Category: Latin America

MIL-OSI Europe: Statement by President von der Leyen at the joint press conference with Barbadian Prime Minister Mottley

Source: European Commission

European Commission Statement Bridgetown, 19 Feb 2025 Prime Minister, dear Mia,
Thank you for hosting me here in Barbados. It is indeed the first time that I am here, it is fantastic. It is a big pleasure to join you and our partners at this CARICOM Summit. I have crossed the Atlantic to share with you how much Europe values its partnership with the Caribbean. We live in an unpredictable world. In these times, it is more important than ever to stick together; to stand up for our values; and to deepen ties with friends.

Despite being an ocean apart, Europe and the Caribbean are very close at heart. We are strong and vibrant democracies; we are convinced that it is of big importance to defend multilateralism and the rule of law; we believe in freedom and the right of people to choose their own future. This is why you have been standing with Ukraine since the very beginning of the war. Ukraine is a future member of the European family. So supporting them means also supporting us. And it is important to also call for a just peace not only in Ukraine but also in the Middle East, in Sudan and Haiti, which is what you have always done.

While sharing our values, we also face some of the same challenges. When devastating hurricanes sweep through your islands, like hurricane Beryl last July, Europe wants to be by your side: We provide emergency support to those who have lost everything, we are rebuilding together. Actually, we are currently supporting Grenada to rebuild Carriacou and Petite Martinique with the goal of making the islands 100% powered by renewable energy. And we have just discussed how to strengthen our cooperation in resilience and preparedness, so to work closer together to have a foresight when these natural disasters and extreme weather events, which are often related to climate change, hit.

We know that the fight against climate change is truly existential. In the face of hardship, the Caribbean are showing incredible leadership. Especially you, my dear Mia. You have amplified the voice of small island nations on the global stage, for the benefit of all humanity. This was key, for example, to the launch of the Loss and Damage Fund together at COP29. It amounts to almost USD 750 million in pledge, half of it covered by Europe and its Member States. Because climate financing is another very important challenge. Europe is the leading provider. We contribute well beyond our fair share of the USD 100 billion annual target.

But we know that given the scale of the transition and its urgency, we need new and innovative financing tools – in addition – like green bonds and carbon and nature credits, for example, which is what we are working on. And we need to bring the private sector fully on board, with a smarter use of private and public funds. With your Bridgetown Initiative, dear Mia, you are leading the way to making green and development financing fairer, more accessible and more affordable so that the climate targets can be met.

Another initiative you mentioned is renewable energy. At COP28 we agreed on global targets for renewables and energy efficiency. We want to triple renewable energy and double energy efficiency by 2030. To implement these goals, we created the Global Energy Transition Forum, because only what gets measured gets done, and we really need that the goals on paper are achieved on the ground. And this year, Barbados joined the Global Energy Transition Forum, I am very glad about that, that is great. It will allow us to deliver concrete projects on the ground and unlock more investment for the transition. And I hope that many Caribbean nations will follow your example.

This brings me to our bilateral work. The starting point for us is our investment programme Global Gateway. That is the investment programme abroad for partners. It is already at work – here in Barbados and across the Caribbean. Together with Hydrogen de France we have just signed the first green hydrogen storage project in Barbados. What is important is that renewable energy is homegrown, and therefore it is cheaper: It gives you energy independence and it gives you energy security, and it is the energy of the future, because it is clean energy.

We are, as you said, also working on the health sector. I think both of us have learnt our bitter lessons during COVID-19 and how vulnerable we are. And therefore, we support your pharmaceutical sovereignty. It means vaccines and medication produced in the Caribbean, for the Caribbean, but also to be a hub for the rest of the world. We have just signed a biomedical partnership between BioMedX, a European biotech company, and Barbados. And tomorrow, we will launch ‘PharmaNext’, a project that really boosts innovation and investments across the Atlantic. Because it also aligns the regulatory environment that is so important to move forward.

We have other great projects in the Caribbean. One has really caught my attention: In Barbados and Grenada, we are turning the sargassum threat into an opportunity, and I think it is really smart. We are working to transform this harmful alga into fertiliser, biomass and even cosmetics.This project has, and this is phenomenal, the potential to leverage almost EUR 400 million in investments. And actually, we are bringing thus a harmful alga, fighting a harmful alga but turning it into an opportunity that brings revenue. So it could not be better. Finally, we are bringing the Caribbean closer together and closer to us – with digital connectivity. Tomorrow, we will commit with Spain to deliver high-speed internet via satellite to even the most remote communities here. So the last kilometre that is always so difficult, we are going to manage that now via satellite.

To me, the spirit of Global Gateway is needed more than ever. We are investing in value chains, skills and jobs. We are sharing knowledge and technology for the benefit of both sides. We are looking into a long-term and trusted partnership. And we are convinced that a win-win situation is the most beneficial for our people and our economy.

Thank you very much again for having me here.

MIL OSI Europe News –

February 21, 2025

MIL-OSI: Donegal Group Inc. Announces Fourth Quarter and Full Year 2024 Results

Source: GlobeNewswire (MIL-OSI)

MARIETTA, Pa., Feb. 20, 2025 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ:DGICA) and (NASDAQ:DGICB) today reported its financial results for the fourth quarter and full year ended December 31, 2024.

Significant items for fourth quarter of 2024 (all comparisons to fourth quarter of 2023):

Net premiums earned increased 4.6% to $236.6 million
Combined ratio of 92.9%, compared to 106.8%
Net income of $24.0 million, or 70 cents per diluted Class A share, compared to net loss of $2.0 million, or 6 cents per Class A share
Net investment gains (after tax) of $0.2 million, or 1 cent per diluted Class A share, compared to $1.8 million, or 5 cents per Class A share, are included in net income (loss)

Significant items for full year of 2024 (all comparisons to full year of 2023):

Net premiums earned increased 6.2% to $936.7 million
Combined ratio of 98.6%, compared to 104.4%
Net income of $50.9 million, or $1.53 per diluted Class A share, compared to $4.4 million, or 14 cents per diluted Class A share
Net investment gains (after tax) of $3.9 million, or 12 cents per diluted Class A share, compared to $2.5 million, or 8 cents per diluted Class A share, are included in net income
Book value per share of $15.36 at December 31, 2024, compared to $14.39 at year-end 2023

Financial Summary

	Three Months Ended December 31,						Year Ended December 31,
	2024		2023		% Change		2024		2023		% Change
	(dollars in thousands, except per share amounts)

Income Statement Data
Net premiums earned	$	236,635	$	226,185	4.6	%	$	936,651	$	882,071	6.2	%
Investment income, net	12,050		10,710		12.5		44,918		40,853		10.0
Net investment gains	256		2,243		-88.6		4,981		3,173		57.0
Total revenues	249,954		239,468		4.4		989,605		927,338		6.7
Net income (loss)	24,003		(1,970)		NM²		50,862		4,426		NM
Non-GAAP operating income (loss)¹	23,801		(3,742)		NM		46,927		1,919		NM
Annualized return on average equity	18.1%		-1.7%		19.8 pts		9.9%		0.9%		9.0 pts

Per Share Data
Net income (loss) – Class A (diluted)	$	0.70	$	(0.06)	NM		$	1.53	$	0.14	NM
Net income (loss) – Class B	0.64		(0.06)		NM		1.38		0.11		NM
Non-GAAP operating income (loss) – Class A (diluted)	0.69		(0.11)		NM		1.41		0.06		NM
Non-GAAP operating income (loss) – Class B	0.63		(0.11)		NM		1.27		0.04		NM
Book value	15.36		14.39		6.7	%	15.36		14.39		6.7	%

^¹_{The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).}^²_{Not meaningful.}

Management Commentary

Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc., stated, “We concluded 2024 with strong performance in the fourth quarter that we believe reflected our unrelenting focus in recent years on execution, whether on strategic initiatives to broaden our market capabilities or on profit-improvement measures to enhance our operating performance. As we move into 2025, we are striving to further enhance our performance while also pursuing intentional, strategic premium growth.

“For the fourth quarter of 2024, our loss ratio improved substantially compared to the prior-year quarter, as premium rate increases contributed to higher net premiums earned and numerous underwriting initiatives we implemented in recent years resulted in lower claim activity. Our weather-related loss ratio compared favorably to both the prior-year quarter and our previous five-year average for the fourth quarter of the year. Net development of reserves for claims incurred in prior years had virtually no effect on the loss ratio for the fourth quarter of 2024 or 2023.

“We effectively mitigated the higher costs associated with our major systems modernization project and higher underwriting-based incentive costs by implementing targeted expense-reduction strategies across our operations. We remain committed to refining the efficiency of our insurance operations, leveraging our substantial investments in technology, data and analytics, to maintain a sustainable expense ratio.”

Mr. Burke concluded, “As the insurance industry landscape continues to evolve, our dedicated team will maintain focus on the effective execution of the strategies we believe will lead to successful achievement of our long-term objectives. We will continue to implement premium rate increases as needed to maintain rate adequacy and achieve targeted risk-adjusted returns. We are also actively pursuing new business opportunities across our regional footprint, concentrating primarily on high quality new commercial middle market and small business accounts, while also seeking strategic new business growth within our personal lines segment. We have refined our state-specific strategies and action plans to meet current market challenges and opportunities. We believe that the successful execution of those actions will allow us to further enhance underwriting performance, drive sustainable measured growth and strengthen our competitive position with our independent agents, ultimately increasing the value of our stockholders’ investment in Donegal Group Inc.”

Insurance Operations

Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

	Three Months Ended December 31,						Year Ended December 31,
	2024		2023		% Change		2024		2023		% Change
	(dollars in thousands)

Net Premiums Earned
Commercial lines	$	136,701	$	133,602	2.3	%	$	539,683	$	533,029	1.2	%
Personal lines	99,934		92,583		7.9		396,968		349,042		13.7
Total net premiums earned	$	236,635	$	226,185	4.6	%	$	936,651	$	882,071	6.2	%

Net Premiums Written
Commercial lines:
Automobile	$	42,922	$	39,888	7.6	%	$	184,989	$	174,741	5.9	%
Workers’ compensation	20,934		22,283		-6.1		103,533		107,598		-3.8
Commercial multi-peril	50,431		48,010		5.0		213,959		195,632		9.4
Other	9,790		10,544		-7.2		45,439		50,458		-9.9
Total commercial lines	124,077		120,725		2.8		547,920		528,429		3.7
Personal lines:
Automobile	54,078		54,609		-1.0		243,036		215,957		12.5
Homeowners	30,958		34,653		-10.7		140,613		139,688		0.7
Other	2,329		2,706		-13.9		10,712		11,623		-7.8
Total personal lines	87,365		91,968		-5.0		394,361		367,268		7.4
Total net premiums written	$	211,442	$	212,693	-0.6%		$	942,281	$	895,697	5.2	%

Net Premiums Written

The 0.6% decrease in net premiums written¹ for the fourth quarter of 2024 compared to the fourth quarter of 2023, as shown in the table above, represents the combination of 2.8% growth in commercial lines net premiums written and a 5.0% decrease in personal lines net premiums written. The $1.3 million decrease in net premiums written for the fourth quarter of 2024 compared to the fourth quarter of 2023 included:

Commercial Lines: $3.3 million increase that we attribute primarily to solid premium retention and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by planned attrition in classes of business we have targeted for profit improvement.
Personal Lines: $4.6 million decrease that we attribute primarily to planned attrition due to non-renewal actions and lower new business writings, offset partially by a continuation of renewal premium rate increases and solid policy retention.

The $46.6 million increase in net premiums written for the full year of 2024 compared to the full year of 2023 included:

Commercial Lines: $19.5 million increase that we attribute primarily to strong premium retention and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by planned attrition in states we exited or classes of business we have targeted for profit improvement.
Personal Lines: $27.1 million increase that we attribute primarily to a continuation of renewal premium rate increases and solid policy retention, offset partially by planned attrition due to non-renewal actions and lower new business writings.

Underwriting Performance

We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios¹ for the three months and full years ended December 31, 2024 and 2023:

	Three Months Ended				Year Ended
	December 31,				December 31,
	2024		2023		2024		2023

GAAP Combined Ratios (Total Lines)
Loss ratio – core losses	52.3	%	61.8	%	54.0	%	57.5	%
Loss ratio – weather-related losses	3.3		5.9		7.2		8.3
Loss ratio – large fire losses	4.0		4.8		4.9		5.2
Loss ratio – net prior-year reserve development	-0.2		-0.4		-1.6		-1.9
Loss ratio	59.8		72.1		64.5		69.1
Expense ratio	32.8		34.1		33.7		34.7
Dividend ratio	0.3		0.6		0.4		0.6
Combined ratio	92.9	%	106.8	%	98.6	%	104.4	%

Statutory Combined Ratios
Commercial lines:
Automobile	115.7	%	104.8	%	102.6	%	97.3	%
Workers’ compensation	105.6		107.9		104.4		96.6
Commercial multi-peril	79.4		107.8		95.0		112.3
Other	84.7		95.0		80.0		85.5
Total commercial lines	97.3		105.8		98.2		101.6
Personal lines:
Automobile	96.5		119.7		97.4		109.7
Homeowners	76.2		101.3		99.6		108.6
Other	106.3		59.2		99.5		75.8
Total personal lines	89.5		111.1		98.3		108.2
Total lines	94.0	%	107.8	%	98.3	%	104.2	%

Loss Ratio – Fourth Quarter

For the fourth quarter of 2024, the loss ratio decreased to 59.8%, compared to 72.1% for the fourth quarter of 2023. The core loss ratio, which excludes weather-related losses, large fire losses and net development of reserves for losses incurred in prior accident years, was 52.3% for the fourth quarter of 2024, which improved significantly compared to 61.8% for the fourth quarter of 2023. For the commercial lines segment, the core loss ratio of 55.2% for the fourth quarter of 2024 improved from 59.6% for the fourth quarter of 2023, primarily as the result of ongoing premium rate increases in all lines except workers’ compensation and reduced exposures in underperforming states and classes of business. For the personal lines segment, the core loss ratio of 48.4% for the fourth quarter of 2024 decreased significantly from 65.1% for the fourth quarter of 2023, due largely to the favorable impact of premium rate increases on net premiums earned for that segment.

Weather-related losses of $7.7 million, or 3.3 percentage points of the loss ratio, for the fourth quarter of 2024 decreased from $13.4 million, or 5.9 percentage points of the loss ratio, for the fourth quarter of 2023. Our insurance subsidiaries did not incur significant losses from any single weather event during the fourth quarters of 2024 or 2023. The impact of weather-related loss activity to the loss ratio for the fourth quarter of 2024 was lower than our previous five-year average of 5.2 percentage points for fourth quarter weather-related losses.

Large fire losses, which we define as individual fire losses in excess of $50,000, were $9.5 million, or 4.0 percentage points of the loss ratio, for the fourth quarter of 2024, compared to $10.8 million, or 4.8 percentage points of the loss ratio, for the fourth quarter of 2023. The modest decrease primarily reflected lower average severity in homeowner fire losses.

Net development of reserves for losses incurred in prior accident years had virtually no impact to the loss ratio for the fourth quarter of 2024 or 2023. For the fourth quarter of 2024, our insurance subsidiaries experienced unfavorable development primarily in personal automobile and commercial automobile losses that was offset by favorable development in commercial multi-peril losses and other lines of business. For the fourth quarter of 2023, our insurance subsidiaries experienced favorable development in personal automobile, workers’ compensation, homeowners and commercial automobile losses, offset partially by unfavorable development in commercial multi-peril and other commercial losses.

Loss Ratio – Full Year

For the full year of 2024, the loss ratio decreased to 64.5%, compared to 69.1% for the full year of 2023. The 2024 core loss ratio decreased by 3.5 percentage points to 54.0% from 57.5% for 2023. For the commercial lines segment, the core loss ratio of 54.4% for 2024 improved from 56.5% for 2023, primarily as the result of ongoing premium rate increases in all lines except workers’ compensation and reduced exposures in underperforming states and classes of business. For the personal lines segment, the core loss ratio of 53.5% for 2024 decreased from 59.1% in 2023, due largely to the favorable impact of premium rate increases on net premiums earned for that segment.

Weather-related losses for the full year of 2024 were $67.7 million, or 7.2 percentage points of the loss ratio, compared to $72.9 million, or 8.3 percentage points of the loss ratio, for the full year of 2023. The loss ratio impact of weather-related losses for the full year of 2024 was in line with the previous five-year average of 7.0 percentage points of the loss ratio.

Large fire losses were $45.8 million, or 4.9 percentage points of the loss ratio, for the full year of 2024, relatively in line with $45.4 million, or 5.2 percentage points of the loss ratio, for the full year of 2023.

Net favorable development of reserves for losses incurred in prior accident years of $15.0 million reduced the loss ratio for the full year of 2024 by 1.6 percentage points. For the full year of 2024, our insurance subsidiaries experienced favorable development in losses primarily in the commercial multi-peril, personal automobile and homeowners lines of business, offset partially by unfavorable development in the workers’ compensation and commercial automobile lines of business. Net favorable development of reserves for losses incurred in prior accident years of $16.7 million reduced the loss ratio for the full year of 2023 by 1.9 percentage points. For the full year of 2023, our insurance subsidiaries experienced favorable development in losses primarily in the commercial automobile, personal automobile, workers’ compensation and homeowners lines of business.

Expense Ratio

The expense ratio was 32.8% for the fourth quarter of 2024, compared to 34.1% for the fourth quarter of 2023. The expense ratio was 33.7% for the full year of 2024, compared to 34.7% for the full year of 2023. The decrease in the expense ratios for the fourth quarter and full year of 2024 primarily reflected the impacts of various expense reduction initiatives, including agency incentive program revisions, commission schedule adjustments, targeted staffing reductions, and hiring restrictions for open employment positions, among others. These impacts were offset partially by an increase in underwriting-based incentive costs as well as higher technology systems-related expenses that were primarily due to increased costs related to our ongoing systems modernization project, a portion of which Donegal Mutual Insurance Company allocates to our insurance subsidiaries. We expect the impact from allocated costs from Donegal Mutual Insurance Company to our insurance subsidiaries related to the ongoing systems modernization project peaked at approximately 1.3 percentage points of the expense ratio for the full year of 2024 and will subside gradually in 2025 and subsequent years.

Investment Operations

Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 95.6% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at December 31, 2024.

	December 31, 2024					December 31, 2023
	Amount			%		Amount			%
	(dollars in thousands)
Fixed maturities, at carrying value:
U.S. Treasury securities and obligations of U.S.
government corporations and agencies	$	170,423		12.3	%	$	176,991		13.3	%
Obligations of states and political subdivisions	409,560			29.5		415,280			31.3
Corporate securities	440,552			31.8		399,640			30.1
Mortgage-backed securities	304,459			22.0		278,260			21.0
Allowance for expected credit losses	(1,388		)	-0.1		(1,326		)	-0.1
Total fixed maturities	1,323,606			95.5		1,268,845			95.6
Equity securities, at fair value	36,808			2.7		25,903			2.0
Short-term investments, at cost	24,558			1.8		32,306			2.4
Total investments	$	1,384,972		100.0	%	$	1,327,054		100.0	%

Average investment yield	3.3%					3.1%
Average tax-equivalent investment yield	3.4%					3.2%
Average fixed-maturity duration (years)	5.2					4.3

Net investment income of $12.1 million for the fourth quarter of 2024 increased 12.5% compared to $10.7 million in net investment income for the fourth quarter of 2023, due primarily to higher average invested assets and an increase in the average investment yield compared to the prior-year fourth quarter. Net investment income of $44.9 million for the full year of 2024 increased 10.0% compared to the full year of 2023, due primarily to higher average invested assets and an increase in the average investment yield compared to the prior year.

Net investment gains were minimal for the fourth quarter of 2024, compared to $2.2 million for the fourth quarter of 2023. We attribute the gains to the quarterly increases in the market value of the equity securities held at the end of the respective periods.

Net investment gains were $5.0 million for the full year of 2024, compared to $3.2 million for the full year of 2023. We attribute the gains to the change in the market value of the equity securities held at the end of the respective periods.

Our book value per share was $15.36 at December 31, 2024, compared to $14.39 at December 31, 2023, as increases from net income and unrealized gains within our available-for-sale fixed-maturity portfolio during 2024 were partially offset by the dividends we declared during the year.

Definitions of Non-GAAP Financial Measures

We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

	Three Months Ended December 31,								Year Ended December 31,
	2024			2023			% Change		2024		2023		% Change
	(dollars in thousands)

Reconciliation of Net Premiums
Earned to Net Premiums Written
Net premiums earned	$	236,635		$	226,185		4.6	%	$	936,651	$	882,071	6.2	%
Change in net unearned premiums	(25,193		)	(13,492		)	86.7		5,630		13,626		-58.7
Net premiums written	$	211,442		$	212,693		-0.6	%	$	942,281	$	895,697	5.2	%

The following table provides a reconciliation of net income (loss) to operating income (loss) for the periods indicated:

	Three Months Ended December 31,								Year Ended December 31,
	2024			2023			% Change		2024			2023			% Change
	(dollars in thousands, except per share amounts)

Reconciliation of Net Income (Loss)
to Non-GAAP Operating Income (Loss)
Net income (loss)	$	24,003		$	(1,970	)	NM		$	50,862		$	4,426		NM
Investment gains (after tax)		(202	)		(1,772	)	-88.6	%		(3,935	)		(2,507	)	57.0	%
Non-GAAP operating income (loss)	$	23,801		$	(3,742	)	NM		$	46,927		$	1,919		NM

Per Share Reconciliation of Net Income (Loss)
to Non-GAAP Operating Income (Loss)
Net income (loss) – Class A (diluted)	$	0.70		$	(0.06	)	NM		$	1.53		$	0.14		NM
Investment gains (after tax)		(0.01	)		(0.05	)	-80.0	%		(0.12	)		(0.08	)	50.0	%
Non-GAAP operating income (loss) – Class A	$	0.69		$	(0.11	)	NM		$	1.41		$	0.06		NM

Net income (loss) – Class B	$	0.64		$	(0.06	)	NM		$	1.38		$	0.11		NM
Investment gains (after tax)		(0.01	)		(0.05	)	-80.0	%		(0.11	)		(0.07	)	57.1	%
Non-GAAP operating income (loss) – Class B	$	0.63		$	(0.11	)	NM		$	1.27		$	0.04		NM

The statutory combined ratio is a standard non-GAAP measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.

