broader effort to support competition and equal access to federal contracting for all small business owners, SBA has returned the 8(a) SDB contracting goal to its statutory level of 5%.
4. Relocating regional offices out of sanctuary cities: To better serve Main Streets across America, especially in rural areas, SBA will relocate regional offices currently based in sanctuary cities to less costly, more accessible locations in communities that comply with federal immigration law. Additionally, Administrator Loeffler commits to personally visiting SBA’s regional offices and district offices – to facilitate a continuous dialogue with small business owners and hear directly from local job creators about real-world challenges and opportunities to support growth and innovation.
5. Ending partisan voter registration activities: The SBA will end all taxpayer-funded voter registration activities – starting by rescinding the agency’s 2024 Memorandum of Understanding with the Michigan Secretary of State’s office, which forced SBA district offices to conduct partisan voter registration on behalf of the previous Administration. Instead, the agency will return its focus to its founding mission of empowering job creators, delivering disaster relief, and driving economic growth.
# # #

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –
February 25, 2025
MIL-OSI New Zealand: Energy – Meridian and NZAS agree 50MW reduction for winter 2025

Source: Meridian Energy

25 February 2025 – Meridian Energy Limited and New Zealand Aluminium Smelters Limited (NZAS) have agreed that NZAS will provide 50MW per hour of demand response for winter 2025.

The full 50MW of demand response is expected to be provided from 10 March 2025 to 31 August 2025 inclusive (unless mutually agreed between the parties), with a ramp-up period of 86 days to follow.

As a result, the contract quantity under the Core Agreement between Meridian and NZAS will, during this period, be reduced by up to 50MW.

As part of the agreement, Meridian and NZAS have also agreed that Meridian will next have the ability to call for demand response Option 3 (100MW) or Option 4 (185MW) under the demand response agreement between the parties to take effect from 12 April 2026.

This agreement modifies the remainder of the demand response option (Option 4) exercised by Meridian on 21 July 2024 which was expected to complete its ramp-up on 12 April 2025. Meridian understands NZAS held, and expects to hold, its reduction under the Option 4 ramp up at around 25MW between 17 February 2025 and 2 March 2025.

“There is plenty of time for it to rain before winter, but based on current inflows it is prudent for us to use agreements like this to protect some of the water we’re holding and ensure we head into winter in the strongest possible position,” says Meridian Chief Executive Neal Barclay.

“NZAS have once again showed their willingness to be flexible with our demand response agreement and work with us in the interests of all New Zealanders. We are hugely appreciative of that.”

A copy of the original demand response agreement and the new 50MW demand response agreement is available on Meridian’s website at NZAS contract | Meridian Energy: https://www.meridianenergy.co.nz/about-us/investors/reports/nzas-contract

MIL OSI New Zealand News –

February 25, 2025
MIL-OSI: Skyline Bankshares, Inc. Announces Appointment of Director

Source: GlobeNewswire (MIL-OSI)

FLOYD, Va. and INDEPENDENCE, Va., Feb. 24, 2025 (GLOBE NEWSWIRE) — Skyline Bankshares, Inc. (the “Company”) (OTC QX: SLBK) – the holding company for Skyline National Bank (the “Bank”), announces the appointment of Israel O’Quinn as a director of the Company and the Bank effective immediately. The Company’s Board of Directors approved the appointment on February 18, 2025.

Mr. O’Quinn is President and CEO of The United Company Foundation as well as the James W. and Francis G. McGlothlin Foundation. He has also served as an elected member of the Virginia House of Delegates since 2011. For almost all of his tenure in the House of Delegates, Mr. O’Quinn has been a member of the Commerce and Energy committee, among others, which has provided him an in-depth knowledge of the laws and regulations related to banking and other businesses. Before his current role leading the two charitable foundations, Mr. O’Quinn was a key executive at KVAT Food Stores (Food City) for seventeen years, serving in roles of increasing responsibility across the organization, including strategy, regulatory issues and community relations. Born and raised in Southwest Virginia, and having represented the area for over a decade in the legislature, he is well-versed in the needs and opportunities of the region. Mr. O’Quinn is a member of the Emory & Henry University Board of Trustees and he earned Bachelors Degrees in Political Science and History from the college. In addition to his legislative and professional work, Mr. O’Quinn has served on a number of other boards and commissions, including as Chairman of the Bristol Chamber of Commerce, and provided leadership to economic development projects as Co-Chair of InvestSWVA.

President and CEO Blake Edwards stated, “Israel’s professional experience, service in the legislature, and in-depth knowledge of the region, will make him a tremendous addition to Skyline as we continue to expand our presence in the southwest Virginia and eastern Tennessee markets. We are excited to welcome Israel to the Skyline family.”

Skyline National Bank is the wholly-owned subsidiary of Skyline Bankshares, Inc. and serves southwestern Virginia, northwestern North Carolina, and eastern Tennessee with 28 branches and 2 loan production offices.

For more information contact:
Blake Edwards, President & CEO – 276-773-2811
Lori Vaught, EVP & CFO – 276-773-2811

The MIL Network –

February 25, 2025
MIL-OSI New Zealand: Government to consider Special Economic Zones

Source: New Zealand Government

Marsden Point could become the heart of a bold vision to boost New Zealand’s fuel and energy security, and an attractive option for overseas investors seeking to be part of our economic growth story, Resources, Regional Development and Associate Energy Minister Shane Jones says.

“New Zealand is a small and remote nation. Our reliance on petrol, diesel and jet fuel being imported from overseas following the shutdown of the Marsden Point refinery carries risks. Global and domestic supply chain disruptions, price shocks and ageing infrastructure could cost the New Zealand economy billions of dollars,” Mr Jones says.

“Cabinet will consider a range of options to ensure we are better protected against these risks. Options could include creating energy precincts and special economic zones (SEZs), which are widely used overseas.

“Channel Infrastructure NZ, formerly Refining NZ, is already working to turn the Marsden Point refinery site into an energy precinct. Creating an SEZ there would not only help ensure New Zealand’s fuel and energy resilience, it could provide an attractive option for overseas investors.”

SEZs, which are expected to be considered by Cabinet in the first half of this year, could include business-friendly regulations, infrastructure and facilities, investment support, and customs and trade facilitation.

SEZs would not be restricted to energy sites but could apply to any strategically important areas of the country where infrastructure, ease of doing business and investment are critical to the economic interests of New Zealand.

A Fuel Security Study released by Minister Jones today details the risks of an insecure fuel supply and the negative impacts disruptions could have on Kiwis and the economy. Also detailed in the report are possible actions that could be taken to mitigate the risks and the impacts. A separate report released today details an investigation into reopening the Marsden Point refinery, which was agreed in coalition negotiations between New Zealand First and the National Party

“The Government will have to carefully weigh up the costs and benefits of the actions suggested in the fuel study. These reports show there are going to have to be trade-offs if New Zealand is to have secure fuel supply. The reports will also be incredibly helpful in forming our Fuel Security Plan, being developed this year.

“Channel Infrastructure released its energy precinct concept in October last year which contained a number of exciting options, including a biofuel refinery. If SEZs can help smooth the path for prospective investors and tenants, the Government is willing to consider them, along with other options” Mr Jones says.

MIL OSI New Zealand News –

February 25, 2025

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

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.

FOURTH QUARTER HIGHLIGHTS

Q4 2024 average production of 29,859 bo/d (56,109 boe/d)
Q4 2024 consolidated net income (including non-controlling interest) of $272.8 million; net income attributable to Viper of $210.1 million, or $2.04 per Class A common share; includes a one-time tax benefit of $155.9 million from the reversal of the valuation allowance against the Company’s deferred tax assets
Q4 2024 cash available for distribution to Viper’s Class A common shares (as defined and reconciled below) of $89.0 million, or $0.86 per Class A common share
As previously announced, declared Q4 2024 base cash dividend of $0.30 per Class A common share; implies a 2.5% annualized yield based on the February 21, 2025, share closing price of $48.33
As previously announced, declared Q4 2024 variable cash dividend of $0.35 per Class A common share; total base-plus-variable dividend of $0.65 per Class A common share implies a 5.4% annualized yield based on the February 21, 2025, share closing price of $48.33
Total Q4 2024 return of capital of $66.7 million, or $0.65 per Class A common share, represents 75% of cash available for distribution
381 total gross (8.1 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q4 2024 with an average lateral length of 10,818 feet

FULL YEAR 2024 HIGHLIGHTS

Full year 2024 average production of 27,156 bo/d (49,784 boe/d)
Received $6.2 million in lease bonus income
Full year 2024 consolidated net income (including non-controlling interest) of $603.6 million; net income attributable to Viper of $359.2 million, or $3.82 per Class A common share
Declared dividends of $2.49 per Class A common share during the full year 2024
Generated full year 2024 consolidated adjusted EBITDA (as defined and reconciled below) of $782.2 million
Proved reserves as of December 31, 2024 of 195,873 Mboe (84% PDP, 93,563 Mbo), up 9% year over year with oil up 4% from year end 2023
1,461 total gross (27.9 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during 2024 with an average lateral length of 11,381 feet

2025 OUTLOOK

As previously announced, on January 30, 2025, entered into a definitive purchase and sale agreement to acquire all of the equity interests of certain mineral and royalty interest owning subsidiaries of Diamondback in exchange for $1.0 billion of cash and approximately 69.63 million limited liability company membership interests of Viper Energy Partners LLC (“OpCo units”), along with an accompanying equal amount of Class B common stock of the Company, subject to customary closing adjustments (the “Drop Down”); expected to close in the second quarter of 2025, subject to the approval by Viper’s stockholders and clearance of other typical closing conditions
On February 14, 2025, closed the acquisition of certain mineral and royalty interests from Morita Ranches Minerals LLC in exchange for approximately $211.0 million of cash and approximately 2.40 million OpCo units (along with an accompanying equal amount of Class B common stock of the Company), subject to customary post-closing adjustments (the “Quinn Ranch Acquisition”)
Initiating average daily production guidance for Q1 2025 of 30,000 to 31,000 bo/d (54,000 to 56,000 boe/d)
Upon the assumed closing of the Drop Down during Q2 2025, expect average daily production for the balance of 2025 in the range of 47,000 to 49,000 bo/d (85,000 to 88,000) boe/d
As of December 31, 2024, there were approximately 867 gross horizontal wells in the process of active development on Viper’s acreage in which Viper expects to own an average 1.6% net royalty interest (14.1 net 100% royalty interest wells)
Approximately 1,191 gross (23.9 net 100% royalty interest) line-of-sight wells on Viper’s acreage that are not currently in the process of active development, but for which Viper has visibility to the potential of future development in coming quarters, based on Diamondback’s current completion schedule and third-party operators’ permits

“The fourth quarter concluded a landmark year for Viper. For the full year, we continued to deliver strong organic production growth on our legacy assets and successfully executed on our differentiated acquisition strategy. Looking ahead, we continue to be excited about the transformative Drop Down transaction between Viper and Diamondback that was previously announced. We look forward to working toward a timely closing of the transaction and the unmatched forward outlook Viper will be provided upon that closing,” stated Kaes Van’t Hof, Chief Executive Officer of Viper.

FINANCIAL UPDATE

Viper’s fourth quarter 2024 average unhedged realized prices were $69.91 per barrel of oil, $0.84 per Mcf of natural gas and $22.15 per barrel of natural gas liquids, resulting in a total equivalent realized price of $43.56/boe.

Viper’s fourth quarter 2024 average hedged realized prices were $69.00 per barrel of oil, $1.05 per Mcf of natural gas and $22.15 per barrel of natural gas liquids, resulting in a total equivalent realized price of $43.38/boe.

During the fourth quarter of 2024, the Company recorded total operating income of $228.7 million and consolidated net income (including non-controlling interest) of $272.8 million. During the quarter, the Company reversed the valuation allowance against its deferred tax assets as of the quarter and year ended December 31, 2024, with an accompanying $155.9 million deferred tax benefit recorded through continuing operations.

As of December 31, 2024, the Company had a cash balance of $26.9 million and total long-term debt outstanding (excluding debt issuance costs, discounts and premiums) of $1.1 billion, resulting in net debt (as defined and reconciled below) of $1.1 billion. Viper’s outstanding long-term debt as of December 31, 2024 consisted of $430.4 million in aggregate principal amount of its 5.375% Senior Notes due 2027, $400.0 million in aggregate principal amount of its 7.375% Senior Notes due 2031 and $261.0 million in borrowings on its revolving credit facility, leaving $989.0 million available for future borrowings and $1.0 billion of total liquidity.

FOURTH QUARTER 2024 CASH DIVIDEND & CAPITAL RETURN PROGRAM

As previously announced, the Board of Directors (the “Board”) of Viper Energy, Inc., declared a base dividend of $0.30 per Class A common share for the fourth quarter of 2024 payable on March 13, 2025 to Class A common shareholders of record at the close of business on March 6, 2025.

The Board also declared a variable cash dividend of $0.35 per Class A common share for the fourth quarter of 2024 payable on March 13, 2025 to Class A common shareholders of record at the close of business on March 6, 2025.

OPERATIONS UPDATE

During the fourth quarter of 2024, Viper estimates that 381 gross (8.1 net 100% royalty interest) horizontal wells with an average royalty interest of 2.1% were turned to production on its acreage position with an average lateral length of 10,818 feet. Of these 381 gross wells, Diamondback is the operator of 88 gross wells, with an average royalty interest of 6.4%, and the remaining 293 gross wells, with an average royalty interest of 0.9%, are operated by third parties.

Viper’s footprint of mineral and royalty interests was 35,671 net royalty acres as of December 31, 2024.

Our gross well information as of December 31, 2024 is as follows, unless otherwise specified:

	Diamondback Operated	Third-Party Operated	Total
Horizontal wells turned to production (fourth quarter 2024)⁽¹⁾:
Gross wells	88	293	381
Net 100% royalty interest wells	5.6	2.5	8.1
Average percent net royalty interest	6.4%	0.9%	2.1%

Horizontal wells turned to production (year ended December 31, 2024)⁽²⁾:
Gross wells	285	1,176	1,461
Net 100% royalty interest wells	16.0	11.9	27.9
Average percent net royalty interest	5.6%	1.0%	1.9%

Horizontal producing well count:
Gross wells	2,898	8,161	11,059
Net 100% royalty interest wells	156.3	104.1	260.4
Average percent net royalty interest	5.4%	1.3%	2.4%

Horizontal active development well count:
Gross wells	146	721	867
Net 100% royalty interest wells	6.0	8.1	14.1
Average percent net royalty interest	4.1%	1.1%	1.6%

Line of sight wells:
Gross wells	324	867	1,191
Net 100% royalty interest wells	10.1	13.8	23.9
Average percent net royalty interest	3.1%	1.6%	2.0%

(1) Average lateral length of 10,818 feet.
(2) Average lateral length of 11,381 feet.

