Category: Energy

MIL-OSI Europe: Isabel Schnabel: Interview with the Financial Times

Source: European Central Bank

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Olaf Storbeck on 14 February 2025

19 February 2025

How relevant is the natural rate – R* – for day-to-day policymaking from your point of view?

The natural rate of interest is an important theoretical concept. But it’s not well-suited to determine the appropriate monetary policy stance. The ECB staff analysis that was published recently had one main message: we know that we know very little. Model and estimation uncertainty result in confidence bands that are so wide that they include any reasonable interest rate that the ECB may set at this point. Moreover, R* is a steady-state concept for a world without shocks. That’s certainly not the world that we are in today. Just look at what’s happening with the evolving trade conflict on which we are getting news on a daily basis. So for all those reasons, I think R* cannot be any reliable guide for monetary policy in real time.

Has your view on this changed?

The point I have always emphasised is how R* is evolving over the longer term. People have focused too much on the narrow range for R* that was given in the staff note. This is misleading for several reasons. The narrow range only includes the models for which estimates were already available for the fourth quarter of 2024. If you look at the R* estimates for the third quarter, you see that the range actually goes up all the way to 3%. This is even above the current deposit facility rate of 2.75%. And that range still only includes the uncertainty stemming from using different models. If you add the parameter and filtering uncertainty, you get even wider bands. The one thing that you do see is that the overall range seems to have moved up over recent years. For me, that is the key point.

But the most recent ECB estimates of R* also suggest that the current level is still lower than it was before the global financial crisis and the European sovereign debt crisis.

That remains to be seen. There has been a clear upward trend. I expect this trend to continue for a number of reasons, including high and rising public debt and the huge investment needs for the digital and green transitions. Another factor is increasing global fragmentation. It leads to a partial reversal of the global savings glut, due to shrinking current account surpluses of some major economies, which was one of the main factors that had pushed R* down. So for me, the main message from the R* analysis is: maintaining price stability over the medium term is likely to require higher real rates in the future than before the pandemic. We cannot pin down the level of R* with any degree of confidence, but we can get an impression about the direction. For me, that direction for R* now is upwards again.

The Euro zone economy suffers from a lack of economic dynamism and economic growth. Doesn’t this put downward pressure on the natural interest rate?

Yes, there have been secular factors that have pushed R* down. But we are currently in a situation of transformation that may actually reverse that trend. That’s the whole point.

When you say that R* is not very helpful for short-term monetary policymaking, why have you stressed it so much in your speeches and interviews?

It’s important that we understand general macroeconomic trends. Also in the pre-pandemic period, it was very important to understand the underlying natural real rate environment. It can never be precise, but it helps us understand the broader picture. It has no impact on any individual rate decision.

But would you say that it is relevant for the medium-term trajectory of monetary policy, let’s say for the next year or two? Or does it only matter over the next ten or 20 years?

I think it has an impact on our medium-term thinking.

Medium-term thinking would mean: it matters over the next two to three years, right?

Well, it’s hard to pin down precisely.

Some ECB observers have suggested that the natural rate was used by more hawkish voices as an argument in favour of being more careful and not lowering interest rates too fast. Would you agree?

If you believe that R* has moved up, this argues for a more cautious approach. But this cannot just depend on R*. We need to look at the incoming data in order to understand how restrictive our monetary policy is. And the more evidence we have that monetary policy is no longer restrictive, the more cautious we have to become because further rate cuts may no longer be appropriate.

So how restrictive is the ECB’s monetary policy at the moment?

The data are showing that the degree of restriction has come down significantly, up to a point where we can no longer say with confidence that our monetary policy is still restrictive. One of the important data sources in this context is the bank lending survey.

We’re looking at that very carefully. For corporate loans, 90% of banks said in the most recent round that the general level of interest rates has no impact on loan demand, while 8% said it has lifted credit demand. A year ago, a third of banks said that interest rates were weighing on loan demand. It’s even clearer when you look at mortgages. Almost half of banks said in the most recent round that the general level of interest rates is supporting loan demand. A year ago, more than 40% said that it was constraining loan demand. This is also reflected in a historically strong increase in mortgage demand in that same survey, which is gradually transmitting into the hard data on loan growth. Corporate loans were growing by 1.5% in December, mortgages by 1.1%.

The easing is also being transmitted to the real economy. Consumption picked up in the third quarter by more than we had expected. And the savings rate has started to come down from its very high level. But of course, there are transmission lags, and part of the easing is still in the pipeline.

You said that you can’t say with confidence anymore if monetary policy is still restrictive. The last ECB policy statement clearly stated that it still is. Do you have a different view than the ECB stated in its latest policy statement?

No, I fully agreed with the statement last time. But we are now a step further, right? The January monetary policy statement referred to the interest rate of 3% and the level of restrictiveness before the latest monetary policy decision. The further we go down, the lower my conviction in such a statement will be. And note that I’m not saying our monetary policy is no longer restrictive. What I’m saying is I’m no longer sure whether it is still restrictive. But we should not overstate a difference of 25 basis points.

Should the ECB drop the reference to restrictiveness in March?

That is a discussion we should have in the next meeting.

In an FT survey of Euro zone economists just before Christmas, half of them said they think that the ECB is behind the curve. What is your view on this?

I’m firmly in the camp of the other half who think that we are right on track. The data that we’ve seen have confirmed that our gradual and cautious approach has been appropriate. Domestic inflation is still high, wage growth is still elevated, and we’ve seen new shocks to energy prices. We’ve also seen that inflation expectations are very sensitive to such shocks. So I think our approach is just right.

Some economists argue that the big uncertainty and all those shocks could justify insurance cuts. Do you have any view on that?

I don’t see any argument for that at this point, especially as we are getting closer to no longer being restrictive. If anything, we are getting closer to the point where we may have to pause or halt our rate cuts.

Pause or halt… but not increase?

No. That I would exclude.

How close do you think we are to the point where the ECB should pause its easing?

I will leave that to your interpretation. I don’t know what’s going to happen in the next meetings, so let’s see. But we need to start that discussion.

That’s not what markets take as the base case scenario right now. Do you think that markets are ahead of themselves?

Well, markets have been jumping around a bit in response to what is happening in the world. But an April rate cut is no longer fully priced in. So markets are not entirely sure either.

How well is monetary transmission working at the moment? We saw quite an uptick in yields in December although there wasn’t any change in monetary policy. All other things being equal, this slows down monetary policy transmission, doesn’t it?

We have lowered the deposit facility rate by 125 basis points over the past eight months, and this has been transmitted smoothly to short-term market rates. We’ve also seen that bank lending rates have come down quite a bit – corporate loan rates by 92 basis points and mortgage rates by 64 basis points by December. This is significant. It tells you that transmission is working. When it comes to government bond yields, it’s important to look through the short-term volatility and take a somewhat longer perspective. And what you see then is that sovereign bond yields have remained rather stable. We had a strong repricing in 2022, when the ten-year Bund moved from negative territory at the end of 2021 to around 2.4% in October 2022. That is very close to the number that we’re seeing today. So we’ve been seeing a return of long-term sovereign bond yields to their new normal. We shouldn’t overstate the short-term volatility that we’ve experienced over the past weeks.

There’s another aspect that is quite important. One of the most interesting features of this tightening cycle is that it has not led to a comparable tightening of broader financial conditions. The exceptionally strong risk appetite of financial investors has even boosted equity prices and compressed credit spreads, and that has weakened monetary policy transmission. And part of that is due to the fact that we are still holding a very large monetary policy bond portfolio.

But overall, also taking into account the lags, monetary policy transmission is working fine.

Is the ECB’s “meeting-by-meeting” communication really credible? The ECB now says that the direction of travel is clear. Isn’t this a pre-commitment to further rate cuts?

I firmly believe in the meeting-by-meeting approach. The current time of high volatility is certainly not the time to tie our hands through forward guidance. And this is also what we stress in our monetary policy statements: we are not pre-committing to any particular rate path. At the time when it was still relatively clear that monetary policy was restrictive, one could infer the direction of travel from that. But this is no longer the case. And therefore, for me, the direction of travel is not so clear anymore.

Is this view shared by the majority of the Executive Board or the Governing Council?

It’s not for me to comment on that. It’s going back to the point that we now have to start the discussion on how far we should go. I’m not saying that we’re there yet. But we have to start the discussion.

If we take the meeting-by-meeting approach and data dependency as a given, does the type of data that has to be assessed need to change over time?

There are broadly two sets of data that we need to focus on. The first one refers to the inflation outlook: inflation itself, inflation expectations, wages, productivity, exchange rates. We use incoming data to cross-check the assumptions underlying our projections. This is why I never saw data dependence as a backward-looking concept. It was always forward-looking because we use incoming data to learn more about the credibility of our inflation outlook. The second set of data relates to the level of restrictiveness of monetary policy: interest rates, broader financial conditions, lending markets, the housing market as well as domestic demand, that is consumption, savings and investment. Of course, when we have a monetary policy meeting, we always look at all available data.

Can I challenge you on your claim that it was always forward-looking? At the time of high inflation, the ECB put a lot of emphasis on the actual inflation data from the previous month, which by definition is backward-looking. GDP numbers are by definition also very backward-looking.

I don’t agree. What do we learn from the current inflation data? We learn whether the transmission of our policy or of shocks is working as expected. High services inflation tells us something about its stickiness. If we spot deviations, we will eventually adjust our models but we also have to change our view about the medium-term outlook. So, in my view it was never backward-looking.

Data dependence is all the more important in today’s world. Some people say that the projections have become more credible. But who knows what’s going to happen as regards the trade conflict, the war in Ukraine and so on. We are faced with an unusual number of shocks, and that requires us to be always able to react. I don’t have a fixed mindset about what to do. Quite the opposite. I think we need to be able to adjust to whatever data or shock is coming in and what’s happening in the world and in the euro area economy.

What are the current data telling us about the inflation outlook?

Both services inflation and wage growth are still at an uncomfortably high level. Our projections foresee a deceleration of both. But this still needs to materialise. Services inflation has been stuck at around 4% since November 2023, and it still has to come down. For me, this is actually quite important. And therefore, the incoming data will be very relevant because our projections foresee a relatively quick deceleration of services inflation over this year.

How quickly do you want to see service inflation coming down?

It should start to come down in February. That’s what we expect. Over time, it does not necessarily have to come down to 2% but to a level that is consistent with our medium-term 2% target. Wage growth is also still high, but we have many indications that it is going to decelerate. For example, our wage tracker shows that wage growth is expected to drop steeply in the second half of the year. Part of that is due to a base effect from one-off payments. Hence, wage growth is expected to stay relatively elevated over the first half of the year. So we still need to see this deceleration. This is something that I pay a lot of attention to.

How concerned are you about recent swings in energy prices?

Energy and food prices can always offer surprises. We have seen some relatively strong moves in energy prices recently. Gas prices moved up a lot. That was mainly driven by cold temperatures. Very recently, gas prices dropped sharply. This seems to be driven partly by uncertainty about whether countries will fill up their gas storages as quickly as originally intended. A second reason is the debate about a potential ceasefire in Ukraine. This can cause a lot of volatility, which can have a strong impact on headline inflation and also on underlying inflation because energy serves as an input. We have to monitor this carefully.

What are the implications for monetary policy from energy price volatility? Is this deflationary or inflationary?

Recent volatility has been extreme. Before the recent fall in gas prices it was clearly inflationary. But now we have to see how that is going to play out. In general, I see risks to our inflation outlook as somewhat skewed to the upside. So I would not exclude that inflation comes back to 2% later than we had anticipated. But that remains to be seen.

The ECB this year will review its monetary strategy. President Lagarde has excluded the current inflation target from that review. Do you think that’s the right call?

Our symmetric, medium-term inflation target of 2% has served us very well in the high inflation period. So I really don’t see any reason to question it. And I believe there is strong support for this view in the Governing Council. What we have seen, however, is how quickly the inflation environment can change. And we have also learned how much people dislike inflation. But for me, that has implications primarily for the reaction function and not for the target. I think these two should be kept apart.

What are the potential implications for the reaction function?

The reaction function should be part of the debate. Back in 2021 during the previous strategy review, the discussion was very much under the impression of the low-for-long period. The main concern at the time was that our monetary policy was constrained by the effective lower bound on interest rates. When you read the monetary policy strategy statement today, you would think it comes from a different world. It focused on the risk of inflation being too low, and stated that we should be particularly forceful or persistent in such a scenario. But we have shifted to a new world. The past few years have shown that there are also risks of a de-anchoring of inflation expectations to the upside and that upside inflation risks can materialise quickly and become more persistent due to second-round effects. And therefore, I believe that the new reaction function should be symmetric in order to take into account the risks in both directions. This is especially true given that we are likely to face more adverse supply-side shocks going forward.

So effectively you are arguing in favour of a more hawkish reaction function?

I don’t like these notions of hawks and doves, and I don’t think that they are relevant here. My point is that our reaction function should acknowledge the fundamental shift of the macroeconomic environment. Up to 2021, we paid very little attention to upside risks to inflation. There was the perception that central banks would know precisely how to deal with a surge in inflation. But we’ve experienced that it has been quite difficult. Inflation has been above target now for almost four years. Looking forward, we should be putting equal weight on risks in both directions. And I wouldn’t call that a hawkish assertion.

Should the ECB toolkit be changed?

We’ve gained a lot of experience with the different tools. I do believe that all the tools we have should remain in our toolkit. But we’ve learned how important it is to carefully weigh the benefits and costs of our instruments – especially when it comes to asset purchases. They have proven very effective in stabilising markets. But as a monetary policy stance instrument, they have been less beneficial and costlier than we thought. This should be taken into account. The same applies to forward guidance. Many people believe that forward guidance led to a delayed response to the inflation surge. So forward guidance is another tool that we need to look at very carefully.

Are you implicitly saying that ECB should not have done as much quantitative easing as it did in the years up to 2021?

My point is that once we are back to a more normal world – a situation where inflation expectations are well anchored, and services inflation and unit labour cost growth have come down – and we are confident that we are sustainably back at our target, then we could become more tolerant of moderate deviations from our target. We should stop fine-tuning and responding to single data points. We should instead focus on large persistent shocks that give rise to a risk of a de-anchoring of inflation expectations in either direction.

So is your point that the ECB should be more willing to tolerate downward deviations to the 2% target in a steady state?

We should be more willing to tolerate both moderate downward and upward deviations, and act when there is a threat of de-anchoring.

But that’s an implicit change to the inflation target, is it not?

No, not at all. My point is that we should be less activist and rather take the time to assess whether shocks pose a serious risk to inflation expectations. Of course, we should keep in mind that the vulnerability of inflation expectations may have changed after the recent inflation experience. People have learned that inflation can increase sharply and that this is very harmful. Firms have learned that they can reprice relatively quickly, and we have to take this into account.

Finally, we need to think about how to deal with the uncertainty around our economic and inflation outlook. For me, the most useful way to deal with that is to make greater use of scenario analysis – and in a different way than we’ve done over the past years. Back then we were looking at tail risks, which was very useful. But in the future, we should also look at plausible alternative scenarios in order to get away from the illusion of precision that we create by just focusing on the baseline point estimate. We all know there is a lot of uncertainty around it. So I think it would be important to also look at plausible alternative scenarios to illustrate this uncertainty.

MIL OSI Europe News –

February 20, 2025
MIL-OSI Europe: Greece financing from EIB Group totals €2.2 billion in 2024 with focus on energy supply, business growth and disaster preparedness
Source: European Investment Bank

EIB
- EIB Group’s fresh financing in Greece last year amounted to €2.2 billion
- Focus last year on energy supply, business growth and disaster management
- Latest annual results bring EIB Group support in Greece over past five years to €14.5 billion
The European Investment Bank (EIB) Group’s new financing in Greece amounted to €2.2 billion last year, with major support to bolster energy supplies, strengthen businesses and protect against environmental disasters in the country.

The total for 2024 included €2.03 billion from the EIB and portfolio guarantees of €152 million from the European Investment Fund (EIF), which focuses on innovative and technology-driven small and medium-sized enterprises (SMEs) as well as Small Mid-Caps in Europe.

Top operations included loans of €390 million to natural-gas supplier DEPA Commercial to build solar parks, €150 million to power provider HEDNO to upgrade the grid, loans and guarantees of €550 million to domestic banks to expand financing for SMEs and Mid-Caps and €220 million to the government to bolster disaster management.

Kostis Hatzidakis, Minister of Finance of the Hellenic Republic noted: “Greece’s relationship with the European Investment Bank is long-standing and strong. This was reaffirmed in 2024, with new financing reaching €2.2 billion. These funds will be used for investments in renewable energy sources, upgrades to the electricity grid, support for SMEs, and the purchase of firefighting aircraft and rescue equipment. The EIB was a valuable ally when Greece was cut off from the markets. It will remain a partner, but with a new approach. Going forward, priorities will focus on energy interconnections, research and technology, climate adaptation, and defense investments, as outlined in the EIB’s Strategic Roadmap”.

“Our work in Greece is a testament to the transformative power of strategic financing,” said EIB Vice-President Yannis Tsakiris. “In 2024, we reinforced our commitment to the country by supporting clean energy, climate resilience and critical infrastructure while strengthening SMEs, innovation, job creation and social cohesion.”

The latest annual results bring total EIB Group financing in Greece over the past five years to €14.5 billion. The yearly average in the country since 2000 is almost €2.9 billion, which reflects an unusually high sum of almost €5 billion in 2021 as a result of the Covid-19 pandemic.

The EIB Group’s support last year was almost 1% of Greece’s gross domestic product (GDP), the third-highest level among European Union countries behind only Croatia and Estonia. That means that EIB Group financing in Greece last year averaged €631 per inhabitant, making the country one of the biggest beneficiaries based on the size of the population and the economy. The funding is projected to catalyse investments in Greece of up to €6.6 billion – about 2.5% of its GDP.

Energy supply

The €390 million EIB loan to DEPA Commercial is for new photovoltaic (PV) parks in the regions of western Macedonia, Thessaly and central Greece. The sites will add approximately 800 megawatts (MW) of renewable energy – enough to power 278,000 households for a year.

Also in the area of clean energy, the EIB last year provided a €195 million loan to supplier PPC Renewables to develop 580 MW of solar plants and 175 MW of battery storage. The moves will boost renewables capacity, grid stability and energy security.

The €150 million EIB credit to HEDNO covers upgrades to Greece’s electricity-distribution network, improving grid reliability and facilitating integration of renewables.

The EIB last year also took part in the creation of an EU “Decarbonisation Fund” for Greece that will channel €1.6 billion in revenue from the European emissions-trading system into sustainable energy and development projects on Greek islands. These include grid interconnections with the mainland and the phase-out of local power plants.

Business boost

The EIB last year allocated a total €702 million to strengthen SMEs and Mid-Caps in Greece. The support – 28% of the total – took the form of intermediated loans and guarantees.

Top operations included €300 million guarantees to Eurobank and National Bank of Greece covering €600 million new loans to Mid-Caps. In addition, the EIB provided a €250 million loan to the National Bank of Greece to bolster green investments by Greek SMEs and Mid-Caps. The credit raised total EIB support for such investments in Greece to €1 billion.

The EIF also showed its agility in supporting vital investments for both debt and equity. It signed €152m with several of Greece’s financial institutions for capped portfolio guarantees. They are expected to mobilise up to €1,8bn in financing for small and medium-sized enterprises, while making the Greek economy greener, and supporting innovation and the country’s digital transition.

The EIF also signed a new €200 million equity mandate to support innovative companies in Life Sciences & Healthcare and Sustainability & Social Impact by improving their access to vital financing. Funded by Cohesion policy and national resources of the Hellenic Republic, the mandate will cover a financing gap in these sectors, supporting investments from pre-seed to growth stages based on market needs.

Disaster protection

The €220 million EIB loan last year to the Greek government is to buy fire trucks, rescue vehicles and aircraft needed to fight to natural disasters such as wildfires and floods, both of which have caused extensive damage in Greece in recent years. The credit also covers upgrades to essential disaster-management services.

The financing forms part of a European climate-adaptation plan by the EIB Group and brings its total support for Greek civil protection and disaster preparedness to €595 million.

EIB Advisory

There were also key technical assistance projects delivered from EIB Advisory, a highlight being an agreement with the Athens Water Supply and Sewerage Company (EYDAP) to back its €2 billion, 10-year investment programme to ensure the Greek capital has a more resilient water supply and supporting investments in lignite-dependent regions such as Western Macedonia and Megalopolis in the Peloponnese, facilitating their transition to a future of clean energy.

In December 2024, the continuation of advisory support by EIB advisors from the PASSA team to the Greek administration was approved. This support aims to ensure the smooth implementation of sustainable development and Just Transition projects financed by the EU.

Background information

EIB

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, , we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, important investments outside the EU, and the Capital Markets Union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.

Greece financing from EIB Group totals €2.2 billion in 2024 with focus on energy supply, business growth and disaster preparedness
Greece financing from EIB Group totals €2.2 billion in 2024 with focus on energy supply, business growth and disaster preparedness
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Greece financing from EIB Group totals €2.2 billion in 2024 with focus on energy supply, business growth and disaster preparedness
Greece financing from EIB Group totals €2.2 billion in 2024 with focus on energy supply, business growth and disaster preparedness
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Greece financing from EIB Group totals €2.2 billion in 2024 with focus on energy supply, business growth and disaster preparedness
Greece financing from EIB Group totals €2.2 billion in 2024 with focus on energy supply, business growth and disaster preparedness
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Greece financing from EIB Group totals €2.2 billion in 2024 with focus on energy supply, business growth and disaster preparedness
Greece financing from EIB Group totals €2.2 billion in 2024 with focus on energy supply, business growth and disaster preparedness
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Greece financing from EIB Group totals €2.2 billion in 2024 with focus on energy supply, business growth and disaster preparedness
Greece financing from EIB Group totals €2.2 billion in 2024 with focus on energy supply, business growth and disaster preparedness
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MIL OSI Europe News –
February 20, 2025

MIL-OSI: Diversified Energy Announces Proposed Offering of Ordinary Shares

Source: GlobeNewswire (MIL-OSI)

BIRMINGHAM, Ala., Feb. 19, 2025 (GLOBE NEWSWIRE) — Diversified Energy Company PLC (LSE: DEC; NYSE: DEC) (“Diversified” or the “Company“), an independent energy company focused on natural gas and liquids production, transportation, marketing and well retirement, today announces the launch of an underwritten public offering (the “Offering”) in the United States of up to 8,500,000 ordinary shares (the “Shares”).

Citigroup and Mizuho are acting as joint book-running managers and underwriters for the proposed Offering.

In addition, Diversified intends to grant the underwriters an option to purchase up to an additional 850,000 ordinary shares at the public offering price, less underwriting discount. The Offering is subject to market conditions and other factors, and there can be no assurance as to whether or when the Offering may be completed, or as to the actual size or terms of the Offering.

The Company intends to use the net proceeds from the Offering to repay a portion of the debt expected to be incurred by the Company in connection with the proposed acquisition of Maverick Natural Resources, LLC, as announced on January 27, 2025 (the “Acquisition”). In the event that the Acquisition does not close, the Company intends to use the net proceeds from the Offering to repay debt and for general corporate purposes. The consummation of the Offering is not conditioned upon the completion of the Acquisition, and the completion of the Acquisition is not conditioned upon the consummation of the Offering.

