NewzIntel.com

Category: Natural Disasters

  • MIL-Evening Report: Climate disasters are pushing people into homelessness – but there’s a lot we can do about it

    Source: The Conversation (Au and NZ) – By Timothy Heffernan, Lecturer in Anthropology, Australian National University

    Almost half of all Australian properties are at risk of bushfire, while 17,500 face risk of coastal erosion. By 2030, more than 3 million will face riverine flood risk.

    Meanwhile, housing demand continues to outpace supply. With climate-related disasters projected to increase in frequency and severity, the task of ensuring safe and adequate housing for all Australians remains a challenge.

    In other words, disasters are worsening the housing shortage, rendering more people at risk of homelessness.

    There is growing consensus in the homelessness and emergency management sectors that Australia needs a national policy response.

    We must ensure secure and safe housing options are a disaster planning priority.

    Like ‘living a disaster every day’

    Climate disasters displace 22,261 Australians on average each year. People with the lowest incomes make up 80% of this. The very poorest 3%, despite being small, make up 14% of displaced households.

    Australia is not alone. Globally, 70% of internal displacement in 2024 resulted from disasters, often disproportionately affecting low socioeconomic areas.

    Loss of housing affects everything from a person’s health and employment to education and relationships. One person who’d experienced disaster-related housing loss said it was like

    living a disaster every day, but without the assistance and support given to most disaster survivors.

    Renters, rough sleepers and people living in unattached dwellings are most vulnerable.

    Slipping through the cracks

    The catastrophic Northern Rivers floods in 2022 provide an instructive example.

    The floods rendered over 3,500 homes uninhabitable and more than 8,000 were damaged. Over 1,400 people were displaced and offered emergency accommodation by the New South Wales government.

    The total number of people experiencing homelessness post-floods remains unclear. This is due to existing overcrowding and because people left the area or became uncontactable.

    Recent research colleagues and I conducted with homeowners and renters, commissioned by the Australian Housing and Urban Research Institute, examined 17 people’s experiences of securing shelter after disaster.

    In Lismore, a key barrier was poor communication and increased competition for rental housing. One person told us:

    The real estate basically dropped the ball after a month. I had to chase them up, and the return of my bond and all that. […] I applied for ten different properties and never heard back. […] I ended up sourcing my own accommodation, a camper trailer, and camped out at the local showgrounds.

    For renters, the disaster couldn’t have come at a worse time. A preexisting rental crisis across the region meant the private market was already tight.

    Homeowners, by contrast, were able to use insurance to cover transitional housing costs or were eligible for several funding sources to repair properties. This highlights a policy emphasis toward homeowners.

    In this context, people can slip through the cracks, increasing the risk of homelessness.

    Post-disaster housing can compound vulnerability

    Temporary shelters – such as crisis shelters, motels, short-term rentals, pods, cabins and caravans – can be a stop-gap against the risk of homelessness after disaster. However, temporary shelter comes with trade-offs and downsides.

    Crisis and commercial options can be damaged during disaster, limiting their use. Pod villages provide mass shelter but are costly, slow to deliver, and there’s often no meaningful plan for people to transition out of them.

    Some 18 months after the 2022 Northern Rivers floods, 1,021 people were still living in temporary pod villages and 257 people remained in caravans.

    Rent is not usually charged. When relied on beyond the immediate term, this can compound vulnerability by creating gaps in people’s rental history.

    A NSW government audit found 724 households were on the waitlist for temporary housing a year after the floods, though this list was rarely updated.

    Overall, relatively few households have secured long-term housing solutions. This year, four pod villages will be demobilised amid the region’s ongoing rental crisis.

    This comes at a time when Australia is facing a shortfall of 640,000 social and affordable homes.

    Around 110,000 requests for homelessness services go unassisted annually.

    A national framework is needed

    In 2024, a national symposium, convened by the Australian Red Cross, Homelessness Australia and UNSW Sydney’s HowWeSurvive initiative, brought together 125 professionals from the housing, homelessness, emergency management, government and academic sectors.

    The report, released in June 2025, called for a national framework focused on disasters, housing and homelessness.

    Several policies deal separately with these areas at the Commonwealth, state and territory levels. A unified approach, however, would reposition shelter after disaster from a stop-gap to a central part of disaster planning.

    The aim is to strengthen housing options before a natural hazard occurs and prevent disaster-related homelessness.

    Australia needs a coordinated strategy and taskforce to align housing, homelessness, and disaster policies and programs. Homelessness planning should be part of disaster planning, and vice versa, to ensure housing type and tenure does not place people at risk of homelessness when disaster strikes.

    This requires going beyond just linking displaced households with crisis services.

    We must plan for each stage of housing before and after a disaster and anticipate diverse needs, especially for renters and those at risk of homelessness.

    Responses should be trauma-informed and able to adapt individual experiences.

    Now is the time to act – before the next disaster strikes.

    This article was developed with the Australian Red Cross and Homelessness Australia, co-facilitators of the Housing, Homelessness and Disasters National Symposium held in Melbourne in 2024. The symposium was supported by National Shelter and the Community Housing Industry Association, and event funding was provided by the Lord Mayor’s Charitable Foundation.

    Timothy Heffernan has received funding from the Australian Housing and Urban Research Institute (AHURI), the NSW government and the National Health and Medical Research Council. He is an Honorary Research Fellow at HowWeSurvive, UNSW Sydney.

    – ref. Climate disasters are pushing people into homelessness – but there’s a lot we can do about it – https://theconversation.com/climate-disasters-are-pushing-people-into-homelessness-but-theres-a-lot-we-can-do-about-it-259149

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Chinese vice premier calls for strengthened agricultural production, poverty alleviation work

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

    Chinese vice premier calls for strengthened agricultural production, poverty alleviation work

    NANNING, July 22 — Chinese Vice Premier Liu Guozhong has urged efforts to strengthen China’s production of key agricultural products, and to consolidate and expand the achievements of the country’s poverty alleviation campaign continuously.

    Liu, who is also a member of the Political Bureau of the Communist Party of China Central Committee, made the remarks during an inspection tour in south China’s Guangxi Zhuang Autonomous Region which began on Sunday and ended on Tuesday.

    During his tour, Liu learned about rice production, the cultivation of sugar plants and the construction of high-standard farmland. He stressed the importance of harvesting early-season rice in a timely manner, of boosting late-season rice yields, of stabilizing the production of sugar plants, and of continuing high-standard farmland development.

    With the ongoing threat of typhoons and flooding, Liu urged immediate action to manage waterlogging and implement measures such as crop replanting to minimize damage.

    He emphasized the need for targeted poverty alleviation measures focusing on stable employment for migrant workers and people who have emerged from poverty. He also highlighted the importance of tapping local strengths to develop rural industries that boost farmers’ incomes.

    MIL OSI China News –

  • MIL-OSI USA: SBA Offers Relief to Arkansas Small Businesses, Private Nonprofits and Residents Affected by April Storms and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced the availability of low interest federal disaster loans to Arkansas small businesses, private nonprofits and residents affected by severe storms, tornadoes and flooding occurring April 2‑22. The SBA issued a disaster declaration in response to a request received from Gov. Sarah Sanders on July 18.

    The disaster declaration includes the Arkansas counties of Cross, Hempstead, Lawrence and Little River.

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    Applicants may be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

    SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    EIDLs are for working capital needs caused by the disaster and are available even if the business did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s physical damage loans.”

    Interest rates are as low as 4% for businesses, 3.625% for nonprofits and 2.75% for homeowners and renters, with terms up to 30 years. Interest does not begin to accrue and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms based on each applicant’s financial condition.

    The SBA encourages applicants to submit their loan applications promptly. Applications will be prioritized in the order they are received, and the SBA remains committed to processing them as efficiently as possible.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to return physical damage applications is Sept. 22, 2025. The deadline to return economic injury applications April 22, 2026.

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    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: Tiffany’s Legislation to Help Wabeno Small Business Clears House

    Source: United States House of Representatives – Representative Tom Tiffany (WI-07)

    WASHINGTON, DC –Today, Congressman Tom Tiffany’s (WI-07) Wabeno Economic Development Act passed the U.S. House of Representatives with overwhelming bipartisan support. H.R. 3937 will expedite the conveyance of 14 acres of land in the Chequamegon-Nicolet National Forest to Tony’s Wabeno Redi-Mix for fair market value.

    After years of not making progress with the U.S. Forest Service, Tony—the owner of Tony’s Wabeno Redi-Mix—turned to Congressman Tiffany’s office for help. His business is running out of nearby aggregate materials like stone, sand, and gravel, and they will exhaust supply in approximately 2 years. The adjacent parcel is critical for the business’s future and ability to stay in operation.

    “This conveyance will deliver long-term economic growth and protect local jobs for the people of Wabeno and Forest County,” said Congressman Tiffany. “It will ensure Tony’s Wabeno Redi-Mix stays open and continues serving the community for years to come.”

    Background:

    Tony’s Wabeno Redi-Mix has been serving the community for 25 years and currently employs 17 people. The company provides concrete for both contractors and homeowners across a 50-mile radius. Projects include large-scale work for the Forest County Potawatomi Community, local fire and rescue stations, town shops and offices, agricultural projects for local farmers, and residential construction and remodeling.

    Tony first began working with the Forest Service on this land exchange more than eight years ago. However, the agency made it clear the project was not a priority and lacked the resources to complete it. With much of Forest County under federal ownership as part of the Chequamegon-Nicolet National Forest, there is limited private land available for small business expansion.  

    This legislation is supported by the Wabeno Area Chamber of Commerce, the Forest County Economic Development Partnership, and the Town of Wabeno. Tom Tallier, Forest County Board Supervisor for District 8, offered key testimony in favor of the bill last year.

    You can view Rep. Tiffany’s comments on the House floor here, and Rep. Debbie Dingell’s (MI-06) floor statement of support here. You can read the full text of the bill here.

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    MIL OSI USA News –

  • MIL-OSI USA: Tiffany’s Legislation to Help Wabeno Small Business Clears House

    Source: United States House of Representatives – Representative Tom Tiffany (WI-07)

    WASHINGTON, DC –Today, Congressman Tom Tiffany’s (WI-07) Wabeno Economic Development Act passed the U.S. House of Representatives with overwhelming bipartisan support. H.R. 3937 will expedite the conveyance of 14 acres of land in the Chequamegon-Nicolet National Forest to Tony’s Wabeno Redi-Mix for fair market value.

    After years of not making progress with the U.S. Forest Service, Tony—the owner of Tony’s Wabeno Redi-Mix—turned to Congressman Tiffany’s office for help. His business is running out of nearby aggregate materials like stone, sand, and gravel, and they will exhaust supply in approximately 2 years. The adjacent parcel is critical for the business’s future and ability to stay in operation.

    “This conveyance will deliver long-term economic growth and protect local jobs for the people of Wabeno and Forest County,” said Congressman Tiffany. “It will ensure Tony’s Wabeno Redi-Mix stays open and continues serving the community for years to come.”

    Background:

    Tony’s Wabeno Redi-Mix has been serving the community for 25 years and currently employs 17 people. The company provides concrete for both contractors and homeowners across a 50-mile radius. Projects include large-scale work for the Forest County Potawatomi Community, local fire and rescue stations, town shops and offices, agricultural projects for local farmers, and residential construction and remodeling.

    Tony first began working with the Forest Service on this land exchange more than eight years ago. However, the agency made it clear the project was not a priority and lacked the resources to complete it. With much of Forest County under federal ownership as part of the Chequamegon-Nicolet National Forest, there is limited private land available for small business expansion.  

    This legislation is supported by the Wabeno Area Chamber of Commerce, the Forest County Economic Development Partnership, and the Town of Wabeno. Tom Tallier, Forest County Board Supervisor for District 8, offered key testimony in favor of the bill last year.

    You can view Rep. Tiffany’s comments on the House floor here, and Rep. Debbie Dingell’s (MI-06) floor statement of support here. You can read the full text of the bill here.

    ###

    MIL OSI USA News –

  • MIL-OSI Australia: Girls on Fire program sparks interest in emergency services

    Source:

    Around 50 young women from across the state recently took part in the ‘Girls on Fire’ program at CFA’s training ground at Bangholme, aimed at engaging more women in the emergency services sector.

    The program offers women aged 14 to 19 the opportunity to participate in an action-packed day of interactive fire and emergency service simulations.

    Guided by experienced emergency personnel, participants build confidence and leadership skills in a safe, inclusive space, by trying new things, and discovering how they can support their communities during a crisis.

    Over the course of the action-packed day, CFA ran the teens through the Breathing Apparatus and Thermal Imaging Cameras used for search and rescue, along with live fire demonstrations on the gas pad.

    Participants also explored radio communications using the Edithvale Mobile Command Vehicle and its crew, giving them deeper insight into CFA operations.

    The event brought together representatives from CFA, Fire Rescue Victoria, Victoria State Emergency Service, Forest Fire Management Victoria, Ambulance Victoria, and Emergency Management Victoria to support the activities.

    Shandelle Ross, a volunteer with Keysborough Fire Brigade and one of the trained CFA mentors, said the event was an incredible opportunity for the participants.

    “CFA is grateful for the chance to be part of a program that uplifts young girls from across Victoria,” she said.

    “To see the smiles on their faces as they tried new things was heartwarming, and we hope to see them return as the next generation of emergency service volunteers and workers.”

    CFA was invited by Girls on Fire to deliver fire-based activities for the day, coordinated by Southeast Region Volunteer Sustainability Team member Olivia Duffy and District 8 Brigade Administration Support Officer Megan Angel, with support from volunteers across the district.

    Submitted by CFA media

    MIL OSI News –

  • MIL-OSI USA: ICYMI: Tuberville Joins Kudlow to Highlight President Trump’s Wins in First Six Months in Office

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined Larry Kudlow on Fox Business Network to highlight some of President Trump’s many wins since taking office six months ago, including historic tax cuts, increased military recruitment, protecting female athletes, securing the southern border, and making our food healthier.

    Excerpts from the interview can be found below and the full interview can be viewed on YouTube or Rumble.

    KUDLOW: “So Senator Tuberville, I think one of the themes here—this is something we’ve talked about. Victor Davis Hanson has been writing about this. The experts were wrong. Trump got this stuff done. In particular, the southern border—which is virtually flat now, virtually empty—no crossings. We didn’t need new legislation, right? Remember that push? We just needed somebody who was tough enough to enforce the laws. Let’s start with that one, okay? Immigration. How about that? Maybe his greatest achievement.”

    TUBERVILLE: “Well, you’re exactly right and one of the repercussions of the immigration stoppage of keeping very few illegals coming to our country—we’re saving $40 billion dollars to this point in this budget. $40 billion dollars. And that’s going to count up. We could not afford for Kamala Harris to win this election because it would have been a disaster, just for the immigration alone, which would [have] just stair-stepped everything to becoming a disaster when it come to the economy.”

    KUDLOW: “And you know Senator, the Democrats have to be crazy and just out of their minds to oppose this, okay? They’re still defend[ing]—and they’re still in the business of defending sanctuary cities and of defending the worst of the worst criminals. And we just had this awful shooting of a border agent in New York City. And DHS secretary Kristi Noem correctly just blasted New York City Democrats. They got a mayor—the Socialist mayor, Communist mayor, whatever he is—Mamdani the Commie. He wants to keep ICE agents out. He wants to keep Netanyahu out. He wants to keep Trump out. I mean, how can the Democrats be so stupid? I call them experts. They’re really just deep state people who arejust on the wrong side of all these issues.”

    TUBERVILLE: “Well, the wrong side, and that’s the only side they can reach to, Larry, for votes. They have to have votes, and they’re looking for somewhere to get votes. This sanctuary city nonsense—it’s unlawful. People are going to get hurt more and more when you hang out in these sanctuary cities. But all they’re doing is pushing socialism, and all socialism is just—it’s communism without a gun, at the end of the day. And so, we need to understand the direction this country’s going if the Democrats have an opportunity to get a leg back into this country in terms of leadership. That’s not going to happen. As you just said, I was at that dinner in the White House Friday night when President Trump was going through all those wins that we’ve had. It’s just amazing to me that it takes so long to go through them, our dinner got cold. But at the end of the day, it was so fun to listen to all that. It’s just amazing what he’s done in six months.”

    KUDLOW: “So the experts were wrong, tariffs are not inflationary, real wages are actually going up, the stock market is now hitting new record highs. I believe today, both the NASDAQ and the SMP hit new record highs. But here’s one for you, which I think is very important: in six months, military recruitment—new military recruitment—Pete Hegseth, Defense Secretary, Donald Trump, President of the United States and Commander in Chief—new military recruitment has gone sky high, record levels. What do you make of that, Senator?”

    TUBERVILLE: “Well, I’ll tell you why, people—these young men and women—are feeling good about our country again. They’re not being told that they’re woke, and they need to be social justice warriors. They’re doing it for the right thing. They’re doing it to protect our country. But it’s also a great way to get an education. It’s a great job. But it wasn’t sold that way by the Democrats. It was sold by the Democrats as ‘Hey, be part of a basically a clown show,’ and that’s what it was turning into. I’m on Armed Services. I’ve never seen anything like the recruiting that was going on. The books that our generals were telling our troops to read, whether it was on ships or in in some of these camps—it’s just amazing to me the direction where we were going.”

    KUDLOW: “Well, here’s another one then. We obliterated Iran, but the deep state experts said, ‘No. No. No. If we hit Iran, it would cause a massive blow-up and war throughout the Middle East and the rest of the world.’ What I don’t see is any of that stuff. In fact, we’re—I guess, we’re at a ceasefire, de facto, if not de jure. But the point is he obliterated the Iran nuclear program. None of them under the Bidens or the Obamas or anybody else had the backbone, I’ll call it, to do such a thing. You know what I mean? Here—tough wins, okay? Tough always wins.”

    TUBERVILLE: “Yep. President Trump’s a peacemaker. He understands sometimes you have to take the tough decision. Don’t listen to everybody else around you. Go by your instincts. He understood that, hey, there is no possible way we can allow Iran to have a nuclear weapon. And if they’re getting this close as his experts were telling him, we’ve got to do something. And so go in, go out. He set them back probably a year and a half, two years. They can always build back. But who’s to say we won’t go back in there in two years and destroy it again? And it’s cost them a trillion dollars to build this infrastructure up. […]”

    KUDLOW: “Here’s another one: no men in women’s sports. How about that? Commonsense, you wouldn’t have thought. This was like a major battle—a major battle. This was like the Democrats’ last stand, but no men in women’s sports.”

    TUBERVILLE: “Yeah. Of course, I’ve been on this ever since it started. This was my first vote when I got here four years ago. And there’s [been] no Democrats in four years vote on any of my bills about no men and women sports. It’s absolutely insane what they’ve tried to do. And it’s an attack on women. And it doesn’t—I don’t understand this. I must be talking to people from a different planet sometimes when they talk about [how] they need the opportunity to do whatever they want to do. No, they don’t. Men and women have separate identities in terms of physical ability, and they need to be separate in sports and that’s the reason we’ve had it this way for 249 years.”

    KUDLOW: “How about this one? I didn’t put it in my riff, but alright, fancy colleges and universities—no more antisemitism. No more racism. No more affirmative action. And if you don’t play ball, you’re gonna lose your grants, your federal grants. Now that is a tough President doing the right thing. Is he not?”

    TUBERVILLE: “Exactly. Our education is going to hell in a handbasket. And here’s the reason why: it’s become a business, Larry. It’s become a business of making money and doing things to where they can pay their presidents $2 or $3 million dollars each and have their private planes. It’s really gone overboard. But let me give you one: 35-40% of the companies in this country have cut out this poison that we’re putting in our food. And of all the people I talk to, this is one of the major wins that President Trump’s had. We don’t talk about it enough. I’m having dinner with Dr. Oz and some of the people of MAHA tonight, and it’s gonna be a celebration of making a lot of progress in just a short period of time and cleaning up our food.”

    KUDLOW: “Well, I love that. Look, we had Bobby Kennedy on the show. He was absolutely terrific. I gotta stop eating ice cream because they’re always weird dyes. I can’t do that anymore. I’m gonna stick to my—” 

    TUBERVILLE: “Eat vanilla. Eat vanilla, Larry.”

    KUDLOW: “I don’t know. Even vanilla, I can’t be sure anymore. He really shook everybody up. But finally, Senator—and this is a tragedy. Today a Border Patrol agent got shot in New York City. I think people, alright. Kristi Noem—DHS Secretary Noem—is blasting this as part of the New York City problem. This is part of the sanctuary city problem. This is part of the blue city Democratic problem. This is Mamdani the Commie problem. He’s gonna make it worse. I mean, this poor guy got shot for no good reason. Now, this stuff has gotta stop.”

    TUBERVILLE: “It really does have to stop. And again, law enforcement, Customs and Border Patrol, whoever is in authority—protect yourself. President Trump has given them authority to protect themself. It’s unfortunate this young person got shot and shot in the face [is] my understanding. Hope he’s fine. But again, this is not gonna be the end of it, Larry. It’s gonna get worse and worse as we go from here. But they have to protect themselves, give them the right to shoot back if they shoot at them…”

    KUDLOW: “And so, let me ask you. I mean, Democrats defunding the police again. I haven’t heard that this is what Mamdani the Commie wants to do. Defund the police, put social workers in their place. By the way, he’s got a clone who just got the Democratic nomination for mayor out in Minneapolis, unbelievable to me. How can they actually argue that? You got your Mayor Bass. You got your Governor Newsom. You got all these people, okay? They may not come out for defund the police, but they don’t want any law and order when it comes to chasing the worst of the worst of the illegal criminals who should be deported. I mean, honestly, this is the Democratic position. I think I saw poll today. The Democratic Party has an approval rating, Senator, of 19%. How about those apples? 19%.”