The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

Dividend Information

On December 19, 2024, we declared regular quarterly cash dividends of $0.1725 per share for our Class A common stock and $0.155 per share for our Class B common stock, which we paid on February 18, 2025 to stockholders of record as of the close of business on February 4, 2025.

Pre-Recorded Webcast

At approximately 8:30 am EDT on Thursday, February 20, 2025, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly and annual results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

About the Company

Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and providing superior experiences to our agents, policyholders and employees.

Safe Harbor

We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments (including those related to COVID-19 business interruption coverage exclusions), changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

Investor Relations Contacts

Karin Daly, Vice President, The Equity Group Inc.
Phone: (212) 836-9623
E-mail: kdaly@equityny.com

Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
Phone: (717) 426-1931
E-mail: investors@donegalgroup.com

Financial Supplement

Donegal Group Inc.
Consolidated Statements of Income (Loss)
(unaudited; in thousands, except share data)

	Quarter Ended December 31,
	2024		2023

Net premiums earned	$	236,635	$	226,185
Investment income, net of expenses	12,050		10,710
Net investment gains	256		2,243
Lease income	77		85
Installment payment fees	936		245
Total revenues	249,954		239,468

Net losses and loss expenses	141,435		163,154
Amortization of deferred acquisition costs	39,853		39,149
Other underwriting expenses	37,649		38,032
Policyholder dividends	826		1,225
Interest	269		156
Other expenses, net	255		233
Total expenses	220,287		241,949

Income (loss) before income tax expense (benefit)	29,667		(2,481		)
Income tax expense (benefit)	5,664		(511		)

Net income (loss)	$	24,003	$	(1,970	)

Net income (loss) per common share:
Class A – basic	$	0.71	$	(0.06	)
Class A – diluted	$	0.70	$	(0.24	)
Class B – basic and diluted	$	0.64	$	(0.06	)

Supplementary Financial Analysts’ Data

Weighted-average number of shares
outstanding:
Class A – basic	28,979,432		27,702,646
Class A – diluted	29,224,696		27,726,318
Class B – basic and diluted	5,576,775		5,576,775

Net premiums written	$	211,442	$	212,693

Book value per common share
at end of period	$	15.36	$	14.39

Donegal Group Inc.
Consolidated Statements of Income
(unaudited; in thousands, except share data)

	Year Ended December 31,
	2024		2023

Net premiums earned	$	936,651	$	882,071
Investment income, net of expenses	44,918		40,853
Net investment gains	4,981		3,173
Lease income	314		347
Installment payment fees	2,741		894
Total revenues	989,605		927,338

Net losses and loss expenses	604,118		609,178
Amortization of deferred acquisition costs	160,311		154,214
Other underwriting expenses	155,254		151,748
Policyholder dividends	4,073		5,313
Interest	946		620
Other expenses, net	2,564		1,201
Total expenses	927,266		922,274

Income before income tax expense	62,339		5,064
Income tax expense	11,477		638

Net income	$	50,862	$	4,426

Net income per common share:
Class A – basic and diluted	$	1.53	$	0.14
Class B – basic and diluted	$	1.38	$	0.11

Supplementary Financial Analysts’ Data

Weighted-average number of shares
outstanding:
Class A – basic	28,155,276		27,469,250
Class A – diluted	28,245,356		27,562,785
Class B – basic and diluted	5,576,775		5,576,775

Net premiums written	$	942,281	$	895,697

Book value per common share
at end of period	$	15.36	$	14.39

Donegal Group Inc.
Consolidated Balance Sheets
(in thousands)

			December 31,		December 31,
			2024		2023
			(unaudited)

ASSETS
Investments:
	Fixed maturities:
		Held to maturity, at amortized cost	$	705,714	$	679,497
		Available for sale, at fair value	617,892		589,348
	Equity securities, at fair value		36,808		25,903
	Short-term investments, at cost		24,558		32,306
		Total investments	1,384,972		1,327,054
Cash			52,926		23,792
Premiums receivable			181,107		179,592
Reinsurance receivable			420,742		441,431
Deferred policy acquisition costs			73,347		75,043
Prepaid reinsurance premiums			176,162		168,724
Other assets			46,776		50,658
		Total assets	$	2,336,032	$	2,266,294

LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
	Losses and loss expenses		$	1,120,985	$	1,126,157
	Unearned premiums		612,476		599,411
	Accrued expenses		2,917		3,947
	Borrowings under lines of credit		35,000		35,000
	Other liabilities		18,878		22,034
		Total liabilities	1,790,256		1,786,549
Stockholders’ equity:
	Class A common stock		329		308
	Class B common stock		56		56
	Additional paid-in capital		369,680		335,694
	Accumulated other comprehensive loss		(28,200)		(32,882)
	Retained earnings		245,137		217,795
	Treasury stock		(41,226)		(41,226)
		Total stockholders’ equity	545,776		479,745
		Total liabilities and stockholders’ equity	$	2,336,032	$	2,266,294

The MIL Network –

February 21, 2025

MIL-OSI Russia: Take part in the ESU Olympiad and get admitted to a master’s degree program on a budget

Translartion. Region: Russians Fedetion –

Source: State University of Management – Official website of the State –

The State University of Management invites you to take part in the II Eurasian Olympiad – the international student Olympiad of the Eurasian Network University.

SUM is a member of the Eurasian Network University and a co-organizer of the ESU Olympiad. It should be noted that it is held in Russian in an online format by participating universities with the support of the Ministry of Science and Higher Education of Russia, as well as the Eurasian Economic Commission (EEC).

This year the Olympiad is held in the form of a personal championship in 5 profiles:

Economics and Management; International Relations and Humanities; Information and Computer Sciences; Biomedicine and Cognitive Sciences; Engineering and Future Technologies.

Students and graduates of Russian and foreign universities who are receiving or already have higher education (bachelor’s or specialist’s degree level) and who are citizens of member countries and observer states of the Eurasian Economic Union can take part:

Russian Federation; Republic of Belarus; Republic of Kazakhstan; Republic of Armenia; Kyrgyz Republic; Republic of Moldova; Republic of Uzbekistan; Republic of Cuba; Islamic Republic of Iran.

Registration and portfolio submission are available until March 16 on the official website of the Olympiad. The winners of the selection round will be invited to online interviews, which will be held from March 24 to 30.

Winners and prize winners of the main track of the Olympiad (except for citizens of the Russian Federation) have the opportunity to enroll in budget places in master’s programs of Russian universities participating in the ESU in areas of training in accordance with the declared profile of the Olympiad.

Citizens of the Russian Federation and other EAEU countries, including observer countries, can take part in the international track of the Olympiad, the winners and prize winners of which will qualify for benefits and preferences provided by Russian and foreign universities of the ESU for the development of student exchanges, summer schools, scientific and educational cooperation and dual degree programs.

Subscribe to the TG channel “Our GUU” Date of publication: 02/20/2025

II Евразийской олимпиаде – международной студенческой олимпиаде Евразийского сетевого университета….” data-yashareImage=”https://guu.ru/wp-content/uploads/7ioj804y4G4.jpg” data-yashareLink=”https://guu.ru/%d0%bf%d1%80%d0%b8%d0%bc%d0%b8-%d1%83%d1%87%d0%b0%d1%81%d1%82%d0%b8%d0%b5-%d0%b2-%d0%be%d0%bb%d0%b8%d0%bc%d0%bf%d0%b8%d0%b0%d0%b4%d0%b5-%d0%b5%d1%81%d1%83-%d0%b8-%d0%bf%d0%be%d1%81%d1%82%d1%83%d0%bf/”>

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

MIL OSI Russia News –

February 21, 2025
MIL-OSI: Black Gold Announces Commencement of Drilling in the Illinois Basin

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, B.C., Feb. 20, 2025 (GLOBE NEWSWIRE) — BGX – Black Gold Exploration Corp. (the “Company” or “BGX) (CSE: BGX) (FRE: P30) is pleased to announce that drilling has commenced on the Fritz 2-30 oil and gas well (the “Well”) in Clay County, Indiana. Earlier this month, BGX acquired a 10% working interest in the Well and an option to participate in any offset developmental wells in a 210-acre area of mutual interest from the operator, Adler Energy, LLC (the “Operator”).

This prospect offsets the Fritz 1 well, which was drilled approximately 17 years ago and discovered both oil and gas pay horizons, but never produced due to a variety of factors, including a drop in oil prices at the time. The Well is in a known productive oil zone known as the Terra Haute Reef Bank, in Southwestern Indiana.

“We believe that the drilling in this region is the Company’s most significant short-term milestone to date and we are delighted to have the opportunity to participate in the Well, which not only gives us the potential for early cash flow but is also aligned with our longer-term plan to expand our footprint in the Illinois Basin,” commented Francisco Gulisano, Chief Executive Officer of BGX.

The Illinois Basin has a history of producing 10 to 12 million barrels of oil annually.¹ The Operator has completed an 8 square mile 3D seismic evaluation of the area, including the Fritz 2-30, showing both shallow and deeper stacked pay horizons. The Well plans to test a minimum of ten potential oil pay zones. Deep seated fractures clearly visible on 3D seismic are demonstrating migratory pathways for oil into multiple zones with high porosity, including the Devonian, Trenton, St. Peter Sand, Black River and the Knox. These zones all show over 100 feet of closure, giving room for large reservoirs of oil.

“Based on the 3D seismic and other data we have complied, our experienced technical team could not be more excited about the Fritz 2-30 well and we are very happy to be working with BGX in discovering what we believe is tremendous untapped value,” commented John Miller, President of Adler Energy.

“Given the history of the Fritz wells, we are looking to take advantage of overlooked opportunities to hopefully not only jump start our cash flows but also unlock value in one of the oldest and most productive oil basins in North American history,” concluded Mr. Gulisano.

On behalf of the Company,
Francisco Gulisano
236-266-5174
Chief Executive Officer

About BGX

BGX – Black Gold Exploration Corp. (CSE: BGX) (FRE: P30) is an oil and gas exploration company dedicated to creating shareholder value through the acquisition, exploration and development of oil and gas projects. BGX currently has assets in Argentina and the United States of America. For more information visit https://www.bgxcorp.com.

Forward-Looking Statements

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward- looking statements in this news release include, but are not limited to statements respecting: (i) drilling of the Well and the purpose thereof; (ii) the potential for early cash flow; (iii) the Company’s plan to expand its footprint in the Illinois Basin and (iv) the Company’s hope to unlock value in one of the oldest and most productive oil basins in North American history. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise. For a comprehensive overview of all risks that may impact the Company, please see the Company’s continuous disclosure documents filed on SEDAR+.

¹ https://www.usgs.gov/publications/new-albany-shale-illinois-emerging-play-or-prolific-source

Neither the CSE nor the CSE’s Regulation Services Provider (as that term is defined in the policies of the CSE) accept responsibility for the accuracy of this release.

The MIL Network –

February 21, 2025

MIL-OSI: Targa Resources Corp. Reports Record Fourth Quarter and Full Year 2024 Financial Results, Provides Growth Outlook for 2025 and Announces Refinancing of Badlands Preferred Equity

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 20, 2025 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“TRGP,” the “Company” or “Targa”) today reported fourth quarter and full year 2024 results.

Fourth quarter 2024 net income attributable to Targa Resources Corp. was $351.0 million compared to $299.6 million for the fourth quarter of 2023. For the full year 2024, net income attributable to Targa Resources Corp. was $1,312.0 million compared to $1,345.9 million for 2023. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”)⁽¹⁾ of $1,122.2 million for the fourth quarter of 2024 compared to $959.9 million for the fourth quarter of 2023. For the full year 2024, the Company reported adjusted EBITDA of $4,142.3 million compared to $3,530.0 million for 2023.

Highlights

Record full year 2024 adjusted EBITDA of $4.1 billion, a 17% increase over 2023
Record full year 2024 Permian, NGL transportation, fractionation, and LPG export volumes
Record full year 2024 common share repurchases of $755 million
Record fourth quarter 2024 adjusted EBITDA of $1.1 billion
Record fourth quarter 2024 Permian, NGL transportation, fractionation, and LPG export volumes
Completed its new 275 million cubic feet per day (“MMcf/d”) Greenwood II plant in Permian Midland and its new 120 thousand barrels per day (“MBbl/d”) Train 10 fractionator in Mont Belvieu
Recently commenced operations of its new 275 MMcf/d Bull Moose plant and 800 MMcf/d front-end treater in Permian Delaware
Announced a new intra-Delaware Basin expansion of Targa’s Grand Prix NGL Pipeline (“Delaware Express”)
Announced a new 150 MBbl/d fractionator in Mont Belvieu (“Train 12”)
Announced a new expansion of LPG export capabilities at Targa’s Galena Park Marine Terminal (“GPMT LPG Export Expansion”) which will increase capacity to approximately 19 million barrels per month (“MMBbl/month”)
Estimates 2025 net growth capital expenditures of $2.6 billion to $2.8 billion
Announced the refinancing of preferred equity in Targa Badlands LLC for $1.8 billion
Estimates record full year 2025 adjusted EBITDA between $4.65 billion and $4.85 billion, a 15% increase over 2024⁽²⁾

On January 16, 2025, the Company declared a quarterly cash dividend of $0.75 per common share, or $3.00 per common share on an annualized basis, for the fourth quarter of 2024. Total cash dividends of approximately $164 million were paid on February 14, 2025 on all outstanding shares of common stock to holders of record as of the close of business on January 31, 2025. Targa intends to recommend an annual common dividend of $4.00 per share for 2025 beginning with the first quarter payment in May of 2025.

Targa repurchased 610,683 shares of its common stock during the fourth quarter of 2024 at a weighted average per share price of $176.86 for a total net cost of $108.0 million. For the year ended December 31, 2024, Targa repurchased 5,933,050 shares of its common stock at a weighted average price of $127.20 for a total net cost of $754.7 million. As of December 31, 2024, there was $1,015.4 million remaining under the Company’s Share Repurchase Programs.

Fourth Quarter 2024 – Sequential Quarter over Quarter Commentary

Targa reported fourth quarter adjusted EBITDA of $1,122.2 million, representing a 5 percent increase compared to the third quarter of 2024. The sequential increase in adjusted EBITDA was attributable to higher volumes across Targa’s Gathering and Processing (“G&P”) and Logistics and Transportation (“L&T”) systems. In the G&P segment, higher sequential adjusted operating margin was attributable to record Permian natural gas inlet volumes and higher fees, partially offset by the expiration of a lower margin high pressure gathering and processing agreement in the Delaware Basin. In the L&T segment, record NGL pipeline transportation, fractionation, and LPG export volumes drove the sequential increase in segment adjusted operating margin, partially offset by lower sequential marketing margin. Targa’s completion of its Daytona NGL Pipeline late in the third quarter and its 120 MBbl/d Train 10 fractionator in the fourth quarter supported higher sequential NGL pipeline transportation and fractionation volumes from increasing supply volumes from Targa’s Permian G&P systems. LPG export volumes benefited from improved market conditions. Lower sequential marketing margin was attributable to decreased optimization opportunities.

Capitalization and Liquidity

The Company’s total consolidated debt as of December 31, 2024 was $14,174.6 million, net of $89.0 million of debt issuance costs and $29.4 million of unamortized discount, with $12,534.4 million of outstanding senior unsecured notes, $1,130.5 million outstanding under the Commercial Paper Program, $330.0 million outstanding under the Securitization Facility, and $298.1 million of finance lease liabilities.

Total consolidated liquidity as of December 31, 2024 was approximately $2.0 billion, including $1.6 billion available under the Existing TRGP Revolver (as defined below), $270.0 million under the Securitization Facility and $157.3 million of cash.

Financing Update

In February 2025, Targa entered into a new five-year revolving facility (the “New TRGP Revolver”) with aggregate capacity of $3.5 billion. The New TRGP Revolver replaces Targa’s $2.75 billion credit facility (“Existing TRGP Revolver”), scheduled to mature in February 2027. The additional capacity aligns with the Company’s increased scale and continued growth opportunities. Pro forma for the New TRGP Revolver, Targa’s liquidity as of December 31, 2024, was approximately $2.8 billion.

Refinancing of Badlands Preferred Equity

Targa announced today a definitive agreement to repurchase all of the outstanding preferred equity in Targa Badlands LLC (“Targa Badlands”) from funds managed by Blackstone for approximately $1.8 billion in cash (the “Repurchase”). The Repurchase represents a refinancing of higher cost preferred equity with Targa’s lower cost of debt capital, resulting in meaningful cash savings. Targa expects to close in the first quarter of 2025 with an effective date of January 1, 2025, and estimates its year-end 2025 debt to adjusted EBITDA leverage ratio will remain near the mid-point of the Company’s long-term target range.

Growth Projects Update

In Targa’s G&P segment, construction continues on its 275 MMcf/d Pembrook II, East Pembrook, and East Driver plants in Permian Midland and its 275 MMcf/d Bull Moose II and Falcon II plants in Permian Delaware. In Targa’s L&T segment, construction continues on its 150 MBbl/d Train 11 fractionator in Mont Belvieu. The Company remains on-track to complete these expansions as previously disclosed.

In February 2025, in response to increasing production and to meet the infrastructure needs of its customers, Targa announced:

Delaware Express, a 100-mile, 30-inch diameter pipeline expansion of its Grand Prix NGL Pipeline in the Permian Delaware;
Train 12, a new 150 MBbl/d fractionator in Mont Belvieu, TX; and
GPMT LPG Export Expansion, an expansion of Targa’s LPG export capabilities at its Galena Park Marine Terminal to approximately 19 MMBbl per month.

Delaware Express is expected to commence operations in the third quarter of 2026, Train 12 is expected to commence operations in the first quarter of 2027, and Targa’s GPMT LPG Export Expansion is expected to commence operations in the third quarter of 2027.

2025 Outlook and Capital Return Expectations

For 2025, Targa estimates full year adjusted EBITDA to be between $4.65 billion and $4.85 billion, with the midpoint of the range representing a 15 percent increase over full year 2024 adjusted EBITDA. Targa expects to continue to benefit from meaningful growth across its Permian G&P footprint, which is expected to drive record Permian, NGL pipeline transportation, fractionation, and LPG export volumes in 2025 relative to the records set in 2024.

Targa’s 2025 operational and financial expectations assume Waha natural gas prices average $1.55 per million British Thermal Units (“MMbtu”), natural gas liquids (“NGL”) composite barrel prices average $0.65 per gallon, and crude oil prices average $70 per barrel.

Targa’s estimate for 2025 net growth capital expenditures is between $2.6 billion to $2.8 billion and includes capital spending for the recently announced Delaware Express, Train 12, and GPMT LPG Export Expansion. Net maintenance capital expenditures for 2025 are estimated to be approximately $250 million.

For the first quarter of 2025, Targa intends to recommend to its Board of Directors an increase to its quarterly common dividend to $1.00 per common share or $4.00 per common share annualized. The recommended 33 percent common dividend per share increase, if approved, would be effective for the first quarter of 2025 and payable in May 2025. Going forward, Targa expects to be in position to continue to meaningfully increase the capital returned to shareholders through increasing common dividends per share and opportunistic repurchases of its common stock.

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

Conference Call

The Company will host a conference call for the investment community at 11:00 a.m. Eastern time (10:00 a.m. Central time) on February 20, 2025 to discuss its fourth quarter results. The conference call can be accessed via webcast under Events and Presentations in the Investors section of the Company’s website at www.targaresources.com/investors/events, or by going directly to https://edge.media-server.com/mmc/p/qgzvcwi7. A webcast replay will be available at the link above approximately two hours after the conclusion of the event.