The 867 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, there are currently 54 gross rigs operating on Viper’s acreage, 10 of which are operated by Diamondback. The 1,191 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

YEAR END RESERVES UPDATE

Viper’s proved oil and natural gas reserve estimates and their associated future net cash flows were prepared by Viper’s internal reservoir engineers, and audited by Ryder Scott Company, L.P., independent petroleum engineers, as of December 31, 2024. Reference prices of $75.48 per barrel of oil and natural gas liquids and $2.13 per MMbtu of natural gas were used in accordance with applicable rules of the Securities and Exchange Commission. Realized prices with applicable differentials were $75.61 per barrel of oil, $0.49 per Mcf of natural gas and $20.62 per barrel of natural gas liquids.

Proved reserves at year-end 2024 of 195,873 Mboe (93,563 Mbo) represent a 9% increase over year-end 2023 reserves. The year-end 2024 proved reserves have a PV-10 value (as defined and reconciled below) of approximately $3.7 billion and a standardized measure of discounted future net cash flows of $3.3 billion.

Proved developed reserves increased by 14% year over year to 163,865 Mboe (76,020 Mbo) as of December 31, 2024, reflecting continued horizontal development by the operators of Viper’s acreage.

Net proved reserve additions of 34,845 Mboe resulted in a reserve replacement ratio of 191% (defined as the sum of extensions, discoveries, revisions, purchases and divestitures, divided by annual production). The organic reserve replacement ratio was 121% (defined as the sum of extensions, discoveries and revisions, divided by annual production).

Extensions and discoveries of 24,936 Mboe are primarily attributable to the drilling of 1,170 new wells and from 447 new proved undeveloped locations added. The Company’s total downward revisions of previous estimated quantities of 2,894 Mboe consist of negative revisions of 6,539 Mboe associated with lower commodity prices and PUD downgrades of 2,936 Mboe offset by positive revisions of 6,580 Mboe primarily attributable to performance revisions. The purchase of reserves in place of 14,941 Mboe resulted primarily from the previously reported Tumbleweed acquisitions and other acquisitions of certain mineral and royalty interests.

	Oil (MBbls)		Gas (MMcf)		Liquids (MBbls)		Mboe
As of December 31, 2023	89,903		263,578		45,416		179,249
Purchase of reserves in place	7,891		20,310		3,665		14,941
Extensions and discoveries	13,099		33,498		6,254		24,936
Revisions of previous estimates	(6,472	)	4,449		2,837		(2,894	)
Divestitures	(919	)	(4,605	)	(451	)	(2,138	)
Production	(9,939	)	(24,606	)	(4,181	)	(18,221	)
As of December 31, 2024	93,563		292,624		53,540		195,873

As the owner of mineral and royalty interests, Viper incurred no exploration and development costs during the year ended December 31, 2024.

	December 31,
	2024		2023		2022
	(in thousands)
Acquisition costs:
Proved properties	$	340,907	$	402,659	$	46,307
Unproved properties		830,450		758,342		16,624
Total	$	1,171,357	$	1,161,001	$	62,931

GUIDANCE UPDATE

Below is Viper’s guidance for Q1 2025. Guidance for full year 2025 will be provided pending the closing of the Drop Down.


	Viper Energy, Inc.

Q1 2025 Net Production – Mbo/d	30.00 – 31.00
Q1 2025 Net Production – Mboe/d	54.00 – 56.00

Unit costs ($/boe)
Depletion	$12.25 – $12.75
Cash G&A	$0.80 – $1.00
Non-Cash Share-Based Compensation	$0.10 – $0.20
Net Interest Expense	$2.50 – $3.00

Production and Ad Valorem Taxes (% of Revenue)	~7%
Cash Tax Rate (% of Pre-Tax Income Attributable to Viper Energy, Inc.)⁽¹⁾	20% – 22%
Q1 2025 Cash Taxes ($ – million)⁽²⁾	$15.0 – $20.0

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

CONFERENCE CALL

Viper will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2024 on Tuesday, February 25, 2025 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

About Viper Energy, Inc.

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

About Diamondback Energy, Inc.

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

Forward-Looking Statements

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

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

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


Viper Energy, Inc.
Consolidated Balance Sheets
(unaudited, in thousands, except share amounts)

	December 31,
	2024			2023
Assets
Current assets:
Cash and cash equivalents	$	26,851		$	25,869
Royalty income receivable (net of allowance for credit losses)		149,234			108,681
Royalty income receivable—related party		30,971			3,329
Income tax receivable		2,238			813
Derivative instruments		17,638			358
Prepaid expenses and other current assets		11,112			4,467
Total current assets		238,044			143,517
Property:
Oil and natural gas interests, full cost method of accounting ($2,179,837 and $1,769,341 excluded from depletion at December 31, 2024 and December 31, 2023, respectively)		5,712,671			4,628,983
Land		5,688			5,688
Accumulated depletion and impairment		(1,080,764	)		(866,352	)
Property, net		4,637,595			3,768,319
Derivative instruments		—			92
Deferred income taxes (net of allowances)		185,235			56,656
Other assets		8,166			5,509
Total assets	$	5,069,040		$	3,974,093
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	85		$	19
Accounts payable—related party		1,980			1,330
Accrued liabilities		42,272			27,021
Derivative instruments		2,323			2,961
Income taxes payable		2,034			1,925
Total current liabilities		48,694			33,256
Long-term debt, net		1,082,979			1,083,082
Derivative instruments		—			201
Other long-term liabilities		30,148			—
Total liabilities		1,161,821			1,116,539
Stockholders’ equity:
Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 102,977,142 and 86,144,273 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively		—			—
Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 85,431,453 and 90,709,946 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively		—			—
Additional paid-in capital		1,568,560			1,031,078
Retained earnings (accumulated deficit)		118,444			(16,786	)
Total Viper Energy, Inc. stockholders’ equity		1,687,004			1,014,292
Non-controlling interest		2,220,215			1,843,262
Total equity		3,907,219			2,857,554
Total liabilities and stockholders’ equity	$	5,069,040		$	3,974,093


Viper Energy, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Operating income:
Oil income	$	192,040		$	175,254		$	750,243		$	619,181
Natural gas income		6,050			7,979			14,813			30,953
Natural gas liquids income		26,775			18,981			88,520			66,976
Royalty income		224,865			202,214			853,576			717,110
Lease bonus income—related party		—			2,238			227			107,823
Lease bonus income		3,655			125			5,944			1,855
Other operating income		179			135			640			909
Total operating income		228,699			204,712			860,387			827,697
Costs and expenses:
Production and ad valorem taxes		16,162			12,607			60,882			50,401
Depletion		64,591			44,787			214,412			146,118
General and administrative expenses—related party		3,150			924			10,541			3,696
General and administrative expenses		1,388			3,027			8,100			6,907
Other operating (income) expense		58			356			55			356
Total costs and expenses		85,349			61,701			293,990			207,478
Income (loss) from operations		143,350			143,011			566,397			620,219
Other income (expense):
Interest expense, net		(19,112	)		(15,756	)		(73,848	)		(47,392	)
Gain (loss) on derivative instruments, net		6,122			4,892			11,386			(25,793	)
Other income, net		—			1			—			259
Total other expense, net		(12,990	)		(10,863	)		(62,462	)		(72,926	)
Income (loss) before income taxes		130,360			132,148			503,935			547,293
Provision for (benefit from) income taxes		(142,440	)		6,217			(99,711	)		45,952
Net income (loss)		272,800			125,931			603,646			501,341
Net income (loss) attributable to non-controlling interest		62,733			68,959			244,401			301,253
Net income (loss) attributable to Viper Energy, Inc.	$	210,067		$	56,972		$	359,245		$	200,088

Net income (loss) attributable to common shares:
Basic	$	2.04		$	0.70		$	3.82		$	2.69
Diluted	$	2.04		$	0.70		$	3.82		$	2.69
Weighted average number of common shares outstanding:
Basic		102,977			81,219			93,932			74,176
Diluted		102,977			81,219			93,932			74,176


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

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Cash flows from operating activities:
Net income (loss)	$	272,800		$	125,931		$	603,646		$	501,341
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes		(148,580	)		(7,887	)		(149,085	)		(7,000	)
Depletion		64,591			44,787			214,412			146,118
(Gain) loss on derivative instruments, net		(6,122	)		(4,892	)		(11,386	)		25,793
Net cash receipts (payments) on derivatives		(940	)		(3,300	)		(2,978	)		(13,319	)
Other		1,727			1,397			6,197			3,442
Changes in operating assets and liabilities:
Royalty income receivable		(16,135	)		(5,232	)		(13,249	)		(27,379	)
Royalty income receivable—related party		5,025			4,102			(27,642	)		2,931
Accounts payable and accrued liabilities		(7,190	)		2,155			7,002			6,311
Accounts payable—related party		1,981			1,330			651			1,024
Income taxes payable		218			(11,397	)		109			1,014
Other		(9,467	)		(1,199	)		(8,069	)		(2,084	)
Net cash provided by (used in) operating activities		157,908			145,795			619,608			638,192
Cash flows from investing activities:
Acquisitions of oil and natural gas interests—related party		—			—			—			(75,073	)
Acquisitions of oil and natural gas interests		(425,190	)		(731,618	)		(696,242	)		(830,128	)
Proceeds from sale of oil and natural gas interests		(5	)		2			87,669			(3,164	)
Net cash provided by (used in) investing activities		(425,195	)		(731,616	)		(608,573	)		(908,365	)
Cash flows from financing activities:
Proceeds from borrowings under credit facility		372,000			313,000			842,000			573,000
Repayment on credit facility		(111,000	)		(300,000	)		(844,000	)		(462,000	)
Proceeds from Notes		—			400,000			—			400,000
Net proceeds from public offering		2			—			475,906			—
Proceeds from public offering to Diamondback		—			200,000			—			200,000
Repurchased shares/units under buyback program		—			(28,040	)		—			(95,221	)
Dividends/distributions to stockholders		(62,912	)		(44,596	)		(219,465	)		(128,777	)
Dividends/distributions to Diamondback		(62,386	)		(68,047	)		(254,216	)		(195,976	)
Dividends to other non-controlling interest		(7,368	)		—			(7,368	)		—
Other		(2,847	)		(7,441	)		(2,910	)		(13,163	)
Net cash provided by (used in) financing activities		125,489			464,876			(10,053	)		277,863
Net increase (decrease) in cash and cash equivalents		(141,798	)		(120,945	)		982			7,690
Cash, cash equivalents and restricted cash at beginning of period		168,649			146,814			25,869			18,179
Cash, cash equivalents and restricted cash at end of period	$	26,851		$	25,869		$	26,851		$	25,869


Viper Energy, Inc.
Selected Operating Data
(unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Production Data:
Oil (MBbls)		2,747		2,257		9,939		8,028
Natural gas (MMcf)		7,236		5,321		24,606		19,130
Natural gas liquids (MBbls)		1,209		884		4,181		3,108
Combined volumes (Mboe)⁽¹⁾		5,162		4,028		18,221		14,324

Average daily oil volumes (bo/d)		29,859		24,533		27,156		21,995
Average daily combined volumes (boe/d)		56,109		43,783		49,784		39,244

Average sales prices:
Oil ($/Bbl)	$	69.91	$	77.65	$	75.48	$	77.13
Natural gas ($/Mcf)	$	0.84	$	1.50	$	0.60	$	1.62
Natural gas liquids ($/Bbl)	$	22.15	$	21.47	$	21.17	$	21.55
Combined ($/boe)⁽²⁾	$	43.56	$	50.20	$	46.85	$	50.06

Oil, hedged ($/Bbl)⁽³⁾	$	69.00	$	76.56	$	74.57	$	76.05
Natural gas, hedged ($/Mcf)⁽³⁾	$	1.05	$	1.34	$	0.85	$	1.37
Natural gas liquids ($/Bbl)⁽³⁾	$	22.15	$	21.47	$	21.17	$	21.55
Combined price, hedged ($/boe)⁽³⁾	$	43.38	$	49.38	$	46.68	$	49.13

Average Costs ($/boe):
Production and ad valorem taxes	$	3.13	$	3.13	$	3.34	$	3.52
General and administrative – cash component		0.72		0.90		0.86		0.65
Total operating expense – cash	$	3.85	$	4.03	$	4.20	$	4.17

General and administrative – non-cash stock compensation expense	$	0.16	$	0.08	$	0.16	$	0.09
Interest expense, net	$	3.70	$	3.91	$	4.05	$	3.31
Depletion	$	12.51	$	11.12	$	11.77	$	10.20

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

NON-GAAP FINANCIAL MEASURES

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

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

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

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

	Three Months Ended December 31, 2024			Year Ended December 31, 2024
Net income (loss) attributable to Viper Energy, Inc.	$	210,067		$	359,245
Net income (loss) attributable to non-controlling interest		62,733			244,401
Net income (loss)		272,800			603,646
Interest expense, net		19,112			73,848
Non-cash share-based compensation expense		815			2,975
Depletion		64,591			214,412
Non-cash (gain) loss on derivative instruments		(7,062	)		(14,364	)
Other non-cash operating expenses		58			55
Other non-recurring expenses		—			1,314
Provision for (benefit from) income taxes		(142,440	)		(99,711	)
Consolidated Adjusted EBITDA		207,874			782,175
Less: Adjusted EBITDA attributable to non-controlling interest		100,035			371,813
Adjusted EBITDA attributable to Viper Energy, Inc.	$	107,839		$	410,362

Adjustments to reconcile Adjusted EBITDA to cash available for distribution:
Income taxes payable for the current period	$	(6,139	)	$	(49,372	)
Debt service, contractual obligations, fixed charges and reserves		(11,118	)		(39,219	)
Lease bonus income, net of tax		(1,502	)		(2,510	)
Distribution equivalent rights payments		(98	)		(393	)
Preferred distributions		(20	)		(80	)
Cash available for distribution to Viper Energy, Inc. shareholders	$	88,962		$	318,788

	Three Months Ended December 31, 2024
	Amounts		Amounts Per Common Share
Reconciliation to cash available for variable dividends:
Cash available for distribution to Viper Energy, Inc. shareholders	$	88,962	$	0.86

Return of Capital	$	66,722	$	0.65
Less:
Base dividend		30,893		0.30
Cash available for variable dividends	$	35,829	$	0.35

Total approved base and variable dividend per share			$	0.65

Class A common stock outstanding				102,977

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


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

	Three Months Ended December 31, 2024
Income (loss) before income taxes	$	130,360
Less: Net income (loss) attributable to non-controlling interest		62,733
Pre-tax income attributable to Viper Energy, Inc.	$	67,627

Income taxes payable for the current period	$	6,139
Effective cash tax rate attributable to Viper Energy, Inc.		9.1	%

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

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

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

	Three Months Ended December 31, 2024
	Amounts			Amounts Per Diluted Share
Net income (loss) attributable to Viper Energy, Inc.⁽¹⁾	$	210,067		$	2.04
Net income (loss) attributable to non-controlling interest		62,733			0.61
Net income (loss)⁽¹⁾		272,800			2.65
Non-cash (gain) loss on derivative instruments, net		(7,062	)		(0.07	)
Other non-cash operating expenses		58			—
Adjusted income excluding above items⁽¹⁾		265,796			2.58
Income tax adjustment for above items		(7,653	)		(0.08	)
Adjusted net income (loss)⁽¹⁾		258,143			2.50
Less: Adjusted net income (loss) attributed to non-controlling interests		59,211			0.57
Adjusted net income (loss) attributable to Viper Energy, Inc.⁽¹⁾	$	198,932		$	1.93

Weighted average Class A common shares outstanding:
Basic					102,977
Diluted					102,977

(1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of Class A common shares and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Viper Energy, Inc., (ii) less the reallocation of $0.4 million in earnings attributable to participating securities, and (iii) divided by diluted weighted average Class A common shares outstanding.