    TUBERVILLE: “It’s gonna get worse. Can you imagine [in] Minneapolis, and Chicago, and Detroit, and New York, San Francisco, LA—social workers being the police? What uniform are they gonna wear, first of all? And then are they gonna be armed? It will be a total disaster and it’s a disaster waiting to happen. But [radical Democrats] believe in this. I don’t understand it, but it’ll all get straightened out at the end of the day. They’re not gonna win any of the elections coming up [that] they think they’re gonna win. And President Trump’s gonna keep hammering them every day in terms of making sure we take this social justice nonsense out of everything that we do.”

    KUDLOW: “Yes, sir. Yes, sir. Absolutely. Senator Tommy Tuberville, as always, sir, thank you for your wisdom.”

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Tuberville Joins the Chris Salcedo Show to Discuss Ways to Expose the Deep State and Protect Law Enforcement

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined Newsmax’s Chris Salcedo Show to discuss DNI Tulsi Gabbard’s recent report exposing the FBI’s involvement in covering up then-Secretary of State Hillary Clinton’s mishandling of classified information. Sen. Tuberville and Salcedo also discussed the Senate’s effort to continue advancing President Trump’s America First policy agenda as well as the Radical Democrat Socialist Party’s violence against law enforcement.

    Excerpts from the interview can be found below and the full interview can be viewed on YouTube or Rumble.

    SALCEDO: “Senator Tommy Tuberville. Senator, it’s always good to see you. DNI Gabbard releases revelations about Obama, Comey, Brennan, and that gang. Now, we learn that James Comey’s FBI rigged the Hillary Clinton investigation so we would never know how badly she damaged our national security when they didn’t probe those crucial thumb drives. Senator, where is your party’s push for accountability?”

    TUBERVILE: “Well, thanks for having me on, Chris. What a colossal cover up this has been. I got here right after Joe Biden took office, and it has been a disaster of […] most Republicans watching this go down. It is a huge cover up.

    They’ve tried to push a narrative that, basically, they wanna change our country [into] something that it’s not. They wanted to take all the ability of us as Republicans, as Americans, to try to keep our country going in the right direction. But the mainstream media, the Democrats, and a few Republicans have pushed this narrative of ‘let’s do it the right way. Let’s make sure we’re doing the right thing.’ It has been something that I’ve been shocked at since I’ve been here. And now we’re finally seeing things start to leak out, the truth of really what happened.

    The American people are going to find out. It is going to be fun up here to watch all this start taking a narrative, a true narrative, of what really happened of the Democrats trying to change this country into a socialist-communist country for the last four years. These people need to lawyer up, and they need to find out what it’s really like to be under the gun. Putting their hand up, testifying in front of people all over this country because it’s gonna be much-watched as we look at all this narrative being brought forward.”

    SALCEDO: “Well, Senator, you know, getting real Americans put into prosecutorial positions would help bring this accountability to these lawless Democrats. There are a number of confirmations for U.S. Attorney backed up in the United States Senate right now. Some have been waiting for months. Has leader Thune committed to you that this backlog will be done away with before the August recess?”

    TUBERVILLE: “Well, we’ve talked about that. We’re trying to catch up. The problem, Chris, is the Democrats are playing four corners of basketball here. Slow play. They don’t get back anytime.

    It’s a lot of fundamental errors that have happened, not just from here in the Senate, but also the White House. We have to have some firepower. We have to be able to fight back. But at the end of the day, we’re gonna get this done, even if we have to stay up here weekends through August. The Democrats don’t think that we’ll stay up here and work. Guess what? We’ll stay up here and work. We’ll have enough people up here to get a quorum to make sure that we push the agenda. And if they don’t wanna take a vacation, we don’t have to take one.”

    SALCEDO: “Wow. I think you’re breaking some news right there. ‘The Senate actually works.’ That’s some big news, Senator. Look, over the weekend, an off-duty CBP officer was shot in the face by an illegal alien suspect. In Wisconsin, an illegal alien was finally arrested by ICE after he allegedly decapitated a woman and stored her body three months after a nut job Illinois judge let him walk free on those gruesome charges. And then there’s Hunter Biden. He’s upset with Americans for trying to stop illegal immigration and the effort to deport illegal aliens.” […]

    TUBERVILLE: “This is coming from somebody that’s never had a job, Joe Biden’s son. He’s lived off his dad for many, many years. And so whatever you get from him, you can take [with] a grain of salt. Again, but he’s coming back even at his Democrat team, the members that have actually pushed everything towards the Republicans. But 800% surge of assault on our law enforcement officers in this country. Our justice system, Chris, is in shambles.

    Judges taking people that are arrested, letting them go in the front door, go out the back door. That is stopping as we speak, but we have to continue to push that. Again, the Democrats pushed a lot of these judges out in the last few years. They’re overwhelmed all over the country of being very lax on crime. But if we don’t take our neighborhoods back and our streets back, we do not have a country […] but we’ve gotta protect our law enforcement people. They get up every day, ICE, Border Patrol. They get up every day, put a badge on, a gun on their side, and not knowing whether they’re gonna come back or not.

    President Trump gave them authority, and they need to take that authority. That [if they’re] shot at, they need to shoot back. We need to take advantage of what’s going on right now and make sure we take our streets back because the Democrats […] could[n’t] care less about that. They want their voters to vote for them, that’s the voters for the Democratic Party. These people are breaking all these laws all over the country.” […]

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI United Nations: Sudan: UN scales up response plan as humanitarian needs spiral in Tawila

    Source: United Nations 2

    Over 380,000 people are currently displaced there, and the plan aims at increasing assistance for communities over the next three months.

    It focuses on food, healthcare, water, sanitation, shelter and protection, and requires $120 million for implementation, according to the UN Office for Humanitarian Coordination (OCHA). 

    Spread of diseases

    The health situation in North Darfur has also been deteriorating, with humanitarian partners on the ground warning that cholera, measles, malaria and trauma cases are surging in El Fasher and other displacement camps in the region.

    As insecurity has forced the over 32 health facilities in the region to close, the lack of rapid diagnostic tests and the widespread Internet outage in the El Fasher area are also severely hindering disease surveillance.

    Critical shortages of surgical supplies, essential medicines and vaccines are “pushing the health system to the brink, leaving thousands without access to the care that they need to stay alive,” UN Spokesperson Stéphane Dujarric said during his daily press briefing from New York.

    Deadly civilian toll

    Displacement continues to take a deadly toll on civilians seeking safety, with markets in South Darfur reeling from sharp price increases due to flooding and seasonal rivers cutting off supply routes from Chad and Northern State.  

    Meanwhile, the UN remains “deeply concerned over escalating violence in the Kordofan region,” Mr. Dujarric said, after five civilians were reportedly killed and several others injured in drone strikes on fuel markets in Al Fula and Abu Zabad towns in West Kordofan state.

    The UN called for an immediate cessation of hostilities, the protection of civilians and humanitarian personnel, unimpeded access across conflict lines and borders, and increased international support to address the spiraling humanitarian needs across Sudan.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: ‘Perfect storm’ of global crises drove years of food price surges: FAO

    Source: United Nations 2

    The report, to be released later this month, reveals how between 2020 and 2024, the world experienced a dramatic increase in food prices driven by a combination of COVID-19 inflation, the war in Ukraine restricting movements on food and commodities, and increasing climate shocks.  

    “The episodes described in this publication bring up what we call a perfect storm,” said Mr. Torero Cullen.

    Máximo Torero Cullen speaks to journalists at the UN HQs via video link.

    First, he explained that during the COVID-19 pandemic, governments launched fiscal stimulus and relief packages, which increased demand and, thus, global inflation.

    Russia’s full-scale invasion of Ukraine compounded this crisis. Before the war began in 2022, Ukraine was a key exporter of wheat, sunflower oil and fertilisers. The war not only restricted these exports but disrupted trade routes and pushed up fuel and input costs, which amplified inflation across the world.

    Additionally, increasingly frequent and intense climate shocks in major producing regions – such as droughts, floods and heat waves – further aggravated food inflation.

    Worldwide impacts

    Only in 2024 did prices return to pre-COVID levels, meaning that households struggled for multiple years to afford food, with major consequences.

    As real wages fell while food prices increased, household purchasing power was eroded. Households responded by buying cheaper and less nutritious food, reducing meal frequency, and often prioritising meals for certain family members and reducing intake for women and children.

    Mr. Torero Cullen also explained that an increase in food prices directly correlates to an increase in moderate and severe food insecurity. The impacts of this were particularly harsh in Africa and Western Asia, where food imports, dependence and currency depreciation made food even more expensive.

    Moreover, as food prices increased, nutrition outcomes among children under five worsened. The SOFI report illustrated that a 10 per cent food price increase led to a 2.7 to 6.1 per cent increase in moderate to severe wasting, which has long-lasting effects on child development and public health systems.  

    Notably, these grave impacts were uneven, mostly affecting low-income and African countries – many of which are still seeing worsening figures. During the peak of the crisis in January 2023, some low-income countries experienced food price inflation of up to 30 per cent, compared to 13.6 per cent globally.

    Policy recommendations  

    Mr. Torero Cullen finished his briefing by outlining the policy prescriptions detailed in the SOFI report.  

    He first underscored targeted fiscal support. “Social protection measures are the most effective response to food price spikes,” he explained. “This will protect vulnerable populations without creating long-term fiscal risk or market distortions.”  

    He also highlighted avoiding trade disruptions, coordinating monetary and fiscal policies, improving market transparency, and institutional preparedness as essential components for avoiding future crises.

    “This SOFI underscores that inflation can undermine progress. It underlines our vulnerabilities, and it also brings the importance of strengthening resilience, inclusiveness and transparency to be able to avoid and minimize the risk of these problems,” he concluded.  

    MIL OSI United Nations News –

  • MIL-OSI Security: Springfield Man Sentenced to 25 Years for Methamphetamine Trafficking, Illegal Firearms

    Source: Office of United States Attorneys

    SPRINGFIELD, Mo. – A Springfield, Mo., man was sentenced in federal court today for his role in a conspiracy to distribute large amounts of methamphetamine in Greene County, Mo., and possessing firearms.

    Russell Lee Deck, Jr., 47, was sentenced by U.S. District Court Judge Brian C. Wimes to a total sentence of 25 years in federal prison without parole, followed by three years of supervised release.

    On Nov. 8, 2024, Deck pleaded guilty to one count of conspiracy to distribute methamphetamine and one count of possessing a firearm in furtherance of a drug trafficking crime. Deck admitted he participated in a conspiracy to distribute methamphetamine in Greene County from June 1 to Aug. 25, 2022, and to possessing firearms.

    The drug trafficking conspiracy ended when a Springfield police officer attempted to conduct a traffic stop on Deck on Aug. 18, 2022. When the officer pulled behind Deck’s vehicle in a hotel parking lot and activated his lights, Deck put the car in reverse and rammed the officer’s vehicle. The officer got out of his vehicle, pulled his duty weapon, and ordered the vehicle’s occupants to stop. Instead, Deck drove forward, then put his vehicle in reverse and rammed the officer’s vehicle again before fleeing the parking lot.

    A police pursuit ensued, with Deck driving at a high rate of speed in a residential neighborhood, while Deck’s passenger shot at the officer’s vehicle. The pursuit ended when Deck crashed into a Jeep SUV at an intersection. While the Jeep suffered significant damage, the innocent driver appeared to be unharmed. Deck’s passenger fled the crash on foot and was arrested after Greene County deputies found the passenger hiding under a car. Shell casings and damage from gunfire were located throughout the neighborhood.

    Officers removed Deck from the wrecked vehicle and found two bags containing a total of 46.2 grams of methamphetamine in Deck’s pockets. Inside Deck’s vehicle, officers found two handguns on the front passenger side floorboard.

    Deck’s passenger who fired the shots during the pursuit, Blake Basten, was sentenced in federal court to a total sentence of 10 years for two counts of felon in possession of a firearm on Feb. 27, 2024.

    Deck’s co-defendant in the drug trafficking conspiracy, Justin Hollingsworth, was sentenced to a total sentence of 18 years for conspiracy to distribute methamphetamine and possession of a firearm in furtherance of a drug trafficking crime on June 24, 2024.

    This case was prosecuted by Assistant U.S. Attorney Stephanie Wan. It was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Federal Bureau of Investigation, and the Springfield, Mo., Police Department.

    Project Safe Neighborhoods

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI –

  • MIL-OSI Security: Springfield Man Sentenced to 25 Years for Methamphetamine Trafficking, Illegal Firearms

    Source: Office of United States Attorneys

    SPRINGFIELD, Mo. – A Springfield, Mo., man was sentenced in federal court today for his role in a conspiracy to distribute large amounts of methamphetamine in Greene County, Mo., and possessing firearms.

    Russell Lee Deck, Jr., 47, was sentenced by U.S. District Court Judge Brian C. Wimes to a total sentence of 25 years in federal prison without parole, followed by three years of supervised release.

    On Nov. 8, 2024, Deck pleaded guilty to one count of conspiracy to distribute methamphetamine and one count of possessing a firearm in furtherance of a drug trafficking crime. Deck admitted he participated in a conspiracy to distribute methamphetamine in Greene County from June 1 to Aug. 25, 2022, and to possessing firearms.

    The drug trafficking conspiracy ended when a Springfield police officer attempted to conduct a traffic stop on Deck on Aug. 18, 2022. When the officer pulled behind Deck’s vehicle in a hotel parking lot and activated his lights, Deck put the car in reverse and rammed the officer’s vehicle. The officer got out of his vehicle, pulled his duty weapon, and ordered the vehicle’s occupants to stop. Instead, Deck drove forward, then put his vehicle in reverse and rammed the officer’s vehicle again before fleeing the parking lot.

    A police pursuit ensued, with Deck driving at a high rate of speed in a residential neighborhood, while Deck’s passenger shot at the officer’s vehicle. The pursuit ended when Deck crashed into a Jeep SUV at an intersection. While the Jeep suffered significant damage, the innocent driver appeared to be unharmed. Deck’s passenger fled the crash on foot and was arrested after Greene County deputies found the passenger hiding under a car. Shell casings and damage from gunfire were located throughout the neighborhood.

    Officers removed Deck from the wrecked vehicle and found two bags containing a total of 46.2 grams of methamphetamine in Deck’s pockets. Inside Deck’s vehicle, officers found two handguns on the front passenger side floorboard.

    Deck’s passenger who fired the shots during the pursuit, Blake Basten, was sentenced in federal court to a total sentence of 10 years for two counts of felon in possession of a firearm on Feb. 27, 2024.

    Deck’s co-defendant in the drug trafficking conspiracy, Justin Hollingsworth, was sentenced to a total sentence of 18 years for conspiracy to distribute methamphetamine and possession of a firearm in furtherance of a drug trafficking crime on June 24, 2024.

    This case was prosecuted by Assistant U.S. Attorney Stephanie Wan. It was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Federal Bureau of Investigation, and the Springfield, Mo., Police Department.

    Project Safe Neighborhoods

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI –

  • MIL-OSI Security: Bridgeport Man Sentenced to 8 Years in Prison for Drug and Firearm Offenses

    Source: Office of United States Attorneys

    David X. Sullivan, United States Attorney for the District of Connecticut, announced that ERIC HERMAN, 32, of Bridgeport, was sentenced today by U.S. District Judge Victor A. Bolden in New Haven to 96 months of imprisonment, followed by three years of supervised release, for drug distribution and firearm possession offenses.

    According to court documents and statements made in court, following two fatal overdoses involving fentanyl in 2021, both of which are believed to be connected to Herman, the Drug Enforcement Administration’s Bridgeport High Intensity Drug Trafficking Area (HIDTA) Task Force and Stratford Police Department began investigating Herman’s drug trafficking activities.  In May and June 2022, investigators made two controlled purchases of fentanyl, heroin, and crack cocaine from Herman.

    Herman was arrested on September 15, 2022.  At the time of his arrest, he possessed a distribution quantity of cocaine, a loaded 9mm “ghost gun” with a laser sight attached, and additional rounds of ammunition.

    Herman’s criminal history includes state felony convictions for drug and firearm offenses.  It is a violation of federal law for a person previously convicted of a felony offense to possess a firearm or ammunition that has moved in interstate or foreign commerce.

    Herman has been detained since his arrest.  On March 24, 2025, he pleaded guilty to two counts of possession with intent to distribute, and distribution of, cocaine base (“crack”), fentanyl, and heroin; one count of possession with intent to distribute cocaine; and one count of unlawful possession of ammunition by a felon.

    Herman pleaded guilty in state court to narcotics and manslaughter charges stemming from an overdose death investigation and was sentenced to 20 years of imprisonment, suspended after eight years, and five years of probation.  Judge Bolden ordered Herman’s federal sentence to run concurrently with his state sentence.

    The DEA’s HIDTA Task Force includes personnel from the DEA Bridgeport Resident Office, the Connecticut State Police, and the Bridgeport, Danbury, Norwalk, Stamford, and Stratford Police Departments.  This case was prosecuted by Assistant U.S. Attorney Karen L. Peck.

    MIL Security OSI –

  • MIL-OSI Security: Joplin Man Indicted for Felon in Possession of Firearm

    Source: Office of United States Attorneys

    SPRINGFIELD, Mo. – A Joplin, Mo., man has been indicted by a federal grand jury in connection with his possession of a firearm recovered following a shooting in Joplin, Mo.

    Andrew M. Reed, 22, was charged in a single count indictment with being a felon possession of a firearm. Today’s indictment replaces a federal criminal complaint filed on July 2, 2025.

    According to an affidavit filed in support of the original complaint, police officers responded to the area of 5th and Joplin Avenue in Joplin, Mo., on Feb. 15, 2025, in reference to gunshots, and recovered several spent cartridge casings in the area. Officers recovered a firearm with a thirty-round extended magazine loaded with ammunition consistent with the spent shell casings. Surveillance footage from a nearby business showed a male, later identified as Reed, hiding the firearm.

    Reed has prior felony convictions and is prohibited from possessing firearms. Under federal law, it is illegal for anyone who has been convicted of a felony to be in possession of any firearm or ammunition.

    The charges contained in this indictment are simply accusations, and not evidence of guilt. Evidence supporting the charges must be presented to a federal trial jury, whose duty is to determine guilt or innocence.

    This case is being prosecuted by Assistant U.S. Attorney Anthony M. Brown It was investigated by the United States Bureau of Alcohol, Tobacco, Firearms, and Explosives, and the Joplin, Mo., Police Department.

    Operation Take Back America

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

  • MIL-OSI Security: Felon Indicted for Illegal Possession of a Firearm Following Arrest in Northwest D.C.

    Source: Office of United States Attorneys

    Defendant Charged as Part of Make D.C. Safe and Beautiful Initiative

               WASHINGTON – David Oday Smith, 39, of the District of Columbia, has been charged in an indictment, unsealed today in U.S. District Court, on a federal firearms charge as part of the “Make D.C. Safe and Beautiful” initiative. 

               The indictment was announced by U.S. Attorney Jeanine Ferris Pirro, Special Agent in Charge Anthony Spotswood of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), and Chief Pamela Smith of the Metropolitan Police Department (MPD).

               Smith is charged federally with one count of unlawful possession of a firearm and ammunition by a felon.

               According to court documents, on July 14, 2025, members of the MPD’s Fourth District Crime Suppression Team were on patrol on the 5700 block of Georgia Avenue Northwest, when they noticed Smith hiding behind a bus stop with a black satchel.

               As officers approached, Smith immediately fled and eventually discarded his black satchel. Officers searched the satchel and discovered a Glock 27 .40 caliber pistol, containing one .40 caliber round loaded in the chamber and 14 additional rounds in the magazine.

               Smith is prohibited from possession of a firearm and ammunition due to multiple prior felony convictions, including a 2009 second degree murder conviction in Prince George’s County, Maryland.

               This case is being prosecuted under the Make D.C. Safe and Beautiful initiative. Make D.C. Safe Again is a law enforcement initiative in support of President Trump’s Executive Order to Make D.C. Safe and Beautiful. Make D.C. Safe Again aims to crack down on gun violence, prioritize federal firearms violations, pursue tougher penalties for offenses, and seek detention for federal firearms violators.

               The case is being investigated by the ATF Washington Field Office and the Metropolitan Police Department. Special Assistant U.S. Attorney David B. Liss is prosecuting the case.

               An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    25cr207

    MIL Security OSI –

  • MIL-OSI USA: ‘Why are we here?’ | Ranking Member Pingree Slams Sham Appropriations Process as Republicans Allow Trump to Usurp Power of the Purse

    Source: United States House of Representatives – Congresswoman Chellie Pingree (1st District of Maine)

    Congresswoman Chellie Pingree, Ranking Member of the Interior, Environment, and Related Agencies Subcommittee, spoke out against Republicans’ funding bill for the 2026 fiscal year during the Appropriations Committee’s markup today. In her opening remarks, Pingree called the entire appropriations process into question as the Trump Administration continues to undermine previous funding bills with cuts and rescissions. 

    “Now, as we Democrats are in the minority, we don’t expect to have a lot of power. But for all of us on this Appropriations Committee, why are we here and what is our role now as appropriators? Last week, the majority passed the Rescissions …and that bill eliminated spending that we had negotiated over the prior years,” Pingree said. “The hard work that we do every day in this committee, the hard work you’re doing right now—that is all gone when we pass the Rescissions bill. And how will it be any different once we pass this bill, or the other bills we intend to pass this week?”

    [embedded content]
    Watch Pingree’s full remarks here; Watch the Appropriations Committee markup here.

    Pingree also called out the reckless cuts this bill makes to the EPA, National Parks, and the arts and humanities, as well as 72 riders that undermine climate policies and add to the deficit.

    A transcript of Pingree’s opening remarks is copied below.

    +++

    Thank you, Mr. Chair, and thank you for yielding me the time. 