^{(1) Adjusted EBITDA is a non-GAAP financial measure and is discussed under “Non-GAAP Financial Measures.”
(2) Year over year increase based on midpoint of estimated 2025 adjusted EBITDA range of $4.65 billion to $4.85 billion.}

Targa Resources Corp. – Consolidated Financial Results of Operations

	Three Months Ended December 31,												Year Ended December 31,
	2024			2023			2024 vs. 2023						2024			2023			2024 vs. 2023
	(In millions)
Revenues:
Sales of commodities	$	3,765.5		$	3,647.9		$	117.6			3	%	$	13,891.8		$	13,962.1		$	(70.3	)		(1	%)
Fees from midstream services		639.7			591.6			48.1			8	%		2,489.7			2,098.2			391.5			19	%
Total revenues		4,405.2			4,239.5			165.7			4	%		16,381.5			16,060.3			321.2			2	%
Product purchases and fuel		2,922.6			2,898.5			24.1			1	%		10,703.0			10,676.4			26.6			—
Operating expenses		305.8			269.5			36.3			13	%		1,175.6			1,077.9			97.7			9	%
Depreciation and amortization expense		378.5			341.4			37.1			11	%		1,423.0			1,329.6			93.4			7	%
General and administrative expense		97.5			95.3			2.2			2	%		384.9			348.7			36.2			10	%
Other operating (income) expense		0.2			(0.5	)		0.7		NM				(0.4	)		1.5			(1.9	)	NM
Income (loss) from operations		700.6			635.3			65.3			10	%		2,695.4			2,626.2			69.2			3	%
Interest expense, net		(177.7	)		(178.0	)		0.3			—			(767.2	)		(687.8	)		(79.4	)		12	%
Equity earnings (loss)		1.5			2.8			(1.3	)		(46	%)		9.4			9.0			0.4			4	%
Gain (loss) from financing activities		—			(2.1	)		2.1			100	%		(0.8	)		(2.1	)		1.3			62	%
Other, net		0.1			2.1			(2.0	)	NM				1.2			(2.8	)		4.0		NM
Income tax (expense) benefit		(110.5	)		(102.5	)		(8.0	)		8	%		(384.5	)		(363.2	)		(21.3	)		6	%
Net income (loss)		414.0			357.6			56.4			16	%		1,553.5			1,579.3			(25.8	)		(2	%)
Less: Net income (loss) attributable to noncontrolling interests		63.0			58.0			5.0			9	%		241.5			233.4			8.1			3	%
Net income (loss) attributable to Targa Resources Corp.		351.0			299.6			51.4			17	%		1,312.0			1,345.9			(33.9	)		(3	%)
Premium on repurchase of noncontrolling interests, net of tax		32.9			19.4			13.5			70	%		32.9			510.1			(477.2	)		(94	%)
Net income (loss) attributable to common shareholders	$	318.1		$	280.2		$	37.9			14	%	$	1,279.1		$	835.8		$	443.3			53	%
Financial data:
Adjusted EBITDA (1)	$	1,122.2		$	959.9		$	162.3			17	%	$	4,142.3		$	3,530.0		$	612.3			17	%
Adjusted cash flow from operations (1)		940.9			780.1			160.8			21	%		3,372.4			2,840.6			531.8			19	%
Adjusted free cash flow (1)		56.2			73.7			(17.5	)		(24	%)		140.1			392.7			(252.6	)		(64	%)

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

Three Months Ended December 31, 2024 Compared to Three Months Ended December 31, 2023

The increase in commodity sales reflects higher NGL, natural gas and condensate volumes ($242.4) and higher NGL prices ($199.5 million), partially offset by lower natural gas and condensate prices ($197.0 million) and the unfavorable impact of hedges ($127.3 million).

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

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

The increase in operating expenses is primarily due to higher maintenance and labor costs as a result of increased activity and system expansions, partially offset by lower taxes.

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

The increase in depreciation and amortization expense is primarily due to the impact of system expansions on the Company’s asset base that have been placed in service during 2024.

The increase in income tax expense is primarily due to an increase in pre-tax book income and the release of state valuation allowance in 2023 partially offset by the impact of statutory rate changes.

The premium on repurchase of noncontrolling interests, net of tax is primarily due to the CBF Acquisition in 2024.

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

Commodity sales are relatively flat reflecting lower natural gas and condensate prices ($1,242.8 million) and the unfavorable impact of hedges ($686.5 million), offset by higher NGL, natural gas and condensate volumes ($1,607.2 million), and higher NGL prices ($251.6 million).

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

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

The increase in operating expenses is primarily due to higher labor, maintenance, rental and chemical costs as a result of increased activity and system expansions, partially offset by lower taxes.

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

The increase in depreciation and amortization expense is primarily due to the impact of system expansions on the Company’s asset base, partially offset by the shortening of depreciable lives of certain assets that were idled in 2023.

The increase in general and administrative expense is primarily due to higher compensation and benefits and professional fees.

The increase in interest expense, net, is due to recognition of cumulative interest on a 2024 legal ruling associated with the Splitter Agreement and higher borrowings, partially offset by higher capitalized interest. Higher capitalized interest is due to system expansions and higher interest rates.

The increase in income tax expense is primarily due to the release of state valuation allowance in 2023.

The premium on repurchase of noncontrolling interests, net of tax is primarily due to the CBF Acquisition in 2024 and the Grand Prix Transaction in 2023.

Review of Segment Performance

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

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

Gathering and Processing Segment

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

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

	Three Months Ended December 31,									Year Ended December 31,
	2024		2023		2024 vs. 2023					2024		2023		2024 vs. 2023
		(In millions, except operating statistics and price amounts)
Operating margin	$	598.9	$	536.3	$	62.6		12	%	$	2,312.4	$	2,082.2	$	230.2		11	%
Operating expenses		217.5		185.7		31.8		17	%		814.6		746.6		68.0		9	%
Adjusted operating margin	$	816.4	$	722.0	$	94.4		13	%	$	3,127.0	$	2,828.8	$	298.2		11	%
Operating statistics (1):
Plant natural gas inlet, MMcf/d (2) (3)
Permian Midland (4)		3,072.8		2,716.5		356.3		13	%		2,933.1		2,535.2		397.9		16	%
Permian Delaware		2,992.4		2,564.3		428.1		17	%		2,837.3		2,526.5		310.8		12	%
Total Permian		6,065.2		5,280.8		784.4		15	%		5,770.4		5,061.7		708.7		14	%

SouthTX		329.4		347.9		(18.5	)	(5	%)		325.9		367.4		(41.5	)	(11	%)
North Texas		187.4		207.7		(20.3	)	(10	%)		186.9		205.9		(19.0	)	(9	%)
SouthOK (5)		339.7		366.5		(26.8	)	(7	%)		351.7		385.0		(33.3	)	(9	%)
WestOK		210.5		207.1		3.4		2	%		212.8		207.1		5.7		3	%
Total Central		1,067.0		1,129.2		(62.2	)	(6	%)		1,077.3		1,165.4		(88.1	)	(8	%)

Badlands (5) (6)		128.8		131.2		(2.4	)	(2	%)		136.3		130.0		6.3		5	%
Total Field		7,261.0		6,541.2		719.8		11	%		6,984.0		6,357.1		626.9		10	%

Coastal		405.7		567.0		(161.3	)	(28	%)		449.6		541.1		(91.5	)	(17	%)

Total		7,666.7		7,108.2		558.5		8	%		7,433.6		6,898.2		535.4		8	%
NGL production, MBbl/d (3)
Permian Midland (4)		445.7		398.3		47.4		12	%		428.4		367.7		60.7		17	%
Permian Delaware		390.2		310.6		79.6		26	%		359.9		321.6		38.3		12	%
Total Permian		835.9		708.9		127.0		18	%		788.3		689.3		99.0		14	%

SouthTX (5)		29.3		37.3		(8.0	)	(21	%)		32.8		40.9		(8.1	)	(20	%)
North Texas		22.9		24.5		(1.6	)	(7	%)		22.6		24.0		(1.4	)	(6	%)
SouthOK (5)		40.1		40.0		0.1		—			35.0		43.1		(8.1	)	(19	%)
WestOK		16.3		12.1		4.2		35	%		15.1		12.5		2.6		21	%
Total Central		108.6		113.9		(5.3	)	(5	%)		105.5		120.5		(15.0	)	(12	%)

Badlands (5)		15.3		15.7		(0.4	)	(3	%)		16.6		15.5		1.1		7	%
Total Field		959.8		838.5		121.3		14	%		910.4		825.3		85.1		10	%

Coastal		36.0		43.2		(7.2	)	(17	%)		35.8		39.2		(3.4	)	(9	%)

Total		995.8		881.7		114.1		13	%		946.2		864.5		81.7		9	%
Crude oil, Badlands, MBbl/d		110.1		105.2		4.9		5	%		106.6		105.5		1.1		1	%
Crude oil, Permian, MBbl/d		29.5		27.5		2.0		7	%		27.9		27.4		0.5		2	%
Natural gas sales, BBtu/d (3)		2,784.3		2,737.3		47.0		2	%		2,780.5		2,685.8		94.7		4	%
NGL sales, MBbl/d (3)		582.0		520.6		61.4		12	%		558.2		495.8		62.4		13	%
Condensate sales, MBbl/d		19.8		17.8		2.0		11	%		19.3		18.5		0.8		4	%
Average realized prices (7):
Natural gas, $/MMBtu		1.04		1.83		(0.79	)	(43	%)		0.67		1.94		(1.27	)	(65	%)
NGL, $/gal		0.49		0.43		0.06		14	%		0.46		0.46		—		—
Condensate, $/Bbl		66.83		74.79		(7.96	)	(11	%)		73.35		74.35		(1.00	)	(1	%)

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

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

	Three Months Ended December 31, 2024						Three Months Ended December 31, 2023
	(In millions, except volumetric data and price amounts)
	Volume Settled		Price Spread (1)		Gain (Loss)		Volume Settled		Price Spread (1)			Gain (Loss)
Natural gas (BBtu)		8.1	$	1.84	$	14.9		13.2	$	1.15		$	15.2
NGL (MMgal)		101.0		0.01		0.9		165.3		0.09			15.5
Crude oil (MBbl)		0.7		5.00		3.5		0.6		(6.17	)		(3.7	)
					$	19.3						$	27.0

	Year Ended December 31, 2024								Year Ended December 31, 2023
	(In millions, except volumetric data and price amounts)
	Volume Settled		Price Spread (1)			Gain (Loss)			Volume Settled		Price Spread (1)			Gain (Loss)
Natural gas (BBtu)		43.7	$	1.92		$	84.1			63.2	$	1.22		$	77.4
NGL (MMgal)		449.8		0.04			15.8			680.3		0.07			49.9
Crude oil (MBbl)		2.1		(2.05	)		(4.3	)		2.4		(6.92	)		(16.6	)
						$	95.6							$	110.7

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

Three Months Ended December 31, 2024 Compared to Three Months Ended December 31, 2023

The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes which drove higher fee-based income in the Permian, and higher NGL Prices, partially offset by lower natural gas and condensate prices. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Wildcat II plant during the fourth quarter of 2023, the Roadrunner II plant during the second quarter of 2024, the Greenwood II plant during the fourth quarter of 2024, and continued strong producer activity.

The increase in operating expenses was primarily due to higher volumes in the Permian and multiple plant additions in the Permian, partially offset by lower taxes in the Central region.

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes which drove higher fee-based income in the Permian, partially offset by lower natural gas and condensate prices. The increase in natural gas inlet volumes was attributable to the addition of the Legacy II plant during the first quarter of 2023, the Midway plant during the second quarter of 2023, the Greenwood I and Wildcat II plants during the fourth quarter of 2023, the Roadrunner II plant during the second quarter of 2024, the Greenwood II plant during the fourth quarter of 2024, and continued strong producer activity.

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

Logistics and Transportation Segment

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

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

	Three Months Ended December 31,								Year Ended December 31,
	2024		2023		2024 vs. 2023				2024		2023		2024 vs. 2023
	(In millions, except operating statistics)
Operating margin	$	656.2	$	554.2	$	102.0	18	%	$	2,355.1	$	1,948.7	$	406.4	21	%
Operating expenses		88.7		84.4		4.3	5	%		362.3		332.0		30.3	9	%
Adjusted operating margin	$	744.9	$	638.6	$	106.3	17	%	$	2,717.4	$	2,280.7	$	436.7	19	%
Operating statistics MBbl/d (1):
NGL pipeline transportation volumes (2)		871.5		722.0		149.5	21	%		800.8		635.5		165.3	26	%
Fractionation volumes		1,089.5		844.8		244.7	29	%		936.1		798.1		138.0	17	%
Export volumes (3)		457.1		434.5		22.6	5	%		423.6		365.2		58.4	16	%
NGL sales		1,227.5		1,125.8		101.7	9	%		1,159.1		1,019.8		139.3	14	%

⁽¹⁾	^{Segment operating statistics include intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period and the denominator is the number of calendar days during the period.}
⁽²⁾	^{Represents the total quantity of mixed NGLs that earn a transportation margin.}
⁽³⁾	^{Export volumes represent the quantity of NGL products delivered to third-party customers at the Company’s Galena Park Marine Terminal that are destined for international markets.}

Three Months Ended December 31, 2024 Compared to Three Months Ended December 31, 2023

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

The increase in operating expenses was due to higher system volumes, higher taxes, higher compensation and benefits the in-service of the Daytona NGL Pipeline expansion during the third quarter of 2024, the addition of Train 9 during the second quarter of 2024, and the addition of Train 10 during the fourth quarter of 2024, partially offset by lower repairs and maintenance.

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

The increase in adjusted operating margin was due to higher pipeline transportation and fractionation margin, higher marketing margin, and higher LPG export margin. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from the Company’s Permian Gathering and Processing systems, the addition of Train 9 during the second quarter of 2024, the in-service of the Daytona NGL Pipeline during the third quarter of 2024, and the addition of Train 10 during the fourth quarter of 2024. Marketing margin increased due to greater optimization opportunities. LPG export margin increased due to higher volumes as Targa benefited from the completion of the export expansion project during the third quarter of 2023 and the Houston Ship Channel allowing night-time vessel transits, partially offset by maintenance and required inspections.

The increase in operating expenses was due to higher system volumes, higher compensation and benefits, higher taxes, higher repairs and maintenance and the addition of two trains during 2024.

Other

	Three Months Ended December 31,									Year Ended December 31,
	2024			2023			2024 vs. 2023			2024			2023		2024 vs. 2023
	(In millions)
Operating margin	$	(78.3	)	$	(18.8	)	$	(59.5	)	$	(164.6	)	$	275.5	$	(440.1	)
Adjusted operating margin	$	(78.3	)	$	(18.8	)	$	(59.5	)	$	(164.6	)	$	275.5	$	(440.1	)

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

About Targa Resources Corp.

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

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

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

Non-GAAP Financial Measures

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

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

Adjusted Operating Margin

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

Gathering and Processing adjusted operating margin consists primarily of:

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

Logistics and Transportation adjusted operating margin consists primarily of:

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

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

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

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

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

Adjusted EBITDA

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

Adjusted Cash Flow from Operations and Adjusted Free Cash Flow

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

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

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
	(In millions)
Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA, Adjusted Cash Flow from Operations and Adjusted Free Cash Flow
Net income (loss) attributable to Targa Resources Corp.	$	351.0		$	299.6		$	1,312.0		$	1,345.9
Interest (income) expense, net		177.7			178.0			767.2			687.8
Income tax expense (benefit)		110.5			102.5			384.5			363.2
Depreciation and amortization expense		378.5			341.4			1,423.0			1,329.6
(Gain) loss on sale or disposition of assets		(0.4	)		(1.3	)		(3.1	)		(5.3	)
Write-down of assets		2.2			0.8			6.2			6.9
(Gain) loss from financing activities		—			2.1			0.8			2.1
Equity (earnings) loss		(1.5	)		(2.8	)		(9.4	)		(9.0	)
Distributions from unconsolidated affiliates		8.7			4.5			25.3			18.6
Compensation on equity grants		15.8			16.7			63.2			62.4
Risk management activities		78.2			18.8			164.6			(275.4	)
Noncontrolling interests adjustments (1)		1.5			(0.4	)		3.9			(3.7	)
Litigation expense (2)		—			—			4.1			6.9
Adjusted EBITDA	$	1,122.2		$	959.9		$	4,142.3		$	3,530.0
Interest expense on debt obligations (3)		(173.8	)		(174.9	)		(752.4	)		(675.8	)
Cash taxes		(7.5	)		(4.9	)		(17.5	)		(13.6	)
Adjusted Cash Flow from Operations	$	940.9		$	780.1		$	3,372.4		$	2,840.6
Maintenance capital expenditures, net (4)		(65.0	)		(70.4	)		(231.9	)		(223.4	)
Growth capital expenditures, net (4)		(819.7	)		(636.0	)		(3,000.4	)		(2,224.5	)
Adjusted Free Cash Flow	$	56.2		$	73.7		$	140.1		$	392.7

⁽¹⁾	^{Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest.}
⁽²⁾	^{Litigation expense includes charges related to litigation resulting from the major winter storm in February 2021 that the Company considers outside the ordinary course of its business and/or not reflective of its ongoing core operations. The Company may incur such charges from time to time, and the Company believes it is useful to exclude such charges because it does not consider them reflective of its ongoing core operations and because of the generally singular nature of the claims underlying such litigation.}
⁽³⁾	^{Excludes amortization of interest expense. The year ended December 31, 2024 includes $55.8 million of interest expense associated with the Splitter Agreement ruling.}
⁽⁴⁾	^{Represents capital expenditures, net of contributions from noncontrolling interests and includes contributions to investments in unconsolidated affiliates.}

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

	2025E
	(In millions)
Reconciliation of Estimated Net Income Attributable to Targa Resources Corp. to
Estimated Adjusted EBITDA
Net income attributable to Targa Resources Corp.	$	1,765.0
Interest expense, net		875.0
Income tax expense		510.0
Depreciation and amortization expense		1,535.0
Equity earnings		(20.0	)
Distributions from unconsolidated affiliates		25.0
Compensation on equity grants		65.0
Noncontrolling interests adjustments (1)		(5.0	)
Estimated Adjusted EBITDA	$	4,750.0

⁽¹⁾	^{Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest.}

Regulation FD Disclosures

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

Forward-Looking Statements

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

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

The MIL Network –

February 21, 2025

MIL-OSI China: Alibaba Cloud launches first data center in Mexico

Source: China State Council Information Office

Alibaba Cloud, the cloud computing arm of Chinese tech giant Alibaba Group, announced the launch of its first data center in Mexico on Wednesday, as the company aims to expand its reach in the global cloud market.

The new digital infrastructure will provide cloud computing services to businesses and developers across Latin America, underscoring Alibaba Cloud’s commitment to accelerating Mexico’s digital transformation and fostering innovation throughout the region.

With the addition of this new data center, Alibaba Cloud’s global infrastructure now spans 87 availability zones across 29 regions.

Selina Yuan, president of international business at Alibaba Cloud Intelligence said, “We are not only bringing cloud technology to support local businesses, but also building an inclusive and thriving ecosystem in Mexico together with local partners, developers and customers to foster innovation, collaboration and sustainable growth across Latin America.”

Yuan added that by leveraging Alibaba Cloud’s global network, Mexican companies can tap into other markets, especially those in Asia.

The Mexico facility was launched six days after Alibaba Cloud announced that it will commence operations at its second data center in Thailand to meet the country’s growing demand for cloud services and support generative artificial intelligence applications.

MIL OSI China News –

February 20, 2025
MIL-OSI New Zealand: Foreign Affairs – New report highlights untapped potential in New Zealand-Viet Nam relationship
Source: Asia New Zealand Foundation

The Asia New Zealand Foundation Te Whītau Tūhono is thrilled to launch its latest report Viet Nam and New Zealand at 50: The next chapter. This report explores the growing potential of the bilateral relationship as the two nations celebrate 50 years of formal diplomatic ties.

Commissioned by the Foundation and authored by Haike Manning, the report builds on the 2020 publication, Viet Nam & New Zealand: Let’s Go, offering fresh insights into Viet Nam’s dynamic environment and celebrating the people who have contributed to the New Zealand – Viet Nam relationship over the last 50 years.

“This report is timely, especially with the Prime Minister’s upcoming delegation to Viet Nam. Its insights will be a valuable resource for those who want to learn more about our bilateral relationship,” says Suzannah Jessep, CE of the Foundation.

“Viet Nam is already our 14th biggest trading partner, with bilateral trade worth NZ$2.68 billion in 2024. Given Viet Nam’s booming economy, the potential for New Zealand businesses, from fashion and food to tech and the arts is huge. We do have a bit of a trade deficit at the moment, but that just means there’s room to grow.”

The report’s author Haike Manning describes the pace of change in Viet Nam as “remarkable”.

“It is expected to see some of the fastest income growth in the world over the next decade,” he says.

“Viet Nam’s increasingly wealthy consumers trust our high quality, safe food, which has underpinned significant growth in our exports to Viet Nam over the past 10 years.”

Beyond trade, the report also celebrates long-standing ties between the two countries, especially in areas like healthcare, education and diplomacy.

People-to-people connections are flourishing, with 8,000 Vietnamese visiting New Zealand in 2023 and 40,000 New Zealanders visiting Viet Nam in 2024. New Zealand and Viet Nam also share a commitment to a stable international environment and are actively collaborating on defence and security matters.

The full report is a great read for anyone looking to understand the incredible opportunities in Viet Nam, from businesses to policymakers, academics and anyone curious about understanding and engaging with this dynamic market.

Download the full report (PDF – 14 MB): https://www.datocms-assets.com/125706/1739755386-viet-nam-report-2025.pdf

Additional Information:

About the Author

Haike Manning is the former New Zealand Ambassador to Viet Nam (2012-2016). Haike’s 20-year career as a New Zealand diplomat spanned key global economies (India, Brazil, China, as well as Viet Nam), with a strong focus on supporting trade, business and education outcomes for New Zealand.

Since 2017, Haike has been based in Ho Chi Minh City, where he founded LightPath Consulting Group, a consulting business supporting international education providers to engage effectively in Viet Nam. In 2021, LightPath was acquired by Acumen, another international education consulting business. Haike subsequently joined Acumen to spearhead their expansion throughout Southeast Asia.