A shelf registration statement relating to these securities was filed with the U.S. Securities and Exchange Commission (the “SEC“) on February 11, 2025 and became effective upon filing. Copies of the registration statement can be accessed through the SEC’s website free of charge at www.sec.gov. The Offering will be made only by means of a prospectus supplement and an accompanying prospectus in the United States. A preliminary prospectus supplement and the accompanying prospectus related to the Offering will be filed with the SEC and will be available free of charge by visiting EDGAR on the SEC’s website at www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus can also be obtained, when available, free of charge from either of the joint book-running managers for the Offering: Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 (Tel: 800-831-9146); or Mizuho Securities USA LLC, Attention: Equity Capital Markets Desk, at 1271 Avenue of the Americas, New York, NY 10020, or by email at US-ECM@mizuhogroup.com.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy our ordinary shares nor shall there be any sale of securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

CONTACTS

Diversified Energy Company PLC	+1 973 856 2757
Doug Kris	dkris@dgoc.com
Senior Vice President, Investor Relations & Corporate Communications

FTI Consulting	dec@fticonsulting.com
U.S. & UK Financial Media Relations

About Diversified

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

Forward-Looking Statements

This press release includes forward-looking statements. Forward-looking statements are sometimes identified by the use of forward-looking terminology such as “believe”, “expects”, “targets”, “may”, “will”, “could”, “should”, “shall”, “risk”, “intends”, “estimates”, “aims”, “plans”, “predicts”, “continues”, “assumes”, “projects”, “positioned” or “anticipates” or the negative thereof, other variations thereon or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this announcement and include statements regarding the intentions, beliefs or current expectations of management or the Company concerning, among other things, expectations regarding the proposed Offering of securities and the Acquisition. These forward-looking statements involve known and unknown risks and uncertainties, many of which are beyond the Company’s control and all of which are based on management’s current beliefs and expectations about future events, including market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the Company’s filings with the SEC and other important factors that could cause actual results to differ materially from those projected.

Important Notice to UK and EU Investors

This announcement contains inside information for the purposes of Regulation (EU) No. 596/2014 on market abuse and the UK Version of Regulation (EU) No. 596/2014 on market abuse, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (together, “MAR”). In addition, market soundings (as defined in MAR) were taken in respect of the matters contained in this announcement, with the result that certain persons became aware of such inside information as permitted by MAR. Upon the publication of this announcement, the inside information is now considered to be in the public domain and such persons shall therefore cease to be in possession of inside information in relation to the Company and its securities.

Members of the public are not eligible to take part in the Offering. This announcement is directed at and is only being distributed to persons: (a) if in member states of the European Economic Area, “qualified investors” within the meaning of Article 2(e) of Regulation (EU) 2017/1129 (the “Prospectus Regulation“) (“Qualified Investors“); or (b) if in the United Kingdom, “qualified investors” within the meaning of Article 2(e) of the UK version of Regulation (EU) 2017/1129 as it forms part of UK law by virtue of the European Union (Withdrawal) Act 2018, who are (i) persons who fall within the definition of “investment professionals” in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the “Order“), or (ii) persons who fall within Article 49(2)(a) to (d) of the Order; or (c) persons to whom they may otherwise lawfully be communicated (each such person above, a “Relevant Person“). No other person should act or rely on this announcement and persons distributing this announcement must satisfy themselves that it is lawful to do so. This announcement must not be acted on or relied on by persons who are not Relevant Persons, if in the United Kingdom, or Qualified Investors, if in a member state of the EEA. Any investment or investment activity to which this announcement or the Offering relates is available only to Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA, and will be engaged in only with Relevant Persons, if in the United Kingdom, and Qualified Investors, if in a member state of the EEA.

No offering document or prospectus will be available in any jurisdiction in connection with the matters contained or referred to in this announcement in the United Kingdom and no such offering document or prospectus is required (in accordance with the Prospectus Regulation or UK Prospectus Regulation) to be published. The Company will publish a prospectus in connection with Admission as required under the UK Prospectus Regulation in due course.

Neither the content of the Company’s website (or any other website) nor the content of any website accessible from hyperlinks on the Company’s website (or any other website) is incorporated into, or forms part of, this announcement.

The Company has consulted with a number of existing shareholders and other investors ahead of the release of this announcement, including regarding the rationale for the offering. Consistent with each of its prior offerings, the Company will respect the principles of pre-emption, so far as is possible, through the allocation process, in the Offering.

The MIL Network –

February 20, 2025

MIL-OSI United Kingdom: New members appointed to Disabled Persons Transport Advisory Committee
Source: United Kingdom – Executive Government & Departments

DPTAC has an important role to play in our ambition to have an inclusive transport network allowing disabled people to travel easily and with dignity.
Transport Minister appoints new members to committee

membership will help remove barriers to transport accessibility, supporting the government’s inclusivity goals

the new appointees bring experience in disability academia, policy and transport accessibility

Local Transport Minister Simon Lightwood has today (19 February 2025) announced the appointment of 13 new members to the Disabled Persons Transport Advisory Committee (DPTAC).

The independent committee provides advice to the Department for Transport (DfT) on the transport needs of disabled people – particularly on ministerial policy priorities and areas they think need urgent attention.

Their works helps DfT stand by its ambition to ensure transport is accessible for all, including keeping it at the heart of bus and rail reform, as well as the establishment of the Passenger Standards Authority.

Local Transport Minister, Simon Lightwood, said:

We are clear in our ambition to have an inclusive transport network so disabled people can travel easily confidently and with dignity. DPTAC has a key role in ensuring we develop policy that delivers this.

This unique committee has membership with broad understanding of the barriers faced by disabled people and it ensures those issues are understood right from the start of policy development.

The new members of DPTAC are:

Damian Joseph Bridgeman – prominent leader in public policy, disability advocacy, and corporate governance

Mark Cutter – Chair of Northern’s Accessibility User Group (NAUG) and the Rail Accessibility and Inclusion Forum for the North (RAIFN)

Carly Danesh Jones – autism advocate who has previously held advisory roles with Heathrow Airport and East Midlands Rail

Mary Doyle – coach who advises multinational companies on inclusivity and accessibility policy

Paul Finnegan – Chief Executive of suicide prevention charity Lighthouse

Dr Miro Griffiths – disability scholar at the University of Leeds

Prof Mari Martiskainen – Professor of Energy and Society at Science Policy Research Unit within the University of Sussex

Rachael Mole – consultant and advisor within accessibility and people management

Ruth Murran – english and drama teacher with life-long experience of global travel

Maral Nozratzadeh – postgraduate researcher at the University of Leeds School of Law

David Sindall – previously Head of Disability and Inclusion for the Association of Train Operating Companies for 12 years

Zamila Skingsley– former Cabinet Office Director

Edward Trewhella – Chief Executive at Driving Mobility

DPTAC has helped to inform DfT’s work to improve transport accessibility, including the Access For All programme which has made over 260 train stations accessible, as well as the Aviation Accessibility Task and Finish Group that was launched by DfT in November 2024.

It has also helped inform bus and coach policy, including the Public Service Vehicles (Accessible Information) Regulations 2023 that require operators of local bus and coach services to provide information on the route, direction of travel and each upcoming stop.

DPTAC chair, Matthew Campbell-Hill, said:

I am delighted to welcome our new DPTAC members, who bring a wealth of diverse experiences and expertise.

Their insights will be invaluable as we work together to remove barriers and improve accessibility across our transport network. By harnessing this collective knowledge, we can drive meaningful change and ensure that transport truly works for everyone.

Existing member Sue Sharp, the former Chief Executive Officer of the Royal Society for Blind Children, has also been appointed the group’s Deputy Chair.

Those appointed to DPTAC serve terms of 2 to 3 years.

Under the Transport Act 1985, DPTAC’s membership should have between 10 and 20 members, excluding its chair. These appointments bring DPTACs membership to a total of 17.

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Published 19 February 2025
MIL OSI United Kingdom –
February 20, 2025
MIL-OSI Africa: CORRECTION – African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact
Source: Africa Press Organisation – English (2) – Report:

ADDIS ABABA, Ethiopia, February 19, 2025/APO Group/ —
- “It’s been my greatest honor to serve you and Africa”—Adesina tells African leaders
- Governments across Africa pay tribute to Adesina’s exceptional leadership
- UN Secretary General Guterres says global financial architecture hampering Africa’s development, calls for reforms
African Development Bank Group (www.AfDB.org) President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38^th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, an innovative facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

“It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1^st September 2025.

The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:
- 127 million people gained access to better services in terms of health.
- 61 million people gained access to clean water.
- 33 million people benefited from improved sanitation.
- 46 million people gained access to ICT services, and
- 25 million people gained access to electricity.
He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative mandated by the African Union Heads of State and Government. Co-led by the African Union Commission and the African Development Bank, it could generate, if immediately implemented, approximately USD 20 billion in debt servicing savings for African countries by 2035. The Assembly also adopted the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

“The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

A Decade of Transformative Impact

With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

Historic Financial Mobilization for Africa

Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

“As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.

The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

“In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.

MIL OSI Africa –
February 20, 2025
MIL-OSI: CORRECTION – NESO Connection Agreement Upgrade
Source: GlobeNewswire (MIL-OSI)

Global InterConnection Group are delighted to announce that their subsidiary ASC Energy plc has today signed an important contract with National Electricity System Operator (NESO) to uprate their existing ASC Connection Agreement to a capacity of 1,800 MW, coming into Creyke Beck near Hull on the North Sea Coast. This is a long-planned increase of 800MW from the original Agreement, bringing the total power planned to come in via Atlantic SuperConnection to some 2 million houses.

Attachment
- Updated NESO Connection Agreement Upgrade
The MIL Network –
February 20, 2025
MIL-OSI China: China to cut gasoline, diesel retail prices on Thursday

Source: China State Council Information Office

China will reduce the retail prices of gasoline and diesel on Thursday, the first such move this year, based on recent changes in international oil prices, the country’s top economic planner said on Wednesday.

Gasoline prices will be slashed by 170 yuan (about 23.71 U.S. dollars) per tonne and diesel prices by 160 yuan per tonne, the National Development and Reform Commission (NDRC) revealed.

China’s three biggest oil companies — China National Petroleum Corporation, China Petrochemical Corporation and China National Offshore Oil Corporation — as well as oil refineries, have been directed to maintain oil production and facilitate transportation to ensure stable supplies.

Under the current pricing mechanism, prices of refined oil products are adjusted in accordance with changes in international crude oil prices.

Relevant departments in various regions should intensify market supervision and inspection efforts, and implement strict measures to crack down on activities which violate national price policies to ensure market order, the NDRC said.

MIL OSI China News –

February 20, 2025
MIL-OSI: HighPeak Energy, Inc. Announces 2024 Fourth Quarter and Yearend Earnings Release and Conference Call Dates

Source: GlobeNewswire (MIL-OSI)

FORT WORTH, Texas, Feb. 19, 2025 (GLOBE NEWSWIRE) — HighPeak Energy, Inc. (NASDAQ: HPK) (“HighPeak Energy”), today announced that it plans to release its 2024 fourth quarter and yearend financial and operating results after the close of trading on Monday, March 10, 2025.

HighPeak Energy will host a conference call and webcast on Tuesday, March 11, 2025 at 10:00 a.m. Central Time for investors and analysts to discuss its 2024 fourth quarter and yearend financial results and operational highlights. Participants may register for the call here. Access to the live audio-only webcast and replay of the earnings release conference call may be found here. A live broadcast of the earnings conference call will also be available on HighPeak Energy’s website at www.highpeakenergy.com under the “Investors” section of the website.

About HighPeak Energy, Inc.

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

Investor Contact:

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

Source: HighPeak Energy, Inc.

The MIL Network –

February 20, 2025

MIL-OSI: Enlight Renewable Energy Reports Fourth Quarter and Full Year 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

All of the amounts disclosed in this press release are in U.S. dollars unless otherwise noted

TEL AVIV, Israel, Feb. 19, 2025 (GLOBE NEWSWIRE) — Enlight Renewable Energy Ltd. (NASDAQ: ENLT, TASE: ENLT) today reported financial results for the fourth quarter and full year ending December 31, 2024. The Company’s earnings conference call and webcast will be held today at 8:00 AM ET. Registration links to both the call and the webcast can be found at the end of this earnings release.

Financial Highlights

Full year 2024

Revenues and income of $399m, up 53% year over year
Adjusted EBITDA¹ of $289m, up 49% year over year
Net income of $67m, down 32% year over year
Cash flow from operations of $193, up 29% year over year

3 months ending December 31, 2024

Revenues and income of $104m, up 35% year over year
Adjusted EBITDA¹ of $65m, up 31% year over year
Net income of $8m, down 48% year over year
Cash flow from operations of $36m, up 49% year over year

________________________
_{¹ The Company is unable to provide a reconciliation of Adjusted EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2}

	For the twelve months ended				For the three months ended
($ millions)	31/12/2024	31/12/2023	% change	31/12/2024		31/12/2023	% change
Revenue and Income	399	261	53%	104		77	35%
Net Income	67	98	(32%)	8		16	(48%)
Adjusted EBITDA	289	194	49%	65		50	31%
Cash Flow from Operating Activities	193	150	29%	36		24	49%

In 2023 the net income contained substantial one-time items
A detailed analysis of financial results appears below

2024 Guidance vs Actual Results

Reported revenues and income for 2024 was 15% higher than the Company’s original guidance at the midpoint.
Reported Adjusted EBITDA for 2024 was 18% higher than the Company’s original guidance at the midpoint.

_{Revenues and Income and Adjusted EBITDA includes $21m of U.S. tax benefits}

“We are proud to conclude 2024 with outstanding financial results that surpassed both our targets and analysts’ forecasts,” said Gilad Yavetz, CEO of Enlight Renewable Energy.

“Enlight continues to grow thanks to its diversified and innovative operations, spanning three continents and employing the three main technologies of the industry: solar, wind, and energy storage.

“The year 2025 represents another leap forward for us, as a massive capacity of 4.7 FGW – with a total investment of $5.5bn – will be under various stages of construction. Together with the Company’s operating portfolio, this will secure approximately 90% of the Company’s ambitious growth plan: to reach operating capacity of 8.6 FGW by the end of 2027. This plan will bring Enlight to an annual revenue rate of over $1bn by 2028, tripling the business in just three years.

“We expect that the average return on equity for the vast asset portfolio that will become operational by 2027 will exceed 15%. Our three-year growth plan is already reflected in our 2025 guidance: we project revenues and income in the range of $490-510 million and Adjusted EBITDA in the range of $360-380 million, a 25% increase.”

Portfolio Review

Enlight’s total portfolio is comprised of 20 GW of generation capacity and 35.8 GWh storage (30.2 FGW²)
Of this, the Mature portfolio component (including operating projects, projects under construction or pre-construction) contains 6.1 GW generation capacity and 8.6 GWh of storage (8.6 FGW)
Within the Mature portfolio component, the operating component has 2.5 GW of generation capacity and 1.9 GWh of storage (3.0 FGW)

The full composition of the portfolio appears in the following table:

Component	Status	FGW²		Annual recurring revenues ($m)³
Operating	Commercial operation	3.0			~500⁴
Under Construction	Under construction	1.8			~175
Pre-Construction	0-12 months to start of construction	3.8			~385
Total Mature Portfolio	Mature	8.6	1,060~
Advanced Development	13-24 months to start of construction	7	–
Development	2+ years to start of construction	14.7	–
Total Portfolio		30.2	–

________________________
_{² FGW (Factored GW) is a consolidated metric combining generation and storage capacity into a uniform figure based on the ratio of construction costs. The company’s current weighted average construction cost ratio is 3.5 GWh of storage per 1 GW of generation: FGW = GW + GWh / 3.5³ Does not include income from tax benefits for under construction and pre-construction projects.}
_{⁴ Based on the midpoint of 2025 guidance.}

Operating component of the portfolio: 3 FGW
- Start of commercial operations of 1.1 FGW in 2024, including projects Atrisco in the U.S., Pupin and Tapolca in Europe, the Israel Solar and Storage Cluster in MENA. These additions contribute approximately $100m to the annual revenue run rate.

Under Construction component of the portfolio: 1.8 FGW
- Consists of three projects in the U.S. with a total capacity of 1.4 FGW; the Gecama Solar project in Spain with a capacity of 0.3 FGW; and a solar and storage cluster in Israel. 35% of the cluster is expected to reach operations in 2025, with the rest commissioning in 2026.
- Projects under construction are expected to contribute $175m to the annual revenue run rate during their first full year of operation.

Pre-construction component of the portfolio: 3.8 FGW
- Two mega projects in the U.S., Snowflake and CO Bar, with a combined capacity of 2.6 FGW will begin construction in 2025 and are expected to contribute $246m to revenues on an annualized basis.
- Nardo, a stand alone storage project in Italy with a capacity of 0.25 FGW, is expected to begin construction in 2H25 and contribute $31m to revenues on an annualized basis.

Advanced Development component of the portfolio component: 7 FGW
- 5.3 FGW in the U.S., with 100% of the capacity having passed completion of the System Impact Study, the most important study of the grid connection process, significantly de-risking the portfolio.
- The U.S. portfolio includes several mega-projects and follow-ons to Mature projects, such as Cedar Island (1.4 FGW), Snowflake B (1.2 FGW), and Atrisco 2 (0.7 FGW).
- These projects reflect the Company’s “Connect and Expand” strategy, leveraging existing grid infrastructure with the development of new ones, thereby reducing construction costs and project risks while improving project returns.
- 0.7 FGW in Europe, focused on Italy, Spain, and Croatia.
- 1 FGW in MENA, focused on solar and storage projects and stand alone storage facilities, including approximately 0.5 FGW that won availability tariffs as part of the Israel Electricity Authority’s first high voltage storage availability tariff tender.

Development component of the portfolio: 14.7 FGW
- 10 FGW in the U.S. with broad geographic presence, including the PJM, WECC, SPP and MISO regions.
- 2.7 FGW in Europe, focused on Italy, Spain, Croatia and entry into stand-alone storage operations in Poland.
- 2 FGW in MENA, focused on solar combined storage projects and stand alone storage facilities.

Projected COD Timeline for the Mature Portfolio⁵

________________________
_{⁵ Additional projects currently classified in the Advanced Development portfolio are expected to reach commercial operation by 2027, however they are not included in this forecast}

Mature Portfolio Components Expected to Generate Annualized Revenues of Over $1bn⁶

All the projects in the plan are expected to be completed by the end of 2027

________________________
_{⁶ The projection is based on 2025 guidance, and only includes additional revenue growth from the sale of electricity from projects under construction and in pre-construction status.}

Financing Activities

Financial closings totaling $1.1bn in Europe and the US occurred during 2024, supporting the construction of projects with 470 MW and 2,100 MWh capacity.
Expansion of Series D bonds totaling $178m to finance the Company’s growth.
Sale of 44% of the Sunlight cluster for $50m cash at a valuation of $114m, generating a profit of up to $94m to be recognized in the first quarter of 2025. The cluster represents approximately 1% of the Company’s total portfolio.
As of the date of this report, the Company maintains $350m of revolving credit facilities, of which $70m have been drawn.

2025 Guidance

Construction and commissioning

Expected commissioning of 440 MW and 1.1 GWh of capacity, which is expected to add approximately $130m to annualized revenues and $105m annualized EBITDA, starting in 2026.
Starting construction on 1.8 GW and 3.9 GWh of capacity, which is expected to add over $300m in annualized revenues and over $250m in annualized EBITDA gradually through 2026-2027.

Financial guidance

Total revenues and income⁷ are expected to range between $490m and $510m, a 25% increase (from the midpoint) from 2024 results. Of the projected revenues and income, 38% are expected to be denominated in ILS, 35% in EUR, and 27% in USD.
Adjusted EBITDA⁸ is expected to range between $360m and $380m, a 28% increase (from the midpoint) from 2024 results.
Approximately 90% of the electricity volumes expected to be generated in 2025 will be sold at fixed prices through PPAs or hedges.

________________________
_{⁷ Total revenues and income include revenues from the sale of electricity along with income from tax benefits from US projects amounting to $60m-80m.}
_{⁸ EBITDA is a non-IFRS financial measure. The Company is unable to provide a reconciliation of EBITDA to Net Income on a forward-looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. Please refer to the reconciliation table in Appendix 2.}

Financial Results Analysis

Revenue & Income by Segment
($ thousands)	For the twelve months ended			For the three months ended
Segment	31/12/2024	31/12/2023	Change %	31/12/2024	31/12/2023	Change %
MENA	155,693	67,687	130%	34,086	20,738	64%
Europe	197,143	177,471	11%	49,979	50,770	(2%)
U.S.	36,608	7,712	375%	17,894	3,571	401%
Other	9,351	8,270	13%	2,143	2,009	7%
Total Revenue & Income	398,795	261,140	53%	104,102	77,088	35%

Revenues & Income

In the fourth quarter of 2024, the Company’s total revenues and income increased to $104m, up from $77m last year, a growth rate of 35% year over year. This was composed of revenues from the sale of electricity, which rose 26% to $93m compared to $74m in the same period of 2023, as well as recognition of $11m in income from tax benefits, up 230% compared to $3m in 4Q23.

The Company benefited from the revenue contribution of newly operational projects. Since the fourth quarter of 2023, 650 MW and 1,600 MWh of projects were connected to the grid and began selling electricity, including seven of the Israel Solar and Storage Cluster units in Israel, Atrisco in the U.S, Pupin in Serbia, and Tapolca in Hungary. The most important increases in revenue from the sale of electricity originated at the Israel Solar and Storage Cluster, which added $9m, followed by Atrisco, which added $6m in. In total, new projects contributed $18m to revenues from the sale of electricity

Revenues and income were distributed between MENA, Europe, and the US, with 34% denominated in Israeli Shekel, 47% in Euros, and 18% denominated in US Dollars.

Net Income

In the fourth quarter, the Company’s net income amounted to $8m compared to $16m last year, a decrease of 48% year over year. In 4Q23 the Company recorded a $12m net profit stemming from the recalculation of earnout payments linked to the acquisition of Clenera. Adjusting for this figure, the net income in 4Q23 was $4m, implying year-on-year growth of 90%.

Adjusted EBITDA⁹

In the fourth quarter of 2024, the Company’s Adjusted EBITDA grew by 31% to $65m compared to $50m for the same period in 2023. The increase in Adjusted EBITDA was driven by the same factors that drove the increase in revenues and income, namely new projects and the recognition of higher amounts of tax benefits. This was offset by an additional $6m in higher operating expenses linked to new projects, while company overheads rose by $5m year-on-year.

________________________
_{⁹ Adjusted EBITDA is a non-IFRS measure. Please see the appendix of this presentation for a reconciliation to Net Income}

Conference Call Information

Enlight plans to hold its Fourth Quarter 2024 Conference Call and Webcast on Wednesday, February 19, 2025 at 8:00 a.m. ET to review its financial results and business outlook. Management will deliver prepared remarks followed by a question-and-answer session. Participants can join by dial-in or webcast:

The press release with the financial results as well as the investor presentation materials will be accessible from the Company’s website prior to the conference call. Approximately one hour after completion of the live call, an archived version of the webcast will be available on the Company’s investor relations website at https://enlightenergy.co.il/info/investors/.

Supplemental Financial and Other Information

We intend to announce material information to the public through the Enlight investor relations website at https://enlightenergy.co.il/info/investors, SEC filings, press releases, public conference calls, and public webcasts. We use these channels to communicate with our investors, customers, and the public about our company, our offerings, and other issues. As such, we encourage investors, the media, and others to follow the channels listed above, and to review the information disclosed through such channels. Any updates to the list of disclosure channels through which we will announce information will be posted on the investor relations page of our website.

Non-IFRS Financial Measures

This release presents Adjusted EBITDA, a financial metric, which is provided as a complement to the results provided in accordance with the International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). A reconciliation of the non-IFRS financial information to the most directly comparable IFRS financial measure is provided in the accompanying tables found at the end of this release.