    First, I want to thank the Chair, Mr. Simpson, for the great working relationship we have on this committee. And thank you to Chairman Cole as well. Also, Rosa DeLauro, the Ranking Member of the full committee, for her amazing hard work on this committee, and to the staff on both sides of the aisle who work so hard to put together this legislation, and in particular the minority staff of this committee, Rita Culp, Jocelyn Hunn, and Michael Schmeltz. Thank you so much for all the work to get us here today.

    But I guess the first question I’d have to ask of the appropriators on this committee is, why are we actually here today? What is our role now as appropriators? In the last six months, we’ve seen President Trump propose a dramatic diminishment in the power of this committee and of the Congress. 

    Now, as we Democrats are in the minority, we don’t expect to have a lot of power. But for all of us on this Appropriations Committee, why are we here and what is our role now as appropriators? You know, everyone is so fond of saying they’re Republicans and Democrats and appropriators, but really, are there appropriators anymore? Do we actually have a role in this Congress? Do we have any more power? Last week, the majority passed the Rescissions package to the House, the Senate, back to the House again.

    And that bill eliminated spending that we had negotiated over the prior years. The hard work that we do every day in this committee, the hard work you’re doing right now—the snacks that you eat, the candy that’s going into your mouth, the amount of time that we take—that is all gone when we pass the Rescissions bill. And how will it be any different once we pass this bill, or the other bills we intend to pass this week?

    I truly appreciate Chairman Cole’s efforts to have this committee work through these bills and pass these bills. But the question is, what are we doing? And do we have any power left anymore? Now, this bill, like so many others, will continue the damage and the cuts that this President has done over the first six months of his presidency.

    I believe what he has done is illegal. These funding freezes and rescissions—and the compound damage he has done to our agencies and our states and communities—is something we will be dealing with for years. This bill—in particular at the EPA—cuts the funding to the states for water infrastructure by 62%. Cuts grant programs that fund our state environmental programs, and slashes the EPA by 23%.

    Nobody benefits when we make those levels of cuts. Our states still have to do the work—on water infrastructure, on permitting. But the cuts in this bill, coupled with the rescissions in the Big Ugly bill, will debilitate America’s ability to address the climate crisis or to address our infrastructure needs, or to make sure our vital needs in our states of permitting will be enacted.

    This presidency, this administration, is no longer just in denial. It is actively dismissing the government’s climate work and our vital environmental work. And this is work that needs to be done if we want to make sure we have a planet to hand over to our children and grandchildren. 

    Now, at the National Park Service, this bill cuts $213 million. And this is in addition to what happened in the Big Ugly bill, where nearly half a billion was rescinded from our national parks and our public lands. This is money that’s meant to go to conservation projects and habitat restoration, habitat restoration and critical staffing at our national parks. This is our vital season for national parks. And Americans want to be there.

     And it is all compounded because we have not reauthorized the Great American Outdoors Act, which is another $1.3 billion that should be going for the maintenance backlog. This bill also funds the arts, but what a mess this administration has made of that. It was appalling to watch this administration illegally terminate thousands of grants at the NEA and the NEH.

    They fired nearly 80% of the NEH staff, and they revoked funding for our State Humanities Council. This is money that’s meant to go to our communities, to our artists and workers, to kids in rural schools, to local economies that rely on cultural institutions and a don’t have a lot of other sources for funding. They’ve cut the Smithsonian by 12%, the National Gallery by 11%.

    [They’re] gutting these funds, by cutting these funds and sidelining anything that they deem artistically and culturally offensive. They are gutting our arts and cultural institutions. I am relieved—and I’m grateful to the chair of the subcommittee and the full committee—that funding for tribal programs didn’t suffer the same cuts. And I appreciate that bipartisan cooperation and understanding of our treaty and trust obligation.

    This bill also has 72 poison pill riders going after environmental protection, undermining our climate policies, and adding to our deficit. And overall, these cuts will only contribute to our struggling agencies. At the same time, this administration is redirecting funds to tax cuts and increasing our deficit by $3.4 trillion. 

    So I just want to go back to ending as I started this opening, OMB Director Vought has promised to send us more rescission packages. Each time we pass a rescission package, we undo—we wipe out—all the hard work we do negotiating in this committee. He said he’s looking to change the paradigm in appropriations, and that appropriations has to be less bipartisan. 

    When’s the last time one of your constituents came up to you and said, you people should be less bipartisan. You people should fight more, bicker more, and do less of what we ask you to do. How often do you hear that? 

    Now we’re appropriators, and we’re all proud to get to this moment when we actually get to serve on this committee. So let’s do our job. Let’s be appropriators, and let’s fight back for the power that goes to this committee and to our Congress. I encourage you to oppose this bill, unfortunately, and I yield back my time.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Pillen Thanks, Welcomes Home Nebraska Task Force One

    Source: US State of Nebraska

    . The 45-member group — Nebraska’s Urban Search and Rescue (US&R) Team — spent the last two weeks helping aid flood recovery efforts in Texas.   

    “As Nebraskans always do, Nebraska Task Force One stepped up to help our neighbors in need. We can’t thank these heroes enough,” said Gov. Pillen. “Our hearts continue to break as we think about the families and communities that have forever been changed. The State of Nebraska stands with our sister state Texas and will continue to coordinate with Governor Greg Abbott and do what we can to help Texans.” 

    Nebraska Task Force One is one of 28 US&R groups in the national disaster response system. Normally, those groups are deployed and managed under the Federal Emergency Management Agency (FEMA). This situation was unique in that the deployment was directed under the authority of Gov. Pillen through the Nebraska Emergency Management Act. 

    MIL OSI USA News –

  • MIL-OSI Submissions: ‘Eat the rich’ — Why horror films are taking aim at the ultra-wealthy

    Source: The Conversation – Canada – By Heather Roberts, PhD Candidate in Screen Cultures and Curatorial Studies, Queen’s University, Ontario

    Samara Weaving in the horror film ‘Ready or Not.’ Weaving plays Grace, a bride who must survive until dawn on her wedding day as her in-laws hunt her down. (Searchlight Pictures)

    This story contains spoilers about ‘Ready or Not’ and ‘The Menu.’

    When Amazon founder Jeff Bezos and fiancée Lauren Sánchez held their lavish three-day wedding celebration in Venice recently, it wasn’t just a party — it was a spectacle of wealth, reportedly costing between US$47 million and US$56 million.

    Critics highlighted the environmental toll of such an event on the fragile, flood-prone city, while protesters took to the streets to condemn the wedding as a tone-deaf symbol of oligarchical wealth at a time when many can’t afford to pay rent, let alone rent an island.

    The excessive show of opulence felt like the opening of a horror film, and lately, that’s exactly what horror has been giving us. In films like Ready or Not (2019) and The Menu (2022), the rich aren’t simply out of touch; they’re portrayed as predators, criminals or even monsters.



    Read more:
    Horror comedy ‘The Menu’ delves into foodie snobbery when you’re dying for a cheeseburger

    These “eat-the-rich” films channel widespread anxieties about the current socioeconomic climate and increasing disillusionment with capitalist systems.

    In a world where the wealthy and powerful often seem to act with impunity, these films expose upper-class immorality and entitlement, and offer revenge fantasies where those normally crushed by the system fight back or burn it all down.

    Horror takes aim at the wealthy

    Originally a quote from social theorist Jean-Jacques Rousseau during the French Revolution, “eat the rich” has re-emerged in recent years in public protests and on social media in response to increasing socioeconomic inequality.

    In cinema, eat-the-rich films often use grotesque hyperbole or satire to reveal and critique capitalist systems and the behaviours of the wealthy elite.

    Film scholar Robin Wood argues that horror films enact a return of what is repressed by dominant bourgeois — that is, capitalist — ideology, typically embodied by the figure of the monster.

    He cites The Texas Chain Saw Massacre (1974), a classic example of anti-capitalist sentiment in horror that depicts Leatherface (Gunnar Hansen) and his working-class family as monstrous victims of the 1970s industrial collapse. Rather than accept repression, they return as cannibalistic monsters, making visible the brutality of capitalist systems that exploit and degrade people like obsolete commodities.

    But in eat-the-rich horror, it is the wealthy themselves who become the monsters. The locus of repression becomes their privilege, which is often built on exploitation, inequality and invisible or normalized forms of harm.

    These films render these abstract systems tangible by making the elite’s monstrosity visible, literal and grotesque.

    Revenge horror for the 99 per cent

    Recent horror films are increasingly using genre conventions to critique wealth, privilege and the systems that sustain them.

    Ready or Not turns the rich into bloodthirsty monsters who maintain their fortune through satanic rituals and human sacrifice. Grace (Samara Weaving) marries into the Le Domas family, board game magnates who initiate new family members with a deadly game of hide-and-seek. She must survive until dawn while her new in-laws hunt her down to fulfil a demonic pact.

    The film critiques the idea of inherited wealth as something earned or honourable, combining humour and horror to reflect anxieties about class entrenchment and the moral decay of the elite.

    Trailer for the 2019 horror film ‘Ready or Not.’

    The Le Domases are monstrous not only for their violence, but for how casually they justify it. When several maids are accidentally killed in the chaos, they react with self-pity, indifferent to who must be sacrificed to maintain their wealth.

    In The Menu, the rich are portrayed as monstrous not through physical violence, but through their moral failings — like financial crimes and infidelity — and their hollow consumption of culture.

    Celebrity chef Julian Slowik (Ralph Fiennes) lures wealthy foodies to his exclusive island restaurant, using food as a weaponized form of art to expose guests’ hypocrisy and misdeeds. In one scene, guests are served tortillas laser-printed with incriminating images, such as banking records and evidence of fraudulent activity.

    The tortilla scene from the 2022 horror film ‘The Menu.’

    The film criticizes consumption in an industry where food is no longer a source of enjoyment or sustenance, but a status symbol for the elite to display their wealth and taste.

    Why these films are striking a nerve now

    It’s no surprise that audiences are turning to horror to make sense of systems that feel increasingly bleak and inescapable. In Canada, the cost of living continues to outpace wages, housing affordability remains an issue for many, while grocery prices are a source of horror in their own right.

    A university degree, once considered a reliable path to stability, no longer guarantees the financial security of a salaried job. Many Canadians now rely on gig economy jobs as supplementary income.

    Meanwhile, the wealth gap is increasing and obscene displays of wealth — like a multi-million-dollar wedding — can feel disconnected, even offensive, to people experiencing financial precarity.

    Eat-the-rich films tap into this collective sense of injustice, transforming economic and social anxieties into a cathartic spectacle where ultra-wealthy villains are held accountable for their actions.

    Margot, played by Anya Taylor-Joy, and executive chef Julian Slowik, played by Ralph Fiennes, in ‘The Menu.’
    (Eric Zachanowich/Searchlight Pictures)

    At the end of Ready or Not, the members of the Le Domas family explode one by one and their mansion burns down. In The Menu, the guests are dressed up like s’mores and immolated. In both films, fire serves as a symbolic cleansing of the wealthy, their power and the systems that protect them.

    More than that, these films provide someone to root for: working-class protagonists who are targeted by the elite but ultimately survive. Former foster child Grace fights her way through a pack of murderous millionaires, while escort Margot/Erin (Anya Taylor-Joy) is spared when she rejects the pretentiousness of fine dining and orders a humble cheeseburger instead.

    In this way, horror becomes a form of narrative resistance, illustrating class rage through characters who refuse to be consumed by the systems trying to oppress them. While inequality and exploitation persist in reality, eat-the-rich films offer escape, and even justice, on screen.

    Heather Roberts 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. ‘Eat the rich’ — Why horror films are taking aim at the ultra-wealthy – https://theconversation.com/eat-the-rich-why-horror-films-are-taking-aim-at-the-ultra-wealthy-260550

    MIL OSI –

  • MIL-OSI Canada: Update 15: Alberta wildfire update (July 22, 3 p.m.)

    Source: Government of Canada regional news (2)

    MIL OSI Canada News –

  • MIL-OSI Canada: Saskatchewan Wildfire Update July 22

    Source: Government of Canada regional news

    Released on July 22, 2025

    As of 11:00 a.m. on Tuesday, July 22, there are 49 active wildfires in Saskatchewan. Of those active fires, one is categorized as contained, 14 are not contained, 17 are ongoing assessments and 17 are listed as protecting values. 

    Eleven communities are currently under an evacuation order: Resort Subdivision of Lac La Plonge, La Plonge Reserve, Northern Village of Beauval, Jans Bay, Patuanak/English River First Nation, Montreal Lake Cree Nation, Northern Village of Pinehouse, Canoe Lake Cree First Nation/Canoe Narrows, Île-à-la-Crosse, Resort Subdivision of Cole Bay and Resort Subdivision of Little Amyot Lake. 

    There are four active declarations of local emergency due to wildfire: Resort Subdivision of Lac La Plonge, Northern Village of Beauval, Resort Subdivision of Little Amyot Lake and Northern Hamlet of Cole Bay. 

    A full list of evacuated communities can be found on the Active Evacuations webpage. 

    The Saskatchewan Public Safety Agency (SPSA) reminds the public that it is important to be prepared should an evacuation alert or an evacuation order be issued for your community. An evacuation alert is to be prepared to leave on short notice while an evacuation order indicates that you are at risk and need to leave immediately using routes provided by officials. 

    Part of the preparation is being ready to leave, including:

    • keeping your vehicle fuelled;
    • being set to evacuate livestock or pets if needed; and
    • checking in on neighbours who may need assistance.

    More information on evacuation planning can be found in the Wildfire Emergency Planning fact sheet.  

    Any evacuees should register through the Sask Evac Web Application and then call 1-855-559-5502 between 8 a.m. and 5 p.m. to have their needs assessed for additional assistance. Individuals who need help registering through the application can call the 855 Line for assistance. 

    Evacuees supported by the Canadian Red Cross should call 1-800-863-6582. 

    As a reminder, there is a fire ban that is still in place due to the extreme fire risk. The ban encompasses the area north of the provincial forest boundary up to the Churchill River. The fire ban prohibits any open fires, controlled burns and fireworks in the designated boundary. This includes provincial parks, provincial recreation sites and the Northern Saskatchewan Administrative District within those boundaries. 

    The latest wildfire information, an interactive fire ban map, frequently asked questions, fire risk maps and fire prevention tips can be found at saskpublicsafety.ca. 

    Review the current fire bans and restrictions in provincial parks and recreation sites. 

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI: First Busey Corporation Announces 2025 Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., July 22, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (Nasdaq: BUSE) Announces 2025 Second Quarter Earnings.

    Net Income   Diluted EPS   Net Interest Margin1   ROAA1   ROATCE1
    $47.4 million   $0.52   3.49%   1.00%   11.24%
    $57.4 million (adj)2   $0.63 (adj)2   3.33% (adj)2   1.21% (adj)2   13.61% (adj)2
                     
    MESSAGE FROM OUR CHAIRMAN & CEO
    This quarter’s bank merger and data conversion represents a significant milestone for our organization, as we officially welcome CrossFirst Bank customers to Busey Bank. We are proud to offer a premier, full-service banking experience for both consumer and commercial clients, with 78 locations spanning 10 states. Our comprehensive services also include a robust wealth management platform and cutting-edge payment technology solutions through FirsTech, Inc. This transformational partnership allows us to enhance Busey’s rich 157-year legacy of service excellence, further advancing our organization for the benefit of all our Pillars—associates, customers, communities, and shareholders.

    Van A. Dukeman
    Chairman and Chief Executive Officer
     

    FINANCIAL RESULTS

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited)
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands, except per share amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Total interest income   $ 247,446     $ 166,815     $ 131,939     $ 414,261     $ 257,759  
    Total interest expense     94,263       63,084       49,407       157,347       99,373  
    Net interest income     153,183       103,731       82,532       256,914       158,386  
    Provision for credit losses1     5,700       45,593       1,908       51,293       6,268  
    Net interest income after provision for credit losses1     147,483       58,138       80,624       205,621       152,118  
    Total noninterest income     44,863       21,223       33,703       66,086       68,616  
    Total noninterest expense1     127,833       112,030       75,906       239,863       147,353  
    Income (loss) before income taxes     64,513       (32,669 )     38,421       31,844       73,381  
    Income taxes     17,109       (2,679 )     11,064       14,430       19,799  
    Net income (loss)     47,404       (29,990 )     27,357       17,414       53,582  
    Dividends on preferred stock     155       —       —       155       —  
    Net income (loss) available to common stockholders   $ 47,249     $ (29,990 )   $ 27,357     $ 17,259     $ 53,582  
                         
    Basic earnings (loss) per common share   $ 0.53     $ (0.44 )   $ 0.48     $ 0.22     $ 0.95  
    Diluted earnings (loss) per common share   $ 0.52     $ (0.44 )   $ 0.47     $ 0.22     $ 0.94  
    Effective income tax rate     26.52 %     8.20 %     28.80 %     45.31 %     26.98 %

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.

    Following the acquisition of CrossFirst Bankshares, Inc. (“CrossFirst”) and its subsidiary CrossFirst Bank, by First Busey Corporation, the holding company for Busey Bank, in the first quarter of 2025, CrossFirst Bank was merged with and into Busey Bank (the “Bank Merger”) on June 20, 2025. At the time of the Bank Merger, CrossFirst Bank banking centers became banking centers of Busey Bank. Throughout this document, we refer to First Busey Corporation, together with its consolidated subsidiaries, as “Busey,” the “Company,” “we,” “us,” or “our.”

    Busey’s net income for the second quarter of 2025 was $47.4 million, or $0.52 per diluted common share, compared to a net loss of $30.0 million, or $0.44 per diluted common share, for the first quarter of 2025, and net income of $27.4 million, or $0.47 per diluted common share, for the second quarter of 2024. Annualized return on average assets and annualized return on average tangible common equity2 were 1.00% and 11.24%, respectively, for the second quarter of 2025. The second quarter of 2025 represented the first full quarter in which the CrossFirst acquisition contributed to Busey’s financial results.

    Busey views certain non-operating items, including acquisition-related expenses, restructuring charges, and nonrecurring strategic events, as adjustments to net income reported under U.S. generally accepted accounting principles (“GAAP”). We also adjust for net securities gains and losses to align with industry and research analyst reporting. The objective of our presentation of adjusted earnings and adjusted earnings metrics is to allow investors and analysts to more clearly identify quarterly trends in core earnings performance. Non-operating pre-tax adjustments for acquisition and restructuring expenses2 in the second quarter of 2025 were $16.6 million, with an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new Current Expected Credit Losses (“CECL”) model. Further, net securities gains were $6.0 million, almost entirely related to unrealized gains on Busey’s approximately 3% equity ownership of a financial institution that was the target of an announced acquisition at a significant market premium. For more information and a reconciliation of these non-GAAP measures (which are identified with the End Note labeled as 2) in tabular form, see “Non-GAAP Financial Information” beginning on page 13.

    Adjusted net income,2 which excludes the impact of non-GAAP adjustments, was $57.4 million, or $0.63 per diluted common share, for the second quarter of 2025, compared to $39.9 million, or $0.57 per diluted common share, for the first quarter of 2025 and $30.5 million, or $0.53 per diluted common share, for the second quarter of 2024. Annualized adjusted return on average assets2 and annualized adjusted return on average tangible common equity2 were 1.21% and 13.61%, respectively, for the second quarter of 2025.

    Pre-Provision Net Revenue2

    Pre-provision net revenue2 was $64.2 million for the second quarter of 2025, compared to $28.7 million for the first quarter of 2025 and $40.7 million for the second quarter of 2024. Pre-provision net revenue to average assets2 was 1.35% for the second quarter of 2025, compared to 0.78% for the first quarter of 2025, and 1.35% for the second quarter of 2024.

    Adjusted pre-provision net revenue2 was $80.8 million for the second quarter of 2025, compared to $54.7 million for the first quarter of 2025 and $42.6 million for the second quarter of 2024. Adjusted pre-provision net revenue to average assets2 was 1.70% for the second quarter of 2025, compared to 1.50% for the first quarter of 2025 and 1.42% for the second quarter of 2024.

    Net Interest Income and Net Interest Margin2

    Net interest income was $153.2 million in the second quarter of 2025, compared to $103.7 million in the first quarter of 2025 and $82.5 million in the second quarter of 2024.

    Net interest margin2 was 3.49% for the second quarter of 2025, compared to 3.16% for the first quarter of 2025 and 3.03% for the second quarter of 2024. Excluding purchase accounting accretion, adjusted net interest margin2 was 3.33% for the second quarter of 2025, compared to 3.08% in the first quarter of 2025 and 3.00% in the second quarter of 2024.

    Components of the 33 basis point increase in net interest margin2 during the second quarter of 2025, which includes a full quarter of assets assumed in the CrossFirst acquisition, were as follows:

    • Increased loan portfolio and held for sale loan yields contributed +54 basis points
    • Increased purchase accounting accretion contributed +8 basis points
    • Securities repositioning executed in March contributed +4 basis points
    • Decreased borrowing expense contributed +4 basis points, of which +2 basis points were related to the redemption of subordinated debt in June
    • Increased non-maturity deposit funding costs contributed -25 basis points
    • Decreased cash and securities portfolio yield contributed -12 basis points

    Based on our most recent Asset Liability Management Committee (“ALCO”) model, a +100 basis point parallel rate shock is expected to increase net interest income by 2.8% over the subsequent twelve-month period. Busey continues to evaluate and execute off-balance sheet hedging and balance sheet repositioning strategies as well as embedding rate protection in our asset originations to provide stabilization to net interest income in lower rate environments. Time deposit and savings specials have continued to stabilize the funding base, and we had excess earning cash during the second quarter of 2025. Brokered deposit balances were reduced by $368.6 million during the second quarter of 2025 and at June 30, 2025, the Bank had $353.6 million, or 2.2% of total deposits, of remaining brokered funding. Total deposit cost of funds increased, as expected, from 1.91% during the first quarter of 2025 to 2.21% during the second quarter of 2025. Deposit cost of funds increased due to a full quarter of the higher mix of acquired CrossFirst indexed/managed rate customer products and brokered deposits. Busey will continue to deploy excess cash to pay down non-core and non-relationship high cost funding, which we anticipate will compress the asset base in the short term while helping to reduce the Bank’s overall funding cost. We expect the deposit beta will lessen during the year and is expected to normalize in a range between 45% and 50% of the upper limit of the federal funds target range.