About the Asia New Zealand Foundation Te Whītau Tūhono

Established in 1994, the Asia New Zealand Foundation Te Whītau Tūhono is New Zealand’s leading authority on Asia. Its mission is to equip New Zealanders to thrive in Asia, by providing experiences and resources to build knowledge, skills and confidence. The Foundation’s activities cover more than 20 countries in Asia and are delivered through eight core programmes: arts, business, entrepreneurship, leadership, media, research, Track II diplomacy and sports.
MIL OSI New Zealand News –
February 20, 2025

MIL-OSI: SBM Offshore Full Year 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

Amsterdam, February 20, 2025

Record-level results, increasing total shareholder returns

Highlights

Record Directional¹ Revenue of US$6.1 billion (+35%), in line with guidance
Record Directional EBITDA of US$1.9 billion (+44%), in line with guidance
Record US$35.1 billion Directional backlog; US$9.5 billion or EUR51.6/share² Directional net cash backlog³
30% increase in cash return to US$1.59 per share⁴: US$155 million dividend⁵; US$150 million share repurchase⁶
US$1.7 billion cash return to shareholders over the coming 6 years
2025 Directional Revenue guidance of above US$4.9 billion
2025 Directional EBITDA guidance of around US$1.55 billion
Completion of FPSO Prosperity and Liza Destiny sales in Q4 2024
FPSO Almirante Tamandaré achieved first oil on February 15, 2025

SBM Offshore’s 2024 Annual Report can be found on its website under: Annual Reports – SBM Offshore

Øivind Tangen, CEO of SBM Offshore, commented:

“SBM Offshore has delivered excellent results in 2024 with a record-level directional revenue of US$6.1 billion and record-level directional EBITDA of US$1.9 billion, reflecting three new awards and the purchases of FPSOs Prosperity and Liza Destiny by ExxonMobil Guyana. Thanks to the addition of three new awards, we ended the year with a record US$35.1 billion backlog. From this we expect to generate US$9.5 billion net cash, equivalent to almost 52 euro per share². Based on this strong performance, we are increasing our fixed cash return by 30% to US$1.59 per share⁴ through a proposed US$155 million dividend⁵ and US$150 million share repurchase⁶ program. At this level we will deliver a minimum US$1.7 billion cash return to shareholders over the next 6 years.

Our Fast4Ward^® program is setting the pace for deepwater developments. FPSO Almirante Tamandaré achieved first oil on February 15, 2025. This vessel, which benefits from emission reduction technologies, is the largest operating unit in Brazil. Two additional units are on track to achieve first oil in 2025. First, FPSO Alexandre de Gusmão which sailed-away at the end of 2024, followed by FPSO ONE GUYANA. These three units have a combined capacity of 655,000 barrels of oil per day. With these achievements, we are further de-risking our construction portfolio.

We strive for excellence both in terms of project execution and asset management. Our lifecycle approach in the FPSO market is unique and the focus on continuous improvement is setting a strong foundation for success. The outlook for new deepwater projects is strong given their low break-even prices and low emission intensity. In the next three years, we see 16 projects in the
Company’s core market of large and complex FPSOs, driven by the promising prospects in Brazil, Guyana, Suriname and Namibia. We have ordered our 10^th MPF hull giving us two hulls to support tendering activities. We will remain disciplined in selecting the highest quality projects.

As the world’s ocean-infrastructure expert we are using our experience to further diversify and decarbonize the solutions we offer. In 2024, we created a joint venture, Ekwil, with Technip Energies to enhance our floating offshore wind product offering, and in early 2025 we completed a minority equity investment in Ocean-Power to offer lower-emission power solutions. We are now able to offer a market ready near-zero emission FPSO and were recently awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs.”

Financial Overview⁷

	Directional			IFRS

in US$ million	FY 2024	FY 2023	% Change	FY 2024	FY 2023	% Change
Revenue	6,111	4,532	35%	4,784	4,963	-4%
Lease and Operate	2,369	1,954	21%	2,074	1,563	33%
Turnkey	3,743	2,578	45%	2,710	3,400	-20%
EBITDA	1,896	1,319	44%	1,041	1,239	-16%
Lease and Operate	1,261	1,124	12%	842	695	21%
Turnkey	724	296	145%	287	646	-56%
Other	(89)	(101)	-12%	(88)	(101)	-13%
Profit attributable to Shareholders	907	524	73%	150	491	-69%
Earnings per share (US$ per share)	5.08	2.92	74%	0.84	2.74	-69%

in US$ billion	FY 2024	FY 2023	% Change	FY 2024	FY 2023	% Change
Pro-forma Backlog	35.1	30.3	16%	–	–	–
Net Debt	5.7	6.7	-15%	8.1	8.7	-7%

Directional revenue increased by 35% to US$6,111 million compared with US$4,532 million in 2023. This increase is driven by the Directional Turnkey revenue which rose to US$3,743 million in 2024 compared with US$2,578 million in 2023. This 45% increase stems from (i) the sale of FPSOs Prosperity and Liza Destiny completed respectively in November and December 2024, (ii) the progress on awarded contracts for the FPSOs Jaguar and GranMorgu, (iii) the 13.5% divestment to CMFL completed in October 2024, and (iv) the increased support to the fleet through brownfield projects. This increase was partly offset by a reduction in charter revenues following (i) the sale of FPSO Liza Unity in November 2023, (ii) the completion of FPSO Prosperity during the last quarter of 2023 as well as a delay in the start-up of FPSO Sepetiba early 2024, and (iii) a comparatively lower level of progress on both FPSOs Almirante Tamandaré and Alexandre de Gusmão as those projects approached completion in 2024.

Directional Lease and Operate revenue stood at US$2,369 million compared with US$1,954 million in the year-ago period. This 21% increase mainly reflects (i) FPSO Prosperity joining the fleet during the last quarter of 2023 and Sepetiba joining the fleet in January 2024, (ii) a higher contribution of FPSOs N’Goma, Saxi Batuque and Mondo following the acquisition of interests held by Sonangol mid-2024, and (iii) an increase in reimbursable scope. This was partly offset by FPSO Liza Unity only contributing in 2024 as an operating contract following the purchase of the unit by ExxonMobil Guyana at the end of 2023.

Directional EBITDA amounted to US$1,896 million, which is a 44% year-on-year increase compared with US$1,319 million in 2023. This was mostly attributable to the Turnkey segment which increased by over US$400 million to US$724 million in 2024. Directional Turnkey EBITDA was mainly impacted by (i) the same drivers as for Directional Turnkey revenue (except that being at relative early stages of completion, FPSO Jaguar only contributed marginally to Turnkey EBITDA and FPSO GranMorgu not at all), and (ii) a reduced investment on Floating Offshore Wind projects following the implementation of Ekwil Joint Venture in partnership with Technip Energies.

Directional Lease and Operate EBITDA stood at US$1,261 million for the year-ended 2024 compared with US$1,124 million in the previous year. The 12% increase reflects (i) the same key factors as for Directional Lease and Operate revenue, (ii) the net gain on the acquisition of interests held by Sonangol in 3 FPSOs and the divestment in the parent company of the Paenal shipyard in Angola, and (iii) the dividends related to FPSO N’Goma partially offset by (iv) additional non-recurring maintenance costs for the fleet under operation.

The other non-allocated costs charged to EBITDA amounted to US$(89) million in 2024, a US$(12) million improvement compared with the previous period mainly due to the one-off impact of US$11 million of restructuring costs in 2023.

During the last quarter of 2024, the Company performed a review of revised estimates of cash flow, maintenance and repair costs. Based on this analysis, actual values and future cash flows related to FPSO Cidade de Anchieta were re-estimated leading to an impairment charge of US$(39) million, accounted for in the 2024 results.

Directional net profit increased by over 70% standing at US$907 million in 2024, or US$5.08 per share, mainly reflecting the increase in Directional EBITDA.

Liquidity, Funding and Directional Net Debt

The Company’s financial position has remained strong as a result of the cash flow generated by the fleet, as well as the positive contribution of the Turnkey activities.

Directional Net debt decreased by US$(936) million to US$5,719 million at year-end 2024. This was driven by the repayment of the FPSOs Prosperity and Liza Destiny financings, the proceeds from the sale of the vessels and the Lease and Operate segment’s strong operating cash flow. This was partially offset by drawings on project financing facilities to fund the construction portfolio. The Company drew on the project finance facilities for FPSO ONE GUYANA, FPSO Almirante Tamandaré and FPSO Alexandre de Gusmão; additionally, the US$1.5 billion construction financing for FPSO Jaguar was signed and partly drawn in November 2024.

More than a third of the Company’s Directional debt for the year-ended 2024 consisted of non-recourse project financing (US$2.2 billion) in special purpose investees. The remainder (US$4 billion) consisted mainly of borrowings to support the ongoing construction of 3 FPSOs which will become non-recourse following achievement of first oil. The project loan for FPSO Jaguar will be repaid following completion of construction. The Company’s RCF was drawn for US$500 million as at December 31, 2024 and the Revolving Credit Facility for MPF hull financing was drawn for US$89 million.

Directional cash and cash equivalents amounted to US$606 million and lease liabilities totaled US$93 million at December 31, 2024.

Cash and undrawn committed credit facilities amount to US$2,639 million at December 31, 2024.

Directional Pro-Forma Backlog

Change in ownership scenarios and lease contract duration have the potential to significantly impact the Company’s future cash flows, net debt balance as well as the profit and loss statement. The Company therefore provides a pro-forma Directional backlog based on the best available information regarding ownership scenarios and lease contract duration for the various projects.

The pro-forma Directional backlog at the end of December 2024 increased by US$4.8 billion to a total of US$35.1 billion. This was mainly the result of (i) the FPSO Jaguar contract awarded in April 2024, (ii) the FSO Trion contract awarded in August 2024, and (iii) the FPSO GranMorgu contract awarded in November 2024, partially offset by (iv) turnover for the period which consumed approximately US$6.1 billion of backlog (including the sale of FPSO Prosperity completed in November 2024 and the sale of FPSO Liza Destiny completed in December 2024, in advance of the initial lease terms which were respectively in November 2025 and in December 2029), and (v) the 13.5% divestment to CMFL completed in October 2024, which was not reflected in the pro-forma Directional backlog end of 2023. The Company’s backlog provides cash flow visibility up to 2050.

in US$ billion	Turnkey	Lease & Operate	Total
2025	2.6	2.3	4.9
2026	1.6	2.6	4.2
2027	3.3	2.1	5.4
Beyond 2028	0.2	20.3	20.5
Total pro-forma Directional backlog	7.7	27.3	35.1

The pro-forma Directional backlog at the end of 2024 reflects the following key assumptions:

The FPSO ONE GUYANA contract covers a maximum lease period of 2 years, within which the ownership of the FPSO will transfer to the client. The impact of the subsequent sale is reflected in the Turnkey backlog.
The FPSO Jaguar contract awarded to the Company in April 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
10 years of operations and maintenance are considered for FPSOs Liza Destiny, Liza Unity, Prosperity and ONE GUYANA following signature of the Operations & Maintenance Enabling Agreement in 2023. Regarding FPSO Jaguar, the pro-forma Directional backlog includes the operating and maintenance scope for 10 years as it has been agreed in principle, pending a final work order. This is consistent with prior years.
The FPSO GranMorgu contract awarded to the Company in November 2024 covers the construction period within which the FPSO ownership will transfer to the client and is reported in the Turnkey backlog.
The FSO Trion contract awarded to the Company in August 2024 is considered for 20 years in lease and operate contracts at the Company ownership share at year-end (100%).
The transaction with MISC Berhad related to the FPSO Espírito Santo and FPSO Kikeh announced on September 6, 2024, and completed on January 31, 2025, has been reflected in the pro-forma Directional backlog.

Project Review and Fleet Operational Update

Project	Client/Country	Contract	SBM Share	Capacity, Size	Percentage of Completion	Project delivery
FPSO *Alexandre de Gusmão*	Petrobras Brazil	22.5-year L&O	55%	180,000 bpd	>75%	2025
FPSO *ONE GUYANA*	ExxonMobil Guyana	2-year BOT	100%	250,000 bpd	>75%	2025
FPSO *Jaguar*	ExxonMobil Guyana	Sale & Operate	100%	250,000 bpd	>25% <50%	2027
FSO Trion	Woodside	20-year Lease	100%	n/a	<25%	n/a⁸
FPSO *GranMorgu*	TotalEnergies	Sale & Operate	52%	220,000 bpd	<25%	2028

Projects are on track with one major delivery achieved in early 2025. After successful completion of the offshore commissioning activities, FPSO Almirante Tamandaré achieved first oil on February 15, 2025. An update on the individual ongoing projects is provided below considering the latest known circumstances.

FPSO Alexandre de Gusmão – In December 2024, the vessel safely departed from the yard in China after successful completion of the onshore topsides’ integration and commissioning phase. The FPSO is on its way to Brazil. First oil is expected mid-2025.

FPSO ONE GUYANA – Integration activities are completed and project teams are finalizing commissioning activities. First oil is expected in the second half of 2025.

FPSO Jaguar – The Fast4Ward^® MPF hull has been safely delivered and arrived in Singapore in preparation for the remaining vessel activities. The topside modules fabrication in Singapore continues as planned. First oil is expected in 2027.

FSO Trion – Engineering and procurement are progressing in line with project schedule.

FPSO GranMorgu – The Fast4Ward^® MPF hull has been safely delivered. Engineering and procurement are progressing in line with project schedule.

Fast4Ward^®MPF hulls – Under the Company’s successful Fast4Ward^® program, the 10^th MPF hull has been ordered. 4 Fast4Ward^® MPF hulls are in operation, another 4 allocated to projects and 2 reserved as part of tendering activities driven by the strong FPSO market outlook.

Contract extension – The Company has agreed a contract extension related to the lease and operation of FPSO Saxi Batuque up to June 2026.

Fleet Uptime – The fleet’s uptime was 95.9% in 2024.

Safety and Sustainability

Safety – The Total Recordable Injury Frequency Rate (“TRIFR”) year-to-date was 0.10, 17% below the yearly target of below 0.12⁹, notwithstanding the high level of activity.

Fleet emissions – For 2024, the Company set a target to further optimize operational excellence on the FPSOs for which it provides operations and maintenance services amounting to a maximum absolute volume of gas flared below 1.57 mmscft/d as an overall FPSO fleet average during the year. As of December 31, 2024, SBM Offshore outperformed this target with the actual being 1.33 mmscft/d, a 15% improvement compared with 2024 target and mainly driven by a continued focus on reducing the number of unplanned events in its operated fleet.

Sustain-2 Notation – FPSO Liza Unity is the 1^st FPSO which has received a Sustain-2 Notation by American Bureau of Shipping. This sustainability certificate recognizes the Company’s efforts in minimizing environmental impacts over the lifecycle of the FPSO including the use of low carbon technologies as well as the focus on workers’ wellbeing.

ESG ratings – In recognition of the Company’s continued focus on sustainability, MSCI has improved SBM Offshore’s rating from AA in 2023 to AAA in 2024 and Sustainalytics included the Company in its 2024 ESG Industry Top Rated, with the Company ranking 2^nd out of 106 industry peers.

Sustainable recycling – The Deep Panuke Production Field Center recycling project reached completion in Nova Scotia, Canada, in early 2024 with 97% of the waste materials were sold, recycled or reused and the remainder 3% was safely disposed of. As for the FPSO Capixaba project, following the handover to M.A.R.S., the Company continues to monitor the safe execution of the decommissioning which is expected to reach completion in 2026.

Blue Economy

SBM Offshore is a blue economy company aiming to manage ocean resources for economic growth while preserving ecosystems. Using its deepwater expertise, the Company is advancing technologies focusing on decarbonizing and diversifying its ocean infrastructure solutions. Ranging from floating offshore wind to offshore hydrogen and ammonia, SBM Offshore remains selective and disciplined in developing innovative solutions and investing in new ocean infrastructure solutions.

Provence Grand Large – The three floating offshore wind turbines that were installed by SBM Offshore at the end of 2023 for the Provence Grand Large project, jointly owned by EDF Renewables and Maple Power, were fully commissioned and started production in 2024.

Floventis Energy Ltd – In December 2024, SBM Offshore reached an agreement with Cierco Energy to sell its shares in the joint venture company Floventis Energy Ltd, thus transferring the ownership of both Cademo and Llŷr Floating Wind projects to Cierco Energy. As planned, following the advancement of these pioneering projects and acquiring valuable knowledge in the offshore wind market, the Company will continue to concentrate its efforts on the remaining two larger scale projects in its portfolio.

emissionZERO^®program – SBM Offshore continues to address FPSO emissions reduction through its emissionZERO^® program and is offering a market-ready near zero emission FPSO for 2025, featuring advanced technologies such as carbon capture, combined cycle gas turbines and deepwater intake risers.

Carbon Capture Module – SBM Offshore has been awarded a contract by Petrobras to qualify SBM’s Carbon Capture Module technology for FPSOs. The Carbon Capture Module for post combustion removal of CO₂ from gas turbine exhaust gasses on FPSO’s has been developed in partnership with Mitsubishi Heavy Industries, Ltd.

Blue Power Hub – With the aim to decarbonize the offshore power generation sector, SBM Offshore signed in December 2024 an investment agreement with the Norwegian company Ocean-Power AS to develop and commercialize offshore power generation units with CO₂ capture and storage. This investment has been completed in early 2025.

Capital allocation and Shareholder Returns

The Company’s shareholder returns policy is to maintain a stable annual cash return to shareholders which grows over time, with flexibility for the Company to make such cash return in the form of a cash dividend and the repurchase of shares. Determination of the annual cash return is based on the Company’s assessment of its underlying cash flow position. The Company prioritizes a stable cash distribution to shareholders and funding of growth projects, with the option to apply surplus capital towards incremental cash returns to shareholders.

As a result, following review of its cash flow position and forecast, the Company intends to pay US$1.59 per share through a proposed US$155m dividend⁵ (EUR150 million equivalent or US$0.88 per share⁴) and US$150 million (EUR141 million equivalent) share repurchase program⁶. This represents an increase of 30% compared with 2024. The objective of the share buyback program would be to reduce share capital and provide shares for regular management and employee share programs (maximum US$25 million). Shares repurchased as part of the cash return will be cancelled.

The share repurchase program will be launched after the current share repurchase program has ended. The dividend will be proposed at the Annual General Meeting on April 9, 2025.

Guidance

The Company’s 2025 Directional revenue guidance is above US$4.9 billion of which above US$2.2 billion is expected from the Lease and Operate segment and around US$2.7 billion from the Turnkey segment.

2025 Directional EBITDA guidance is around US$1.55 billion for the Company.

Conference Call

SBM Offshore has scheduled a conference call together with a webcast, which will be followed by a Q&A session, to discuss the Full Year 2024 Earnings release.

The event is scheduled for Thursday February 20, 2025, at 10.00 AM (CET) and will be hosted by Øivind Tangen (CEO) and Douglas Wood (CFO).

Interested parties are invited to register prior the call using the link: Full Year 2024 Earnings Conference Call

Please note that the conference call can only be accessed with a personal identification code, which is sent to you by email after completion of the registration.

The live webcast will be available at: Full Year 2024 Earnings Webcast

A replay of the webcast, which is available shortly after the call, can be accessed using the same link.

Corporate Profile

SBM Offshore is the world’s deepwater ocean-infrastructure expert. Through the design, construction, installation, and operation of offshore floating facilities, we play a pivotal role in a just transition. By advancing our core, we deliver cleaner, more efficient energy production. By pioneering more, we unlock new markets within the blue economy.

More than 7,800 SBMers collaborate worldwide to deliver innovative solutions as a responsible partner towards a sustainable future, balancing ocean protection with progress.

For further information, please visit our website at www.sbmoffshore.com.

Financial Calendar	Date	Year
Annual General Meeting	April 9	2025
First Quarter 2025 Trading Update	May 15	2025
Half Year 2025 Earnings	August 7	2025
Third Quarter 2025 Trading Update	November 13	2025
Full Year 2025 Earnings	February 26	2026

For further information, please contact:

Investor Relations

Wouter Holties
Corporate Finance & Investor Relations Manager

Media Relations

Giampaolo Arghittu
Head of External Relations

Market Abuse Regulation

This press release may contain inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

Disclaimer

Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance, or events to differ materially from those in such statements. These statements may be identified by words such as ‘expect’, ‘should’, ‘could’, ‘shall’ and / or similar expressions. Such forward-looking statements are subject to various risks and uncertainties. The principal risks which could affect the future operations of SBM Offshore N.V. are described in the ‘Impacts, Risks and Opportunities’ section of the 2024 Annual Report.

Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results and performance of the Company’s business may vary materially and adversely from the forward-looking statements described in this release. SBM Offshore does not intend and does not assume any obligation to update any industry information or forward-looking statements set forth in this release to reflect new information, subsequent events or otherwise.

This release contains certain alternative performance measures (APMs) as defined by the ESMA guidelines which are not defined under IFRS. Further information on these APMs is included in the 2024 Annual Report, available on our website Annual Reports – SBM Offshore.

Nothing in this release shall be deemed an offer to sell, or a solicitation of an offer to buy, any securities. The companies in which SBM Offshore N.V. directly and indirectly owns investments are separate legal entities. In this release “SBM Offshore” and “SBM” are sometimes used for convenience where references are made to SBM Offshore N.V. and its subsidiaries in general. These expressions are also used where no useful purpose is served by identifying the particular company or companies.