RECONCILIATION OF LONG-TERM DEBT TO NET DEBT

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


	December 31, 2024			Net Q4 Principal Borrowings/ (Repayments)		September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(in thousands)
Total long-term debt⁽¹⁾	$	1,091,350		$	261,000	$	830,350		$	1,007,350		$	1,103,350		$	1,093,350
Cash and cash equivalents		(26,851	)				(168,649	)		(35,211	)		(20,005	)		(25,869	)
Net debt	$	1,064,499				$	661,701		$	972,139		$	1,083,345		$	1,067,481

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

PV-10

PV-10 is the Company’s estimate of the present value of the future net revenues from proved oil and natural gas reserves after deducting estimated production and ad valorem taxes, future capital costs and operating expenses, but before deducting any estimates of future income taxes. The estimated future net revenues are discounted at an annual rate of 10% to determine their “present value.” The Company believes PV-10 to be an important measure for evaluating the relative significance of its oil and natural gas properties and that the presentation of the non-GAAP financial measure of PV-10 provides useful information to investors because it is widely used by professional analysts and investors in evaluating oil and natural gas companies. Because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid, the Company believes the use of a pre-tax measure is valuable for evaluating the Company. The Company believes that PV-10 is a financial measure routinely used and calculated similarly by other companies in the oil and natural gas industry.

The following table reconciles the Company’s standardized measure of discounted future net cash flows, a GAAP financial measure to PV-10, a non-GAAP financial measure. PV-10 should not be considered as an alternative to the standardized measure as computed under GAAP.


(in thousands)	December 31, 2024
Standardized measure of discounted future net cash flows after taxes	$	3,319,544
Add: Present value of future income tax discounted at 10%		364,976
PV-10	$	3,684,520

Derivatives

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


	Crude Oil (Bbls/day, $/Bbl)
	Q1 2025			Q2 2025			Q3 2025			Q4 2025		FY 2026		FY 2027
Deferred Premium Puts – WTI (Cushing)		20,000			20,000			18,000			—		—		—
Strike	$	55.00		$	55.00		$	55.00		$	—	$	—	$	—
Premium	$	(1.62	)	$	(1.61	)	$	(1.60	)	$	—	$	—	$	—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q1 2025		Q2 2025		Q3 2025		Q4 2025		FY 2026		FY 2027
Costless Collars – Henry Hub		60,000		60,000		60,000		60,000		60,000		—
Floor	$	2.50	$	2.50	$	2.50	$	2.50	$	2.75	$	—
Ceiling	$	4.93	$	4.93	$	4.93	$	4.93	$	6.64	$	—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q1 2025			Q2 2025			Q3 2025			Q4 2025			FY 2026			FY 2027
Natural Gas Basis Swaps – Waha Hub		60,000			60,000			60,000			60,000			40,000			40,000
Swap Price	$	(0.80	)	$	(0.80	)	$	(0.80	)	$	(0.80	)	$	(1.40	)	$	(1.40	)

Investor Contact:

Chip Seale
+1 432.247.6218
cseale@viperenergy.com

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

The MIL Network –

February 25, 2025

MIL-OSI: Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2024 Financial and Operating Results; Increases Base Dividend

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.

FOURTH QUARTER 2024 HIGHLIGHTS

Average production of 475.9 MBO/d (883.4 MBOE/d)
Net cash provided by operating activities of $2.3 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $2.3 billion
Cash capital expenditures of $933 million
Free Cash Flow (as defined and reconciled below) of $1.3 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $1.4 billion
Increased annual base dividend by 11% to $4.00 per share; declared Q4 2024 base cash dividend of $1.00 per share payable on March 13, 2025; implies a 2.6% annualized yield based on February 21, 2025 closing share price of $156.12
Repurchased 2,326,247 shares of common stock in Q4 2024 for $402 million, excluding excise tax (at a weighted average price of $172.91 per share); repurchased 1,254,600 shares of common stock to date in Q1 2025 for $210 million, excluding excise tax (at a weighted average price of $167.42 per share)
Total Q4 2024 return of capital of $694 million; represents ~51% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q4 2024 base dividend
Closed previously announced TRP Energy (“TRP”) transaction in December 2024

FULL YEAR 2024 HIGHLIGHTS

Average production of 337.0 MBO/d (598.3 MBOE/d)
Net cash provided by operating activities of $6.4 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $6.5 billion
Cash capital expenditures of $2.9 billion
Free Cash Flow (as defined and reconciled below) of $3.6 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $4.0 billion
Declared total base-plus-variable dividends of $6.21 per share for the full year 2024
Repurchased 5,525,276 shares of common stock in 2024 for $959 million, excluding excise tax (at a weighted average price of $173.57 per share)
Total full year 2024 return of capital of $2.3 billion; represents ~57% of FY 2024 Adjusted Free Cash Flow (as defined and reconciled below)
As previously announced, closed merger with Endeavor Energy Resources, L.P. (“Endeavor”) on September 10, 2024
Proved reserves as of December 31, 2024 of 3,557 MMBOE (1,761 MMBO, 50% oil), up 63% year over year; proved developed producing (“PDP”) reserves of 2,385 MMBOE (1,121 MMBO, 47% oil, 67% of proved reserves), up 59% year over year

2025 GUIDANCE HIGHLIGHTS

Please note the guidance below gives effect to the pending acquisition of Double Eagle IV Midco, LLC (“Double Eagle”) from April 1, 2025 onward.

Full year 2025 oil production guidance of 485 – 498 MBO/d (883 – 909 MBOE/d)
Full year 2025 cash capital expenditures guidance of $3.8 – $4.2 billion
The Company expects to drill between 446 – 471 gross (406 – 428 net) wells and complete between 557 – 592 gross (526 – 560 net) wells with an average lateral length of approximately 11,500 feet in 2025
Q1 2025 oil production guidance of 470 – 475 MBO/d (860 – 875 MBOE/d)
Q1 2025 cash capital expenditures guidance of $900 million – $1.0 billion
Implies Q2 2025 – Q4 2025 run-rate oil production of 490 – 505 MBO/d (891 – 920 MBOE/d)
Full year 2025 Midland Basin well costs per lateral foot guidance of $555 – $605
Implies full year 2025 oil production per million dollars of cash capital expenditures (“MBO per $MM of CAPEX”) of 44.8, 10% better than the Company’s original pro forma 2025 outlook provided in February 2024

OPERATIONS UPDATE

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

Total Activity (Gross Operated):
	Number of Wells Drilled	Number of Wells Completed
Midland Basin	131	124
Delaware Basin	6	4
Total	137	128

Total Activity (Net Operated):
	Number of Wells Drilled	Number of Wells Completed
Midland Basin	124	113
Delaware Basin	5	4
Total	129	117

During the fourth quarter of 2024, Diamondback drilled 131 gross wells in the Midland Basin and six gross wells in the Delaware Basin. The Company turned 124 operated wells to production in the Midland Basin and four gross wells in the Delaware Basin, with an average lateral length of 11,810 feet. Operated completions during the fourth quarter consisted of 26 Wolfcamp A wells, 26 Lower Spraberry wells, 24 Wolfcamp B wells, 19 Jo Mill wells, 15 Middle Spraberry wells, four Wolfcamp D wells, four Dean wells, three Upper Spraberry wells, three Barnett wells, two Second Bone Spring wells and two Third Bone Spring wells.

For the year ended December 31, 2024, Diamondback drilled 342 gross wells in the Midland Basin and 30 gross wells in the Delaware Basin. The Company turned 391 operated wells to production in the Midland Basin and 19 operated wells to production in the Delaware Basin. The average lateral length for wells completed during the year ended December 31, 2024 was 11,719 feet, and consisted of 98 Lower Spraberry wells, 87 Wolfcamp A wells, 69 Wolfcamp B wells, 59 Jo Mill wells, 49 Middle Spraberry wells, 13 Wolfcamp D wells, 13 Dean wells, nine Upper Spraberry wells, six Third Bone Spring wells, four Barnett wells and three Second Bone Spring wells.

FINANCIAL UPDATE

Diamondback’s fourth quarter 2024 net income was $1.1 billion, or $3.67 per diluted share. Adjusted net income (as defined and reconciled below) for the fourth quarter was $1.1 billion, or $3.64 per diluted share. For the full year ended December 31, 2024, Diamondback’s net income was $3.3 billion, or $15.53 per diluted share. Adjusted net income for the full year was $3.6 billion, or $16.57 per diluted share.

Fourth quarter 2024 net cash provided by operating activities was $2.3 billion. For the full year ended December 31, 2024, Diamondback’s net cash provided by operating activities was $6.4 billion.

During the fourth quarter of 2024, Diamondback spent $834 million on operated and non-operated drilling and completions, $93 million on infrastructure and environmental and $6 million on midstream, for total cash capital expenditures of $933 million. For the full year ended 2024, Diamondback spent $2.6 billion on operated and non-operated drilling and completions, $221 million on infrastructure and environmental and $14 million on midstream, for total cash capital expenditures of $2.9 billion.

Fourth quarter 2024 Consolidated Adjusted EBITDA (as defined and reconciled below) was $2.6 billion. Adjusted EBITDA net of non-controlling interest (as defined and reconciled below) for the fourth quarter was $2.5 billion. For the full year ended December 31, 2024, Consolidated Adjusted EBITDA was $7.7 billion. Adjusted EBITDA net of non-controlling interest for the full year was $7.3 billion.

Diamondback’s fourth quarter 2024 Free Cash Flow (as defined and reconciled below) was $1.3 billion. Adjusted Free Cash Flow (as reconciled and defined below) for the fourth quarter was $1.4 billion. For the full year ended December 31, 2024, Diamondback’s Free Cash Flow was $3.6 billion, with $4.0 billion of Adjusted Free Cash Flow over the same period.

Fourth quarter 2024 average unhedged realized prices were $69.48 per barrel of oil, $0.48 per Mcf of natural gas and $19.27 per barrel of natural gas liquids (“NGLs”), resulting in a total equivalent unhedged realized price of $42.71 per BOE.

Diamondback’s cash operating costs for the fourth quarter of 2024 were $10.30 per BOE, including lease operating expenses (“LOE”) of $5.67 per BOE, cash general and administrative (“G&A”) expenses of $0.69 per BOE, production and ad valorem taxes of $2.77 per BOE and gathering, processing and transportation expenses of $1.17 per BOE.

As of December 31, 2024, Diamondback had $134 million in standalone cash and no borrowings outstanding under its revolving credit facility, with approximately $2.5 billion available for future borrowings under the facility and approximately $2.6 billion of total liquidity. As of December 31, 2024, the Company had consolidated total debt of $13.2 billion and consolidated net debt (as defined and reconciled below) of $13.0 billion, up from consolidated total debt of $13.1 billion and consolidated net debt of $12.7 billion as of September 30, 2024.

DIVIDEND DECLARATIONS

Diamondback announced today that the Company’s Board of Directors declared a base cash dividend of $1.00 per common share for the fourth quarter of 2024 payable on March 13, 2025 to stockholders of record at the close of business on March 6, 2025.

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

COMMON STOCK REPURCHASE PROGRAM

During the fourth quarter of 2024, Diamondback repurchased ~2.3 million shares of common stock at an average share price of $172.91 for a total cost of approximately $402 million, excluding excise tax. To date, Diamondback has repurchased ~25.8 million shares of common stock at an average share price of $136.82 for a total cost of approximately $3.5 billion and has approximately $2.5 billion remaining on its current share buyback authorization. Subject to factors discussed below, Diamondback intends to continue to purchase common stock under the common stock repurchase program opportunistically with cash on hand, free cash flow from operations and proceeds from potential liquidity events such as the sale of assets. This repurchase program has no time limit and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Purchases under the repurchase program may be made from time to time in privately negotiated transactions, or in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. Any common stock purchased as part of this program will be retired.

RESERVES

Estimates of Diamondback’s proved reserves as of December 31, 2024 were prepared by Diamondback’s internal reservoir engineers and audited by Ryder Scott Company, L.P., an independent petroleum engineering firm. Reference prices of $75.48 per barrel of oil and $2.13 per Mmbtu of natural gas were used in accordance with applicable rules of the Securities and Exchange Commission. Realized prices with applicable differentials were $76.15 per barrel of oil, $0.54 per Mcf of natural gas and $22.02 per barrel of natural gas liquids.