    Noninterest Income

      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    NONINTEREST INCOME                  
    Wealth management fees $ 16,777   $ 17,364     $ 15,917     $ 34,141     $ 31,466  
    Payment technology solutions   4,956     5,073       5,915       10,029       11,624  
    Treasury management services   4,981     3,017       2,145       7,998       4,046  
    Card services and ATM fees   4,880     3,709       3,430       8,589       6,390  
    Other service charges on deposit accounts   1,513     1,533       2,321       3,046       4,669  
    Mortgage revenue   776     329       478       1,105       1,224  
    Income on bank owned life insurance   1,745     1,446       1,442       3,191       2,861  
    Realized net gains (losses) on the sale of mortgage servicing rights   —     —       277       —       7,742  
    Net securities gains (losses)   5,997     (15,768 )     (353 )     (9,771 )     (6,728 )
    Other noninterest income   3,238     4,520       2,131       7,758       5,322  
    Total noninterest income $ 44,863   $ 21,223     $ 33,703     $ 66,086     $ 68,616  
                                         

    Total noninterest income increased by 111.4% compared to the first quarter of 2025 and increased by 33.1% compared to the second quarter of 2024, primarily due to net securities gains and losses, as well as the benefit of a full quarter of income from the CrossFirst acquisition.

    Excluding the impact of net securities gains and losses and the gains on the sale of mortgage servicing rights, adjusted noninterest income2 increased by 5.1% to $38.9 million, or 20.2% of operating revenue2, during the second quarter of 2025, compared to $37.0 million, or 26.3% of operating revenue2, for the first quarter of 2025. Compared to the second quarter of 2024, adjusted noninterest income2 increased by 15.1% from $33.8 million, or 29.0% of operating revenue.2

    Our fee-based businesses continue to add revenue diversification. Wealth management fees, wealth management referral fees included in other noninterest income, and payment technology solutions contributed 56.4% of adjusted noninterest income2 for the second quarter of 2025.

    Noteworthy components of noninterest income are as follows:

    • Wealth management fees declined by 3.4% compared to the first quarter of 2025. The decrease in the second quarter of 2025 was primarily related to seasonal fees, with a decrease in farm management fees, partially offset by higher tax preparation fees. Compared to the second quarter of 2024 wealth management fees increased by 5.4%. Busey’s Wealth Management division ended the second quarter of 2025 with $14.10 billion in assets under care, compared to $13.68 billion at the end of the first quarter of 2025 and $13.02 billion at the end of the second quarter of 2024. Our portfolio management team continues to focus on long-term returns and managing risk in the face of volatile markets and has outperformed its blended benchmark3 over the last three and five years.
    • Payment technology solutions includes income from electronic payments, merchant processing, and lockbox. Revenue in this category declined by 2.3% compared the first quarter of 2025 and declined by 16.2% compared to the second quarter of 2024, primarily due to decreases in income from electronic payments.
    • Treasury management services consist primarily of business analysis charges and wire transfer fees on commercial accounts. Income from treasury management services increased by 65.1% compared to the first quarter of 2025 and increased by 132.2% compared to the second quarter of 2024 due to the addition of CrossFirst commercial services.
    • Card services and ATM fees, which include both commercial and consumer accounts, increased by 31.6% compared to the first quarter of 2025 and increased by 42.3% compared to the second quarter of 2024 primarily due to addition of CrossFirst corporate card services.
    • Other service charges on deposit accounts declined by 1.3% compared to the first quarter of 2025 and declined by 34.8% compared to the second quarter of 2024. Declines are largely related to lower non-sufficient fund charges.
    • Other noninterest income decreased by 28.4% compared to the first quarter of 2025, primarily due to declines in gains on commercial loan sales, loss on sales of other real estate owned and a related reduction in income from the sold property, and decreases in venture capital investments. Compared to the second quarter of 2024, other noninterest income increased by 51.9%, primarily due to increases in venture capital investments, commercial loan servicing income, and other loan fee income.

    Operating Efficiency

      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    NONINTEREST EXPENSE                  
    Salaries, wages, and employee benefits $ 78,360   $ 67,563   $ 43,478   $ 145,923   $ 85,568
    Data processing   14,021     9,575     7,100     23,596     13,650
    Net occupancy expense of premises   7,832     5,799     4,590     13,631     9,310
    Furniture and equipment expenses   2,409     1,744     1,695     4,153     3,508
    Professional fees   2,874     9,511     2,495     12,385     4,748
    Amortization of intangible assets   4,592     3,083     2,629     7,675     5,038
    Interchange expense   1,297     1,343     1,733     2,640     3,344
    FDIC insurance   2,424     2,167     1,460     4,591     2,860
    Other noninterest expense1   14,024     11,245     10,726     25,269     19,327
    Total noninterest expense1 $ 127,833   $ 112,030   $ 75,906   $ 239,863   $ 147,353

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within other noninterest expense or total noninterest expense.

    Total noninterest expense increased by 14.1% compared to the first quarter of 2025 and increased by 68.4% compared to the second quarter of 2024. Growth in noninterest expense was primarily attributable to nonrecurring acquisition expenses related to the CrossFirst acquisition, added costs for operating expenses for two banks during the majority of the second quarter, until the banks were merged on June 20, 2025, and increased expense associated with the larger organization and branch network. Annual pre-tax expense synergy estimates resulting from the CrossFirst acquisition remain on track at $25.0 million, and we expect 50% of the identified synergies to be realized in 2025 and 100% in 2026.

    Adjusted noninterest expense,2 which excludes acquisition and restructuring expenses and amortization of intangible assets, was $106.6 million in the second quarter of 2025, a 28.6% increase compared to $82.9 million in the first quarter of 2025 and a 50.1% increase compared to $71.1 million in the second quarter of 2024.

    Noteworthy components of noninterest expense are as follows:

    • Salaries, wages, and employee benefits expenses increased by $10.8 million compared to the first quarter of 2025, with acquisition and restructuring expenses declining by $4.3 million. In connection with the CrossFirst acquisition in March and the addition of 16 banking centers, Busey’s workforce expanded, which resulted in only one month of associated expenses during the first quarter of 2025 in contrast to a full quarter of associated expenses reflected in the Company’s results for the second quarter of 2025. Compared to the second quarter of 2024, salaries, wages, and employee benefits expenses increased by $34.9 million, of which $10.4 million was attributable to increases in acquisition and restructuring expenses. Including associates added in connection with the CrossFirst acquisition, Busey has added 430 FTEs over the past year.
    • Data processing expense increased by $4.4 million compared to the first quarter of 2025 and by $6.9 million compared to the second quarter of 2024, of which $1.7 million and $3.6 million, respectively, was attributable to increases in acquisition and restructuring expenses. Busey has continued to make investments in technology enhancements and has also experienced inflation-driven price increases.
    • Professional fees declined by $6.6 million compared to the first quarter of 2025, which was primarily driven by a $7.0 million decrease in acquisition and restructuring expenses. Compared to the second quarter of 2024, professional fees increased by $0.4 million, primarily due to increased audit and accounting fees and legal fees, partially offset by $0.1 million declines in acquisition and restructuring expenses.
    • Amortization of intangible assets increased by $1.5 million compared to the first quarter of 2025, and by $2.0 million compared to the second quarter of 2024. The CrossFirst acquisition added an estimated $81.8 million of finite-lived intangible assets with amortization of $2.4 million and $3.1 million during the second quarter of 2025 and the first six months of 2025, respectively. Busey uses an accelerated amortization methodology.
    • Other noninterest expense increased by $2.8 million compared to the first quarter of 2025, and increased by $3.3 million compared to the second quarter of 2024. Items contributing to the increases included marketing, business development, supplies, and onboarding costs as well as increases in acquisition and restructuring expenses of $0.2 million compared to the first quarter of 2025 and $0.5 million compared to the second quarter of 2024.

    Busey’s efficiency ratio2 was 63.9% for the second quarter of 2025, compared to 77.1% for the first quarter of 2025 and 62.6% for the second quarter of 2024. Our adjusted efficiency2 ratio was 55.3% for the second quarter of 2025, compared to 58.7% for the first quarter of 2025, and 60.9% for the second quarter of 2024.

    Busey’s annualized ratio of adjusted noninterest expense to average assets was 2.24% for the second quarter of 2025, compared to 2.27% for the first quarter of 2025 and 2.36% for the second quarter of 2024. As our business grows, Busey remains focused on prudently managing our expense base and operating efficiency.

    BALANCE SHEET STRENGTH

    CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
               
      As of
    (dollars in thousands, except per share amounts) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    ASSETS          
    Cash and cash equivalents $ 752,352     $ 1,200,292     $ 285,269  
    Debt securities available for sale   2,217,788       2,273,874       1,829,896  
    Debt securities held to maturity   802,965       815,402       851,261  
    Equity securities   16,171       10,828       9,618  
    Loans held for sale   10,497       7,270       11,286  
    Portfolio loans   13,808,619       13,868,357       7,998,912  
    Allowance for credit losses   (183,334 )     (195,210 )     (85,226 )
    Restricted bank stock   77,112       53,518       6,884  
    Premises and equipment, net   181,394       182,003       121,647  
    Right of use assets   38,065       40,594       11,137  
    Goodwill and other intangible assets, net   488,181       496,118       370,580  
    Other assets   708,930       711,206       560,152  
    Total assets $ 18,918,740     $ 19,464,252     $ 11,971,416  
               
    LIABILITIES & STOCKHOLDERS’ EQUITY          
    Liabilities          
    Deposits:          
      Noninterest-bearing deposits $ 3,590,363     $ 3,693,070     $ 2,832,776  
      Interest-bearing checking, savings, and money market deposits   9,578,953       9,675,324       5,619,470  
      Time deposits   2,632,456       3,091,076       1,523,889  
    Total deposits   15,801,772       16,459,470       9,976,135  
    Securities sold under agreements to repurchase   158,030       137,340       140,283  
    Short-term borrowings   —       11,209       —  
    Long-term debt   189,726       313,535       227,245  
    Junior subordinated debt owed to unconsolidated trusts   77,187       77,117       74,693  
    Lease liabilities   39,235       41,111       11,469  
    Other liabilities   240,244       244,864       207,781  
    Total liabilities   16,506,194       17,284,646       10,637,606  
               
    Stockholders’ equity          
    Retained earnings   273,799       249,484       261,820  
    Accumulated other comprehensive income (loss)   (155,311 )     (172,810 )     (220,326 )
    Other stockholders’ equity1   2,294,058       2,102,932       1,292,316  
    Total stockholders’ equity   2,412,546       2,179,606       1,333,810  
    Total liabilities & stockholders’ equity $ 18,918,740     $ 19,464,252     $ 11,971,416  

    ___________________________________________

    1. Net balance of preferred stock ($0.001 par value), common stock ($0.001 par value), additional paid-in capital, and treasury stock.
    AVERAGE BALANCES (unaudited)
                       
      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    ASSETS                  
    Cash and cash equivalents $ 868,164   $ 861,021   $ 346,381   $ 864,613   $ 470,287
    Investment securities   3,083,284     2,782,435     2,737,313     2,933,690     2,822,228
    Loans held for sale   6,899     3,443     9,353     5,181     7,093
    Portfolio loans   13,840,190     9,838,337     8,010,636     11,850,318     7,804,976
    Interest-earning assets   17,700,356     13,363,594     11,000,785     15,543,955     11,003,344
    Total assets   19,068,086     14,831,298     12,089,692     16,961,396     12,056,950
                       
    LIABILITIES & STOCKHOLDERS’ EQUITY                  
    Noninterest-bearing deposits   3,542,617     3,036,127     2,816,293     3,290,770     2,762,439
    Interest-bearing deposits   12,450,529     9,142,781     7,251,582     10,805,793     7,290,844
    Total deposits   15,993,146     12,178,908     10,067,875     14,096,563     10,053,283
    Federal funds purchased and securities sold under agreements to repurchase   141,978     144,838     144,370     143,400     161,514
    Interest-bearing liabilities   12,985,015     9,627,841     7,725,832     11,315,702     7,778,744
    Total liabilities   16,783,504     12,896,222     10,757,877     14,850,601     10,753,180
    Stockholders’ equity – preferred   103,619     2,669     —     53,423     —
    Stockholders’ equity – common   2,180,963     1,932,407     1,331,815     2,057,372     1,303,770
    Tangible common equity1   1,686,490     1,521,387     955,591     1,604,394     939,150

    ___________________________________________

    1. See “Non-GAAP Financial Information” for reconciliation.

    Busey’s financial strength is built on a long-term conservative operating approach. That focus has endured over time and will continue to guide us in the future.

    Total assets were $18.92 billion as of June 30, 2025, compared to $19.46 billion as of March 31, 2025, and $11.97 billion as of June 30, 2024. Average interest-earning assets were $17.70 billion for the second quarter of 2025, compared to $13.36 billion for the first quarter of 2025, and $11.00 billion for the second quarter of 2024.

    Portfolio Loans

    We remain steadfast in our conservative approach to underwriting and our disciplined approach to pricing. Loan demand has been tempered with borrowers hesitant to invest because of lingering macroeconomic uncertainty. At the same time, our commercial real estate portfolio continues to season, resulting in payoffs as properties are completed, stabilized, and refinanced to permanent markets or sold. We expect continued pressure from paydowns within our commercial real estate portfolio through the remainder of 2025. Portfolio loans totaled $13.81 billion at June 30, 2025, compared to $13.87 billion at March 31, 2025, and $8.00 billion at June 30, 2024.

    Average portfolio loans were $13.84 billion for the second quarter of 2025, compared to $9.84 billion for the first quarter of 2025 and $8.01 billion for the second quarter of 2024.

    Asset Quality

    Asset quality continues to be strong. Busey Bank maintains a well-diversified loan portfolio and, as a matter of policy and practice, limits concentration exposure in any particular loan segment. Following the Bank Merger in June, we are operating as one bank, with a singular credit policy, concentration limits, and monitoring that will continue to align with Busey Bank’s pillars of credit quality.

    ASSET QUALITY (unaudited)
               
      As of
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Total assets $ 18,918,740     $ 19,464,252     $ 11,971,416  
    Portfolio loans   13,808,619       13,868,357       7,998,912  
    Loans 30 – 89 days past due   42,188       18,554       23,463  
    Non-performing loans:          
    Non-accrual loans   53,614       48,647       8,393  
    Loans 90+ days past due and still accruing   941       6,077       712  
    Non-performing loans   54,555       54,724       9,105  
    Other non-performing assets   3,596       4,757       90  
    Non-performing assets   58,151       59,481       9,195  
    Substandard (excludes 90+ days past due)   117,580       131,078       86,579  
    Classified assets $ 175,731     $ 190,559     $ 95,774  
               
    Allowance for credit losses $ 183,334     $ 195,210     $ 85,226  
               
    RATIOS          
    Non-performing loans to portfolio loans   0.40 %     0.39 %     0.11 %
    Non-performing assets to total assets   0.31 %     0.31 %     0.08 %
    Non-performing assets to portfolio loans and other non-performing assets   0.42 %     0.43 %     0.11 %
    Allowance for credit losses to portfolio loans   1.33 %     1.41 %     1.07 %
    Coverage ratio of the allowance for credit losses to non-performing loans 3.36 x   3.57 x   9.36 x
    Classified assets to Bank Tier 1 capital1and reserves   7.70 %     8.40 %     6.40 %

    ___________________________________________

    1. Capital amounts for the second quarter of 2025 are not yet finalized and are subject to change.

    Loans 30-89 days past due increased by $23.6 million compared to March 31, 2025, and increased by $18.7 million compared to June 30, 2024. Increases are primarily due to two commercial credits, one of which—representing approximately $12.5 million—was brought current after the end of the second quarter.

    Non-performing loans decreased by $0.2 million compared to March 31, 2025, and increased by $45.5 million compared to June 30, 2024, with the increase compared to the prior year due to loans purchased with credit deterioration (“PCD” loans) assumed in the CrossFirst acquisition. Non-performing loans were 0.40% of portfolio loans as of June 30, 2025, a 1 basis point increase from March 31, 2025, and a 29 basis point increase from June 30, 2024.

    Non-performing assets decreased by $1.3 million compared to March 31, 2025, and increased by $49.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition. Non-performing assets represented 0.31% of total assets as of both June 30, 2025, and March 31, 2025, which is a 23 basis point increase from June 30, 2024.

    Classified assets decreased by $14.8 million compared to March 31, 2025, and increased by $80.0 million compared to June 30, 2024, with the increase compared to the prior year due to the PCD loans assumed in the CrossFirst acquisition.

    The allowance for credit losses was $183.3 million as of June 30, 2025, representing 1.33% of total portfolio loans outstanding, and providing coverage of 3.36 times our non-performing loans balance.

    NET CHARGE-OFFS (RECOVERIES) AND PROVISION EXPENSE (RELEASE) (unaudited)
                       
      Three Months Ended   Six Months Ended
    (dollars in thousands) June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net charge-offs (recoveries) $ 12,882   $ 31,429   $ 9,856     $ 44,311   $ 15,072  
                       
    Provision for loan losses1 $ 1,005   $ 42,452   $ 2,277     $ 43,457   $ 7,315  
    Provision for unfunded commitments2   4,695     3,141     (369 )     7,836     (1,047 )
    Provision for credit losses3 $ 5,700   $ 45,593   $ 1,908     $ 51,293   $ 6,268  

    ___________________________________________

    1. Amounts reported as provision for loan losses for periods ending prior to June 30, 2025, were previously reported as provision for credit losses. March 31, 2025, included $42.4 million to establish an initial allowance for credit losses for loans purchased without credit deterioration (“non-PCD” loans) following the close of the CrossFirst acquisition.
    2. June 30, 2025, included an additional $4.0 million adjustment to the initial provision for unfunded commitments resulting from the adoption of a new CECL model. March 31, 2025, included $3.1 million to establish an initial allowance for unfunded commitments following the close of the CrossFirst acquisition.
    3. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses.

    Net charge-offs decreased by $18.5 million when compared to the first quarter of 2025, and increased by $3.0 million when compared with the second quarter of 2024. Net charge-offs during the second quarter of 2025 primarily related to one legacy-Busey medical office credit. Net charge-offs during the first quarter of 2025 included $29.6 million related to PCD loans acquired from CrossFirst Bank, which were fully reserved at acquisition and did not require recording additional provision expense.

    The $1.0 million provision for loan losses recorded in the second quarter of 2025 included a release of the PCD provision of $11.8 million due to PCD loan payoffs/paydowns and non-PCD provision expense of $12.8 million to support charge-offs, to adjust for the loan portfolio mix, and as a response to economic factors.

    Deposits

    Total deposits were $15.80 billion at June 30, 2025, compared to $16.46 billion at March 31, 2025, and $9.98 billion at June 30, 2024. Average deposits were $15.99 billion for the second quarter of 2025, compared to $12.18 billion for the first quarter of 2025 and $10.07 billion for the second quarter of 2024. The deliberate run-off of higher cost brokered deposits and listing service CD reductions accounted for $386.8 million of the quarter over quarter decrease as well as seasonal tax payments that put additional pressure on funding during the quarter.

    Core deposits2 accounted for 92.5% of total deposits as of June 30, 2025. The quality of our core deposit franchise is a critical value driver of our institution. We estimated that 33% of our deposits were uninsured and uncollateralized4 as of June 30, 2025, and we have sufficient on- and off-balance sheet liquidity to manage deposit fluctuations and the liquidity needs of our customers.

    We have executed various deposit campaigns to attract term funding and savings accounts at a lower rate than our marginal cost of funds. New certificate of deposit production in the second quarter of 2025 had a weighted average term of 8.0 months at a rate of 3.74%, which was 80 basis points below our average marginal wholesale equivalent-term funding cost during the quarter.

    Borrowings

    On June 1, 2025, Busey redeemed the entire $125.0 million outstanding principal amount of its 5.25% Fixed-to-Floating Rate Subordinated Notes due 2030 (the “Subordinated Notes”). The aggregate principal amount of the Subordinated Notes, plus accrued and unpaid interest thereon up to, but excluding, June 1, 2025, was $128.3 million.

    Liquidity

    As of June 30, 2025, Busey’s available sources of on- and off-balance sheet liquidity5 totaled $7.95 billion. Furthermore, Busey’s balance sheet liquidity profile continues to be aided by the cash flows expected from Busey’s relatively short-duration securities portfolio. Those cash flows were approximately $123.1 million in the second quarter of 2025. Cash flows from maturing securities within our portfolio are expected to be approximately $181.0 million for the remainder of 2025, with a current book yield of 2.52%, and approximately $289.7 million for 2026, with a current book yield of 2.58%.

    Capital Strength

    The strength of our balance sheet is also reflected in our capital foundation. Although still impacted by the strategic deployment of capital for the CrossFirst acquisition, as well as by Busey’s active share repurchase program, our capital ratios remain strong, and as of June 30, 2025, our estimated regulatory capital ratios6 continued to provide a buffer of more than $870 million above levels required to be designated well-capitalized. Busey’s Common Equity Tier 1 ratio is estimated6 to be 12.22% at June 30, 2025, compared to 12.00% at March 31, 2025, and 13.20% at June 30, 2024. Our Total Capital to Risk Weighted Assets ratio is estimated6 to be 15.75% at June 30, 2025, compared to 14.88% at March 31, 2025, and 17.50% at June 30, 2024.