“SBM Offshore^®“, the SBM logomark, “Fast4Ward^®”, “emissionZERO^®” and “F4W^®” are proprietary marks owned by SBM Offshore.

¹ Directional reporting, presented in the Financial Statements under section 4.3.2 Operating Segments and Directional Reporting, represents a pro-forma accounting policy, which treats all lease contracts as operating leases and consolidates all co-owned investees related to lease contracts on a proportional basis based on percentage of ownership. This explanatory note relates to all Directional reporting in this document.
² Based on the number of shares outstanding and exchange rate EUR/US$ of 1.039 at December 31, 2024.

³ Reflects a pro-forma view of the Company’s Directional backlog and expected net cash from Turnkey, Lease and Operate and Build Operate Transfer sales after tax and debt service.
⁴ Based on the number of shares outstanding at December 31, 2024. Dividend amount per share depends on number of shares entitled to dividend.
⁵ Equivalent of EUR150 million based on the EUR/US$ exchange rate on February 11, 2025. Dividends will be paid in Euro provided that the minimum Euro dividend shall amount to EUR150 million.
⁶ Including maximum US$25 million for management and employee share plans.

⁷ Numbers may not add up due to rounding.
⁸ Project delivery not disclosed by the client.

⁹ Measured per 200,000 work hours.

Attachment

SBM Offshore Full Year 2024 Earnings

The MIL Network –

February 20, 2025

MIL-OSI: Aegon reports second half year 2024 results
Source: GlobeNewswire (MIL-OSI)

The Hague – February 20, 2025. Please click here to access all 2H 2024 results related documents.

2H 2024 IFRS results
- Net profit of EUR 741 million as operating result and benefit from the a.s.r. stake are partly offset by restructuring charges and net impairments in the US
- Operating result of EUR 776 million, up 14% compared with the second half of 2023, reflecting improved experience variance in the US and business growth in the US and asset management
- Shareholders’ equity per share of EUR 4.53, increases by 13% compared with June 30, 2024, while contractual service margin per share after estimated tax adjustment increases by 5% to EUR 4.38. Valuation equity per share – the sum of these components – grew by 9% to EUR 8.91
2H 2024 capital generation, cash and capital management
- Operating capital generation before holding funding and operating expenses remained broadly stable at EUR 658 million compared with the second half of 2023. Aegon meets its increased guidance of EUR 1.2 billion for 2024
- Capital ratios of Aegon’s main units remain above their respective operating levels and Cash Capital at Holding at EUR 1.7 billion per year-end 2024. EUR 200 million share buyback completed in December
- Free cash flow of EUR 385 million, which includes capital distributions from a.s.r. Full-year free cash flow of EUR 759 million meets guidance of more than EUR 700 million
- 2024 final dividend of EUR 0.19 per common share proposed, an increase of 19% compared with 2023 final dividend
Lard Friese, Aegon CEO, commented:
In 2024, we continued to make good progress with our transformation and are on track to meet the 2025 targets we laid out at our 2023 Capital Markets Day (CMD). We will provide an update on our strategy and new group targets at our next CMD on December 10, 2025, in London. Looking back on the year, I am proud of what the teams achieved, and I am grateful for their hard work.

We have delivered on both our increased guidance for operating capital generation (OCG) of EUR 1.2 billion, and on our free cash flow guidance of more than EUR 700 million for 2024. Our main business units remained well capitalized, and we have generated a full year IFRS operating result of EUR 1.5 billion. Our valuation equity per share, which is a measure of shareholder value, increased by 12% to EUR 8.91.

We continued to execute our strategy to grow our businesses and improve the service we offer to customers. This included the roll-out of a new brand identity across our fully owned units that facilitates improved digital customer experiences. Taking a closer look at our commercial performance in 2024: in the Americas, we strengthened our distribution capabilities as World Financial Group (WFG) grew its number of licensed agents to over 86,000, up 17% compared with the prior year. This contributed to the 22% increase in the operating result of Transamerica’s distribution segment, which reached USD 191 million. Transamerica generated Individual Life sales of USD 473 million, slightly down compared with 2023. The Retirement Plans business experienced outflows but the mid-sized Retirement Plans business continued to grow with strong written plan sales and USD 557 million of net deposits. Throughout the year, we also continued to implement management actions to reduce our exposure to Financial Assets. This included achieving the goals of our program to purchase universal life policies from institutional owners earlier than anticipated.

In the United Kingdom, we are executing the strategy we presented at our June 2024 Teach-In. Our UK Workplace platform performed strongly, with net deposits amounting to GBP 3.7 billion in 2024, due to the onboarding of new schemes and higher regular contributions from existing schemes. While outflows continued in our UK Adviser platform, we are executing our strategy to return the platform to growth by 2028 that includes targeting the top 500 financial adviser firms.

2024 saw our Asset Management business return to growth, with third-party net deposits in Global Platforms and net deposits in Strategic Partnerships combined totaling around EUR 14 billion. This was driven by consecutive net deposits at both businesses during each quarter of 2024.

Our International business saw 15% lower new life sales, mainly driven by pricing actions in China to reflect lower interest rates. At the same time, its value of new business grew by 18%, driven by Brazil and Spain & Portugal, underscoring our focus on profitable growth.

Over the year, we remained disciplined in our management of capital. During the first half of 2024, we completed the EUR 1.535 billion share buyback program. In the second half, we completed a EUR 200 million share buyback program and announced a new EUR 150 million share buyback program, which began in January 2025.

On the basis of our 2024 performance, we today propose a final dividend of 19 eurocents per share. This will result in a total dividend paid for the full-year 2024 of 35 eurocents, up 17% compared with 2023, and means we are on our way to achieve our target of around 40 eurocents per share over 2025.

Additional information
Presentation
The conference call presentation is available on aegon.com.

Supplements
Aegon’s second half 2024 Financial Supplement and other supplementary documents are available on aegon.com.

Webcast and conference call including Q&A
The webcast and conference call starts at 9:00 am CET. The audio webcast can be followed on aegon.com. To join the conference call and/or participate in the Q&A, you will need to register via the following registration link. Directly after registration you will see your personal pin on the confirmation screen, and you will also receive an email with the call details and your personal pin to enter the conference call. The link becomes active 15 minutes prior to the scheduled start time. To avoid any unforeseen connection issues, it is recommended to make use of the “Call me” option. Approximately two hours after the conference call, a replay will be available on aegon.com.

Click to join
With “Call me”, there’s no need to dial-in. Simply click the following registration link and select the option “Call me”.
Enter your information and you will be called back to directly join the conference. The link becomes active 15 minutes prior to the scheduled start time. Should you wish not to use the “Click to join” function, dial-in numbers are also available. For passcode: you will receive a personal pin upon registration.

Dial-in numbers for conference call:
United States: +1 864 991 4103 (local)
United Kingdom: +44 808 175 1536 (toll-free)
The Netherlands: +31 800 745 8377 (toll-free); or +31 970 102 86838 (toll)

Financial calendar 2025
First quarter 2025 trading update – May 16, 2025
Annual General Meeting – June 12, 2025
Second half 2025 results – August 21, 2025
Third quarter 2025 trading update – November 13, 2025
Capital Markets Day – December 10, 2025

About Aegon
Aegon is an international financial services holding company. Aegon’s ambition is to build leading businesses that offer their customers investment, protection, and retirement solutions. Aegon’s portfolio of businesses includes fully owned businesses in the United States and United Kingdom, and a global asset manager. Aegon also creates value by combining its international expertise with strong local partners via insurance joint ventures in Spain & Portugal, China, and Brazil, and via asset management partnerships in France and China. In addition, Aegon owns a Bermuda-based life insurer and generates value via a strategic shareholding in a market leading Dutch insurance and pensions company.

Aegon’s purpose of helping people live their best lives runs through all its activities. As a leading global investor and employer, Aegon seeks to have a positive impact by addressing critical environmental and societal issues, with a focus on climate change and inclusion & diversity. Aegon is headquartered in The Hague, the Netherlands, domiciled in Bermuda, and listed on Euronext Amsterdam and the New York Stock Exchange. More information can be found at aegon.com. More information can be found at aegon.com.

Contacts

Media relations Investor relations

Richard Mackillican Yves Cormier

+31(0) 6 27411546 +31(0) 70 344 8028

richard.mackillican@aegon.com yves.cormier@aegon.com

Local currencies and constant currency exchange rates
This document contains certain information about Aegon’s results, financial condition and revenue generating investments presented in USD for the Americas and in GBP for the United Kingdom, because those businesses operate and are managed primarily in those currencies. Certain comparative information presented on a constant currency basis eliminates the effects of changes in currency exchange rates. None of this information is a substitute for or superior to financial information about Aegon presented in EUR, which is the currency of Aegon’s primary financial statements.

Forward-looking statements
The statements contained in this document that are not historical facts are forward-looking statements as defined in the US Private Securities Litigation Reform Act of 1995. The following are words that identify such forward-looking statements: aim, believe, estimate, target, intend, may, expect, anticipate, predict, project, counting on, plan, continue, want, forecast, goal, should, would, could, is confident, will, and similar expressions as they relate to Aegon. These statements may contain information about financial prospects, economic conditions and trends and involve risks and uncertainties. In addition, any statements that refer to sustainability, environmental and social targets, commitments, goals, efforts and expectations and other events or circumstances that are partially dependent on future events are forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Aegon undertakes no obligation, and expressly disclaims any duty, to publicly update or revise any forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which merely reflect company expectations at the time of writing. Actual results may differ materially and adversely from expectations conveyed in forward-looking statements due to changes caused by various risks and uncertainties. Such risks and uncertainties include but are not limited to the following:
- Unexpected delays, difficulties, and expenses in executing against Aegon’s environmental, climate, diversity and inclusion or other “ESG” targets, goals and commitments, and changes in laws or regulations affecting us, such as changes in data privacy, environmental, health and safety laws;
- Changes in general economic and/or governmental conditions, particularly in Bermuda, the United States, the Netherlands and the United Kingdom;
- Civil unrest, (geo-) political tensions, military action or other instability in a country or geographic region;
- Changes in the performance of financial markets, including emerging markets, such as with regard to:
  - The frequency and severity of defaults by issuers in Aegon’s fixed income investment portfolios;
  - The effects of corporate bankruptcies and/or accounting restatements on the financial markets and the resulting decline in the value of equity and debt securities Aegon holds;
  - The effects of declining creditworthiness of certain public sector securities and the resulting decline in the value of government exposure that Aegon holds;
  - The impact from volatility in credit, equity, and interest rates;
- Changes in the performance of Aegon’s investment portfolio and decline in ratings of Aegon’s counterparties;
- Lowering of one or more of Aegon’s debt ratings issued by recognized rating organizations and the adverse impact such action may have on Aegon’s ability to raise capital and on its liquidity and financial condition;
- Lowering of one or more of insurer financial strength ratings of Aegon’s insurance subsidiaries and the adverse impact such action may have on the written premium, policy retention, profitability and liquidity of its insurance subsidiaries;
- The effect of applicable Bermuda solvency requirements, the European Union’s Solvency II requirements, and applicable equivalent solvency requirements and other regulations in other jurisdictions affecting the capital Aegon is required to maintain;
- Changes in the European Commissions’ or European regulator’s position on the equivalence of the supervisory regime for insurance and reinsurance undertakings in force in Bermuda;
- Changes affecting interest rate levels and low or rapidly changing interest rate levels;
- Changes affecting currency exchange rates, in particular the EUR/USD and EUR/GBP exchange rates;
- Changes affecting inflation levels, particularly in the United States, the Netherlands and the United Kingdom;
- Changes in the availability of, and costs associated with, liquidity sources such as bank and capital markets funding, as well as conditions in the credit markets in general such as changes in borrower and counterparty creditworthiness;
- Increasing levels of competition, particularly in the United States, the Netherlands, the United Kingdom and emerging markets;
- Catastrophic events, either manmade or by nature, including by way of example acts of God, acts of terrorism, acts of war and pandemics, could result in material losses and significantly interrupt Aegon’s business;
- The frequency and severity of insured loss events;
- Changes affecting longevity, mortality, morbidity, persistence and other factors that may impact the profitability of Aegon’s insurance products and management of derivatives;
- Aegon’s projected results are highly sensitive to complex mathematical models of financial markets, mortality, longevity, and other dynamic systems subject to shocks and unpredictable volatility. Should assumptions to these models later prove incorrect, or should errors in those models escape the controls in place to detect them, future performance will vary from projected results;
- Reinsurers to whom Aegon has ceded significant underwriting risks may fail to meet their obligations;
- Changes in customer behavior and public opinion in general related to, among other things, the type of products Aegon sells, including legal, regulatory or commercial necessity to meet changing customer expectations;
- Customer responsiveness to both new products and distribution channels;
- Third-party information used by us may prove to be inaccurate and change over time as methodologies and data availability and quality continue to evolve impacting our results and disclosures;
- As Aegon’s operations support complex transactions and are highly dependent on the proper functioning of information technology, operational risks such as system disruptions or failures, security or data privacy breaches, cyberattacks, human error, failure to safeguard personally identifiable information, changes in operational practices or inadequate controls including with respect to third parties with which Aegon does business, may disrupt Aegon’s business, damage its reputation and adversely affect its results of operations, financial condition and cash flows, and Aegon may be unable to adopt to and apply new technologies;
- The impact of acquisitions and divestitures, restructurings, product withdrawals and other unusual items, including Aegon’s ability to complete, or obtain regulatory approval for, acquisitions and divestitures, integrate acquisitions, and realize anticipated results, and its ability to separate businesses as part of divestitures;
- Aegon’s failure to achieve anticipated levels of earnings or operational efficiencies, as well as other management initiatives related to cost savings, Cash Capital at Holding, gross financial leverage and free cash flow;
- Changes in the policies of central banks and/or governments;
- Litigation or regulatory action that could require Aegon to pay significant damages or change the way Aegon does business;
- Competitive, legal, regulatory, or tax changes that affect profitability, the distribution cost of or demand for Aegon’s products;
- Consequences of an actual or potential break-up of the European Monetary Union in whole or in part, or further consequences of the exit of the United Kingdom from the European Union and potential consequences if other European Union countries leave the European Union;
- Changes in laws and regulations, or the interpretation thereof by regulators and courts, including as a result of comprehensive reform or shifts away from multilateral approaches to regulation of global or national operations, particularly regarding those laws and regulations related to ESG matters, those affecting Aegon’s operations’ ability to hire and retain key personnel, taxation of Aegon companies, the products Aegon sells, the attractiveness of certain products to its consumers and Aegon’s intellectual property;
- Regulatory changes relating to the pensions, investment, insurance industries and enforcing adjustments in the jurisdictions in which Aegon operates;
- Standard setting initiatives of supranational standard setting bodies such as the Financial Stability Board and the International Association of Insurance Supervisors or changes to such standards that may have an impact on regional (such as EU), national or US federal or state level financial regulation or the application thereof to Aegon, including the designation of Aegon by the Financial Stability Board as a Global Systemically Important Insurer (G-SII);
- Changes in accounting regulations and policies or a change by Aegon in applying such regulations and policies, voluntarily or otherwise, which may affect Aegon’s reported results, shareholders’ equity or regulatory capital adequacy levels;
- Changes in ESG standards and requirements, including assumptions, methodology and materiality, or a change by Aegon in applying such standards and requirements, voluntarily or otherwise, may affect Aegon’s ability to meet evolving standards and requirements, or Aegon’s ability to meet its sustainability and ESG-related goals, or related public expectations, which may also negatively affect Aegon’s reputation or the reputation of its board of directors or its management; and
- Other risks and uncertainties identified in the Form 20-F and in other documents filed or to be filed by Aegon with the SEC.
- Reliance on third-party information in certain of Aegon’s disclosures, which may change over time as methodologies and data availability and quality continue to evolve. These factors, as well as any inaccuracies in third-party information used by Aegon, including in estimates or assumptions, may cause results to differ materially and adversely from statements, estimates, and beliefs made by Aegon or third-parties. Moreover, Aegon’s disclosures based on any standards may change due to revisions in framework requirements, availability of information, changes in its business or applicable governmental policies, or other factors, some of which may be beyond Aegon’s control. Additionally, Aegon’s discussion of various ESG and other sustainability issues in this document or in other locations, including on our corporate website, may be informed by the interests of various stakeholders, as well as various ESG standards, frameworks, and regulations (including for the measurement and assessment of underlying data). As such, our disclosures on such issues, including climate-related disclosures, may include information that is not necessarily “material” under US securities laws for SEC reporting purposes, even if we use words such as “material” or “materiality” in relation to those statements. ESG expectations continue to evolve, often quickly, including for matters outside of our control; our disclosures are inherently dependent on the methodology (including any related assumptions or estimates) and data used, and there can be no guarantee that such disclosures will necessarily reflect or be consistent with the preferred practices or interpretations of particular stakeholders, either currently or in future.
This document contains information that qualifies, or may qualify, as inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation (596/2014). Further details of potential risks and uncertainties affecting Aegon are described in its filings with the Netherlands Authority for the Financial Markets and the US Securities and Exchange Commission, including the 2023 Integrated Annual Report. These forward-looking statements speak only as of the date of this document. Except as required by any applicable law or regulation, Aegon expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Aegon’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

WORLD FINANCIAL GROUP (WFG):
WFG CONSISTS OF:
IN THE UNITED STATES, WORLD FINANCIAL GROUP INSURANCE AGENCY, LLC (IN CALIFORNIA, DOING BUSINESS AS WORLD FINANCIAL INSURANCE AGENCY, LLC), WORLD FINANCIAL GROUP INSURANCE AGENCY OF HAWAII, INC., WORLD FINANCIAL GROUP INSURANCE AGENCY OF MASSACHUSETTS, INC., AND / OR WFG INSURANCE AGENCY OF PUERTO RICO, INC. (COLLECTIVELY WFGIA), WHICH OFFER INSURANCE AND ANNUITY PRODUCTS.
IN THE UNITED STATES, TRANSAMERICA FINANCIAL ADVISORS, INC. IS A FULL-SERVICE, FULLY LICENSED, INDEPENDENT BROKER-DEALER AND REGISTERED INVESTMENT ADVISOR. TRANSAMERICA FINANCIAL ADVISORS, INC. (TFA), MEMBER FINRA, MSRB, SIPC , AND REGISTERED INVESTMENT ADVISOR, OFFERS SECURITIES AND INVESTMENT ADVISORY SERVICES.
IN CANADA, WORLD FINANCIAL GROUP INSURANCE AGENCY OF CANADA INC. (WFGIAC), WHICH OFFERS LIFE INSURANCE AND SEGREGATED FUNDS. WFG SECURITIES INC. (WFGS), WHICH OFFERS MUTUAL FUNDS.
WFGIAC AND WFGS ARE AFFILIATED COMPANIES.

Attachment
- 20250220_PR_Aegon reports second half year 2024 results
The MIL Network –
February 20, 2025
MIL-OSI USA: Senator Reverend Warnock’s Issues Statement for the Official Record on Nomination of Jamieson Greer to be USTR

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

Senator Reverend Warnock’s Issues Statement for the Official Record on Nomination of Jamieson Greer to be USTR

Today, U.S. Senator Reverend Raphael Warnock (D-GA), issued the following statement on consideration of the Nomination of Jamieson Greer, of Maryland, to be United States Trade Representative, with the rank of Ambassador Extraordinary and Plenipotentiary.
“I will vote against the nomination of Mr. Jamieson Greer to serve as the United States Trade Representative. Despite Mr. Greer’s qualifications, he would be responsible for implementing President Trump’s haphazard and reckless trade policies, which I believe are harmful to Georgia businesses, farmers, and families. I am particularly concerned that, instead of advising the President on trade, Mr. Greer would be forced to appease President Trump’s chaotic tariff impulses.”
“President Trump has used the threat of tariffs on America’s closest allies and trading partners—including Mexico, Canada, and even the European Union—merely to advance partisan or political goals that have little to do with our economy. These actions risk increasing costs for Georgia families and threatening good-paying American jobs.”
“Should Mr. Greer be confirmed, as Ranking Member of the Senate Subcommittee on International Trade, Customs, and Global Competitiveness, I will work with him, holding him accountable when necessary, to fight for domestic manufacturing in critical sectors like clean energy and electric vehicles, which are leading Georgia’s economic growth and reducing our dependence on China; to identify new international market access opportunities for Georgia’s farmers and small businesses, while protecting them from harmful trade wars; and to lower costs for hard-working families.”

MIL OSI USA News –

February 20, 2025
MIL-Evening Report: US backing for Pacific disinformation media course casualty of Trump aid ‘freeze’

Pacific Media Watch

A New Zealand-based community education provider, Dark Times Academy, has had a US Embassy grant to deliver a course teaching Pacific Islands journalists about disinformation terminated after the new Trump administration took office.

The new US administration requested a list of course participants and to review the programme material amid controversy over a “freeze” on federal aid policies.

The course presentation team refused and the contract was terminated by “mutual agreement” — but the eight-week Pacific workshop is going ahead anyway from next week.

Dark Times Academy’s co-founder Mandy Henk . . . “A Bit Sus”, an evidence-based peer-reviewed series of classes on disinfiormation for Pacific media. Image: Newsroom

“As far as I can tell, the current foreign policy priorities of the US government seem to involve terrorising the people of Gaza, annexing Canada, invading Greenland, and bullying Panama,” said Dark Times Academy co-founder Mandy Henk.