We define Adjusted EBITDA as net income (loss) plus depreciation and amortization, share based compensation, finance expenses, taxes on income and share in losses of equity accounted investees and minus finance income and non-recurring portions of other income, net. For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net. Compensation for inadequate performance of goods and services reflects the profits the Company would have generated under regular operating conditions and is therefore included in Adjusted EBITDA. With respect to gains (losses) from asset disposals, as part of Enlight’s strategy to accelerate growth and reduce the need for equity financing, the Company sells parts of or the entirety of selected renewable project assets from time to time, and therefore includes realized gains or losses from these asset disposals in Adjusted EBITDA. In the case of partial assets disposals, Adjusted EBITDA includes only the actual consideration less the book value of the assets sold. Our management believes Adjusted EBITDA is indicative of operational performance and ongoing profitability and uses Adjusted EBITDA to evaluate the operating performance and for planning and forecasting purposes.

Non-IFRS financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under IFRS. There are a number of limitations related to the use of non-IFRS financial measures versus comparable financial measures determined under IFRS. For example, other companies in our industry may calculate the non-IFRS financial measures that we use differently or may use other measures to evaluate their performance. All of these limitations could reduce the usefulness of our non-IFRS financial measures as analytical tools. Investors are encouraged to review the related IFRS financial measure, Net Income, and the reconciliations of Adjusted EBITDA provided below to Net Income and to not rely on any single financial measure to evaluate our business.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements as contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding the Company’s business strategy and plans, capabilities of the Company’s project portfolio and achievement of operational objectives, market opportunity, utility demand and potential growth, discussions with commercial counterparties and financing sources, pricing trends for materials, progress of Company projects, including anticipated timing of related approvals and project completion and anticipated production delays, the Company’s future financial results, expected impact from various regulatory developments and anticipated trade sanctions, expectations regarding wind production, electricity prices and windfall taxes, and Revenues and Income and Adjusted EBITDA guidance, the expected timing of completion of our ongoing projects, and the Company’s anticipated cash requirements and financing plans , are forward-looking statements. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “target,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” “forecasts,” “aims” or the negative of these terms and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions.

These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the following: our ability to site suitable land for, and otherwise source, renewable energy projects and to successfully develop and convert them into Operational Projects; availability of, and access to, interconnection facilities and transmission systems; our ability to obtain and maintain governmental and other regulatory approvals and permits, including environmental approvals and permits; construction delays, operational delays and supply chain disruptions leading to increased cost of materials required for the construction of our projects, as well as cost overruns and delays related to disputes with contractors; disruptions in trade caused by political, social or economic instability in regions where our components and materials are made; our suppliers’ ability and willingness to perform both existing and future obligations; competition from traditional and renewable energy companies in developing renewable energy projects; potential slowed demand for renewable energy projects and our ability to enter into new offtake contracts on acceptable terms and prices as current offtake contracts expire; offtakers’ ability to terminate contracts or seek other remedies resulting from failure of our projects to meet development, operational or performance benchmarks; exposure to market prices in some of our offtake contracts; various technical and operational challenges leading to unplanned outages, reduced output, interconnection or termination issues; the dependence of our production and revenue on suitable meteorological and environmental conditions, and our ability to accurately predict such conditions; our ability to enforce warranties provided by our counterparties in the event that our projects do not perform as expected; government curtailment, energy price caps and other government actions that restrict or reduce the profitability of renewable energy production; electricity price volatility, unusual weather conditions (including the effects of climate change, could adversely affect wind and solar conditions), catastrophic weather-related or other damage to facilities, unscheduled generation outages, maintenance or repairs, unanticipated changes to availability due to higher demand, shortages, transportation problems or other developments, environmental incidents, or electric transmission system constraints and the possibility that we may not have adequate insurance to cover losses as a result of such hazards; our dependence on certain operational projects for a substantial portion of our cash flows; our ability to continue to grow our portfolio of projects through successful acquisitions; changes and advances in technology that impair or eliminate the competitive advantage of our projects or upsets the expectations underlying investments in our technologies; our ability to effectively anticipate and manage cost inflation, interest rate risk, currency exchange fluctuations and other macroeconomic conditions that impact our business; our ability to retain and attract key personnel; our ability to manage legal and regulatory compliance and litigation risk across our global corporate structure; our ability to protect our business from, and manage the impact of, cyber-attacks, disruptions and security incidents, as well as acts of terrorism or war; changes to existing renewable energy industry policies and regulations that present technical, regulatory and economic barriers to renewable energy projects; the reduction, elimination or expiration of government incentives or benefits for, or regulations mandating the use of, renewable energy; our ability to effectively manage the global expansion of the scale of our business operations; our ability to perform to expectations in our new line of business involving the construction of PV systems for municipalities in Israel; our ability to effectively manage our supply chain and comply with applicable regulations with respect to international trade relations, tariffs, sanctions, export controls and anti-bribery and anti-corruption laws; our ability to effectively comply with Environmental Health and Safety and other laws and regulations and receive and maintain all necessary licenses, permits and authorizations; our performance of various obligations under the terms of our indebtedness (and the indebtedness of our subsidiaries that we guarantee) and our ability to continue to secure project financing on attractive terms for our projects; limitations on our management rights and operational flexibility due to our use of tax equity arrangements; potential claims and disagreements with partners, investors and other counterparties that could reduce our right to cash flows generated by our projects; our ability to comply with increasingly complex tax laws of various jurisdictions in which we currently operate as well as the tax laws in jurisdictions in which we intend to operate in the future; the unknown effect of the dual listing of our ordinary shares on the price of our ordinary shares; various risks related to our incorporation and location in Israel, including the ongoing war in Israel, where our headquarters and some of our wind energy and solar energy projects are located; the costs and requirements of being a public company, including the diversion of management’s attention with respect to such requirements; certain provisions in our Articles of Association and certain applicable regulations that may delay or prevent a change of control; and other risk factors set forth in the section titled “Risk factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, filed with the Securities and Exchange Commission (the “SEC”), as may be updated in our other documents filed with or furnished to the SEC.

These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. You should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by applicable law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

About Enlight

Founded in 2008, Enlight develops, finances, constructs, owns, and operates utility-scale renewable energy projects. Enlight operates across the three largest renewable segments today: solar, wind and energy storage. A global platform, Enlight operates in the United States, Israel and 9 European countries. Enlight has been traded on the Tel Aviv Stock Exchange since 2010 (TASE: ENLT) and completed its U.S. IPO (Nasdaq: ENLT) in 2023.

Company Contacts

Yonah Weisz
Director IR
investors@enlightenergy.co.il

Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
+1 617 542 6180
investors@enlightenergy.co.il

Appendix 1 – Financial information

Consolidated Statements of Income
	For the year ended at December 31
	2024	*2023()**
	USD in	USD in
	thousands	thousands
Revenues	377,935	255,702
Tax benefits	20,860	5,438
Total revenues and income	398,795	261,140

Cost of sales (**)	(80,696)	(52,794)
Depreciation and amortization	(108,889)	(65,796)
General and administrative expenses	(38,847)	(31,356)
Development expenses	(11,601)	(6,347)
Total operating expenses	(240,033)	(156,293)
Gains from projects disposals	601	9,846
Other income, net	16,172	43,450
Operating profit	175,535	158,143

Finance income	20,439	36,799
Finance expenses	(107,844)	(68,143)
Total finance expenses, net	(87,405)	(31,344)

Profit before tax and equity loss	88,130	126,799
Share of loss of equity accounted investees	(3,350)	(330)
Profit before income taxes	84,780	126,469
Taxes on income	(18,275)	(28,428)
Profit for the year	66,505	98,041

Profit for the year attributed to:
Owners of the Company	44,209	70,924
Non-controlling interests	22,296	27,117
	66,505	98,041
Earnings per ordinary share (in USD) with a par value of
NIS 0.1, attributable to owners of the parent Company:
Basic earnings per share	0.37	0.61
Diluted earnings per share	0.36	0.57
Weighted average of share capital used in the
calculation of earnings:
Basic per share	118,293,556	115,721,346
Diluted per share	123,312,565	123,861,293

(*) The Consolidated Statements of Income have been adjusted to present comparable information for the previous year. For additional details please see Appendix 8.

(**) Excluding depreciation and amortization

Consolidated Statements of Financial Position as of
	December 31	December 31
	2024	2023
	USD in	USD in
	Thousands	Thousands
Assets

Current assets
Cash and cash equivalents	387,427	403,805
Deposits in banks	–	5,308
Restricted cash	100,090	142,695
Trade receivables	50,692	43,100
Other receivables	99,651	60,691
Current maturities of contract assets	–	8,070
Other financial assets	975	976
Assets of disposal groups classified as held for sale	81,661	–
Total current assets	720,496	664,645

Non-current assets
Restricted cash	48,251	38,891
Other long-term receivables	61,045	32,540
Deferred costs in respect of projects	357,358	271,424
Deferred borrowing costs	276	493
Loans to investee entities	18,112	35,878
Contract assets	–	91,346
Fixed assets, net	3,699,192	2,947,369
Intangible assets, net	291,442	287,961
Deferred taxes assets	10,744	9,134
Right-of-use asset, net	210,941	121,348
Financial assets at fair value through profit or loss	69,216	53,466
Other financial assets	59,812	79,426
Total non-current assets	4,826,389	3,969,276

Total assets	5,546,885	4,633,921

Consolidated Statements of Financial Position as of (Cont.)
	December 31	December 31
	2024	2023
	USD in	USD in
	Thousands	Thousands
Liabilities and equity

Current liabilities
Credit and current maturities of loans from
banks and other financial institutions	212,246	324,666
Trade payables	161,991	105,574
Other payables	107,825	103,622
Current maturities of debentures	44,962	26,233
Current maturities of lease liability	10,240	8,113
Financial liabilities through profit or loss	–	13,860
Other financial liabilities	8,141	1,224
Liabilities of disposal groups classified as held for sale	46,635	–
Total current liabilities	592,040	583,292

Non-current liabilities
Debentures	433,994	293,751
Other financial liabilities	107,865	62,020
Convertible debentures	133,056	130,566
Loans from banks and other financial institutions	1,996,137	1,702,925
Loans from non-controlling interests	75,598	92,750
Financial liabilities through profit or loss	25,844	34,524
Deferred taxes liabilities	41,792	44,941
Employee benefits	1,215	4,784
Lease liability	211,941	119,484
Deferred income related to tax equity	403,384	60,880
Asset retirement obligation	83,085	68,047
Total non-current liabilities	3,513,911	2,614,672

Total liabilities	4,105,951	3,197,964

Equity
Ordinary share capital	3,308	3,293
Share premium	1,028,532	1,028,532
Capital reserves	25,273	57,730
Proceeds on account of convertible options	15,494	15,494
Accumulated profit	107,919	63,710
Equity attributable to shareholders of the Company	1,180,526	1,168,759
Non-controlling interests	260,408	267,198
Total equity	1,440,934	1,435,957
Total liabilities and equity	5,546,885	4,633,921

Consolidated Statements of Cash Flows

	For the year ended at December 31
	2024	2023
	USD in	USD in
	Thousands	Thousands

Cash flows for operating activities
Profit for the period	66,505	98,041

Income and expenses not associated with cash flows:
Depreciation and amortization	108,889	65,796
Finance expenses, net	83,560	28,805
Share-based compensation	8,360	4,970
Taxes on income	18,275	28,428
Tax benefits	(20,860)	(5,438)
Other income, net	(4,963)	(46,991)
Company’s share in losses of investee partnerships	3,350	330
	196,611	75,900

Changes in assets and liabilities items:
Change in other receivables	12,261	(3,241)
Change in trade receivables	(9,892)	(2,841)
Change in other payables	294	6,382
Change in trade payables	746	15,474
	3,409	15,774

Interest receipts	12,684	12,490
Interest paid	(74,891)	(54,469)
Income Tax paid	(11,246)	(12,236)
Repayment of contract assets	–	14,120

Net cash from operating activities	193,072	149,620

Cash flows for investing activities
Sale (Acquisition) of consolidated entities, net	1,871	(6,975)
Changes in restricted cash and bank deposits, net	29,959	(53,131)
Purchase, development, and construction in respect of projects	(899,257)	(730,976)
Loans provided and Investment in investees	(26,444)	(28,174)
Payments on account of acquisition of consolidated entity	(32,777)	(5,728)
Proceeds from sale (purchase) of financial assets measured at fair value
through profit or loss, net	(14,719)	26,919
Net cash used in investing activities	(941,367)	(798,065)

Consolidated Statements of Cash Flows (Cont.)
	For the year ended at December 31
	2024	2023
	USD in	USD in
	Thousands	Thousands

Cash flows from financing activities
Receipt of loans from banks and other financial institutions	939,627	623,927
Repayment of loans from banks and other financial institutions	(699,586)	(203,499)
Issuance of debentures	177,914	83,038
Repayment of debentures	(26,016)	(14,735)
Dividends and distributions by subsidiaries to non-controlling interests	(25,534)	(13,328)
Proceeds from investments by tax-equity investors	410,845	198,758
Repayment of tax equity investment	(839)	(82,721)
Deferred borrowing costs	(21,637)	(1,984)
Receipt of loans from non-controlling interests	–	274
Repayment of loans from non-controlling interests	(2,960)	(1,485)
Increase in holding rights of consolidated entity	(169)	–
Issuance of shares	–	266,451
Exercise of share options	15	9
Repayment of lease liability	(5,852)	(4,848)
Proceeds from investment in entities by non-controlling interest	179	5,448

Net cash from financing activities	745,987	855,305

Increase (Decrease) in cash and cash equivalents	(2,308)	206,860

Balance of cash and cash equivalents at beginning of period	403,805	193,869

Changes in cash of disposal groups classified as held for sale	(5,753)	–

Effect of exchange rate fluctuations on cash and cash equivalents	(8,317)	3,076

Cash and cash equivalents at end of period	387,427	403,805

Information related to Segmental Reporting

	For the year ended December 31, 2024
	MENA()**	Europe()**	USA	Total reportable segments	Others	Total
	USD in thousands
Revenues	155,693	197,143	15,748	368,584	9,351	377,935
Tax benefits	–	–	20,860	20,860	–	20,860
Total revenues and income	155,693	197,143	36,608	389,444	9,351	377,935

Segment adjusted EBITDA	123,724	165,385	33,539	322,648	4,141	326,789

Reconciliations of unallocated amounts:
Headquarter costs (*)						(37,774)
Intersegment profit						100
Depreciation and amortization and share-based compensation						(117,249)
Other incomes not attributed to segments						3,669
Operating profit						175,535
Finance income						20,439
Finance expenses						(107,844)
Share in the losses of equity accounted investees						(3,350)
Profit before income taxes						84,780

(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

(**) Due to the Company’s organizational restructuring, the Chief Operation Decision Maker (CODM) now reviews the group’s results by segmenting them into four business units: MENA (Middle East and North Africa), Europe, the US, and Management and Construction. Consequently, the Central/Eastern Europe and Western Europe segments have been consolidated into the “Europe” segment, and the Israel segment has been incorporated into the MENA segment. The comparative figures for the year ended December 31, 2023, have been updated accordingly.

Information related to Segmental Reporting

	For the year ended December 31, 2023
	MENA	Europe	USA	Total reportable segments	Others	Total
	USD in thousands
Revenues	67,687	177,471	2,274	247,432	8,270	255,702
Tax benefits	–	–	5,438	5,438	–	5,438
Total revenues and income	67,687	177,471	7,712	252,870	8,270	261,140

Segment adjusted EBITDA	71,350	150,677	12,133	234,160	3,035	237,195

Reconciliations of unallocated amounts:
Headquarter costs (*)						(30,434)
Intersegment profit						1,587
Repayment of contract asset under concession arrangements						(14,120)
Depreciation and amortization and share-based compensation						(70,766)
Other incomes not attributed to segments						34,681
Operating profit						158,143
Finance income						36,799
Finance expenses						(68,143)
Share in the losses of equity accounted investees						(330)
Profit before income taxes						126,469

(*) Including general and administrative and development expenses (excluding depreciation and amortization and share based compensation).

Appendix 2 – Reconciliations between Net Income to Adjusted EBITDA

($ thousands)	For the year ended		For the three months
	December 31		ended December 31
	2024	2023	2024	2023
Net Income (loss)	66,505	98,041	8,372	16,202
Depreciation and amortization	108,889	65,796	30,912	21,611
Share based compensation	8,360	4,970	2,333	970
Finance income	(20,439)	(36,799)	(2,140)	7,581
Finance expenses	107,844	68,143	22,008	16,344
Non-recurring other income (*)	(3,669)	(34,681)	–	(15,718)
Share of losses of equity accounted investees	3,350	330	1,613	(137)
Taxes on income	18,275	28,428	2,121	2,934
Adjusted EBITDA	289,115	194,228	65,219	49,787

* For the purposes of calculating Adjusted EBITDA, compensation for inadequate performance of goods and services procured by the Company are included in other income, net.

The Company has changed its presentation of its Income Statement, which includes the presentation of specified items that have been previously included within other income (i.e. tax equity). The Company believes that such presentation provides a more relevant information and better reflects the measurement of its financial performance. The Company applied such change retrospectively.

Appendix 3 – Debentures Covenants

Debentures Covenants

As of December 31, 2024, the Company was in compliance with all of its financial covenants under the indenture for the Series C-F Debentures, based on having achieved the following in its consolidated financial results:

Minimum equity
The company’s equity shall be maintained at no less than NIS 200 million so long as debentures E remain outstanding, no less than NIS 375 million so long as debentures F remain outstanding, and NIS 1,250 million so long as debentures C and D remain outstanding.

As of December 31, 2024, the company’s equity amounted to NIS 5,255 million.

Net financial debt to net CAP
The ratio of standalone net financial debt to net CAP shall not exceed 70% for two consecutive financial periods so long as debentures E and F remain outstanding, and shall not exceed 65% for two consecutive financial periods so long as debentures C and D remain outstanding.

As of December 31, 2024, the net financial debt to net CAP ratio, as defined above, stands at 37%.

Net financial debt to EBITDA
So long as debentures E and F remain outstanding, standalone financial debt shall not exceed NIS 10 million, and the consolidated financial debt to EBITDA ratio shall not exceed 18 for more than two consecutive financial periods.

For as long as debentures C and D remain outstanding, the consolidated financial debt to EBITDA ratio shall not exceed 15 for more than two consecutive financial periods.

As of December 31, 2024, the net financial debt to EBITDA ratio, as defined above, stands at 9.

Equity to balance sheet
The standalone equity to total balance sheet ratio shall be maintained at no less than 20% and 25%, respectively, for two consecutive financial periods for as long as debentures E and F, and debentures C and D remain outstanding.

As of December 31, 2024, the equity to balance sheet ratio, as defined above, stands at 55%.

Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/16dfdaab-3b06-4494-a529-7e4b98cd6ad8

https://www.globenewswire.com/NewsRoom/AttachmentNg/a4d568ee-77b0-4eab-b7ef-c865a4a26d0e

https://www.globenewswire.com/NewsRoom/AttachmentNg/ae07b0d5-09c7-404f-a71d-70494b2b64ca

The MIL Network –

February 20, 2025

MIL-OSI United Kingdom: University takes leading role in boosting UK hydrogen distribution network A project that will help establish a sustainable distribution network of hydrogen in Scotland and across the UK has got underway at the University of Aberdeen.

Source: University of Aberdeen

New Materials and Methods for Hydrogen Transportation and Storage: Repurposing the Economic Future of the North Sea (MHYSTIC) will see existing energy asset and skills used to develop a suite of innovations that will boost the UK’s hydrogen distribution network.A project that will help establish a sustainable distribution network of hydrogen in Scotland and across the UK has got underway at the University of Aberdeen.
Led by a team of researchers at the University of Aberdeen with expertise in chemical, mechanical and materials engineering along with economic analysis for field applications in geological settings, the MHYSTIC project is one of 10 selected by the UK-HyRES Flexible Fund to advance hydrogen and alternative liquid fuels technologies.
The projects represent a broad spectrum of groundbreaking research, each aligned with the mission to accelerate the UK’s hydrogen transition and drive impactful scientific innovation. Collectively, nearly £3 million in funding has been awarded, enabling pioneering studies across multiple institutions and disciplines.
New Materials and Methods for Hydrogen Transportation and Storage: Repurposing the Economic Future of the North Sea (MHYSTIC) will see existing energy asset and skills used to develop a suite of innovations that will boost the UK’s hydrogen distribution network.
With support from international collaborators at the Lithuanian Energy Institute, industry partners including Aberdeen Renewable Energy Group, ABL Group, the European Marine Energy Centre, the Net Zero Technology Centre, John Lawrie Group, Statera Energy and Dräger Ltd will also play a crucial role in developing and disseminating outputs from the project.

The characterisation methods and models will reveal detailed mechanisms of H2 adsorption and material failure at a granular level, which will result in stepwise advances in knowledge with high academic impact and will help implement hydrogen economies in Scotland and the UK.” Project lead Dr Alfonso Martinez-Felipe

“MHYSTIC is one of the only 10 projects funded in this first round of applications and will have research, commercial and societal impacts by transferring its innovations to productive actors involved in the project,” explained project lead Dr Alfonso Martinez-Felipe from the University’s School of Engineering.
“The characterisation methods and models will reveal detailed mechanisms of H2 adsorption and material failure at a granular level, which will result in stepwise advances in knowledge with high academic impact and will help implement hydrogen economies in Scotland and the UK.”
Dr Martinez-Felipe is joined by colleagues Dr Amin Sharifi, Dr M. Amir Siddiq, Dr Marcin Kapitaniak and Dr Mehmet Kartal, all from the School of Engineering; and Professor John Underhill, Director of the Interdisciplinary Center for Energy Transition at the University of Aberdeen.
“Being the smallest molecule, hydrogen is prone to leakage. It also embrittles steel,” said Professor Underhill. “Consequently, it’s essential to find new materials for hydrogen’s safe and secure storage and transportation if it is to play a role in the energy transition, something this research will address.”
UK-HyRES aims to define and tackle the research challenges blocking the wider use of low carbon fuels in the UK – funded by UK Research and Innovation (UKRI) through the Engineering and Physical Sciences Research Council (EPSRC). The project is expected to run for 2.5 years.

MIL OSI United Kingdom –

February 19, 2025
MIL-OSI China: World’s first energy grass database created

Source: China State Council Information Office 2

Chinese researchers have developed the world’s first comprehensive database for energy grasses, a step that could support sustainable agriculture and advance renewable energy efforts, China Science and Technology Daily reported Wednesday.
Energy grasses are a group of plants known for their rapid growth, high productivity and adaptability. They can be used to produce biomass fuels, pulp, cellulose, and chemicals, and they can also help reduce greenhouse gas emissions and improve soil quality.
Researchers from Fujian Agriculture and Forestry University created the Energy Grass Database, integrating multi-omics datasets from 11 energy grasses.
The platform encompasses genomics, epigenomics, transcriptomics and phenomics data to support functional genomic research across diverse energy grass species.
Lin Zhanxi, a professor at the university, said the database offers a multifunctional platform for both scientific exploration and practical research, helping to foster sustainable agriculture and renewable energy development.

MIL OSI China News –

February 19, 2025
MIL-OSI Security: IAEA Director General Joins International Experts for Seawater Sampling Near Fukushima

Source: International Atomic Energy Agency – IAEA

International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi joined scientists from the People’s Republic of China, the Republic of Korea, and Switzerland, along with IAEA experts, as they collected seawater samples near the Fukushima Daiichi nuclear power station. (Dean Calma/IAEA)

International Atomic Energy Agency (IAEA) Director General Rafael Mariano Grossi joined scientists from the People’s Republic of China, the Republic of Korea, and Switzerland, along with IAEA experts, as they collected seawater samples near the Fukushima Daiichi nuclear power station (FDNPS) today.

The activity is part of the additional measures established after China and Japan agreed to extend the sampling and testing of ALPS treated water which TEPCO – operator of the FDNPS – started to discharge in August 2023.

The IAEA agreed with Japan in September to implement additional measures to facilitate the broader participation from other stakeholder countries in the monitoring of ALPS-treated water.

“By welcoming countries to engage directly in sampling and analysis under the additional measures, Japan is increasing transparency, understanding, and trust, particularly in the region.” said Director General Grossi. “Through these efforts, third parties can independently verify that water discharge levels are, and will continue to be, in strict compliance and consistent with international safety standards.”

During the sampling today, scientists from the Third Institute of Oceanography in China, the Korean Institute for Nuclear Safety in Republic of Korea and the Spiez Laboratory in Switzerland collected seawater samples from a boat in the vicinity of the FDNPS.

Director General Grossi collected seawater samples from a boat in the vicinity of the FDNPS.

The samples will be analysed by the IAEA laboratories in Monaco, by laboratories in Japan and in the participating laboratories from China, Korea and Switzerland, each members of the IAEA’s Analytical Laboratories for the Measurement of Environmental Radioactivity (ALMERA) network, chosen to ensure a high level of proficiency and expert data.

“Additional measures focus on expanding international participation and transparency, allowing hands-on independent measurements of the concentration level of the water,” said Director General Grossi. “This work is conducted within agreed parameters set by the IAEA in its role as an independent, impartial and technical organisation.”

Additionally, IAEA experts stationed at the Agency’s office at FDNPS conduct regular independent on-site analyses of the batches of treated water. The Agency has confirmed that the tritium level in the ten batches of ALPS treated water already released was far below Japan’s operational limit.

The IAEA initiated the first practical steps of the additional measures in October last year when Agency staff carried out marine sampling with international experts from China, Republic of Korea and Switzerland.

MIL Security OSI –

February 19, 2025
MIL-OSI Economics: Secretary-General of ASEAN officiates the Opening Ceremony of the Exhibition on ASEAN-Russia Cooperation in Civilian Nuclear Energy and Technologies

Source: ASEAN

Secretary-General of ASEAN, Dr. Kao Kim Hourn, today officiated the Opening Ceremony of the Exhibition on ASEAN-Russia Prospects of Cooperation in Civilian Nuclear Energy and Technologies, where he delivered remarks that welcomed greater collaboration with ASEAN’s partners in the area of civilian nuclear energy. This event highlights the partnership between ASEAN and Russia in advancing civilian nuclear energy as part of regional cooperation in energy, innovation, and technology.

Download the full remarks here.

The post Secretary-General of ASEAN officiates the Opening Ceremony of the Exhibition on ASEAN-Russia Cooperation in Civilian Nuclear Energy and Technologies appeared first on ASEAN Main Portal.

MIL OSI Economics –

February 19, 2025
MIL-OSI Economics: Media release: North West Shelf extension delay another regulatory fail – Australian Energy Producers

Source: Australian Petroleum Production & Exploration Association

Headline: Media release: North West Shelf extension delay another regulatory fail – Australian Energy Producers

The Federal Government’s decision to delay its assessment of the North West Shelf extension is a blow to Western Australia’s energy security and another example of how our national environmental laws are failing.

Australian Energy Producers Chief Executive Samantha McCulloch said the North West Shelf project has been powering WA homes and industry for 40 years and will play a critical role in the state’s future energy security and economic prosperity.

“After six years of environmental assessment and having secured state government approval, there is simply no justification for further regulatory delays,” Ms McCulloch said.

“This is yet another example of the open-ended and uncertain approval processes that are driving away investment and damaging Australia’s reputation as a stable, predictable country to do business.

“The extension of the North West Shelf project is needed to ensure reliable and affordable gas supply to Western Australians, with the Australian Energy Market Operator forecasting gas shortfalls in the State from 2030.”

WA’s gas industry is a driving force behind the state’s economy, providing 54 per cent of WA’s primary energy and 60 per cent of the state’s electricity. The industry contributes $35 billion a year to the WA economy and supports more than 73,000 jobs in the state.

Natural gas also provides more than half the energy used by WA’s mining and minerals processing sector and supports emissions reductions in WA and the region.

A recent independent report by EnergyQuest found that without new gas investment, Western Australia would run out of gas for electricity from the early-2030s and its mining and industrial sectors would be left without gas from mid-2030s.

“The Federal Government must provide certainty to the millions of WA households and businesses that depend on gas and rule out any further delays to this critical energy security project,” Ms McCulloch said.

MIL OSI Economics –

February 19, 2025

MIL-OSI: VAALCO Energy, Inc. Declares First Quarter 2025 Dividend

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 19, 2025 (GLOBE NEWSWIRE) — VAALCO Energy, Inc. (NYSE: EGY; LSE: EGY) (“Vaalco” or the “Company”) today announced that it declared its quarterly cash dividend of $0.0625 per share of common stock for the first quarter of 2025 ($0.25 annualized), which is payable on March 28, 2025, to stockholders of record at the close of business on February 28, 2025. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Board of Directors.

George Maxwell, Vaalco’s Chief Executive Officer, commented, “We are pleased to announce our first quarter 2025 dividend, marking the beginning of the fourth year of paying a meaningful cash dividend to our shareholders. While we plan an active investment program in 2025, our ongoing operational and financial success has allowed us to continue returning cash to our shareholders. We remain committed to paying a sustainable, meaningful dividend to our shareholders while we grow Vaalco through both organic development activities across our diversified portfolio and inorganic growth opportunities.”

About Vaalco

Vaalco, founded in 1985 and incorporated under the laws of Delaware, is a Houston, Texas, USA based, independent energy company with a diverse portfolio of production, development and exploration assets across Gabon, Egypt, Cote d’Ivoire, Equatorial Guinea, Nigeria and Canada.

For Further Information


Vaalco Energy, Inc. (General and Investor Enquiries)	+00 1 713 543 3422
Website:	www.vaalco.com

Al Petrie Advisors (US Investor Relations)	+00 1 713 543 3422
Al Petrie / Chris Delange

Buchanan (UK Financial PR)	+44 (0) 207 466 5000
Ben Romney / Barry Archer	VAALCO@buchanan.uk.com

Forward Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created by those laws and other applicable laws and may also include “forward-looking information” within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Where a forward-looking statement expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis. All statements other than statements of historical fact may be forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “forecast,” “outlook,” “aim,” “target,” “will,” “could,” “should,” “may,” “likely,” “plan” and “probably” or similar words may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, but are not limited to, statements relating to expectations of future dividends to stockholders. Such forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to: risks relating to any unforeseen liabilities of Vaalco; the ability to generate cash flows that, along with cash on hand, will be sufficient to support operations and cash requirements; risks relating to the timing and costs of completion for scheduled maintenance of the FPSO servicing the Baobab field; and the risks described under the caption “Risk Factors” in Vaalco’s 2023 Annual Report on Form 10-K filed with the SEC on March 15, 2024 and subsequent Quarterly Reports on Form 10-Q filed with the SEC.

Dividends beyond the first quarter of 2025 have not yet been approved or declared by the Board of Directors. The declaration and payment of future dividends remain at the discretion of the Board of Directors and will be determined based on Vaalco’s financial results, balance sheet strength, cash and liquidity requirements, future prospects, crude oil and natural gas prices, and other factors deemed relevant by the Board of Directors. The Board of Directors reserves all powers related to the declaration and payment of dividends. Consequently, in determining the dividend to be declared and paid on Vaalco’s common stock, the Board of Directors may revise or terminate the payment level at any time without prior notice.

Inside Information

This announcement contains inside information as defined in Regulation (EU) No. 596/2014 on market abuse which is part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (“MAR”) and is made in accordance with the Company’s obligations under article 17 of MAR. The person responsible for arranging the release of this announcement on behalf of VAALCO is Matthew Powers, Corporate Secretary of VAALCO.

The MIL Network –

February 19, 2025

MIL-OSI Australia: $5.6 million to help develop Aboriginal organisations and businesses across NSW

Source: New South Wales Premiere

Published: 19 February 2025

Released by: Minister for Aboriginal Affairs and Treaty, Minister for Regional NSW

The Minns Government is providing Aboriginal businesses and organisations with business investment, skills development and training opportunities that will help them attract new customers, expand their operations and plan and prepare for the future.

A total of 42 Aboriginal businesses and organisations will receive a share of $5.6 million to invest in business mentoring and coaching, upskilling and training, the development of strategic business plans and governance frameworks and purchasing assets to expand operations.

The Aboriginal business sector in regional NSW is growing and access to training, development, and investment is vital for the success of both Aboriginal organisations and communities.

Dharra Jerky and Secret Harvest in Dubbo, Booma Food Group in Cessnock, Binjang Tea in Wellington, Deniliquin’s Barka Treats, and Native Botanical Brewery and Dream Builders on Country in the Central Coast are among the businesses who will boost production and pursue larger market opportunities through this funding.

The NSW Government is dedicated to closing the gap by removing barriers that hinder access to business training, mentoring and capital investment for Aboriginal people in regional NSW.

These growth opportunities have been made possible by $1.29 million from the NSW Government’s Regional Aboriginal Partnerships Program Round 2 and $4.33 million from the Regional Development Trust’s Aboriginal Economic Development Package.

According to a 2022 NSW Treasury report there are some 737 NSW Indigenous businesses registered with the Aboriginal procurement organisation, Supply Nation, the most of any state or territory.

Median annual revenue for these businesses is $303,000, with each employing a median full-time equivalent staff of 3.8.

Minister for Regional New South Wales Tara Moriarty said:

“Aboriginal businesses and organisations in regional NSW have a unique connection to land, culture and community, with traditional knowledge and cultural practices integrated into their businesses.

“Not only do Aboriginal businesses and organisations contribute to the regional local economies, but they also contribute to environmental sustainability and cultural development in regional communities.

“Getting the best training and resources into these regions is the first step in bridging skills gaps, supporting sustainable growth and creating jobs.”

Minister for Aboriginal Affairs and Treaty David Harris said:

“The Minns Government is strongly committed to supporting Aboriginal-owned businesses and organisations to continue to grow and develop.

“By giving regional Aboriginal communities the tools they need we can help boost local economies now and into the future, promoting long term success.”

CEO of the NSW Indigenous Chamber of Commerce Deb Barwick said:

“Access to tailored mentoring, training and business development opportunities will allow Aboriginal businesses to strengthen their operations and expand their reach.

“Supporting the growth of Aboriginal businesses in regional NSW drives economic development and creates lasting, meaningful opportunities for local communities.

“This funding ensures Aboriginal businesses are equipped with the tools to build their capacity, improve governance and unlock their full potential.”

Aboriginal business Dharra Jerky founder Hayden Williams said:

“I started making jerky as a hobby about six years ago and I have been proud to watch it begin to bloom into something much bigger.

“This support is giving me a great opportunity to upgrade my equipment so I can take my small business to the next level.”

Proponent	Project name	Location
Yurruungga Aboriginal Corporation	Governance Enhancement Initiative for Yurruungga Aboriginal Corporation	Bellingen Shire Council
Gathangga Wakulda Aboriginal Corporation	Growing Atanga Wakulda	Port Macquarie-hastings Council
Djiyagan Dhanbaan Incorporation	Nyiirun Djiyagan Wakulda, Women’s Festival	Port Macquarie-hastings Council
Walhallow Local Aboriginal Land Council	Walhallow Aboriginal Cultural Tourism Business Capacity Building	Liverpool Plains Shire Council
Barka Treats	Dog Food Production Enhancement	Edward River Council
Bunyah Local Aboriginal Land Council	Bunyah LALC Guulabaa Cafe Enterprise Equipment	Port Macquarie-hastings Council
Binjang Tea	Binjang Tea Capacity Building: Fostering Cultural Heritage and Sustainable Business Growth	Dubbo Regional Council
Native Botanical Brewery	Native Botanical Brewery’s “Pops Country” Initiative: Cultivating Indigenous Heritage from Bush to Brewery	Central Coast Council
BS Ellis and ML Ellis	Business diversification and capacity uplift	Eurobodalla Shire Council
Strong Movement	The Athlete Performance and Conditioning Enhancement Program	Tamworth Regional Council
LORE AUSTRALIA PTY LTD	Develop a business plan to grow and expand LORE Australia	Bellingen Shire Council
Bugalwan Indigenous Corporation	Ma Banyahr	Central Coast Council
Strong Spirit Services Ltd	Strong Spirit Cultural Pathways Program	Port Macquarie-hastings Council
Aboriginal Advancement Alliance Trading As Acadiam	Buzz Bus Activating Communities Road Trip – engaging, aligning and pathways to local jobs	Cessnock City Council
Mingaan Wiradjuri Aboriginal Corporation	Mingaan Wiradjuri Aboriginal Corporation Website upgrade with booking platform	Lithgow City Council
Bangguri Gadhu Cultural Tours	Bermagui Survival Day	Bega Valley Shire Council
Bara Barang Corporation Ltd	Dream Builders On Country : Raspberry Fields Business Planning	Central Coast Council
Dharra Jerky	Expanding Indigenous-Owned Dharra Jerky: Strengthening Manufacturing, Retail, and Wholesale Operations for Regional Growth	Dubbo Regional Council
Red Chief Local Aboriginal Land Council	Red Chief Aboriginal Cultural Tourism Business Planning Initiative	Gunnedah Shire Council
Integr8y	Integr8y – Building Capacity for Aboriginal Business Growth through Tender and Grant Writing Expertise: A Strategic Approach to Securing Contracts and Economic Empowerment	Tamworth Regional Council
Brennan Cultural Enterprise Pty Ltd T/A Waagayamba Consultants	Igniting Growth: Empowering Aboriginal Businesses with Virtual Support and Mentoring	Clarence Valley Council
Mara-Mara Community Incorporated	Renovations To Mara-Mara Community Incorporated	Tamworth Regional Council
JA Berry & DJ Carney t/as Cafe2823	Cafe2823 Courtyard & Function Area	Narromine Shire Council
Euraba Paper Aboriginal Corporation	Euraba Paper Company upgrade project	Moree Plains Shire Council
Tranby Aboriginal Co-operative Limited	Community Capacity Development Project: Building Governance and Enterprise Development opportunities	Mid North Coast and North Western LALC regions
Secret Harvest Pty Ltd	Skin Care Manufacturing	Dubbo Regional Council
Twofold Aboriginal Corporation	Twofold Solar Energy System – Off Grid Solar System to supply campground and other buildings on site	Bega Valley Shire Council
Unkya Local Aboriginal Land Council	Gumbaynggirr Keeping Place – Completion & Activation Project	Nambucca Valley Council
Jaanymili Bawrrungga Aboriginal Corporation	Gumbaynggirr Native Seedling Enterprise: Cultivating Growth and Sustainability	Nambucca Valley Council
Native Botanical Brewery	Native Botanical Brewery Expansion Wambelong Creek Coffee “Bush to Brewery” initiative	Central Coast Council
Awabakal Local Aboriginal Land Council	Winjirra Events	Lake Macquarie City Council
Booma Food Group Pty Ltd	Booma Food Biz Growth	Cessnock City Council
Waminda South Coast Women’s Health & Wellbeing Aboriginal Corporation	Sustaining our Blak Cede Enterprise	Shoalhaven City Council
More Cultural Rehabs Less Jails	Yindyamarra Landcare	Dubbo Regional Council
Gari Yala Pty Ltd T/As Chocolate On Purpose	Ngunggilanha Native Garden & Chocolate Nexus: Reclaiming Culture, Activating Wisdom, Empowering Community	Wingecarribee Shire Council
Grafton Ngerrie Local Aboriginal Land Council	Grafton Ngerrie Nursery Enterprise: Cultivating Economic Growth and Cultural Prosperity	Clarence Valley Council
Home Of Recovery	Home of Recovery Up Lift	Dubbo Regional Council
Gadhungal Marring	Native nursery, mentorship program and managment tools	Shoalhaven City Council
Aralumbin Pty Ltd	Project “Bush to You” brings bush foods to every plate, bridging the gap and collectively educating Australia.	Tweed Shire Council
Yurruga Indigenous Corporation	Yurruga Sustainable Solar Project Uplift and Expansion	Dubbo Regional Council
Bega Local Aboriginal Land Council	Building resilience and sustainability and focusing on circularity through a cultural lens	Bega Valley Shire Council
Wiradjuri Condobolin Corporation Limited	Galari Horticulture – Green house	Lachlan Shire Council

MIL OSI News –

February 19, 2025

MIL-OSI: Orca Energy Group Inc. Announces Independent Reserves Evaluation for Year End 2024

Source: GlobeNewswire (MIL-OSI)

TORTOLA, British Virgin Islands, Feb. 18, 2025 (GLOBE NEWSWIRE) — February 19, 2025 – Orca Energy Group Inc. (“Orca” or the “Company” and includes PanAfrican Energy Tanzania Limited (“PAET“) and its other subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces the approval of its Independent Reserves Evaluation as at December 31, 2024. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated.

INDEPENDENT RESERVES EVALUATION
The Company’s conventional natural gas reserves as at December 31, 2024 for the period to the end of the primary 25-year term of the production sharing agreement (the “Songo Songo PSA“) with the Tanzanian Petroleum Development Corporation (the “TPDC“) have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants Ltd. (“McDaniel“), an independent reserves evaluator, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook“) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101“). The Songo Songo PSA expires upon the expiry of TPDC’s Songo Songo licence in respect of the Songo Songo gas field (the “Songo Songo Licence“) in October 2026. The preparation date of the independent reserves evaluation prepared by McDaniel is February 18, 2025 and the effective date of the evaluation is December 31, 2024 (the “McDaniel Report“).

All of the Company’s reserves are located in Tanzania. Reserves included herein are stated on a Company gross reserves basis unless noted otherwise. Company gross reserves are the total of the Company’s working interest share in reserves.

The Company’s Board of Directors has reviewed and approved the McDaniel Report. Additional reserves information required under NI 51-101 is included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which will be filed on its profile on SEDAR+ at www.sedarplus.ca. The following discussion is subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release.

HIGHLIGHTS

Total Proved (“1P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 40.2 billion standard cubic feet (“Bcf“) compared to 85.0 Bcf at year end 2023, representing a 53% decrease.
Total Proved plus Probable (“2P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 41.5 Bcf compared to 93.9 Bcf at year end 2023, representing a 56% decrease.
The Company estimated gas sales of 26.7 Bcf in 2024, representing a decrease of approximately 15% compared to year end 2023. The reduction in Gross Company 1P reserves from year end 2023 to year end 2024 was primarily attributed to 26.7 BCF of production in 2024 and 18.1 Bcf of negative technical revisions. The technical revisions were primarily due to lower forecasted gas sales to the end of the license (October 2026) attributed to increased hydro power in Tanzania and the removal of Proved Undeveloped reserves due to the unsuccessful well intervention on SS-7.
Net present value of 1P future net revenue discounted at 10% was $61.8 million at year end 2024, compared to $108.4 million at year end 2023, representing a 43% decrease.
Net present value of 2P future net revenue discounted at 10% was $64.7 million at year end 2024, compared to $118.7 million at year end 2023, representing a 45% decrease.
The 43% reduction in net present value of 1P future net revenues from year end 2023 to year end 2024 was primarily attributed to lower reserves at year end 2024 and the associated 33% reduction in the number of years outstanding on the current Songo Songo Licence.
The following tables outline the Company’s conventional natural gas reserves as at December 31, 2024 and the net present value of future net revenue attributable to such reserves as evaluated in the McDaniel Report utilizing McDaniel’s forecast price and cost assumptions to the end of the Songo Songo Licence term in October 2026.

		Company Gross Reserves	Company Net Reserves
		Conventional. Natural Gas	Conventional. Natural Gas
		MMcf	MMcf
Proved
	Developed Producing	40,244	28,020
	Developed Non-Producing	–	–
	Undeveloped	–	–
Total Proved		40,244	28,020
Probable		1,224	803
Total Proved plus Probable		41,469	28,823

Net Present Value of Future Net Revenue of Gas Reserves

	Before and After Future Income Tax Expenses Discounted at										Unit Value
	Before and After Future Income Tax Expenses Discounted at										Before and After Tax at 10%
	0	%	5	%	10	%	15	%	20	%	$/Mcf
($’000)
Proved
Developed Producing	67,574		64,549		61,824		59,357		57,112		2.21
Developed Non-Producing	–		–		–		–		–		–
Undeveloped	–		–		–		–		–		–
Total Proved	67,574		64,549		61,824		59,357		57,112		2.21
Probable	3,160		3,016		2,887		2,769		2,663		3.60
Total Proved plus Probable	70,735		67,565		64,710		62,126		59,775		2.25

Notes:

During the third quarter of 2015, The Petroleum Act, 2015 (the “Act“) was passed into law by Presidential decree. The Act repeals earlier legislation, provides a regulatory framework over upstream, mid-stream and downstream gas activity, and as well consolidates and puts in place a single, effective and comprehensive legal framework for regulating the oil and gas industry in Tanzania. The Act also provides for the creation of an upstream regulator, the Petroleum Upstream Regulatory Authority. The mid and downstream petroleum as well as gas activities are proposed to be regulated by the current authority, the Energy and Water Utilities Regulatory Authority (“EWURA“). The Act also confers upon on the TPDC the status of the National Oil Company, mandated with the task of managing the country’s commercial interest in the petroleum operations as well as mid and downstream natural gas activities. The Act vests TPDC with exclusive rights in the entire petroleum upstream value chain and the natural gas mid and downstream value chain. However, the exclusive rights of TPDC do not extend to mid and downstream petroleum supply operations. The Act does provide grandfathering provisions upholding the rights of the Company under the Songo Songo PSA as it was signed prior to the passing of the Act.
On October 7, 2016, the Government of Tanzania issued the Petroleum (Natural Gas Pricing) Regulation made under Sections 165 and 258 (1) of the Act (the “Natural Gas Pricing Policy“). Article 260(3) of the Act preserves the Company’s pre-existing right with TPDC to market and sell natural gas together or independently on terms and conditions (including prices) negotiated with third party natural gas customers. To date, the Natural Gas Pricing Policy has not impacted the Company’s ability to market and sell natural gas at prices freely negotiated with natural gas customers. The future impact of the Natural Gas Pricing Policy, if any, cannot be determined at this time.
On January 16, 2018, Orca sold (the “First Swala Transaction“) 7.933 percent of the Class A common shares (7,933 Class A common shares) of its wholly owned subsidiary PAE PanAfrican Energy Corporation (“PAEM“), a Mauritius registered Company and sole shareholder of PAET, a Jersey registered Company, to a wholly owned subsidiary of Swala. The Songo Songo PSA is held by PAET. While Swala had no management or control of PAEM and no shareholding in, or management or control of PAET, the McDaniel Report was previously prepared based on Orca’s ownership of 92.07 percent of PAET’s gross reserves. On July 21, 2023, the Company repurchased (the “Second Swala Transaction”) the 7.933% shares in PAEM eliminating Swala’s interest in the reserves. Accordingly, the 2024 McDaniel Report is prepared based on Orca’s ownership of 100% of PAET’s gross reserves.
“Company Gross Reserves” are the total of the Company’s working interest share in reserves before deduction of royalties owned by others and without including any royalty interests of the Company.
“Company Net Reserves” are the total of the Company’s working interest share in reserves after deducting the amounts attributable to royalties and Profit Gas owned by others (as defined in the PSA), plus the Company’s royalty interests in such reserves.
Company Gross and Net Reserves are based on the Company’s 100 percent ownership interest in the reserves following the Second Swala Transaction.
Under the terms of the Songo Songo Production Sharing Agreement with TPDC and the Government of Tanzania (“PSA“), the Company is required to pay Tanzanian income tax, but this is recovered by the Company through the profit sharing arrangements with TPDC. Where income tax is accrued, the Company’s revenue will be grossed up by the tax due and the tax will be shown as a tax in the Company’s accounts. However, the income tax has no material impact on the cash flows emanating from the PSA and accordingly it has not been identified as a separate cash flow stream in the analysis of the net present values.

McDaniel employed the following gas sales, pricing and inflation rate assumptions as of December 31, 2024 in estimating the Company’s reserves data using forecast prices and costs. The Company received an average gas price of $4.67/Mcf in 2024 and $4.22/Mcf net of the transportation tariff imposed by Songas Limited as determined by the energy regulator, EWURA.

			Songo Songo gas prices
Year	Brent crude $/bbl	Proved $/Mcf		Proved plus probable $/Mcf	Annual inflation %

2025	76.50	5.15		5.20	2
2026	78.03	5.25		5.32	2

Note: Brent price forecast based on the McDaniel January 1, 2025 price forecast.

The price of gas for the Industrial sector is based on a formula related to discounts to heavy fuel oil prices and includes caps and floors. This has been reflected in the above pricing.

Orca Energy Group Inc.

Orca is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.

For further information please contact:

Jay Lyons
Chief Executive Officer
+44 (0)20 8434 2754
ir@orcaenergygroup.com

For media enquiries:
Celicourt (PR)
Mark Antelme
Jimmy Lea
Orca@celicourt.uk
+44 (0)20 8434 2754

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

Abbreviations

bbl	cubic meters
Mcf	thousand cubic feet
MMcf	million standard cubic feet

Forward Looking Information

Certain information regarding Orca set forth in this news release contains forward-looking information and statements as defined under applicable securities laws (collectively, “forward-looking statements” or “statements“) that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Orca’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Orca.

In particular, statements relating to “reserves” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources described exist in the quantities predicted or estimated, and that the resources described can be profitably produced in the future. Additional forward-looking statements in this news release include statements regarding: expectations regarding demand for natural gas and the implications of decreasing demand; expiration of the Songo Songo PSA and the Songo Songo Licence and pending extension of the Songo Songo Licence and Songo Songo PSA; reserves and future net revenue from the Company’s reserves; assumptions regarding the increased demand for hydro power in Tanzania; and assumptions regarding gas sales, pricing and inflation rates.

These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties regarding or associated with: drilling wells, including the costs of drilling and whether development drilling results in commercially productive quantities of oil and gas; the terms of Orca’s future petroleum contracts, including potential obligations to drill wells and declare discoveries in order to retain Orca’s exploration and production rights; Orca’s local operational dependence and focus of its existing contracts; Orca’s future control over the Songo Songo Licence areas and facilities, including its status as operator thereof, and the timing and extent of costs in association therewith; estimations of reserves and the present value of future net revenues derived from them; Orca’s dependency on its management and technical team; Orca’s business plan including the additional capital required to execute such plans; commercializing Orca’s interests in any hydrocarbons produced from future licence areas; Orca’s ability to access appropriate equipment and infrastructure in a timely manner; the exploration and production of oil and natural gas, including but not limited to drilling and other operational and environmental risks and hazards; severe weather including but not limited to tropical storms and hurricanes; disagreements with TPDC regarding the Songo Songo PSA; the political and economic circumstances in the countries in which Orca operates; disputes with the Government of Tanzania; technological development; activism against oil and exploration and development; limitations on insurance coverage; Orca’s operations in a litigious environment; global populism; Orca’s future capitalization which may include additional indebtedness; acquisitions and the integration of any target entity or business into Orca’s current business; cybersecurity and data breaches; impacts of pandemics; share price volatility and dilution; Orca’s controlling shareholder and its control over key decision making as a result of its control of a majority of the voting rights attached to Orca’s issued and outstanding securities; Orca’s status as a holding company that’s ability to declare and pay dividends and purchase its own securities is dependent upon the receipt of funds from Orca’s subsidiaries by way of dividends, fees, interest, loans or otherwise; the impact of general economic conditions, including global and local oil and gas prices; industry conditions including changes in laws and regulations, and changes in how they are interpreted and enforced; competition; lack of availability of qualified personnel; risks related to obtaining required approvals of regulatory authorities; risks associated with negotiating with governments and other counterparties; fluctuations in foreign exchange or interest rates; risks and uncertainties associated with obtaining an extension to the Songo Songo PSA and related Songo Songo Licence or successfully renegotiating them; changes in income tax laws or tax rates; ability to access sufficient capital from internal and external sources; associated with the failure of counterparties to perform under the terms of their contracts, including collectability of Orca’s receivables from such parties; reduced global economic activity as a result of global pandemics, including lower demand for natural gas and a reduction in the price of natural gas; prolonged deficiency in Tanzania’s official reserve and foreign exchange losses; political instability and the impacts of the Russian-Ukrainian conflict, the Israel-Hamas conflict, conflicts in the Middle East and related actions; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive.

Although the forward-looking statements contained in this news release are based upon assumptions which management believes to be reasonable, Orca cannot assure investors that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. With respect to forward-looking statements contained in this news release, Orca has made assumptions regarding, among other things: continued and timely development of infrastructure in areas of new production; obtaining an extension to the Songo Songo PSA and related Songo Songo Licence on terms acceptable to Orca; accuracy of estimates of Orca’s reserves volumes; the impact of any pandemics or political conflicts on the demand for and price of natural gas, volatility in financial markets, disruptions to global supply chains and the Company’s business, operations, access to customers and suppliers, availability of employees to carry out day-to-day operations, and other resources; future commodity prices and commodity price fluctuations; availability of skilled labour; availability of transactions to facilitate Orca’s growth strategy; growth of demand and consumption of natural gas in Tanzania and throughout Africa; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; future operating costs; effects of regulation by governmental agencies; that Orca’s conduct and results of operations will be consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters. There are a number of assumptions associated with the development of the evaluated areas, including continued performance of existing wells, future drilling programs and performance from new wells, the growth of infrastructure, well density per section, and recovery factors and development necessary involves known and unknown risks and uncertainties, including those risks identified in this news release. Orca believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

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

Oil and Gas Advisory

The Company’s conventional natural gas reserves as at December 31, 2024 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. The McDaniel Report had an effective date of December 31, 2024. The Company’s conventional natural gas reserves as at December 31, 2023 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. Such report had an effective date of December 31, 2023.

Additional reserves information required under NI 51-101 are included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which are filed on its profile on SEDAR at www.sedar.com.

This news release contains estimates of the net present value of Orca’s future net revenue from the Company’s reserves. The net present value of future net revenue attributable to the Company’s reserves is stated without provision for interest costs and out of country general and corporate administrative costs, but after providing for estimated royalties, production costs, development costs, other income and future capital expenditures. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Company’s reserves estimated by McDaniel represent the fair market value of those reserves. Such amounts do not represent the fair market value of the Company’s reserves. The recovery and reserve estimates of the Company’s conventional natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

The MIL Network –

February 19, 2025

MIL-OSI USA: Welch Provides Opening Remarks at NOFA’s Winter Conference

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)
BURLINGTON, VT — U.S. Senator Peter Welch (D-Vt.) delivered remarks to a gathering of over 300 organic farmers and food businesses at the Northeast Organic Farmers’ Association of Vermont’s (NOFA-VT) annual winter conference this weekend.
“Vermont was an early pioneer of organic farming, and our organic farmers and producers remain crucial to our economy. Last year, I was proud to work across the aisle and secure bipartisan provisions in the Farm Bill to support Vermont’s organic industry. But thanks to Elon Musk’s influence, Republicans removed crucial funding for organic programs from the bill at the eleventh hour,” said Senator Welch. “Finding common ground to protect people and industries under threat from the Trump Administration, like our organic farmers and producers, will be vital in the days ahead. I’ll do everything I can to find common ground to support and strengthen our organic farms in Vermont.
As Ranking Member of the Senate Agriculture Subcommittee on Rural Development, Energy, and Credit, Senator Welch has led efforts to support Vermont’s organic farms and the transition to organics.
Senator Welch has introduced several bills to support Vermont’s dairy, organic, and specialty crop farmers; strengthen rural development and infrastructure; increase energy efficiency and renewable energy adoption; improve access to nutrition; strengthen our local food systems and expand markets; and make our communities more resilient to flooding—all of which were included in the Senate’s draft Farm Bill text during the 118th Congress, the Rural Prosperity and Food Security Act. Senator Welch plans to reintroduce many of these bills and policy provisions in the 119th Congress.

MIL OSI USA News –

February 19, 2025
MIL-OSI: Prospera Energy Inc. Announces Leadership Changes

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Prospera Energy Inc. (TSXV: PEI, OTC: GXRFF) (“Prospera,” “PEI,” or the “Corporation”) announces that the company’s Chief Executive Officer, Samuel David, is no longer employed with the company, effective immediately. Mr. David resigned from the Board of Directors, effective November 18, 2024.

The Board, consisting of Brian McConnell, Mark Lacey, Matthew Kenna, and Executive Chairman Shubham Garg will lead the company’s strategic vision and business plan going forward, supported by CFO Chris Ludtke and COO Darren Jackson. The company continues on its business plan with a priority on optimizing and bringing online predictable, low-decline heavy oil barrels from its Saskatchewan pools. A service rig has been active intermittently through February’s record cold weather, with 6 well workovers complete in Hearts Hill and the service rig now in Luseland working on a 14 well program.

About Prospera

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

For Further Information:

Shawn Mehler, PR
Email: investors@prosperaenergy.com

Chris Ludtke, CFO
Email: cludtke@prosperaenergy.com

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

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.

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

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

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

The MIL Network –

February 19, 2025
MIL-OSI Submissions: African Union Summit: African Development Bank President Highlights a Decade of Economic Transformational Impact

SOURCE: African Development Bank Group (AfDB)

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025

ABIDJAN, Ivory Coast, February 18, 2025 – “It’s been my greatest honor to serve you and Africa”—Adesina tells African leaders
Governments across Africa pay tribute to Adesina’s exceptional leadership
UN Secretary General Guterres says global financial architecture hampering Africa’s development, calls for reforms

African Development Bank Group (www.AfDB.org/en) President Dr. Akinwumi A. Adesina, delivered a compelling farewell address to Heads of State and Government at the 38th African Union Summit, highlighting a decade of remarkable achievements by the Bank in driving Africa’s economic transformation. Adesina’s participation at the august continental gathering in Addis Ababa ended on a high note as African leaders considered and endorsed four Bank-led initiatives including the drive to connect 300 million Africans to electricity by 2030, measuring Africa’s green wealth as part of its GDP, a $20 billion facility to provide Africa with a financial buffer and a roadmap for the continent to achieve inclusive growth and rapid sustainable development.

Adesina, who is also the Chairman of the Group’s Boards of Directors, underscored the impact of the Bank’s High 5s Agenda—Light up and Power Africa, Feed Africa, Industrialize Africa, Integrate Africa, and Improve the Quality of Life for the People of Africa—which has impacted more than half a billion lives across the continent.

“It has been an unprecedented partnership to advance the goal of the African Union towards achieving Agenda 2063: the Africa we want,” said Adesina who in February 2022, became the first president of the Bank Group to address the AU Summit.

During the final day of the assembly, several African governments and AU officials paid tribute to Dr. Adesina for his exceptional leadership of the Bank and strong global advocacy for Africa, He ends his tenure as the Bank Group’s president on 1st September 2025.

The February 15–16 Summit saw the election of Djibouti’s Foreign Minister Mahmoud Ali Youssouf as Chairperson of the African Union Commission, taking over from Moussa Faki Mahamat. Algeria’s Ambassador, Salma Malika Haddadi, was elected the Commission’s Deputy Chairperson.

Reflecting on his tenure at the helm of the African Development Bank, Dr. Adesina said the Bank has transformed 515 million lives, including 231 million women, over the past decade:

127 million people gained access to better services in terms of health.
61 million people gained access to clean water.
33 million people benefited from improved sanitation.
46 million people gained access to ICT services, and
25 million people gained access to electricity.

He cited the landmark Africa Energy Summit held in Tanzania in January, where 48 nations signed the Dar Es Salaam Declaration to adopt bold policies in support of an initiative by the World Bank and the African Development Bank to extend electricity access to 300 million Africans by 2030. That meeting, attended by 21 heads of state, secured $48 billion in commitments from the two institutions and an additional $7 billion from other development partners.

The Addis Ababa Summit endorsed the Dar Es Salaam Energy Declaration, the Baku Declaration by African Heads of State on Measuring the Green Wealth of Africa. The Assembly also adopted the African Financing Stability Mechanism, a groundbreaking initiative by the African Development Bank to provide $20 billion in debt refinancing for African nations alongside the Strategic Framework on Key Actions to Achieve Inclusive Growth and Sustainable Development in Africa report which outlines key actions required to enable Africa to achieve, and sustain an annual growth rate of at least 7% of GDP over the next five decades.

On food security, Adesina cited the Bank’s Technologies for African Agricultural Transformation (TAAT), the Dakar 2 Food Summit that mobilized $72 billion in 2023, and the $1.5 billion Africa Emergency Food Production Facility that was launched in May 2022 to avert a major food and fertilizer crisis triggered by global conflicts.

“The African Development Bank accelerated food production in Africa. Over 101 million people became food secure. We mobilized $72 billion to implement the food and agriculture delivery compacts across the continent,” he stressed. With the support of the Bank, Ethiopia has achieved self-sufficiency in wheat production within four years and is now a wheat-exporting nation.

A Decade of Transformative Impact

With a strong focus on job creation, the Bank has trained 1.7 million youth in digital skills and is rolling out Youth Entrepreneurship Investment Banks to drive youth-led economic growth. “Our goal is simple: create youth-based wealth across Africa,” Adesina reiterated.

Additionally, the Affirmative Finance Action for Women in Africa (AFAWA) initiative has provided $2.5 billion in financing to over 24,000 women-owned businesses, said Adesina.

Over the past decade, the African Development Bank has invested over $55 billion in infrastructure, making it the largest multilateral financier of African infrastructure.

The Bank has also prioritized healthcare, committing $3 billion in quality healthcare infrastructure and another $3 billion for pharmaceutical development, including establishing the Africa Pharmaceutical Technology Foundation.

Historic Financial Mobilization for Africa

Under Adesina’s presidency, the Bank achieved its largest-ever capital increase, growing from $93 billion in 2015 to $318 billion currently. The most recent replenishment of the African Development Fund, the Bank Group’s concessional window, raised a record $8.9 billion for Africa’s 37 low-income countries, setting the stage for a target of $25 billion for its upcoming 17th replenishment.

The Africa Investment Forum, a joint effort with eight other partner institutions, has also mobilized over $200 billion in investment commitments, reinforcing Africa as a leading investment destination.

As he bade farewell, the outgoing Bank chief expressed gratitude to the African Heads of State, the African Union Commission, regional economic communities, and the people of Africa for their unwavering support.

“As today will be my final attendance of the AU Summit as President of the African Development Bank, I would like to use this opportunity to immensely thank your Excellencies Heads of State and Government for your extraordinary support over the past ten years. I am very grateful for your always being there for the African Development Bank—your Bank. I am very grateful for your kindness, friendship, and partnership as we forged global alliances to advance the continent’s interest around the world,” he said.

The 2025 Summit under the theme, “Justice for Africans and People of African Descent Through Reparations,” drew global political leaders and other dignitaries, including UN Secretary-General António Guterres, and the Prime Minister of Barbados, Mia Mottley.

Guterres reiterated calls for reform of the international financial architecture, which is hampering the development of many African economies, beset by expensive debt repayments and high borrowing costs, which limits their capacity to invest in education, health and other essential needs.

Prime Minister Mottley emphasized Africa’s strategic role in shaping global economic trends, particularly highlighting the continent’s control of 40% of the world’s minerals. She stressed the importance of addressing emerging challenges like artificial intelligence, urging African nations to take a proactive role in technological advancement rather than becoming “victims of technology.”

She also underscored the urgency of removing artificial barriers between Africa and the Caribbean, calling for the elimination of transit visa requirements to boost trade and integration. Mottley echoed demands for reparatory justice, noting that both the Caribbean and Africa began their independence journey with “chronic deficits” in resources, fairness, and opportunity.

Opening the Summit on Saturday, Ethiopian Prime Minister Dr. Abiy Ahmed urged continued unity among member countries in addressing the challenges.

“In a world marked by rapid change and multiple challenges, we find ourselves at the crossroads of uncertainty and opportunity. This movement calls upon us to strengthen our collective resolve, embrace resilience and foster unity across Africa”, he said.

Dr. Adesina’s speech (https://apo-opa.co/4kiP9Ph)
AU Summit pictures (https://apo-opa.co/4i03e1S)

MIL OSI – Submitted News –

February 19, 2025
MIL-OSI: Hansen Launches AI-Powered Virtual Agent to Enhance Customer Experience

Source: GlobeNewswire (MIL-OSI)

MELBOURNE, Australia, Feb. 19, 2025 (GLOBE NEWSWIRE) — Hansen Technologies (ASX:HSN), a leading global provider of software and services to the energy, utilities, communications, and media industries, is unveiling an advanced AI solution to enhance the customer support experience. Hansen’s AI Virtual Agent is a Conversational (ConvAI) and Generative AI (GenAI) solution that is designed to integrate with Customer Information Systems (CIS) and is optimised for Hansen CIS, supporting diverse customer care needs. These can include setting up new accounts, updating personal information, processing bill payments, arranging payment plans, and transferring services.

As utility and communications companies around the globe work to enhance customer satisfaction while alleviating pressure on overburdened call centre staff, those leading the charge are achieving success by delivering intelligent, seamless customer experiences—without compromising on cost efficiency. However, early AI-based customer support solutions fell short, struggling with limited natural language processing capabilities and a lack of industry-specific expertise. As a result, they were unable to handle the complexity and high volume of customer interactions spanning multiple communication channels.

Hansen’s AI Virtual Agent is built to streamline key processes in call centres, making interactions more efficient and customer focused. By managing complex queries across voice, email, SMS and messaging platforms simultaneously, it shortens response times, improves customer satisfaction, and drives operational excellence. This Hansen solution is built on large language models and has been specifically fine-tuned to address sector-specific needs and is offered in a SaaS deployment model on AWS cloud infrastructure. It already supports queries in multiple languages and the company plans to further build on these.

David Castree, President of Energy & Utilities at Hansen, explains: “With engineering innovation, and a clear focus initially on the utility sector we are proud to bring Hansen’s AI Virtual Agent to market and deliver a seamlessly integrated Conversational and Generative AI solution working alongside existing call centre agents to elevate the customer service experience. Importantly for companies, the cost per engagement has the potential to decrease by up to two-thirds, while the capacity to handle call volume is no longer constrained by the number of service centre lines or available agents.”

Hansen has made a significant strategic investment for a minority interest in Dial AI, an innovative software engineering company, to bring this industry-leading AI solution to market.

For further information about Hansen’s AI Virtual Agent or Hansen CIS, part of the Hansen Suite for Energy & Utilities, please visit www.hansencx.com.

About Hansen
Hansen Technologies (ASX: HSN) is a leading global provider of software and services to the energy & utilities and communications & media industries. With its award-winning software portfolio, Hansen serves customers in over 80 countries, helping them to create, sell, and deliver new products and services, manage and analyse customer data, and control critical revenue management and customer support processes.
For more information, visit www.hansencx.com

The MIL Network –

February 19, 2025

MIL-OSI: CVR Energy Reports Fourth Quarter and Full-Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

Reported full-year 2024 net income attributable to CVR Energy stockholders of $7 million and EBITDA of $394 million.
Paid cumulative cash dividends attributable to 2024 of $1.00 per share.
Enhanced liquidity by $408 million in the fourth quarter of 2024 through a Term Loan and the sale of our 50 percent interest in Midway Pipeline.

SUGAR LAND, Tx, Feb. 18, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (“CVR Energy” or the “Company”) (NYSE: CVI) today announced fourth quarter 2024 net income attributable to CVR Energy stockholders of $28 million, or 28 cents per diluted share, compared to fourth quarter 2023 net income attributable to CVR Energy stockholders of $91 million, or 91 cents per diluted share. Adjusted loss for the fourth quarter of 2024 was 13 cents per diluted share compared to adjusted earnings of 65 cents per diluted share in the fourth quarter of 2023. Net income for the fourth quarter of 2024 was $40 million, compared to net income of $97 million in the fourth quarter of 2023. Fourth quarter 2024 EBITDA was $122 million, compared to fourth quarter 2023 EBITDA of $204 million. Adjusted EBITDA for the fourth quarter of 2024 was $67 million, compared to adjusted EBITDA of $170 million in the fourth quarter of 2023.

For full-year 2024, the Company reported net income attributable to CVR Energy stockholders of $7 million, or 6 cents per diluted share, compared to net income attributable to CVR Energy stockholders for full-year 2023 of $769 million, or $7.65 per diluted share. Adjusted loss for full-year 2024 was 51 cents per diluted share compared to adjusted earnings of $5.64 per diluted share for full-year 2023. Net income for full-year 2024 was $45 million, compared to net income of $878 million for full-year 2023. Full-year 2024 EBITDA was $394 million, compared to full-year 2023 EBITDA of $1.4 billion. Adjusted EBITDA for full-year 2024 was $317 million, compared to adjusted EBITDA of $1.2 billion for full-year 2023.

“CVR Energy’s 2024 full-year and fourth quarter results for its refining business were lower than the previous year due to reduced crack spreads and, to a lesser degree, decreased throughputs,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “We commenced our planned Coffeyville turnaround early, which should position us well for the improvement in cracks we expect as summer driving season begins and capacity rationalization occurs.

“CVR Partners operated well during 2024, with consolidated ammonia plant utilization of 96 percent,” Lamp said. “The Partnership is pleased to have declared a fourth quarter 2024 cash distribution of $1.75 per common unit, with cumulative cash distributions of $6.76 per common unit for 2024.”

Petroleum Segment

Fourth Quarter 2024 Compared to Fourth Quarter 2023

The Petroleum Segment reported fourth quarter 2024 net income of $35 million and EBITDA of $72 million, compared to net income of $158 million and EBITDA of $196 million for the fourth quarter of 2023. Adjusted EBITDA for the Petroleum Segment was $9 million for the fourth quarter of 2024, compared to $152 million for the fourth quarter of 2023.

Combined total throughput for the fourth quarter of 2024 was approximately 214,000 barrels per day (“bpd”), compared to approximately 223,000 bpd of combined total throughput for the fourth quarter of 2023.

Refining margin for the fourth quarter of 2024 was $165 million, or $8.37 per total throughput barrel, compared to $307 million, or $15.01 per total throughput barrel, during the same period in 2023. Included in our fourth quarter 2024 refining margin were favorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $57 million, unfavorable derivative impacts of $6 million from open crack spread swap positions and unfavorable inventory valuation impacts of $12 million. Excluding these items, adjusted refining margin for the fourth quarter of 2024 was $6.45 per barrel, compared to an adjusted refining margin per barrel of $12.91 for the fourth quarter of 2023. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

Full-Year 2024 Compared to Full-Year 2023

The Petroleum Segment reported full-year 2024 net income of $70 million and EBITDA of $223 million, compared to net income of $1.1 billion and EBITDA of $1.2 billion for full-year 2023. Adjusted EBITDA for the Petroleum Segment was $138 million for full-year 2024, compared to $903 million for full-year 2023.

Combined total throughput for full-year 2024 was approximately 196,000 bpd, compared to approximately 208,000 bpd for full-year 2023.

Refining margin was $684 million, or $9.53 per total throughput barrel, for full-year 2024 compared to $1.7 billion, or $21.82 per total throughput barrel, for full-year 2023. Included in our full-year 2024 refining margin were favorable mark-to-market impacts on our outstanding RFS obligation of $89 million, unfavorable derivative impacts of $22 million from open crack spread swap positions, and unfavorable inventory valuation impacts of $6 million. Excluding these items, adjusted refining margin for full-year 2024 was $8.67 per barrel, compared to an adjusted refining margin per barrel of $18.11 for full-year 2023. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

Renewables Segment

Effective for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we have revised our reportable segments to reflect a new reportable segment – Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

Fourth Quarter 2024 Compared to Fourth Quarter 2023

The Renewables Segment reported fourth quarter 2024 net loss of $3 million and EBITDA of $3 million, compared to net loss of $30 million and EBITDA loss of $26 million for the fourth quarter of 2023. Adjusted EBITDA for the Renewables Segment was $9 million for the fourth quarter of 2024, compared to Adjusted EBITDA loss of $17 million for the fourth quarter of 2023.

Total vegetable oil throughput for the fourth quarter of 2024 was approximately 187,000 gallons per day (“gpd”), compared to approximately 200,000 gpd for the fourth quarter of 2023.

Renewables margin was $14 million, or 79 cents per vegetable oil throughput gallon, for the fourth quarter of 2024 compared to a loss of $17 million, or 90 cents per vegetable oil throughput gallon, for the fourth quarter of 2023. Factors contributing to our fourth quarter 2024 renewables margin were lower cost of sales of $46 million due to a decrease in vegetable oil feed prices and an increase in the Heating Oil – Bean Oil (“HOBO”) spread of 7 cents per gallon driven by a decrease in soybean oil prices of 9 cents per pound due to increased U.S. soybean oil inventories resulting from higher production levels.

Full-Year 2024 Compared to Full-Year 2023

The Renewables Segment reported full-year 2024 net loss of $21 million and EBITDA of $3 million, compared to net loss of $36 million and EBITDA loss of $17 million for full-year 2023. Adjusted EBITDA for the Renewables Segment was $10 million for full-year 2024, compared to Adjusted EBITDA loss of $5 million for full-year 2023.

Total vegetable oil throughput for full-year 2024 was approximately 151,000 gpd, compared to approximately 226,000 gpd for full-year 2023.

Renewables margin was $44 million, or 80 cents per vegetable oil throughput gallon, for full-year 2024 compared to $22 million, or 27 cents per vegetable oil throughput gallon, for full-year 2023. Factors contributing to our full-year 2024 renewables margin were favorable cost of sales of $284 million due to lower vegetable oil feed prices, an increase in the HOBO spread of 59 cents per gallon driven by a decrease in soybean oil prices of 14 cents per pound due to increased U.S. soybean oil inventories resulting from higher production levels and an increase in renewable diesel yield due to improved catalyst performance in the current year.

Nitrogen Fertilizer Segment

Fourth Quarter 2024 Compared to Fourth Quarter 2023

The Nitrogen Fertilizer Segment reported net income of $18 million and EBITDA of $50 million on net sales of $140 million for the fourth quarter of 2024, compared to net income of $10 million and EBITDA of $38 million on net sales of $142 million for the fourth quarter of 2023.

CVR Partners’ fertilizer facilities produced a combined 210,000 tons of ammonia during the fourth quarter of 2024, of which 80,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 310,000 tons of urea ammonia nitrate (“UAN”). During the fourth quarter of 2023, the fertilizer facilities produced 205,000 tons of ammonia, of which 75,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 306,000 tons of UAN.

For the fourth quarter of 2024, average realized gate prices for UAN declined by 5 percent to $229 per ton and ammonia improved by 3 percent to $475 per ton when compared to the fourth quarter of 2023. Average realized gate prices for UAN and ammonia were $241 per ton and $461 per ton, respectively, for the fourth quarter of 2023.

Full-Year 2024 Compared to Full-Year 2023

The Nitrogen Fertilizer Segment reported net income of $61 million and EBITDA of $179 million on net sales of $525 million for full-year 2024, compared to net income of $172 million and EBITDA of $281 million on net sales of $681 million for full-year 2023.

For full-year 2024, our fertilizer facilities produced a combined 836,000 tons of ammonia, of which 270,000 net tons were available for sale, while the rest was upgraded to other fertilizer products, including 1,273,000 tons of UAN. For full-year 2023, the fertilizer facilities produced 864,000 tons of ammonia, of which 270,000 net tons were available for sale, while the remainder was upgraded to other fertilizer products, including 1,369,000 tons of UAN.

For full-year 2024, average realized gate prices for UAN declined by 20 percent to $248 per ton and ammonia declined by 16 percent to $479 per ton when compared to the full-year 2023. Average realized gate prices for UAN and ammonia were $309 per ton and $573 per ton, respectively, for full-year 2023.

Corporate and Other

The Company reported income tax benefit of $26 million, or (137.2) percent of income before income taxes, for the year ended December 31, 2024, compared to an income tax expense of $207 million, or 19.1 percent of income before income taxes, for the year ended December 31, 2023. The decrease in income tax expense was due primarily to a decrease in overall pretax earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023. In addition, the change in the effective tax rate was due primarily to changes in pretax earnings attributable to noncontrolling interests and the impact of federal and state tax credits and incentives generated in relation to overall pretax earnings for the year ended December 31, 2024, compared to the year ended December 31, 2023.

Cash, Debt and Dividend

During the fourth quarter of 2024, we completed two liquidity enhancing transactions generating net proceeds of $318 million from the senior secured term loan facility (the “Term Loan”) issuance and approximately $90 million of gross proceeds from the sale of our subsidiary’s 50% interest in the Midway Pipeline.

Consolidated cash and cash equivalents was $987 million at December 31, 2024. Consolidated total debt and finance lease obligations was $1.9 billion at December 31, 2024, including $569 million held by the Nitrogen Fertilizer Segment.

CVR Partners announced that the Board of Directors of its general partner declared a fourth quarter 2024 cash distribution of $1.75 per common unit, which will be paid on March 10, 2025, to common unitholders of record as of March 3, 2025.

Fourth Quarter 2024 Earnings Conference Call

CVR Energy previously announced that it will host its fourth quarter and full-year 2024 Earnings Conference Call on Wednesday, February 19, at 1 p.m. Eastern. This Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

The fourth quarter and full-year 2024 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/4a2maqba. A repeat of the call can be accessed for 14 days by dialing (877) 660-6853, conference ID 13751234.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; asset utilization, capture, production volume, throughput product yield and crude oil gathering rates; cash flow generation; operating income and net sales; throughput; refining margin; crack spreads, including the improvement thereof; capacity rationalization; impact of costs to comply with the RFS and revaluation of our RFS liability; crude oil and refined product pricing impacts on inventory valuation; derivative gains and losses and the drivers thereof; crack spreads, including the drivers thereof; demand trends; RIN generation levels; ethanol and biodiesel blending activities; inventory levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; carbon capture and decarbonization initiatives; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; demand for refined products; economic downturns and demand destruction; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense, including the drivers thereof; changes to pretax earnings and our effective tax rate; the availability of tax credits and incentives; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; renewable feedstock throughput; use of proceeds under our debt instruments; debt levels; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization and turnaround expense; cash reserves; timing of turnarounds; impacts of any pandemic; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing businesses, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners, LP. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners.

Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

Contact Information:

Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com

Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com

Non-GAAP Measures

Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

The following are non-GAAP measures we present for the three and twelve months ended December 31, 2024 and 2023:

EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

Factors Affecting Comparability of Our Financial Results

Petroleum Segment

Major Scheduled Turnaround Activities – Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $58 million and $60 million during the years ended December 31, 2024 and 2023, respectively. The next planned turnaround commenced in January 2025 at the Coffeyville Refinery.

Midway JV Disposition – On December 23, 2024, a subsidiary of the Company sold the 50% limited liability company interests it owned in the Midway Pipeline, LLC to Plains Pipeline, L.P. in exchange for cash consideration of approximately $90 million. The sale resulted in a gain of $24 million within Other income (expense), net in the Company’s Consolidated Statements of Operations.

CVR Energy, Inc.
(unaudited)

Consolidated Statement of Operations Data

	Three Months Ended December 31,						Year Ended December 31,
(in millions, except per share data)	2024			2023			2024			2023
Net sales	$	1,947		$	2,202		$	7,610		$	9,247
Operating costs and expenses:
Cost of materials and other		1,653			1,802			6,448			7,013
Direct operating expenses (exclusive of depreciation and amortization)		165			166			667			670
Depreciation and amortization		72			75			290			291
Cost of sales		1,890			2,043			7,405			7,974
Selling, general and administrative expenses (exclusive of depreciation and amortization)		35			34			139			141
Depreciation and amortization		2			1			8			7
(Gain) loss on asset disposal		(1	)		—			—			2
Operating income		21			124			58			1,123
Other income (expense):
Interest expense, net		(20	)		(9	)		(77	)		(52	)
Other income, net		27			4			38			14
Income before income tax expense		28			119			19			1,085
Income tax expense (benefit)		(12	)		22			(26	)		207
Net income		40			97			45			878
Less: Net income attributable to noncontrolling interest		12			6			38			109
Net income attributable to CVR Energy stockholders	$	28		$	91		$	7		$	769

Basic and diluted earnings per share	$	0.28		$	0.91		$	0.06		$	7.65
Dividends declared per share	$	—		$	2.00		$	1.50		$	4.50

Adjusted (loss) earnings per share	$	(0.13	)	$	0.65		$	(0.51	)	$	5.64
EBITDA^*	$	122		$	204		$	394		$	1,435
Adjusted EBITDA^*	$	67		$	170		$	317		$	1,164

Weighted-average common shares outstanding – basic and diluted		100.5			100.5			100.5			100.5

____________________

* See “Non-GAAP Reconciliations” section below.

Selected Consolidated Balance Sheet Data

(in millions)	December 31, 2024		December 31, 2023
Cash and cash equivalents	$	987	$	581
Working capital		726		497
Total assets		4,263		4,707
Total debt and finance lease obligations, including current portion		1,919		2,185
Total liabilities		3,375		3,669
Total CVR stockholders’ equity		703		847

Selected Consolidated Cash Flow Data

	Three Months Ended December 31,					Year Ended December 31,
(in millions)	2024		2023			2024			2023
Net cash flows provided by (used in):
Operating activities	$	98	$	(36	)	$	404		$	948
Investing activities		43		(58	)		(121	)		(239	)
Financing activities		312		384			(482	)		(40	)
Net increase (decrease) in cash, cash equivalents and restricted cash	$	453	$	290		$	(199	)	$	669

Free cash flow ^*	$	40	$	(94	)	$	181		$	708

_____________________

* See “Non-GAAP Reconciliations” section below.

Selected Segment Data

	Three Months Ended December 31, 2024									Three Months Ended December 31, 2023
(in millions)	Petroleum		Renewables			Nitrogen Fertilizer		Consolidated		Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	1,755	$	93		$	140	$	1,947	$	1,997	$	110		$	142	$	2,202
Operating income (loss)		4		(3	)		26		21		144		(31	)		17		124
Net income (loss)		35		(3	)		18		40		158		(30	)		10		97
EBITDA ^*		72		3			50		122		196		(26	)		38		204

Capital Expenditures: ⁽¹⁾
Maintenance	$	24	$	1		$	15	$	40	$	24	$	1		$	11	$	36
Growth		7		—			3		11		5		8			—		13
Total capital expenditures	$	31	$	1		$	18	$	51	$	29	$	9		$	11	$	49

	Year Ended December 31, 2024									Year Ended December 31, 2023
(in millions)	Petroleum		Renewables			Nitrogen Fertilizer		Consolidated		Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	6,920	$	289		$	525	$	7,610	$	8,287	$	559		$	681	$	9,247
Operating income (loss)		12		(22	)		90		58		982		(37	)		201		1,123
Net income (loss)		70		(21	)		61		45		1,071		(36	)		172		878
EBITDA ^*		223		3			179		394		1,185		(17	)		281		1,435

Capital Expenditures: ⁽¹⁾
Maintenance	$	90	$	3		$	30	$	127	$	94	$	2		$	28	$	128
Growth		38		8			7		54		14		54			1		69
Total capital expenditures	$	128	$	11		$	37	$	181	$	108	$	56		$	29	$	197

______________________

* See “Non-GAAP Reconciliations” section below.

(1)

Capital expenditures are shown exclusive of capitalized turnaround expenditures and business combinations.

	December 31, 2024								December 31, 2023
(in millions)	Petroleum		Renewables		Nitrogen Fertilizer		Consolidated		Petroleum		Renewables		Nitrogen Fertilizer		Consolidated
Cash and cash equivalents ⁽¹⁾	$	735	$	13	$	91	$	987	$	375	$	16	$	45	$	581
Total assets		3,288		420		1,019		4,263		2,978		344		975		4,707
Total debt and finance lease obligations, including current portion ⁽²⁾		354		—		569		1,919		44		5		547		2,185

___________________________

(1)		Corporate cash and cash equivalents consisted of $148 million and $145 million at December 31, 2024 and December 31, 2023, respectively.
(2)		Corporate total debt and finance lease obligations, including current portion consisted of $996 million and $1,594 million at December 31, 2024 and December 31, 2023, respectively.

Petroleum Segment

Key Operating Metrics per Total Throughput Barrel

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Refining margin ^*	$	8.37	$	15.01	$	9.53	$	21.82
Adjusted refining margin ^*		6.45		12.91		8.67		18.11
Direct operating expenses ^*		5.13		4.69		5.86		5.34

___________________

* See “Non-GAAP Reconciliations” section below.

Throughput Data by Refinery

	Three Months Ended December 31,		Year Ended December 31,
(in bpd)	2024	2023	2024	2023
Coffeyville
Gathered crude	69,560	61,733	71,382	62,263
Other domestic	47,732	57,161	39,360	49,930
Canadian	3,969	6,109	7,304	3,265
Condensate	—	7,115	3,177	7,566
Other crude oil	5,709	—	2,546	—
Other feedstocks and blendstocks	14,997	16,321	12,511	13,490
Wynnewood
Gathered crude	55,507	49,061	46,185	50,900
Other domestic	—	2,974	980	2,112
Condensate	10,747	17,192	9,165	15,228
Other feedstocks and blendstocks	5,482	4,888	3,668	3,465
Total throughput	213,703	222,554	196,278	208,219

Production Data by Refinery

	Three Months Ended December 31,				Year Ended December 31,
(in bpd)	2024		2023		2024		2023
Coffeyville
Gasoline	72,868		76,921		69,771		69,847
Distillate	61,016		62,570		56,690		57,888
Other liquid products	3,775		4,168		5,125		4,388
Solids	4,349		4,798		4,762		4,123
Wynnewood
Gasoline	40,139		42,363		33,106		38,843
Distillate	24,473		25,432		20,917		24,978
Other liquid products	4,405		5,480		4,551		6,882
Solids	12		9		9		10
Total production	211,037		221,741		194,931		206,959

Light product yield (as % of total crude throughput) ⁽¹⁾	102.7	%	103.0	%	100.2	%	100.2	%
Liquid volume yield (as % of total throughput) ⁽²⁾	96.7	%	97.5	%	96.9	%	97.4	%
Distillate yield (as % of total crude throughput) ⁽³⁾	44.2	%	43.7	%	43.1	%	43.3	%

______________________

(1)		Total Gasoline and Distillate divided by total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”).
(2)		Total Gasoline, Distillate, and Other liquid products divided by total throughput.
(3)		Total Distillate divided by Total Crude Throughput.

Key Market Indicators

	Three Months Ended December 31,						Year Ended December 31,
(dollars per barrel)	2024			2023			2024			2023
West Texas Intermediate (WTI) NYMEX	$	70.32		$	78.53		$	75.77		$	77.57
Crude Oil Differentials to WTI:
Brent		3.69			4.32			4.09			4.60
WCS (heavy sour)		(12.25	)		(22.91	)		(13.86	)		(17.97	)
Condensate		(0.24	)		(0.30	)		(0.48	)		(0.21	)
Midland Cushing		0.87			1.09			1.10			1.26
NYMEX Crack Spreads:
Gasoline		13.84			13.69			20.91			27.88
Heating Oil		23.40			41.34			26.67			40.60
NYMEX 2-1-1 Crack Spread		18.62			27.52			23.79			34.24
PADD II Group 3 Product Basis:
Gasoline		(4.03	)		(4.75	)		(6.52	)		(2.92	)
Ultra Low Sulfur Diesel (ULSD)		(4.57	)		(2.96	)		(4.96	)		(1.02	)
PADD II Group 3 Product Crack Spread:
Gasoline		9.81			8.94			14.40			24.96
ULSD		18.83			38.38			21.71			39.57
PADD II Group 3 2-1-1		14.32			23.66			18.05			32.27

Renewables Segment

Key Operating Metrics per Vegetable Oil Throughput Gallon

	Three Months Ended December 31,					Year Ended December 31,
	2024		2023			2024		2023
Renewables margin ^*	$	0.79	$	(0.90	)	$	0.80	$	0.27
Adjusted renewables margin ^*		1.16		(0.43	)		0.93		0.41
Direct operating expenses ^*		0.48		0.37			0.57		0.35

__________________________

* See “Non-GAAP Reconciliations” section below.

Renewables Throughput Data

	Three Months Ended December 31,		Year Ended December 31,
(in gallons per day)	2024	2023	2024	2023
Corn Oil	81,497	90,932	52,807	53,661
Soybean Oil	105,351	109,242	98,439	172,297
Other feedstocks and blendstocks	91,709	46,210	58,730	51,039
Total throughput	278,557	246,384	209,976	276,997

Renewables Production Data

	Three Months Ended December 31,				Year Ended December 31,
(in gallons per day)	2024		2023		2024		2023
Renewable diesel	163,110		176,200		134,399		200,015
Renewable naphtha	19,731		32,886		17,101		34,099
Renewable light ends	88,938		94,952		62,424		92,802
Other	67,293		42,106		41,064		45,552
Total production	339,072		346,144		254,988		372,468

Renewable diesel yield (as % of corn and soybean oil throughput)	87.8	%	88.0	%	89.2	%	88.5	%

Key Market Indicators

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	$	0.43	$	0.52	$	0.44	$	0.58
Midwest crude corn oil (dollars per pound)		0.46		0.62		0.50		0.61
CARB ULSD (dollars per gallon)		2.28		2.90		2.47		2.89
NYMEX ULSD (dollars per gallon)		2.23		2.85		2.44		2.81
California LCFS (dollars per metric ton)		72.05		68.71		60.07		72.52
Biodiesel RINs (dollars per RIN)		0.66		0.84		0.59		1.35

Nitrogen Fertilizer Segment

	Three Months Ended December 31,				Year Ended December 31,
(percent of capacity utilization)	2024		2023		2024		2023
Ammonia utilization rate ⁽¹⁾	96	%	94	%	96	%	100	%

_____________________

(1)

Reflects our ammonia utilization rates on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of the Nitrogen Fertilizer Segment’s facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three and twelve months ended December 31, 2024 and 2023, respectively, and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

Sales and Production Data

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Consolidated sales (thousands of tons):
Ammonia		97		98		271		281
UAN		310		320		1,260		1,395

Consolidated product pricing at gate (dollars per ton): ⁽¹⁾
Ammonia	$	475	$	461	$	479	$	573
UAN		229		241		248		309

Consolidated production volume (thousands of tons):
Ammonia (gross produced) ⁽²⁾		210		205		836		864
Ammonia (net available for sale) ⁽²⁾		80		75		270		270
UAN		310		306		1,273		1,369

Feedstock:
Petroleum coke used in production (thousands tons)		123		131		517		518
Petroleum coke used in production (dollars per ton)	$	55.71	$	77.09	$	59.69	$	78.14
Natural gas used in production (thousands of MMBtus) ⁽³⁾		2,224		2,033		8,667		8,462
Natural gas used in production (dollars per MMBtu) ⁽³⁾	$	3.00	$	2.95	$	2.56	$	3.42
Natural gas in cost of materials and other (thousands of MMBtus) ⁽³⁾		2,352		2,317		7,755		8,671
Natural gas in cost of materials and other (dollars per MMBtu) ⁽³⁾	$	2.50	$	2.83	$	2.50	$	3.84

______________________

(1)		Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2)		Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3)		The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

Key Market Indicators

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Ammonia — Southern plains (dollars per ton)	$	526	$	648	$	526	$	564
Ammonia — Corn belt (dollars per ton)		595		704		573		644
UAN — Corn belt (dollars per ton)		274		301		277		311

Natural gas NYMEX (dollars per MMBtu)	$	2.98	$	2.92	$	2.41	$	2.67

Q1 2025 Outlook

The table below summarizes our outlook for certain refining statistics and financial information for the first quarter of 2025. See “Forward-Looking Statements” above.

	Q1 2025
	Low			High
Petroleum
Total throughput (bpd)		120,000			135,000
Direct operating expenses (in millions) ⁽¹⁾	$	95		$	105
Turnaround ⁽²⁾		150			165

Renewables
Total throughput (in millions of gallons)		13			16
Direct Operating expenses (in millions) ⁽¹⁾	$	8		$	10

Nitrogen Fertilizer
Ammonia utilization rate		95	%		100	%
Direct operating expenses (in millions) ⁽¹⁾	$	55		$	65

Capital Expenditures (in millions) ⁽²⁾
Petroleum	$	30		$	40
Renewables		2			5
Nitrogen Fertilizer		12			16
Other		—			2
Total capital expenditures	$	44		$	63

____________________

(1)		Direct operating expenses are shown exclusive of depreciation and amortization and, for the Nitrogen Fertilizer Segment, turnaround expenses and inventory valuation impacts.
(2)		Turnaround and capital expenditures are disclosed on an accrual basis.