    Busey’s tangible common equity2 was $1.71 billion at June 30, 2025, compared to $1.68 billion at March 31, 2025, and $963.2 million at June 30, 2024. Tangible common equity2 represented 9.27% of tangible assets at June 30, 2025, compared to 8.83% at March 31, 2025, and 8.30% at June 30, 2024.

    Busey’s tangible book value per common share2 was $19.18 at June 30, 2025, compared to $18.62 at March 31, 2025, and $16.97 at June 30, 2024, reflecting a 13.0% year-over-year increase.

    Dividends

    Busey’s strong capital levels, coupled with its earnings, have allowed the Company to provide a steady return to its stockholders through dividends. During the second quarter of 2025, Busey paid a dividend of $0.25 per share on its common stock. Busey has consistently paid dividends to its common stockholders since the bank holding company was organized in 1980. Additionally, during the second quarter of 2025, Busey paid a dividend of $20.00 per share on its Series A Non-cumulative Perpetual Preferred Stock, which was issued in connection with the CrossFirst acquisition.

    Series B Preferred Stock Issuance

    On May 20, 2025, Busey issued an aggregate of 8,600,000 depositary shares (the “Depositary Shares”), each representing a 1/40th interest in a share of Busey’s 8.25% Fixed-Rate Series B Non-Cumulative Perpetual Preferred Stock, $0.001 par value (the “Series B Preferred Stock”), with a liquidation preference of $1,000 per share of Series B Preferred Stock (equivalent to $25 per Depositary Share). Additional information about the Depositary Shares and Series B Preferred Stock issuance can be found in Busey’s 8-K filed with the SEC on May 20, 2025, and the related exhibits thereto.

    Share Repurchases

    During the second quarter of 2025, Busey’s board of directors authorized the purchase of up to 2,000,000 additional shares of the Company’s common stock under Busey’s stock repurchase plan. Busey purchased 1,012,000 shares of its common stock under the plan during the second quarter of 2025 at a weighted average price of $21.40 per share for a total of $21.7 million. As of June 30, 2025, Busey had 2,687,275 shares remaining available for repurchase under the plan.

    SECOND QUARTER EARNINGS INVESTOR PRESENTATION

    For additional information on Busey’s financial condition and operating results, please refer to our Q2 2025 Earnings Investor Presentation furnished via Form 8‑K on July 22, 2025, in connection with this earnings release.

    CORPORATE PROFILE

    As of June 30, 2025, First Busey Corporation (Nasdaq: BUSE) was a $18.92 billion financial holding company headquartered in Leawood, Kansas.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $18.87 billion as of June 30, 2025. Busey Bank currently has 78 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, four in the Dallas-Fort Worth-Arlington Metropolitan Statistical Area, three in the Kansas City Metropolitan Statistical Area, three in Southwest Florida, one in Indianapolis, two in Oklahoma City, one in Tulsa, one in Wichita, one in Denver, one in Colorado Springs, one in Phoenix, one in Tucson, and one in New Mexico. More information about Busey Bank can be found at busey.com.

    Through Busey’s Wealth Management division, the Company provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $14.10 billion as of June 30, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

    Busey Bank’s wholly-owned subsidiary, FirsTech, specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the fourth consecutive year, Busey was named among Forbes’ 2025’s America’s Best Banks. In 2025, Forbes also recognized Busey as a Best-in-State Bank, based on rankings of customer service, quality of financial advice, fee structures, ease of digital services, accessing help at branch locations and the degree of trust inspired. Busey was also named among the 2024 Best Banks to Work For by American Banker and the 2024 Best Places to Work in Money Management by Pensions and Investments. We are honored to be consistently recognized as an outstanding financial services organization with an engaged culture of integrity and commitment to community development.

    NON-GAAP FINANCIAL INFORMATION

    This earnings release contains certain financial information determined by methods other than GAAP. Management uses these non-GAAP measures, together with the related GAAP measures, in analysis of Busey’s performance and in making business decisions, as well as for comparison to Busey’s peers. Busey believes the adjusted measures are useful for investors and management to understand the effects of certain non-core and non-recurring items and provide additional perspective on Busey’s performance over time.

    The following tables present reconciliations between these non-GAAP measures and what management believes to be the most directly comparable GAAP financial measures.

    These non-GAAP disclosures have inherent limitations and are not audited. They should not be considered in isolation or as a substitute for operating results reported in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Tax effected numbers included in these non-GAAP disclosures are based on estimated statutory rates, estimated federal income tax rates, or effective tax rates, as noted with the tables below.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

    Pre-Provision Net Revenue and Related Measures
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net interest income (GAAP)   $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Total noninterest income (GAAP)     44,863       21,223       33,703       66,086       68,616  
    Net security (gains) losses (GAAP)     (5,997 )     15,768       353       9,771       6,728  
    Total noninterest expense (GAAP)1     (127,833 )     (112,030 )     (75,906 )     (239,863 )     (147,353 )
    Pre-provision net revenue (Non-GAAP) [a]   64,216       28,692       40,682       92,908       86,377  
    Acquisition and restructuring expenses, excluding initial provision expenses     16,600       26,026       2,212       42,626       2,620  
    Realized net (gains) losses on the sale of mortgage service rights     —       —       (277 )     —       (7,742 )
    Adjusted pre-provision net revenue (Non-GAAP) [b] $ 80,816     $ 54,718     $ 42,617     $ 135,534     $ 81,255  
                         
    Average total assets [c] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
                         
    Pre-provision net revenue to average total assets (Non-GAAP)2 [a÷c]   1.35 %     0.78 %     1.35 %     1.10 %     1.44 %
    Adjusted pre-provision net revenue to average total assets (Non-GAAP)2 [b÷c]   1.70 %     1.50 %     1.42 %     1.61 %     1.36 %

    ___________________________________________

    1. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense.
    2. Annualized measure.
    Adjusted Net Income, Average Tangible Common Equity, and Related Ratios
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands, except per share amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net income (loss) (GAAP) [a] $ 47,404     $ (29,990 )   $ 27,357     $ 17,414     $ 53,582  
    Day 2 provision for credit losses1     —       45,572       —       45,572       —  
    Adjustment of initial provision for unfunded commitments due to adoption of new model1     4,030       —       —       4,030       —  
    Other acquisition expenses     16,600       26,026       2,212       42,626       2,497  
    Restructuring expenses     —       —       —       —       123  
    Net securities (gains) losses     (5,997 )     15,768       353       9,771       6,728  
    Realized net (gains) losses on the sale of mortgage servicing rights     —       —       (277 )     —       (7,742 )
    Related tax (benefit) expense2     (4,971 )     (22,069 )     (572 )     (27,040 )     (402 )
    Non-recurring deferred tax adjustment3     328       4,591       1,446       4,919       1,446  
    Adjusted net income (Non-GAAP)4 [b]   57,394       39,898       30,519       97,292       56,232  
    Preferred dividends [c]   155       —       —       155       —  
    Adjusted net income available to common stockholders (Non-GAAP) [d] $ 57,239     $ 39,898     $ 30,519     $ 97,137     $ 56,232  
                         
    Weighted average number of common shares outstanding, diluted (GAAP) [e]   90,883,711       68,517,647       57,853,231       80,251,577       57,129,865  
    Diluted earnings (loss) per common share (GAAP) [(a-c)÷e] $ 0.52     $ (0.44 )   $ 0.47     $ 0.22     $ 0.94  
                         
    Weighted average number of common shares outstanding, diluted (Non-GAAP)5 [f]   90,883,711       69,502,717       57,853,231       80,251,577       57,129,865  
    Adjusted diluted earnings per common share (Non-GAAP)5,6 [d÷f] $ 0.63     $ 0.57     $ 0.53     $ 1.21     $ 0.98  
                         
    Average total assets [g] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
    Return on average assets (Non-GAAP)6 [a÷g]   1.00 %   (0.82)%     0.91 %     0.21 %     0.89 %
    Adjusted return on average assets (Non-GAAP)4,6 [b÷g]   1.21 %     1.09 %     1.02 %     1.16 %     0.94 %
                         
    Average common equity   $ 2,180,963     $ 1,932,407     $ 1,331,815     $ 2,057,372     $ 1,303,770  
    Average goodwill and other intangible assets, net     (494,473 )     (411,020 )     (376,224 )     (452,978 )     (364,620 )
    Average tangible common equity (Non-GAAP) [h] $ 1,686,490     $ 1,521,387     $ 955,591     $ 1,604,394     $ 939,150  
                         
    Return on average tangible common equity (Non-GAAP)6 [(a-c)÷h]   11.24 %   (7.99)%     11.51 %     2.17 %     11.47 %
    Adjusted return on average tangible common equity (Non-GAAP)4,6 [d÷h]   13.61 %     10.64 %     12.85 %     12.21 %     12.04 %

    ___________________________________________

    1. The Day 2 provision represents the initial provision for credit losses recorded in connection with the CrossFirst acquisition to establish an allowance on non-PCD loans and unfunded commitments and is reflected within the provision for credit losses line on the Statement of Income.
    2. Tax benefits were calculated for the year-to-date periods using tax rates of 26.51% and 25.03% for the six months ended June 30, 2025 and 2024, respectively. Tax benefits for the quarterly periods were calculated as the year-to-date tax amounts less the tax reported for previous quarters during the year.
    3. A deferred valuation tax adjustment in 2025 was recorded in connection with the CrossFirst acquisition and the expansion of Busey’s footprint into new states. Additionally, 2025 includes a write-off of deferred tax assets related to non-deductible acquisition-related expenses. A deferred tax valuation adjustment in 2024 resulted from a change to Busey’s Illinois apportionment rate due to recently enacted regulations. Deferred tax adjustments are reflected within the income taxes line on the Statement of Income.
    4. Beginning in 2025, Busey revised its calculation of adjusted net income for all periods presented to include, as applicable, adjustments for net securities gains and losses, realized net gains and losses on the sale of mortgage servicing rights, and one-time deferred tax valuation adjustments. In 2024, these adjusting items were presented as further adjustments to adjusted net income.
    5. Dilution includes shares that would have been dilutive if there had been net income during the period.
    6. Annualized measure.
    Tax-Equivalent Net Interest Income, Adjusted Net Interest Income, Net Interest Margin, and Adjusted Net Interest Margin
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net interest income (GAAP)   $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Tax-equivalent adjustment1     791       537       402       1,328       851  
    Tax-equivalent net interest income (Non-GAAP) [a]   153,974       104,268       82,934       258,242       159,237  
    Purchase accounting accretion related to business combinations     (7,119 )     (2,728 )     (812 )     (9,847 )     (1,016 )
    Adjusted net interest income (Non-GAAP) [b] $ 146,855     $ 101,540     $ 82,122     $ 248,395     $ 158,221  
                         
    Average interest-earning assets (Non-GAAP) [c] $ 17,700,356     $ 13,363,594     $ 11,000,785     $ 15,543,955     $ 11,003,344  
                         
    Net interest margin (Non-GAAP)2 [a÷c]   3.49 %     3.16 %     3.03 %     3.35 %     2.91 %
    Adjusted net interest margin (Non-GAAP)2 [b÷c]   3.33 %     3.08 %     3.00 %     3.22 %     2.89 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    2. Annualized measure.
    Adjusted Noninterest Income, Revenue Measures, Adjusted Noninterest Expense, Efficiency Ratios, and Adjusted Noninterest Expense to Average Assets
                         
        Three Months Ended   Six Months Ended
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024    		   June 30,
    2025    		   June 30,
    2024
    Net interest income (GAAP) [a] $ 153,183     $ 103,731     $ 82,532     $ 256,914     $ 158,386  
    Tax-equivalent adjustment1     791       537       402       1,328       851  
    Tax-equivalent net interest income (Non-GAAP) [b]   153,974       104,268       82,934       258,242       159,237  
                         
    Total noninterest income (GAAP)     44,863       21,223       33,703       66,086       68,616  
    Net security (gains) losses     (5,997 )     15,768       353       9,771       6,728  
    Noninterest income excluding net securities gains and losses (Non-GAAP) [c]   38,866       36,991       34,056       75,857       75,344  
    Realized net (gains) losses on the sale of mortgage service rights     —       —       (277 )     —       (7,742 )
    Adjusted noninterest income (Non-GAAP) [d] $ 38,866     $ 36,991     $ 33,779     $ 75,857     $ 67,602  
                         
    Tax-equivalent revenue (Non-GAAP) [e = b+c] $ 192,840     $ 141,259     $ 116,990     $ 334,099     $ 234,581  
    Adjusted tax-equivalent revenue (Non-GAAP) [f = b+d]   192,840       141,259       116,713       334,099       226,839  
    Operating revenue (Non-GAAP) [g = a+d]   192,049       140,722       116,311       332,771       225,988  
                         
    Adjusted noninterest income to operating revenue (Non-GAAP) [d÷g]   20.24 %     26.29 %     29.04 %     22.80 %     29.91 %
                         
    Total noninterest expense (GAAP)2   $ 127,833     $ 112,030     $ 75,906     $ 239,863     $ 147,353  
    Amortization of intangible assets     (4,592 )     (3,083 )     (2,629 )     (7,675 )     (5,038 )
    Noninterest expense excluding amortization of intangible assets (Non-GAAP)2 [h]   123,241       108,947       73,277       232,188       142,315  
    Acquisition and restructuring expenses, excluding initial provision expenses     (16,600 )     (26,026 )     (2,212 )     (42,626 )     (2,620 )
    Adjusted noninterest expense (Non-GAAP)2 [i] $ 106,641     $ 82,921     $ 71,065     $ 189,562     $ 139,695  
                         
    Efficiency ratio (Non-GAAP)2 [h÷e]   63.91 %     77.13 %     62.64 %     69.50 %     60.67 %
    Adjusted efficiency ratio (Non-GAAP)2 [i÷f]   55.30 %     58.70 %     60.89 %     56.74 %     61.58 %
                         
    Average total assets [j] $ 19,068,086     $ 14,831,298     $ 12,089,692     $ 16,961,396     $ 12,056,950  
    Adjusted noninterest expense to average assets (Non-GAAP)2,3 [i÷j]   2.24 %     2.27 %     2.36 %     2.25 %     2.33 %

    ___________________________________________

    1. Tax-equivalent adjustments were calculated using an estimated federal income tax rate of 21%, applied to non-taxable interest income on investments and loans.
    2. Beginning in the second quarter of 2025, Busey revised its presentation, for all periods presented, to reclassify the provision for unfunded commitments so that it is now included within the provision for credit losses; therefore, it is no longer included within total noninterest expense. This change affects all measures and ratios derived from total noninterest expense.
    3. Annualized measure.
    Tangible Assets, Tangible Common Equity, and Related Measures and Ratio
                 
        As of
    (dollars in thousands, except per share amounts)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Total assets (GAAP)   $ 18,918,740     $ 19,464,252     $ 11,971,416  
    Goodwill and other intangible assets, net     (488,181 )     (496,118 )     (370,580 )
    Tangible assets (Non-GAAP)1 [a] $ 18,430,559     $ 18,968,134     $ 11,600,836  
                 
    Total stockholders’ equity (GAAP)   $ 2,412,546     $ 2,179,606     $ 1,333,810  
    Preferred stock and additional paid in capital on preferred stock     (215,197 )     (7,750 )     —  
    Common equity [b]   2,197,349       2,171,856       1,333,810  
    Goodwill and other intangible assets, net     (488,181 )     (496,118 )     (370,580 )
    Tangible common equity (Non-GAAP)1 [c] $ 1,709,168     $ 1,675,738     $ 963,230  
                 
    Tangible common equity to tangible assets (Non-GAAP)1 [c÷a]   9.27 %     8.83 %     8.30 %
                 
    Ending number of common shares outstanding (GAAP) [d]   89,104,678       90,008,178       56,746,937  
    Book value per common share (Non-GAAP) [b÷d] $ 24.66     $ 24.13     $ 23.50  
    Tangible book value per common share (Non-GAAP) [c÷d] $ 19.18     $ 18.62     $ 16.97  

    ___________________________________________

    1. Beginning in 2025, Busey revised its calculation of tangible assets and tangible common equity for all periods presented to exclude any tax adjustment.
    Core Deposits and Related Ratio
                 
        As of
    (dollars in thousands)   June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Total deposits (GAAP) [a] $ 15,801,772     $ 16,459,470     $ 9,976,135  
    Brokered deposits, excluding brokered time deposits of $250,000 or more     (353,614 )     (722,224 )     (43,089 )
    Time deposits of $250,000 or more     (827,762 )     (867,035 )     (314,461 )
    Core deposits (Non-GAAP) [b] $ 14,620,396     $ 14,870,211     $ 9,618,585  
                 
    Core deposits to total deposits (Non-GAAP) [b÷a]   92.52 %     90.34 %     96.42 %
                             

    FORWARD-LOOKING STATEMENTS

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) technological changes implemented by us and other parties, including our third-party vendors, which may have unforeseen consequences to us and our customers, including the development and implementation of tools incorporating artificial intelligence; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    Additional information concerning Busey and its business, including additional factors that could materially affect Busey’s financial results, is included in Busey’s filings with the Securities and Exchange Commission.

    END NOTES

    1 Annualized measure.
    2 Represents a non-GAAP financial measure. For a reconciliation to the most directly comparable financial measure calculated and presented in accordance with Generally Accepted Accounting Principles (“GAAP”), see “Non-GAAP Financial Information.”
    3 The blended benchmark consists of 60% MSCI All Country World Index and 40% Bloomberg Intermediate US Government/Credit Total Return Index.
    4 Estimated uninsured and uncollateralized deposits consist of account balances in excess of the $250,000 Federal Deposit Insurance Corporation insurance limit, less intercompany accounts, fully collateralized accounts (including preferred deposits), and pass-through accounts where clients have deposit insurance at the correspondent financial institution.
    5 On- and off-balance sheet liquidity is comprised of cash and cash equivalents, debt securities excluding those pledged as collateral, brokered deposits, and Busey’s borrowing capacity through its revolving credit facility, the FHLB, the Federal Reserve Bank, and federal funds purchased lines.
    6 Capital amounts and ratios for the second quarter of 2025 are not yet finalized and are subject to change.
       

    INVESTOR CONTACT: Scott A. Phillips, Interim Chief Financial Officer | 239-689-7167

    The MIL Network –

  • MIL-OSI: Baker Hughes Company Announces Second-Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second-quarter highlights

    • Orders of $7.0 billion, including $3.5 billion of IET orders.
    • RPO of $34.0 billion, including record IET RPO of $31.3 billion.
    • Revenue of $6.9 billion, down 3% year-over-year.
    • Attributable net income of $701 million.
    • GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.
    • Adjusted EBITDA* of $1,212 million, up 7% year-over-year.
    • Cash flows from operating activities of $510 million and free cash flow* of $239 million.
    • Returns to shareholders of $423 million, including $196 million of share repurchases.

    HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.

    “We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

    “IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”

    “We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”

    “During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”

    “We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

        Three Months Ended   Variance
    (in millions except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 7,032   $ 6,459   $ 7,526     9 % (7 %)
    Revenue     6,910     6,427     7,139     8 % (3 %)
    Net income attributable to Baker Hughes     701     402     579     74 % 21 %
    Adjusted net income attributable to Baker Hughes*     623     509     568     22 % 10 %
    Adjusted EBITDA*     1,212     1,037     1,130     17 % 7 %
    Diluted earnings per share (EPS)     0.71     0.40     0.58     76 % 22 %
    Adjusted diluted EPS*     0.63     0.51     0.57     23 % 11 %
    Cash flow from operating activities     510     709     348     (28 %) 47 %
    Free cash flow*     239     454     106     (47 %) F


    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    Quarter Highlights

    Executing our portfolio optimization strategy

    In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.

    First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE“) Surface Pressure Control (“SPC“) product line in exchange for approximately $345 million while maintaining a minority ownership stake.

    Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI“) product line within Industrial & Energy Technology (“IET“) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.

    Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC“), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.

    Key awards and technology achievements

    The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.

    Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.

    Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.

    In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.

    Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (“GTS“), the Company secured more than $350 million of Contractual Services Agreements (“CSA“) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.

    The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (“CTS“), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO2 emissions reduction for gas infrastructure across the country.

    Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.

    OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (“P&A“) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.

    OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (“ESP“) optimization and AI-powered predictive failure analytics in the Middle East.

    Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.

    In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.

    In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.

    Consolidated Financial Results

    Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.

    The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.

    Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.

    Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.

    Depreciation and amortization for the second quarter of 2025 was $293 million.

    Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.

    The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.

    Other Financial Items

    Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.

    Income tax expense in the second quarter of 2025 was $256 million.

    Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.

    GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.

    Results by Reporting Segment

    The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

    Oilfield Services & Equipment

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,503   $ 3,281   $ 4,068     7 % (14 %)
    Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    EBITDA   $ 677   $ 623   $ 716     9 % (5 %)
    EBITDA margin     18.7 %   17.8 %   17.8 %   0.9pts 0.9pts
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Well Construction   $ 921   $ 892   $ 1,090     3 % (16 %)
    Completions, Intervention, and Measurements     935     925     1,118     1 % (16 %)
    Production Solutions     968     899     958     8 % 1 %
    Subsea & Surface Pressure Systems     793     782     845     1 % (6 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    (in millions)   Three Months Ended   Variance
    Revenue by Geographic Region   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    Latin America     639     568     663     12 % (4 %)
    Europe/CIS/Sub-Saharan Africa     653     580     827     13 % (21 %)
    Middle East/Asia     1,398     1,429     1,498     (2 %) (7 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
                   
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    International   $ 2,689   $ 2,577   $ 2,988     4 % (10 %)


    EBITDA excludes depreciation and amortization of     $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.

    OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.

    North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.

    Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.