“We felt confident that a review of our materials would not find them to be aligned with those priorities.”

The course, called “A Bit Sus”, is an evidence-based peer-reviewed series of classes that teach key professions the skills needed to identify and counter disinformation and misinformation in their particular field.

The classes focus on “prebunking”, lateral reading, and how technology, including generative AI, influences disinformation.

Awarded competitive funds
Dark Times Academy was originally awarded the funds to run the programme through a public competitive grant offered by the US Embassy in New Zealand in 2023 under the previous US administration.

The US Embassy grant was focused on strengthening the capacity of Pacific media to identify and counter disinformation. While funded by the US, the course was to be a completely independent programme overseen by Dark Times Academy and its academic consultants.

Co-founder Henk was preparing to deliver the education programme to a group of Pacific Island journalists and media professionals, but received a request from the US Embassy in New Zealand to review the course materials to “ensure they are in line with US foreign policy priorities”.

Henk said she and the other course presenters refused to allow US government officials to review the course material for this purpose.

She said the US Embassy had also requested a “list of registered participants for the online classes,” which Dark Times Academy also declined to provide as compliance would have violated the New Zealand Privacy Act 2020.

Henk said the refusal to provide the course materials for review led immediately to further discussions with the US Embassy in New Zealand that ultimately resulted in the termination of the grant “by mutual agreement”.

However, she said Dark Times Academy would still go ahead with running the course for the Pacific Island journalists who had signed up so far, starting on February 26.

Continuing the programme
“The Dark Times Academy team fully intends to continue to bring the ‘A Bit Sus’ programme and other classes to the Pacific region and New Zealand, even without the support of the US government,” Henk said.

“As noted when we first announced this course, the Pacific Islands have experienced accelerated growth in digital connectivity over the past few years thanks to new submarine cable networks and satellite technology.

“Alongside this, the region has also seen a surge in harmful rumours and disinformation that is increasingly disrupting the ability to share accurate and truthful information across Pacific communities.

“This course will help participants from the media recognise common tactics used by disinformation agents and support them to deploy proven educational and communications techniques.

“By taking a skills-based approach to countering disinformation, our programme can help to spread the techniques needed to mitigate the risks posed by digital technologies,” Henk said.

Especially valuable for journalists
Dark Times Academy co-founder Byron Clark said the course would be especially valuable for journalists in the Pacific region given the recent shifts in global politics and the current state of the planet.

Dark Times Academy co-founder and author Byron Clark . . . “We saw the devastating impacts of disinformation in the Pacific region during the measles outbreak in Samoa.” Image: APR

“We saw the devastating impacts of disinformation in the Pacific region during the measles outbreak in Samoa, for example,” said Clark, author of the best-selling book Fear: New Zealand’s Underworld of Hostile Extremists.

“With Pacific Island states bearing the brunt of climate change, as well as being caught between a geopolitical stoush between China and the West, a course like this one is timely.”

Henk said the “A Bit Sus” programme used a “high-touch teaching model” that combined the current best evidence on how to counter disinformation with a “learner-focused pedagogy that combines discussion, activities, and a project”.

Past classes led to the creation of the New Zealand version of the “Euphorigen Investigation” escape room, a board game, and a card game.

These materials remain in use across New Zealand schools and community learning centres.

MIL OSI Analysis – EveningReport.nz –

February 20, 2025
MIL-Evening Report: Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case
Source: The Conversation (Au and NZ) – By Matt Nichol, Lecturer in Law, CQUniversity Australia

The tennis world is still reeling after news the number one ranked men’s player, Jannik Sinner, agreed to a three-month suspension issued by the World Anti-Doping Agency (WADA) to be served between the Australian and French Opens.

Sinner, a three-time Grand Slam winner, received the ban after twice testing positive for clostebol, a steroid banned by the World-Anti Doping Code, in March 2024.

Read more:
Tennis is facing an existential crisis over doping. How will it respond?

The fallout

“Unintentional doping offences” – as in Sinner’s case – can attract a maximum two-year ban even if the athlete shows no fault or negligence.

Sinner’s three-month ban was immediately criticised by many in the media and within tennis circles due to its leniency and convenient timing. It also did not result from a hearing before an anti-doping tribunal or the Court of Arbitration for Sport, as has been the case with other tennis players who have received bans in the past.

The suspension was the product of a “case resolution agreement” (a negotiated settlement) between WADA and Sinner.

WADA initially appealed the International Tennis Integrity Agency’s decision not to suspend Sinner on the basis of demonstrating no significant fault or negligence, but withdrew its case before the Court of Arbitration for Sport.

Sinner argued the banned substance entered his system after a massage by a physiotherapist in his entourage who had used a cream with clostebol to treat a cut on his finger.

Both WADA and the International Tennis Integrity Agency accepted this version of events.

In the eyes of most, WADA’s actions failed to pass the “pub test” and many high-profile tennis players voiced their concerns.

Novak Djokovic flagged issues over the treatment of high-ranked athletes such as Sinner compared to lower-ranked players.

For example, Chilean Nicolas Jarry was suspended for 11 months in 2020 after testing positive to ligandrol and stanozolol that he alleged were in a supplement he took.

In 2023 Sweden’s Mikael Ymer was suspended for 18 months by the Court of Arbitration for Sport for failing to submit to three out-of-competition tests in a 12-month period.

Great Britain’s Tara Moore took nearly two years to clear her name before an anti-doping tribunal in 2023 revealed contaminated meat had led to her positive tests for nandrolone and boldenone. Despite this decision, Moore served a 19-month ban.

Djokovic’s view suggested favouritism for higher-ranked players, who can access top lawyers. He also criticised a lack of transparency in the Sinner agreement with WADA.

However, high-ranked players such as Simona Halep and Maria Sharapova have received lengthy suspensions for doping violations.

Nick Kyrgios was similarly critical, stating it was a sad day for the sport and that fairness in tennis did not exist.

Former Spanish player Feliciano Lopez was among those who supported Sinner. He said he believed in clean sport and that Sinner had not enhanced his performance and took responsibility for the actions of his physiotherapist.

Intentional and unintentional doping

The criticisms appear to be based on a misunderstanding of the anti-doping provisions in the World Anti-Doping Code and the failure by WADA to clearly communicate its rationale for Sinner’s suspension.

Rather than favouritism for a high-ranked player, WADA’s decision to suspend Sinner for three months was based on the distinction in the World Anti-Doping Code between intentional and unintentional doping. It found that Sinner:
- had not intended to cheat using clostebol
- received no performance-enhancing benefit from the substance
- had no knowledge of the administration of the substance.
But WADA argued that under the code, Sinner was responsible for the negligence of his entourage and issued the suspension.

WADA confirmed its rationale for the three-month suspension after Spanish media pointed out that figure skater Laura Barquero had received a six-year ban for a positive test of clostebol.

WADA differentiated the two cases based on intention. It was not convinced by Barquero’s explanation of how clostebol entered her system, while it said the evidence supported Sinner’s version of events.

Lessons from the Sinner case

So what can be learned from Sinner’s case?

One of the most important legal issues arising from the Sinner case is the distinction in the anti-doping rules between intentional and unintentional doping.

This distinction explains the difference in penalties between Sinner and other athletes.

Also, the facts of a doping case are relevant in determining circumstances that may reduce the severity of a penalty in matters resolved by negotiated case resolution agreements.

An important lesson for WADA is ensuring transparency in proceedings and the clear communication of the rationale used to arrive at a penalty.

Finally, a Court of Arbitration for Sport hearing may not have been needed for Sinner as the parties agreed on the facts leading to the doping rule violation.

Matt Nichol does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case – https://theconversation.com/playing-favourites-inconsistency-or-a-fair-decision-unpacking-jannik-sinners-doping-case-250143
MIL OSI Analysis – EveningReport.nz –
February 20, 2025
MIL-OSI Global: Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case
Source: The Conversation – Global Perspectives – By Matt Nichol, Lecturer in Law, CQUniversity Australia

The tennis world is still reeling after news the number one ranked men’s player, Jannik Sinner, agreed to a three-month suspension issued by the World Anti-Doping Agency (WADA) to be served between the Australian and French Opens.

Sinner, a three-time Grand Slam winner, received the ban after twice testing positive for clostebol, a steroid banned by the World-Anti Doping Code, in March 2024.

Read more:
Tennis is facing an existential crisis over doping. How will it respond?

The fallout

“Unintentional doping offences” – as in Sinner’s case – can attract a maximum two-year ban even if the athlete shows no fault or negligence.

Sinner’s three-month ban was immediately criticised by many in the media and within tennis circles due to its leniency and convenient timing. It also did not result from a hearing before an anti-doping tribunal or the Court of Arbitration for Sport, as has been the case with other tennis players who have received bans in the past.

The suspension was the product of a “case resolution agreement” (a negotiated settlement) between WADA and Sinner.

WADA initially appealed the International Tennis Integrity Agency’s decision not to suspend Sinner on the basis of demonstrating no significant fault or negligence, but withdrew its case before the Court of Arbitration for Sport.

Sinner argued the banned substance entered his system after a massage by a physiotherapist in his entourage who had used a cream with clostebol to treat a cut on his finger.

Both WADA and the International Tennis Integrity Agency accepted this version of events.

In the eyes of most, WADA’s actions failed to pass the “pub test” and many high-profile tennis players voiced their concerns.

Novak Djokovic flagged issues over the treatment of high-ranked athletes such as Sinner compared to lower-ranked players.

For example, Chilean Nicolas Jarry was suspended for 11 months in 2020 after testing positive to ligandrol and stanozolol that he alleged were in a supplement he took.

In 2023 Sweden’s Mikael Ymer was suspended for 18 months by the Court of Arbitration for Sport for failing to submit to three out-of-competition tests in a 12-month period.

Great Britain’s Tara Moore took nearly two years to clear her name before an anti-doping tribunal in 2023 revealed contaminated meat had led to her positive tests for nandrolone and boldenone. Despite this decision, Moore served a 19-month ban.

Djokovic’s view suggested favouritism for higher-ranked players, who can access top lawyers. He also criticised a lack of transparency in the Sinner agreement with WADA.

However, high-ranked players such as Simona Halep and Maria Sharapova have received lengthy suspensions for doping violations.

Nick Kyrgios was similarly critical, stating it was a sad day for the sport and that fairness in tennis did not exist.

Former Spanish player Feliciano Lopez was among those who supported Sinner. He said he believed in clean sport and that Sinner had not enhanced his performance and took responsibility for the actions of his physiotherapist.

Intentional and unintentional doping

The criticisms appear to be based on a misunderstanding of the anti-doping provisions in the World Anti-Doping Code and the failure by WADA to clearly communicate its rationale for Sinner’s suspension.

Rather than favouritism for a high-ranked player, WADA’s decision to suspend Sinner for three months was based on the distinction in the World Anti-Doping Code between intentional and unintentional doping. It found that Sinner:
- had not intended to cheat using clostebol
- received no performance-enhancing benefit from the substance
- had no knowledge of the administration of the substance.
But WADA argued that under the code, Sinner was responsible for the negligence of his entourage and issued the suspension.

WADA confirmed its rationale for the three-month suspension after Spanish media pointed out that figure skater Laura Barquero had received a six-year ban for a positive test of clostebol.

WADA differentiated the two cases based on intention. It was not convinced by Barquero’s explanation of how clostebol entered her system, while it said the evidence supported Sinner’s version of events.

Lessons from the Sinner case

So what can be learned from Sinner’s case?

One of the most important legal issues arising from the Sinner case is the distinction in the anti-doping rules between intentional and unintentional doping.

This distinction explains the difference in penalties between Sinner and other athletes.

Also, the facts of a doping case are relevant in determining circumstances that may reduce the severity of a penalty in matters resolved by negotiated case resolution agreements.

An important lesson for WADA is ensuring transparency in proceedings and the clear communication of the rationale used to arrive at a penalty.

Finally, a Court of Arbitration for Sport hearing may not have been needed for Sinner as the parties agreed on the facts leading to the doping rule violation.

Matt Nichol does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Playing favourites, inconsistency or a fair decision? Unpacking Jannik Sinner’s doping case – https://theconversation.com/playing-favourites-inconsistency-or-a-fair-decision-unpacking-jannik-sinners-doping-case-250143
MIL OSI – Global Reports –
February 20, 2025
MIL-OSI USA News: Fact Sheet: President Donald J. Trump Ends Taxpayer Subsidization of Open Borders
Source: The White House
PRESERVING FEDERAL BENEFITS FOR AMERICAN CITIZENS: Today, President Donald J. Trump signed an Executive Order to ensure taxpayer resources are not used to incentivize or support illegal immigration.
- The Order directs Federal departments and agencies to identify all federally funded programs currently providing financial benefits to illegal aliens and take corrective action.
- It ensures that Federal funds to states and localities will not be used to support “sanctuary” policies or assist illegal immigration.
- It mandates improvements in eligibility verification to prevent benefits from going to individuals unlawfully present in the United States.
- President Trump is committed to safeguarding Federal public benefits for American citizens who are truly in need, including individuals with disabilities and veterans.
TAXPAYERS ARE FOOTING THE BILL FOR ILLEGAL IMMIGRATION: With this Executive Order, President Trump is ensuring taxpayer resources are used to protect the interests of American citizens, not illegal aliens.
- The surge in illegal immigration, enabled by the previous Administration, is siphoning dollars and essential services from American citizens while state and local budgets grow increasingly strained.
- Under current welfare laws, specifically the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 (PRWORA), illegal aliens are generally barred from welfare programs. But if they’re granted parole, they are classified as “qualified aliens” and become eligible for various welfare programs on a sliding scale, with full eligibility granted within five years.
- According to the Center for Immigration Studies (CIS), providing welfare to one million illegal aliens could cost American taxpayers an additional $3 billion annually.
- The U.S. House Homeland Security Committee estimated that taxpayers could pay as much as $451 billion to care for illegal aliens and gotaways that have entered the United States unlawfully since January 2021.
- The Federation for American Immigration Reform (FAIR) calculated that American taxpayers spend at least $182 billion annually to cover the costs incurred by the presence of 20 million illegal aliens and their children, which includes $66.5 billion in Federal expenses plus an additional $115.6 billion in state and local expenses.
- The Congressional Budget Office (CBO) estimated that the Biden Administration’s open borders agenda, which sought to provide Medicaid-funded emergency services to illegal aliens, has cost Federal and state taxpayers more than $16.2 billion.
- The Biden Administration gave billions in taxpayer dollars to left-wing groups that facilitated mass illegal migration and provided legal services to challenge deportation orders.
- In addition, since 2021, more than $1 billion has been allocated through the Federal Emergency Management Agency (FEMA) to illegal aliens.
SECURING THE BORDER AND PUTTING AMERICANS FIRST: President Trump has delivered on his promise to secure the border and prioritize the needs of American citizens, taking immediate action to put an end to the previous Administration’s border crisis. Since taking office, President Trump has:
- Declared a national emergency at the southern border.
- Deployed additional personnel to the border, including members of the Armed Forces and the National Guard.
- Restarted border wall construction.
- Designated international cartels and other criminal organizations – such as MS-13 and Tren de Aragua – as Foreign Terrorist Organizations and Specially Designated Global Terrorists.
- Suspended the entry of aliens into the U.S.
- Called for enhanced vetting and screening of aliens.
- Required the identification of countries that warrant a partial or full suspension on the admission of nationals.
- Restarted the detention and removal of aliens who are in violation of Federal law.
- Directed the Administration to resume the Migrant Protection Protocols – also known as “Remain in Mexico” – as soon as practicable.
- Ended the use of the CBP One app.
- Terminated all categorical parole programs, such as the “Processes for Cubans, Haitians, Nicaraguans, and Venezuelans,” that are contrary to President Trump’s immigration agenda.
- Ended automatic citizenship for children of illegal aliens.
- Paused the operation of the U.S. Refugee Admissions Program (USRAP).
- Ended catch-and-release policies.
- Revoked Biden’s disastrous executive actions that essentially opened our southern border.
- Detained the most dangerous illegal criminal aliens in Guantanamo Bay.
MIL OSI USA News –
February 20, 2025
MIL-OSI China: US’ new tariffs worsen global prospects

Source: China State Council Information Office

U.S. President Donald Trump attends a press conference at the White House in Washington D.C., the United States, Feb. 13, 2025. [Photo/Xinhua]

After US President Donald Trump’s first punitive tariffs targeted the United States’ major trade partners — Mexico, Canada and China — tariff threats are shifting to the European Union, even the rest of the world. The tariff threats are also shifting from steel and aluminum to computer chips and pharmaceuticals.

In the latest move, Trump said on Tuesday he intends to impose auto tariffs “in the neighborhood of 25 percent” and similar duties on semiconductors and pharmaceutical imports.

The US has a major trade deficit with many other trading economies, including Germany, Japan, the Republic of Korea and Vietnam, which are likely to be in the firing line later, if not soon.

A tariff is a tax levied on imported goods and services. In its haste to target the three countries, the Trump administration has ignored concerns about these tariffs fostering inflation or snarling global supply chains. This is a serious mistake on the part of the administration. In the US, wholesale prices are already rising on higher food and energy costs, adding to the growing pile of bad inflation news ahead of more US tariffs. Globally, these risks are real, costly and damaging.

As the new US administration has been launching another tariff war, China’s economy has been showing progressive signs of stabilization — especially since the fourth quarter of 2024, as the impact of the November stimulus measures has kicked in. During this period, growth accelerated from 4.6 percent to 5.4 percent to reach 5.0 percent year-on-year in 2024, which prompted the International Monetary Fund to recently upgrade China’s GDP growth.

But what’s fueling these gains?

China’s industrial production has proved resilient on the back of both domestic and international demand, particularly in electric vehicles and solar panels. The most prominent part of the growth story is the strong expansion of China’s advanced technology, electronics and automobile sectors. The pace of development in industrial robotics is almost as strong, while consumption is being fueled by equipment and durable goods upgrade.

Yet two main challenges remain. At home, the nearly 11 percent decline in real estate investment suggests the property market is still ailing. But in about 300 Chinese cities, the decline of residential inventory is slowing.

The external challenges China faces include the impending trade and tech wars, which the first Trump administration launched in 2017, the Biden administration expanded and the new Trump administration is broadening worldwide.

On Feb 1, Trump imposed 25 percent tariffs and 10 percent duties on energy products imported from Canada and Mexico, and 10 percent tariffs on Chinese goods. The three countries are the US’ biggest trade partners and the US has a trade deficit with each one of them. These tariffs alone would cost an average US household more than $1,200 a year.

After separate talks between Trump and the Canadian and Mexican presidents, the US agreed to delay levying the extra tariffs for 30 days. But the threatened tariffs on Canadian and Mexican goods, if they are imposed, could reduce long-run GDP by 0.3 percent.

Moreover, a trade war between the US and its two largest trading partners would hit incomes in the US, impact employment and accelerate inflation. As Trump’s tariffs went into effect against China, Beijing announced a broad package of economic measures against Washington on Feb 10. And more countermeasures are likely to follow.

Half a decade ago, the US’ punitive tariffs on Chinese goods covered goods worth $396 billion, or more than 90 percent of the total trade. But the first round of Trump’s tariffs against Canadian, Mexican and Chinese goods alone will cover far more traded goods in dollar terms.

Trump’s four tranches of tariffs on Chinese goods in 2018-19 covered imports worth $360 billion. Today, Canada and Mexico and China account for more than two-fifths of all US imports. New tariffs on the goods imported from the two countries plus additional tariffs on Chinese goods would likely cover imports valued at more than $1.3 trillion. That’s more than 3.5 times the value than half a decade ago.

This might be just the opening salvo in a series of tariffs the Trump administration is likely to announce in the coming weeks. Factor in the potential/likely retaliatory tariffs and duties by the affected countries and the Trump administration’s “reciprocal tariff” plan, and the final toll could be much higher.

Ironically, US tariffs are legitimized by a flawed victimization narrative in which Washington is portrayed as a target of wrongful economic and geopolitical measures. In reality, the US’ imposed tariff levels are about geopolitical coercion, not economic factors.

The threatened wave of tariffs could further heighten trade tensions, reduce investments, hit market pricing, distort trade flows, disrupt supply chains and undermine consumer confidence. In fact, much worse could happen.

Due to the new US tariffs, we are in for a far costlier, global déjà vu all over again.

MIL OSI China News –

February 20, 2025
MIL-OSI USA: Department of Defense Chief of Staff Joseph Kasper Statement on U.S. NORTHCOM Commander Gen. Gregory M. Guillot’s Meeting With General Ricardo Trevilla Trejo, Secretary of National Defense of Mexico (Defensa) Regarding Cooperative Activities Along the United States and Mexico Border

Source: United States Department of Defense

General Gregory M. Guillot, Commander, US Northern Command, and General Ricardo Trevilla Trejo, Secretary of National Defense of Mexico (Defensa), met recently to discuss cooperation on security along the Mexico and U.S. border. The engagement resulted in the formulation and signing of a Joint Statement of Understanding regarding cooperative activities along the border.

General Trevilla and General Guillot agreed to conduct coordinated patrols on their respective side of the border, increase information sharing, and establish methods for immediate communications. The agreement emphasizes that each country will respect the sovereignty of the other.

Both leaders expect their agreement will serve to enable further conversations and coordination in greater detail at varied levels to ensure the mutual security of the border.