Non-GAAP Reconciliations

Reconciliation of Consolidated Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Net income	$	40		$	97		$	45		$	878
Interest expense, net		20			9			77			52
Income tax (benefit) expense		(12	)		22			(26	)		207
Depreciation and amortization		74			76			298			298
EBITDA		122			204			394			1,435
Adjustments:
Revaluation of RFS liability, favorable		(57	)		(57	)		(89	)		(284	)
Unrealized loss (gain) on derivatives		6			(67	)		22			(32	)
Inventory valuation impacts, unfavorable		20			90			14			45
Gain on sale of equity method investment		(24	)		—			(24	)		—
Adjusted EBITDA	$	67		$	170		$	317		$	1,164

Reconciliation of Basic and Diluted Earnings per Share to Adjusted Earnings per Share

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Basic and diluted earnings per share	$	0.28		$	0.91		$	0.06		$	7.65
Adjustments: ⁽¹⁾
Revaluation of RFS liability, favorable		(0.43	)		(0.42	)		(0.67	)		(2.12	)
Unrealized loss (gain) on derivatives		0.04			(0.50	)		0.16			(0.23	)
Inventory valuation impacts, unfavorable		0.16			0.66			0.12			0.34
Gain on sale of equity method investment		(0.18	)		—			(0.18	)		—
Adjusted (loss) earnings per share	$	(0.13	)	$	0.65		$	(0.51	)	$	5.64

___________________

(1)

Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Net cash provided by (used in) operating activities	$	98		$	(36	)	$	404		$	948
Less:
Capital expenditures		(55	)		(55	)		(179	)		(205	)
Capitalized turnaround expenditures		(7	)		(4	)		(53	)		(57	)
Return on equity method investment		4			1			9			22
Free cash flow	$	40		$	(94	)	$	181		$	708

Reconciliation of Petroleum Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Petroleum net income	$	35		$	158		$	70		$	1,071
Interest income, net		(4	)		(10	)		(21	)		(75	)
Depreciation and amortization		41			48			174			189
Petroleum EBITDA		72			196			223			1,185
Adjustments:
Revaluation of RFS liability, favorable		(57	)		(57	)		(89	)		(284	)
Unrealized loss (gain) on derivatives, net		6			(67	)		22			(30	)
Inventory valuation impact, unfavorable ⁽¹⁾		12			80			6			32
Gain on sale of equity method investment		(24	)		—			(24	)		—
Petroleum Adjusted EBITDA		9			152			138			903

Reconciliation of Petroleum Segment Gross Profit to Refining Margin and Adjusted Refining Margin

	Three Months Ended December 31,						Year Ended December 31,
(in millions, except throughput data)	2024			2023			2024			2023
Net sales	$	1,755		$	1,997		$	6,920		$	8,287
Less:
Cost of materials and other		(1,590	)		(1,690	)		(6,236	)		(6,629	)
Direct operating expenses (exclusive of depreciation and amortization)		(101	)		(96	)		(421	)		(406	)
Depreciation and amortization		(41	)		(47	)		(174	)		(185	)
Gross profit		23			164			89			1,067
Add:
Direct operating expenses (exclusive of depreciation and amortization)		101			96			421			406
Depreciation and amortization		41			47			174			185
Refining margin		165			307			684			1,658
Adjustments:
Revaluation of RFS liability, favorable		(57	)		(57	)		(89	)		(284	)
Unrealized loss (gain) on derivatives, net		6			(67	)		22			(30	)
Inventory valuation impact, unfavorable ⁽¹⁾		12			80			6			32
Adjusted refining margin	$	126		$	263		$	623		$	1,376

Total throughput barrels per day		213,703			222,554			196,278			208,219
Days in the period		92			92			366			365
Total throughput barrels		19,660,650			20,474,980			71,837,644			75,999,905

Refining margin per total throughput barrel	$	8.37		$	15.01		$	9.53		$	21.82
Adjusted refining margin per total throughput barrel		6.45			12.91			8.67			18.11
Direct operating expenses per total throughput barrel		5.13			4.69			5.86			5.34

_____________________

(1)

The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Renewables Segment Net Loss to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,						Year Ended December 31,
(in millions)	2024			2023			2024			2023
Renewables net loss	$	(3	)	$	(30	)	$	(21	)	$	(36	)
Interest expense, net		—			(1	)		(1	)		(1	)
Depreciation and amortization		6			5			25			20
Renewables EBITDA		3			(26	)		3			(17	)
Adjustments:
Unrealized (gain) loss on derivatives, net		—			—			—			(2	)
Inventory valuation, (favorable) unfavorable ⁽¹⁾		6			9			7			14
Renewables Adjusted EBITDA	$	9		$	(17	)	$	10		$	(5	)

Reconciliation of Renewables Segment Gross Loss to Renewables Margin and Adjusted Renewables Margin

	Three Months Ended December 31,						Year Ended December 31,
(in millions, except throughput data)	2024			2023			2024			2023
Net sales	$	93		$	110		$	289		$	559
Less:
Cost of materials and other		(79	)		(127	)		(245	)		(537	)
Direct operating expenses (exclusive of depreciation and amortization)		(8	)		(7	)		(31	)		(28	)
Depreciation and amortization		(6	)		(5	)		(25	)		(20	)
Gross loss		—			(29	)		(12	)		(26	)
Add:
Direct operating expenses (exclusive of depreciation and amortization)		8			7			31			28
Depreciation and amortization		6			5			25			20
Renewables margin		14			(17	)		44			22
Unrealized (gain) loss on derivatives, net		—			—			—			(2	)
Inventory valuation, (favorable) unfavorable ⁽¹⁾		6			9			7			14
Adjusted renewables margin	$	20		$	(8	)	$	51		$	34

Total vegetable oil throughput gallons per day		186,970			200,174			151,278			225,957
Days in the period		92			92			366			365
Total vegetable oil throughput gallons		17,201,274			18,416,045			55,367,620			82,474,473

Renewables margin per vegetable oil throughput gallon	$	0.79		$	(0.90	)	$	0.80		$	0.27
Adjusted renewables margin per vegetable oil throughput gallon		1.16			(0.43	)		0.93			0.41
Direct operating expenses per vegetable oil throughput gallon		0.48			0.37			0.57			0.35

____________________

(1)

The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended December 31,				Year Ended December 31,
(in millions)	2024		2023		2024		2023
Nitrogen Fertilizer net income	$	18	$	10	$	61	$	172
Add:
Interest expense, net		7		7		30		29
Depreciation and amortization		25		21		88		80
Nitrogen Fertilizer EBITDA and Adjusted EBITDA	$	50	$	38	$	179	$	281

The MIL Network –

February 19, 2025

MIL-OSI: Gran Tierra Energy Inc. Provides Release Date for its 2024 Fourth Quarter & Year End Results and Details of Conference Call and Webcast

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE)(TSX:GTE)(LSE:GTE) announces that the Company will release its 2024 fourth quarter and year ended December 31, 2024, financial and operating results on Monday, February 24, 2025, before market open. Gran Tierra will host its conference call on the same day, Monday, February 24, 2025, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time and 4:00 p.m. Greenwich Mean Time.

Interested parties may register for the conference call by clicking on this link. Please note that there is no longer a general dial-in number to participate, and each individual party must register through the provided link. Once parties have registered, they will be provided a unique PIN and call-in details. There is also a feature that allows parties to elect to be called back through the “Call Me” function on the platform.

Interested parties can also continue to access the live webcast from their mobile or desktop devices by clicking on this link, which is also available on Gran Tierra’s website at https://www.grantierra.com/investor-relations/presentations-events/. An audio replay of the conference call will be available at the same webcast link two hours following the call and will be available until February 24, 2026.

About Gran Tierra Energy Inc.

Gran Tierra Energy Inc., together with its subsidiaries, is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.

Gran Tierra’s filings with the U.S. Securities and Exchange Commission (the “SEC”) are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Contact Information

For investor and media inquiries please contact:

Gary Guidry
President & Chief Executive Officer

Ryan Ellson
Executive Vice President & Chief Financial Officer

+1-403-265-3221, info@grantierra.com

The MIL Network –

February 19, 2025
MIL-OSI USA: Klobuchar Joins Fischer, Duckworth and Colleagues to Introduce Bipartisan Legislation to Make E15 Available Year-Round

US Senate News:

Source: United States Senator for Minnesota Amy Klobuchar

WASHINGTON — U.S. Senator Amy Klobuchar (D-MN), Ranking Member of the Senate Agriculture Committee, joined Senators Deb Fischer (R-NE), Tammy Duckworth (D-IL) and 11 other Senators to introduce bipartisan legislation to make E15 available year-round. The Nationwide Consumer and Fuel Retailer Choice Act of 2025 would enable the year-round, nationwide sale of ethanol blends higher than 10 percent, helping to lower fuel prices and provide certainty in fuel markets for farmers and consumers.

“I have long pushed to make E15 available year-round because investing in affordable, readily-available biofuels produced in the U.S. is good for drivers and farmers alike,” said Klobuchar. “By ensuring consumers can access E15 gasoline throughout the year, our bipartisan legislation will lower prices at the pump, support farmers, benefit our broader economy, and reduce our dependence on foreign oil. It’s critical that we diversify our fuel supply and invest in affordable energy solutions. I look forward to working with Senators Fischer and Duckworth to pass this bipartisan bill.”

“It’s time to once and for all solidify President Trump’s pledge to allow the sale of year-round E15—giving America’s producers and consumers the certainty they deserve. My bill will put an end to years of patchwork regulations and finally make nationwide, year-round E15 a reality. I look forward to working with my colleagues in the House and the Senate, as well as with President Trump, to get this bill signed into law,” said Fischer.

“For our country to remain a global energy leader, we must continue to invest in renewable and clean energy so we can decrease our emissions and dependence on foreign oil,” said Duckworth. “Producing less expensive fuel choices like E15 that can be sold year-round would help lower gas prices, protect the environment, support our farmers and drive economic opportunity throughout the Midwest. I’m proud to join Senator Fischer in reintroducing our bipartisan legislation that would do just that.”

Additional cosponsors of this bipartisan bill include U.S. Senators Shelley Moore Capito (R-WV), John Thune (R-SD), Pete Ricketts (R-NE), Dick Durbin (D-IL), Jerry Moran (R-KS), Chuck Grassley (R-IA), Roger Marshall (R-KS), Tammy Baldwin (D-WI), Joni Ernst (R-IA), Tina Smith (D-MN), and Mike Rounds (R-SD). Representatives Adrian Smith (R-NE) and Angie Craig (D-MN) lead companion legislation in the House.

Renewable Fuels Association, Growth Energy, American Petroleum Institute, National Corn Growers Association, National Farmer Union, and National Association of Convenience Stores endorsed the legislation.

Klobuchar has long been a strong advocate for investing in renewable fuel infrastructure, increasing American biofuel production, and upholding the Clean Air Act’s RFS.

In 2023, Klobuchar and Grassley led a bipartisan letter urging the EPA to strengthen the RFS by maintaining the blending requirements for 2023; denying all pending Small Refinery Exemptions (SREs); eliminating proposed retroactive cuts to the renewable volume obligations (RVOs); and setting RFS volumes at the statutory levels.

In February 2024, Klobuchar and Senators John Thune (R-SD) and Tammy Duckworth (D-IL) led a group of 40 bipartisan members of Congress urging the Biden Administration to act quickly to ensure that the model used to determine eligibility for Sustainable Aviation Fuel (SAF) tax credits unlocks the potential held by farmers, ethanol producers, and airlines to reduce carbon emissions from aviation.

In January 2024, Klobuchar, along with Senators Jerry Moran (R-KS), Joni Ernst (R-IA), Tammy Duckworth (D-IL.) and Chuck Grassley (R-IA) introduced the Farm to Fly Act. This legislation would help accelerate the production and development of sustainable aviation fuel (SAF) through existing U.S. Department of Agriculture (USDA) programs and allow further growth for alternative fuels to be used in the aviation sector, creating new markets for American farmers.

In June 2021, Klobuchar announced the introduction of a package of bipartisan bills to expand the availability of low-carbon renewable fuels, incentivize the use of higher blends of biofuels, and reduce greenhouse gas emissions.

In 2021, Klobuchar and Senator Joni Ernst (R-IA) reintroduced the bipartisan Renewable Fuel Infrastructure Investment and Market Expansion Act to create a renewable fuel infrastructure grant program and streamline regulatory requirements to help fuel retailers sell higher blends of ethanol.

MIL OSI USA News –

February 19, 2025

MIL-OSI: COMSTOCK RESOURCES, INC. REPORTS FOURTH QUARTER 2024 FINANCIAL AND OPERATING RESULTS

Source: GlobeNewswire (MIL-OSI)

FRISCO, TX, Feb. 18, 2025 (GLOBE NEWSWIRE) — Comstock Resources, Inc. (“Comstock” or the “Company”) (NYSE: CRK) today reported financial and operating results for the quarter and year ended December 31, 2024.

Highlights of 2024‘s Fourth Quarter

Natural gas and oil sales, including realized hedging gains, were $336 million.
Operating cash flow was $223 million or $0.76 per share.
Adjusted EBITDAX for the quarter was $252 million.
Adjusted net income was $46.3 million or $0.16 per share for the quarter.
Six successful wells were turned to sales in the Western Haynesville with an average daily initial production rate of 40 MMcf per well.
Added over 64,000 net acres in the Western Haynesville, increasing total acreage in the play to 518,000 net acres.

Financial Results for the Three Months Ended December 31, 2024

Comstock produced 124.2 Bcfe in the fourth quarter as compared to 140.6 Bcfe in the fourth quarter of 2023. The lower production in the quarter was related to the decision to drop two operated rigs in early 2024 and to defer completion activity in the third quarter of 2024. Comstock’s realized natural gas price for the fourth quarter of 2024 averaged $2.32 per Mcf before hedging and $2.70 per Mcf after hedging. Natural gas and oil sales in the fourth quarter of 2024 totaled $336.1 million (including realized hedging gains of $47.8 million). Operating cash flow (excluding changes in working capital) generated in the fourth quarter of 2024 was $222.8 million, and the net loss for the fourth quarter was $55.3 million or $0.19 per share. Net loss in the quarter included a pre-tax $126.9 million unrealized loss on hedging contracts held for natural gas price risk management. Excluding this item, adjusted net income for the fourth quarter of 2024 was $46.3 million, or $0.16 per share.

Comstock’s production cost per Mcfe in the fourth quarter averaged $0.72 per Mcfe, which was comprised of $0.36 for gathering and transportation costs, $0.25 for lease operating costs, $0.06 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock’s unhedged operating margin was 69% in the fourth quarter of 2024 and 73% after hedging.

Financial Results for the Year Ended December 31, 2024

Production in 2024 was 527.8 Bcfe as compared to 524.9 Bcfe in 2023. Natural gas and oil sales for the year ended December 31, 2024 totaled $1.3 billion (including realized hedging gains of $207.8 million). Operating cash flow (excluding changes in working capital) generated during the year was $675.2 million, and the net loss was $218.8 million or $0.76 per share. The adjusted net loss excluding a pre-tax $197.6 million unrealized loss on hedging contracts for the year ended December 31, 2024 was $69.0 million or $0.24 per share.

Comstock’s production cost per Mcfe during the year ended December 31, 2024 averaged $0.78 per Mcfe, which was comprised of $0.37 for gathering and transportation costs, $0.25 for lease operating costs, $0.11 for production and other taxes and $0.05 for cash general and administrative expenses. Comstock’s unhedged operating margin was 61% during 2024 and 68% after hedging.

2024 Drilling Results

Comstock drilled 50 (42.9 net) operated horizontal Haynesville/Bossier shale wells in 2024, which had an average lateral length of 10,759 feet. Comstock also turned 48 (42.9 net) operated wells to sales in 2024, which had an average initial production rate of 26 MMcf per day.

Since its last operational update in October, Comstock turned an additional six (6.0 net) operated Western Haynesville/Bossier shale wells to sales as follows:

Well	Vertical Depth (feet)	Completed Lateral (feet)	Initial Production Rate (MMcf per day)

Hodges #1	16,705	11,405	39
Powell #1	18,081	9,758	42
Hogue #1	18,872	12,055	44
Deornellas A #1	18,975	10,884	42
Deornellas B #2	17,552	9,473	40
Miles #1	15,921	10,584	34

These wells had average initial daily production rates of 40 MMcf per day and average completed lateral lengths of 10,693 feet.

2024 Proved Oil and Gas Reserves

Comstock also announced that proved natural gas and oil reserves as of December 31, 2024 were estimated at 3.8 trillion cubic feet equivalent (“Tcfe”) as compared to 4.9 Tcfe as of December 31, 2023. The reserve estimates were determined under SEC guidelines and were audited by the Company’s independent reserve engineering firm. The 3.8 Tcfe of proved reserves at December 31, 2024 were substantially all natural gas, 73% developed and 98% operated by Comstock. The present value, using a 10% discount rate, of the future net cash flows before income taxes of the proved reserves (the “PV-10 Value”), was approximately $1.6 billion using the Company’s average first of month 2024 prices of $1.84 per Mcf of natural gas and $71.07 per barrel of oil. The natural gas and oil prices used in determining the December 31, 2024 proved reserve estimates were 23% lower for natural gas and 2% lower for oil as compared to prices used at December 31, 2023.

The very low natural gas prices used to determine proved reserves resulted in many of the Company’s proved undeveloped locations being excluded from the year-end proved reserve estimates as they did not generate an adequate return at that natural gas price. Using NYMEX future market prices as of December 31, 2024 of $3.26 per Mcf for natural gas and $59.10 per barrel of oil, as adjusted for the Company’s basis differentials, proved reserves would have been 7.0 Tcfe with a PV-10 value of $5.7 billion.

The following table reflects the changes in the SEC and NYMEX proved reserve estimates since the end of 2023:

	SEC			NYMEX
	(Bcfe)
Proved Reserves:
Proved Reserves at December 31, 2023		4,943.5			6,654.4
Production		(527.8	)		(528.0	)
Extensions and discoveries		531.3			899.4
Divestitures		(2.4	)		(3.0	)
Revisions		(1,180.5	)		(0.3	)
Proved Reserves at December 31, 2024		3,764.1			7,022.5

Comstock replaced 101% of its 2024 production excluding revisions under SEC pricing and replaced 170% of its 2024 production under NYMEX pricing.

2025 Budget

In response to improved natural gas prices, the Company plans to increase the number of operating drilling rigs it is running from five to seven during 2025. Four of the rigs will be devoted to the Western Haynesville to continue to delineate the new play. As a result, Comstock plans to spend approximately $1.0 billion to $1.1 billion in 2025 on its development and exploration projects to drill 46 (40.3 net) operated horizontal wells and to turn 46 (39.7 net) operated wells to sales in 2025. Comstock expects to spend $130 million to $150 million on its Western Haynesville midstream system, which will be funded by its midstream partnership.

Earnings Call Information

Comstock has planned a conference call for 10:00 a.m. Central Time on February 19, 2025, to discuss the fourth quarter 2024 operational and financial results. Investors wishing to listen should visit the Company’s website at www.comstockresources.com for a live webcast. Investors wishing to participate in the conference call telephonically will need to register at:
https://register.vevent.com/register/BI6e0b4d6ba76e49049b0b8093ff4a87a6

Upon registering to participate in the conference call, participants will receive the dial-in number and a personal PIN number to access the conference call. On the day of the call, please dial in at least 15 minutes in advance to ensure a timely connection to the call. The conference call will also be broadcast live in listen-only mode and can be accessed via the website URL: https://edge.media-server.com/mmc/p/siuhk9j5.

If you are unable to participate in the original conference call, a web replay will be available for twelve months beginning at 1:00 p.m. CT on February 19, 2025. The replay of the conference can be accessed using the webcast link: https://edge.media-server.com/mmc/p/siuhk9j5.

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

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

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

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Revenues:
Natural gas sales	$	287,626		$	348,385		$	1,043,886		$	1,259,450
Oil sales		672			1,050			3,597			5,161
Total natural gas and oil sales		288,298			349,435			1,047,483			1,264,611
Gas services		78,208			61,148			206,097			300,498
Total revenues		366,506			410,583			1,253,580			1,565,109
Operating expenses:
Production and ad valorem taxes		7,707			31,912			57,437			91,803
Gathering and transportation		44,434			46,925			194,890			184,906
Lease operating		31,379			31,678			130,504			132,203
Exploration		—			—			—			1,775
Depreciation, depletion and amortization		202,116			185,558			795,397			607,908
Gas services		72,611			57,733			205,407			282,050
General and administrative		10,164			6,000			39,435			37,992
Loss (gain) on sale of assets		35			—			(875	)		(125	)
Total operating expenses		368,446			359,806			1,422,195			1,338,512
Operating income (loss)		(1,940	)		50,777			(168,615	)		226,597
Other income (expenses):
Gain (loss) from derivative financial instruments		(79,022	)		111,449			10,196			187,639
Other income		284			304			1,211			1,771
Interest expense		(54,616	)		(47,936	)		(210,621	)		(169,018	)
Total other income (expenses)		(133,354	)		63,817			(199,214	)		20,392
Income (loss) before income taxes		(135,294	)		114,594			(367,829	)		246,989
(Provision for) benefit from income taxes		79,981			(6,217	)		149,075			(35,095	)
Net income (loss)		(55,313	)		108,377			(218,754	)		211,894
Net income attributable to noncontrolling interest		(2,816	)		(777	)		(10,897	)		(777	)
Net income (loss) attributable to Comstock	$	(58,129	)	$	107,600		$	(229,651	)	$	211,117

Net income (loss) per share:
Basic	$	(0.19	)	$	0.39		$	(0.76	)	$	0.76
Diluted	$	(0.19	)	$	0.39		$	(0.76	)	$	0.76
Weighted average shares outstanding:
Basic		290,170			276,999			287,010			276,806
Diluted		290,170			276,999			287,010			276,806
Dividends per share	$	—		$	0.125		$	—		$	0.500

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

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Natural gas production (MMcf)		124,128			140,565			527,548			524,467
Oil production (Mbbls)		10			13			50			70
Total production (MMcfe)		124,185			140,649			527,847			524,890

Natural gas sales	$	287,626		$	348,385		$	1,043,886		$	1,259,450
Natural gas hedging settlements ⁽¹⁾		47,847			4,107			207,803			80,328
Total natural gas including hedging		335,473			352,492			1,251,689			1,339,778
Oil sales		672			1,050			3,597			5,161
Total natural gas and oil sales including hedging	$	336,145		$	353,542		$	1,255,286		$	1,344,939

Average natural gas price (per Mcf)	$	2.32		$	2.48		$	1.98		$	2.40
Average natural gas price including hedging (per Mcf)	$	2.70		$	2.51		$	2.37		$	2.55
Average oil price (per barrel)	$	67.20		$	80.77		$	71.94		$	73.73
Average price (per Mcfe)	$	2.32		$	2.48		$	1.98		$	2.41
Average price including hedging (per Mcfe)	$	2.71		$	2.51		$	2.38		$	2.56

Production and ad valorem taxes	$	7,707		$	31,912		$	57,437		$	91,803
Gathering and transportation		44,434			46,925			194,890			184,906
Lease operating		31,379			31,678			130,504			132,203
Cash general and administrative ⁽²⁾		6,282			3,141			24,174			28,125
Total production costs	$	89,802		$	113,656		$	407,005		$	437,037

Production and ad valorem taxes (per Mcfe)	$	0.06		$	0.23		$	0.11		$	0.18
Gathering and transportation (per Mcfe)		0.36			0.33			0.37			0.35
Lease operating (per Mcfe)		0.25			0.23			0.25			0.25
Cash general and administrative (per Mcfe)		0.05			0.02			0.05			0.05
Total production costs (per Mcfe)	$	0.72		$	0.81		$	0.78		$	0.83

Unhedged operating margin		69	%		67	%		61	%		65	%
Hedged operating margin		73	%		68	%		68	%		68	%

Gas services revenues	$	78,208		$	61,148		$	206,097		$	300,498
Gas services expenses		72,611			57,733			205,407			282,050
Gas services margin	$	5,597		$	3,415		$	690		$	18,448

Natural Gas and Oil Capital Expenditures:
Unproved property acquisitions	$	18,448		$	21,907		$	106,386		$	98,553
Total natural gas and oil properties acquisitions	$	18,448		$	21,907		$	106,386		$	98,553
Exploration and Development:
Development leasehold	$	1,308		$	8,818		$	13,461		$	27,905
Exploratory drilling and completion		134,779			65,079			354,557			244,129
Development drilling and completion		96,021			233,856			503,550			974,664
Other development costs		8,325			6,262			30,500			25,130
Total exploration and development capital expenditures	$	240,433		$	314,015		$	902,068		$	1,271,828

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

(2) Excludes stock-based compensation.

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

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
ADJUSTED NET INCOME (LOSS):
Net income (loss)	$	(55,313	)	$	108,377		$	(218,754	)	$	211,894
Unrealized loss (gain) from derivative financial instruments		126,869			(107,342	)		197,607			(107,311	)
Exploration expense		—			—			—			1,775
Loss (gain) on sale of assets		35			—			(875	)		(125	)
Adjustment to income taxes		(25,333	)		26,868			(46,981	)		26,450
Adjusted net income (loss) ⁽¹⁾	$	46,258		$	27,903		$	(69,003	)	$	132,683

Adjusted net income (loss) per share ⁽²⁾	$	0.16		$	0.10		$	(0.24	)	$	0.47
Diluted shares outstanding		292,983			276,999			287,010			276,806


ADJUSTED EBITDAX:
Net income (loss)	$	(55,313	)	$	108,377		$	(218,754	)	$	211,894
Interest expense		54,616			47,936			210,621			169,018
Income taxes		(79,981	)		6,217			(149,075	)		35,095
Depreciation, depletion, and amortization		202,116			185,558			795,397			607,908
Exploration		—			—			—			1,775
Unrealized loss (gain) from derivative financial instruments		126,869			(107,342	)		197,607			(107,311	)
Stock-based compensation		3,881			2,861			15,261			9,867
Loss (gain) on sale of assets		35			—			(875	)		(125	)
Total Adjusted EBITDAX ⁽³⁾	$	252,223		$	243,607		$	850,182		$	928,121

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

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

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

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

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
OPERATING CASH FLOW ⁽¹⁾:
Net income (loss)	$	(55,313	)	$	108,377		$	(218,754	)	$	211,894
Reconciling items:
Unrealized loss (gain) from derivative financial instruments		126,869			(107,342	)		197,607			(107,311	)
Deferred income taxes		(57,754	)		15,423			(124,919	)		44,301
Depreciation, depletion and amortization		202,116			185,558			795,397			607,908
Amortization of debt discount and issuance costs		2,957			1,984			11,476			7,964
Stock-based compensation		3,881			2,861			15,261			9,867
Loss (gain) on sale of assets		35			—			(875	)		(125	)
Operating cash flow	$	222,791		$	206,861		$	675,193		$	774,498
(Increase) decrease in accounts receivable		(18,989	)		(16,626	)		56,584			278,697
(Increase) decrease in other current assets		(22,144	)		1,369			(22,893	)		745
Increase (decrease) in accounts payable and other accrued expenses		85,395			36,603			(88,547	)		(37,094	)
Net cash provided by operating activities	$	267,053		$	228,207		$	620,337		$	1,016,846

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
FREE CASH FLOW ⁽²⁾:
Operating cash flow	$	222,791		$	206,861		$	675,193		$	774,498
Less:
Exploration and development capital expenditures		(240,433	)		(314,015	)		(902,068	)		(1,271,828	)
Midstream capital expenditures		(38,638	)		(14,098	)		(85,377	)		(35,694	)
Other capital expenditures		(558	)		(11	)		(2,264	)		(491	)
Contributions from midstream partnership		24,500			24,000			60,500			24,000
Free cash deficit from operations	$	(32,338	)	$	(97,263	)	$	(254,016	)	$	(509,515	)
Acquisitions		(18,448	)		(21,907	)		(106,386	)		(98,553	)
Proceeds from divestitures		—			—			1,214			41,295
Free cash deficit after acquisition and divestiture activity	$	(50,786	)	$	(119,170	)	$	(359,188	)	$	(566,773	)

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

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

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

	December 31, 2024		December 31, 2023
ASSETS
Cash and cash equivalents	$	6,799	$	16,669
Accounts receivable		174,846		231,430
Derivative financial instruments		4,865		126,775
Other current assets		97,524		86,619
Total current assets		284,034		461,493
Property and equipment, net		5,688,389		5,384,771
Goodwill		335,897		335,897
Operating lease right-of-use assets		73,777		71,462
	$	6,382,097	$	6,253,623

LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	$	421,814	$	523,260
Accrued costs		146,173		134,466
Operating leases		35,927		23,765
Derivative financial instruments		8,940		—
Total current liabilities		612,854		681,491
Long-term debt		2,952,090		2,640,391
Deferred income taxes		345,116		470,035
Derivative financial instruments		66,757		—
Long-term operating leases		37,740		47,742
Asset retirement obligation		33,996		30,773
Total liabilities		4,048,553		3,870,432
Stockholders’ Equity:
Common stock		146,130		139,214
Additional paid-in capital		1,366,274		1,260,930
Accumulated earnings		728,619		958,270
Total stockholders’ equity attributable to Comstock		2,241,023		2,358,414
Noncontrolling interest		92,521		24,777
Total stockholders’ equity		2,333,544		2,383,191
	$	6,382,097	$	6,253,623

The MIL Network –

February 19, 2025

MIL-OSI: Occidental Announces Further Progress on Debt Reduction
Source: GlobeNewswire (MIL-OSI)
- Achieved near-term debt repayment target of $4.5 billion in the fourth quarter of 2024
- Announced proceeds from $1.2 billion of divestitures signed in the first quarter of 2025 will go toward current year debt maturities
HOUSTON, Feb. 18, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced it achieved its near-term debt repayment target of $4.5 billion in the fourth quarter of 2024 and signed two agreements in the first quarter of 2025 to divest upstream assets to undisclosed buyers for a combined total of $1.2 billion.

The divestiture transactions, which are expected to close in the first quarter of 2025, include Rockies non-operated assets and Permian Basin assets not included in Occidental’s near-term development plan. The resulting proceeds will be applied to the company’s remaining 2025 debt maturities.

“We were pleased to reach the near-term deleveraging milestone in the fourth quarter of 2024, within five months of closing the CrownRock acquisition, and seven months ahead of our goal,” said President and CEO Vicki Hollub. “The transactions announced today continue to high grade our portfolio and accelerate the progress toward achieving both our medium-term balance sheet deleveraging target and shareholder return pathway.”

Occidental will continue to advance deleveraging via free cash flow and divestitures.

About Occidental
Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “will,” “should,” “could,” “may,” “anticipate,” “plan,” “intend,” “expect,” “goal,” “target,” “advance,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause actual results to differ include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions (including geopolitical, trade, tariff and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as Occidental’s low-carbon ventures businesses or announced GHG emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.

Additional information concerning these and other factors that may cause Occidental’s results of operations and financial position to differ from expectations can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Contacts

The MIL Network –
February 19, 2025

MIL-OSI: Gibson Energy Reports 2024 Fourth Quarter and Record Full Year Results Driven by All-Time High Volumes at the Gateway and Edmonton Terminals, Alongside a 5% Dividend Increase

Source: GlobeNewswire (MIL-OSI)

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

CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson” or the “Company”) announced today its financial and operating results for the three and twelve months ended December 31, 2024.

“We are pleased to announce record Infrastructure results for 2024, driven by a full year of contribution from Gateway,” said Curtis Philippon, President & Chief Executive Officer. “Exiting the year, the quality and stability of our Infrastructure cash flows improved due to successful re-contracting efforts and record throughput at both Gateway and Edmonton. We also announced exciting growth capital projects at Gateway. I am pleased with the progress we are making on setting up the Gibson team, increasing our focus on the business, strengthening our growth pipeline and building a high-performance culture.”

Financial Highlights:

Revenue of $11,780 million for the full year, including $2,358 million in the fourth quarter, relatively consistent year over year primarily due to higher sales volumes within the Marketing segment and the revenue contribution from the Gateway Terminal
Infrastructure Adjusted EBITDA⁽¹⁾ of $601 million for the full year, including $147 million in the fourth quarter, a $107 million or 22% increase over full year 2023 primarily due to the full year contribution from the Gateway Terminal and an Edmonton tank, which were only partially offset by a reduction from the Hardisty Unit Train Facility and the impact of certain one-time items
Marketing Adjusted EBITDA⁽¹⁾ of $63 million for the full year, including a $5 million loss in the fourth quarter, an $82 million or 57% decrease over full year 2023 principally due to significantly tighter crude oil differentials and crack spreads, and increased demand for Canadian heavy oil triggering steep backwardation and limited volatility, impacting storage, quality and time-based opportunities
Adjusted EBITDA⁽¹⁾ on a consolidated basis of $610 million for the full year, including $130 million in the fourth quarter, a $20 million or 3% increase over full year 2023, due to the impact of unrealized gains and losses on financial instruments recorded in both periods and the factors noted above, partially offset by the add back of certain one-time items, and an increase in general and administrative expenses, net of executive transition and restructuring costs
Net income of $152 million for the full year 2024, including a $6 million loss in the fourth quarter, a $62 million or 29% decrease over full year 2023 due to the impact of items noted above, higher general and administrative costs primarily due to executive transition and restructuring costs, the impact of the Gateway acquisition that resulted in higher finance costs, depreciation and amortization expenses, and an environmental remediation provision, partially offset by acquisition and integration costs in the prior year and a lower income tax expense
Distributable Cash Flow⁽¹⁾ of $375 million for the full year, including $71 million in the fourth quarter, an $11 million or 3% decrease over full year 2023, primarily due to higher finance costs, partially offset by higher Adjusted EBITDA and lower lease payments
Dividend Payout ratio⁽²⁾ on a trailing twelve-month basis of 71%, which is at the low end of the 70% – 80% target range
Net debt to Adjusted EBITDA ratio⁽²⁾ of 3.5x for the twelve months ended December 31, 2024, which is at the high end of the 3.0x – 3.5x target range, compared to 3.7x for the twelve months ended December 31, 2023

Strategic Developments and Highlights:

Appointed Curtis Philippon as the President and Chief Executive Officer, effective August 29, 2024
Announced the extension of a long-term contract with an investment grade global E&P company at the Gateway Terminal and the sanction of a connection to the Cactus II Pipeline in July
Refinanced $350 million 5.80% senior unsecured notes due 2026 with $350 million of 4.45% senior unsecured notes due in November 2031, resulting in annual cost savings of approximately $5 million
Announced the extension of a long-term contract and the sanctioning of the dredging project at the Gateway Terminal in December which, along with the earlier announcements, will allow the Company to achieve its Gateway targets
Placed in-service two new 435,000 barrel tanks under a long-term take-or-pay agreement with an investment grade customer at the Edmonton Terminal in December
Achieved a new milestone, recording 8.8 million hours without a lost time injury for our employee and contract workforce
Subsequent to the quarter, appointed Riley Hicks as the Senior Vice President and Chief Financial Officer, effective February 4, 2025
Subsequent to the quarter, Gibson’s Board of Directors also approved a quarterly dividend of $0.43 per common share, an increase of $0.02 per common share or 5%, beginning with the dividend payable in April

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

Management’s Discussion and Analysis and Financial Statements
The 2024 fourth quarter Management’s Discussion and Analysis and audited Consolidated Financial Statements provide a detailed explanation of Gibson’s financial and operating results for the three months and year ended December 31, 2024, as compared to the three months and year ended December 31, 2023. These documents are available at www.gibsonenergy.com and on SEDAR+ at www.sedarplus.ca.

Earnings Conference Call & Webcast Details
A conference call and webcast will be held to discuss the 2024 fourth quarter and year-end financial and operating results at 7:00am Mountain Time (9:00am Eastern Time) on Wednesday, February 19, 2025.

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

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

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

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

Supplementary Information
Gibson has also made available certain supplementary information regarding the 2024 fourth quarter and full year financial and operating results, available at www.gibsonenergy.com.

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

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

Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements) including, but not limited to, the Company’s plans and targets, including its focus on delivering shareholder returns and progressing its cost focus campaign, and dividend payment dates and amounts thereof. All statements other than statements of historical fact are forward-looking statements. The use of any of the words “will,” “anticipate”, “continue”, “expect”, “intend”, “may”, “should”, “could”, “believe”, “further” and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form and Management’s Discussion and Analysis, each dated February 18, 2025, as filed on SEDAR+ and available on the Gibson website at www.gibsonenergy.com.

For further information, please contact:

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

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

Specified Financial Measures

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

For further details on these specified financial measures, including relevant reconciliations, see the “Specified Financial Measures” section of the Company’s MD&A for the years ended December 31, 2024 and 2023, which is incorporated by reference herein and is available on Gibson’s SEDAR+ profile at www.sedarplus.ca and Gibson’s website at www.gibsonenergy.com.

a) Adjusted EBITDA

Noted below is the reconciliation to the most directly comparable GAAP measures of the Company’s segmented and consolidated adjusted EBITDA for the three months and years ended December 31, 2024, and 2023:

Three months ended December 31,	Infrastructure			Marketing			Corporate and Adjustments				Total
($ thousands)	2024	2023		2024		2023	2024		2023		2024		2023

Segment profit	127,444	157,968		(16,435	)	24,474	—		—		111,009		182,442
Unrealized loss (gain) on derivative financial instruments	6,359	(5,377	)	11,662		3,388	—		—		18,021		(1,989	)
General and administrative	—	—		—		—	(18,065	)	(10,893	)	(18,065	)	(10,893	)
Adjustments to share of profit from equity accounted investees	1,169	155		—		—	—		—		1,169		155
Executive transition and restructuring costs	—	—		—		—	6,304		—		6,304		—
Environmental remediation provision ⁽¹⁾	9,287	—		—		—	—		—		9,287		—
Post-close purchase price adjustment ⁽¹⁾	2,670	—		—		—	—		—		2,670		—
Renewable power purchase agreement	—	—		—		—	(713	)	—		(713	)	—
Other	—	—		—		—	—		(34	)	—		(34	)
Adjusted EBITDA	146,929	152,746		(4,773	)	27,862	(12,474	)	(10,927	)	129,682		169,681

Years ended December 31,	Infrastructure			Marketing			Corporate and Adjustments				Total
($ thousands)	2024	2023		2024	2023		2024		2023		2024		2023

Segment profit	574,010	494,451		52,956	148,436		—		—		626,966		642,887
Unrealized loss (gain) on derivative financial instruments	10,105	(4,637	)	9,778	(3,484	)	—		—		19,883		(8,121	)
General and administrative	—	—		—	—		(69,985	)	(49,570	)	(69,985	)	(49,570	)
Adjustments to share of profit from equity accounted investees	5,240	4,448		—	—		—		—		5,240		4,448
Executive transition and restructuring costs	—	—		—	—		16,969		—		16,969		—
Environmental remediation provision ⁽¹⁾	9,287	—		—	—		—		—		9,287		—
Post-close purchase price adjustment ⁽¹⁾	2,670	—		—	—		—		—		2,670		—
Renewable power purchase agreement	—	—		—	—		(888	)	—		(888	)	—
Other	—	—		—	—		—		184		—		184
Adjusted EBITDA	601,312	494,262		62,734	144,952		(53,904	)	(49,386	)	610,142		589,828

^{(1) added back in the calculation of adjusted EBITDA as these charges are not reflective of the ongoing earning capacity of the business, as described in the discussion of Infrastructure segment results in the MD&A.}

	Three months ended December 31,
($ thousands)	2024		2023

Net (Loss) Income	(5,563	)	53,301

Income tax expense	7,575		20,259
Depreciation, amortization, and impairment charges	55,217		47,690
Finance costs, net	34,033		35,919
Unrealized loss (gain) on derivative financial instruments	18,021		(1,989	)
Unrealized (gain) loss on renewable power purchase agreement	(4,375	)	866
Share-based compensation	6,882		5,600
Acquisition and integration costs	—		2,083
Adjustments to share of profit from equity accounted investees	1,169		155
Corporate foreign exchange (gain) loss and other	(1,538	)	5,797
Environmental remediation provision ⁽¹⁾	9,287		—
Post-close purchase price adjustment ⁽¹⁾	2,670		—
Executive transition and restructuring costs	6,304		—
Adjusted EBITDA	129,682		169,681

	Years ended December 31,
($ thousands)	2024		2023

Net Income	152,174		214,211

Income tax expense	53,780		71,123
Depreciation, amortization, and impairment charges	186,669		142,478
Finance costs, net	138,318		116,276
Unrealized loss (gain) on derivative financial instruments	19,883		(8,121	)
Corporate unrealized loss on derivative financial instruments	2,332		1,296
Share-based compensation	22,040		20,944
Acquisition and integration costs	1,371		22,042
Adjustments to share of profit from equity accounted investees	5,240		4,448
Corporate foreign exchange (gain) loss and other	(591	)	5,131
Environmental remediation provision ⁽¹⁾	9,287		—
Post-close purchase price adjustment ⁽¹⁾	2,670		—
Executive transition and restructuring costs	16,969		—
Adjusted EBITDA	610,142		589,828

b) Distributable Cash Flow

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

Three months ended December 31,					Years ended December 31,
($ thousands)	2024		2023		2024		2023

Cash flow from operating activities	67,276		155,602		598,454		574,856
Adjustments:
Changes in non-cash working capital and taxes paid	53,978		7,487		(10,642	)	(7,434	)
Replacement capital	(11,727	)	(10,226	)	(35,987	)	(35,928	)
Cash interest expense, including capitalized interest	(31,931	)	(34,456	)	(134,336	)	(100,133	)
Acquisition and integration costs ⁽¹⁾	—		2,083		1,371		22,042
Executive transition and restructuring costs ⁽¹⁾	6,304		—		16,969		—
Lease payments	(6,063	)	(9,628	)	(30,241	)	(35,896	)
Current income tax	(6,685	)	(7,917	)	(30,318	)	(31,717	)
Distributable cash flow	71,152		102,945		375,270		385,790

^{(1) Costs adjusted on an incurred basis.}

c) Dividend Payout Ratio

	Years ended December 31,
	2024		2023
Distributable cash flow	375,270		385,790
Dividends declared	266,858		236,907
Dividend payout ratio	71	%	61	%

d) Net Debt To Adjusted EBITDA Ratio

	Years ended December 31,
	2024		2023

Current and long-term debt	2,598,635		2,711,543
Lease liabilities	48,180		62,005
Less: unsecured hybrid debt	(450,000	)	(450,000	)
Less: cash and cash equivalents	(57,069	)	(143,758	)

Net debt	2,139,746		2,179,790
Adjusted EBITDA	610,142		589,828
Net debt to adjusted EBITDA ratio	3.5		3.7

The MIL Network –

February 19, 2025

MIL-OSI: Gibson Energy Announces 5% Dividend Increase and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

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

CALGARY, Alberta, Feb. 18, 2025 (GLOBE NEWSWIRE) — Gibson Energy Inc. (TSX:GEI) (“Gibson”, or the “Company”) announced today that its Board of Directors has approved and declared a quarterly dividend of $0.43 per common share, representing a 5% increase of $0.02 per common share per quarter. The quarterly dividend is payable on April 17, 2025, to shareholders of record at the close of business on March 31, 2025. This dividend is designated as an eligible dividend for Canadian income tax purposes. For non-resident shareholders, Gibson’s dividends are subject to Canadian withholding tax.

“We are pleased to announce a 5% increase to the dividend, marking the sixth consecutive annual increase,” said Riley Hicks, Senior Vice President and Chief Financial Officer. “This dividend increase is reflective of the growth of our long-term, stable cash flows in 2024 driven by record-setting volumes achieved at the Gateway and Edmonton Terminals. As we move into 2025, we remain committed to our Infrastructure strategy, prioritizing safety, adhering to our Financial Governing Principles and maintaining a disciplined approach to per-share growth. In order to further enhance shareholder returns, we expect to deploy up to $200 million between growth capital and share repurchases this year.”

About Gibson

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

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

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information and statements (collectively, forward-looking statements) including, but not limited to, statements concerning Gibson’s dividend increase and payment, share repurchases and financial and other commitments. All statements other than statements of historical fact are forward-looking statements. The use of any of the words ”anticipate”, ”plan”, ”contemplate”, ”continue”, ”estimate”, ”expect”, ”intend”, ”propose”, ”might”, ”may”, ”will”, ”shall”, ”project”, ”should”, ”could”, ”would”, ”believe”, ”predict”, ”forecast”, ”pursue”, ”potential” and ”capable” and similar expressions are intended to identify forward looking statements. The forward-looking statements reflect Gibson’s beliefs and assumptions with respect to, among other things, dividend payment, share repurchases, the return of capital to shareholders and the funding sources thereof. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company does not undertake any obligations to publicly update or revise any forward-looking statements except as required by securities law. Actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties including, but not limited to, the risks and uncertainties described in “Forward-Looking Information” and “Risk Factors” included in the Company’s Annual Information Form dated February 18, 2025, and Management’s Discussion and Analysis dated February 18, 2025 as filed on SEDAR+ at www.sedarplus.ca and available on the Gibson website at www.gibsonenergy.com.

For further information, please contact:

Investors: Beth Pollock
Vice President, Capital Markets & Risk
Phone: (403) 992-6478
Email: beth.pollock@gibsonenergy.com

Media: Wendy Robinson
Director, Communications & Brand
Phone: (403) 827-6057
Email: wendy.robinson@gibsonenergy.com

The MIL Network –

February 19, 2025
MIL-OSI: Devon Energy Reports Fourth-Quarter 2024 Results and Declares and Raises Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

OKLAHOMA CITY, Feb. 18, 2025 (GLOBE NEWSWIRE) — Devon Energy Corp. (NYSE: DVN) today reported financial and operational results for the fourth-quarter 2024. The company also declared its quarterly dividend and provided a 2025 outlook. Devon’s earnings release, supplemental financial tables, guidance and related earnings presentation can be accessed via the Investor Relations section of Devon’s website, www.devonenergy.com.

The company’s fourth-quarter conference call will be held at 10:00 a.m. Central time (11:00 a.m. Eastern time) on Wednesday, Feb. 19, 2025, and will serve primarily as a forum for analyst and investor questions and answers.

ABOUT DEVON ENERGY

Devon Energy is a leading oil and gas producer in the U.S. with a diversified multi-basin portfolio headlined by a world-class acreage position in the Delaware Basin. Devon’s disciplined cash-return business model is designed to achieve strong returns, generate free cash flow and return capital to shareholders, while focusing on safe and sustainable operations. For more information, please visit www.devonenergy.com.

Investor Contact
investor.relations@dvn.com
405-228-4450 Media Contact
Michelle Hindmarch, 405-552-7460

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

The MIL Network –

February 19, 2025
MIL-OSI Economics: IPAA, Energy Industry Groups Support Sen. Cruz Congressional Review Act (CRA) Resolution Disapproving of DOE Rule on Gas-Fired Water Heaters

Source: Independent Petroleum Association of America

Headline: IPAA, Energy Industry Groups Support Sen. Cruz Congressional Review Act (CRA) Resolution Disapproving of DOE Rule on Gas-Fired Water Heaters

Feb 13, 2025 IPAA, Energy Industry Groups Support Sen. Cruz Congressional Review Act (CRA) Resolution Disapproving of DOE Rule on Gas-Fired Water Heaters

Posted at 15:31h in Letters and Comments by Jennifer Pett

Dear Senator Cruz,

We are writing to express our strong support for your proposed resolution of disapproval under the Congressional Review Act (CRA) regarding the Department of Energy’s (DOE) rule on gas-fired instantaneous water heaters.

Our respective Trade Associations represent 80% of the new oil and gas resources brought online each year. Over the past four years we have fought the prior Administration’s every move to restrict the production and consumption of fossil energy. This rule is a perfect example of the direct result of the Biden Administration’s illegal whole-of-government assault on oil and natural gas use and consumption.

It effectively mandates the use of condensing technology, which increases the upfront cost and restricts options for American families. The clear intent of this regulation is to increase the upfront cost of natural gas-fired equipment to force consumers to fuel switch and use electric water heaters. This constitutes an unlawful overreach, and Congressional intervention is urgently required to rectify this flawed rule. …

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MIL OSI Economics –

February 19, 2025

Investor Contact investor.relations@dvn.com 405-228-4450	Media Contact Michelle Hindmarch, 405-552-7460

Category: Energy

Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Olaf Storbeck on 14 February 2025

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Feb 13, 2025 IPAA, Energy Industry Groups Support Sen. Cruz Congressional Review Act (CRA) Resolution Disapproving of DOE Rule on Gas-Fired Water Heaters