    Industrial & Energy Technology

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %
    EBITDA   $ 585   $ 501   $ 497     17 % 18 %
    EBITDA margin     17.8 %   17.1 %   15.9 %   0.7pts 1.9pts
    (in millions)   Three Months Ended   Variance
    Orders by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 781   $ 1,335   $ 1,493     (42 %) (48 %)
    Gas Technology Services     986     913     769     8 % 28 %
    Total Gas Technology     1,767     2,248     2,261     (21 %) (22 %)
    Industrial Products     513     501     524     2 % (2 %)
    Industrial Solutions     327     281     281     16 % 16 %
    Total Industrial Technology     839     782     805     7 % 4 %
    Climate Technology Solutions     923     148     392     F F
    Total Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 1,624   $ 1,456   $ 1,539     12 % 6 %
    Gas Technology Services     752     592     691     27 % 9 %
    Total Gas Technology     2,377     2,047     2,230     16 % 7 %
    Industrial Products     488     445     509     10 % (4 %)
    Industrial Solutions     273     258     262     6 % 4 %
    Total Industrial Technology     761     703     770     8 % (1 %)
    Climate Technology Solutions     156     178     128     (12 %) 22 %
    Total Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %


    EBITDA excludes depreciation and amortization of     $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.

    IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.

    Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.

    Reconciliation of GAAP to non-GAAP Financial Measures

    Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

    Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Net income attributable to noncontrolling interests     10     7     2  
    Provision for income taxes     256     152     243  
    Interest expense, net     54     51     47  
    Depreciation & amortization     293     285     283  
    Change in fair value of equity securities (1)     (119 )   140     (19 )
    Other charges and credits (1)     17     —     (6 )
    Adjusted EBITDA (non-GAAP)     1,212     1,037     1,130  
    Corporate costs     78     85     83  
    Other (income) / expense not allocated to segments     (28 )   1     —  
    Total Segment EBITDA (non-GAAP)   $ 1,262   $ 1,124   $ 1,213  
    OFSE     677     623     716  
    IET     585     501     497  


    (1)     Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).

    Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

    Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

        Three Months Ended
    (in millions, except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Change in fair value of equity securities     (119 )   140     (19 )
    Other adjustments     17     —     14  
    Tax adjustments(1)     24     (32 )   (6 )
    Total adjustments, net of income tax     (78 )   108     (11 )
    Less: adjustments attributable to noncontrolling interests     —     —     —  
    Adjustments attributable to Baker Hughes     (78 )   108     (11 )
    Adjusted net income attributable to Baker Hughes (non-GAAP)   $ 623   $ 509   $ 568  
             
    Denominator:        
    Weighted-average shares of Class A common stock outstanding diluted     991     999     1,001  
    Adjusted earnings per share – diluted (non-GAAP)   $ 0.63   $ 0.51   $ 0.57  


    (1)     All periods reflect the tax associated with the other (income) loss adjustments.

    Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

    Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net cash flows from operating activities (GAAP)   $ 510   $ 709   $ 348  
    Add: cash used for capital expenditures, net of proceeds from disposal of assets     (271 )   (255 )   (242 )
    Free cash flow (non-GAAP)   $ 239   $ 454   $ 106  

    Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.


    Financial Tables (GAAP)

    Condensed Consolidated Statements of Income (Loss)
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions, except per share amounts)     2025     2024     2025     2024  
    Revenue   $ 6,910   $ 7,139   $ 13,337   $ 13,557  
    Costs and expenses:          
    Cost of revenue     5,295     5,493     10,247     10,469  
    Selling, general and administrative     567     643     1,144     1,261  
    Research and development costs     161     158     307     322  
    Other (income) expense, net     (134 )   (26 )   6     (48 )
    Interest expense, net     54     47     105     88  
    Income before income taxes     967     824     1,528     1,465  
    Provision for income taxes     (256 )   (243 )   (408 )   (421 )
    Net income     711     581     1,120     1,044  
    Less: Net income attributable to noncontrolling interests     10     2     17     10  
    Net income attributable to Baker Hughes Company   $ 701   $ 579   $ 1,103   $ 1,034  
               
    Per share amounts:      
    Basic income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.04  
    Diluted income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.03  
               
    Weighted average shares:          
    Class A basic     988     996     990     997  
    Class A diluted     991     1,001     995     1,002  
               
    Cash dividend per Class A common stock   $ 0.23   $ 0.21   $ 0.46   $ 0.42  
    Condensed Consolidated Statements of Financial Position
    (Unaudited)
     
    (In millions)   June 30, 2025 December 31, 2024
    ASSETS
    Current Assets:      
    Cash and cash equivalents   $ 3,087   $ 3,364  
    Current receivables, net     6,511     7,122  
    Inventories, net     5,105     4,954  
    All other current assets     2,915     1,771  
    Total current assets     17,618     17,211  
    Property, plant and equipment, less accumulated depreciation     5,176     5,127  
    Goodwill     5,801     6,078  
    Other intangible assets, net     3,919     3,951  
    Contract and other deferred assets     1,841     1,730  
    All other assets     4,385     4,266  
    Total assets   $ 38,740   $ 38,363  
    LIABILITIES AND EQUITY
    Current Liabilities:      
    Accounts payable   $ 4,340   $ 4,542  
    Short-term debt     66     53  
    Progress collections and deferred income     5,680     5,672  
    All other current liabilities     2,429     2,724  
    Total current liabilities     12,515     12,991  
    Long-term debt     5,968     5,970  
    Liabilities for pensions and other postretirement benefits     997     988  
    All other liabilities     1,392     1,359  
    Equity     17,868     17,055  
    Total liabilities and equity   $ 38,740   $ 38,363  
           
    Outstanding Baker Hughes Company shares:      
    Class A common stock     985     990  
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions)     2025     2025     2024  
    Cash flows from operating activities:        
    Net income   $ 711   $ 1,120   $ 1,044  
    Adjustments to reconcile net income to net cash flows from operating activities:        
    Depreciation and amortization     293     579     566  
    Stock-based compensation cost     52     102     101  
    Change in fair value of equity securities     (119 )   21     (71 )
    (Benefit) provision for deferred income taxes     36     (17 )   33  
    Working capital     (120 )   98     (36 )
    Other operating items, net     (343 )   (684 )   (505 )
    Net cash flows provided by operating activities     510     1,219     1,132  
    Cash flows from investing activities:        
    Expenditures for capital assets     (301 )   (601 )   (625 )
    Proceeds from disposal of assets     30     74     101  
    Other investing items, net     (15 )   (69 )   (6 )
    Net cash flows used in investing activities     (286 )   (596 )   (530 )
    Cash flows from financing activities:        
    Repayment of long-term debt     —     —     (125 )
    Dividends paid     (227 )   (456 )   (419 )
    Repurchase of Class A common stock     (196 )   (384 )   (324 )
    Other financing items, net     (20 )   (105 )   (61 )
    Net cash flows used in financing activities     (443 )   (945 )   (929 )
    Effect of currency exchange rate changes on cash and cash equivalents     29     45     (35 )
    Decrease in cash and cash equivalents     (190 )   (277 )   (362 )
    Cash and cash equivalents, beginning of period     3,277     3,364     2,646  
    Cash and cash equivalents, end of period   $ 3,087   $ 3,087   $ 2,284  
    Supplemental cash flows disclosures:        
    Income taxes paid, net of refunds   $ 211   $ 418   $ 336  
    Interest paid   $ 98   $ 148   $ 150  


    Supplemental Financial Information

    Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

    Conference Call and Webcast

    The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

    Forward-Looking Statements

    This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

    These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

    • Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
    • Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
    • Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
    • Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

    About Baker Hughes:

    Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    Media Relations

    Adrienne M. Lynch
    +1 713-906-8407
    adrienne.lynch@bakerhughes.com

    The MIL Network –

  • MIL-OSI: Baker Hughes Company Announces Second-Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Second-quarter highlights

    • Orders of $7.0 billion, including $3.5 billion of IET orders.
    • RPO of $34.0 billion, including record IET RPO of $31.3 billion.
    • Revenue of $6.9 billion, down 3% year-over-year.
    • Attributable net income of $701 million.
    • GAAP diluted EPS of $0.71 and adjusted diluted EPS* of $0.63.
    • Adjusted EBITDA* of $1,212 million, up 7% year-over-year.
    • Cash flows from operating activities of $510 million and free cash flow* of $239 million.
    • Returns to shareholders of $423 million, including $196 million of share repurchases.

    HOUSTON and LONDON, July 22, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the second quarter of 2025.

    “We delivered strong second-quarter results, with total adjusted EBITDA margins increasing 170 basis points year-over-year to 17.5% despite a modest decline in revenue. This performance reflects the benefits of structural cost improvements and continued deployment of our business system, which is driving higher productivity, stronger operating leverage and more durable earnings across the company,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

    “IET orders totaled $3.5 billion in the quarter, resulting in another record backlog for the segment. Importantly, order momentum remained strong, supported by more than $550 million of data center related orders, despite the absence of large LNG awards. Following a strong first half and a positive outlook for second half awards, we are confident of achieving the full-year order guidance range for IET.”

    “We remain confident in our ability to deliver solid performance in 2025, with continued growth in IET helping to offset softness in more market-sensitive areas of OFSE – underscoring the strength of our portfolio and the benefits of our strategic diversification. Accordingly, we are raising our full-year revenue and EBITDA guidance for IET and reestablishing full-year guidance for OFSE.”

    “During the quarter, we also announced three strategic transactions to advance our portfolio optimization strategy, reinforcing efforts to enhance the durability of earnings and cash flow while creating long-term value for shareholders. These actions are designed to unlock value from non-core businesses in our portfolio and redeploy that capital into higher-margin opportunities that fit our financial and strategic frameworks.”

    “We are progressing with our strategy of positioning the company for sustainable, differentiated growth and commend the focus and dedication of our people in executing this strategy,” concluded Simonelli.

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

        Three Months Ended   Variance
    (in millions except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 7,032   $ 6,459   $ 7,526     9 % (7 %)
    Revenue     6,910     6,427     7,139     8 % (3 %)
    Net income attributable to Baker Hughes     701     402     579     74 % 21 %
    Adjusted net income attributable to Baker Hughes*     623     509     568     22 % 10 %
    Adjusted EBITDA*     1,212     1,037     1,130     17 % 7 %
    Diluted earnings per share (EPS)     0.71     0.40     0.58     76 % 22 %
    Adjusted diluted EPS*     0.63     0.51     0.57     23 % 11 %
    Cash flow from operating activities     510     709     348     (28 %) 47 %
    Free cash flow*     239     454     106     (47 %) F


    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Certain columns and rows in our tables and financial statements may not sum up due to the use of rounded numbers.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    Quarter Highlights

    Executing our portfolio optimization strategy

    In the second quarter, Baker Hughes announced three strategic transactions, all of which reflect a disciplined capital allocation framework and a focus on core businesses with strong return potential.

    First, the Company signed an agreement to form a joint venture with a subsidiary of Cactus, Inc., contributing the Oilfield Services & Equipment’s (“OFSE“) Surface Pressure Control (“SPC“) product line in exchange for approximately $345 million while maintaining a minority ownership stake.

    Second, the Company announced an agreement to sell the Precision Sensors & Instrumentation (“PSI“) product line within Industrial & Energy Technology (“IET“) to Crane Company for approximately $1.15 billion. These proceeds will enhance the Company’s flexibility to reinvest in higher-growth, higher-return areas that support further margin expansion and improved returns.

    Finally, Baker Hughes agreed to acquire Continental Disc Corporation (“CDC“), a leading provider of pressure management solutions, for approximately $540 million. The CDC acquisition strengthens the IET Industrial Products portfolio with a highly complementary, margin-accretive business that expands the Company’s position in the flow and pressure control market and enhances recurring, lifecycle driven revenue.

    Key awards and technology achievements

    The Company continued to support the development of critical data center projects, with year-to-date data center awards of more than $650 million. IET received an award to supply 30 NovaLT™ turbines, representing our largest data center award to-date. The turbines, alongside other associated Baker Hughes equipment, will deliver up to 500 megawatts (MW) of reliable and efficient power for data center development across various U.S. locations.

    Frontier Infrastructure awarded a contract for NovaLT™ turbines, delivering up to 270 MW of power for its data center projects in Wyoming and Texas. This follows the March 2025 enterprise-wide agreement to accelerate large scale carbon capture and storage (“CCS“) and power solutions.

    Baker Hughes continues to grow the pipeline of future data center opportunities. At the Saudi-U.S. Investment Forum in May, the Company signed an MoU with DataVolt that plans to power data centers globally, including the NEOM project in the Kingdom that intends to utilize Baker Hughes’ multi-fuel NovaLT™ technology solution.

    In addition to growing demand from data center applications, IET experienced increased demand for NovaLT™ turbines in the gas infrastructure sector. During the second quarter, the segment secured an award for four gas turbines to support Aramco’s Master Gas System III pipeline project. Including this award, we have secured a total of $2.9 billion in gas infrastructure equipment orders over the past six quarters.

    Highlighting the durability of IET’s lifecycle model, the segment was awarded several aftermarket services contracts. In Gas Technology Services (“GTS“), the Company secured more than $350 million of Contractual Services Agreements (“CSA“) during the quarter. We signed a maintenance agreement with Belayim Petroleum Company (“Petrobel”) to improve uptime and reliability of critical turbomachinery equipment in Egypt. Also in GTS, we renewed a multi-year service agreement with Oman LNG, including resident engineering support along with digital remote monitoring and diagnostics services delivered through iCenter™.

    The Company gained further traction with New Energy globally, with year-to-date bookings now totaling $1.25 billion. In Climate Technology Solutions (“CTS“), we secured one of our largest CCS orders to-date, providing compression technology for a CCS hub in the Middle East. Also in CTS, we signed a framework agreement with Energinet in Denmark to supply 16 reciprocating compressor packages, supporting an increase in biogas production while driving methane and CO2 emissions reduction for gas infrastructure across the country.

    Industrial Technology continued to demonstrate strong momentum across multiple end markets. In Industrial Solutions, we secured a variety of awards for our Cordant™ suite of solutions. This includes an award from a large NOC to deploy Asset Performance Management across several compression stations in the Middle East, and an award from NOVA Chemicals to optimize maintenance spend and maximize production.

    OFSE maintained strong momentum in Mature Assets Solutions around the globe. In Angola, OFSE was awarded multi-year production solutions contracts for chemicals, artificial lift, and digital services to support a major operator’s offshore activities. In Kazakhstan, the TOPAN and Baker Hughes joint venture secured a critical production chemicals and services award. In Norway, Equinor awarded OFSE a contract to industrialize offshore plug and abandonment (“P&A“) operations in the Oseberg East field, which followed the announcement of a multi-year P&A framework agreement for integrated well services.

    OFSE saw continued adoption of Leucipa™ automated field production solution, securing an award from Repsol for next-generation AI capabilities following the MoU signed in October 2024. The Company also signed an agreement with ENI to deploy Leucipa for electric submersible pumps (“ESP“) optimization and AI-powered predictive failure analytics in the Middle East.

    Also in the Middle East, Baker Hughes signed a master services agreement with Aramco for installation and maintenance of ESPs across the Kingdom of Saudi Arabia.

    In North America, OFSE secured a multi-year contract to provide drag reducing chemicals to be deployed on Genesis Energy’s Cameron Highway Oil Pipeline and Poseidon systems, each of which is operated and 64% owned by Genesis Energy. To support this agreement, OFSE will expand its chemicals manufacturing footprint and deploy Leucipa. Additionally, bp awarded OFSE a multi-year chemicals management services contract to optimize throughput and asset reliability in the U.S. Gulf Coast.

    In Germany, OFSE successfully drilled Lower Saxony’s first productive deep geothermal exploration well, a project that leverages OFSE’s integrated well construction and production capabilities and the Company’s industry-leading subsurface-to-surface digital solutions to monitor and optimize operational performance.

    Consolidated Financial Results

    Revenue for the quarter was $6,910 million, an increase of 8% sequentially and down $229 million year-over-year. The decrease in revenue year-over-year was driven by a decrease in OFSE partially offset by an increase in IET.

    The Company’s total book-to-bill ratio in the second quarter of 2025 was 1.0; the IET book-to-bill ratio was 1.1.

    Net income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for the second quarter of 2025 was $701 million. Net income increased $299 million sequentially and increased $122 million year-over-year.

    Adjusted net income (a non-GAAP financial measure) for the second quarter of 2025 was $623 million, which excludes adjustments totaling $78 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted net income for the second quarter of 2025 was up 22% sequentially and up 10% year-over-year.

    Depreciation and amortization for the second quarter of 2025 was $293 million.

    Adjusted EBITDA (a non-GAAP financial measure) for the second quarter of 2025 was $1,212 million, which excludes adjustments totaling $102 million. See Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the second quarter was up 17% sequentially and up 7% year-over-year.

    The sequential increase in adjusted net income and adjusted EBITDA was primarily driven by an increase in volume, favorable FX, and overall productivity. The year-over-year increase in adjusted net income and adjusted EBITDA was driven by productivity and structural cost out initiatives, favorable FX, partially offset by lower volume in OFSE, and cost inflation in both segments.

    Other Financial Items

    Remaining Performance Obligations (“RPO”) in the second quarter of 2025 ended at $34 billion, an increase of $0.8 billion from the first quarter of 2025. OFSE RPO was $2.7 billion, down 3% sequentially, while IET RPO was $31.3 billion, up 3% sequentially. Within IET RPO, GTE RPO was $11.3 billion, and GTS RPO was $15.6 billion.

    Income tax expense in the second quarter of 2025 was $256 million.

    Other (income) expense, net in the second quarter of 2025 was $(134) million, primarily related to changes in fair value for equity securities of $(119) million.

    GAAP diluted earnings per share was $0.71. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.63. Excluded from adjusted diluted earnings per share were all items listed in Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Cash flow from operating activities was $510 million for the second quarter of 2025. Free cash flow (a non-GAAP financial measure) for the quarter was $239 million. A reconciliation from GAAP has been provided in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Capital expenditures, net of proceeds from disposal of assets, were $271 million for the second quarter of 2025, of which $184 million was for OFSE and $68 million was for IET.

    Results by Reporting Segment

    The following segment discussions and variance explanations are intended to reflect management’s view of the relevant comparisons of financial results on a sequential or year-over-year basis, depending on the business dynamics of the reporting segments.

    Oilfield Services & Equipment

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,503   $ 3,281   $ 4,068     7 % (14 %)
    Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    EBITDA   $ 677   $ 623   $ 716     9 % (5 %)
    EBITDA margin     18.7 %   17.8 %   17.8 %   0.9pts 0.9pts
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Well Construction   $ 921   $ 892   $ 1,090     3 % (16 %)
    Completions, Intervention, and Measurements     935     925     1,118     1 % (16 %)
    Production Solutions     968     899     958     8 % 1 %
    Subsea & Surface Pressure Systems     793     782     845     1 % (6 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
    (in millions)   Three Months Ended   Variance
    Revenue by Geographic Region   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    Latin America     639     568     663     12 % (4 %)
    Europe/CIS/Sub-Saharan Africa     653     580     827     13 % (21 %)
    Middle East/Asia     1,398     1,429     1,498     (2 %) (7 %)
    Total Revenue   $ 3,617   $ 3,499   $ 4,011     3 % (10 %)
                   
    North America   $ 928   $ 922   $ 1,023     1 % (9 %)
    International   $ 2,689   $ 2,577   $ 2,988     4 % (10 %)


    EBITDA excludes depreciation and amortization of     $233 million, $226 million, and $223 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    OFSE orders of $3,503 million for the second quarter of 2025 increased by 7% sequentially. Subsea and Surface Pressure Systems orders were $698 million, up 31% sequentially, and down 21% year-over-year.

    OFSE revenue of $3,617 million for the second quarter of 2025 was up 3% sequentially, and down 10% year-over-year.

    North America revenue was $928 million, up 1% sequentially. International revenue was $2,689 million, up 4% sequentially, with increase in all regions with the exception of Middle East and Asia.

    Segment EBITDA for the second quarter of 2025 was $677 million, an increase of $54 million, or 9% sequentially. The sequential increase in EBITDA was primarily driven by productivity, structural cost-out initiatives, volume increase, partially offset by inflation and revenue mix.

    Industrial & Energy Technology

    (in millions)   Three Months Ended   Variance
    Segment results   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %
    EBITDA   $ 585   $ 501   $ 497     17 % 18 %
    EBITDA margin     17.8 %   17.1 %   15.9 %   0.7pts 1.9pts
    (in millions)   Three Months Ended   Variance
    Orders by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 781   $ 1,335   $ 1,493     (42 %) (48 %)
    Gas Technology Services     986     913     769     8 % 28 %
    Total Gas Technology     1,767     2,248     2,261     (21 %) (22 %)
    Industrial Products     513     501     524     2 % (2 %)
    Industrial Solutions     327     281     281     16 % 16 %
    Total Industrial Technology     839     782     805     7 % 4 %
    Climate Technology Solutions     923     148     392     F F
    Total Orders   $ 3,530   $ 3,178   $ 3,458     11 % 2 %
    (in millions)   Three Months Ended   Variance
    Revenue by Product Line   June 30, 2025 March 31, 2025 June 30, 2024   Sequential Year-over-year
    Gas Technology Equipment   $ 1,624   $ 1,456   $ 1,539     12 % 6 %
    Gas Technology Services     752     592     691     27 % 9 %
    Total Gas Technology     2,377     2,047     2,230     16 % 7 %
    Industrial Products     488     445     509     10 % (4 %)
    Industrial Solutions     273     258     262     6 % 4 %
    Total Industrial Technology     761     703     770     8 % (1 %)
    Climate Technology Solutions     156     178     128     (12 %) 22 %
    Total Revenue   $ 3,293   $ 2,928   $ 3,128     12 % 5 %


    EBITDA excludes depreciation and amortization of     $56 million, $53 million, and $55 million for the three months ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively. EBITDA margin is defined as EBITDA divided by revenue.