Proved reserves at year-end 2024 of 3,557 MMBOE represent a 63% increase over year-end 2023 reserves. Proved developed reserves increased by 59% to 2,385 MMBOE (67% of total proved reserves) as of December 31, 2024, reflecting the continued development of the Company’s horizontal well inventory. Proved undeveloped reserves (“PUD” or “PUDs”) increased to 1,173 MMBOE, a 72% increase over year-end 2023, and are comprised of 1,381 horizontal locations in which we have a working interest, of which 1,310 are in the Midland Basin. Crude oil represents 50% of Diamondback’s total proved reserves.

Net proved reserve additions of 1,599 MMBOE resulted in a reserve replacement ratio of 730% (defined as the sum of extensions and discoveries, revisions, purchases and divestitures, divided by annual production). The organic reserve replacement ratio was 68% (defined as the sum of extensions and discoveries and revisions, divided by annual production).

Net purchases of reserves were the primary contributor to the increase in reserves totaling 1,449 MMBOE followed by Extensions and discoveries of reserves totaling 279 MMBOE, with downward revisions of 129 MMBOE. PDP extensions were the result of 1,172 new wells in which the Company has an interest, and PUD extensions were the result of 445 new locations in which the Company has a working interest. Net purchases of reserves of 1,449 MMBOE were the net result of acquisitions of 1,569 MMBOE and divestitures of 121 MMBOE. Downward revisions of 129 MMBOE were primarily the result of negative revisions of 89 MMBOE associated with lower commodity prices, 49 MMBOE due to PUD downgrades related to changes in the corporate development plan and 17 MMBOE due to a decline in well performance. These were partially offset by positive performance revisions of 26 MMBOE related to ownership and acquisition variance revisions.

The SEC PUD guidelines allow a company to book PUD reserves associated with projects that are to occur within the next five years. With its current development plan, the Company expects to continue its strong PUD conversion ratio in 2025 by converting an estimated 33% of its PUDs to a Proved Developed category, and develop approximately 78% of the consolidated 2024 year-end PUD reserves by the end of 2027.

	Oil (MBbls)		Gas (MMcf)		Liquids (MBbls)		MBOE
As of December 31, 2023	1,143,944		2,997,422		534,247		2,177,761
Extensions and discoveries	168,375		310,421		58,696		278,808
Revisions of previous estimates	(78,142	)	(158,468	)	(24,518	)	(129,071	)
Purchase of reserves in place	697,702		2,391,264		473,236		1,569,482
Divestitures	(47,505	)	(240,044	)	(33,080	)	(120,592	)
Production	(123,325	)	(275,680	)	(49,700	)	(218,972	)
As of December 31, 2024	1,761,049		5,024,915		958,881		3,557,416

Diamondback’s exploration and development costs in 2024 were $3.2 billion. PD F&D costs were $10.51/BOE. PD F&D costs are defined as exploration and development costs, excluding midstream, divided by the sum of reserves associated with transfers from proved undeveloped reserves at year-end 2023 including any associated revisions in 2024 and extensions and discoveries placed on production during 2024. Drill bit F&D costs were $19.12/BOE including the effects of all revisions including pricing revisions. Drill bit F&D costs are defined as the exploration and development costs, excluding midstream, divided by the sum of extensions, discoveries and revisions.

	Year Ended December 31,
		2024		2023		2022
	(In millions)
Acquisition costs:
Proved properties	$	21,275	$	1,314	$	778
Unproved properties		15,568		1,701		1,536
Development costs		2,992		1,962		566
Exploration costs		194		768		1,698
Total	$	40,029	$	5,745	$	4,578

FULL YEAR 2025 GUIDANCE

Below is Diamondback’s guidance for the full year 2025, which includes first quarter production, cash tax and capital guidance. This guidance gives effect to the estimated contribution related to the pending Double Eagle acquisition, which is expected to close on April 1, 2025, subject to the satisfaction of customary closing conditions and regulatory approval.

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

2025 Net production – MBOE/d	883 – 909
2025 Oil production – MBO/d	485 – 498
Q1 2025 Oil production – MBO/d (total – MBOE/d)	470 – 475 (860 – 875)	30.0 – 31.0 (54.0 – 56.0)

Unit costs ($/BOE)
Lease operating expenses, including workovers	$5.90 – $6.30
G&A
Cash G&A	$0.60 – $0.75
Non-cash equity-based compensation	$0.25 – $0.35
DD&A	$14.00 – $15.00
Interest expense (net of interest income)	$0.25 – $0.50
Gathering, processing and transportation	$1.20 – $1.40

Production and ad valorem taxes (% of revenue)	~7%
Corporate tax rate (% of pre-tax income)	23%
Cash tax rate (% of pre-tax income)	17% – 20%
Q1 2025 Cash taxes ($ – million)	$280 – $340

Capital Budget ($ – million)
Operated drilling and completion	$3,130 – $3,440
Capital workovers, non-operated properties and science	$280 – $320
Infrastructure, environmental and midstream⁽¹⁾	$390 – $440
2025 Total capital expenditures	$3,800 – $4,200
Q1 2025 Capital expenditures	$900 – $1,000

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

_{⁽¹⁾ Includes approximately $60 million in estimated midstream capital expenditures for the full year 2025.}

CONFERENCE CALL

Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2024 on Tuesday, February 25, 2025 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site.

About Diamondback Energy, Inc.

Forward-Looking Statements

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

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

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


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

	December 31,			December 31,
		2024			2023
Assets
Current assets:
Cash and cash equivalents ($27 million and $26 million related to Viper)	$	161		$	582
Restricted cash		3			3
Accounts receivable:
Joint interest and other, net		198			192
Oil and natural gas sales, net ($149 million and $109 million related to Viper)		1,387			654
Inventories		116			63
Derivative instruments		168			17
Prepaid expenses and other current assets		77			110
Total current assets		2,110			1,621
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($22,666 million and $8,659 million excluded from amortization at December 31, 2024 and December 31, 2023, respectively) ($5,713 million and $4,629 million related to Viper and $2,180 million and $1,769 million excluded from amortization related to Viper)		82,240			42,430
Other property, equipment and land		1,440			673
Accumulated depletion, depreciation, amortization and impairment ($1,081 million and $866 million related to Viper)		(19,208	)		(16,429	)
Property and equipment, net		64,472			26,674
Funds held in escrow		1			—
Equity method investments		375			529
Derivative instruments		2			1
Deferred income taxes, net ($185 million and $57 million related to Viper)		173			45
Other assets		159			131
Total assets	$	67,292		$	29,001
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable – trade	$	253		$	261
Accrued capital expenditures		690			493
Current maturities of debt		900			—
Other accrued liabilities		1,020			475
Revenues and royalties payable		1,491			764
Derivative instruments		43			86
Income taxes payable		414			29
Total current liabilities		4,811			2,108
Long-term debt ($1,083 million and $1,083 million related to Viper)		12,075			6,641
Derivative instruments		106			122
Asset retirement obligations		573			239
Deferred income taxes		9,826			2,449
Other long-term liabilities		39			12
Total liabilities		27,430			11,571
Stockholders’ equity:
Common stock, $0.01 par value; 800,000,000 shares authorized; 290,984,373 and 178,723,871 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		3			2
Additional paid-in capital		33,501			14,142
Retained earnings (accumulated deficit)		4,238			2,489
Accumulated other comprehensive income (loss)		(6	)		(8	)
Total Diamondback Energy, Inc. stockholders’ equity		37,736			16,625
Non-controlling interest		2,126			805
Total equity		39,862			17,430
Total liabilities and stockholders’ equity	$	67,292		$	29,001


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

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Revenues:
Oil, natural gas and natural gas liquid sales	$	3,471		$	2,165		$	10,100		$	8,228
Sales of purchased oil		225			52			923			111
Other operating income		15			11			43			73
Total revenues		3,711			2,228			11,066			8,412
Costs and expenses:
Lease operating expenses		461			254			1,286			872
Production and ad valorem taxes		225			104			638			525
Gathering, processing and transportation		95			78			356			287
Purchased oil expense		225			52			921			111
Depreciation, depletion, amortization and accretion		1,156			469			2,850			1,746
General and administrative expenses		72			39			213			150
Merger and integration expense		30			—			303			11
Other operating expenses		35			27			103			140
Total costs and expenses		2,299			1,023			6,670			3,842
Income (loss) from operations		1,412			1,205			4,396			4,570
Other income (expense):
Interest expense, net		(34	)		(29	)		(135	)		(159	)
Other income (expense), net		(7	)		(9	)		80			52
Gain (loss) on derivative instruments, net		36			99			137			(259	)
Gain (loss) on extinguishment of debt		—			—			2			(4	)
Income (loss) from equity investments, net		(2	)		9			21			48
Total other income (expense), net		(7	)		70			105			(322	)
Income (loss) before income taxes		1,405			1,275			4,501			4,248
Provision for (benefit from) income taxes		115			264			800			912
Net income (loss)		1,290			1,011			3,701			3,336
Net income (loss) attributable to non-controlling interest		216			51			363			193
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,074		$	960		$	3,338		$	3,143

Earnings (loss) per common share:
Basic	$	3.67		$	5.34		$	15.53		$	17.34
Diluted	$	3.67		$	5.34		$	15.53		$	17.34
Weighted average common shares outstanding:
Basic		291,851			178,811			213,545			179,999
Diluted		291,851			178,811			213,545			179,999


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

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Cash flows from operating activities:
Net income (loss)	$	1,290		$	1,011		$	3,701		$	3,336
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes		(165	)		193			15			378
Depreciation, depletion, amortization and accretion		1,156			469			2,850			1,746
(Gain) loss on extinguishment of debt		—			—			(2	)		4
(Gain) loss on derivative instruments, net		(36	)		(99	)		(137	)		259
Cash received (paid) on settlement of derivative instruments		(15	)		(48	)		(51	)		(110	)
(Income) loss from equity investment, net		2			(9	)		(21	)		(48	)
Equity-based compensation expense		16			14			65			54
Other		12			28			89			5
Changes in operating assets and liabilities:
Accounts receivable		(103	)		147			(42	)		(71	)
Income tax receivable		(3	)		16			9			283
Prepaid expenses and other current assets		(24	)		(94	)		54			(89	)
Accounts payable and accrued liabilities		114			11			(376	)		57
Income taxes payable		138			(9	)		87			(5	)
Revenues and royalties payable		59			(16	)		168			123
Other		(100	)		10			4			(2	)
Net cash provided by (used in) operating activities		2,341			1,624			6,413			5,920
Cash flows from investing activities:
Drilling, completions, infrastructure and midstream additions to oil and natural gas properties		(933	)		(649	)		(2,867	)		(2,701	)
Property acquisitions		(926	)		(820	)		(8,920	)		(2,013	)
Proceeds from sale of assets		8			7			467			1,407
Other		(4	)		(2	)		99			(16	)
Net cash provided by (used in) investing activities		(1,855	)		(1,464	)		(11,221	)		(3,323	)
Cash flows from financing activities:
Proceeds under term loan agreement		—			—			1,000			—
Repayments under term loan agreement		(100	)		—			(100	)		—
Proceeds from borrowings under credit facilities		2,190			313			3,375			4,779
Repayments under credit facilities		(2,044	)		(300	)		(3,377	)		(4,668	)
Proceeds from senior notes		—			400			5,500			400
Repayment of senior notes		—			—			(25	)		(134	)
Repurchased shares under buyback program		(402	)		(131	)		(959	)		(840	)
Repurchased shares/units under Viper’s buyback program		—			(28	)		—			(95	)
Proceeds from partial sale of investment in Viper Energy, Inc.		—			—			451			—
Net proceeds from Viper’s issuance of common stock		—			—			476			—
Dividends paid to stockholders		(262	)		(603	)		(1,578	)		(1,444	)
Dividends/distributions to non-controlling interest		(70	)		(45	)		(227	)		(129	)
Other		(7	)		(11	)		(149	)		(45	)
Net cash provided by (used in) financing activities		(695	)		(405	)		4,387			(2,176	)
Net increase (decrease) in cash and cash equivalents		(209	)		(245	)		(421	)		421
Cash, cash equivalents and restricted cash at beginning of period		373			830			585			164
Cash, cash equivalents and restricted cash at end of period	$	164		$	585		$	164		$	585


Diamondback Energy, Inc.
Selected Operating Data
(unaudited)

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Production Data:
Oil (MBbls)		43,785		25,124		123,325		96,176
Natural gas (MMcf)		107,249		50,497		275,680		198,117
Natural gas liquids (MBbls)		19,615		9,016		49,700		34,217
Combined volumes (MBOE)⁽¹⁾		81,275		42,556		218,972		163,413

Daily oil volumes (BO/d)		475,924		273,087		336,954		263,496
Daily combined volumes (BOE/d)		883,424		462,565		598,284		447,707

Average Prices:
Oil ($ per Bbl)	$	69.48	$	76.42	$	73.52	$	75.68
Natural gas ($ per Mcf)	$	0.48	$	1.29	$	0.32	$	1.32
Natural gas liquids ($ per Bbl)	$	19.27	$	19.96	$	18.99	$	20.08
Combined ($ per BOE)	$	42.71	$	50.87	$	46.12	$	50.35

Oil, hedged ($ per Bbl)⁽²⁾	$	68.72	$	75.59	$	72.68	$	74.72
Natural gas, hedged ($ per Mcf)⁽²⁾	$	0.82	$	1.31	$	0.91	$	1.48
Natural gas liquids, hedged ($ per Bbl)⁽²⁾	$	19.27	$	19.96	$	18.99	$	20.08
Average price, hedged ($ per BOE)⁽²⁾	$	42.76	$	50.40	$	46.38	$	49.98

Average Costs per BOE:
Lease operating expenses	$	5.67	$	5.97	$	5.87	$	5.34
Production and ad valorem taxes		2.77		2.44		2.91		3.21
Gathering, processing and transportation expense		1.17		1.83		1.63		1.76
General and administrative – cash component		0.69		0.59		0.68		0.59
Total operating expense – cash	$	10.30	$	10.83	$	11.09	$	10.90

General and administrative – non-cash component	$	0.20	$	0.33	$	0.30	$	0.33
Depreciation, depletion, amortization and accretion	$	14.22	$	11.02	$	13.02	$	10.68
Interest expense, net	$	0.42	$	0.68	$	0.62	$	0.97