MIL OSI USA News –

February 20, 2025
MIL-OSI Africa: Secretary-General’s remarks at the Opening Ceremony of CARICOM 48th Regular Meeting of Heads of Government [as delivered]

Source: United Nations – English

our Excellencies, Distinguished Guests, Ladies and Gentlemen, all protocol observed.

It is a joy to be with you in Barbados and an honour to be back in the Caribbean.

I am delighted to meet Prime Minister Mottley again so soon after the African Union Summit in Ethiopia, where you delivered such a powerful message on the legacies of slavery and colonialism, and reparatory justice.

Excellencies,

The exquisite beauty of the Caribbean is famed the world over.

But there is trouble in paradise.

Wave after wave of crisis is pounding your people and your islands – with no time to catch your breath before the next disaster strikes:

Geopolitical tensions fuelling uncertainty…

The scarring effects of COVID-19 leaving a trail of socio-economic crisis…

Soaring debt and interest rates, on top of a surge in the cost of living…

All amidst a deadly swell of climate disasters – ripping development gains to shreds, and blowing holes through your national budgets…

And all as you remain locked-out of many international institutions – one of the many legacies of colonialism today.

Excellencies, Dear Friends,

The cure for these ills is global.

International solutions are essential to create a better today and a brighter tomorrow for this wonderful region, and for the world.

We have progress on which to build – hard-won global commitments to address the immense challenges we face.

But we need the world to deliver.

The irrepressible strength of a unified Caribbean, and commitment to multilateralism – which have done so much to advance global progress – is vital to achieving that aim.

And your theme for this year – Strength in Unity – is truly a theme for our times.

I see three key areas where, together, we must drive progress.

First, unity for peace and security…

Particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on a desperate and frightened people.

CARICOM, and the Eminent Persons Group, have provided invaluable support.

We must keep working for a political process – owned and led by the Haitians – that restores democratic institutions through elections.

And I will soon report to the United Nations Security Council on the situation in Haiti, including proposals on the role the UN can play to support stability and security and address the root causes of the crisis.

It is my intention to present to the Security Council a proposal that is very similar to the one that we have presented for Somalia, in which the UN assumes the responsibility of the structural and logistical expenditures that are necessary to put the force in place. And the salaries of the force are paid through the trust fund that already exists.

And if the Security Council will accept this proposal, we will have the conditions to finally have an effective force to defeat the gangs in Haiti and create the conditions for democracy to thrive.

And I urge you to continue your work and advocacy to tackle the weapons and drug trafficking that is fuelling violence across the region, including through prevention.

But let’s be clear: to fight drug trafficking or to fight weapons trafficking, we also need to address the countries of origin and the countries of destination. Without their cooperation, we will never be able to win this battle, and the people of the Caribbean are paying a heavy price for the lack of cooperation that unfortunately, we still face.

Second, unity on the climate crisis.

You face a deplorable injustice:

A crisis you have done next to nothing to create is wrecking economies, ruining lives, and threatening your very existence.

Together, you have fought tooth and nail for the global commitment to limit global temperature rise to 1.5 degrees.

This year, countries must deliver new national climate action plans, ahead of COP30, that align with that goal, with the G20 – the big polluters – leading the way.

This is a chance for the world to get a grip on emissions.

And it is also a chance for the Caribbean to seize the benefits of clean power…

To tap your vast renewables potential…

And to turn your back on costly fossil fuel imports.

But this requires finance.

We need confidence that the $1.3 trillion agreed at COP29 will be mobilized.

And we need the world to get serious in responding to the disasters that we know will keep coming.

Adaptation is critical for this region. To save lives. And to make economies resilient.

And we need developed countries to honour their promises on adaptation finance – and more.

And we need meaningful contributions to the new Loss and Damage Fund.

When the fund was created, the pledges made are equivalent to the new contract for just one baseball player in New York City. Let’s be clear: the Loss and Damage Fund must be a serious thing.

And we must be able to find new, innovative sources of financing and namely, to finally put seriously a price on carbon – and there are different ways to achieve this goal.

Excellencies,

This must be part of broader efforts:

Because, third, we need unity for sustainable development.

Globally, the Sustainable Development Goals are starved of adequate finance, as debt servicing soaks-up funds, and international financial institutions remain underpowered.

Caribbean countries have been at the forefront of the fight for change – pioneering bold and creative solutions.

And the Pact for the Future agreed last year, together with the Bridgetown Initiative, now 3.0, marks significant progress – and I thank you all for your support.

The Pact commits to advancing an SDG Stimulus of $500 billion a year;

And it asks Multilateral Development Banks to consider structural vulnerabilities in access to concessional funds, including through using the Multidimensional Vulnerability Index.

With this, or any other instrument, it is absolutely essential that middle-income countries that have dramatic vulnerabilities, especially because of climate change, have access to concessional funding. Without it, it is impossible to recover and to build the resilience that is so much highlighted in this congress.

It also calls for representation in international financial institutions to correct for the world’s vast inequalities and injustices…

And for effective action on debt…

Without debt relief, and without new debt strategies, it will be impossible to fully recover your economies.

At the same time, we need bigger and bolder Multilateral Development Banks, with more capital, more lending capacity and more capacity to also leverage private funding for the kind of investments that are essential to build resilience and to promote sustainable development in countries like the countries of the Caribbean.

We must push the world to deliver on those commitments.

And we must ensure all countries can reap the benefits of technologies for sustainable development – by delivering on the Global Digital Compact.

Excellencies, Dear Friends,

A unified Caribbean is an unstoppable force.

I urge you to keep using that power to push the world to deliver on its promise.

And I can guarantee that the United Nations and myself are with you, and will remain with you, every step of the way.

Thank you very much.

MIL OSI Africa –

February 20, 2025
MIL-OSI USA: WATCH: Luján Calls Out Republican Budget That Will Increase Everyday Costs for American Families

US Senate News:

Source: US Senator for New Mexico Ben Ray Luján
Senate Republicans are pushing a partisan budget resolution that will make it harder for families to afford their health care, put food on the table, and get a quality education

Video of the speech is available HERE.
Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), a member of the Senate Committee on the Budget, delivered a floor speech calling out Republican plans to dramatically cut funding for programs that all Americans rely on like health, nutrition, and public services. He highlighted the staggeringconsequences for working families, including diminished access to health care and higher costs, at a time when federal employees are being illegally fired.
Senator Luján’s full speech is available below:
Mr. President, over the past week, Elon Musk and Donald Trump have fired thousands of federal workers, many of them in New Mexico, without warning. The calls that I get to my office from constituents all across New Mexico express concern, surprise, and alarm. They don’t know what’s going to happen next. They’re worried about a project.
A professional that I spoke to, who works for the Bureau of Indian Education and has a responsibility to help diagnose and support students with disabilities, asked, “Do I stay and help these kids? What’s going to happen with this stuff?”
Now, whether it’s our neighbors who work to support the national labs to keep us safe, or friends who work at the United States Department of Agriculture helping our farmers and ranchers feed our nation, these illegal mass firings are impacting communities across every corner of New Mexico. Let me sum this up: what I keep hearing from New Mexicans every day is: Please help me. Speak up. Say something. Do something. Bring attention to what’s happening—to the harm that’s being caused in our communities, for all of our constituents.
This isn’t about Democrats or Republicans. It’s about right or wrong. It’s about real people. Now, instead of protecting these jobs and helping our fellow Americans, Senate Republicans are pursuing a partisan budget resolution that will make it even harder for families to afford their health care, put food on the table, or get an education for their kids.
Now, this is, quite frankly, chaos, and it’s chaos that the American people cannot afford. New Mexicans and Americans from all walks of life rely on the programs that Republicans are now attacking. These are programs that feed seniors, veterans, children, and the disabled. These are programs that house our veterans and keep folks warm during these winter months.
And why are Republicans ripping these services away from people who need them? To fund this Trump tax scam—now it’s 2.0. The American people and constituents across New Mexico told me back in 2017, “This feels like a scam.” What Republicans are saying is that middle-class families are going to get everything in this tax cut. But what we saw play out was that if you were making millions of dollars, you did okay—you got the brunt of everything in this tax scam. Lying to the face of the American people. That’s what happened in 2017, and it certainly feels the same now.
Now, let’s talk about one possible outcome of this budget resolution. In New Mexico, Medicaid covers 75% of births and supports around 92,000 children in my home state. Across the country, nearly 40% of babies are born with the help of Medicaid. For these babies and pregnant women, this program is vital—offering a chance to grow up healthier and have the best opportunity to succeed. We should all want that for our constituents. That’s not partisan.
Now, unfortunately, Republicans have made it clear that they are determined to slash Medicaid. They tried it in 2017. When my Republican colleagues are interviewed and asked the question, “Are you going to cut Medicaid?” they certainly attempt, in every form and fashion, to say, “No, no, no, we’re not going to touch it—we’re just going to leave it up to the states.” Let me translate what that means.
What Republicans in Congress are going to do is work to eliminate every federal dollar for Medicaid. There’s this acronym—FMAP—it’s a federal matching program to make Medicaid work across America. That’s what they’re going after. And if you visit with anyone across America who knows anything about how this program works, they will all tell you—without these federal dollars, this program goes away.
This Republican budget resolution sets the stage for dismantling Medicaid, which could result in pregnant moms and babies losing health care. That’s just one possible outcome.
As I said earlier, the American people deserve honesty and transparency. Look, I understand if my Republican colleagues want to do this. Just own up to it. Tell the American people what you want to do. Let them know. Just be honest with them. That’s the least the American people deserve.
Last week in the Budget Committee, I offered a number of commonsense amendments to help lower costs for families, strengthen border security, safeguard health care, promote American manufacturing and businesses, and invest in public safety.
Top of mind for many Americans, I offered an amendment to ensure that Elon Musk and his companies are not profiting off the same government that he’s dismantling. Elon Musk, who was not elected by the American people, is pursuing an extreme agenda to serve his own interests and greed—all while the American people are paying the price for it.
If Republicans are serious about tackling the issues and lowering costs, let’s work together. You have partners here ready to do this for the American people. But my Republican colleagues know better than I that what’s happening under this president and Elon Musk is that the cost of goods continues to go up.
I don’t know how many of you were at the grocery store this weekend in this chamber, but if you haven’t been—go by. Go by and try to buy some eggs. You will see a sign that limits you to maybe a dozen, maybe two, and you’re going to see the costs going up and up and up. Milk, butter—you look at it, you see it, you name it—it’s all increasing in price.
What happened to President Trump saying on day one he was going to lower the cost of these goods for the American people? It’s not happening.
Look, to sum this up—Americans will not be able to make ends meet if Senate Republicans dismantle the programs that make our country strong and secure to advance yet another tax scam.
Thank you.

MIL OSI USA News –

February 20, 2025
MIL-Evening Report: Palestine and Gaza’s Hamas resistance condemn Fiji over embassy plan

By Anish Chand in Suva

Palestine has strongly condemned Fiji’s decision to open a Fiji embassy in Jerusalem, calling it a violation of international law and relevant United Nations resolutions.

The Palestinian Foreign Ministry and the Hamas resistance group that governs the besieged enclave of Gaza issued separate statements, urging the Fiji government to reverse its decision.

According to the Palestinian Foreign Ministry, the Fijian decision is “an act of aggression against the Palestinian people and their inalienable rights”.

The Palestinian group Hamas said in a statement that the decision was “a blatant assault on the rights of our Palestinian people to their land and a clear violation of international law and UN resolutions, which recognise Jerusalem as occupied Palestinian territory”.

Fiji will become the seventh country to have an embassy in Jerusalem after the US, Guatemala, Honduras, Kosovo, Papua New Guinea, and Paraguay.

Republished from The Fiji Times with permission.

MIL OSI Analysis – EveningReport.nz –

February 20, 2025
MIL-OSI United Nations: Readout of the Secretary-General’s meeting with H.E. Ms. Mia Amor Mottley, Prime Minister of Barbados

Source: United Nations secretary general

The Secretary-General met with H.E. Ms. Mia Amor Mottley, Prime Minister of Barbados, during the 38th Regular Meeting of the Conference of Heads of Government of the Caribbean Community (CARICOM).

The Secretary-General expressed his appreciation for Barbados’ active role as Chair of CARICOM and underscored the strong CARICOM-UN partnership. He commended Barbados for spearheading efforts to advance reforms to the international financial architecture through the Bridgetown Initiative 3.0.

The Secretary-General and the Prime Minister exchanged views on regional and global issues, particularly the situation in Haiti, climate change and the global agenda for antimicrobial resistance.

MIL OSI United Nations News –

February 20, 2025
MIL-OSI United Nations: Guterres urges Caribbean leaders to keep pushing for peace, climate action and sustainable development

Source: United Nations 2

19 February 2025 Peace and Security

In an address on Wednesday to Caribbean leaders meeting in Barbados, UN Secretary-General António Guterres announced a potential plan to support an “effective force” in Haiti as armed gangs continue to terrorize the population.

Mr. Guterres was speaking during the opening of the Caribbean Community (CARICOM) Heads of Government Meeting in the capital Bridgetown, where he called for unity to achieve progress in peace and security, climate and sustainable development.

“A unified Caribbean is an unstoppable force,” he said. “I urge you to keep using that power to push the world to deliver on its promises.”

‘Trouble in paradise’

The Secretary-General noted that the region’s “exquisite beauty is famed the world over, but there is trouble in paradise.”

He told leaders that “wave after wave of crisis is pounding your people and your islands – with no time to catch your breath before the next disaster strikes.”

Caribbean countries are experiencing uncertainty fuelled by geopolitical tensions, the socio-economic impact of the COVID-19 pandemic, soaring debt and interest rates, and a surge in the cost of living.

Global solutions exist

These are all happening “amidst a deadly swell of climate disasters – ripping development gains to shreds, and blowing holes through your national budgets,” and as countries “remain locked-out of many international institutions – one of the many legacies of colonialism today.”

The UN chief insisted that “the cure for these ills is global,” and the world needs to deliver on hard-won global commitments to address the immense challenges the international community is facing.

He listed three key areas “where, together, we must drive progress.”

Peace in Haiti

Mr. Guterres called for unity for peace and security, “particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on a desperate and frightened people.”

He said CARICOM and its Eminent Persons Group have provided invaluable support in this regard.

“We must keep working for a political process – owned and led by the Haitians – that restores democratic institutions through elections,” he said.

Security and stability

A UN-backed Multinational Security Support Mission is currently on the ground to back up the Haitian National Police.

The Secretary-General said he will soon report to the Security Council on the situation in the country, including proposals on the role the UN can play to both support stability and security, and address the root causes of the crisis.

He intends to present a proposal similar to the one for Somalia, in which the UN assumes responsibility for the structural and logistical expenditures necessary to put the force in place. Salaries are paid through a trust fund that already exists.

“If the Security Council will accept this proposal, we will have the conditions to finally have an effective force to defeat the gangs in Haiti and create the conditions for democracy to thrive,” he said, drawing applause.

© WFP/Fedel Mansour

Hurricane Beryl last July caused devastation on Union Island in Saint Vincent and the Grenadines.

Climate crisis opportunity

His second point – unity on the climate crisis – underlined “a deplorable injustice” as Caribbean countries “have done next to nothing” to create it. Moreover, they have “fought tooth and nail for the global commitment to limit global temperature rise to 1.5 degrees.”

Mr. Guterres said countries must deliver new national climate plans ahead of the COP30 UN climate conference later this year. The plans must align with the 1.5 goal, with the G20 group of industrial nations leading the way.

“This is a chance for the world to get a grip on emissions,” he said. “And it’s a chance for the Caribbean to seize the benefits of clean power, to tap your vast renewables potential, and to turn your back on costly fossil fuel imports.”

As finance is required, he underscored the need for confidence that the $1.3 trillion agreed at the previous COP will be mobilized. Developed countries also must honour their promises on adaptation finance and make meaningful contributions to the new Loss and Damage Fund.

“When the Fund was created, the pledges made were equivalent to the new contract for just one baseball player in New York City,” he remarked.

Finance for sustainable development

Meanwhile, the Sustainable Development Goals (SDGs) “are starved of adequate finance, as debt servicing soaks-up funds, and international financial institutions remain underpowered.”

The Secretary-General said Caribbean countries have been at the forefront of the fight for change, pioneering bold and creative solutions. He said the Pact for the Future, together with the Bridgetown Initiative, marks significant progress.

Mr. Guterres thanked Caribbean leaders for supporting the Pact, which UN Member States adopted last year.

Key deliverables include support for an SDG Stimulus of $500 billion annually and commitment to reform international financial institutions to allow greater participation by developing countries.

MIL OSI United Nations News –

February 20, 2025
MIL-OSI United Nations: Secretary-General’s remarks at the Opening Ceremony of CARICOM 48th Regular Meeting of Heads of Government [as delivered]

Source: United Nations secretary general

Your Excellencies, Distinguished Guests, Ladies and Gentlemen, all protocol observed.

It is a joy to be with you in Barbados and an honour to be back in the Caribbean.

I am delighted to meet Prime Minister Mottley again so soon after the African Union Summit in Ethiopia, where you delivered such a powerful message on the legacies of slavery and colonialism, and reparatory justice.

Excellencies,

The exquisite beauty of the Caribbean is famed the world over.

But there is trouble in paradise.

Wave after wave of crisis is pounding your people and your islands – with no time to catch your breath before the next disaster strikes:

Geopolitical tensions fuelling uncertainty…

The scarring effects of COVID-19 leaving a trail of socio-economic crisis…

Soaring debt and interest rates, on top of a surge in the cost of living…

All amidst a deadly swell of climate disasters – ripping development gains to shreds, and blowing holes through your national budgets…

And all as you remain locked-out of many international institutions – one of the many legacies of colonialism today.

Excellencies, Dear Friends,

The cure for these ills is global.

International solutions are essential to create a better today and a brighter tomorrow for this wonderful region, and for the world.

We have progress on which to build – hard-won global commitments to address the immense challenges we face.

But we need the world to deliver.

The irrepressible strength of a unified Caribbean, and commitment to multilateralism – which have done so much to advance global progress – is vital to achieving that aim.

And your theme for this year – Strength in Unity – is truly a theme for our times.

I see three key areas where, together, we must drive progress.

First, unity for peace and security…

Particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on a desperate and frightened people.

CARICOM, and the Eminent Persons Group, have provided invaluable support.

We must keep working for a political process – owned and led by the Haitians – that restores democratic institutions through elections.

And I will soon report to the United Nations Security Council on the situation in Haiti, including proposals on the role the UN can play to support stability and security and address the root causes of the crisis.

It is my intention to present to the Security Council a proposal that is very similar to the one that we have presented for Somalia, in which the UN assumes the responsibility of the structural and logistical expenditures that are necessary to put the force in place. And the salaries of the force are paid through the trust fund that already exists.

And if the Security Council will accept this proposal, we will have the conditions to finally have an effective force to defeat the gangs in Haiti and create the conditions for democracy to thrive.

And I urge you to continue your work and advocacy to tackle the weapons and drug trafficking that is fuelling violence across the region, including through prevention.

But let’s be clear: to fight drug trafficking or to fight weapons trafficking, we also need to address the countries of origin and the countries of destination. Without their cooperation, we will never be able to win this battle, and the people of the Caribbean are paying a heavy price for the lack of cooperation that unfortunately, we still face.

Second, unity on the climate crisis.

You face a deplorable injustice:

A crisis you have done next to nothing to create is wrecking economies, ruining lives, and threatening your very existence.

Together, you have fought tooth and nail for the global commitment to limit global temperature rise to 1.5 degrees.

This year, countries must deliver new national climate action plans, ahead of COP30, that align with that goal, with the G20 – the big polluters – leading the way.

This is a chance for the world to get a grip on emissions.

And it is also a chance for the Caribbean to seize the benefits of clean power…

To tap your vast renewables potential…

And to turn your back on costly fossil fuel imports.

But this requires finance.

We need confidence that the $1.3 trillion agreed at COP29 will be mobilized.

And we need the world to get serious in responding to the disasters that we know will keep coming.

Adaptation is critical for this region. To save lives. And to make economies resilient.

And we need developed countries to honour their promises on adaptation finance – and more.

And we need meaningful contributions to the new Loss and Damage Fund.

When the fund was created, the pledges made are equivalent to the new contract for just one baseball player in New York City. Let’s be clear: the Loss and Damage Fund must be a serious thing.

And we must be able to find new, innovative sources of financing and namely, to finally put seriously a price on carbon – and there are different ways to achieve this goal.

Excellencies,

This must be part of broader efforts:

Because, third, we need unity for sustainable development.

Globally, the Sustainable Development Goals are starved of adequate finance, as debt servicing soaks-up funds, and international financial institutions remain underpowered.

Caribbean countries have been at the forefront of the fight for change – pioneering bold and creative solutions.

And the Pact for the Future agreed last year, together with the Bridgetown Initiative, now 3.0, marks significant progress – and I thank you all for your support.

The Pact commits to advancing an SDG Stimulus of $500 billion a year;

And it asks Multilateral Development Banks to consider structural vulnerabilities in access to concessional funds, including through using the Multidimensional Vulnerability Index.

With this, or any other instrument, it is absolutely essential that middle-income countries that have dramatic vulnerabilities, especially because of climate change, have access to concessional funding. Without it, it is impossible to recover and to build the resilience that is so much highlighted in this congress.

It also calls for representation in international financial institutions to correct for the world’s vast inequalities and injustices…

And for effective action on debt…

Without debt relief, and without new debt strategies, it will be impossible to fully recover your economies.