    “F” is used in most instances when variance is above 100%. Additionally, “U” is used when variance is below (100)%.

    IET orders of $3,530 million for the second quarter of 2025 increased by $72 million, or 2% year-over-year. The increase was driven primarily by Climate Technology Solutions and partially offset by Gas Technology.

    IET revenue of $3,293 million for the second quarter of 2025 increased $165 million, or 5% year-over-year. The increase was driven by Gas Technology Equipment, up $85 million or 6% year-over-year, Gas Technology Services, up $61 million or 9% year-over-year, and Climate Technology Solutions, up $28 million or 22% year-over-year.

    Segment EBITDA for the quarter was $585 million, an increase of $88 million, or 18% year-over-year. The year-over-year increase in segment EBITDA was driven by positive pricing, favorable FX, and productivity, partially offset by cost inflation.

    Reconciliation of GAAP to non-GAAP Financial Measures

    Management provides non-GAAP financial measures because it believes such measures are widely accepted financial indicators used by investors and analysts to analyze and compare companies on the basis of operating performance (including adjusted EBITDA; adjusted net income attributable to Baker Hughes; and adjusted diluted earnings per share) and liquidity (free cash flow) and that these measures may be used by investors to make informed investment decisions. Management believes that the exclusion of certain identified items from several key operating performance measures enables us to evaluate our operations more effectively, to identify underlying trends in the business, and to establish operational goals for certain management compensation purposes. Management also believes that free cash flow is an important supplemental measure of our cash performance but should not be considered as a measure of residual cash flow available for discretionary purposes, or as an alternative to cash flow from operating activities presented in accordance with GAAP.

    Table 1a. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted EBITDA and Segment EBITDA

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Net income attributable to noncontrolling interests     10     7     2  
    Provision for income taxes     256     152     243  
    Interest expense, net     54     51     47  
    Depreciation & amortization     293     285     283  
    Change in fair value of equity securities (1)     (119 )   140     (19 )
    Other charges and credits (1)     17     —     (6 )
    Adjusted EBITDA (non-GAAP)     1,212     1,037     1,130  
    Corporate costs     78     85     83  
    Other (income) / expense not allocated to segments     (28 )   1     —  
    Total Segment EBITDA (non-GAAP)   $ 1,262   $ 1,124   $ 1,213  
    OFSE     677     623     716  
    IET     585     501     497  


    (1)     Change in fair value of equity securities and other charges and credits are reported in “Other (income) expense, net” on the condensed consolidated statements of income (loss).

    Table 1a reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted EBITDA and Segment EBITDA. Adjusted EBITDA and Segment EBITDA exclude the impact of certain identified items.

    Table 1b. Reconciliation of Net Income Attributable to Baker Hughes to Adjusted Net Income Attributable to Baker Hughes

        Three Months Ended
    (in millions, except per share amounts)   June 30, 2025 March 31, 2025 June 30, 2024
    Net income attributable to Baker Hughes (GAAP)   $ 701   $ 402   $ 579  
    Change in fair value of equity securities     (119 )   140     (19 )
    Other adjustments     17     —     14  
    Tax adjustments(1)     24     (32 )   (6 )
    Total adjustments, net of income tax     (78 )   108     (11 )
    Less: adjustments attributable to noncontrolling interests     —     —     —  
    Adjustments attributable to Baker Hughes     (78 )   108     (11 )
    Adjusted net income attributable to Baker Hughes (non-GAAP)   $ 623   $ 509   $ 568  
             
    Denominator:        
    Weighted-average shares of Class A common stock outstanding diluted     991     999     1,001  
    Adjusted earnings per share – diluted (non-GAAP)   $ 0.63   $ 0.51   $ 0.57  


    (1)     All periods reflect the tax associated with the other (income) loss adjustments.

    Table 1b reconciles net income attributable to Baker Hughes, which is the directly comparable financial result determined in accordance with GAAP, to adjusted net income attributable to Baker Hughes. Adjusted net income attributable to Baker Hughes excludes the impact of certain identified items.

    Table 1c. Reconciliation of Net Cash Flows from Operating Activities to Free Cash Flow

        Three Months Ended
    (in millions)   June 30, 2025 March 31, 2025 June 30, 2024
    Net cash flows from operating activities (GAAP)   $ 510   $ 709   $ 348  
    Add: cash used for capital expenditures, net of proceeds from disposal of assets     (271 )   (255 )   (242 )
    Free cash flow (non-GAAP)   $ 239   $ 454   $ 106  

    Table 1c reconciles net cash flows from operating activities, which is the directly comparable financial result determined in accordance with GAAP, to free cash flow. Free cash flow is defined as net cash flows from operating activities less expenditures for capital assets plus proceeds from disposal of assets.


    Financial Tables (GAAP)

    Condensed Consolidated Statements of Income (Loss)
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions, except per share amounts)     2025     2024     2025     2024  
    Revenue   $ 6,910   $ 7,139   $ 13,337   $ 13,557  
    Costs and expenses:          
    Cost of revenue     5,295     5,493     10,247     10,469  
    Selling, general and administrative     567     643     1,144     1,261  
    Research and development costs     161     158     307     322  
    Other (income) expense, net     (134 )   (26 )   6     (48 )
    Interest expense, net     54     47     105     88  
    Income before income taxes     967     824     1,528     1,465  
    Provision for income taxes     (256 )   (243 )   (408 )   (421 )
    Net income     711     581     1,120     1,044  
    Less: Net income attributable to noncontrolling interests     10     2     17     10  
    Net income attributable to Baker Hughes Company   $ 701   $ 579   $ 1,103   $ 1,034  
               
    Per share amounts:      
    Basic income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.04  
    Diluted income per Class A common stock   $ 0.71   $ 0.58   $ 1.11   $ 1.03  
               
    Weighted average shares:          
    Class A basic     988     996     990     997  
    Class A diluted     991     1,001     995     1,002  
               
    Cash dividend per Class A common stock   $ 0.23   $ 0.21   $ 0.46   $ 0.42  
    Condensed Consolidated Statements of Financial Position
    (Unaudited)
     
    (In millions)   June 30, 2025 December 31, 2024
    ASSETS
    Current Assets:      
    Cash and cash equivalents   $ 3,087   $ 3,364  
    Current receivables, net     6,511     7,122  
    Inventories, net     5,105     4,954  
    All other current assets     2,915     1,771  
    Total current assets     17,618     17,211  
    Property, plant and equipment, less accumulated depreciation     5,176     5,127  
    Goodwill     5,801     6,078  
    Other intangible assets, net     3,919     3,951  
    Contract and other deferred assets     1,841     1,730  
    All other assets     4,385     4,266  
    Total assets   $ 38,740   $ 38,363  
    LIABILITIES AND EQUITY
    Current Liabilities:      
    Accounts payable   $ 4,340   $ 4,542  
    Short-term debt     66     53  
    Progress collections and deferred income     5,680     5,672  
    All other current liabilities     2,429     2,724  
    Total current liabilities     12,515     12,991  
    Long-term debt     5,968     5,970  
    Liabilities for pensions and other postretirement benefits     997     988  
    All other liabilities     1,392     1,359  
    Equity     17,868     17,055  
    Total liabilities and equity   $ 38,740   $ 38,363  
           
    Outstanding Baker Hughes Company shares:      
    Class A common stock     985     990  
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
        Three Months Ended June 30, Six Months Ended June 30,
    (In millions)     2025     2025     2024  
    Cash flows from operating activities:        
    Net income   $ 711   $ 1,120   $ 1,044  
    Adjustments to reconcile net income to net cash flows from operating activities:        
    Depreciation and amortization     293     579     566  
    Stock-based compensation cost     52     102     101  
    Change in fair value of equity securities     (119 )   21     (71 )
    (Benefit) provision for deferred income taxes     36     (17 )   33  
    Working capital     (120 )   98     (36 )
    Other operating items, net     (343 )   (684 )   (505 )
    Net cash flows provided by operating activities     510     1,219     1,132  
    Cash flows from investing activities:        
    Expenditures for capital assets     (301 )   (601 )   (625 )
    Proceeds from disposal of assets     30     74     101  
    Other investing items, net     (15 )   (69 )   (6 )
    Net cash flows used in investing activities     (286 )   (596 )   (530 )
    Cash flows from financing activities:        
    Repayment of long-term debt     —     —     (125 )
    Dividends paid     (227 )   (456 )   (419 )
    Repurchase of Class A common stock     (196 )   (384 )   (324 )
    Other financing items, net     (20 )   (105 )   (61 )
    Net cash flows used in financing activities     (443 )   (945 )   (929 )
    Effect of currency exchange rate changes on cash and cash equivalents     29     45     (35 )
    Decrease in cash and cash equivalents     (190 )   (277 )   (362 )
    Cash and cash equivalents, beginning of period     3,277     3,364     2,646  
    Cash and cash equivalents, end of period   $ 3,087   $ 3,087   $ 2,284  
    Supplemental cash flows disclosures:        
    Income taxes paid, net of refunds   $ 211   $ 418   $ 336  
    Interest paid   $ 98   $ 148   $ 150  


    Supplemental Financial Information

    Supplemental financial information can be found on the Company’s website at: investors.bakerhughes.com in the Financial Information section under Quarterly Results.

    Conference Call and Webcast

    The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Wednesday, July 23, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

    Forward-Looking Statements

    This news release (and oral statements made regarding the subjects of this release) may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, (each a “forward-looking statement”). Forward-looking statements concern future circumstances and results and other statements that are not historical facts and are sometimes identified by the words “may,” “will,” “should,” “potential,” “intend,” “expect,” “would,” “seek,” “anticipate,” “estimate,” “overestimate,” “underestimate,” “believe,” “could,” “project,” “predict,” “continue,” “target,” “goal” or other similar words or expressions. There are many risks and uncertainties that could cause actual results to differ materially from our forward-looking statements. These forward-looking statements are also affected by the risk factors described in the Company’s annual report on Form 10-K for the annual period ended December 31, 2024 and those set forth from time to time in other filings with the Securities and Exchange Commission (“SEC”). The documents are available through the Company’s website at: www.investors.bakerhughes.com or through the SEC’s Electronic Data Gathering and Analysis Retrieval system at: www.sec.gov. We undertake no obligation to publicly update or revise any forward-looking statement, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Our expectations regarding our business outlook and business plans; the business plans of our customers; oil and natural gas market conditions; cost and availability of resources; economic, legal and regulatory conditions, and other matters are only our forecasts regarding these matters.

    These forward-looking statements, including forecasts, may be substantially different from actual results, which are affected by many risks, along with the following risk factors and the timing of any of these risk factors:

    • Economic and political conditions – the impact of worldwide economic conditions and rising inflation; the impact of tariffs and the potential for significant increases thereto; the impact of global trade policy and the potential for significant changes thereto; the effect that declines in credit availability may have on worldwide economic growth and demand for hydrocarbons; foreign currency exchange fluctuations and changes in the capital markets in locations where we operate; and the impact of government disruptions and sanctions.
    • Orders and RPO – our ability to execute on orders and RPO in accordance with agreed specifications, terms and conditions and convert those orders and RPO to revenue and cash.
    • Oil and gas market conditions – the level of petroleum industry exploration, development and production expenditures; the price of, volatility in pricing of, and the demand for crude oil and natural gas; drilling activity; drilling permits for and regulation of the shelf and the deepwater drilling; excess productive capacity; crude and product inventories; liquefied natural gas supply and demand; seasonal and other adverse weather conditions that affect the demand for energy; severe weather conditions, such as tornadoes and hurricanes, that affect exploration and production activities; Organization of Petroleum Exporting Countries (“OPEC”) policy and the adherence by OPEC nations to their OPEC production quotas.
    • Terrorism and geopolitical risks – war, military action, terrorist activities or extended periods of international conflict, particularly involving any petroleum-producing or consuming regions, including Russia and Ukraine; and the recent conflict in the Middle East; labor disruptions, civil unrest or security conditions where we operate; potentially burdensome taxation, expropriation of assets by governmental action; cybersecurity risks and cyber incidents or attacks; epidemic outbreaks.

    About Baker Hughes:

    Baker Hughes (Nasdaq: BKR) is an energy technology company that provides solutions to energy and industrial customers worldwide. Built on a century of experience and conducting business in over 120 countries, our innovative technologies and services are taking energy forward – making it safer, cleaner and more efficient for people and the planet. Visit us at bakerhughes.com.

    For more information, please contact:

    Investor Relations

    Chase Mulvehill
    +1 346-297-2561
    investor.relations@bakerhughes.com

    Media Relations

    Adrienne M. Lynch
    +1 713-906-8407
    adrienne.lynch@bakerhughes.com

    The MIL Network –

  • MIL-OSI USA: Major Montana Wins Included in the FY26 Interior Appropriations Bill

    Source:

    Zinke’s requests for clean water infrastructure, ESA reform, and forest management pass full committee markup

    Washington, D.C. – Today, Western Montana Congressman and former Secretary of the Interior Ryan Zinke announced the inclusion of several key Montana priorities in the FY26 Interior, Environment, and Related Agencies Appropriations Bill. As a member of the subcommittee, Zinke has been fighting to ensure that Montanans’ voices are heard, and that critical funding and policies reflect the state’s unique needs. The FY26 Interior Appropriations Bill now heads to the House floor for a vote.

    “As a former Secretary of Interior, I’ve seen firsthand how mismanagement of our public lands from Washington can hurt our communities and how good policy can make a real difference on the ground,” said Zinke. “This bill gets us back to common sense management. It reverses years of top down bureaucratic regulation that choked our industries, hampered forest management and fire prevention, and shut off access to our lands. The infrastructure investments in this bill will go directly to our communities, funding clean water and allowing for growth. Montanans love our public lands and the outdoor experience; this bill supports multiple use and improves the quality of life for the people who live near and around those lands. It’s a science backed, community led piece of legislation, and I am proud to support it as it heads to the house floor.”

    The bill includes multiple Community Project Funding (CPF) requests from Congressman Zinke that will directly improve water infrastructure in rural communities. Community Project Funding is allocated from previously authorized grant accounts, allowing elected Members of Congress to direct grant funding would otherwise be decided by unelected officials in the federal government, without increasing spending. See all of Congressman Zinke’s FY26 CPF’s here.

    •  Granite County Clean Water Infrastructure Project – $1.75 million

    •  Alberton Clear Water Infrastructure Project – $1 million

    •  Lolo Water and Wastewater Treatment Plant Improvement Phase 1 – $1.75 million

    “I would like to thank Congressman Zinke and his team,” said Daniel Reddish, Mayor of Phillipsburg. “This reflects their total commitment to rural Montana. Promises made, promises kept! Bravo!”

    In addition to direct funding, Zinke successfully included several important policy provisions in the bill:

    •  Delisting 3 Grizzly Bear Populations – Requires the Department of the Interior to delist the recovered grizzly bear populations in the Greater Yellowstone, Northern Continental, and Bitterroot Ecosystems from the Endangered Species Act (ESA).

    •  The Cottonwood Fix – Reinstates a permanent fix to prevent litigious groups from abusing the ESA to delay or block forest management projects, a key victory for wildfire prevention and responsible land stewardship.

    •  Wolverine ESA Restriction – Prohibits funding to list the wolverine under the ESA, consistent with longstanding scientific and state management concerns.

    •  Canadian Lynx ESA Rolled Back – Blocks enforcement of ESA provisions for the Canadian lynx, allowing more flexibility in forest management and land use.

    •  Native American Ironworker Training Program – $5 million to reinstate the successful program under the Bureau of Indian Affairs (BIA), helping tribal members access skilled trades and employment opportunities.

    •  Forest Roads Access – Submits bill language to lift restrictions on construction and reconstruction of Forest Service roads to support timber harvest and firefighting operations.

    •  Good Neighbor Authority Expansion – Encourages the Forest Service to expand use of Good Neighbor Authority agreements with states and tribes to accelerate forest management and wildfire mitigation projects on federal lands.

    • Bison on Charles M. Russell (CMR) Refuge – Prohibits the introduction of bison on the CMR National Wildlife Refuge, protecting the land’s traditional multiple-use management and safeguarding ranching interests.

    “As someone who went through the Native American Ironworker Training Program , I’ve seen firsthand the impact it can have on individuals and on tribal communities,” said Tom Tanner, a graduate of the program with 32 years of experience in the ironworking trade. “This program is a smart investment in Americas future; backing the skilled workforce our country needs to rebuild roads, bridges, and energy infrastructure. It trains tribal members for careers that offer good pay, union benefits, and a path to long-term stability. This program’s inclusion in the Interior bill shows a real commitment to skilled trades and job creation and I appreciate Congressman Zinke’s work on this issue.”

    “As a retired wildlife biologist who lives within Montana’s wolverine biological range, I oppose any funding of efforts to list the wolverine under the Endangered Species Act and am glad this language is included in this year’s Interior Appropriations Bill,” said Montana State Representative Paul Fielder. “If the decision is based on wolverine biology alone, the wolverine should not qualify as either an Endangered or a Threatened species administered under the ESA.  Too often agencies use the ESA to try to carve out sub-sets of a plant or animal species home range into “distinct population segments”, “recovery zones” or some other sub-group.  The ESA refers to the Endangered Species Act, not the Endangered Distinct Population Segment Act and this language reflects that.”

    Read the full text of the bill HERE.

     

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Newhouse Votes for Responsible Land Management, Unleashing Natural Resources

    Source: United States House of Representatives – Congressman Dan Newhouse (4th District of Washington)

    Headline: Newhouse Votes for Responsible Land Management, Unleashing Natural Resources

    WASHINGTON, D.C. – Today, Rep. Dan Newhouse (WA-04) released the following statement upon committee passage of the Fiscal Year 2026 Interior, Environment, and Related Agencies Appropriations Act. 

    “In my four years as Chairman of the Congressional Western Caucus, I worked hard to counter the Biden administration’s top-down regulations that threatened our public lands and natural resources across the West. This legislation is a course correction from the previous administration to unleash the resources we have under our feet, protect public lands for all who enjoy their benefits, and prioritize conservation over preservation across the United States. I also secured critical funding for three water infrastructure projects in Othello, Winthrop, and Oroville to address the water supply and distribution challenges these communities face,” said Rep. Newhouse. 

    Newhouse added, “I thank Subcommittee Chairman Mike Simpson and Full Committee Chairman Tom Cole for their leadership and commitment to funding priorities that support our rural way of life.” 

    The Interior, Environment, and Related Agencies Appropriations Bill provides a total discretionary allocation of $37.971 billion, which is $2.54 billion (6%) below the Fiscal Year 2025 enacted level. 

    The bill fully funds the Payments in Lieu of Taxes (PILT) program, estimated at $550 million, and prioritizes funding for Tribes and Wildland Fire Management.  

    Champions American energy dominance and reduces regulatory burdens by: 

    • Providing the OMB requested increase of $13.6 million for offshore oil and gas development at the Bureau of Ocean Energy Management and the OMB requested increase of $15 million for onshore oil and gas development at the Bureau of Land Management.
    • Requiring the Secretary of the Interior to conduct onshore and offshore oil and gas lease sales.
    • Prohibiting the use of the social cost of carbon, which has stymied new development.
    • Prohibiting the EPA from imposing the methane fee on oil and gas producers created by the Democrats’ Inflation Reduction Act.
    • Prohibiting multiple U.S. Fish and Wildlife Service rulings used to weaponize the Endangered Species Act against land users and energy producers.

    Protects access to public lands by: 

    • Blocking restrictions on hunting, fishing, and recreational shooting on federal lands.
    • Preventing additional regulations on ammunition, ammunition components, or fishing tackle under the Toxic Substances Control Act or any other law.
    • Prohibiting restrictions on where standard lead ammunition and fishing tackle can be used on certain federal lands or waters unless conditions are met.
    • Stopping the Bureau of Land Management’s Conservation and Landscape Health rule to ensure continued access to public lands for grazing, recreation, and energy development.

    Bolsters U.S. national security and border protections by:  

    • Reducing our reliance on foreign countries for critical minerals by promoting access to resources here at home through blocking certain lease withdrawals in Minnesota and reinstating mineral leases in the Superior National Forest.
    • Promoting domestic mining by ensuring ancillary mining activities can be approved, which is a fix to the Rosemont decision that created additional red tape and regulatory uncertainty for mining operations.
    • Ensuring chemical and pesticide manufacturers are not overburdened with requirements that would drive businesses overseas and threaten American competitiveness.
    • Prohibiting funds for the National Park Service to provide housing to an alien without lawful status.
    • Providing $771.84 million for Tribal Public Safety and Justice programs, which is a 39% increase over the FY25 enacted level.

    Newhouse secured funding for the following projects in Washington’s Fourth District in this legislation:

    City of Othello 

    Amount Secured: $1,000,000  

    The City of Othello is 100 percent reliant on a rapidly depleting groundwater supply and after several years of data collection, study completions, and pilot test studies, the City of Othello has developed an Aquifer Storage and Recovery (ASR) strategy to mitigate declining water levels in the Wanapum Basalt aquifer. The ASR method has proven to be effective, and the City has progressed to the stage of predesign. The City is requesting funding assistance with the next phase of “design” to build a permanent solution that will result in a sustainable, reliable, environmentally responsible water supply plan for the Othello region.

    City of Winthrop 

    Amount Secured: $1,500,000 

    The proposed project will improve the reliability of the Town of Winthrop’s water source and distribution system. The town only has one functioning well (Well #1). If that well goes down, the town only has a day or two of water available in its three reservoirs. Well #2 has been approved as an emergency water source by Department of Health, but it needs to be rehabilitated to be in regular use. 

    Scope of work includes: 

    • Rehabilitation of Well #2, including new pump, motor, piping, electrical/controls, generator backup, and a new well house.
    • Repairs to the Town’s East Reservoir, including waterproofing, concrete repairs, and altitude valve replacement. 