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

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

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

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

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

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,074		$	960		$	3,338		$	3,143
Net income (loss) attributable to non-controlling interest		216			51			363			193
Net income (loss)		1,290			1,011			3,701			3,336
Non-cash (gain) loss on derivative instruments, net		(51	)		(147	)		(188	)		149
Interest expense, net		34			29			135			159
Depreciation, depletion, amortization and accretion		1,156			469			2,850			1,746
Depreciation and interest expense related to equity method investments		30			18			91			70
(Gain) loss on extinguishment of debt		—			—			(2	)		4
Non-cash equity-based compensation expense		24			21			95			80
Capitalized equity-based compensation expense		(8	)		(7	)		(30	)		(26	)
Merger and integration expenses		30			—			303			11
Other non-cash transactions		2			12			(62	)		(52	)
Provision for (benefit from) income taxes		115			264			800			912
Consolidated Adjusted EBITDA		2,622			1,670			7,693			6,389
Less: Adjustment for non-controlling interest		118			82			411			290
Adjusted EBITDA attributable to Diamondback Energy, Inc.	$	2,504		$	1,588		$	7,282		$	6,099

ADJUSTED NET INCOME

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

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

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

	Three Months Ended December 31, 2024						Year Ended December 31, 2024
	Amounts			Amounts Per Diluted Share			Amounts			Amounts Per Diluted Share
Net income (loss) attributable to Diamondback Energy, Inc.⁽¹⁾	$	1,074		$	3.67		$	3,338		$	15.53
Net income (loss) attributable to non-controlling interest		216			0.74			363			1.70
Net income (loss)⁽¹⁾		1,290			4.41			3,701			17.23
Non-cash (gain) loss on derivative instruments, net		(51	)		(0.17	)		(188	)		(0.88	)
(Gain) loss on extinguishment of debt		—			—			(2	)		(0.01	)
Merger and integration expense		30			0.10			303			1.42
Other non-cash transactions		2			—			(62	)		(0.29	)
Adjusted net income excluding above items⁽¹⁾		1,271			4.34			3,752			17.47
Income tax adjustment for above items		2			0.01			(9	)		(0.04	)
Adjusted net income⁽¹⁾		1,273			4.35			3,743			17.43
Less: Adjusted net income attributable to non-controlling interest		206			0.71			183			0.86
Adjusted net income attributable to Diamondback Energy, Inc.⁽¹⁾	$	1,067		$	3.64		$	3,560		$	16.57

Weighted average common shares outstanding:
Basic					291,851						213,545
Diluted					291,851						213,545

(1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc, (ii) less the reallocation of $4 million and $21 million in earnings attributable to participating securities for the three months ended December 31, 2024 and the year ended December 31, 2024, respectively, (iii) divided by diluted weighted average common shares outstanding for the respective periods.

OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES AND FREE CASH FLOW

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

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

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

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

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Net cash provided by operating activities	$	2,341		$	1,624		$	6,413		$	5,920
Less: Changes in cash due to changes in operating assets and liabilities:
Accounts receivable		(103	)		147			(42	)		(71	)
Income tax receivable		(3	)		16			9			283
Prepaid expenses and other current assets		(24	)		(94	)		54			(89	)
Accounts payable and accrued liabilities		114			11			(376	)		57
Income taxes payable		138			(9	)		87			(5	)
Revenues and royalties payable		59			(16	)		168			123
Other		(100	)		10			4			(2	)
Total working capital changes		81			65			(96	)		296
Operating cash flow before working capital changes		2,260			1,559			6,509			5,624
Drilling, completions, infrastructure and midstream additions to oil and natural gas properties		(933	)		(649	)		(2,867	)		(2,701	)
Total Cash CAPEX		(933	)		(649	)		(2,867	)		(2,701	)
Free Cash Flow		1,327			910			3,642			2,923
Tax impact from divestitures⁽¹⁾		—			—			—			64
Merger and integration expenses		30			—			303			—
Early termination of derivatives		—			—			37			—
Treasury locks		—			—			25			—
Adjusted Free Cash Flow	$	1,357		$	910		$	4,007		$	2,987

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

NET DEBT

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

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

	December 31, 2024			Net Q4 Principal Borrowings/ (Repayments)			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(in millions)
Diamondback Energy, Inc.⁽¹⁾	$	12,069		$	(215	)	$	12,284		$	11,169		$	5,669		$	5,697
Viper Energy, Inc.⁽¹⁾		1,091			261			830			1,007			1,103			1,093
Total debt		13,160		$	46			13,114			12,176			6,772			6,790
Cash and cash equivalents		(161	)					(370	)		(6,908	)		(896	)		(582	)
Net debt	$	12,999					$	12,744		$	5,268		$	5,876		$	6,208

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

DERIVATIVES

As of February 21, 2025, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper Energy, Inc. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent pricing and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.

	Crude Oil (Bbls/day, $/Bbl)
	Q1 2025	Q2 2025	Q3 2025	Q4 2025	FY2026
Long Puts – Crude Brent Oil	52,000	48,000	27,000	12,000	—
Long Put Price ($/Bbl)	$60.00	$58.44	$56.85	$55.00	—
Deferred Premium ($/Bbl)	$-1.48	$-1.50	$-1.54	$-1.56	—
Long Puts – WTI (Magellan East Houston)	83,000	86,000	72,000	35,000	—
Long Put Price ($/Bbl)	$55.84	$55.12	$55.00	$55.00	—
Deferred Premium ($/Bbl)	$-1.59	$-1.58	-1.60	$-1.62	—
Long Puts – WTI (Cushing)	142,000	137,000	101,000	41,000	—
Long Put Price ($/Bbl)	$56.58	$55.58	$55.00	$55.00	—
Deferred Premium ($/Bbl)	$-1.59	$-1.58	$-1.58	$-1.61	—
Costless Collars – WTI (Cushing)	13,000	—	—	—	—
Long Put Price ($/Bbl)	$60.00	—	—	—	—
Short Call Price ($/Bbl)	$89.55	—	—	—	—
Basis Swaps – WTI (Midland)	64,000	66,000	66,000	66,000	—
Basis Swaps – WTI (Midland)	$1.09	$1.05	$1.05	$1.05	—
Roll Swaps – WTI	16,389	25,000	25,000	25,000	—
Roll Swaps – WTI	$0.93	$0.93	$0.93	$0.93	—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q1 2025	Q2 2025	Q3 2025	Q4 2025	FY 2026	FY 2027
Costless Collars – Henry Hub	750,000	690,000	690,000	690,000	500,000	—
Long Put Price ($/Mmbtu)	$2.52	$2.49	$2.49	$2.49	$2.64	—
Ceiling Price ($/Mmbtu)	$5.26	$5.28	$5.28	$5.28	$6.31	—
Natural Gas Basis Swaps – Waha Hub	670,000	610,000	610,000	610,000	230,000	200,000
Natural Gas Basis Swaps – Waha Hub	$-0.82	$-0.84	$-0.84	$-0.84	$-1.41	$-1.42

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

The MIL Network –

February 25, 2025

MIL-OSI Africa: Global Firms Join Congo Energy & Investment Forum (CEIF) 2025 as Congo Boosts Fiscal Terms

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

BRAZZAVILLE, Republic of the Congo, February 24, 2025/APO Group/ —

With the Republic of Congo preparing to launch a new Gas Code and Gas Master Plan to incentivize investment across the natural gas value chain, the participation of investment companies in the country’s energy sector will be a requisite for international companies seeking to navigate complex government and corporate deals.

The inaugural Congo Energy & Investment Forum (CEIF) 2025, taking place in Brazzaville from March 24-26, will feature the participation of some of the top energy investment firms operating on the continent. Speakers at this year’s event will include Abdullahi Bashir, Group Managing Director, AA&R Investment; Adou Toure, Investment Advisor to the U.S. Development Finance Corporation (DFC); as well as Didier Rault, CEO, World Mining Investment.

The inaugural Congo Energy & Investment Forum, set for March 24-26, 2025, in Brazzaville, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société nationales des pétroles du Congo, will bring together international investors and local stakeholders to explore national and regional energy and infrastructure opportunities. The event will explore the latest gas-to-power projects and provide updates on ongoing expansions across the country.

Congo’s regulatory landscape and industry outlook is incentivizing new players to join the market. The country aims to attract fresh investment across the growing oil and gas value chain, with the fiscal and regulatory environment having become increasingly more transparent, making it simpler for companies to invest. As such, the participation of AA&R Investment at this year’s CEIF 2025 is set to showcase the significant role a structured investment environment can play in ensuring a timely and efficient entry for new companies to the country’s energy market.

Congo’s Gas Master Plan aims to advance the country’s gas monetization agenda by catalyzing new infrastructure development, including gas pipelines, processing facilities and gas-to-power plants. The plan also seeks to reduce energy imports and raise electricity access, currently at 50%. With its significant resource base, forward-looking approach to policy implementation and commitment to low-carbon oil and gas, Congo has emerged as a highly attractive investment market. With experience across a wide range of regions and industries, World Mining Investment is well-positioned to leverage its expertise in government and corporate deals to showcase how existing operators and service providers can strengthen their footprint in Congo at CEIF 2025.

With aims to increase financing and guarantees to help unlock private sector investment in Congo’s energy sector, the U.S. DFC’s participation at CEIF 2025 is expected to benefit small businesses and financial service companies seeking to improve supply chains, infrastructure and development in the country. The institution has a rich portfolio of projects across Africa, including the trans-national Lobito Atlantic Railway, which contribute to mobilizing private sector investment and expand access to structured financing mechanisms.

“The participation of investment firms such as AA&R Investment, the U.S. DFC and World Mining Investment at CEIF 2025 is crucial for shaping the future of Congo’s energy sector. Their involvement highlights the growing international confidence in the country’s evolving regulatory framework and abundant natural resources. By bringing together key players in the global energy and infrastructure sectors, the conference is well-positioned to foster collaboration, unlock new investment opportunities and drive sustainable growth in Congo’s energy market,” states Energy Capital & Power Events and Project Director Sandra Jeque.

MIL OSI Africa –

February 25, 2025
MIL-OSI Asia-Pac: “Farmers are the backbone of our economy, caretakers of our land and custodians of our food security”: Union Minister Hardeep Singh Puri, at program for Release of 19th installment of PM Kisan Scheme

Source: Government of India

“Farmers are the backbone of our economy, caretakers of our land and custodians of our food security”: Union Minister Hardeep Singh Puri, at program for Release of 19th installment of PM Kisan Scheme

Government is trying to increase ethanol blending across the country, this will benefit farmers: Union Petroleum & Natural Gas Minister

Posted On: 24 FEB 2025 5:12PM by PIB Chandigarh

Union Minister for Petroleum and Natural Gas, Shri Hardeep Singh Puri attended a programme at which the Prime Minister released the 19th installment of PM-KISAN Samman Nidhi at Bhagalpur, Bihar. The Petroleum and Natural Gas Minister joined the programme virtually from Guru Nanak Dev University, Amritsar, along with several farmers and dignitaries.

Addressing the farmers and other members of the audience at Guru Nanak Dev University, the Union Minister said that farmers’ welfare is the top priority of the Union Government led by Prime Minister Narendra Modi. “Farmers are the backbone of our economy. They are the caretakers of our land and the custodians of our food security.”

The Minister said that farmers have now become energy producers and that the government is striving to increase ethanol blending across the country for their benefit. “Our farmers have now become Energy Producers. The total ethanol blending earlier was 1.5%, but now it has reached 19.6%, following which the farmers have been paid more than 90,000 crore rupees. The Union Government is continuously striving to increase ethanol blending across the country, which will ultimately benefit the farmers.” He added that in the last three years, prices of petrol and diesel have come down.

After his address, the Union Minister also felicitated farmers, while acknowledging their contribution to the economy.

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(Release ID: 2105789) Visitor Counter : 61

MIL OSI Asia Pacific News –

February 25, 2025
MIL-OSI Asia-Pac: A delegation of “All-India National Public Sector Employees Federation” today called on Union Minister Dr. Jitendra Singh and discussed issues related to different Pension Scheme options

Source: Government of India

A delegation of “All-India National Public Sector Employees Federation” today called on Union Minister Dr. Jitendra Singh and discussed issues related to different Pension Scheme options

The Federation delegation expressed gratitude for the Minister’s efforts and commitment to the welfare of pensioners and employees

Employees Federation representatives conveyed their appreciation for the recent amendments in the National Pension System (NPS), which include key enhancements such as the increase in government contribution from 10% to 14%

Jeevan Praman – Digital Life Certificate eased Pensioners Lives, Federation Tells Dr. Jitendra Singh

Posted On: 24 FEB 2025 5:35PM by PIB Delhi

A delegation of “All-India National Public Sector Employees Federation” today called on Union Minister of State (Independent Charge) for Science & Technology, MoS PMO, Personnel, Public Grievances, Pensions, Atomic Energy, and Space, Dr. Jitendra Singh at his DoPT office at North Block and discussed issues related to different Pension Scheme options.

The Employees Federation (NPSEF) representatives conveyed their appreciation to Dr. Jitendra Singh for the recent amendments in the National Pension System (NPS), which include key enhancements such as the increase in government contribution from 10% to 14%. This move is a major relief for employees, providing them with greater financial security in their retirement years. The Federation also expressed gratitude for the introduction of the Unified Pension Scheme (UPS), which aims to streamline pension schemes for better management and greater benefits for employees across various sectors.

The Federation delegation expressed gratitude for the Minister’s efforts and commitment to the welfare of pensioners and employees. The Federation further commended the Department of Pensions and Pensioners Welfare (DoPPW) for its proactive approach and significant initiatives that have substantially improved the pension system.

A high-level delegation of “All-India National Public Sector Employees Federation” calling on Union Minister Dr. Jitendra Singh at DoPT, North Block, New Delhi.

The Minister for Pensions briefed the delegation on the advantages of both the NPS and the UPS, urging them to carefully assess and make an informed choice regarding their pension schemes. He reiterated that the government’s priority is the welfare of employees, and these recent reforms were designed to provide a more secure, transparent, and beneficial pension system.

Dr. Jitendra Singh shared the immense benefits of technology-driven solutions and the recent pension reforms.

During the meeting, the office bearers of the federation conveying their feedback on the Jeevan Praman Digital Life certificate said “It has eased life of pensioners as there is no need to visit nearby banks or post offices and verification can be done with a single click of Smart Phone.”

Dr. Jitendra Singh emphasized the importance of technology in streamlining pension services, particularly highlighting the use of Facial Recognition Technology in delivering Jeevan Praman- Digital Life Certificates. This cutting-edge solution has greatly eased the process for pensioners, allowing them to submit their life certificates digitally with ease and security. The technology has not only enhanced convenience for pensioners but also minimized delays and potential fraud, significantly improving the quality of pensioner services.

In his address, the Union Minister also guided the Federation on the way forward, emphasizing the importance of continuous dialogue between the government and employees’ unions to ensure that the needs and concerns of pensioners and employees are addressed comprehensively.

Shri. V. Srinivas, Secretary, DoPPW along with Shri. Dhrubjyoti Sengupta, Joint Secretary, DoPPW were also present during the meeting.

From the federation Dr Manjeet Singh Patel, National President ; Ashish Singh, President Ordnance Employees Union, Muradnagar; Manish Prajapati, Delhi Nurses Federation, Leader; Sanjeev Verma, President, Indira Gandhi Open University staff association; Vinod Yadav, Secretary Delhi Teachers Association along with Mohd. Iqbal Qasim, Arun Verma, Shyam Sunder were present for the meeting.

The meeting was a clear indication of the government’s ongoing commitment to pensioners and employees, with a focus on harnessing the power of technology and enhancing pension schemes for a more secure and well-managed retirement.

****

NKR/PSM

(Release ID: 2105811) Visitor Counter : 21

MIL OSI Asia Pacific News –

February 25, 2025
MIL-OSI Asia-Pac: Union Minister for Power and Housing & Urban Affairs, Shri Manohar Lal inaugurates Prakriti 2025

Source: Government of India

Union Minister for Power and Housing & Urban Affairs, Shri Manohar Lal inaugurates Prakriti 2025

Prakriti 2025- International Conference on Carbon Markets, a reflection of India’s commitment to climate action

Posted On: 24 FEB 2025 5:31PM by PIB Delhi

Prakriti 2025 (Promoting Resilience, Awareness, Knowledge, and Resources for Integrating Transformational Initiatives), the international conference on carbon markets, was organised today in New Delhi. The conference aimed to promote resilience, awareness, knowledge, and resources for integrating transformational climate initiatives.

Prakriti 2025 provided a high-level platform for national and international experts, policymakers, industry leaders, researchers, and practitioners to engage in discussions and exchange ideas on the global carbon market’s current trends, challenges, and future directions. By bringing together global leaders and experts, the event advanced discussions on innovative solutions for a sustainable, low-carbon future.

Shri Dhiraj Srivastava, Chief Engineer, Ministry of Power, welcomed the distinguished guests, industry leaders, and global experts, expressing gratitude for their presence. He acknowledged the importance of collaboration in shaping India’s sustainable energy future.

Hon’ble Union Minister for Power and Housing & Urban Affairs, Shri Manohar Lal, inaugurated the event and shared the Indian Government’s vision on the critical role of carbon markets in tackling climate change. He emphasized the importance of transitioning to renewable energy (RE) to reduce dependence on fossil fuels and achieve emissions targets. Hon’ble Minister also highlighted India’s rich cultural heritage and traditional practices, such as Ganga Deep Puja and Govardhan Puja, which reflect the nation’s deep-rooted ecological consciousness and can complement modern sustainability efforts. Additionally, he underscored the need for climate policies that ensure real, verifiable, and fraud-proof carbon reductions, making India’s sustainability transition both ambitious and achievable.

Additional Secretary, Ministry of Power, Shri Akash Tripathi, stated,“The Indian Carbon Market Ensures that the target notification aligns with buyer and seller needs in the carbon market. The focus is to implement a strategy to minimize emissions through cost-effective measures.” He further added, “As part of the compliance mechanism, there will be a gradual implementation of carbon reduction targets, with a 40% reduction by 2027 and the remaining by 2030.”

Director, Bureau of Energy Efficiency, Shri Saurabh Diddi delivered the vote of thanks to the Hon’ble Minister of Power and Housing & Urban Affairs for gracing the event with his presence and sharing his insightful thoughts on striking an ecological balance inspired by our traditional practices. He thanked the panelists, the World Bank, and IETA for their support, emphasizing technology’s role in ensuring transparency in carbon markets. He also acknowledged PwC’s contribution and highlighted India’s policy-driven, tech-enabled approach to a green economy, positioning ICM as a model for emerging markets.

The conference provided an in-depth understanding of the functioning and processes of the Indian Carbon Market (ICM) while offering insights into the global carbon market’s dynamics, opportunities, and challenges.

The International Conference on Carbon Markets – PRAKRITI 2025, organized by the Bureau of Energy Efficiency (BEE) under the Ministry of Power, brought together global leaders and experts from various sectors to discuss and explore innovative approaches in addressing climate change through carbon markets.

Throughout the conference, experts such as Shri Ajay Mathur, Director General of the International Solar Alliance, Mr. Marcos Castro, Senior Climate Change Specialist at the World Bank, and Ms. Leena Nandan, former Secretary, Ministry of Environment, Forest, and Climate Change, led the technical discussions on carbon markets. They delved into critical topics such as Development of Carbon Markets, Compliance Mechanisms, Developing Infrastructure for Functional Carbon Markets, Offset Mechanism, Carbon Credits, and global carbon market dynamics. The event served as a platform for thought leaders to exchange ideas and discuss strategies for advancing carbon markets and climate action globally.

More than just a conference, Prakriti has distinguished itself as one of the most comprehensive and significant events for learning, sharing knowledge, and exploring opportunities for collaboration in the global effort to combat climate change. Prakriti 2025 will build on this momentum, marking a landmark milestone in India’s climate calendar and the international climate dialogue.

The conference will continue on Day 2 with plenary sessions focusing on Private Sector Perspectives on the Indian Carbon Market, Incentivizing Renewable Energy developers through Carbon Markets, and a thematic track on the Role of Ecosystem-Based Interventions in Achieving Net-Zero Goals.

*****

SS

(Release ID: 2105806) Visitor Counter : 45

MIL OSI Asia Pacific News –

February 25, 2025
MIL-OSI Economics: Panel to examine measures adopted by Türkiye targeting Chinese electric vehicle imports

Source: World Trade Organization

DS629: Türkiye — Measures Concerning Electric Vehicles and Other Types of Vehicles from China

China submitted its second request for the establishment of a dispute panel to rule on various measures taken by Türkiye concerning electric vehicles (“EVs”) and certain other types of vehicles originating in China. China’s first request was blocked by Türkiye at the previous DSB meeting on 27 January. China said challenges faced by one member’s industry need to be addressed in a way consistent with its WTO obligations and should not be used as an excuse for abandoning the core principle of non-discrimination that is the bedrock of the WTO and of the rules-based international trading system.

Türkiye said it is deeply concerned that China is making such a request before all possible bilateral consultations are exhausted. China’s request relates to a major sector that has been facing strong challenges for many years due to uncompetitive practices, subsidization and excess capacity, Türkiye said.

The DSB agreed to the establishment of the panel. The European Union, Japan, the Republic of Korea, Brazil, Canada, Australia, the United Kingdom, the United States, Switzerland, Norway, Singapore, the Russian Federation, Thailand and India reserved their third-party rights to participate in the panel proceedings.

DS593: European Union — Certain Measures Concerning Palm Oil and Oil Palm Crop-Based Biofuels

Indonesia noted the panel ruling circulated on 10 January, which it said found that the European Union’s 2018 renewable energy directive and related regulations unfairly discriminated against Indonesia’s palm oil biofuels. The economic impact of these discriminatory measures is substantial and has severely affected Indonesian palm oil exports, impacting millions of farmers and businesses, Indonesia said. It called on the EU to adjust its policy and the measures at issue so that they are in line with the WTO agreements; Indonesia will closely monitor implementation and expects swift compliance.

The European Union said it welcomed the panel’s findings, which confirm that the EU has the right to take measures to ensure that its policies on renewable fuels do not exacerbate greenhouse gas emissions associated with indirect land-use change. While it raised some concerns regarding the panel’s findings, the EU said the panel found that the EU measures aim to achieve legitimate environmental objectives and that they are science-based.

Russia, Brazil, the United States, and St Vincent and the Grenadines (for the Organisation of African, Caribbean and Pacific States) took the floor to comment on the panel report.

The DSB took note of the statements and adopted the panel report.

DS599: Panama — Measures Concerning the Importation of Certain Products from Costa Rica

Costa Rica made a statement criticizing Panama’s decision to appeal the panel report in DS599, which upheld Costa Rica’s complaint regarding Panama’s import restrictions on various fruit, dairy and meat products from Costa Rica. Costa Rica proposed a bilateral agreement to Panama that would enable both parties to proceed to arbitration under Article 25 of the Dispute Settlement Understanding (DSU), but Panama refused, Costa Rica said. Panama’s appeal “into the void” should serve to highlight the importance of alternative avenues under the DSU to resolve disputes, Costa Rica said.

Panama said it reaffirms its commitment to international law and to the WTO agreements in general and the DSU in particular, and its willingness to settle any dispute with its trading partners.

The European Union, Canada and Colombia made statements on the matter.

Appellate Body appointments

Colombia, speaking on behalf of 130 members, introduced for the 84th time the group’s proposal to start the selection processes for filling vacancies on the Appellate Body. The extensive number of members submitting the proposal reflects a common interest in the functioning of the Appellate Body and, more generally, in the functioning of the WTO’s dispute settlement system, Colombia said.

The United States repeated that the US is currently transitioning to a new administration and that, as US concerns with WTO dispute settlement remain unaddressed, it does not support the proposed decision.

Twenty-two members then took the floor to comment, one speaking on behalf of the ACP Group. Most reiterated their support for the joint proposal and for the urgent need to restore a fully functioning dispute settlement system. Several welcomed the progress made in the dispute settlement reform discussions last year and supported the proposal by the previous General Council Chair to commence consultations on advancing the discussions.

Ten members (China; Canada; Hong Kong, China; Switzerland; Singapore; the European Union; Australia; Norway; Japan; and New Zealand) urged members to consider joining the Multi-Party Interim Appeal Arrangement (MPIA), a contingent measure to safeguard the right to appeal in the absence of a functioning Appellate Body.

Colombia said on behalf of the 130 members that it regretted that, on 84 occasions, members have not been able to launch the selection processes. Ongoing conversations about reform of the dispute settlement system should not prevent the Appellate Body from continuing to operate fully, and, in line with 17.2 of the DSU, members shall comply with their obligation under the Dispute Settlement Understanding to fill the vacancies as they arise, Colombia said on behalf of the group.

Surveillance of implementation

The United States presented status reports with regard to DS184, “United States — Anti-Dumping Measures on Certain Hot-Rolled Steel Products from Japan”, DS160, “United States — Section 110(5) of US Copyright Act”, DS464, “United States — Anti-Dumping and Countervailing Measures on Large Residential Washers from Korea”, and DS471, “United States — Certain Methodologies and their Application to Anti-Dumping Proceedings Involving China.”

The European Union presented a status report with regard to DS291, “EC — Measures Affecting the Approval and Marketing of Biotech Products.”

Indonesia presented its status reports in DS477 and DS478, “Indonesia — Importation of Horticultural Products, Animals and Animal Products.”

Election of Chairperson

At the end of the meeting, the DSB elected Ambassador Clare Kelly of New Zealand as Chair of the DSB for the coming work year.

Next meeting

The next regular DSB meeting will take place on 24 March.

Share

MIL OSI Economics –

February 25, 2025
MIL-OSI Europe: Written question – Green Deal – Translation into local action – E-000382/2025
Source: European Parliament
Question for written answer E-000382/2025/rev.1
to the Commission
Rule 144
Liesbet Sommen (PPE)

Local and regional authorities play a crucial role in implementing the European Green Deal. During the Belgian Presidency, a conference entitled ‘Translating the European Green Deal into Local Action’ was organised. At this conference, former Commissioner Maroš Šefčovič emphasised the importance of the local level in implementing the Green Deal. Many initiatives have already been taken, such as the Covenant of Mayors for Climate and Energy and the Green City Accord. In view of the above:

1.Will there be more alignment and integration between EU cohesion policy funds and the Green Deal objectives, and will this aspect be included in the discussions on the mid-term review of the long-term budget 2021-2027?

2.What measures will be taken to improve synergies between EU funding and supporting instruments to achieve greater impact and avoid counterproductive policies and unnecessary burdens?

3.Can cooperation between the Commission and the Committee of the Regions be strengthened through a ‘Green Deal Going Local’ task force or other support platform, acting as a focal point and providing guidance to align the EU Green Deal with local and regional needs?

Submitted: 28.1.2025
Last updated: 24 February 2025
MIL OSI Europe News –
February 25, 2025
MIL-OSI Asia-Pac: The India-EU Trade and Technology Council first Workshop on Electric Vehicles (EV) Charging Technology paves the way for new advancements in standardisation and sustainable mobility
Source: Government of India (2)

Posted On: 24 FEB 2025 8:14PM by PIB Delhi

The EU and India are deepening their partnership as part of a new strategic agenda to enhance prosperity, stability, security and people-to-people connections, to which the cooperation in the area of research brings a dynamic contribution.

The first India-EU Workshop on Electric Vehicles Charging Technology was held in Pune, India, on 24^th Feb 2025 under the auspices of the India-EU Trade and Technology Council (TTC) Working Group 2 on Green and Clean Energy Technologies, successfully bringing together policy-makers, representatives from electro-mobility industry, standardisation associations and technical testing facilities, to foster harmonised solutions for sustainable transport. The workshop was attended by Dr. Monoranjan Mohanty (Adviser) and Dr Hafsa Ahmad (Scientist) from Office of the Principal Scientific Adviser to Government of India, Dr. Reji Mathai (Director) and Mr. Abhihit Mulay (Deputy Director) from the Automotive Research Association of India and Mr. Nitish Kumar Jain, Deputy Director, Bureau of Indian Standards. Participants from European Commission included Dr. Liliana Pasecinic, Dr. Harald Scholz, Mr. Dirk Groβmann and Dr. Saki Gerassis, who joined online. Stakeholders from the Indian and European industry also actively participated in the workshop.

The workshop has been one of milestones in the TTC Working Group 2 work agenda and will be discussed as an achievement in the forthcoming 2^nd TTC Ministerial meeting to be held in New Delhi on 28^th Feb 2025.

Organised by the Automotive Research Association of India (ARAI) and the European Commission’s Joint Research Centre (JRC), with the support of the Office of the Principal Scientific Adviser (PSA) to the Government of India, the workshop addressed key policy and technical aspects of EV charging, covering all size classes of electric vehicles, and focusing on standardisation, and strategic cooperation. The workshop featured expert presentations, policy dialogues, and panel discussions, covering critical topics such as:
- The EU- and Indian charging standards, infrastructure requirements, requirements for communication and interoperability targets;
- Insights about the future strategic directions in India and the EU in sustainable mobility, including potential synergies leading to economies of scale;
- EV Charging system testing capabilities and pre-normative research, with focus on ARAI and JRC facilities;
- Industry perspectives to enhance India-EU collaboration in EV-charging
The workshop provided the opportunity to deepen bilateral cooperation on harmonising standards for EV charging infrastructure, including cooperative, pre-normative research for harmonised testing solutions and knowledge exchange in the field of electro-mobility.

Additionally, the participants were provided the opportunity to visit the ARAI laboratory, gaining first-hand exposure to India’s state-of-the-art EV and electro-mobility testing facilities.

About the Trade and Technology Council set up by India and the EU

The India-EU Trade and Technology Council (TTC) was first announced by the European Commission President, Ursula von der Leyen, and India’s Prime Minister, Narendra Modi, in April 2022. Established on February 6, 2023, this strategic coordination mechanism allows both sides to tackle challenges at the nexus of trade, trusted technology, and security, and deepens cooperation in these fields. Establishing India-EU TTC is a key step towards a strengthened strategic partnership for the benefit of all people in India and the EU.

The TTC is a key forum to deepen the strategic partnership on trade and technology between the two partners. Geostrategic challenges have reinforced the EU and India’s common interest in ensuring security, prosperity, and sustainable development based on shared values.

The TTC consists of three Working Groups:
1. Working Group 1 on Strategic Technologies, Digital Governance and Digital Connectivity
2. Working Group 2 on Green and Clean Energy Technologies; and
3. Working Group 3 on Trade, Investment and Resilient Value Chains.
Working Groups are now jointly working to advance identified objectives and key actions. The India-EU TTC Working Group 2 on Green and Clean Energy Technologies is being led by the Office of the Principal Scientific Adviser to the Government of India from the Indian side and the Directorate-General for Research and Innovation of the European Commission from the EU side.

Both sides expect to report at the next TTC Meeting at Ministerial level, in 2025, on the progress made in this area through initiatives such as this workshop on Standardisation Strategy and trustable testing possibilities in EV mobility.

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MJPS/ST

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MIL OSI Asia Pacific News –
February 25, 2025

MIL-OSI Asia-Pac: “Indian Railways is marching towards achieving the objective of Net Zero” -Shri Ashwini Vaishnaw

Source: Government of India

“Indian Railways is marching towards achieving the objective of Net Zero” -Shri Ashwini Vaishnaw

Power purchasing agreement of 170 MW signed between Indian Railways and Madhya Pradesh Government, marking the procurement of cheapest renewable energy in India

Railways Minister Urges states to share solar & wind energy to Indian Railways

Till date, Indian Railway has tied up 4,260 MW (installed) of Solar and 3,427 MW (installed) of wind energy for its energy requirements

Commitment to achieve 100% electrification in Railways and maximize renewable energy usage

Posted On: 24 FEB 2025 7:40PM by PIB Delhi

Addressing investors and entrepreneurs at the Global Investors Summit 2025 in Bhopal, Union Minister for Railways, Information & Broadcasting, and Electronics & IT, Shri Ashwini Vaishnaw outlined Indian Railways’ vision for electrification and the adoption of alternative energy sources.

Shri Mohan Yadav, Chief Minister of Madhya Pradesh, and Shri Rakesh Shukla, Minister of New and Renewable Energy, Government of Madhya Pradesh were also present in the event.

Participating via video conferencing from Rail Bhawan, the Union Railway Minister emphasized the Indian government’s goal to achieve ‘Net Zero’ carbon emissions for Indian Railways, with 100% electrification slated for completion in the 2025-26 financial year. The next objective is to maximize renewable energy procurement.

With this vision, Indian Railways has already tied up 1,500 MW of renewable energy. Further strengthening this commitment, a significant 170 MW Power Purchase Agreement (PPA) was signed today with the Madhya Pradesh government. This milestone marks the procurement of India’s cheapest solar power at Rs 2.15/kWh and the Minister reaffirmed enthusiasm for exploring wind and nuclear energy procurement. The Government of Madhya Pradesh, through Rewa Ultra Mega Solar Power Limited (RUMSL), is supplying solar power to Indian Railways from its largest solar park.

Shri Ashwini Vaishnaw commended Madhya Pradesh Chief Minister Shri Mohan Yadav for his active role in advancing railway development in the state. He reiterated the Indian government’s strong commitment to a sustainable and green future for the country’s transportation network.

Today’s PPA was signed between key stakeholders, including West Central Railway (WCR), represented by Dy. CEE/HQ Shri Chetan Gulwani; RUMSL, represented by Executive Engineer Shri Avneesh Shukla; and Waree Forever Energies Pvt Ltd, the solar power developer.

The Minister also added that Indian Railways is committed to achieving net-zero emissions and shifting from road to rail transport to promote environmental sustainability, reduce oil imports, and lower overall logistics costs. As part of this vision, it is meeting its energy requirements through non-fossil sources such as solar, wind, and nuclear power. The collaboration with RUMSL is a significant step in this direction.

In addition to setting up its own solar systems, Indian Railways is also securing solar power through PPA arrangements with developers. By 2030, Indian Railways’ traction power requirement is projected to reach 10,000 MW. So far, it has secured 4,260 MW of installed solar capacity and 3,427 MW of installed wind capacity to meet its energy needs, the Minister said.

Call for Nationwide Collaboration in Renewable Energy

Shri Ashwini Vaishnaw urged all Indian states to contribute renewable energy—be it solar, wind, hydro, or nuclear power—to Indian Railways, emphasizing a collaborative approach to sustainable energy. He praised the successful partnership model between the Railway Ministry and the Government of Madhya Pradesh, which facilitates direct PPA agreements between the state’s energy generators and Indian Railways.

Historic Budget Allocation for Madhya Pradesh Rail Infrastructure

Highlighting the record-breaking budget of ₹14,745 crore allocated to Madhya Pradesh’s railway sector for FY 2025-26, the Minister stated that this is the highest-ever budgetary allocation for the state. Infrastructure development has accelerated significantly, with railway track laying increasing from 29 km per year before 2014 to 230 km per year today—a 7.5x increase.

Overview of RUMSL

Parameter	Details
Capacity	1500 MW
Solar Parks Location	Agar, Shajapur, and Neemuch districts in Northwest Madhya Pradesh
Quantum to Railway	195 MW equivalent (Total installed 400 MW) (Annual Solar Power Supply is 757 Million Units)
Tariff	Rs 2.15 /kWh for Neemuch unit (lowest in the country)
CUF (Capacity Utilization Factor)	44.3% under Optimum Scheduling
Joint Venture Partners	Solar Energy Corporation of India (SECI) and Madhya Pradesh Urja Vikas Nigam Limited (MPUVNL)
PPA Duration	25 years
Nodal Railway	WCR (Power supplied via grid to Indian Railways in six states)
Target Completion Date	December 2025

Tied up solar Installed capacity with Indian Railways:

Project	Installed Capacity (in MW)
Rooftop of stations and Rly service building	203
Bhilai	50
MCF	3.13
Diwana	2
Bina	1.7
RUMS (Rewa)	400
BSUL (Bundelkhand)	800
IRCON (Pavagarh, Karnataka)	500
RERTC (SECI) (Rajasthan)	100
900 MW RERTC (Bikaner NTPC, Jaisalmer 450 MW, Fatehgarh 200 MW)	1300
600 MW RERTC (NTPC, Bikaner, TEQ Green Barmer)	901
Total	4260.83

About the Rewa Ultra Mega Solar Power Limited (RUMSL)

RUMSL, designated as a Solar Power Park Developer (SPPD) by the Ministry of New and Renewable Energy (MNRE), was entrusted with developing large-scale solar parks in Madhya Pradesh under the Ultra Mega Renewable Energy Power Projects (UMREPP) scheme of the Government of India. To ensure efficiency and expertise in executing and operating such large-scale projects, RUMSL adopted the DBFOO (Design, Build, Finance, Own, and Operate) model. The initiative significantly contributed to India’s renewable energy sector, increasing the country’s solar power generation capacity by 2.50%. Notably, it achieved the lowest-ever tariff awarded for a solar public-private partnership (PPP) in India, at INR 2.97 per kWh, without any viability gap funding from the government. Recognized for its innovation and impact, the project was included in the Prime Minister’s “Book of Innovation” and was honored with the prestigious “President Award” from the World Bank.

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Dharmendra Tewari/Shatrunjay Kumar

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MIL OSI Asia Pacific News –

February 25, 2025

MIL-OSI Asia-Pac: SECI signs MoU with Government of MP for 200 MW Solar Project at Dhar

Source: Government of India (2)

Posted On: 24 FEB 2025 7:14PM by PIB Delhi

Solar Energy Corporation of India Limited (SECI), a Navratna CPSU under the Ministry of New & Renewable Energy, has signed a Memorandum of Understanding (MoU) with the Government of Madhya Pradesh for setting up 200 MW Solar Project in Dhar under the CPSU Scheme and a 1000 MWh Battery Storage Project in the state. The MoU was signed at the two-day Global Investors Summit 2025 ongoing at Bhopal from 24^th to 25^th February 2025.

The Global Investors Summit 2025, organised by the Government of Madhya Pradesh was inaugurated by Hon’ble Prime Minister of India in the presence of Hon’ble Governor of Madhya Pradesh Shri Mangubhai Chhaganbhai Patel and Hon’ble Chief Minister of Madhya Pradesh Shri Mohan Yadav.

The MoU was signed by Shri Sivakumar V Vepakomma, Director (Power Systems) SECI and Shri. Manu Srivastava, IAS, Additional Chief Secretary (NRE) in the presence of Hon’ble Minister of New & Renewable Energy of Madhya Pradesh Shri Rakesh Shukla and Shri. R P Gupta, IAS (Retd) Chairman and Managing Director, SECI.

The 200 MW Solar Project is part of a 500 MW Agreement which was executed in 2023 with MP Power Management Company Limited (MPPMCL) for a period of 25 years under which SECI will supply the electricity to the state. SECI has proposed a phase-wise capital expenditure of Rs 2500 Cr for expansion and development of Renewable Energy in the state of Madhya Pradesh.

The summit was attended by various stakeholders of the Government of India and representatives of various countries and states.

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Navin Sreejith

(Release ID: 2105881) Visitor Counter : 35

MIL OSI Asia Pacific News –

February 25, 2025
MIL-OSI Asia-Pac: 22nd EGM: IREDA Shareholders Approve up to ₹5,000 Crore Fundraising via QIP

Source: Government of India (2)

Posted On: 24 FEB 2025 7:11PM by PIB Delhi

Shareholders of Indian Renewable Energy Development Agency Ltd. (IREDA) have approved the company’s proposal to raise up to ₹5,000 crore through Qualified Institutions Placement (QIP) of equity shares, in one or multiple tranches. The approval was granted by the shareholders in favour of the resolution via remote e-voting during the 22nd Extra-Ordinary General Meeting (EGM) held today through video conferencing. The meeting was chaired by Shri Pradip Kumar Das, Chairman and Managing Director, IREDA and attended by Directors on the Board and shareholders.

IREDA’s Board had earlier approved the fundraising plan on January 23, 2025, which includes the dilution of the Government of India’s shareholding in the company by up to 7% post-issue equity, in one or multiple tranches.

Addressing the shareholders, Shri Pradip Kumar Das, CMD, highlighted IREDA’s strong financial performance in the first nine months of FY 2024-25, with a loan book of ₹68,960 crore, loan sanctions of ₹31,087 crore, and disbursements of ₹17,236 crore. “The funds raised through QIP will strengthen our green financing capabilities, accelerate loan book growth, and support India’s clean energy targets,” he stated.

Shri Das further informed shareholders that IREDA Global Green Energy Finance IFSC Limited, a wholly owned subsidiary of IREDA, recently received the Certificate of Registration from the International Financial Services Centre Authority (IFSCA), allowing it to commence business as a Finance Company at GIFT City, Gujarat. “This milestone strengthens IREDA’s commitment to lending and serving in foreign currency by reducing hedging risks,” he added.

In addition to the fundraising approval, shareholders also consented to amendments in IREDA’s Articles of Association. These amendments include provisions for formation of joint ventures and subsidiaries in India and abroad, along with empowering the Board to exercise enhanced powers under ‘Navratna’ status, subject to government guidelines.

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Navin Sreejith

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MIL OSI Asia Pacific News –

February 25, 2025
MIL-OSI Asia-Pac: Mobilizing Finance is Key to Achieving 500 GW Renewable Energy by 2030: Union Minister Pralhad Joshi

Source: Government of India

Mobilizing Finance is Key to Achieving 500 GW Renewable Energy by 2030: Union Minister Pralhad Joshi

Renewable Energy Financing Obligation is the need of the hour: Union Minister Joshi National Workshop on Mobilizing Finance for Renewable Energy Concludes in Mumbai

Posted On: 24 FEB 2025 6:25PM by PIB Mumbai

Mumbai : 24 February 2025

Mobilising finance is key to achieving 500 GW Renewable Energy by 2030, said Union Minister for New & Renewable Energy Shri Pralhad Joshi. He was addressing the National Workshop on Mobilizing Finance for Renewable Energy organised by Union Ministry of New and Renewable Energy in Mumbai today. Union Minister Joshi also called for collective efforts from financial institutions and policymakers to ensure accessible funding to Renewable Energy (RE) sector. The Minister along with the Minister of State, (MNRE), Shri Shripad Naik also addressed a Press Conference held in conjunction with the Workshop.

Highlights of the Workshop

The Minister stated that the idea for the workshop emerged after a review meeting chaired by Prime Minister Narendra Modi, where discussions focused on accelerating flagship schemes like PM Surya Ghar and PM-KUSUM. Highlighting the scale of India’s energy needs, Shri Joshi said that as the country aims to become the third-largest economy, its energy demand is expected to double. He stressed that renewable energy must be scaled up to match thermal energy production, ensuring a reliable and resilient power supply.

The Minister also spoke about India’s commitment to achieving Net Zero by 2070 and reaching 500 GW of non-fossil fuel-based capacity by 2030. He called upon financial institutions to align their lending policies with India’s renewable energy growth strategy and emphasized that carbon-intensive industries will face reduced export opportunities in the future. Shri Joshi noted that India has already made significant progress in renewable energy, with capacity increasing to 222 GW today. He pointed out that solar tariffs have drastically reduced, with a recent bid in Madhya Pradesh touching ₹2.15 per unit, compared to ₹11 per unit earlier. However, he stressed the importance of battery storage solutions to support large-scale renewable deployment.

Speaking on the role of decentralization, the Minister highlighted that PM-KUSUM and PM Surya Ghar empower farmers to become “Urjadata” (energy providers), while also reducing transmission losses. He urged banks to simplify financing processes, particularly for rooftop solar projects, and called for the introduction of a Renewable Energy Financing Obligation to ensure dedicated funding for the sector, similar to Renewable Purchase Obligations (RPOs) for discoms.
Shri Joshi underscored India’s leadership in green hydrogen (GH2), stating that the country has already received major export orders and is ahead of several developed nations in this field. He noted that global investors are increasingly looking at India as a preferred destination for manufacturing and clean energy investments, recognizing its young workforce and strong industrial capacity.

The Minister also highlighted Prime Minister Modi’s directive to engage global financial institutions for renewable energy investments, citing India’s recent success in securing commitments worth ₹34.5 lakh crore during a global RE summit in Gandhinagar. He emphasized that the transition to renewable energy is not optional—it is a necessity.Concluding his address, Shri Pralhad Joshi called for a national movement in renewable energy financing, stating that PM Surya Ghar is not just a scheme but an Andolan (movement). He urged financial institutions to streamline lending processes, reduce unnecessary compliance burdens, and adopt a more supportive approach towards financing clean energy projects.

Union Minister of State for Power and New & Renewable Energy Shri Shripad Y Naik said that achieving 500 GW of renewable energy by 2030 will require an investment of approximately ₹30 lakh crore, covering infrastructure, transmission, and storage systems. He urged the stakeholders to adopt innovative financing models, extend flexible lending terms, and prioritize green investments that will accelerate our energy transition.

In her context setting speech, Secretary MNRE Smt. Nidhi Khare emphasized the critical role of affordable finance, green bonds, and innovative funding models in driving India’s renewable energy transition.

The National Workshop on Mobilizing Finance for Renewable Energy featured four key sessions focused on addressing financing challenges in the renewable energy sector. The first session examined the financing landscape for utility-scale renewable energy (RE) projects, assessing challenges faced by developers, banks, and NBFCs in securing funding. Discussions covered interest rates, perceived risks, and potential solutions for financial institutions to support large-scale RE projects. The second session focused on financing new and emerging RE technologies, such as offshore wind, floating solar, and green hydrogen. Panelists, including experts from NABARD, and leading financial institutions, discussed capital allocation strategies, policy interventions, and mechanisms to reduce financial risks for private sector investments in these technologies.

The third session addressed financing challenges for Distributed Renewable Energy (DRE) and innovative RE applications, including rooftop solar, canal-top PV, and Agri-PV. Experts explored financing constraints for startups, perceived investment risks, and policy support required to scale up these solutions. The final session focused on regulatory and capacity-building measures for banks and NBFCs, discussing RBI guidelines, sector-specific lending policies, and strategies to enhance financing in consumer-oriented RE applications. Stakeholders highlighted the need for better regulatory frameworks, risk-sharing mechanisms, and financial instruments to unlock capital for India’s renewable energy ambitions. The discussions reinforced the necessity of collaborative efforts among policymakers, financial institutions, and industry leaders to mobilize large-scale investments and achieve India’s target of 500 GW of non-fossil fuel energy by 2030.

The discussions led to several key takeaways, including the need for lower-cost financing, improved access to global climate funds, and enhanced risk-sharing mechanisms for new technologies. Participants also stressed the importance of strengthening public-private partnerships and expanding green financial instruments to support India’s clean energy transition. The event concluded with a commitment from all stakeholders to work towards innovative financing models and policy frameworks that can unlock large-scale investments in the renewable energy sector.

Senior officials from major public and private sector banks such as State Bank of India, Union Bank of India, HDFC Bank, ICICI Bank, Bank of India, Bank of Baroda, Canara Bank, UCO Bank, IDFC Bank, IDBI Bank, AU Small Finance Bank, Axis Bank, Punjab National Bank, Indian Overseas Bank, Indian Bank, Central Bank of India, Punjab & Sind Bank, Jammu & Kashmir Bank and Bank of Maharashtra also attended the event.

The workshop marked a significant step toward ensuring that financial constraints do not hinder India’s renewable energy ambitions, reaffirming the government’s commitment to a clean, sustainable, and financially inclusive energy future. The workshop provided a platform for key stakeholders, including banks, NBFCs, policymakers, and industry leaders, to discuss strategies for mobilizing large-scale

investments in renewable energy. Participants reiterated their commitment to supporting India’s clean energy transition, ensuring energy security, economic growth, and environmental sustainability. The event marked a significant step in bridging the financial gap for renewable energy projects, reinforcing India’s position as a global leader in the clean energy revolution.

Dhanlaxmi/Preeti

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MIL OSI Asia Pacific News –

February 25, 2025
MIL-OSI Security: Northwest Arkansas Man Sentenced to More Than 4 Years in Prison for Operating an Illegal Money Transmitting Business Using Pandemic Funds

Source: Office of United States Attorneys

FAYETTEVILLE – A Northwest Arkansas man was sentenced on February 20, to 51 months in Federal Prison, followed by three years of supervised release. Additionally, he was ordered to pay restitution of $725,558.00 on one count of operating an Illegal Money Transmitting Business. The Honorable Judge Timothy L. Brooks presided over the sentencing hearing, which took place in the United States District Court in Fayetteville.

According to court documents, Richard Harold Stone, age 77, waived indictment by a grand jury and pleaded guilty to a criminal information charging him with conducting an unlicensed money transmitting business in the State of Arkansas. Stone was the President or Chief Officer of numerous businesses registered with the Arkansas Secretary of State, including: Partex Oman Corp., Renewable Energy Campus Arkansas, Inc., Stonetek Global Corp., and Tires 2 Energy, LLC. Stone also was associated with Environmental Energy & Finance Corp., a Delaware corporation. The advertised purpose of these businesses was developing technology and facilities to repurpose waste materials, such as tires, into useable fuel sources. None of these businesses were registered with the State of Arkansas as a money transmitting business, as required by Arkansas law (Arkansas Code, Section 23-55-806(b)&(c)).

Between November 2020 and March 2021, Stone received through various bank accounts associated with the above entities and other accounts under his control, deposits of funds from applications made on behalf of unwitting victims for Paycheck Protection Program (PPP) loans, Economic Impact Disaster Loans (EIDL), and Pandemic Unemployment Assistance (PUA), totaling more than $600,000. After receiving these funds, Stone immediately transferred most of the funds by wire transfer to parties in locations including Berne, Switzerland; London, England; New York, NY; Chennai, India; and Mumbai, India.

At the conclusion of Thursday’s sentencing hearing, Stone was immediately remanded to the custody of the U.S. Marshals Service.

U.S. Attorney David Clay Fowlkes of the Western District of Arkansas made the announcement.

The Internal Revenue Service-Criminal Investigation, Federal Bureau of Investigation, and Department of Labor Office of the Inspector General investigated the case.

Assistant U.S. Attorney Hunter Bridges is prosecuting the case.

Related court documents may be found on the Public Access to Electronic Records website at www.pacer.gov.

MIL Security OSI –

February 25, 2025
MIL-OSI Global: We need meaningful, not less, EDI and climate action in turbulent times

Source: The Conversation – Canada – By Sarah E. Sharma, Assistant Professor, School of Political Studies, L’Université d’Ottawa/University of Ottawa

Today, both climate action and equity, diversity and inclusion (EDI) are increasingly under attack. Nowhere is this more apparent than in the United States, where the Trump administration is leading a concerted effort to obstruct climate action and penalize EDI.

A federal judge recently granted an injunction blocking U.S. government officials from terminating or changing federal contracts they consider equity-related.

The injunction comes just over a month after President Donald Trump signed executive orders that end federal government support for programs promoting EDI. The judge found the executive orders could likely violate the U.S. Constitution and free-speech rights.

In Canada, Conservative leader Pierre Poilievre has blamed carbon pricing for driving up prices, despite research showing that it has a minimal impact on inflation. Meanwhile, provincial governments in Alberta and Saskatchewan are pursuing punitive anti-transgender agendas and some universities are moving away from EDI, claiming it promotes exclusion.

Until recently, governments, universities and corporations faced criticism for their lack of meaningful commitments on EDI and the climate. Many responded with ambitious pledges but insufficient action. This led to greenwashing and diversity-washing, symbolic commitments that mask inaction.

Hypocrisies in climate and EDI policies have become easy targets for right-wing populists. As a result, EDI and climate action are being scapegoated for broader systemic failures. For instance, the most deadly American plane crash in two decades has been baselessly linked to EDI, rather than clear evidence of systemic failures.

There are good reasons to challenge greenwashing and diversity-washing. Yet, denigrating climate and DEI actions wholesale avoids tackling the roots of complex problems and can have dangerous outcomes.

Why we need meaningful EDI in climate action

Climate policies that ignore social justice deepen exclusion, weaken public buy-in and provoke backlash. A just energy transition requires policies that resonate with marginalized communities and with those who feel threatened by change. Without this, opposition will only grow.

We recently published a journal article, co-authored with researchers Neelakshi Joshi and Georgia Savvidou, outlining how greenwashing, diversity-washing and the backlash against EDI all undermine effective climate action. We argue that we cannot address environmental challenges without confronting class, gender and racial inequities.

EDI is rooted in historical social movements that fought against exclusion. Established rights — like maternity leave, anti-discrimination in the workplace and marriage equality — are all products of these movements.

Over the past decade, movements like #MeToo, Black Lives Matter and Missing and Murdered Indigenous Women and Girls have advanced our understanding of systemic discrimination. EDI efforts have aimed to make institutions more representative and reduce inequalities in workplaces and society.

EDI in climate action has also gained traction, particularly through the push for a “just transition.” This movement seeks to restructure energy systems fairly and inclusively, ensuring no one is left behind.

Energy systems are deeply inequitable. Who profits, who has access and who shapes energy policy is highly uneven. Meaningful EDI that redistributes these benefits is essential. This includes the need to support workers in fossil fuel industries and the most vulnerable to climate impacts.

Ironically, political leaders who oppose EDI on merit grounds appoint key figures with no expertise. They ignore that diversity expands merit, not lowers it — EDI removes barriers, not standards.

Meaningful EDI in energy transitions

In our journal article we outline how public and private leaders make bold promises without transformative action, leading to greenwashing and diversity-washing.

Insufficient and superficial efforts can hinder systemic change. In the energy sector, simply prioritizing boardroom and workforce diversity does not necessarily guarantee fairer working conditions or tangible benefits for local communities.

We must move beyond empty greenwashing and diversity-washing rhetoric towards actions that target the needs of diverse populations where they live and work.

For example, community-led clean energy projects enable citizens to actively participate in energy transitions. Indigenous-led renewable energy ownership facilitates Indigenous sovereignty. Community organizations like Empower Me address the energy poverty faced by newcomers, immigrants, single mothers, seniors and others.

These examples demonstrate that more diverse perspectives are needed not to pursue EDI for its own sake, but to transform energy systems in real ways for more people.

When diverse experiences are not taken into account, our energy and climate decisions are prone to blind-spots and groupthink. This locks us further into existing practices, rather than opening up innovative and transformative paths.

We must reconnect with reality and not hide in fantasies that reject natural and social science alike. When EDI is obstructed, we cannot make effective progress on the climate crisis. We lose opportunities to discuss the injustices that are baked into energy systems — discussions that can lead to tailored and targeted policies relevant to the everyone’s needs.

This means heating, cooling and transport options that work for people of all backgrounds, income and ability levels, and initiatives that suit rural and remote communities as well as urban residents.

In turbulent times, the world needs more meaningful EDI, not less.

Sarah E. Sharma receives funding from the Social Sciences and Humanities Research Council of Canada and the Department of National Defence’s Mobilizing Insights in Defence and Security (MINDS) program.

Amy Janzwood receives funding from the Social Sciences and Humanities Research Council of Canada.

Julie MacArthur receives funding from the Social Sciences and Humanities Research Council of Canada.

Runa Das receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. We need meaningful, not less, EDI and climate action in turbulent times – https://theconversation.com/we-need-meaningful-not-less-edi-and-climate-action-in-turbulent-times-249683

MIL OSI – Global Reports –

February 25, 2025

Category: Energy

A reliable, durable and large-scale storage solution 10 min read

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Average diesel prices were lower in all capital cities, reflecting international trends

More consumers are using fuel price apps

Note to editors

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“Indian Railways is marching towards achieving the objective of Net Zero” -Shri Ashwini VaishnawPower purchasing agreement of 170 MW signed between Indian Railways and Madhya Pradesh Government, marking the procurement of cheapest renewable energy in India

Mobilizing Finance is Key to Achieving 500 GW Renewable Energy by 2030: Union Minister Pralhad JoshiRenewable Energy Financing Obligation is the need of the hour: Union Minister Joshi National Workshop on Mobilizing Finance for Renewable Energy Concludes in Mumbai

Why we need meaningful EDI in climate action

Meaningful EDI in energy transitions

Union Minister for Power and Housing & Urban Affairs, Shri Manohar Lal inaugurates Prakriti 2025

Prakriti 2025- International Conference on Carbon Markets, a reflection of India’s commitment to climate action

“Indian Railways is marching towards achieving the objective of Net Zero” -Shri Ashwini Vaishnaw

Power purchasing agreement of 170 MW signed between Indian Railways and Madhya Pradesh Government, marking the procurement of cheapest renewable energy in India

Mobilizing Finance is Key to Achieving 500 GW Renewable Energy by 2030: Union Minister Pralhad Joshi

Renewable Energy Financing Obligation is the need of the hour: Union Minister Joshi National Workshop on Mobilizing Finance for Renewable Energy Concludes in Mumbai