At the same time, we need bigger and bolder Multilateral Development Banks, with more capital, more lending capacity and more capacity to also leverage private funding for the kind of investments that are essential to build resilience and to promote sustainable development in countries like the countries of the Caribbean.

We must push the world to deliver on those commitments.

And we must ensure all countries can reap the benefits of technologies for sustainable development – by delivering on the Global Digital Compact.

Excellencies, Dear Friends,

A unified Caribbean is an unstoppable force.

I urge you to keep using that power to push the world to deliver on its promise.

And I can guarantee that the United Nations and myself are with you, and will remain with you, every step of the way.

Thank you very much.

MIL OSI United Nations News –

February 20, 2025
MIL-OSI USA: Sen. Scott Charts Path to Combat the Fentanyl Crisis
US Senate News:
Source: United States Senator for South Carolina Tim Scott

WASHINGTON — U.S. Senator Tim Scott (R-S.C.) reintroduced his Alan Shao II Fentanyl Public Health Emergency and Overdose Prevention Act. The legislation takes a three-fold approach to addressing the fentanyl crisis fueled by the expiration of Title 42 during the Biden administration. This legislation would allow the U.S. Department of Homeland Security (DHS) to expedite the processing and removal of migrants illegally entering the country in response to the fentanyl-related public health emergency.

“The former president left a disaster on our southern border that infected communities and families across our nation. A couple of years ago, my friend Alan Shao lost his son to the crisis curated by the Biden administration’s open border policies. This legislation is named in honor of his son to remind us that one life lost is one too many and that we can’t continue to sit idly by allowing devastation to rip through our homes,” said Senator Scott. “I am grateful to lead efforts to put an end to this public health crisis and clean up our border. I look forward to working with the Trump administration to ensure more Americans can live in a safer nation.”

“The fentanyl crisis is a national emergency. It was driven by the Biden administration’s open-border policies and will require decisive, sustained, and specific action to stem. This bill will protect American lives and secure our border. I’m proud to work with my colleagues on this critical issue,” said Senator Cruz.

“Sheriffs across North Carolina have told me that every one of our counties is a border county after four years of the Biden administration. To reverse this dangerous situation, I am proud to join Senator Tim Scott’s bill to speed up the removal of illegal aliens who pose safety risks to communities across the nation,” said Senator Budd. “The Trump administration needs more tools to get the southern border under control, and this bill would be another major step in the effort to restore law and order in our country.”

In addition to Senator Scott, the bill is cosponsored by U.S. Senators Ted Budd (R-N.C.), Ted Cruz (R-Texas), and Bernie Moreno (R-Ohio).

Expedited processing and removal would apply to migrants who:
- Are attempting to enter the US from Canada or Mexico illegally;
- Do not possess necessary travel documents for admittance into the US; and
- Are being held at a point of entry or a Border Patrol station facilitating immigration processing.
BACKGROUND

The Alan T. Shao II Fentanyl Public Health Emergency and Overdose Prevention Act is named after the son of Dr. Alan Shao, the former Dean of the School of Business at the College of Charleston. Alan T. Shao II passed away at the age of 27 due to a fentanyl overdose.

Senator Scott’s legislation utilizes powers similar to those under Title 42, which allows the Department of Homeland Security to expedite the processing and removal of migrants illegally entering the country, and applies them in response to the fentanyl-related public health emergency.

According to the U.S. Drug Enforcement Agency (DEA), the agency seized more than 367 million deadly doses (2 mg of fentanyl equates to a deadly dose) in 2024. More than 100,000 Americans died from drug overdoses during 2023, with the majority of such deaths caused by fentanyl.

In addition to the Alan T. Shao II Fentanyl Public Health Emergency and Overdose Prevention Act, Senator Scott introduced the Securing Our Border Act, which redirects $22.4 billion of unobligated funding passed by Democrats to hire 87,000 Internal Revenue Service (IRS) agents and utilizes it to bolster security measures along our southern border.

Furthermore, he introduced the Stifling Transnational Operations and Proliferators by Mitigating Activities that Drive Narcotics, Exploitation, and Smuggling Sanctions Act – or the STOP MADNESS Act, which would also ensure the president can sanction foreign governments that resist efforts to repatriate their citizens who unlawfully enter the United States.

In April 2024, Senator Scott’s FEND Off Fentanyl Act, which directs the Department of Treasury to use U.S. economic national security tools to choke off the profits of the Chinese precursor manufacturers and the Mexican cartels that push fentanyl across the border, was signed into law.
MIL OSI USA News –
February 20, 2025
MIL-OSI Australia: $10 million Good Neighbours Program to tackle pest and weeds across NSW
Source: New South Wales Premiere

Published: 20 February 2025

Released by: Minister for Agriculture

The Minns Labor Government is delivering on its election commitment to tackle pest and weed infestations between neighbouring public and private lands across the state through its $10 million investment in new or expanded, on the ground, biosecurity projects.
The Good Neighbours Program, led by Local Land Services, will undertake 21 initial projects in priority areas across NSW.

The initiative is part of the Government’s $945 million commitment to addressing biosecurity threats to the state’s $20 billion primary industries sector.

The Good Neighbours projects will target pest animals and problem weeds, including feral deer, feral pigs, tropical soda apple and hudson pear.

Improved on-ground outcomes will be achieved through coordinated pest animal and weed control programs, as well as capacity-building workshops, training and education for landholders and land managers.

The 21 projects will be delivered in partnership with respective public land managers including Forestry Corporation, the National Parks and Wildlife Service and local councils.

The Good Neighbours Program highlights the importance of public and private land managers working together to prevent the spread of pests and weeds and protect the NSW economy, environment and community.

Pest animals and weeds impact more than 70 per cent of the state’s threatened species and endangered ecological communities, posing a significant agricultural threat.

The Good Neighbours Program brings together a range of stakeholders and agencies to combat the issue and educate landholders and land managers about their shared general biosecurity duty under the NSW Biosecurity Act 2015 to control pests and weeds on their properties.

The program will run until mid-2026, with additional projects to be funded. Visit nsw.gov.au/good-neighbours to learn more.

Minister for Agriculture, Tara Moriarty said:

“Effective pest and weed management are critical to supporting agricultural productivity and biodiversity in NSW, and it’s best achieved by working as a united front.”

“The Good Neighbours program demonstrates the NSW Government’s commitment to protecting our natural environment and agricultural industry by focusing our resources on areas where we can work together to achieve the best results.

“As the saying goes, everybody needs good neighbours. Biosecurity is a shared responsibility, and we all have a part to play.”

Local Land Services Project Manager Good Neighbours Program, Dale Kirby said:

“When it comes to coordinated pest animal and weed control programs, many hands make light work.”

“We can achieve far better outcomes when private and public landholders work together, with expert advice and support from Local Land Services, to reduce impacts and limit the spread of pests and weeds across the landscape.”

MEDIA: Michael Salmon | Minister Moriarty | 0417495018

Good Neighbours projects
- Cane Toad Program (North Coast) – Joint efforts between the Department of Primary Industries and Regional Development, Local Land Services, National Parks and Wildlife Service, Forestry Corporation of NSW, Landcare and private landholders to control cane toads on the North Coast.
- Chinese Violet Program (North Coast) – This program is based in the Tweed Shire, where Rous County Council is targeting Chinese violet on the fringes of the Heritage Wollumbin National Park and Jerusalem National Park.
- Job’s Tears Eradication Program (North Coast) – Led by Rous County Council, Landcare and landholders, this program aims to eradicate Job’s tears from creek lines in the Kyogle and Lismore shires.
- Tropical Soda Apple Eradication (TSA) Program (North Coast) – This program targets Tropical soda apple across the Lismore, Kyogle, Ballina, Byron, Richmond Valley and Tweed local government areas, led by Rous County Council, community groups and landholders.
- Far South Coast Coastal Weeds Program (South East) – Tackling weeds such as coastal bitou bush and sea spurge on the Far South Coast between Tuross and Wonboyn, led by Far South Coast Landcare, local councils, Local Land Services and the National Parks and Wildlife Service.
- Hudson Pear Control Program – Kinchega National Park (Western) – Combating Hudson Pear in the middle reaches of Stephens Creek to the west of Kinchega National Park, led by the managers of Kars and Eureka stations, National Parks and Wildlife Service, Castlereagh Macquarie County Council and Local Land Services.
- Jumping Cholla Control Program (Western) – Targeting Jumping cholla in the Living Desert State Park and nearby Limestone and Nine Mile stations in the Broken Hill area, with the help of the station owners, Broken Hill City Council, Castlereagh Macquarie County Council and Local Land Services.
- Parthenium Weed Eradication (North West) Management and control of Parthenium weed across two Travelling Stock Reserves (TSR) at Croppa Creek, led by North West Local Land Services and supported by local councils, the Department of Primary Industries and Regional Development, TSR users, landholders and Traditional Owners.
- Mt Stuart Boxing Glove Control Program (Western) – Tackling the spread of Boxing glove cactus in Tibooburra, south of the Sturt National Park, in partnership with the National Parks and Wildlife Service, Mt Stuart Station neighbours, Castlereagh Macquarie County Council, Crown Lands and Local Land Services.
- North Coast Branch Pig Control Program (North Coast and Northern Tablelands) – Feral pig control led by the North Coast branch of the National Parks and Wildlife Service across 12 reserves from western Richmond River to the coast, from Ballina in the north to Hat Head in the south.
- Orange Hawkweed Eradication Program (South East) – A collaboration between Snowy Monaro Council, Snowy Valleys Council, Local Land Services, the Department of Primary Industries and Regional Development and private landholders targeting Hawkweed in the Kosciuszko National Park and surrounding private land.
- Strategic Weed Management and Control – Blackberry and St John’s Wort (Central West) – Coordinated control of priority weeds within Goobang National Park, led by Parkes Shire Council, Macquarie and Lachlan Valley Weeds Committee, Central West and Central Tablelands regional weeds committees and neighbouring landholders.
- Wild Horse Cross Tenure Eradication Program (North Coast) – Wild horse control focused on the Barcoongere area, south of Grafton, in conjunction with the Department of Primary Industries and Regional Development, National Parks and Wildlife Service and landholders.
- Bathurst Joint Weed Program (Central Tablelands) – Working with the Forestry Corporation of NSW and private landholders to control weeds such as broom, gorse and Chilean needle grass between state forest and private land in Bathurst.
- Bathurst Pest Program – Feral Pig Management Program (Central Tablelands) – Support for a feral pig baiting program involving the Forestry Corporation of NSW, Crown Lands and neighbouring land managers.
- Feral deer control – Greater Blue Mountains World Heritage Area (Central Tablelands, Hunter, Greater Sydney and South East) – Coordinated efforts between the National Parks and Wildlife Service, Local Land Services, the Invasive Species Council, Crown Lands and public land managers to reduce the impacts of feral deer.
- Forestry Pest Management Neighbour’s Program (Western, Central West, Central Tablelands, North West, Riverina and Murray) – Targeting feral pig populations on properties with state forest boundaries in the Western NSW region, led by the Forestry Corporation of NSW and state forest neighbours.
- Koala Habitat Restoration (North Coast) – Protecting and restoring koala habitat in the Coffs Harbour and Port Macquarie areas in conjunction with private landholders, Local Aboriginal Land Councils, Landcare groups, National Parks and Wildlife Service, and the Australian Department of Climate Change, Energy, the Environment and Water.
- North Coast Feral Deer Management Program (North Coast) – An existing feral deer coordinated control program based in the Coffs Harbour and Port Macquarie areas involving local councils, Forestry Corporation of NSW, National Parks and Wildlife Service and private landholders.
- Red Cestrum Management and Control (North Coast) – This program is focused on controlling Red cestrum infestations on the Dorrigo Plateau, led by the National Parks and Wildlife Service, Forestry Corporation of NSW, Bellingen Shire Council and private landholders.
- Tamworth Peri Urban Pest Species Project (North West) – Targeting feral goats, pigs and deer within the Tamworth Local Government Area, supported by Tamworth Regional Council, Crown Lands and private landholders.
MIL OSI News –
February 20, 2025
MIL-OSI Security: U.S. Attorney’s Office and FBI Charge Woman with Involuntary Manslaughter

Source: Office of United States Attorneys

ALBUQUERQUE – A Casamero Lake woman faces federal charges for involuntary manslaughter following a fatal car crash on tribal lands in New Mexico last summer.

According to the indictment, on August 6, 2024, Debbie Rojack, 45, an enrolled member of the Navajo Nation, killed John Doe by operating a motor vehicle with disregard for human life when she knew and should have known that her conduct imperiled the lives of others.

Rojack will remain in third party custody on conditions of release pending trial, which has not been set. If convicted, Rojack faces up to 8 years in prison.

Acting U.S. Attorney Holland S. Kastrin and Raul Bujanda, Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

The Gallup Resident Agency of the Federal Bureau of Investigation’s Albuquerque Field Office investigated this case with assistance from the Navajo Police Department and Navajo Department of Criminal Investigations and the New Mexico State Police. Assistant U.S. Attorney Brittany DuChaussee is prosecuting the case.

MIL Security OSI –

February 20, 2025
MIL-OSI Security: Guatemalan National Sentenced to 14 Months Imprisonment for Illegally Reentering the United States a Year After Deportation

Source: Office of United States Attorneys

SYRACUSE, NEW YORK – Enrique Diaz-Perez, age 38, a Guatemalan national, was sentenced to serve 14 months federal prison yesterday for illegally reentering the United States after previously being convicted of illegal reentry in 2024. Acting United States Attorney Daniel Hanlon and Thomas P. Brophy, Field Office Director, U.S. Department of Homeland Security, Immigration and Customs Enforcement, Enforcement and Removal Operations, (ICE-ERO) Buffalo, NY made the announcement.

As a part of his earlier plea, Diaz-Perez admitted that he was removed from the United States in 2009 following his conviction in Massachusetts for assault with a dangerous weapon. Diaz-Perez was again removed from the United States in February 2024, following his conviction in federal court in Syracuse for illegal reentry. On August 27, 2024, Diaz-Perez was located in Syracuse and arrested. At the time, Diaz-Perez was working in Little Falls, New York. Diaz-Perez will be subject to deportation again at the conclusion of his prison sentence.

In addition to the 14-month federal prison sentence, Diaz-Perez was also sentenced to a consecutive 4-month term of imprisonment for violating the conditions of his supervised release from his prior illegal reentry offense.

The U.S. Department of Homeland Security-ICE-ERO investigated the case. Special Assistant U.S. Attorney Paul Tuck prosecuted the case.

MIL Security OSI –

February 20, 2025
MIL-OSI Security: Wausau Man Sentenced to 8 Years for Methamphetamine Trafficking

Source: Office of United States Attorneys

MADISON, WIS. – Timothy M. O’Shea, United States Attorney for the Western District of Wisconsin, announced that Bee Her, 45, Wausau, Wisconsin, was sentenced today by U.S. District Judge William M. Conley to 8 years in federal prison for distributing 50 grams or more of methamphetamine. The prison term will be followed by 5 years of supervised release. Her pleaded guilty to this charge on November 26, 2024.

In 2023, investigators with the Central Wisconsin Narcotics Task Force identified Bee Her as a multi-pound methamphetamine dealer operating out of Wausau. On October 13, 2023, a confidential informant purchased one pound of methamphetamine from Her at Her’s residence. On October 23, 2023, a confidential informant received two ounces of methamphetamine from Her at Her’s residence.

On February 8, 2024, Her was arrested on an active supervision warrant. Information obtained during the investigation suggests that Her was working for the cartels to traffic methamphetamine and that the cartels were trying to establish a line and system near Wausau. Her told investigators that he obtained 5 pounds of methamphetamine every two to three weeks to distribute.

During this time, Her was on state supervision for two felony cases, one involving a conviction for Child Enticement-Sexual Contact and the other involving convictions for Possession of Methamphetamine and Possession of Drug Paraphernalia. Her’s supervision on the child sex crime was not revoked. His supervision on the drug case was revoked and he was sentenced to one year in jail.

At sentencing, Judge Conley said Her was identified as a large-scale trafficker of methamphetamine in Wausau with connections to Minnesota and Mexico and weighed the seriousness of Her’s conduct against his addiction to methamphetamine.

The charge against Her was the result of an investigation conducted by the Federal Bureau of Investigation’s Central Wisconsin Narcotics Task Force comprised of investigators from the FBI, Wisconsin State Patrol, Wisconsin Department of Criminal Investigation, Lincoln County Sheriff’s Office, Marathon County Sheriff’s Office, Portage County Sheriff’s Office, Mountain Bay Police Department, Wausau Police Department and Wisconsin National Guard Counter Drug Program. Assistant U.S. Attorney Steven P. Anderson prosecuted this case.

MIL Security OSI –

February 20, 2025
MIL-OSI USA: ICE San Diego arrests illegal Mexican national charged with driving under the influence

Source: US Immigration and Customs Enforcement

February 19, 2025San Diego, CA, United StatesEnforcement and Removal

SAN DIEGO — U.S. Immigration and Customs Enforcement arrested Rogelio Venegas Martinez, 40, a citizen of Mexico on Feb. 17 in Vista, California, on charges related to driving under the influence.

The San Diego County Sheriff’s Office charged Venegas on Jan. 26 with one count of driving under the influence of alcohol and one count of driving under the influence of drugs. ICE issued a notice to appear following his arrest, and Venegas will remain in ICE custody pending removal proceedings.

Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

Learn more about ICE’s mission to increase public safety in California on X at @EROSanDiego.

MIL OSI USA News –

February 20, 2025
MIL-OSI USA: ICE Dallas removes a 36-year-old citizen of Mexico with convictions for murder in the second degree

Source: US Immigration and Customs Enforcement

DALLAS — U.S. Immigration and Customs Enforcement removed Pedro Bailon, a 36-year-old citizen of Mexico and convicted felon charged with second-degree murder, to his home country Feb. 12. He was turned over to Mexican authorities without incident.

“Violent criminal aliens, like this one have no place in our communities,” said ICE Enforcement and Removal Operations Dallas acting Field Office Director Josh Johnson. “His disregard for our nation’s immigration laws coupled with the violence he perpetrated is unconscionable, demanding his immediate removal.”

Bailon entered the U.S near San Ysidro, California without inspection Aug. 21, 1995.

The Wichita Police Department in Kansas arrested Bailon for first–degree murder March 8, 2007.

The Sedgwick County District Court in Wichita, Kansas, convicted Bailon for second degree murder July 2, 2008, sentencing him to 18 years in prison.

ICE encountered Bailon at the Ellsworth Correctional Facility in Kansas Aug. 21, 2008, and determined he was removable per the Immigration and Nationality Act.

ICE served Bailon with a notice of intent to issue a final administrative removal order, Feb.7.

Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

MIL OSI USA News –

February 20, 2025
MIL-OSI USA: ICE removes 6-time deported gang member with violent criminal history to Mexico

Source: US Immigration and Customs Enforcement

HOUSTON – U.S. Immigration and Customs Enforcement has removed a transnational gang member or criminal alien from the Houston area who illegally entered the United States at least six times, for the third time in 10 days.

ICE removed Francisco Lopez Melendez, a 32-year-old Mexican national and Suenos-13 gang member, from the U.S. Feb. 19. Melendez has been removed from the U.S. six times and was previously deported to Mexico in November 2013, May 2015, May 2018, October 2018, and November 2019. Melendez has been convicted of numerous criminal offenses while in the U.S. illegally, including three times for failure to give identification or providing law enforcement with fictitious information, twice for drug possession and illegal entry, and once for unauthorized use of a motor vehicle, stolen property, burglary, driving while intoxicated and evading arrest.

ICE previously removed Jesus Alvarez Sinecio, a 32-year-old Mexican national deported six times, Feb. 10, and Humberto Romero Avila, a 45-year-old Paisas gang member and foreign fugitive who illegally entered the U.S. 10 times, Feb. 13. Romero was wanted in Mexico for allegedly murdering a 22-year-old Mexican national in 2007 and was convicted four times for DWI and once for larceny, illegal entry and illegal reentry. Alvarez had prior criminal convictions for aggravated assault of a family member, alien in possession of a firearm, DWI, illegal entry and illegal re-entry.

“In recent years, some of the world’s most dangerous fugitives, transnational gang members and criminal aliens have taken advantage of the crisis at our nation’s southern border to illegally enter the U.S.,” said ICE Enforcement and Removal Operations Houston Field Office Director Bret Bradford. “After making it into the country, these violent criminal aliens have infiltrated our local communities and reigned terror on law-abiding residents. Fueled by our unwavering commitment to protect the public from harm, and united in our determination to reestablish sovereignty over our southern border, the law enforcement community in Texas has banded together to remove these dangerous criminals from our country and restore law and order in our communities.”

For more news and information on ICE’s efforts to enforce our nation’s immigration laws in Texas follow us on X at @EROHouston.

MIL OSI USA News –

February 20, 2025

Media relations	Investor relations
Richard Mackillican	Yves Cormier
+31(0) 6 27411546	+31(0) 70 344 8028
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Category: Latin America

Source: Asia New Zealand Foundation

The fallout

Intentional and unintentional doping

Lessons from the Sinner case

The fallout

Intentional and unintentional doping

Lessons from the Sinner case

‘Trouble in paradise’

Global solutions exist

Peace in Haiti

Security and stability

Climate crisis opportunity

Finance for sustainable development