    Community benefits include public health and safety, fire protection, and water conservation. Winthrop is ranked #6 on the Washington DNR’s burn probability list. Given the community’s vulnerability to wildfire, ensuring a resilient and redundant water supply system with reliable fire flow capacity is critical for public safety. 

    City of Oroville 

    Amount Secured: $1,400,000 

    The project will result in new, upgraded water pipes that ensure safe and reliable drinking water to Oroville’s north end area. The City of Oroville requests $1,750,000 for construction of the first phase of the project which consists of approximately 3,500 lineal feet of aging and undersized water transmission main piping serving the “North End” of the City’s water system. The existing water t-mains consist of 4-inch and 6-inch deteriorated PVC pipe, which cannot provide adequate fire flow or service pressure and are prone to leaking. The project will replace these existing, undersized transmission mains with 12-inch transmission mains along 20th from Main St to Juniper St, and along Juniper St and Main St from 20th St to 23rd St. The project will also replace existing, undersized water transmission mains with 8-inch transmission mains along Deerpath Dr from 21st St to 23rd St, and along 23rd St from Deerpath Dr to Westlake Ave. 

    Bill text before amendments can be found here. 

    ### 

    MIL OSI USA News –

  • MIL-OSI Security: Raleigh County Woman Pleads Guilty to Federal Drug Crime

    Source: Office of United States Attorneys

    BECKLEY, W.Va. – Carey Ann Trotter, also known as “Carey Ann Metz-Wood,” 41, of Crab Orchard, pleaded guilty today to aiding and abetting possession with intent to distribute 5 grams or more of methamphetamine.

    According to court documents and statements made in court, on July 1, 2024, Trotter possessed approximately 10.51 grams of methamphetamine and a total of 25.95 grams of para-fluorofentanyl, a synthetic opioid, in several packages. As part of her guilty plea, Trotter admitted that she intended to use some of the controlled substances and aid and abet another individual in the possession and distribution of controlled substances.

    Trotter further admitted to possessing a Glock model 21 .45-caliber pistol, a CBC model 817 .17-caliber rifle, and a 26-round high-capacity magazine for .45-caliber ammunition. Federal law prohibits a person with a prior felony conviction from possessing a firearm or ammunition. Trotter knew she was prohibited from possessing a firearm because of her prior felony conviction for delivery of oxycodone in Raleigh County Circuit Court on January 3, 2017.

    Trotter is scheduled to be sentenced on November 7, 2025, and faces a mandatory minimum of five years and up to 40 years in prison, at least four years of supervised release, and a $5 million fine.

    Trotter’s co-defendant, Joshua Mason Trotter, 44, of Crab Orchard, pleaded guilty on May 27, 2025, to being a felon in possession of a firearm. Joshua Mason Trotter admitted to possessing the Glock model 21 .45-caliber pistol and CBC model 817 .17-caliber rifle on July 1, 2024. He is scheduled to be sentenced on September 26, 2025.

    Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) and the Raleigh County Sheriff’s Office.

    United States Magistrate Judge Omar J. Aboulhosn presided over the hearing. Assistant United States Attorney JC MacCallum is prosecuting the case.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETF) and Project Safe Neighborhoods (PSN).

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 5:25-cr-22.

    ###

     

    MIL Security OSI –

  • MIL-OSI USA: S. 237, Honoring Our Fallen Heroes Act of 2025

    Source: US Congressional Budget Office

    Bill Summary

    S. 237 would expand eligibility for death, disability, and education benefits provided by the Public Safety Officer’s Benefit (PSOB) program to public safety officers and their beneficiaries if an officer dies or becomes permanently and totally disabled as a direct result of a cancer covered under the bill. S. 237 would apply retroactively to officers who die or become disabled on or after January 1, 2020. The bill would require the Department of Justice (DOJ) to review the list of cancers covered by the bill at least once every three years.

    S. 237 also would extend the deadline to file a claim for benefits under the PSOB program for officers and their beneficiaries for officers who die or become permanently and totally disabled from COVID-19. Under current law, the deadline to file such a claim was May 11, 2023, when the public health emergency declared during the coronavirus pandemic ended.

    Estimated Federal Cost

    The estimated budgetary effect of S. 237 is shown in Table 1. The costs of the legislation fall within budget function 750 (administration of justice).

    Table 1.

    Estimated Budgetary Effects of S. 237
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035
     

    Increases in Direct Spending

    		    

    Estimated Budget Authority

    0

    22

    50

    43

    30

    26

    23

    18

    17

    18

    18

    171

    265

    Estimated Outlays

    0

    15

    40

    45

    34

    27

    23

    19

    17

    17

    18

    161

    255
     

    Increases in Spending Subject to Appropriation

    		    

    Estimated Authorization

    *

    6

    15

    16

    13

    11

    n.e.

    n.e.

    n.e.

    n.e.

    n.e.

    61

    n.e.

    Estimated Outlays

    *

    5

    14

    16

    13

    11

    n.e.

    n.e.

    n.e.

    n.e.

    n.e.

    59

    n.e.

    Basis of Estimate

    CBO assumes that the bill will be enacted near the end of fiscal year 2025. The estimate is based on CBO’s analysis of cancer incidence and mortality among the general population of the United States and a review of the medical literature related to cancer incidence and mortality among public safety officers, including firefighters. The estimate is also based on CBO’s projections of the number of deaths among public safety officers that are likely to be related to cancer and the number of officers or their beneficiaries who apply for and receive benefits under the PSOB program.

    Background

    The PSOB program is administered by DOJ to provide cash benefits to federal, state, and local public safety officers and their beneficiaries in the event of death or permanent and total disability resulting from physical injuries and certain mental health conditions, such as post-traumatic stress disorder. Education benefits are also available to eligible spouses and children of officers who die or become disabled in the line of duty. Public safety officers include those working in law enforcement, firefighters, emergency management, and emergency medical services.

    The program already provides benefits to World Trade Center responders and their beneficiaries who die or become disabled from cancer from exposure to a carcinogen after the terrorist attacks on September 11, 2001. CBO is unaware of the program approving any death or disability claim related to cancer that does not stem from attacks on September 11, 2001.

    Eligibility Under the Bill

    Under S. 237, an exposure to a carcinogen would qualify as an injury in the line of duty if an officer later dies or becomes permanently and totally disabled as a direct result of cancer. The bill would direct DOJ to presume that a qualifying injury caused the death or disability if the officer:

    • Was exposed to a carcinogen while in the line of duty;
    • Served for at least five years before being diagnosed with cancer; and
    • Received a diagnosis of cancer within 15 years of leaving service.

    The presumption would not apply if DOJ determines, based on competent medical evidence, that the exposure to a carcinogen was not a substantial factor in an officer’s death or disability.

    Direct Spending

    The PSOB program pays a one-time death benefit to spouses and children or other designated beneficiaries of officers who die in the line of duty. The cost of those benefits is classified in the budget as direct spending. In 2025, the one-time benefit is $448,575; under current law, that amount increases each year to account for inflation.

    Cancer Claims. CBO expects that most relatives of potentially eligible officers would apply for benefits. Based on information from DOJ and other similar programs, such as the September 11th Victim Compensation Fund, CBO estimates that about 75 percent of claims for cancer-related deaths among public safety officers would ultimately result in benefits being paid to family members or designated beneficiaries. CBO expects that firefighters would account for most claims under the bill.

    Using data from the Centers for Disease Control and Prevention (CDC) on cancer mortality among the general population and a review of medical literature regarding cancer incidence and mortality among firefighters, CBO estimates that, on average, about 40 claims would be filed annually over the 2025-2035 period.

    S. 237 also would require benefits to be awarded for cancer deaths occurring between January 1, 2020, and the date of enactment. CBO estimates that about 200 claims would be submitted for officers who died from cancer during that period and that those claims would be filed within three years of enactment.

    COVID-19 Claims. Additionally, the bill would extend by three years the deadline to file a claim for death benefits for spouses, children, or other beneficiaries of officers who die from COVID-19. Under current law, an officer is presumed to be eligible by DOJ if the officer was diagnosed with COVID-19 within 45 days of the last day of duty and medical evidence indicates that the officer had the virus or complications from the virus at the time of death. Under current law, the deadline to file such a claim was May 11, 2023, when the public health emergency related to the coronavirus pandemic was lifted. Using information from DOJ about the number of those claims it received between 2020 and 2023 and data from the CDC on COVID-19 mortality, CBO estimates that about 150 claims would be submitted for officers who die from COVID-19.

    In total, CBO estimates that under the bill, about 765 claims would be filed over the 2025-2035 period. Based on the amount of time CBO estimates that it would take DOJ to process each eligible claim, CBO estimates that about 530 claims would be approved for benefits over the next decade under S. 237. (About 30 claims filed during that period would be approved after 2035.) Accounting for expected increases in inflation, CBO estimates that enacting S. 237 would increase direct spending by $255 million over the 2025-2035 period.

    Spending Subject to Appropriation

    By expanding the scope of qualifying deaths and injuries, S. 237 also would increase the number of claimants eligible for disability and education benefits under the PSOB program. Spending for those benefits is subject to the availability of appropriated funds. DOJ also would incur administrative costs to implement the bill. In total, CBO estimates that implanting S. 237 would cost $59 million over the 2025-2030 period (see Table 2). That spending would be subject to the availability of appropriated funds.

    Disability Benefits. Under current law, the PSOB program pays benefits for permanent and total disability resulting from injuries suffered in the line of duty. Under current law, claimants receive a one-time benefit that is the same amount as the death benefit ($448,575 in 2025), which increases each year to account for inflation. In total, CBO estimates that the cost of disability benefits under S. 237 would be $24 million over the 2025-2030 period.

    Table 2.

    Estimated Increases in Spending Subject to Appropriation Under S. 237
     

    By Fiscal Year, Millions of Dollars

    		  
     

    2025

    2026

    2027

    2028

    2029

    2030

    2025-2030

    Disability Benefits

    		              

    Estimated Authorization

    0

    1

    5

    7

    6

    5

    24

    Estimated Outlays

    0

    1

    5

    7

    6

    5

    24

    Education Benefits

    		              

    Estimated Authorization

    0

    4

    9

    8

    6

    5

    32

    Estimated Outlays

    0

    3

    8

    8

    6

    5

    30

    Administrative Costs

    		              

    Estimated Authorization

    *

    1

    1

    1

    1

    1

    5

    Estimated Outlays

    *

    1

    1

    1

    1

    1

    5

    Total Changes

    		              

    Estimated Authorization

    *

    6

    15

    16

    13

    11

    61

    Estimated Outlays

    *

    5

    14

    16

    13

    11

    59

    Cancer Claims. S. 237 would designate an exposure to a carcinogen as an injury in the line of duty if an officer later becomes permanently disabled as a direct result of cancer. Using information from DOJ about the historical number of claims, CBO expects that fewer claims for disability benefits would be filed under the bill than claims for death benefits. On that basis, CBO estimates that one claim for disability benefits would be filed for every three claims for death benefits. Additionally, based on conversations with DOJ and subject matter experts, CBO expects that most officers affected by cancer would not meet the permanently and totally disabled threshold. Based on historical approval rates for disability-related claims, CBO estimates that about 50 percent of claims for disability claims would ultimately be approved.

    Under the bill, CBO estimates that about 120 claims for disability benefits related to cancer would be filed over the 2025-2030 period. Using information from DOJ about the time it takes to process each claim, CBO estimates that about 50 claims would be approved over the same period. (About 10 additional claims filed during the period would be approved after 2030.)

    COVID-19 Claims. S. 237 also would extend by three years the deadline to file a claim for benefits under the PSOB program for officers who become permanently and totally disabled from COVID-19. Using data from DOJ about the number of those claims filed and approved over the 2020-2023 period, CBO estimates that under S. 237 fewer than five claims would be approved for officers who become disabled from COVID-19.

    Education Benefits. Under current law, the spouse or children of a public safety officer who dies or becomes permanently disabled from physical injuries and certain mental health conditions may also be eligible for education benefits to cover tuition, fees, books, supplies and room and board. The monthly benefit for a full-time student in 2025 is $1,536; that amount is adjusted each year for inflation. Under current law, the maximum duration of benefits is 45 months of full-time education or a proportionate duration of part-time education.

    Historical data from the PSOB program indicate that about three claims for education benefits have been approved for every two claims that have been approved for death and disability benefits. On that basis, CBO estimates that about 360 claims stemming from death benefits and about 50 claims stemming from disability benefits will be approved over the 2025-2030 period under S. 237. Using information about the time it takes to process claims for education benefits, CBO estimates that about 650 people will receive benefits over the 2025-2030 period under the bill. In total, CBO estimates that those benefits would cost $30 million over the 2025-2030 period. Those outlays reflect the historical spending patterns for such claims.

    Administrative Costs. As discussed above, implementing S. 237 would require DOJ to review more than 150 additional claims annually under the bill. Using information from the agency about the number of staff required to process claims under current law, CBO estimates that implementing the bill would require an additional five people each year to process claims and review the list of eligible cancers at a cost of $1 million annually. In total, CBO estimates that DOJ would incur $5 million in administrative costs over the 2025-2030 period.

    Uncertainty

    CBO’s cost estimate for S. 237 is subject to significant uncertainty in several areas:

    • Identifying public safety officers’ rate of incidence and deaths from cancer and COVID-19;
    • Estimating the number of people who would be eligible to file claims for benefits under the bill;
    • Calculating the proportion of claims that DOJ would determine to be eligible, which is affected by the latency periods for different cancers and other circumstances specific to each officer’s medical history and lifestyle; and
    • Anticipating the timing of submissions and the amount of time required to review applications and process claims.

    CBO strives for estimates that are in the middle of possible outcomes and each factor in the estimate could be higher or lower than CBO estimates. As a result, enacting the bill could result in higher or lower costs than CBO estimates.

    Pay-As-You-Go Considerations

    The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. The net changes in outlays that are subject to those pay-as-you-go procedures are shown in Table 3.

    Table 3.

    CBO’s Estimate of the Statutory Pay-As-You-Go Effects of S. 237, the Honoring Our Fallen Heroes Act of 2025, as Reported by the Senate Committee on the Judiciary on May 20, 2025
     

    By Fiscal Year, Millions of Dollars

    		    
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035
     

    Net Increase in the Deficit 

    		    

    Pay-As-You-Go Effect

    0

    15

    40

    45

    34

    27

    23

    19

    17

    17

    18

    161

    255

    Increase in Long-Term Net Direct Spending and Deficits

    CBO estimates that enacting S. 237 would not increase net direct spending by more than $2.5 billion in any of the four consecutive 10-year periods beginning in 2036.

    CBO estimates that enacting S. 237 would not increase on‑budget deficits by more than $5 billion in any of the four consecutive 10-year periods beginning in 2036.

    Mandates

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

    Federal Costs: Jeremy Crimm

    Mandates: Erich Dvorak

    Estimate Reviewed By

    Justin Humphrey
    Chief, Finance, Housing, and Education Cost Estimates Unit

    Kathleen FitzGerald 
    Chief, Public and Private Mandates Unit

    H. Samuel Papenfuss 
    Deputy Director of Budget Analysis

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI Security: Oklahoma City Duo Plead Guilty to Illegal Possession of Firearms Following Shooting at Apartment Complex

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    OKLAHOMA CITY – LARRY WELCH, 29, and JACOB MADISON, 24, both of Oklahoma City, have each pleaded guilty to illegal possession of a firearm after a previous felony conviction, announced U.S. Attorney Robert J. Troester.

    On May 6, 2025, a federal Grand Jury returned a two-count Indictment, charging both Welch and Madison with being a felon in possession of a firearm. According to public record, on April 7, 2025, officers with the Oklahoma City Police Department responded to a reported shooting at an apartment complex. Witnesses told police that prior to the shooting, they had been involved in a dispute with the shooting suspects, later identified as Welch and Madison. Nobody was injured as a result of the shooting. Officers reviewed nearby surveillance video which showed Welch and Madison opening fire on the unarmed witnesses and then fleeing the complex. Officers canvassed the area, and shortly thereafter arrested Welch and Madison, who were found hiding in a residential backyard shed on a nearby property. Law enforcement also recovered two firearms, which Welch and Madison used during the shooting.

    Public records show that both Welch and Madison have lengthy criminal histories. Welch has previous felony convictions that include:

    • possession of a firearm after felony conviction in Cherokee County District Court case number CF-2015-629;
    • injuring or burning a public building in Mayes County District Court case number CF-2015-0228; and
    • feloniously pointing a firearm in Cleveland County District Court case number CF-2019-1389.

    Madison has previous felony convictions that include:

    • second-degree burglary in Oklahoma County District Court case number CF-2020-1275;
    • knowingly receiving or concealing stolen property in Canadian County District Court case number CF-2022-437; and
    • possession of a firearm after a previous felony conviction, unlawful possession of a controlled dangerous substance with intent to distribute, committing a felony with a firearm with a defaced ID number, possession of a controlled dangerous substance, and unlawful possession of drug paraphernalia in McClain County District Court case number CF-2023-0072.

    On July 16, 2025, both Welch and Madison pleaded guilty, and both admitted they possessed a firearm despite their previous felony convictions. 

    At sentencing, the defendants face up to 15 years in federal prison each, and fines of up to $250,000.

    This case is the result of an investigation by the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Oklahoma City Police Department. Special Assistant U.S. Attorney Laney Ellis (SAUSA) is prosecuting the case. SAUSA Ellis is an attorney with City of Oklahoma City whose position is funded by a federal Project Safe Neighborhoods grant awarded to the City of Oklahoma City to enhance efforts to address and reduce violent crime.

    Reference is made to public filings for additional information. 

    MIL Security OSI –

  • MIL-OSI Africa: Strengthening vulnerability analysis to tackle food insecurity in Southern Africa

    Source: APO

    Food insecurity in Southern Africa is worsening, driven by erratic weather patterns, pest outbreaks, and economic shocks. An estimated 46.3 million people across seven countries -Botswana, the Democratic Republic of Congo, Eswatini, Lesotho, Madagascar, South Africa and Tanzania— are projected to fate acute food insecurity during the 20205/26 consumption period. As shocks intensify, timely and harmonized vulnerability assessments remain critical to inform early action, response planning, and policy development.

    To this end, representatives from 11 Southern African Development Community  (SADC) Member States, joined by regional and international partners including the Food and Agriculture Organization of the United Nations (FAO), World Food Programme (WFP), Famine Early Warning Systems Network (FEWS NET), and the Integrated Food Security Phase Classification (IPC) Regional Support Unit, gathered virtually from 14 to 16 July 2025 for the Annual Dissemination Forum of the SADC Regional Vulnerability Assessment and Analysis (RVAA) Programme. The event was followed by the 29th Steering Committee meeting on 17 July 2025.

    Despite data collection and budgetary challenges, seven Member States successfully completed their national assessments and presented findings at the forum. These findings contributed to the finalization of the 2025 Regional Synthesis Report on the State of Food and Nutrition Security in SADC, validated by the Regional Vulnerability Assessment Committee (RVAC).

    The report highlights a concerning uptick in food insecurity, particularly in the Democratic Republic of Congo, Mozambique and low-income urban areas, underscoring the compounded impact of the 2024 El Niño-induced drought, ongoing conflict, and high food prices. At the same time, the region experienced normal to above-normal rainfall in many areas during the 2024/25 season, supporting a modest recovery in cereal production and grazing conditions, particularly in countries like Tanzania, Lesotho and Eswatini.

    FAO’s technical support and way forward

    As a long-standing partner of the RVAA system, FAO continues to support Member States in enhancing the quality and use of vulnerability assessments. This includes contributing technical expertise to the Regional Vulnerability Assessment Committee, promoting alignment with IPC frameworks, and strengthening links between data and early action.

    Looking ahead, FAO will continue engaging with SADC Member States and partners to improve the quality and coverage of vulnerability assessments across the region. This includes supporting harmonization of tools and methodologies, promoting digital data collection systems, and fostering cross-country learning and peer-to-peer exchange. FAO is committed to working alongside the SADC Secretariat to strengthen the institutional sustainability of the RVAA programme and integrate early warning into broader disaster risk management systems.

    The outcomes of the 29th Steering Committee meeting reaffirm the urgency of accelerating investment in regional food security analysis. The Committee called for renewed efforts to mobilize resources for the upcoming landscape analysis of existing national frameworks, which will inform the development of a harmonized vulnerability assessment framework for the SADC region by 2026. FAO will remain a key technical partner in this process, offering expertise to ensure that the proposed framework is scalable, inclusive, and responsive to the complex drivers of vulnerability facing Southern Africa today.

    Distributed by APO Group on behalf of Food and Agriculture Organization of the United Nations (FAO): Regional Office for Africa.

    Media files

    .

    MIL OSI Africa –

  • MIL-OSI Russia: Vice Premier of China’s State Council calls for proper work on agricultural production, consolidation of poverty alleviation gains

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    NANNING, July 22 (Xinhua) — Chinese Vice Premier Liu Guozhong on Tuesday called for properly implementing the production of grain and other major agricultural products in China and continuously consolidating and expanding the achievements of the nationwide poverty alleviation campaign.

    Liu Guozhong, also a member of the Political Bureau of the CPC Central Committee, made the remarks during an inspection tour of Guangxi Zhuang Autonomous Region (south China) from July 20 to 22.

    During the trip, Liu Guozhong studied the situation of rice production, sugar crop cultivation and the development of high-standard farmland on the spot.

    Touching upon the pressing issue of typhoons, floods and other natural disasters, the Vice Premier called for measures such as emergency floodwater drainage, replanting and reseeding crops on damaged lands, making efforts to reduce losses in the agricultural sector.

    Liu Guozhong stressed the need for targeted implementation of measures to support the poor, paying special attention to stabilizing the employment of rural migrant workers and people who have escaped poverty, as well as developing rural industries with local specific advantages that improve the well-being of farmers. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –