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Category: Natural Disasters

  • MIL-OSI USA: Ahead of Confirmation Vote, Senator Murray Blasts Linda McMahon’s Nomination: “We Cannot Have a Secretary of Education Who Doesn’t Believe in Having a Secretary of Education”

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ICYMI: Pressed by Sen. Murray, McMahon Can’t Name a Single Requirement of Landmark Education Law; Murray Grills McMahon on Trump Plans to Dismantle Education Department, DOGE Access to Sensitive Student Data
    WATCH: At Nomination Hearing, Murray Grills McMahon on Trump Plans to Dismantle Education Department
    *** WATCH: Senator Murray’s floor speech***
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the Senate Health, Education, Labor, and Pensions (HELP) Committee, took to the Senate floor to speak out against the nomination of Linda McMahon for Secretary of Education. A formal pre-school teacher and community college educator herself, Senator Murray sounded the alarm over President Trump and Elon Musk’s plans to dismantle the U.S. Department of Education, which would devastate students, families, and schools across the country.
    “We need a Secretary of Education with a really deep understanding of how to use this crucial position to strengthen educational opportunities and outcomes for every student in this country. We need a Secretary of Education who will put students first—not billionaires—who will stand up for our kids, every single one of them, even if it means standing up to Donald Trump and Elon Musk… On each of those accounts, Linda McMahon fails to make the grade,” said Senator Murray.
    “Let’s be clear what it will mean if Trump, Musk, and McMahon have their way, and try to turn the Department of Education into something that kids read about in our history books,” continued Senator Murray. “There are 26 million K-12 students from low-income neighborhoods who could see their schools lose federal funding, lay off teachers, or even close. There are 9.8 million students at rural schools that count on federal support, which could face similar challenges. There are 7.4 million students with disabilities who could see the IDEA program upended, cutting off support that state and local taxpayers will need to provide. There are 6.6 million students who get Pell Grants to help them afford college, prepare to enter the workforce, or further their careers—who could be impacted by the chaos of abolishing the Department. And there are 8.1 million high school students and 3.3 million college students who are served by our career and technical education programs that are administered by the Department of Education.
    “So here is my message to everyone, and like any good preschool teacher, I am going to make this short and simple: We cannot have a Secretary of Education who doesn’t believe in having a Secretary of Education. That’s kind of common sense,” said Senator Murray.
    A senior member and former chair of the HELP Committee, Senator Murray has championed students and families at every stage of her career—fighting to help ensure every child in America can get a high-quality public education. Among other things, Senator Murray negotiated the bipartisan Every Student Succeeds Act (ESSA), landmark legislation that she got signed into law, replacing the broken No Child Left Behind Act. As a longtime appropriator, she has successfully fought to boost funding to support students and invest in our nation’s K-12 schools, and she has secured significant increases to the Pell Grant so that it goes further for students pursuing a higher education. Senator Murray also successfully negotiated the FAFSA Simplification Act, bipartisan legislation to reform the financial aid application process, simplify the FAFSA form for students and parents, and significantly expand eligibility for federal aid.
    During McMahon’s confirmation hearing, Senator Murray pressed McMahon on whether she will ensure approved funding gets out to serve students as the law requires and whether she would protect students’ data from DOGE. She also asked McMahon to name a single requirement of ESSA—and McMahon demurred, failing to name any.
    Senator Murray’s full remarks, as delivered on the Senate floor today, are below and video is HERE:
    “I got my start in politics as a mom in tennis shoes fighting to protect a preschool program—and I still wear that label proudly.
    “I am a former preschool teacher. I’m also a former community college educator. And I am also a former school board member.
    “So, I don’t mess around when it comes to making sure every single one of our students, in every corner of our country, has access to a quality public education—one that leaves them prepared for the future, and opens the doors of opportunity wide.
    “That’s not a responsibility I take lightly. It never will be.
    “Our kids are the future of this country, and the Department of Education is really at the heart of how we make sure they are set up for success. But Donald Trump and Elon Musk want to rip the heart out of public education in America—and abolish the Department of Education.
    “Well, not if I can help it. And that’s why I believe we need a leader at the Department of Education who actually believes in the mission of the Department of Education!
    “We need a Secretary of Education with a really deep understanding of how to use this crucial position to strengthen educational opportunities and outcomes for every student in this country.
    “We need a Secretary of Education who will put students first—not billionaires—who will stand up for our kids, every single one of them, even if it means standing up to Donald Trump and Elon Musk.
    “And, Madam President, on each of those accounts, Linda McMahon fails to make the grade.
    “I’ve had concerns from the outset about whether Ms. McMahon has the experience we should expect from an Education Secretary, and I’m sorry to say my concerns have not been alleviated. Far from it!
    “I asked her in her confirmation hearing about the Every Student Succeeds Act, that is the law I negotiated with Republicans to finally fix No Child Left Behind, and provide more flexibility to states and schools, while ensuring accountability for our tax dollars. She couldn’t name a single requirement of the law—not one!
    “How is she supposed to enforce our education laws when she didn’t even bother to study up before her Senate confirmation hearing?
    “On fighting for public schools, it is already painfully clear that McMahon’s plan for our students and schools is in lockstep with Trump’s pro-billionaire agenda.
    “They are going to let public schools get robbed blind as the richest people in the world suck money out of the schools and communities that need it the most. They’re going to cut off funding that directly supports our students and teachers, and send it straight to the pockets of unaccountable private and for-profit K-12 schools.
    “And on standing up for our students, standing up to President Trump—Linda McMahon got it backwards.
    “When I asked her at our hearing about making sure schools get the money that we, Congress, passes—even if Trump and Musk try to block it—and making sure that our students’ data is protected as DOGE tries to muck around with no oversight or accountability, she made it very clear: she would not stand in their way.
    “But it gets worse, because when it comes to Trump’s mission of destroying the Department of Education, she’s all too ready to grab a hatchet and get to work.
    “The irony is, that while Trump and Musk talk about eliminating the Department of Education, they are trying to involve the federal government even deeper into schools than ever before.
    “They talk about how schools and parents know best—and then threaten schools if they don’t do what they say!
    “Apparently, Ms. McMahon thinks: why should we have a Department of Education if Trump and Elon Musk actually can just tell schools what they can do, and what they can teach?
    “Well let’s be clear what it will mean if Trump, Musk, and McMahon have their way, and try to turn the Department of Education into something that kids read about in our history books.
    “There are 26 million K-12 students from low-income neighborhoods who could see their schools lose federal funding, lay off teachers, or even close.
    “There are 9.8 million students at rural schools that count on federal support, which could face similar challenges.
    “There are 7.4 million students with disabilities who could see the IDEA program upended, cutting off support that state and local taxpayers will need to provide.
    “There are 6.6 million students who get Pell Grants to help them afford college, prepare to enter the workforce, or further their careers—who could be impacted by the chaos of abolishing the Department.
    “And there are 8.1 million high school students and 3.3 million college students who are served by our career and technical education programs that are administered by the Department of Education.
    “Trying to abolish the Department—or even just taking a wrecking ball to the critical work that it does—will hurt our students who face homelessness. It will cut off federal aid to students who want to pursue a higher education. It will undermine enforcement of the rights of students with disabilities. It will reduce assistance intended to lift up students not getting the support they need, weaken protections for students, scrap evidence-based research that helps us know what is working, for whom, and how, and it will leave for-profit colleges free to rip off students and families, which we have seen happen in the past, and we can’t let that happen again.  
    “So, the fact that Ms. McMahon has not opposed Trump’s grand plan to abolish the Department of Education is not just a red flag—it is a blinking, blaring fire alarm.
    “It means either she doesn’t fully understand just what the Department does and how devastating it would be to abolish, or she doesn’t care. Either way, I have to say, I find that disqualifying.
    “So here is my message to everyone, and like any good preschool teacher, I am going to make this short and simple: We cannot have a Secretary of Education who doesn’t believe in having a Secretary of Education. That’s kind of common sense.
    “I mean, why would we have someone in charge of the education department who thinks it should not exist, who doesn’t care if we have a Department focused on getting our students and schools the support they need?
    “So, Madam President, let me finish with this. I still have in my office a quilt that my kids, in my preschool, made for me on the very last day I taught preschool.
    “It is hung prominently on the wall of my biggest meeting room, it is a beautiful patchwork of squiggles and smiles drawn in bright messy crayon.
    “And when I look at it, I remember the little hands that made each one of those squares. I think about those little heads with big curious minds and a world of possibilities before them.
    “I remember the responsibility that we all felt to make sure they were leaving our preschool ready to succeed.
    “I wonder how many of the children that made those little small squares now have kids of their own.
    “And I reflect on how the decisions we make in education today—the policies that we fight for, the people that we confirm or reject here—will set a course for our children and our country for years to come.  
    “There are two clear courses ahead of us with this vote: one where we have a Department of Education that continues to work to support every student, and give them a bright possible future—or one where we don’t.
    “One where every kid is on their own. One where lights are turned off, anddoors are shut,and opportunities are closed—unless you happen to have the right zip code, or the right money.
    “I know which future I’m going to vote for today—the one where we live up to our responsibility and all of our kids can live up to their fullest potential and pursue big dreams.
    “I urge my colleagues to join me in voting for that future—and against Linda McMahon for Secretary of Education.”

    MIL OSI USA News –

  • MIL-OSI USA: SCHUMER TO BRING CENTRAL NY USDA WORKER – FIRED BY DOGE AFTER YEARS OF SERVICE – WHO HELPED FARMERS & RURAL BUSINESSES ACROSS UPSTATE NY AS HIS PERSONAL GUEST TO PRESIDENT TRUMP’S JOINT ADDRESS TO…

    US Senate News:

    Source: United States Senator for New York Charles E Schumer
    Tiffany Ramos, A Rome, NY Native & SUNY Morrisville Graduate, Worked At The USDA Since 2021, Helping Farms, Businesses & Residents Of Rural Communities Across Upstate, Until She Was Unfairly Fired As “Probationary” Amid Blind Rash Of DOGE Cuts
    Senator Says Callously Firing Dutiful Public Servants Like Tiffany And Slashing USDA Programs That Farmers & Rural Areas Depend On Does Nothing To Stop Government Waste, And Shows Why Efficiency Demands A Scalpel, Not A Chainsaw
    Schumer: We Should Not Be Firing The Upstate NY-er’s Who Help Our Farmers & Rural Businesses Grow
    Amid mass firings and funding freezes at the United States Department of Agriculture (USDA) because of DOGE, hurting farms, businesses, and residents of rural communities in Upstate NY and across all corners of NY, U.S. Senate Democratic Leader Chuck Schumer today announced he will bring former Syracuse USDA employee, Tiffany Ramos, as his personal guest to attend President Trump’s Joint Session of Congress. Tiffany was fired earlier this month from the USDA’s Rural Development (RD) office where she worked helping farmers, businesses, and rural communities across Upstate NY get the financial assistance they needed, despite her years of service and critical work helping rural New Yorkers.
    “Our farms and rural businesses are the lifeblood of Upstate NY, and the backbone of America. For nearly half a decade, Tiffany Ramos brought passion and commitment to her work at the USDA’s offices in Central New York and the Mohawk Valley, helping rural communities across Upstate New York.  Support for our farmers, support for rural businesses, and jobs like Tiffany’s that help rural areas thrive are not government waste,” said U.S. Senator Charles E. Schumer. “Tiffany embodies the devotion and determination that makes America’s public servants the best in the world. I am all for cutting out inefficiency, but you use a scalpel, not a chainsaw. You don’t rip resources away from our farmers and rural businesses that are already struggling. I am proud to bring Central New York’s own Tiffany Ramos as my guest to President Trump’s Joint Session of Congress and will be fighting to reverse cuts like these that hurt Upstate NY’s farms and rural businesses.”
    “My colleagues and I at the USDA proudly serve the farmers and businesses in our rural communities, living alongside them, understanding their needs, and fighting for their interests. The mass terminations at USDA is not just about me losing my job, it’s the dangerous message we’re sending to rural America. We’re telling farmers, small business owners, healthcare providers and residents of rural communities that they don’t matter enough for our federal government to support the staff needed to help them succeed,” said former USDA employee Tiffany Ramos. “The extraordinary members of the federal civil service I have had the pleasure of working with are not the enemy and are not sitting behind computers doing nothing, rather we are hard at work out in our communities every single day.”
    Tiffany Ramos is a former Farm Service Agency (FSA) Program Technician and RD Business Program Technician based at the USDA’s offices in Oneida and Onondaga Counties. Originally from Rome, NY Tiffany graduated from SUNY Morrisville with an Associate’s Degree in Equine Science & Farm Management in 2009 and a Bachelor’s Degree in Agriculture Business Development in 2021.
    Tiffany started her career at the USDA in 2021 as an FSA Programs Technician. Over her years of work at FSA, Tiffany served as Oneida County’s primary technical contact on Farm Storage Facility loans, Marketing Assistance loans, conservation programs, and more. In 2024, Tiffany voluntarily transferred to USDA RD’s office in Syracuse to fill a Business Program Technician position that had been open for years. During her time at RD, Tiffany took on a statewide portfolio overseeing various loan, loan guarantee, and grant programs to help provide financial support to farms and rural businesses. 
    Tiffany was not on the initial list of probationary employees provided to the USDA after President Trump took office, but after her recent transfer Tiffany specifically reached out to OPM to double check her status. On Wednesday, February 12, 2025, OPM informed Tiffany that her years of service at FSA would be counted towards her retirement and leave. Nonetheless, Tiffany was blindsided by an email the very next day with news of her immediate termination. Since then, Tiffany has not received any update on the termination procedure or next steps, leaving her unclear on the status of healthcare insurance and making it difficult to file for unemployment benefits.
    Tiffany’s termination letter claimed that her continued employment was not “in the public interest” despite all of Tiffany’s performance evaluations rating her as “Fully Successful” and zero documentation of poor performance or unsatisfactory work. Schumer said this is a prime example of blind and misguided ‘DOGE’ layoffs hurting American farmers, businesses and residents in our rural communities while creating chaos in every corner of New York State and all across the country.
    President Trump has fired federal workers across Upstate New York, including at the USDA’s Syracuse office where workers like Tiffany help farmers and rural businesses. In January, President Trump froze all federal payments including at the USDA, creating ongoing chaos for farmers and rural communities in Upstate New York. Farmers across the country are still reporting missing payments that they depend on to continue operations. Schumer explained that laying off workers like Tiffany is only hurting farmers, businesses, and rural communities more by cutting off resources they need and limiting staff who can help them.
    President Trump’s layoffs have hurt programs across the USDA, which in tandem with chaos from executive orders, the funding freeze, and slashing of other critical programs like USAID that support farmers, are causing serious financial hardship and worry for agriculture across America. Experts say these massive layoffs at the USDA, which range from those who help rural businesses to top agricultural scientists, could have severe and long lasting impacts for farms and America’s food supply chain. Schumer said DOGE’s approach of fire first and ask questions later cannot continue. As one significant example, last month, DOGE carelessly fired approximately 25% of the employees working on combatting bird flu at the USDA, and now struggling to rehire them, and undermining a response to reduce the crushing prices of eggs Americans are facing.
    Farmers in Upstate NY have reported missing or delayed payments from dozens of programs. One example are programs in the Inflation Reduction Act (IRA) that Senator Schumer led to passage in the Senate, which boosted funding for the USDA RD’s Rural Energy for America Program (REAP), which provides loans and grants to help farmers improve their infrastructure, expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. The USDA has made billions of dollars available through REAP, but due to Trump’s federal funding fiasco ‘DOGE’ is reviewing millions in REAP payments, and farmers are missing REAP payments they rely on.  Schumer said we cannot continue cutting off resources for farms and rural America and is fighting to reverse these harmful cuts at the USDA.

    MIL OSI USA News –

  • MIL-OSI China: Palestine urges Israel to withdraw from Gaza

    Source: China State Council Information Office

    This photo shows a view of one of the displacement camps at the Al-Shujaiya neighborhood in Gaza City, on Feb. 25, 2025. [Photo/Xinhua]

    The Palestinian Ministry of Foreign Affairs and Expatriates on Monday called for the Israeli army to withdraw from the Gaza Strip and allow the State of Palestine to assume its duties.

    In a press statement, the ministry called for real international measures “to curb the occupation’s aggression against our people and their rights in a way that ensures the establishment of a ceasefire and the rapid empowerment of the State of Palestine and its internationally recognized legitimate institutions to carry out their responsibilities and immediately extend their sovereignty over the Gaza Strip and the entire Palestinian territory occupied since 1967.”

    Earlier on Saturday, the 42-day initial phase of the three-stage agreement between Hamas and Israel expired, with no breakthrough announced for its next phase.

    Israel is seeking to extend the first phase of the Gaza ceasefire agreement for an additional 42 days, while Hamas rejects this and wants to move forward with negotiations for the second phase.

    The second phase of the agreement is supposed to focus on the release of the remaining Israeli hostages, the full withdrawal of Israeli forces from Gaza, and the implementation of a permanent ceasefire.

    MIL OSI China News –

  • MIL-OSI USA: Padilla Leads Colleagues Urging Interior Department to End Funding Freeze for Colorado River Water Savings Projects

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    Padilla Leads Colleagues Urging Interior Department to End Funding Freeze for Colorado River Water Savings Projects

    WASHINGTON, D.C. — Today, U.S. Senators Alex Padilla (D-Calif.), Adam Schiff (D-Calif.), Catherine Cortez Masto (D-Nev.), Ruben Gallego (D-Ariz.), Mark Kelly (D-Ariz.), and Jacky Rosen (D-Nev.) urged the Department of the Interior to immediately cease its freeze of Inflation Reduction Act funding for the Lower Colorado River System Conservation and Efficiency Program. The Senators, representing the three Lower Colorado River Basin states, criticized the Trump Administration’s day-one executive order halting all Inflation Reduction Act disbursements, including pausing the $4 billion passed by Congress for water management and conservation efforts in the Colorado River Basin and other Western areas experiencing drought.

    The Colorado River Basin, which supports 40 million people and 5.5 million acres of agricultural land across seven states, depends on a stable and reliable water supply from Lake Mead. The Lower Colorado River System Conservation and Efficiency Program being threatened by the Trump Administration directly adds water to the lake, contributing 1.2 million acre-feet of water in the past two years and raising the lake’s elevation by 15 feet. Projects planned for this year were set to conserve 734,000 more acre-feet and add another nine feet to the lake’s elevation.

    These savings were pivotal in securing the historic seven-state consensus agreement last year for interim operations of Lake Powell and Lake Mead through 2026, in which the Lower Basin States committed to conserving 3 million acre-feet of water to stabilize the Colorado River System. The Trump Administration’s funding freeze jeopardizes these critical conservation goals while undermining similar multistate agreements in the future.

    “This Program, funded with an initial allocation through the Inflation Reduction Act and managed through the Bureau of Reclamation, has been instrumental in increasing water conservation, improving efficiency, and preventing the Colorado River system’s reservoirs from reaching dangerously low levels that threaten water deliveries and power production,” wrote the Senators.

    “The need for this water is more urgent than ever. This year’s water outlook is dry, with forecasts predicting below-average supply. Project recipients need certainty that the federal funding they were promised — whether formally under contract or not — will be available so they can plan accordingly,” continued the Senators. “Without continued support from Interior, efforts to conserve water and sustain the communities, economies, and ecosystems that rely on the Colorado River are in serious jeopardy.”

    In light of the Office of Personnel Management’s memo last week calling for significant further reductions to the federal workforce, the Senators also pushed the Department of the Interior to make sure that any cuts do not further impact the Bureau of Reclamation, which manages the Lower Colorado River System Conservation and Efficiency Program. Reclamation staff are essential to Western water management, where water systems are extremely complex and are closely coordinated with state, tribal, and local authorities.

    Senator Padilla has been a leading advocate for securing funding and agreements to conserve the Colorado River Basin. In December 2023, Padilla applauded the Department of the Interior’s announcement of approximately $367 million to California partners to protect the Colorado River Basin, including nearly $295 million for several water conservation agreements with California water agencies. Padilla also worked to ensure that the Inflation Reduction Act included $4 billion for drought resiliency and inland waterways. Last year, Padilla applauded the Lower Basin states’ conservation proposal for the Post-2026 Coordinated Operation of the Colorado River Basin. Additionally, earlier this year, he and Representative Ken Calvert (R-Calif.-41) introduced bipartisan legislation to support Lower Colorado River Multi-Species Conservation Program (LCR MSCP) activities.

    Full text of the letter is available here and below:

    Dear Secretary Burgum,

    In light of the recent Office of Personnel Management memo calling for significant reductions in the federal workforce, we, as United States Senators representing the Lower Colorado River Basin States, strongly urge the Department of the Interior (Interior) to ensure that any cuts do not further impact the Bureau of Reclamation (Reclamation). Reclamation is already a primarily operational rather than regulatory agency, and staff are indispensable to managing water in the West, where water systems are highly technical, complex, and closely coordinated with state, tribal, and local authorities.

    In that same vein, we strongly urge Interior to immediately rescind the funding freeze for projects under the Lower Colorado River System Conservation and Efficiency Program (Program). This Program, funded with an initial allocation through the Inflation Reduction Act and managed through the Bureau of Reclamation, has been instrumental in increasing water conservation, improving efficiency, and preventing the Colorado River system’s reservoirs from reaching dangerously low levels that threaten water deliveries and power production.

    The entire Colorado River Basin – supporting 40 million people and 5.5 million acres of agricultural land across seven states – depends on a stable and reliable water supply from Lake Mead. That’s why the Program is so critical – it directly adds water to Lake Mead. In Fiscal Years 2023 and 2024, funded projects contributed 1.2 million acre-feet of water, raising the lake’s elevation by an astounding 15 feet. This year, planned projects were set to conserve an additional 734,000 acre-feet, adding another 9 feet to the lake’s elevation. The water savings produced by these projects were pivotal in securing the historic seven-state consensus agreement in 2024 for interim operations of Lake Powell and Lake Mead through 2026. Under this agreement, the Lower Basin States committed to conserving 3 million acre-feet of water to stabilize the Colorado River System. With funding now on hold, these conservation targets are at risk, threatening the progress made and undermining future multistate agreements.

    The need for this water is more urgent than ever. This year’s water outlook is dry, with forecasts predicting below-average supply. Project recipients need certainty that the federal funding they were promised – whether formally under contract or not – will be available so they can plan accordingly. Without continued support from Interior, efforts to conserve water and sustain the communities, economies, and ecosystems that rely on the Colorado River are in serious jeopardy. The urgency of this situation cannot be overstated, as the system remains in Tier 1 shortage.

    Thank you for your attention to this urgent matter. We look forward to working with you to ensure adequate staffing and funding for the Colorado River, and to achieve a lasting seven-state consensus on a long-term operations plan that ensures the sustainability of the Colorado River System.

    Sincerely,

    MIL OSI USA News –

  • MIL-OSI USA: Kaine Announces 2025 Guest for President’s Address to Congress

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA) announced that he will be joined at President Donald Trump’s joint address to Congress by Jason King, a disabled veteran from Fairfax who was fired from his position in the Federal Aviation Administration’s safety division as a result of the Trump Administration’s attacks on the federal workforce.

    “I’m grateful that Fairfax resident and veteran Jason King will join me at this year’s joint address. Jason has served our country for years—first in the military and then at the Federal Aviation Administration where he worked to ensure air safety for millions of passengers. Despite Jason’s service, he is one of many federal employees who were recently fired by the Trump Administration,” Kaine said. “Jason’s story is a powerful example of how indiscriminately firing federal employees disproportionately hurts our veterans and also threatens the safety of the American people who rely on agencies like the FAA. I remain committed to protecting Virginia’s federal workers, our economy, and the safety of our communities from the Trump Administration’s actions.”

    “I served in the United States Army as a transportation coordinator, where I ensured the safest mode of transport of personnel, equipment, and supplies. After the Army, I was given the opportunity to continue serving my country with the FAA as the Executive Assistant to the Director of Safety,” said King. “The tragic midair collision that occurred near DCA serves as a strong reminder that safety can’t be taken for granted. Yet in the wake of this event, our Administration decided to move forward with the firing of hundreds of FAA employees, myself included. Safety doesn’t come by chance. It requires investment, oversight, and expertise of those who work tirelessly to uphold these values. I’m glad to be joining Senator Kaine at the joint address to help send an important message: cutting costs should never come at the expense of safety, especially when it comes to the American people.”

    Last week, Kaine and U.S. Senator Richard Blumenthal (D-CT) demanded the Trump Administration immediately reinstate all of the estimated 6,000 veterans who were fired during the mass terminations of federal employees and demanded veterans receive their full benefits and back pay. Veterans make up 30% of the federal workforce.

    Kaine has also long advocated for policies to enhance aviation safety and has demanded that the Trump Administration prioritize the safety of America’s air travel system and reverse recent cuts to essential FAA safety roles. Following the deadly DCA collision on January 29, 2025, Kaine pressed the FAA on its plans to protect the flying public and applauded the precautionary safety measures put in place by the agency while the National Transportation Safety Board (NTSB) carries out its investigation into the crash. On February 14, Kaine was briefed by the NTSB regarding the investigation, and continues to follow the situation closely.

    MIL OSI USA News –

  • MIL-OSI China: Europe unveils plan for Ukraine peace deal amid Transatlantic rifts

    Source: China State Council Information Office

    Following last week’s Trump-Zelensky White House clash, more than a dozen Western leaders gathered Sunday to revive efforts for a Ukraine peace deal and propose a settlement to Washington.

    British Prime Minister Keir Starmer described the summit as a “once-in-a-generation moment for the security of Europe.” Although the meeting could push the region toward greater self-reliance in security, many observers fear the measures may be too little and too late.

    WAKE-UP CALL

    Europe now finds itself at a moment of truth in its security strategy. Before Friday’s diplomatic debacle at the White House, Russia-U.S. talks on the Ukraine crisis took place in Riyadh on Feb. 18, with neither Europe nor Ukraine given a seat at the table.

    This photo shows a scene during a defense summit in London, Britain, March 2, 2025. (Lauren Hurley/No 10 Downing Street/Handout via Xinhua)

    Just one week later, U.S. President Donald Trump announced a plan to impose a 25-percent tariff on all goods imported from the European Union (EU), and justified the move by claiming that the EU was formed to “screw” the United States.

    Europe was in a “moment of real fragility,” Starmer told the BBC’s Sunday with Laura Kuenssberg.

    Asked about the White House clash involving the duo of Trump and U.S. Vice President JD Vance and Ukrainian President Volodymyr Zelensky, Finnish President Alexander Stubb told BBC before the summit that the breakdown was a “wake-up call” for European nations, stressing that they must adopt a cohesive strategy for the Ukraine crisis and post-conflict arrangements.

    Stubb expressed frustration over shifting transatlantic ties, saying the U.S.-Europe relationship “is evolving,” and “we’re witnessing a more transactional United States, where the Trump administration — rightly or wrongly — is pursuing an ‘America First’ policy.”

    This has led European leaders to explore their own security solutions. At the Munich Security Conference last month, European Commission President Ursula von der Leyen pushed for an emergency clause that would allow governments to increase defense spending without being constrained by the EU’s strict budget deficit rules. After Sunday’s summit, she reiterated that Europe must “step up massively” and forge a common security approach.

    French President Emmanuel Macron proposed on Sunday that European countries should boost their defense spending to between 3 and 3.5 percent of gross domestic product (GDP). His proposal came a few days after Starmer’s announcement that Britain would increase its defense spending to 2.5 percent of its GDP by 2027 and to 3 percent in the next parliamentary term, which would mean by 2034 at the latest.

    Following a bilateral meeting with Ukraine on Saturday, Britain also agreed to loan Ukraine 2.26 billion pounds (2.84 billion U.S. dollars) to bolster its defense capabilities. Shortly after the summit, Britain further committed 1.6 billion pounds (2 billion dollars) in export finance, allowing Ukraine to purchase over 5,000 air defense missiles.

    More than eight years after Britain voted to depart from the EU, it has positioned itself at the forefront of European security efforts, trying to play the role of a “bridge” between Europe and the United States to secure a peace deal for Ukraine.

    STRENGTHENED BOND

    After Sunday’s summit, Starmer outlined a four-step plan to strengthen Ukraine and support peace: to maintain military aid to Ukraine while the conflict continues and increase economic pressure on Russia; to ensure that any lasting peace guarantees Ukraine’s sovereignty and security, with Ukraine at the table for any negotiations; to deter “any future invasion by Russia” in the event of a peace deal; and to establish a “coalition of the willing” to defend Ukraine and uphold peace in the country.

    The summit’s outcome was welcomed by European leaders. NATO Secretary General Mark Rutte called it “a good meeting,” saying “European countries are stepping up to ensure Ukraine has what it needs to fight for as long as necessary.”

    German Chancellor Olaf Scholz emphasized the importance of NATO and said on social media on Sunday: “In recent years, we have strengthened our alliance with new members and increased defense spending. This is the path we will continue to follow.”

    However, doubts remain over whether Europe can fully safeguard a peace deal on its own. When asked how Britain plans to persuade more countries to join the “coalition of the willing,” Starmer acknowledged that some countries may be reluctant to contribute militarily.

    “I strongly feel that unless some countries move forward, we will stay in the position we’re in and not be able to move forward,” he said, while admitting the goal to “stay in lockstep with the United States.”

    TRANSATLANTIC DISAGREEMENTS

    The EU and the Trump administration have a range of disagreements on the settlement of the Ukraine crisis, while the U.S. provision of security guarantees for Ukraine is foremost among the discussions.

    Within a week before the London summit, both Macron and Starmer visited Washington to seek U.S. security guarantees for Ukraine or Europe, but failed to persuade Trump in this regard.

    Trump sidestepped the question of security guarantees, expressing confidence that his Russian counterpart, Vladimir Putin, would “keep his word” if an agreement is reached. He also ruled out the possibility of Ukraine joining NATO. Ukraine’s NATO membership has been a focal issue in the crisis.

    Earlier on Sunday before the summit, Starmer announced that Britain, France and Ukraine will work on a ceasefire plan to present to the United States. He named three essential points to achieve “lasting peace” — a strong Ukraine, a European element with security guarantees and a U.S. backstop, with the last one being the subject of “intense” discussion.

    After the announcement of the four-step plan to guarantee peace in Ukraine at the summit, the participating leaders also agreed to meet again soon to sustain the momentum behind these efforts.

    “Europe must do the heavy lifting,” Starmer said, emphasizing that the agreement needs U.S. backing.

    Iain Begg, a research fellow at the London School of Economics and Political Science, told Xinhua: “The real question is whether this will be enough to sway the White House. We’ve seen time and again that Washington can reverse its stance overnight.”

    Also on Sunday, Macron told a French newspaper that he was “trying to make Washington understand that disengaging from Ukraine is not in America’s interest.”

    While the summit has pushed Europe toward greater security commitments, the region still faces divisions over whether to deploy troops to Ukraine under a peacekeeping framework.

    For now, some major European countries, including Germany, Spain and Poland, remain hesitant to commit troops to Ukraine, with Britain and France taking the lead in potentially sending military forces.

    Meanwhile, the EU is still in the early stages of developing a defense budget plan. Some experts noted that Europe’s efforts to build its own defense capabilities may still have a long way to go.

    David Galbreath, a professor of international security at the University of Bath, pointed to the U.S. military’s capabilities: “The U.S. provides far sharper military capabilities, such as long-range strikes, sophisticated anti-tank systems and advanced surface-to-air missiles, than anything coming from Europe.”

    MIL OSI China News –

  • MIL-OSI Australia: $10 million for Cascade Pier upgrades

    Source: Australian Executive Government Ministers

    The Australian Government is investing in Norfolk Island’s shipping needs, with a $10 million project to repair and raise the Cascade Pier apron, as well as supporting future freight containerisation.

    The apron section of the Cascade Jetty sustained significant damage with large rocks being deposited on it from Cyclone Gabrielle in early 2023.

    The Australian Government’s investment will see this important commercial and recreational asset repaired and upgraded.  

    The project will see the apron raised and extended with storage and washdown facilities established for cargo containers, for the enhanced loading and unloading of materials, vessels and goods to and from the island. 

    It will improve cyclone resilience, marine access and shipping operations, along with safety for jetty users.

    The Norfolk Island community and stakeholders will have opportunities for input throughout the design and construction of the Cascade Pier upgrades, particularly in considering the needs of business, industry and pier users.

    Project design consultants will be on island for stakeholder engagement to support the detailed design works for the project in the next few months.

    The project to deliver two purpose-built Cargo Transfer Vessels (CTVs) is also now almost complete with construction being finalised and the CTVs anticipated to be delivered to the island by April this year. 

    The CTVs have been specifically constructed for Norfolk Island lighterage and delivered in partnership with Norfolk Island Regional Council to improve safety, efficiency and reliability, including for the crew loading and unloading the cargo. 

    Quotes attributable to Minister for Territories, Kristy McBain MP: 

    “As the first issue raised with me when I commenced as Minister, I understand the importance of reliable shipping to Norfolk Island.

    “Cascade Pier is not only critical for Norfolk’s sea freight supply, it’s an iconic part of the island’s coastline and heritage – which is why we’re investing in its future.

    “Upgrading the Cascade Pier apron is part of our Government’s commitment to supporting the long-term resilience and sustainability of Norfolk Island’s freight network.”

    Quotes attributable to the Member for Bean, David Smith MP: 

    “From fishing boats, to supply ships and cargo and lighterage vessels – Cascade Pier is a vital part of Norfolk Island.

    “These essential upgrades have the potential to reshape how freight is transported to and from the island, which is why I’m proud we’re delivering this targeted investment.

    “I’ll continue working with the community on ways we can support Norfolk Island’s distinct needs into the future.” 

    MIL OSI News –

  • MIL-OSI USA: ICE, FBI arrest high-ranking MS-13 leader who controlled gang activities in U.S., Mexico, Europe

    Source: US Immigration and Customs Enforcement

    BALTIMORE — U.S. Immigration and Customs Enforcement and the FBI apprehended an illegal Salvadoran alien charged in his home country with possession of firearm, extorsion and terrorist affiliation when officers arrested David Alejandro Orellana-Aleman, 27, in Hyattsville, Maryland, Feb. 27.

    “The apprehension of David Alejandro Orellana-Aleman strikes a significant blow to the leadership and organization of the MS-13 terrorist organization,” said ICE Enforcement and Removal Operations acting Field Office Director Matthew Elliston. “This arrest speaks volumes about the cooperation enjoyed between ICE and the FBI. We will continue to prioritize public safety by arresting and removing illegal alien offenders from our communities.”

    Orellana is a high-ranking leader in the MS-13 transnational terrorist organization and controlled the operation of MS-13 cliques in the United States, Mexico, and Europe.

    “Maryland is immediately safer because of this arrest. Working together, we took custody of one of the highest-ranking gang members in the United States,” said FBI Baltimore Special Agent in Charge William J. DelBagno. “David Alejandro Orellana-Aleman is no longer in his alleged position of power directing violence. His arrest demonstrates the success we can have when we collectively investigate and disrupt violent criminals seeking to exploit our communities.”

    Authorities in El Salvador arrested Orellana Dec. 1, 2016, and charged him for possession of a firearm, extorsion and terrorist affiliation as a documented member of MS-13.

    Orellana illegally entered the United States on an unknown date, at an unknown location, and without being inspected, admitted, or paroled by a U.S. immigration official.

    The Prince George’s County Police Department arrested Orellana Dec. 9, 2024, and charged him for driving without a license.

    Orellana remains in ICE custody following his arrest.

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

    Learn more about ICE’s mission to increase public safety in our Maryland communities on X, formerly known as Twitter, at @EROBaltimore.

    MIL OSI USA News –

  • MIL-OSI USA: Warner Invites Fired Fredericksburg Park Ranger to State of the Union

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner

    WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) today announced that Ms. Ashley Ranalli of Fredericksburg will attend as his guest to President Trump’s joint address to Congress on Tuesday, March 4. Ms. Ranalli was employed as a National Park Service (NPS) ranger at Fredericksburg and Spotsylvania National Military Park until last month, when – despite exemplary performance reviews – she became one of an estimated 1,000-plus Park Service workers who were indiscriminately fired by the Trump administration due to their “probationary” employment status, joining thousands of other federal workers who were fired without cause as part of Elon Musk and President Trump’s attacks on the workforce. Ms. Ranalli, 41, is a survivor of thyroid cancer and now has no health insurance.

    “Ashley Ranalli is one of the many dedicated public servants who have been forced out of their jobs serving Americans by President Trump and Elon Musk. Our national parks are places where we connect with nature, our shared history and one another, and that is made possible by the hard work of national park rangers, whose dedication, expertise, and passion not only safeguard our landscapes and wildlife but also help preserve the stories and history that make these places so special. These indiscriminate cuts of Park Service personnel are devastating to the parks and their local communities,” said Sen. Warner. “I am glad that Ashley is able to join as my guest for the address to Congress, so that President Trump can look out into the audience and face a Virginian directly affected by his short-sighted and reckless choices.”

    “Becoming a national park ranger was my dream and after years of dedication and hard work, it finally became a reality, only to be ripped away,” said Ms. Ranalli. “I am devastated by the effect the purge of federal employees has had on Fredericksburg, a community that I love and which relies upon federal workers and tourism dollars from the national park. When I come to Washington, I hope to represent not just my fellow park rangers, but also to be a voice for the people, communities and small businesses that are suffering because of political choices being made in our nation’s capital.”

    When Ashley Ranalli was hired as a volunteer and youth program coordinator at the Fredericksburg and Spotsylvania National Military Park in the fall, it was the culmination of years of effort and hard work. Prior to becoming a park ranger, Ashley was a public school English teacher who spent her summers working as a seasonal worker for the National Park Service, living away from her family at various NPS sites in Virginia in order to demonstrate commitment to the job and distinguish herself from a pool of largely younger candidates. On February 14, she received a layoff notice from the Department of the Interior, despite a recent performance review that described her work as “excellent” and “outstanding,” and which noted that she “goes the extra mile” when working with visitors, volunteers, and colleagues.

    While the administration has declined to make public the exact scope of the cuts at NPS and the duties and locations of those affected by the layoffs, the National Parks Conservation Association estimates that in a period of just weeks, nine percent of NPS staff have been lost to mass firings and resignations, in addition to hundreds of vacant positions that can’t be filled due to the ongoing hiring freeze. In addition, the National Park Service has been directed to identify more cuts as part of the larger Reduction in Force (RIF) efforts.

    Warner is the author of the Great American Outdoors Act, one of the largest-ever investments in conservation and public lands in our nation’s history. Signed into law by President Trump in 2020, the bipartisan Great American Outdoors Act provided billions of dollars to improve infrastructure and expand recreation opportunities in national parks and other public lands after years of underinvestment led a massive backlog in needed maintenance and repairs to Park Service sites. In Virginia alone, Warner’s Great American Outdoors Act has provided over $470 million for projects at Virginia’s 22 park service units and supported thousands of jobs – investments that are now being undermined by the Trump administration’s reckless layoffs that threaten safe operations at the parks ahead of the peak summer season. Last month, Warner led the Virginia delegation in writing the Secretary of the Interior, pushing the administration to reverse the cuts.

    MIL OSI USA News –

  • MIL-OSI United Nations: Press Conference by Security Council President on Programme of Work for March

    Source: United Nations General Assembly and Security Council

    The Security Council’s programme of work for March will feature a signature event on increasing the adaptability of peace operations, while also leaving space for additional meetings on new developments, its President for the month said at a Headquarters press conference today.

    Christina Markus Lassen (Denmark), who holds the 15-member organ’s rotating presidency for this month, said the open debate on ensuring that peace operations adapt and respond to new realities, to be held on 24 March, will be chaired by her country’s Minister for Foreign Affairs, Lars Løkke Rasmussen.  The aim is to “simply to have an honest look” at peacekeeping, she said.

    Denmark will preside over the European Union’s annual briefing to the Council, under the agenda item on cooperation between the UN and regional and subregional organizations, to be delivered by the newly-appointed European Union High Representative for Foreign Affairs and Security Policy.  Stressing that European security architecture is key to the stability of the continent and the wider neighbourhood, she noted that the Union is not only a strategic partner to the United Nations but also a humanitarian and development partner.

    The monthly programme for March focuses on the mandated meetings “because it’s already a very packed agenda”, she said.  “By not stuffing the programme, we are leaving, of course, slots open for the Council to consider new developments as they may arise,” she said, noting that Denmark will also prioritize themes such a women, peace and security and climate, peace and security.

    Her country is returning to the presidency of the Council after 20 years — it will strive “to be constructive, creative and consistent”, she said.  Denmark will bring its strong faith in international law and the Charter of the United Nations into the country-specific files.  “We’ll first and foremost try to be an honest broker” in this difficult and challenging time, she said.

    The quarterly briefing on the United Nations Assistance Mission in Afghanistan (UNAMA) is scheduled on the first day of the Commission on Status of Women, she pointed out, adding that this is not completely a coincidence.  “We do want to have a special focus during the meeting on the situation for women and girls in Afghanistan,” she said.  

    Noting several mandated meetings concerning the Middle East, from Gaza to Yemen to Syria to Lebanon, she said that the Council on 27 March will hold a briefing on the Democratic Republic of the Congo. However, it will monitor that and other crises, and if there are developments that warrant holding a meeting sooner, it will do so.  “We’ve learned that the hard way,” she added.

    She also responded to several questions posed by media correspondents, many of which concerned Ukraine.  While there is hope for “some kind of breakthrough” at the moment, she highlighted the need to ensure “the right terms”.  It is crucial to not reward the aggressor and punish the victim, she added, reaffirming the need to respect Ukraine’s sovereignty and territorial integrity.  There is no doubt about who the threat is, she said, stressing that there must be consequences for invading a neighbouring country.

    As to whether the United Nations has been sidelined on this issue, she pointed to the General Assembly debate last week which aired many concerns.  The resolution that was adopted provides a framework for the many conversations that are happening currently, she said, adding that the United States delegation has clearly articulated a vision to try to move the needle and change the current stalemate.  But Ukraine has to be present when Ukraine is being discussed, and Europe should be participating when its security is being discussed, she said, noting the European amendments to the United States draft text.

    Europe must ensure that Ukraine is in the strongest possible position when negotiations happen, she said.  In per capita terms, Denmark is the biggest contributor of military support to Ukraine right now and will continue to support it, she affirmed.

    Responding to a question about the provision in Chapter VI of the Charter, which would bar a party to the conflict that is the subject of a Council resolution from participating in a vote concerning that text, she pointed out that for this to work, “everybody would have to agree on that”.  It is difficult to see the Permanent Five members of the Council agreeing to such a solution because that would have to be applied to other situations as well.  When the correspondent followed up that answer by noting that it is a procedural issue and therefore would only require a majority vote, she replied:  “in principle, yes, I think you’re right, but I don’t think anybody thinks this is really realistic.”

    Regarding United States President Donald J. Trump’s demand that the Denmark Government give Greenland to his country, she said it is indeed necessary to strengthen security around the Arctic and the High North.  But Greenland belongs to Greenlanders and its future is for them to decide.  Noting that Greenland is an integrated part of Denmark, she said independence is possible, if Greenlanders decide so.

    Several correspondents posed questions concerning Gaza, Israel’s violations and the viability of the two-State solution.  Ms. Lassen noted several meetings concerning the Middle East on the Council’s agenda in March as well as the Arab League Summit on 4 March.  Many positive things have come out of the ceasefire agreement, she said, expressing concern that Hamas is rejecting the extension of its first phase, while Israel is blocking humanitarian aid.  Both parties must continue to negotiate phase 2 of the agreement and eventually make the ceasefire permanent.

    As to why Denmark has not recognized Palestine, she said that “it is not just us”.  This recognition should happen as part of a larger negotiation, she said, adding:  “We need to use that chip when it really, really matters.”

    For the full programme of work, please see:  www.un.org/securitycouncil/events/calendar.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Investing in natural disaster research partnerships

    Source: New Zealand Government

    The Government continues to invest in research which will deliver tangible benefits to New Zealanders, Science, Innovation and Technology Minister Dr Shane Reti announced today. 

    Three New Zealand research teams have been granted funding to partner with Japanese research organisations on projects that aim to make New Zealand more prepared and resilient when natural disasters strike.

    “This Government is focused on putting funding where it will make the biggest difference. Natural disasters pose a significant risk in New Zealand – a good reminder of that is the recent elevation of alert levels at Whakaari White Island,” says Dr Reti. 

    “Collaboration with like-minded nations and sharing research infrastructure enables our researchers to lead and participate in world-class science, innovation and technology that benefits New Zealand. 

    “Building relationships with international partners is critical to developing a vibrant science and innovation sector, which is a core part of our plan to deliver economic growth.

    “New Zealand and Japan share similar risks when it comes to earthquakes, tsunamis and volcanic activity. By working together in these projects, we can better understand risks and potential mitigate options for future events. 

    “Working together with Japan also enables our researchers to access invaluable resources and experience such as their Marine Seismic Vessel Research Vessel Kaimei, proprietary modelling software, and access to structural laboratories. I look forward to seeing the outcomes of this research and the benefits it brings.” 

    The University of Canterbury will work with Tohoku University on a structural retrofitting system to enhance the resilience of buildings in seismic events while reducing the cost of traditional retrofitting with a new modular infill system. 

    GNS Science will work Japan’s National Research Institute for Earth Science and Disaster Resilience (NIED) on tolerable levels of ashfall following volcanic events. 

    GNS Science will also work with the Japan Agency for Marine Earth Science and Technology (JAMSTEC) for a seismic study of the Hikurangi subduction zone – New Zealand’s largest threat for tsunamis. 

    The research teams will each receive $300,000 from the Government’s Catalyst Fund. Japanese research teams will receive equivalent funding from our Japanese partner – the Japan Science and Technology Agency.

    MIL OSI New Zealand News –

  • MIL-OSI Security: Illegal alien sentenced for exporting firearm parts

    Source: Office of United States Attorneys

    McALLEN, Texas – A 55-year-old Mexican citizen has been sentenced for exporting firearm parts from the United States into Mexico, announced U.S. Attorney Nicholas J. Ganjei.

    Oscar Daniel Ramirez Gonzalez pleaded guilty Dec. 12, 2024.

    U.S. District Judge Drew B. Tipton has how sentenced Ramirez Gonzalez to serve 24 months in federal prison. Not a U.S. citizen, he is expected to face removal proceedings following the sentence.

    On Nov. 9, 2024, Ramirez Gonzalez attempted to exit the United States and enter Mexico through the Pharr Port of Entry.

    Authorities referred him to secondary inspection where they conducted a search of the vehicle and found a firearm upper receiver, lower receiver, four bottles of gun powder and several thousand rounds of ammunition cartridges in various calibers.

    Ramirez Gonzalez did not possess a license to export the items from the United States. 

    He has been and will remain in custody pending transfer to a U.S. Bureau of Prisons facility to be determined in the near future.

    Customs and Border Protection conducted the investigation. Assistant U.S. Attorney Amanda McColgan prosecuted the case.

    MIL Security OSI –

  • MIL-OSI Security: Fort Dodge, Iowa Man to Federal Prison for Illegal Possession of Firearm

    Source: Office of United States Attorneys

    Lennox Vanvacter, 32, was convicted by a jury on October 10, 2024, after a three-day trial in federal court in Sioux City, to one count of prohibited person in possession of a firearm.  The verdict was returned following about 7 hours of jury deliberations.

    The evidence at trial and sentencing showed that on July 30, 2023, Fort Dodge/Webster County law enforcement officers observed Vanvacter operating a motor vehicle.  Based on their observations and the fact Vanvacter had an active arrest warrant for a previous eluding charge, officers attempted to initiate a traffic stop and apprehend him.  When emergency lights/sirens were activated, Vanvacter engaged in a high-speed driving-based attempt (approximately 30 minutes in duration) to elude law enforcement, including speeds of 70 mph or more in Fort Dodge and 100 mph or more outside city limits in Webster County.  Two sets of spike strips were deployed by officers and ultimately helped stop the vehicle.  Once stopped, Vanvacter attempted to flee from the officers on foot but was captured a short distance later.  Officers located a firearm, a loaded Smith & Wesson 9mm pistol, near the end of the vehicle’s flight path.  Later, officers determined by review of patrol car camera video, that the firearm was thrown from the vehicle by Vanvacter.  Vanvacter had a history of leading law enforcement on high-speed driving pursuits.    

    Sentencing was held before United States District Court Judge Leonard T. Strand Vanvacter was sentenced to 144 months’ imprisonment and must serve a three-year term of supervised release following imprisonment.  There is no parole in the federal system.  Vanvacter remains in custody of the United States Marshal until he can be transported to a federal prison. 

    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.         

    The case was prosecuted by Assistant United States Attorney Shawn S. Wehde and was investigated by the Iowa Division of Narcotics Enforcement, Fort Dodge Police Department, Webster County Sheriff’s Office, Iowa DCI Laboratory, and Bureau of Alcohol, Tobacco, Firearms, and Explosives, as well as assisted by the Woodbury County Sheriff’s Office, the Sioux City Police Department, the Woodbury County Attorney’s Office, the Hamilton County Sheriff’s Office, and the Hamilton County Attorney’s Office.  

    Court file information at https://ecf.iand.uscourts.gov/cgi-bin/login.pl.

    The case file number is 23-3037.  Follow us on X @USAO_NDIA.

    MIL Security OSI –

  • MIL-OSI Economics: W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

    Source: W & T Offshore Inc

    Headline: W&T Offshore Announces Fourth Quarter and Full Year 2024 Results Including Year-End 2024 Proved Reserves, Provides Guidance for 2025 and Declares Dividend for First Quarter of 2025

    HOUSTON, March 03, 2025 (GLOBE NEWSWIRE) — W&T Offshore, Inc. (NYSE: WTI) (“W&T,” the “Company” or “us”) today reported operational and financial results for the fourth quarter and full year 2024, including the Company’s year-end 2024 reserve report. Detailed guidance for the first quarter of 2025 and full year 2025 was also provided, and W&T announced its dividend for the first quarter of 2025.

    This press release includes non-GAAP financial measures, including Adjusted Net Loss, Adjusted EBITDA, Free Cash Flow, Net Debt and PV-10 which are described and reconciled to the most comparable GAAP measures below in the accompanying tables under “Non-GAAP Information.”

    Key highlights for the fourth quarter of 2024, the full year 2024 and since year end 2024 include:

    • Delivered production in full year 2024 of 33.3 thousand barrels of oil equivalent per day (“MBoe/d”) (43% oil), or 12.2 million barrels of oil equivalent (“MMBoe”). This production was within the Company’s guidance range despite impacts from three hurricanes in the Gulf of America (“GOA”) and other downtime which was mainly related to the Cox acquisition (as defined below);
      • Achieved mid-point of the guidance for annual oil production and increased it by 4% year-over-year;
      • Produced 32.1 MBoe/d (43% oil) or 3.0 MMBoe in fourth quarter 2024, within W&T’s guidance range;
      • Announced the Main Pass 108 and 98 fields as well as the West Delta 73 field are expected to come back online in the second quarter of 2025;
    • Increased year-end 2024 proved reserves at SEC pricing to 127.0 MMBoe, with oil reserves increasing 39%;
      • Reported a standardized measure of discounted future net cash flows of $740.1 million and a present value of estimated future oil and natural gas revenues, minus direct expenses, discounted at a 10% annual rate (“PV-10”) of $1.2 billion, a 14% increase compared to PV-10 for year-end 2023, despite lower SEC pricing;
      • Benefited from acquisitions totaling 21.7 MMBoe, along with positive well performance and technical revisions of 5.0 MMBoe, partially offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year, resulting in replacement of 219% of 2024 production with new reserves;
    • Incurred lease operating expenses (“LOE”) of $281.5 million in full year 2024, at the low end of the Company’s full year guidance range and $64.3 million in fourth quarter 2024, 12% below the low end of the Company’s fourth quarter guidance;
    • Acquired six shallow water GOA fields in January 2024 (“the Cox acquisition”), all of which are 100% working interest and located adjacent to existing W&T operations, for $77.3 million, which was funded with cash on hand;
    • Sold a non-core interest in Garden Banks Blocks 385 and 386 in January 2025, which included latest net production of approximately 195 barrels of oil equivalent per day (“Boe/d”) (72% oil) for $11.9 million (the “Garden Banks Disposition”), or over $60,000 per flowing barrel, after customary closing adjustments;
    • Received $58.5 million in cash for an insurance settlement (the “Insurance Settlement”) related to the Mobile Bay 78-1 well, in first quarter of 2025, which further bolsters W&T’s balance sheet;
    • Successfully refinanced the Company’s $275.0 million 11.75% Senior Second Lien Notes due 2026 (the “11.75% Notes”) and $114.2 million outstanding amount under the term loan provided by Munich Re Risk Financing, Inc., as lender (the “MRE Term Loan”) with proceeds from the issuance of new $350.0 million of 10.75% Senior Second Lien Notes due 2029 (the “10.75% Notes”) in January 2025 and available cash on hand;
      • Paid down and effectively reduced gross debt by around $39.0 million;
      • Eliminated principal payments of $27.6 million in 2025, $25.4 million in 2026, $22.9 million in 2027 and $38.3 million in 2028;
      • Lowered interest rate on the Senior Second Lien Notes by 100 basis points;
    • Entered into a new credit agreement in the first quarter 2025 for a $50 million revolving credit facility which matures in July 2028, that is undrawn and replaces the previous credit facility provided by Calculus Lending, LLC;
    • Reported net loss for full year 2024 of $87.1 million, or $(0.59) per diluted share and net loss of $23.4 million, or $(0.16) per diluted share for fourth quarter 2024;
      • Adjusted Net Loss totaled $67.6 million, or $(0.46) per diluted share for full year 2024, and $26.2 million, or $(0.18) per diluted share, for fourth quarter 2024, which primarily excludes the net unrealized gain on outstanding derivative contracts, non-ARO plugging and abandonment (“P&A”) costs, other costs and the related tax effect;
    • Generated Adjusted EBITDA of $153.6 million in full year 2024 and $31.6 million in the fourth quarter of 2024;
    • Produced net cash from operating activities of $59.5 million and Free Cash Flow of $44.9 million in full year 2024;
    • Reported cash and cash equivalents of $109.0 million, lowered total debt to $393.2 million and lowered Net Debt to $284.2 million at December 31, 2024;
    • Added costless collar hedges for 50,000 million British Thermal Units per day (“MMBtu/d”) of natural gas for the period of March through December 2025;
    • Paid fifth consecutive quarterly dividend of $0.01 per common share in November 2024; and
      • Declared first quarter 2025 dividend of $0.01 per share, which will be payable on March 24, 2025 to stockholders of record on March 17, 2025;

    Tracy W. Krohn, W&T’s Chairman of the Board and Chief Executive Officer, commented, “We delivered solid results in 2024 thanks to our continued commitment to executing on our strategic vision focused on free cash flow generation, maintaining solid production and maximizing margins. We generated strong Adjusted EBITDA of $153.6 million and Free Cash Flow of $44.9 million for full year 2024. This was achieved despite limited contribution from the Cox acquisition as we continued to work on enhancing long-term value for these assets at the expense of deferring some near-term production. Some of this benefit is already reflected in our year-end reserves, which saw a 39% increase in oil reserves, and our PV-10 increased by almost $150 million, despite lower SEC pricing compared to year end 2023. We replaced production by over 200% with our positive revisions and acquisitions. Our focus on cost control and capturing synergies associated with our asset acquisitions contributed to our LOE coming in at the bottom end of our reduced guidance range. In addition, we are expecting further production uplift associated with the remaining fields from the Cox acquisition coming online in the second quarter of 2025 that have been shut in so that we could improve the facilities and transportation of production to enhance safety and efficiency of operations in the future.”

    “In early 2025, we strengthened our balance sheet by closing the new 10.75% Notes, entered into a new revolving credit facility and added material cash through a non-core disposition and an insurance settlement. The new 10.75% Notes have an interest rate 100 basis points lower than our 11.75% Notes and received improved credit ratings from S&P and Moody’s, had a broad distribution including international investors and were significantly oversubscribed. We also received a $58.5 million cash insurance settlement payment related to a well loss event. Finally, we sold our non-core interests for $11.9 million after customary closing adjustments in Garden Banks 385 and 386 at over $60,000 per flowing barrel which is highly accretive to W&T. This further demonstrates the value of our assets and our ability to divest our properties at attractive multiples.”

    Mr. Krohn concluded, “As we progress through 2025 with a stronger balance sheet, we remain poised to take advantage of potential acquisitions that will be accretive to our stakeholders. We remain committed to enhancing shareholder value and returning value to our shareholders through the quarterly dividend in place since November 2023. Our strategy has proven to be sustainable over the past 40 plus years, and we are well-positioned to continue to successfully execute it in the future.”

    Production, Prices and Revenue: Production for the fourth quarter of 2024 was 32.1 MBoe/d, within the Company’s fourth quarter guidance and up 4% compared with 31.0 MBoe/d for the third quarter of 2024 and down compared with 34.1 MBoe/d for the corresponding period in 2023. Production in the second half of 2024 was temporarily reduced mainly due to multiple named storms and third-party downtime. Fourth quarter 2024 production was comprised of 13.7 thousand barrels per day (“MBbl/d”) of oil (43%), 3.0 MBbl/d of natural gas liquids (“NGLs”) (9%), and 92.4 million cubic feet per day (“MMcf/d”) of natural gas (48%).

    W&T’s average realized price per Boe before realized derivative settlements was $39.86 per Boe in the fourth quarter of 2024, a decrease of 5% from $41.92 per Boe in the third quarter of 2024 and a decrease of 4% from $41.55 per Boe in the fourth quarter of 2023. Fourth quarter 2024 oil, NGL and natural gas prices before realized derivative settlements were $68.71 per barrel of oil, $24.59 per barrel of NGL and $2.85 per Mcf of natural gas.

    Revenues for the fourth quarter of 2024 were $120.3 million, which were slightly lower than the third quarter of 2024 revenues of $121.4 million driven by lower realized prices for oil. Fourth quarter 2024 revenues were approximately 9% lower than $132.3 million of revenues in the fourth quarter of 2023 due to lower average realized prices and lower production volumes.

    Lease Operating Expenses: LOE, which includes base lease operating expenses, insurance premiums, workovers and facilities maintenance expenses, was $64.3 million in the fourth quarter of 2024, which was 12% below the low end of the previously provided guidance range of $73.0 to $81.0 million. LOE came in lower than expected as the Company continued to realize synergies from asset acquisitions in late 2023 and early 2024. LOE for the fourth quarter of 2024 was approximately 11% lower compared to $72.4 million in the third quarter of 2024 primarily due to favorable audit adjustments, an increase in royalty credits and lower repairs and maintenance costs. LOE for the fourth quarter of 2024 was essentially flat compared to $64.6 million for the corresponding period in 2023. On a component basis for the fourth quarter of 2024, base LOE and insurance premiums were $53.5 million, workovers were $0.9 million, and facilities maintenance and other expenses were $9.9 million. On a unit of production basis, LOE was $21.76 per Boe in the fourth quarter of 2024. This compares to $25.37 per Boe for the third quarter of 2024 and $20.61 per Boe for the fourth quarter of 2023, reflecting a decrease in production in the periods.

    Gathering, Transportation Costs and Production Taxes: Gathering, transportation costs and production taxes totaled $5.9 million ($2.00 per Boe) in the fourth quarter of 2024, compared to $6.1 million ($2.15 per Boe) in the third quarter of 2024 and $6.6 million ($2.11 per Boe) in the fourth quarter of 2023. Gathering, transportation costs and production taxes decreased in the fourth quarter of 2024 from the prior quarter due to lower processing and transportation fees offset by increased production taxes.

    Depreciation, Depletion and Amortization (“DD&A”): DD&A was $12.94 per Boe in the fourth quarter of 2024. This compares to $11.99 per Boe and $10.73 per Boe for the third quarter of 2024 and the fourth quarter of 2023, respectively.

    Asset Retirement Obligations Accretion: Asset retirement obligations accretion was $2.76 per Boe in the fourth quarter of 2024. This compares to $2.75 per Boe and $2.35 per Boe for the third quarter of 2024 and the fourth quarter of 2023, respectively.

    General & Administrative Expenses (“G&A”): G&A was $20.8 million for the fourth quarter of 2024, which increased from $19.7 million in the third quarter of 2024 primarily due to higher quarter over quarter accrual for non-cash long-term incentives and increased from $18.3 million in the fourth quarter of 2023 primarily due to higher quarter over quarter accruals for short-term incentives and non-cash long term incentives. On a unit of production basis, G&A was $7.04 per Boe in the fourth quarter of 2024 compared to $6.91 per Boe in the third quarter of 2024 and $5.82 per Boe in the corresponding period of 2023. These differences are primarily related to production variances.

    Derivative (Gain) Loss, net: In the fourth quarter of 2024, W&T recorded a net loss of $2.1 million with commodity derivative contracts comprised of $2.6 million of realized losses and $0.5 million of unrealized gains related to the increase in fair value of open contracts. W&T recognized a net gain of $3.2 million in the third quarter of 2024 and a net gain of $13.2 million in the fourth quarter of 2023 related to commodity derivative activities.

    To take advantage of the recent uptick in prices for natural gas, W&T recently added Henry Hub costless collars for 50,000 MMBtu/d of natural gas for the period of March through December 2025 with a floor of $3.88 per MMBtu and a ceiling of $5.125 per MMBtu.

    A summary of the Company’s outstanding derivative positions is provided in the investor presentation posted on W&T’s website.

    Interest Expense: Net interest expense in the fourth quarter of 2024 was $10.2 million compared to $10.0 million in the third quarter of 2024 and $9.7 million in the fourth quarter of 2023.

    Other Expense: During 2021 and 2022, as a result of the declaration of bankruptcy by a third party that is the indirect successor in title to certain offshore interests that were previously divested by the Company, W&T recorded a contingent loss accrual related to anticipated non-ARO P&A costs. During the fourth quarter of 2024, the Company reassessed its existing obligations and recorded a $2.8 million decrease in the contingent loss accrual.

    Income Tax (Benefit) Expense: W&T recognized an income tax benefit of $1.8 million in the fourth quarter of 2024. This compares to the recognition of an income tax benefit of $4.5 million and an income tax expense of $1.9 million for the quarters ended September 30, 2024 and December 31, 2023, respectively.

    Capital Expenditures and Asset Retirement Settlements: Capital expenditures on an accrual basis (excluding acquisitions) in the fourth quarter of 2024 were $12.2 million, and asset retirement settlement costs totaled $19.3 million. For the year ended December 31, 2024, capital expenditures on an accrual basis (excluding acquisitions) totaled $28.6 million and asset retirements costs were $39.7 million. Investments related to acquisitions in the year ended December 31, 2024 totaled $80.6 million, which included $77.3 million for the Cox acquisition and $3.3 million of final purchase price adjustments related to W&T’s acquisition of properties in September 2023.

    Balance Sheet and Liquidity: As of December 31, 2024, W&T had available liquidity of $159.0 million comprised of $109.0 million in unrestricted cash and cash equivalents and $50.0 million of borrowing availability under W&T’s first priority secured revolving facility provided by Calculus Lending LLC. As of December 31, 2024, the Company had total debt of $393.2 million and Net Debt of $284.2 million. As of December 31, 2024, Net Debt to trailing twelve months (“TTM”) Adjusted EBITDA was 1.8x.

    Debt Refinance: On January 28, 2025 W&T closed an offering of the 10.75% Notes at par in a private offering that was exempt from registration under the Securities Act of 1933, as amended. The Company used a portion of the proceeds from the 10.75% Notes offering, along with cash on hand to, (i) purchase for cash pursuant to a tender offer, such of the Company’s outstanding 11.75% Notes that were validly tendered pursuant to the terms thereof, (ii) repay $114.2 million outstanding under the Term Loan, (iii) fund the full redemption amount for an August 1, 2025 redemption of the remaining 11.75% Notes not validly tendered and accepted for purchase in the tender offer, and (iv) pay premiums, fees and expenses related to these transactions. On the closing date of the offering of the 10.75% Notes, the Company completed all actions necessary to satisfy and discharge the indenture governing the 11.75% Notes.

    Pro forma for the debt refinance, the Garden Banks Disposition and the Insurance Settlement, as of December 31, 2024, W&T’s cash and cash equivalents would have been approximately $104.3 million, total debt would have been approximately $349.5 million and Net Debt would have been approximately $245.2 million. As of December 31, 2024, the pro forma Net Debt to TTM Adjusted EBITDA would have been 1.6x.

    In conjunction with the issuance of the 10.75% Notes, the Company entered into a new credit agreement which provides the Company with a revolving credit and letter of credit facility, with initial lending commitments of $50 million with a letter of credit sublimit of $10 million. The Credit Facility matures on July 28, 2028.

    Accretive Acquisition of Producing Properties in the GOA: In January 2024, W&T was the successful bidder for six fields in the GOA, including Eugene Island 64, Main Pass 61, Mobile 904, Mobile 916, South Pass 49 and West Delta 73, all of which include a 100% working interest and an average 82% net revenue interest. They are located in water depths ranging between approximately 15 and 400 feet. Their proximity to W&T’s areas of existing operations provides the ability for W&T to capture synergies regarding personnel, well optimization, gathering and transport. The final purchase price for the assets was $77.3 million, after closing costs and other transaction costs, which were funded from the Company’s cash on hand. Key highlights of the transaction included:

    • Added significant year-end 2024 reserves of 21.7 MMBoe (62% liquids), even after excluding 1.3 MMBoe of production during 2024;
    • Based on the cash consideration paid of $77.3 million, this equates to a price of $3.38 per Boe of 2024 SEC reserves booked, when adding back 2024 production of 1.3 MMBoe;
    • Multiple fields were immediately shut-in while improvements were made to bring them up to W&T’s standards for safety and efficiency. Those fields are expected to come back online in the first half of 2025;
      • The Main Pass 108 and 98 fields as well as the West Delta 73 field are expected to return to production in the second quarter of 2025; and
    • The Company believes that it can further increase production on these properties through workovers, recompletions and ongoing facility upgrades.

    Non-Core Asset Disposition

    In early 2025, W&T sold a non-core interest in Garden Banks Blocks 385 and 386, which included net production of approximately 195 Boe/d, for $11.9 million after normal purchase price adjustments. The effective date of the sale was December 1, 2024, and the transaction closed in January 2025. The impact to W&T’s reserves for year-end 2024 were minimal at about 0.12 MMBoe.

    Full Year-End 2024 Financial Review

    W&T reported a net loss for the full year 2024 of $87.1 million, or $(0.59) per diluted share, and Adjusted Net Loss of $67.6 million, or $(0.46) per diluted share. For the full year 2023, the Company reported net income of $15.6 million, or $0.11 per diluted share, and Adjusted Net Loss of $21.7 million, or $(0.15) per diluted share. W&T generated Adjusted EBITDA of $153.6 million for the full year 2024 compared to $183.2 million in 2023. The year-over-year decrease was primarily driven by lower oil and natural gas prices and decreased production. Revenues totaled $525.3 million for 2024 compared with $532.7 million in 2023. Net cash provided by operating activities for the year ended December 31, 2024 was $59.5 million compared with $115.3 million for the same period in 2023. Free Cash Flow totaled $44.9 million in 2024 compared with $63.3 million in 2023.

    Production for 2024 averaged 33.3 MBoe/d for a total of 12.2 MMBoe, comprised of 5.3 MMBbl of oil, 1.2 MMBbl of NGLs and 34.3 Bcf of natural gas. Full year 2023 production averaged 34.9 MBoe/d or 12.7 MMBoe in total and was comprised of 5.1 MMBbl of oil, 1.4 MMBbl of NGLs and 37.6 Bcf of natural gas.  

    For the full year 2024, W&T’s average realized sales price per barrel of crude oil was $75.28 and $23.08 per barrel of NGLs and $2.65 per Mcf of natural gas. While the realized pricing for oil and natural gas were down year-over-year, the production mix was more weighted toward oil in 2024, thus the equivalent sales price for 2024 was $42.23 per Boe, which was 3% higher than the equivalent price of $41.16 per Boe realized in 2023.  For 2023, the Company’s realized crude oil sales price was $75.52 per barrel, NGL sales price was $22.93 per barrel, and natural gas price was $2.93 per Mcf.

    For the full year 2024, LOE was $281.5 million compared to $257.7 million in 2023. While LOE increased year-over-year in 2024 due to increased workover and facility investments, higher oil production and costs from the acquisition of additional properties in January 2024 and September 2023, W&T’s LOE for 2024 was 10% below the midpoint guidance for LOE as the Company was able to mitigate some of these increased costs through synergies from the asset acquisitions.

    Gathering, transportation, and production taxes totaled $28.2 million in 2024, an increase from the $26.3 million in 2023.

    For the full year 2024, G&A was $82.4 million, which was a 9% increase over the $75.5 million reported in 2023. The increase year-over-year is primarily due to increased salary and benefits costs and non-recurring legal fees that were somewhat offset by lower accruals for short-term incentives. On a per unit basis, G&A per Boe was $6.76 in 2024, up from $5.93 per Boe in 2023.  G&A increased on a per Boe basis primarily due to lower production.  

    OPERATIONS UPDATE

    Well Recompletions and Workovers

    During the fourth quarter of 2024, the Company performed two workovers and two recompletions that positively impacted production for the quarter. W&T plans to continue performing these low cost and low risk short payout operations that impact both production and revenue.

    Year-End 2024 Proved Reserves

    The Company’s year-end 2024 SEC proved reserves were 127.0 MMBoe, compared with 123.0 MMBoe at year-end 2023. In 2024, W&T recorded positive performance revisions of 5.0 MMBoe, and acquisitions of reserves of 21.7 MMBoe, which were offset by 10.5 MMBoe of negative price revisions and 12.2 MMBoe of production for the year.  During 2024, W&T continued to focus on reducing Net Debt while identifying and executing attractive acquisitions.  Successful workovers, operational excellence and acquisitions allowed W&T to replace 219% of production with new reserves.  

    The SEC twelve-month first day of the month average spot prices used in the preparation of the report for year-end 2024 were $76.32 per barrel of oil and $2.13 per MMBtu of natural gas. Comparable prices used for the prior year report were $78.21 per barrel of oil and $2.64 per MMBtu of natural gas. The PV-10 of W&T’s proved reserves at year-end 2024 increased 14% to $1.2 billion from $1.1 billion at year-end 2023, driven primarily by an increase in oil reserves due to the acquisition in January 2024 and by positive reserve performance revisions which were somewhat offset by lower SEC pricing.

    Approximately 51% of year-end 2024 proved reserves were liquids (41% crude oil and 10% NGLs) and 49% natural gas. The reserves were classified as 52% proved developed producing, 31% proved developed non-producing, and 17% proved undeveloped. W&T’s reserve life ratio at year-end 2024, based on year-end 2024 proved reserves and 2024 production, was 10.4 years.

                           
        Oil   NGLs   Natural Gas       PV-101
        (MMBbls)   (MMBbls)   (Bcf)   MMBoe   ($MM)
    Proved reserves as of December 31, 2023   37.0     13.7     434.0     123.0     $ 1,080.9
    Revisions of previous estimates   7.4     1.8     (26.1 )   5.0        
    Revisions due to change in SEC prices   (0.4 )   (1.6 )   (51.0 )   (10.5 )      
    Purchase of minerals in place   12.9     0.3     51.8     21.7        
    Production   (5.3 )   (1.2 )   (34.3 )   (12.2 )      
    Proved reserves as of December 31, 2024   51.6     13.0     374.4     127.0     $ 1,229.5

    (1)   PV-10 for this presentation excludes any provisions for asset retirement obligations or income taxes.

    In accordance with guidelines established by the SEC, estimated proved reserves as of December 31, 2024 were determined to be economically producible under existing economic conditions, which requires the use of the 12-month average of the first-day-of-the-month price for the year ended December 31, 2024. The WTI spot price and the Henry Hub spot price were utilized as the reference prices and after adjusting for quality, transportation, fees, energy content, and regional price differentials, the average realized prices were $74.69 per barrel for oil, $22.98 per barrel for NGLs, and $2.58 per Mcf for natural gas. In determining the estimated realized price for NGLs, a ratio was computed for each field of the NGLs realized price compared to the crude oil realized price. This ratio was then applied to the crude price using SEC guidance. Such prices were held constant throughout the estimated lives of the reserves. Future estimated production and development costs are based on year-end costs with no escalations.

    The standardized measure of future net cash flows was $740.1 million at December 31, 2024, which is calculated as the PV-10 of $1,229.5 million less discounted cash outflows of $334.6 million associated with asset retirement obligations and $154.8 million associated with income taxes. At December 31, 2023, the standardized measure was $683.2 million, which is calculated as the PV-10 of $1,080.9 million less discounted cash outflows of $246.7 million associated with asset retirement obligations and $151.0 million associated with income taxes.

    First Quarter and Full Year 2025 Production and Expense Guidance

    The guidance for the first quarter and full year 2025 in the table below represents the Company’s current expectations. Please refer to the section entitled “Forward-Looking and Cautionary Statements” below for risk factors that could impact guidance.

    In the first quarter of 2025, there have been several planned facility and pipeline maintenance projects as well as unplanned downtime at several fields due to multiple winter freezes in the first quarter of 2025 that temporarily reduced production. Full year 2025 production reflects the West Delta 73 field returning to production in the second quarter as well as the other fields that were temporarily shut-in during the first quarter of 2025. First quarter 2025 LOE is expected to be higher than the prior quarter due to increased maintenance and repair costs and facility upgrades; full year 2025 LOE is expected to be modestly higher than 2024.

         
    Production First Quarter 2025 Full Year 2025
    Oil (MBbl) 1,130 – 1,250 5,150 – 5,690
    NGLs (MBbl) 205 – 235 1,020 – 1,140
    Natural gas (MMcf) 7,220 – 7,980 34,880 – 38,560
    Total equivalents (MBoe) 2,538 – 2,815 11,983 – 13,257
    Average daily equivalents (MBoe/d) 27.6 – 30.6 32.8 – 36.3
    Expenses First Quarter 2025 Full Year 2025
    Lease operating expense ($MM) 72.5 – 80.5 280.0 – 310.0
    Gathering, transportation & production taxes ($MM) 6.1 – 6.9 27.1 – 30.1
    General & administrative – cash ($MM) 17.8 – 19.8 62.0 – 69.0
    General & administrative – non-cash ($MM) 2.1 – 2.5 10.1 – 11.3
    DD&A ($ per Boe)   13.40 – 14.90

    W&T expects substantially all income taxes in 2025 to be deferred. 

    2025 Capital Investment Program

    W&T’s capital expenditure budget for 2025 is expected to be in the range of $34.0 million to $42.0 million, which excludes potential acquisition opportunities.  Included in this range are planned expenditures related to asset integrations as well as ongoing costs related to the acquisitions for facilities, leasehold, seismic, and recompletions. 

    Plugging and abandonment expenditures are expected to be in the range of $27.0 million to $37.0 million.  The Company spent approximately $40 million on these costs in 2024.

    Conference Call Information: W&T will hold a conference call to discuss its financial and operational results on Tuesday, March 4, 2025 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Interested parties may dial 1-844-739-3797. International parties may dial 1-412-317-5713. Participants should request to connect to the “W&T Offshore Conference Call.” This call will also be webcast and available on W&T’s website at www.wtoffshore.com under “Investors.” An audio replay will be available on the Company’s website following the call.

    About W&T Offshore

    W&T Offshore, Inc. is an independent oil and natural gas producer with operations offshore in the Gulf of America and has grown through acquisitions, exploration and development. As of December 31, 2024, the Company had working interests in 52 fields in federal and state waters (which include 45 fields in federal waters and seven in state waters). The Company has under lease approximately 646,200 gross acres (502,300 net acres) spanning across the outer continental shelf off the coasts of Louisiana, Texas, Mississippi and Alabama, with approximately 493,000 gross acres on the conventional shelf, approximately 147,700 gross acres in the deepwater and 5,500 gross acres in Alabama state waters. A majority of the Company’s daily production is derived from wells it operates. For more information on W&T, please visit the Company’s website at www.wtoffshore.com.

    Forward-Looking and Cautionary Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts included in this release, including those regarding the Company’s financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, projected costs, industry conditions, potential acquisitions, sustainability initiatives, the impact of and integration of acquired assets, and indebtedness are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes, although not all forward-looking statements contain such identifying words. Items contemplating or making assumptions about actual or potential future production and sales, prices, market size, and trends or operating results also constitute such forward-looking statements.

    These forward-looking statements are based on the Company’s current expectations and assumptions about future events and speak only as of the date of this release. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the Company’s control. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements, as results actually achieved may differ materially from expected results described in these statements. The Company does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements, unless required by law.

    Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of the Company’s products; inflation levels; global economic trends, geopolitical risks and general economic and industry conditions, such as the global supply chain disruptions and the government interventions into the financial markets and economy in response to inflation levels and world health events; volatility of oil, NGL and natural gas prices; the global energy future, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues, the transition to a low-emission economy and the expected role of different energy sources; supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC and other major oil producing companies (“OPEC+”) and change in OPEC+’s production levels; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver the Company’s oil and natural gas and other processing and transportation considerations; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet the Company’s working capital requirements or fund planned investments; price fluctuations and availability of natural gas and electricity; the Company’s ability to use derivative instruments to manage commodity price risk; the Company’s ability to meet the Company’s planned drilling schedule, including due to the Company’s ability to obtain permits on a timely basis or at all, and to successfully drill wells that produce oil and natural gas in commercially viable quantities; uncertainties associated with estimating proved reserves and related future cash flows; the Company’s ability to replace the Company’s reserves through exploration and development activities; drilling and production results, lower–than–expected production, reserves or resources from development projects or higher–than–expected decline rates; the Company’s ability to obtain timely and available drilling and completion equipment and crew availability and access to necessary resources for drilling, completing and operating wells; changes in tax laws; effects of competition; uncertainties and liabilities associated with acquired and divested assets; the Company’s ability to make acquisitions and successfully integrate any acquired businesses; asset impairments from commodity price declines; large or multiple customer defaults on contractual obligations, including defaults resulting from actual or potential insolvencies; geographical concentration of the Company’s operations; the creditworthiness and performance of the Company’s counterparties with respect to its hedges; impact of derivatives legislation affecting the Company’s ability to hedge; failure of risk management and ineffectiveness of internal controls; catastrophic events, including tropical storms, hurricanes, earthquakes, pandemics and other world health events; environmental risks and liabilities under U.S. federal, state, tribal and local laws and regulations (including remedial actions); potential liability resulting from pending or future litigation; the Company’s ability to recruit and/or retain key members of the Company’s senior management and key technical employees; information technology failures or cyberattacks; and governmental actions and political conditions, as well as the actions by other third parties that are beyond the Company’s control, and other factors discussed in W&T Offshore’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q found at www.sec.gov or at the Company’s website at www.wtoffshore.com under the Investor Relations section.

                                   
    W&T OFFSHORE, INC.
    Condensed Consolidated Statements of Operations
    (In thousands, except per share data)
    (Unaudited)
                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
           2024        2024        2023     2024        2023  
    Revenues:                              
    Oil   $ 86,778     $ 90,862     $ 94,076     $ 395,620     $ 381,389  
    NGLs     6,713       5,636       6,851       27,978       32,446  
    Natural gas     24,203       23,148       29,401       90,877       110,158  
    Other     2,651       1,726       2,012       10,786       8,663  
    Total revenues     120,345       121,372       132,340       525,261       532,656  
                                   
    Operating expenses:                              
    Lease operating expenses     64,259       72,412       64,643       281,488       257,676  
    Gathering, transportation and production taxes     5,912       6,147       6,620       28,177       26,250  
    Depreciation, depletion, and amortization     38,208       34,206       33,658       143,025       114,677  
    Asset retirement obligations accretion     8,157       7,848       7,377       32,374       29,018  
    General and administrative expenses     20,799       19,723       18,251       82,391       75,541  
    Total operating expenses     137,335       140,336       130,549       567,455       503,162  
                                   
    Operating (loss) income     (16,990 )     (18,964 )     1,791       (42,194 )     29,494  
                                   
    Interest expense, net     10,226       9,992       9,729       40,454       44,689  
    Derivative (gain) loss, net     2,113       (3,199 )     (13,199 )     (3,589 )     (54,759 )
    Other (income) expense, net     (4,118 )     15,709       3,772       18,071       5,621  
    (Loss) income before income taxes     (25,211 )     (41,466 )     1,489       (97,130 )     33,943  
    Income tax (benefit) expense     (1,849 )     (4,545 )     1,932       (9,985 )     18,345  
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
                                   
    Net (loss) income per share:                              
    Basic   $ (0.16 )   $ (0.25 )   $ —     $ (0.59 )   $ 0.11  
    Diluted     (0.16 )     (0.25 )     —       (0.59 )     0.11  
                                   
    Weighted average common shares outstanding                              
    Basic     147,365       147,206       146,578       147,133       146,483  
    Diluted     147,365       147,206       146,578       147,133       148,302  
                                   
    W&T OFFSHORE, INC.
    Condensed Operating Data
    (Unaudited)
                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
        2024   2024      2023   2024      2023
    Net sales volumes:                              
    Oil (MBbls)     1,263     1,210     1,219     5,255     5,050
    NGLs (MBbls)     273     262     329     1,212     1,415
    Natural gas (MMcf)     8,505     8,289     9,533     34,296     37,591
    Total oil and natural gas (MBoe) (1)     2,953     2,854     3,136     12,183     12,730
                                   
    Average daily equivalent sales (MBoe/d)     32.1     31.0     34.1     33.3     34.9
                                   
    Average realized sales prices (before the impact of derivative settlements):                              
    Oil ($/Bbl)   $ 68.71   $ 75.09   $ 77.17   $ 75.28   $ 75.52
    NGLs ($/Bbl)     24.59     21.51     20.82     23.08     22.93
    Natural gas ($/Mcf)     2.85     2.79     3.08     2.65     2.93
    Barrel of oil equivalent ($/Boe)     39.86     41.92     41.55     42.23     41.16
                                   
    Average operating expenses per Boe ($/Boe):                              
    Lease operating expenses   $ 21.76   $ 25.37   $ 20.61   $ 23.10   $ 20.24
    Gathering, transportation and production taxes     2.00     2.15     2.11     2.31     2.06
    Depreciation, depletion, and amortization     12.94     11.99     10.73     11.74     9.01
    Asset retirement obligations accretion     2.76     2.75     2.35     2.66     2.28
    General and administrative expenses     7.04     6.91     5.82     6.76     5.93

    (1)   MBoe is determined using the ratio of six Mcf of natural gas to one Bbl of crude oil, condensate or NGLs (totals may not compute due to rounding). The conversion ratio does not assume price equivalency and the price on an equivalent basis for oil, NGLs and natural gas may differ significantly. The realized prices presented above are volume-weighted for production in the respective period.

                 
    W&T OFFSHORE, INC.
    Consolidated Balance Sheets
    (In thousands)
    (Unaudited)
                 
           December 31,    December 31, 
        2024     2023  
    Assets            
    Current assets:            
    Cash and cash equivalents   $ 109,003     $ 173,338  
    Restricted cash     1,552       4,417  
    Receivables:            
    Oil and natural gas sales     63,558       52,080  
    Joint interest, net     25,841       15,480  
    Other     —       2,218  
    Prepaid expenses and other assets     18,504       17,447  
    Total current assets     218,458       264,980  
                 
    Oil and natural gas properties, net     777,741       749,056  
    Restricted deposits for asset retirement obligations     22,730       22,272  
    Deferred income taxes     48,808       38,774  
    Other assets     31,193       38,923  
    Total assets   $ 1,098,930     $ 1,114,005  
                 
    Liabilities and Shareholders’ (Deficit) Equity            
    Current liabilities:            
    Accounts payable   $ 83,625     $ 78,857  
    Accrued liabilities     33,271       31,978  
    Undistributed oil and natural gas proceeds     53,131       42,134  
    Advances from joint interest partners     2,443       2,962  
    Current portion of asset retirement obligations     46,326       31,553  
    Current portion of long-term debt, net     27,288       29,368  
    Total current liabilities     246,084       216,852  
                 
    Asset retirement obligations     502,506       467,262  
    Long-term debt, net     365,935       361,236  
    Other liabilities     16,182       19,420  
                 
    Commitments and contingencies     20,800       18,043  
                 
    Shareholders’ (deficit) equity:            
    Preferred stock     —       —  
    Common stock     2       1  
    Additional paid-in capital     595,407       586,014  
    Retained deficit     (623,819 )     (530,656 )
    Treasury stock     (24,167 )     (24,167 )
    Total shareholders’ (deficit) equity     (52,577 )     31,192  
    Total liabilities and shareholders’ (deficit) equity   $ 1,098,930     $ 1,114,005  
                                   
    W&T OFFSHORE, INC.
    Condensed Consolidated Statements of Cash Flows
    (In thousands)
    (Unaudited)
                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
        2024     2024        2023     2024        2023  
    Operating activities:                              
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
    Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:                              
    Depreciation, depletion, amortization and accretion     46,365       42,054       41,035       175,399       143,695  
    Share-based compensation     3,818       1,956       3,124       10,192       10,383  
    Amortization and write off of debt issuance costs     1,117       1,109       1,266       4,562       6,980  
    Derivative loss (gain), net     2,113       (3,199 )     (13,199 )     (3,589 )     (54,759 )
    Derivative cash (settlements) receipts, net     (1,638 )     1,208       (2,809 )     4,527       (8,932 )
    Deferred income (benefit) taxes     (1,941 )     (4,545 )     3,838       (10,077 )     18,485  
    Changes in operating assets and liabilities:                 —              
    Accounts receivable     (17,064 )     21,913       (2,989 )     (19,621 )     12,586  
    Prepaid expenses and other current assets     1,792       2,502       (28,262 )     (1,450 )     (2,712 )
    Accounts payable, accrued liabilities and other     3,831       (2,962 )     43,155       26,433       7,972  
    Asset retirement obligation settlements     (19,348 )     (8,347 )     (9,052 )     (39,692 )     (33,970 )
    Net cash (used in) provided by operating activities     (4,317 )     14,768       35,664       59,539       115,326  
                                   
    Investing activities:                              
    Investment in oil and natural gas properties and equipment     (14,124 )     (9,577 )     (12,139 )     (37,357 )     (41,813 )
    Acquisition of property interests     —       —       1,479       (80,635 )     (27,384 )
    Deposit related to acquisition of property interests     —       —       8,850       —       —  
    Purchase of corporate aircraft     —       —       —       —       (8,983 )
    Purchases of furniture, fixtures and other     (19 )     (69 )     (347 )     (185 )     (3,428 )
    Net cash used in investing activities     (14,143 )     (9,646 )     (2,157 )     (118,177 )     (81,608 )
                                   
    Financing activities:                              
    Proceeds from issuance of long-term debt     —       —       —       —       275,000  
    Repayments of long-term debt     (275 )     (275 )     (7,687 )     (1,100 )     (586,934 )
    Debt issuance costs     (183 )     (174 )     —       (762 )     (7,380 )
    Payment of dividends     (1,475 )     (1,473 )     (1,466 )     (5,902 )     (1,466 )
    Other     (13 )     (31 )     (9 )     (798 )     (957 )
    Net cash used in financing activities     (1,946 )     (1,953 )     (9,162 )     (8,562 )     (321,737 )
    Change in cash, cash equivalents and restricted cash     (20,406 )     3,169       24,345       (67,200 )     (288,019 )
    Cash, cash equivalents and restricted cash, beginning of period     130,961       127,792       153,410       177,755       465,774  
    Cash, cash equivalents and restricted cash, end of period   $ 110,555     $ 130,961     $ 177,755     $ 110,555     $ 177,755  


    W&T OFFSHORE, INC. AND SUBSIDIARIES
    Non-GAAP Information

    Certain financial information included in W&T’s financial results are not measures of financial performance recognized by accounting principles generally accepted in the United States, or GAAP. These non-GAAP financial measures are “Net Debt,” “Adjusted Net Loss,” “Adjusted EBITDA,” “Free Cash Flow” and “PV-10” or are derivable from a combination of these measures. Management uses these non-GAAP financial measures in its analysis of performance. These disclosures may not be viewed as a substitute for results determined in accordance with GAAP and are not necessarily comparable to non-GAAP performance measures which may be reported by other companies. Prior period amounts have been conformed to the methodology and presentation of the current period.

    We calculate Net Debt as total debt (current and long-term portions), less cash and cash equivalents. Management uses Net Debt to evaluate the Company’s financial position, including its ability to service its debt obligations.

    Reconciliation of Net (Loss) Income to Adjusted Net Loss

    Adjusted Net Loss adjusts for certain items that the Company believes affect comparability of operating results, including items that are generally non-recurring in nature or whose timing and/or amount cannot be reasonably estimated. These items include unrealized commodity derivative gain, net, allowance for credit losses, write-off of debt issuance costs, non-recurring legal and IT-related costs, non-ARO P&A costs, and other which are then tax effected using the Federal Statutory Rate. Company management believes that this presentation is relevant and useful because it helps investors to understand the net (loss) income of the Company without the effects of certain non-recurring or unusual expenses and certain income or loss that is not realized by the Company.

                                   
        Three Months Ended    
        December 31,    September 30,    December 31,    Year Ended December 31, 
        2024     2024     2023     2024     2023  
          (in thousands)
          (Unaudited)
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
    Unrealized commodity derivative gain, net     (497 )     (1,829 )     (14,785 )     (710 )     (58,846 )
    Allowance for credit losses     118       10       28       558       37  
    Write-off debt issuance costs     —       —       —       —       2,330  
    Non-recurring legal and IT-related costs     860       (22 )     413       5,798       3,044  
    Non-ARO P&A costs     (2,763 )     16,627       4,137       20,925       6,246  
    Other     (1,302 )     (633 )     (240 )     (1,845 )     31  
    Tax effect of selected items (1)     753       (2,972 )     2,194       (5,192 )     9,903  
    Adjusted net loss   $ (26,193 )   $ (25,740 )   $ (8,696 )   $ (67,611 )   $ (21,657 )
                                   
    Adjusted net loss per common share:                              
    Basic   $ (0.18 )   $ (0.17 )   $ (0.06 )   $ (0.46 )   $ (0.15 )
    Diluted   $ (0.18 )   $ (0.17 )   $ (0.06 )   $ (0.46 )   $ (0.15 )
                                   
    Weighted average shares outstanding:                              
    Basic     147,365       147,206       146,578       147,133       146,483  
    Diluted     147,365       147,206       146,578       147,133       146,483  

    (1)   Selected items were tax effected with the Federal Statutory Rate of 21% for each respective period.


    W&T OFFSHORE, INC. AND SUBSIDIARIES
    Non-GAAP Information

    Adjusted EBITDA/ Free Cash Flow Reconciliations

    The Company also presents non-GAAP financial measures of Adjusted EBITDA and Free Cash Flow. The Company defines Adjusted EBITDA as net (loss) income plus net interest expense, income tax (benefit) expense, depreciation, depletion and amortization, ARO accretion, excluding the unrealized commodity derivative gain, allowance for credit losses, non-cash incentive compensation, non-recurring legal and IT-related costs, non-ARO P&A costs, and other. Company management believes this presentation is relevant and useful because it helps investors understand W&T’s operating performance and makes it easier to compare its results with those of other companies that have different financing, capital and tax structures. Adjusted EBITDA should not be considered in isolation from or as a substitute for net income, as an indication of operating performance or cash flows from operating activities or as a measure of liquidity. Adjusted EBITDA, as W&T calculates it, may not be comparable to Adjusted EBITDA measures reported by other companies. In addition, Adjusted EBITDA does not represent funds available for discretionary use.

    The Company defines Free Cash Flow as Adjusted EBITDA (defined above), less capital expenditures, P&A costs and net interest expense (all on an accrual basis). For this purpose, the Company’s definition of capital expenditures includes costs incurred related to oil and natural gas properties (such as drilling and infrastructure costs and the lease maintenance costs) and equipment but excludes acquisition costs of oil and gas properties from third parties that are not included in the Company’s capital expenditures guidance provided to investors. Company management believes that Free Cash Flow is an important financial performance measure for use in evaluating the performance and efficiency of its current operating activities after the impact of accrued capital expenditures, P&A costs and net interest expense and without being impacted by items such as changes associated with working capital, which can vary substantially from one period to another. There is no commonly accepted definition of Free Cash Flow within the industry. Accordingly, Free Cash Flow, as defined and calculated by the Company, may not be comparable to Free Cash Flow or other similarly named non-GAAP measures reported by other companies. While the Company includes net interest expense in the calculation of Free Cash Flow, other mandatory debt service requirements of future payments of principal at maturity (if such debt is not refinanced) are excluded from the calculation of Free Cash Flow. These and other non-discretionary expenditures that are not deducted from Free Cash Flow would reduce cash available for other uses.

    The following table presents a reconciliation of the Company’s net (loss) income, a GAAP measure, to Adjusted EBITDA and Free Cash Flow, as such terms are defined by the Company:

                                   
        Three Months Ended    
        December 31,      September 30,    December 31,   Year Ended December 31, 
        2024       2024     2023     2024     2023  
        (in thousands)
        (Unaudited)
    Net (loss) income   $ (23,362 )   $ (36,921 )   $ (443 )   $ (87,145 )   $ 15,598  
    Interest expense, net     10,226       9,992       9,729       40,454       44,689  
    Income tax (benefit) expense     (1,849 )     (4,545 )     1,932       (9,985 )     18,345  
    Depreciation, depletion and amortization     38,208       34,206       33,658       143,025       114,677  
    Asset retirement obligations accretion     8,157       7,848       7,377       32,374       29,018  
    Unrealized commodity derivative gain, net     (497 )     (1,829 )     (14,785 )     (710 )     (58,846 )
    Allowance for credit losses     118       10       28       558       37  
    Non-cash incentive compensation     3,818       1,956       3,124       10,192       10,383  
    Non-recurring legal and IT-related costs     860       (22 )     413       5,798       3,044  
    Non-ARO P&A costs     (2,763 )     16,627       4,137       20,925       6,246  
    Other     (1,302 )     (633 )     (240 )     (1,845 )     31  
    Adjusted EBITDA   $ 31,614     $ 26,689     $ 44,930     $ 153,641     $ 183,222  
                                   
    Capital expenditures, accrual basis (1)   $ (12,228 )   $ (4,461 )   $ (10,319 )   $ (28,626 )   $ (41,278 )
    Asset retirement obligation settlements     (19,348 )     (8,347 )     (9,052 )     (39,692 )     (33,970 )
    Interest expense, net     (10,226 )     (9,992 )     (9,729 )     (40,454 )     (44,689 )
    Free Cash Flow   $ (10,188 )   $ 3,889     $ 15,830     $ 44,869     $ 63,285  

    (1) A reconciliation of the adjustment used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:

                                   
    Capital expenditures, accrual basis reconciliation                              
    Investment in oil and natural gas properties and equipment   $ (14,124 )   $ (9,577 )   $ (12,139 )   $ (37,357 )   $ (41,813 )
    Less: acquisition related expenditures included in investment in oil and natural gas properties and equipment     —       (4,929 )     —       (4,929 )     —  
    Less: changes in operating assets and liabilities associated with investing activities     (1,896 )     (187 )     (1,820 )     (3,802 )     (535 )
    Capital expenditures, accrual basis   $ (12,228 )   $ (4,461 )   $ (10,319 )   $ (28,626 )   $ (41,278 )

    The following table presents a reconciliation of cash flow from operating activities, a GAAP measure, to Free Cash Flow, as defined by the Company:

                                   
        Three Months Ended    
        December 31,    September 30,    December 31,   Year Ended December 31, 
        2024     2024     2023     2024     2023  
        (in thousands)
        (Unaudited)
    Net cash (used in) provided by operating activities   $ (4,317 )   $ 14,768     $ 35,664     $ 59,539     $ 115,326  
    Allowance for credit losses     118       10       28       558       37  
    Amortization of debt items and other items     (1,117 )     (1,109 )     (1,266 )     (4,562 )     (6,980 )
    Non-recurring legal and IT-related costs     860       (22 )     413       5,798       3,044  
    Current tax (benefit) expense (1)     92       —       (1,906 )     92       (140 )
    Change in derivatives (payable) receivable (1)     (972 )     162       1,223       (1,648 )     4,845  
    Non-ARO P&A costs     (2,763 )     16,627       4,137       20,925       6,246  
    Changes in operating assets and liabilities, excluding asset retirement obligation settlements     11,441       (21,453 )     (11,904 )     (5,362 )     (17,846 )
    Capital expenditures, accrual basis     (12,228 )     (4,461 )     (10,319 )     (28,626 )     (41,278 )
    Other     (1,302 )     (633 )     (240 )     (1,845 )     31  
    Free Cash Flow   $ (10,188 )   $ 3,889     $ 15,830     $ 44,869     $ 63,285  

    (1) A reconciliation of the adjustments used to calculate Free Cash Flow to the Condensed Consolidated Financial Statements is included below:

                                   
    Current tax (benefit) expense:                              
    Income tax (benefit) expense   $ (1,849 )   $ (4,545 )   $ 1,932     $ (9,985 )   $ 18,345  
    Less: Deferred income (benefit) taxes     (1,941 )     (4,545 )     3,838       (10,077 )     18,485  
    Current tax (benefit) expense   $ 92     $ —     $ (1,906 )   $ 92     $ (140 )
                                   
    Changes in derivatives receivable (payable)                              
    Derivatives (payable) receivable, end of period   $ (1,377 )   $ (405 )   $ 271     $ (1,377 )   $ 271  
    Derivatives payable (receivable), beginning of period     405       567       952       (271 )     4,574  
    Change in derivatives (payable) receivable   $ (972 )   $ 162     $ 1,223     $ (1,648 )   $ 4,845  


    W&T OFFSHORE, INC. AND SUBSIDIARIES
    Non-GAAP Information

    Reconciliation of PV-10 to Standardized Measure

    The Company also discloses PV-10, which is not a financial measure defined under GAAP. The standardized measure of discounted future net cash flows is the most directly comparable GAAP financial measure for proved reserves calculated using SEC pricing. Company management believes that the non-GAAP financial measure of PV-10 is relevant and useful for evaluating the relative monetary significance of oil and natural gas properties. PV-10 is also used internally when assessing the potential return on investment related to oil and natural gas properties and in evaluating acquisition opportunities. Company management believes that the use of PV-10 is valuable because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid. Additionally, Company management believes that the presentation of PV-10 provides useful information to investors because it is widely used by professional analysts and sophisticated investors in evaluating oil and natural gas companies. PV-10 is not a measure of financial or operating performance under GAAP, nor is it intended to represent the current market value of the Company’s estimated oil and natural gas reserves. PV-10 should not be considered in isolation or as substitutes for the standardized measure of discounted future net cash flows as defined under GAAP. Investors should not assume that PV-10 of the Company’s proved oil and natural gas reserves represents a current market value of the Company’s estimated oil and natural gas reserves.

    The following table presents a reconciliation of the standardized measure of discounted future net cash flows relating to the Company’s estimated proved oil and natural gas reserves, a GAAP measure, to PV-10, as defined by the Company.

                 
           December 31, 
        2024     2023  
    PV-10   $ 1,229.5     $ 1,080.9  
    Future income taxes, discounted at 10%     (154.8 )     (151.0 )
    PV-10 before ARO     1,074.7       929.9  
    Present value of estimated ARO, discounted at 10%     (334.6 )     (246.7 )
    Standardized measure   $ 740.1     $ 683.2  
         
    CONTACT: Al Petrie Sameer Parasnis
      Investor Relations Coordinator Executive VP and CFO
      investorrelations@wtoffshore.com sparasnis@wtoffshore.com
      713-297-8024 713-513-8654

    Source: W&T Offshore, Inc.

    Released March 3, 2025

    MIL OSI Economics –

  • MIL-OSI USA: ICYMI: NBC: ‘L.A. fire captain who fought California wildfires to attend joint address to Congress’

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    ICYMI: NBC: ‘L.A. fire captain who fought California wildfires to attend joint address to Congress’

    Padilla and Líma survey the devastation of the Los Angeles fires [January 8, 2025] Additional photos of Senator Padilla and Captain Líma are available here.WASHINGTON, D.C. — In case you missed it, NBC recently highlighted U.S. Senator Alex Padilla’s (D-Calif.) announcement that Frank Líma, a longtime Los Angeles City fire captain and firefighter union leader, will be his guest at President Trump’s 2025 Address to a Joint Session of Congress. Captain Líma was on the frontlines in the fight against the devastating Los Angeles fires in January, including defending the Pacific Palisades fire station.
    The article focuses on Padilla and Líma’s push for a fully supported firefighting workforce as well as federal disaster relief for Southern California communities with no strings attached — as has always been the case for disaster aid from the federal government.
    Key Excerpts:
    Palisades and Eaton fire survivors still need help. That’s the message Sen. Alex Padilla, D-Calif., hopes to send to Congress next week at first joint address of President Donald Trump’s second term.
    Joining him at the address Tuesday will be union leader Frank Lima, a Los Angeles fire captain who helped defend the Pacific Palisades fire station when flames and scorching embers surrounded it on Jan. 7.
    “As President Trump outlines his priorities for our country, we want to make clear that Los Angeles County cannot be forgotten,” Padilla said in a statement. “The community faces a long road to recovery and we need a fully staffed and supported firefighting workforce and federal support without conditions.”
    Lima described the nearly weeklong siege “as a once-in-a-generation, biblical fire.” … Among the difficulties that week was persistent lack of resources, including water and staffing, within the overwhelmed fire department, whose ranks have dwindled in recent years. “We had more firefighters on duty in 1971 than we do today, yet our population doubled,” Lima told NBC News. “Our call load has increased fivefold per day. Our members are being run into the ground.”
    Padilla has repeatedly questioned the Trump administration’s approach to distributing disaster aid. He pushed Doug Burgum, who is now the interior secretary, at his confirmation hearing on the question of whether conditions should be placed on aid. “Each situation is different,” Burgum said. Padilla countered that there had never been strings attached to disaster relief. “And I certainly hope this is not the first case,” he said.
    Full text of the article is available here and below:
    L.A. fire captain who fought California wildfires to attend joint address to Congress
    By Alicia Victoria Lozano
    Palisades and Eaton fire survivors still need help.
    That’s the message Sen. Alex Padilla, D-Calif., hopes to send to Congress next week at first joint address of President Donald Trump’s second term.
    Joining him at the address Tuesday will be union leader Frank Lima, a Los Angeles fire captain who helped defend the Pacific Palisades fire station when flames and scorching embers surrounded it on Jan. 7.
    Attendees often bring guests who represent causes important to lawmakers.
    “As President Trump outlines his priorities for our country, we want to make clear that Los Angeles County cannot be forgotten,” Padilla said in a statement. “The community faces a long road to recovery and we need a fully staffed and supported firefighting workforce and federal support without conditions.”
    It has been nearly two months since deadly wildfires devastated the Los Angeles neighborhood of Pacific Palisades, the city of Altadena and surrounding communities in what is likely to be the costliest disaster in California’s history.
    At least 29 people died, and more than 16,000 structures were destroyed.
    Lima described the nearly weeklong siege “as a once-in-a-generation, biblical fire.” Hurricane-force winds ripped through large swaths of Los Angeles County, toppling trees and utility wires and sending thick smoke, ash and soot whirling across the county.
    Among the difficulties that week was persistent lack of resources, including water and staffing, within the overwhelmed fire department, whose ranks have dwindled in recent years.
    “We had more firefighters on duty in 1971 than we do today, yet our population doubled,” Lima told NBC News. “Our call load has increased fivefold per day. Our members are being run into the ground.”
    Amid ongoing tensions over how the fires were handled, Mayor Karen Bass ousted Fire Chief Kristin Crowley last week.
    The decision was made “in the best interests of Los Angeles’ public safety, and for the operations of the Los Angeles Fire Department,” Bass said in a statement.
    “We know that 1,000 firefighters that could have been on duty on the morning the fires broke out were instead sent home on Chief Crowley’s watch,” Bass said.
    On Thursday, Crowley appealed the decision, she said in a statement obtained by NBC Los Angeles.
    The blame game has been constant since January.
    When Trump viewed the destruction two weeks after the fires, he initially expressed shock and then pointed the finger at California Democratic leaders for failing to address the state’s ongoing wildfire threat.
    Trump argued that wildlife protections have impeded access to water in California and then suggested he could withhold disaster aid over disagreements about voter ID laws and water policies.
    Lima said Thursday: “Federal aid should not come with strings attached. Our firefighters and this community and the state need federal support.”
    A recent economic impact study estimated total damages of the Palisades and Eaton fires will top $53 billion. The study, released by the nonprofit Los Angeles County Economic Development Corporation, listed “federal funding uncertainty” as a primary recovery challenge.
    Padilla has repeatedly questioned the Trump administration’s approach to distributing disaster aid. He pushed Doug Burgum, who is now the interior secretary, at his confirmation hearing on the question of whether conditions should be placed on aid.
    “Each situation is different,” Burgum said.
    Padilla countered that there had never been strings attached to disaster relief.
    “And I certainly hope this is not the first case,” he said.
    Background:
    Senator Padilla has fought relentlessly to secure and protect Southern Californians’ access to desperately needed disaster relief aid. In the immediate aftermath of the Los Angeles fires, Padilla and Senator Adam Schiff (D-Calif.) led 47 bipartisan members of the California Congressional delegation in successfully urging President Biden to grant Governor Gavin Newsom’s request for a major disaster declaration to expedite timely relief to Los Angeles County residents impacted by these disasters. Padilla also delivered remarks on the Senate floor urging his Republican colleagues and President Trump to provide essential disaster recovery aid to California without conditioning it on the passage of partisan legislation.
    Last month, Padilla introduced bipartisan legislation to create a national Wildfire Intelligence Center to streamline federal response and create a whole-of-government approach to combat wildfires. He also announced a package of three bipartisan bills to bolster fire resilience and proactive mitigation efforts, including the Wildfire Emergency Act, the Fire-Safe Electrical Corridors Act, and the Disaster Mitigation and Tax Parity Act. In January, Padilla introduced another suite of bipartisan bills to strengthen wildfire recovery and resilience, including the Wildland Firefighter Paycheck Protection Act to protect firefighter pay.

    MIL OSI USA News –

  • MIL-OSI Australia: Federal funding set to improve Queensland’s regional airports

    Source: Australian Executive Government Ministers

    The Albanese Government will invest over $6 million to bring 11 regional airport projects to life across Queensland, under Round 4 of the Regional Airports Program. 

    Airports are vital for regional communities, providing critical access to emergency healthcare, as well as commerce, industry, tourism and education. 

    These projects will include runway, apron and taxiway upgrades, lighting installation, generator replacements and drainage works – which will improve airport safety and enhance accessibility. 

    In Hervey Bay, $234,631 will support Fraser Coast Regional Council to replace the perimeter fencing and emergency generator at Hervey Bay Airport. 

    This will ensure the airport’s ongoing safety and security, which provides vital aviation access for the community, tourism, essential workers and medical flights.

    In Roma, nearly $1.16 million will flow to Maranoa Regional Council to upgrade the general aviation apron at Roma Airport, to support reliable and safer access for aero‑medical, firefighting, charter, freight, tourism and other general aviation services.  

    Other works to be funded under Round 4 in Queensland include: 

    • More than $1 million for the Gladstone Airport Corporation to construct a fit-for-purpose patient transfer facility at Gladstone Airport, primarily to be used by the Royal Flying Doctor Service. 

    • $795,097 for Gympie Regional Council to reseal the runway and taxiway, strengthen the apron, and do line marking and drainage works at Gympie Aerodrome, to improve pilot and aircraft safety while ensuring reliable access to the airstrip. 

    • $426,196 for Southern Downs Regional Council to upgrade the lighting system at Stanthorpe Aerodrome, to meet safety standards and improve usability by aircraft – especially during low visibility conditions and night operations.

    More information on the Regional Airports Program, including a full list of Round 4 projects in Queensland, can be found here. 

    Quotes attributable to Minister for Infrastructure, Transport, Regional Development and Local Government, Catherine King:

    “We know how vital regional airports are to the communities they service, ensuring access to other towns, to markets, and to vital services such as emergency health care. 

    “That’s why we are investing in safety and other upgrades at regional airports across Queensland, to ensure they can continue to service communities for years to come.” 

    Quotes attributable to Assistant Minister for Regional Development and Senator for Queensland, Anthony Chisholm:

    “Regional airports are critical for a decentralised state like Queensland. They’re a gateway for tourism and help connect locals with the rest of the country. 

    “Our funding to replace the perimeter fencing and emergency generator here Hervey Bay Airport will back the airport’s ongoing operations by boosting safety and security. 

    “This is just one of 11 projects we’re investing in across Queensland under Round 4 of the Regional Airports Program, which will make a real difference for communities.”

    Quotes attributable to Fraser Coast Regional Council Mayor, George Seymour: 

    “The Hervey Bay Airport is an essential link for our region, providing essential services for tourism, business, and emergency medical flights. 

    “This funding will allow Council to replace the aging emergency generator, ensuring the airport remains operational during power outages and severe weather events. Upgrading the security fencing will also strengthen safety and compliance, helping to protect passengers, staff, and aircraft operations. 

    “These improvements will enhance the airport’s long-term sustainability and ensure it continues to serve our growing community well into the future.”

    MIL OSI News –

  • MIL-OSI USA: New Yorkers Urged to Prepare for Ice Jam Flooding

    Source: US State of New York

    overnor Kathy Hochul today urged New Yorkers to prepare for potential flooding due to warm temperatures and rainfall, starting Tuesday night and continuing through Thursday. Temperatures will increase across the State starting Tuesday, with some places seeing close to 60 degrees. Higher-than-normal temperatures combined with up to an inch of rainfall may result in localized flooding and elevated river flows with some ice jams, especially on creeks and streams in Western and northern Central New York.

    “New York is no stranger to extreme weather and the potential danger of flooding,” Governor Hochul said. “My administration is monitoring the weather closely and will deploy resources if necessary to keep New Yorkers safe, and I encourage everyone to remain vigilant and watch the forecast closely over the next several days.”

    There is a Flood Watch in effect for Western NY, the northern Finger Lakes, northern Central NY and the Tug Hill Plateau of the North Country from Tuesday afternoon through Thursday afternoon due to snow melt, rainfall and ice movement. Ice jam flooding will be possible, especially on creeks and streams where blockages have already been reported. For a complete listing of weather alerts, visit the National Weather Service website. New Yorkers are also encouraged to sign up for emergency alerts by subscribing to NY Alert — a free service providing critical emergency information to your cell phone or computer.

    Agency Preparations

    New York State Division of Homeland Security and Emergency Services
    The Division’s Office of Emergency Management is in contact with their local counterparts and is prepared to facilitate requests for assistance. State stockpiles are staffed and ready to deploy emergency response assets and supplies as needed. The State Watch Center is monitoring statewide impacts closely. Flood safety tips can be found at www.dhses.ny.gov.

    Department of Transportation

    The State Department of Transportation is prepared to respond with more than 3,763 supervisors and operators. Department staff are actively monitoring known problem areas and are ready to take action as needed to mitigate flooding. Crews can be configured into any type of response needed, including flood response, chipper, load & haul, sewer jet, cut & toss, traffic signal, etc. DOT crews are also proactively clearing snowbanks, checking and clearing drains and culverts. All residencies in impacted locations will remain staffed with operators, supervisors and mechanics throughout the duration of the event and priority cleanup operations.

    Statewide equipment numbers are as follows:

    • 1,610 large dump trucks
    • 349 large loaders
    • 90 chippers
    • 83 wheeled and tracked excavators
    • 15 vacuum trucks with sewer jets
    • 12 tree crew bucket trucks

    The need for additional resources will be re-evaluated as conditions warrant throughout the event.

    For real-time travel information, motorists should call 511 or visit https://www.511ny.org/#:Alerts, New York State’s official traffic and travel information source.

    Thruway Authority

    The Thruway Authority has 693 operators and supervisors prepared to respond to any wind, flood, or weather-related issues across the State with small to large plow/dump trucks, medium sized excavators, large loaders, vacuum trucks, portable pumps, chainsaws, brush chippers and other equipment. In addition, Division Maintenance crews are proactively inspecting, clearing and maintaining ditches, culverts and storm drains to effectively channel storm water away from road surfaces and roadbeds to prevent flooding on the roadway.

    Variable Message Signs and social media are utilized to alert motorists of weather conditions on the Thruway. The Thruway Authority encourages motorists to download its mobile app which is available for free on iPhone and Android devices. The app provides motorists direct access to real-time traffic information, live traffic cameras and navigation assistance while on the go. Motorists can also sign up for TRANSalert e-mails and follow @ThruwayTraffic on X for the latest traffic conditions along the Thruway.

    New York State Police

    State Police have instructed all Troopers to remain vigilant and will deploy extra patrols to affected areas as needed. All four-wheel drive vehicles are in service and all specialty vehicles, including Utility Terrain Vehicles, are staged and ready for deployment.

    Department of Public Service

    New York’s utilities have about 5,500 workers available statewide to engage in damage assessment, response, repair and restoration efforts across New York State, as necessary. Agency staff will track utilities’ work throughout the event and ensure utilities shift appropriate staffing to regions that experience the greatest impact.

    New York State Department of Environmental Conservation
    DEC Emergency Management staff, Environmental Conservation Police Officers, Forest Rangers and regional staff remain on alert and continue to monitor the developing situation and weather forecasts. Working with partner agencies, DEC is prepared to coordinate resource deployment of all available assets, including first responders, to targeted areas in preparation for potential impacts due to heavy rainfall and flooding.

    Unpredictable weather and storms in the Adirondacks, Catskills and other backcountry areas, can create unexpectedly hazardous conditions. Visitors should be prepared with proper clothing and equipment for rain, snow, ice and the cold to ensure a safe outdoor experience. Trails have mixed conditions of snow, ice, slush and mud.

    Hikers are advised to temporarily avoid all high-elevation trails, as well as trails that cross rivers and streams. Hikers in the Adirondacks are encouraged to check the Adirondack Backcountry Information webpages for updates on trail conditions, seasonal road closures and general recreation information. Backcountry visitors should Hike Smart and follow proper safety guidelines. Plan trips accordingly. In an emergency, call 9-1-1. To request Forest Ranger assistance, call 1-833-NYS-RANGERS.

    With warmer temperatures expected throughout the week, DEC reminds any outdoor enthusiasts to be mindful of conditions when hiking and to use caution when venturing onto ice. While some waterways may appear frozen, DEC advises outdoor enthusiasts to review ice safety guidelines before heading out.

    Office of Parks, Recreation and Historic Preservation

    New York State Park Police and park personnel are on alert and closely monitoring weather conditions and impacts. Park visitors should visit parks.ny.gov, check the free mobile app, or call their local park office for the latest updates regarding park hours, openings and closings.

    Flood Safety Tips

    • Learn the safest route from your home or business to high, safe ground should you have to leave in a hurry.
    • Develop and practice a ‘family escape’ plan and identify a meeting place if family members become separated.
    • Make an itemized list of all valuables including furnishings, clothing and other personal property. Keep the list in a safe place and consider maintainig photo and video documentation.
    • Stockpile emergency supplies of canned food, medicine and first aid supplies and drinking water. Store drinking water in clean, closed containers.
    • Plan what to do with your pets.
    • Have a portable radio, flashlights, extra batteries and emergency cooking equipment available.
    • Keep your automobile fueled. If electric power is cut off, gasoline stations may not be able to pump fuel for several days. Have a small disaster supply kit in the trunk of your car.
    • Find out how many feet your property is above and below possible flood levels. When predicted flood levels are broadcast, you can determine if you may be flooded.
    • Keep materials like sandbags, plywood, plastic sheeting and lumber handy for emergency waterproofing.
    • Check on your insurance coverage. Homeowners’ insurance policies generally do not cover flood damages. Only flood insurance can protect your home against flood damages. You can purchase flood insurance whether or not you live in a mapped flood zone.

    For a complete list of weather terms and preparation ideas before, during and after a flood, visit the Division of Homeland Security and Emergency Services website at https://www.dhses.ny.gov/flood-safety-tips.

    MIL OSI USA News –

  • MIL-OSI: James River Announces Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    PEMBROKE, Bermuda, March 03, 2025 (GLOBE NEWSWIRE) — James River Group Holdings, Ltd. (“James River” or the “Company”) (NASDAQ: JRVR) today reported the following results for the fourth quarter 2024 as compared to the same period in 2023:

      Three Months Ended
    December 31,    		   Three Months Ended
    December 31,
    ($ in thousands, except for share data)   2024     per diluted share     2023     per diluted share
    Net (loss) income from continuing operations available to common shareholders $ (92,669 )   $ (2.25 )   $ 17,431     $ 0.46  
    Net loss from discontinued operations1   (1,372 )   $ (0.03 )     (170,211 )   $ (3.89 )
    Net loss available to common shareholders   (94,041 )   $ (2.28 )     (152,780 )   $ (3.43 )
    Adjusted net operating (loss) income2   (40,803 )   $ (0.99 )     12,442     $ 0.33  

    Net loss from continuing operations available to common shareholders was $92.7 million ($2.25 per diluted share). Adjusted net operating loss2 was $40.8 million ($0.99 per diluted share) for the fourth quarter of 2024. The decrease to both was largely attributable to the previously announced $52.8 million of consideration paid in connection with the Excess and Surplus Lines (“E&S”) adverse development reinsurance contract with Cavello Bay Reinsurance Limited, a subsidiary of Enstar Group Limited (“Enstar”) (“E&S Top Up ADC”) that closed on December 23, 2024. Net loss from continuing operations available to common shareholders was also negatively impacted by the $27 million deemed dividend resulting from the November 2024 amendment to the Series A Preferred Shares.

    Unless specified otherwise, all underwriting performance ratios presented herein are for our continuing operations and business not subject to retroactive reinsurance accounting for loss portfolio transfers (“LPTs”).

    Highlights for 2024 included:

    • During the year we completed several strategic actions including (i) closing the sale of JRG Reinsurance Company Ltd. (“JRG Re”) to focus our business around our U.S. insurance businesses, (ii) entering into a $160.0 million combined loss portfolio transfer and adverse development cover for our E&S business (the “E&S ADC”), (iii) initiating a new strategic partnership with Enstar which, in part, entailed a $12.5 million equity investment in the Company and an additional $75.0 million E&S Top Up ADC, and (iv) amending the Certificate of Designations for our Series A Preferred Shares to, among other things, convert $37.5 million of the outstanding Series A Preferred Shares to common shares (see Amendment of Series A Preferred Shares on page 5). We believe these and other actions meaningfully strengthen our balance sheet and position us to generate attractive returns in the future.
    • E&S segment gross written premium exceeded $1.0 billion for a second consecutive year, a slight increase compared to the prior year as the Company continued to focus on its leading, wholesale driven franchise. The Company had its highest levels of both new and renewal annual submission growth in five years, and positive renewal rate change of 9.0% for 2024, as compared to 9.3% for 2023.
    • Full year 2024 net investment income increased 10.8% compared to 2023, with a majority of asset classes reporting higher income.
    • Specialty Admitted Insurance segment combined ratio was 92.2% for 2024 as compared to 95.9% for 2023. Underwriting profit grew 68.6% compared to the prior year.
    • Shareholders’ equity per share of $10.10 decreased sequentially from $14.02 at September 30, 2024, due to the net loss from continuing operations and increase in the common shares outstanding.
    • The Company does not expect any meaningful losses associated with the tragic series of California wildfires.

    Frank D’Orazio, the Company’s Chief Executive Officer, commented, “2024 was a costly but transformational year for James River. We have meaningfully de-risked the organization and concluded an extensive strategic review, emerging with a renewed focus. The E&S market remains very healthy, and we believe that 2025 will provide significant opportunities to responsibly grow while taking advantage of the attractive rate environment.”

    Fourth Quarter 2024 Operating Results

    • Gross written premium of $358.3 million, consisting of the following:
      Three Months Ended
    December 31,    		  
    ($ in thousands)   2024     2023   % Change
    Excess and Surplus Lines $ 280,287   $ 275,171   2 %
    Specialty Admitted Insurance   78,005     114,134   (32 )%
      $ 358,292   $ 389,305   (8 )%
    • Net written premium of $114.0 million, consisting of the following:
      Three Months Ended
    December 31,    		    
    ($ in thousands)   2024     2023   % Change  
    Excess and Surplus Lines $ 99,684   $ 146,628   (32 )%
    Specialty Admitted Insurance   14,307     25,573   (44 )%
      $ 113,991   $ 172,201   (34 )%
    • Net earned premium of $105.6 million, consisting of the following:
      Three Months Ended
    December 31,    		    
    ($ in thousands)   2024     2023   % Change  
    Excess and Surplus Lines $ 87,275   $ 153,926   (43 )%
    Specialty Admitted Insurance   18,311     28,027   (35 )%
      $ 105,586   $ 181,953   (42 )%

    Lower net retention for the E&S segment reflects the $52.8 million of ceded premium recorded upon closing the E&S Top Up ADC as well as reinstatement premium which reduced net written premiums in the fourth quarter of 2024 compared to the prior year quarter.

    • E&S Segment Fourth Quarter Highlights:
      • The E&S segment grew gross written premium by 1.9% compared to the prior year quarter. Excluding excess casualty, where we have been cautious, the segment grew by 11.2%.
      • Total submissions grew 9% compared to the prior year quarter. The E&S segment received over 80,000 new and renewal policy submissions for the fourth consecutive quarter, its third consecutive quarter of 9% submission growth, a level not seen since 2020.
    • Specialty Admitted Insurance Segment Fourth Quarter Highlights:
      • Gross written premium for the fronting and program business declined 11.1% compared to the prior year quarter, excluding the impact of our large workers’ compensation program and Individual Risk Workers’ Compensation book, which were non-renewed in the second quarter of 2023 and sold via a renewal rights transaction in the third quarter of 2023, respectively. Including these two programs, segment gross written premium declined 31.7%.
    • Pre-tax favorable (unfavorable) reserve development by segment on business not subject to retroactive reinsurance accounting was as follows:
      Three Months Ended
    December 31,
    ($ in thousands)   2024       2023  
    Excess and Surplus Lines $ (8,943 )   $ (25,005 )
    Specialty Admitted Insurance   —       (38 )
      $ (8,943 )   $ (25,043 )
    • The fourth quarter of 2024 reflected $8.9 million of net unfavorable reserve development in the E&S segment. The Company ceded $29.5 million of unfavorable reserve development on business subject to the E&S ADC during the fourth quarter of 2024 and the majority of the $8.9 million of net unfavorable development represents the retained loss corridor on that structure. There remains $116.2 million of aggregate limit on the E&S ADC and E&S Top-Up ADC which cover the overwhelming majority of all E&S reserves from 2010-2023.
    • Retroactive benefits of $2.7 million were recorded in loss and loss adjustment expenses during the fourth quarter and the total deferred retroactive reinsurance gain on the Balance Sheet is $58.0 million as of December 31, 2024.
    • Gross fee income was as follows:
      Three Months Ended
    December 31,    		  
    ($ in thousands)   2024     2023   % Change
    Specialty Admitted Insurance $ 4,828   $ 5,874   (18)%
    • The consolidated expense ratio was 43.7% for the fourth quarter of 2024, which was an increase from 24.2% in the prior year quarter. The expense ratio increase was primarily the result of $52.8 million of consideration paid in connection with the E&S Top Up ADC that closed on December 23, 2024, which resulted in lower net earned premium.

    Investment Results

    Net investment income for the fourth quarter of 2024 was $22.0 million, a decrease of 14.2% compared to $25.6 million in the prior year quarter. The decline in income was primarily due to a lower asset base across our fixed income and bank loan portfolios as we managed the portfolio for the payment of the $52.8 million of consideration paid in connection with the E&S Top Up ADC, as well as lower income from private investments, which in the prior year quarter benefited from a one-time payment of approximately $2.5 million related to the sale of certain investments.

    The Company’s net investment income consisted of the following:

      Three Months Ended
    December 31,    		  
    ($ in thousands)   2024     2023   % Change
    Private Investments   1,334     3,199   (58)%
    All Other Investments   20,628     22,389   (8)%
    Total Net Investment Income $ 21,962   $ 25,588   (14)%

    The Company’s annualized gross investment yield on average fixed maturity, bank loan and equity securities for the three months ended December 31, 2024 was 4.7% (versus 4.8% for the three months ended December 31, 2023).

    Net realized and unrealized losses on investments of $2.8 million for the three months ended December 31, 2024 compared to net realized and unrealized gains on investments of $8.0 million in the prior year quarter.

    Capital Management

    The Company announced that its Board of Directors declared a cash dividend of $0.01 per common share. This dividend is payable on March 31, 2025 to all shareholders of record on March 10, 2025.

    Amendment of Series A Preferred Shares

    As previously disclosed, on November 11, 2024, the Company amended the Series A Preferred Shares. Among other amended terms, this amendment converted $37.5 million of the outstanding Series A Preferred Shares to common shares. The Company accounted for the amendment as an extinguishment due to the significance of qualitative and quantitative changes to the shares.

    The Company estimated the fair value of the new Series A Preferred Shares to be $133.1 million on the date of issuance. The Company recorded a deemed dividend of $25.7 million within retained deficit for the difference between the $144.9 million carrying value of the extinguished pre-amendment Series A preferred shares and the combined $133.1 million estimated fair value of the new Series A Preferred Shares and $37.5 million of new common shares. The Company also recorded a deemed dividend of $1.3 million for the difference between the $37.5 million of Series A Preferred Shares converted to common shares in the amendment and the $38.8 million fair value of the common shares issued. The combined $27 million deemed dividend increased the Net Loss to Common Shareholders and reduced tangible common equity for the fourth quarter of 2024 by approximately $0.60 per share.

    Tangible Equity

    Shareholders’ equity of $460.9 million at December 31, 2024 declined 13.1% compared to shareholders’ equity of $530.3 million at September 30, 2024. Tangible equity3 of $437.7 million at December 31, 2024 decreased 11.0% compared to tangible equity of $491.9 million at September 30, 2024, due to losses from continuing and discontinued operations as well as an increase in unrealized investment losses in accumulated other comprehensive income (“AOCI”). Other comprehensive loss was $27.2 million during the fourth quarter of 2024, due to a decrease in the value of the Company’s fixed maturity securities.

    Board of Directors

    The Company also announced that Non-Executive Chairman Ollie L. Sherman Jr. has chosen to retire from his leadership role and that the Board has appointed Christine LaSala as its next Non-Executive Chairperson. Following a period of transition, Mr. Sherman will also retire from the Board on April 30, 2025.

    Mr. Sherman has served on the Board of Directors since May 2016 and had previously retired as a Managing Principal with Towers Watson in 2010. Ms. LaSala joined the Board of Directors in July 2024. She has over 45 years of management, client leadership and financial experience in the insurance industry in underwriting and insurance broking roles. She currently serves as a director of Sedgwick, a leading provider of claims management, loss adjusting and technology-enabled risk, benefit and business solutions. She served as a director of Beazley plc for eight years, including in a variety of board leadership roles such as Interim Chair, prior to stepping down in April 2024.

    Conference Call

    James River will hold a conference call to discuss its fourth quarter results tomorrow, March 4, 2025 at 8:30 a.m. Eastern Time. Investors may access the conference call by dialing (800)-715-9871, Conference ID 6424000, or via the internet by visiting www.jrvrgroup.com and clicking on the “Investor Relations” link. A webcast replay of the call will be available by visiting the company website.

    Forward-Looking Statements

    This press release contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. In some cases, such forward-looking statements may be identified by terms such as believe, expect, seek, may, will, should, intend, project, anticipate, plan, estimate, guidance or similar words. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Although it is not possible to identify all of these risks and uncertainties, they include, among others, the following: the inherent uncertainty of estimating reserves and the possibility that incurred losses may be greater than our loss and loss adjustment expense reserves; inaccurate estimates and judgments in our risk management may expose us to greater risks than intended; downgrades in the financial strength rating or outlook of our regulated insurance subsidiaries impacting our ability to attract and retain insurance business that our subsidiaries write, our competitive position, and our financial condition; the amount of the final post-closing adjustment to the purchase price received in connection with the sale of our casualty reinsurance business and outcome of litigation relating to such transaction; the potential loss of key members of our management team or key employees and our ability to attract and retain personnel; adverse economic factors resulting in the sale of fewer policies than expected or an increase in the frequency or severity of claims, or both; the impact of a higher than expected inflationary environment on our reserves, loss adjustment expenses, the values of our investments and investment returns, and our compensation expenses; exposure to credit risk, interest rate risk and other market risk in our investment portfolio; reliance on a select group of brokers and agents for a significant portion of our business and the impact of our potential failure to maintain such relationships; reliance on a select group of customers for a significant portion of our business and the impact of our potential failure to maintain, or decision to terminate, such relationships; our ability to obtain insurance and reinsurance coverage at prices and on terms that allow us to transfer risk, adequately protect our company against financial loss and that supports our growth plans; losses resulting from reinsurance counterparties failing to pay us on reinsurance claims, insurance companies with whom we have a fronting arrangement failing to pay us for claims, or a former customer with whom we have an indemnification arrangement failing to perform its reimbursement obligations, and our potential inability to demand or maintain adequate collateral to mitigate such risks; inadequacy of premiums we charge to compensate us for our losses incurred; changes in laws or government regulation, including tax or insurance law and regulations; changes in U.S. tax laws (including associated regulations) and the interpretation of certain provisions applicable to insurance/reinsurance businesses with U.S. and non-U.S. operations, which may be retroactive and could have a significant effect on us including, among other things, by potentially increasing our tax rate, as well as on our shareholders; in the event we did not qualify for the insurance company exception to the passive foreign investment company (“PFIC”) rules and were therefore considered a PFIC, there could be material adverse tax consequences to an investor that is subject to U.S. federal income taxation; the Company or its foreign subsidiary becoming subject to U.S. federal income taxation; a failure of any of the loss limitations or exclusions we utilize to shield us from unanticipated financial losses or legal exposures, or other liabilities; losses from catastrophic events, such as natural disasters and terrorist acts, which substantially exceed our expectations and/or exceed the amount of reinsurance we have purchased to protect us from such events; potential effects on our business of emerging claim and coverage issues; the potential impact of internal or external fraud, operational errors, systems malfunctions or cyber security incidents; our ability to manage our growth effectively; failure to maintain effective internal controls in accordance with the Sarbanes-Oxley Act of 2002, as amended; changes in our financial condition, regulations or other factors that may restrict our subsidiaries’ ability to pay us dividends; and an adverse result in any litigation or legal proceedings we are or may become subject to. Additional information about these risks and uncertainties, as well as others that may cause actual results to differ materially from those in the forward-looking statements, is contained in our filings with the U.S. Securities and Exchange Commission (“SEC”), including our most recently filed Annual Report on Form 10-K and Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date of this release and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.

    Non-GAAP Financial Measures

    In presenting James River Group Holdings, Ltd.’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). Such measures, including underwriting (loss) profit, adjusted net operating (loss) income, tangible equity, tangible common equity, adjusted net operating return on tangible equity (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible equity balances in the respective period), and adjusted net operating return on tangible common equity excluding AOCI (which is calculated as annualized adjusted net operating income divided by the average quarterly tangible common equity balances in the respective period, excluding AOCI), are referred to as non-GAAP measures. These non-GAAP measures may be defined or calculated differently by other companies. These measures should not be viewed as a substitute for those measures determined in accordance with GAAP. Reconciliations of such measures to the most comparable GAAP figures are included at the end of this press release.

    About James River Group Holdings, Ltd.

    James River Group Holdings, Ltd. is a Bermuda-based insurance holding company that owns and operates a group of specialty insurance companies. The Company operates in two specialty property-casualty insurance segments: Excess and Surplus Lines and Specialty Admitted Insurance. Each of the Company’s regulated insurance subsidiaries are rated “A-” (Excellent) by A.M. Best Company.

    Visit James River Group Holdings, Ltd. on the web at www.jrvrgroup.com

    For more information contact:

    Zachary Shytle
    Senior Analyst, Investments and Investor Relations
    980-249-6848
    InvestorRelations@james-river-group.com

    James River Group Holdings, Ltd. and Subsidiaries
    Condensed Consolidated Balance Sheet Data (Unaudited)
    ($ in thousands, except for share data)  December 31, 2024   December 31, 2023
    ASSETS      
    Invested assets:      
    Fixed maturity securities, available-for-sale, at fair value $ 1,189,733   $ 1,324,476
    Equity securities, at fair value   86,479     119,945
    Bank loan participations, at fair value   142,410     156,169
    Short-term investments   97,074     72,137
    Other invested assets   36,700     33,134
    Total invested assets   1,552,396     1,705,861
           
    Cash and cash equivalents   362,345     274,298
    Restricted cash equivalents (a)   28,705     72,449
    Accrued investment income   10,534     12,106
    Premiums receivable and agents’ balances, net   243,882     249,490
    Reinsurance recoverable on unpaid losses, net   1,996,913     1,358,474
    Reinsurance recoverable on paid losses   101,210     157,991
    Deferred policy acquisition costs   30,175     31,497
    Goodwill and intangible assets   214,281     214,644
    Other assets   466,635     457,047
    Assets of discontinued operations held-for-sale   0     783,393
    Total assets $ 5,007,076   $ 5,317,250
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Reserve for losses and loss adjustment expenses $ 3,084,406   $ 2,606,107
    Unearned premiums   572,034     587,899
    Funds held (a)   25,157     65,235
    Deferred reinsurance gain   57,970     20,733
    Senior debt   200,800     222,300
    Junior subordinated debt   104,055     104,055
    Accrued expenses   53,178     56,722
    Other liabilities   315,446     333,183
    Liabilities of discontinued operations held-for-sale   0     641,497
    Total liabilities   4,413,046     4,637,731
           
    Series A redeemable preferred shares   133,115     144,898
    Total shareholders’ equity   460,915     534,621
    Total liabilities, Series A redeemable preferred shares, and shareholders’ equity $ 5,007,076   $ 5,317,250
           
    Tangible equity (b) $ 437,719   $ 485,608
    Tangible equity per share (b) $ 7.40   $ 11.13
    Tangible common equity per share (b) $ 6.67   $ 9.05
    Shareholders’ equity per share $ 10.10   $ 14.20
    Common shares outstanding   45,644,318     37,641,563
           
    (a) Restricted cash equivalents and the funds held liability includes funds posted by the Company to a trust account for the benefit of a third party administrator handling the claims on the Rasier commercial auto policies in run-off. Such funds held in trust secure the Company’s obligations to reimburse the administrator for claims payments, and are primarily sourced from the collateral posted to the Company by Rasier and its affiliates to support their obligations under the indemnity agreements and the loss portfolio transfer reinsurance agreement with the Company.
    (b) See “Reconciliation of Non-GAAP Measures”      
    James River Group Holdings, Ltd. and Subsidiaries
    Condensed Consolidated Income Statement Data (Unaudited)
     
      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    ($ in thousands, except for share data)   2024       2023       2024       2023  
    REVENUES              
    Gross written premiums $ 358,292     $ 389,305     $ 1,431,772     $ 1,508,660  
    Net written premiums   113,991       172,201       580,854       693,901  
                   
    Net earned premiums   105,586       181,953       600,196       708,005  
    Net investment income   21,962       25,588       93,089       84,046  
    Net realized and unrealized gains (losses) on investments   (2,803 )     7,954       3,625       10,441  
    Other income   1,968       2,609       10,716       9,517  
    Total revenues   126,713       218,104       707,626       812,009  
    EXPENSES              
    Losses and loss adjustment expenses (a)   144,560       133,162       554,374       500,157  
    Other operating expenses   47,068       45,734       193,198       193,656  
    Other expenses   1,563       2,325       6,145       3,792  
    Interest expense   5,709       6,561       24,666       24,627  
    Intangible asset amortization and impairment   91       91       363       2,863  
    Total expenses   198,991       187,873       778,746       725,095  
    (Loss) income from continuing operations before income taxes   (72,278 )     30,231       (71,120 )     86,914  
    Income tax (benefit) expense on continuing operations   (8,883 )     10,175       (7,634 )     25,705  
    Net (loss) income from continuing operations   (63,395 )     20,056       (63,486 )     61,209  
    Net loss from discontinued operations   (1,372 )     (170,211 )     (17,634 )     (168,893 )
    NET LOSS $ (64,767 )   $ (150,155 )   $ (81,120 )   $ (107,684 )
    Dividends on Series A preferred shares   (29,274 )     (2,625 )     (37,149 )     (10,500 )
    NET LOSS AVAILABLE TO COMMON SHAREHOLDERS $ (94,041 )   $ (152,780 )   $ (118,269 )   $ (118,184 )
    ADJUSTED NET OPERATING (LOSS) INCOME (b) $ (40,803 )   $ 12,442     $ (41,503 )   $ 50,317  
                   
    (LOSS) INCOME PER COMMON SHARE              
    Basic              
    Continuing operations $ (2.25 )   $ 0.46     $ (2.60 )   $ 1.35  
    Discontinued operations $ (0.03 )   $ (4.52 )   $ (0.46 )   $ (4.49 )
      $ (2.28 )   $ (4.06 )   $ (3.06 )   $ (3.14 )
    Diluted (c)              
    Continuing operations $ (2.25 )   $ 0.46     $ (2.60 )   $ 1.34  
    Discontinued operations $ (0.03 )   $ (3.89 )   $ (0.46 )   $ (4.47 )
      $ (2.28 )   $ (3.43 )   $ (3.06 )   $ (3.13 )
                   
    ADJUSTED NET OPERATING (LOSS) INCOME PER COMMON SHARE        
    Basic $ (0.99 )   $ 0.33     $ (1.07 )   $ 1.34  
    Diluted (d) $ (0.99 )   $ 0.33     $ (1.07 )   $ 1.33  
                   
    Weighted-average common shares outstanding:              
    Basic   41,237,480       37,656,268       38,685,003       37,618,660  
    Diluted   41,237,480       43,744,208       38,685,003       37,810,440  
    Cash dividends declared per common share $ 0.01     $ 0.05     $ 0.16     $ 0.20  
                   
    Ratios:              
    Loss ratio   111.4 %     73.9 %     86.2 %     69.9 %
    Expense ratio (e)   43.7 %     24.2 %     31.4 %     26.6 %
    Combined ratio   155.1 %     98.1 %     117.6 %     96.5 %
    Accident year loss ratio (f)   65.6 %     58.8 %     66.2 %     64.0 %
                   
                   
                   
    (a) Losses and loss adjustment expenses include $27.0 million and $37.2 million of expense for deferred retroactive reinsurance gains for the three and twelve months ended December 31, 2024, respectively ($1.3 million of benefit and $5.0 million of expense in the respective three and twelve month prior year periods).
    (b) See “Reconciliation of Non-GAAP Measures”.
    (c) The outstanding Series A preferred shares were dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were included in the denominator.
    (d) The outstanding Series A preferred shares were anti-dilutive for the three months ended December 31, 2023. Dividends on the Series A preferred shares were not added back to the numerator in the calculation and 5,971,184 common shares from an assumed conversion of the Series A preferred shares were excluded from the denominator.
    (e) Calculated with a numerator comprising other operating expenses less gross fee income (in specific instances when the Company is not retaining insurance risk) included in “Other income” in our Condensed Consolidated Income Statements of $926,000 and $4.6 million for the three and twelve months ended months ended December 31, 2024, respectively ($1.7 million and $5.3 million in the respective prior year periods), and a denominator of net earned premiums.
    (f) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).
    James River Group Holdings, Ltd. and Subsidiaries
    Segment Results
    EXCESS AND SURPLUS LINES
      Three Months Ended
    December 31,    		       Twelve Months Ended
    December 31,    		    
    ($ in thousands)   2024       2023     % Change     2024       2023     % Change
    Gross written premiums $ 280,287     $ 275,171     1.9 %   $ 1,017,029     $ 1,007,351     1.0 %
    Net written premiums $ 99,684     $ 146,628     (32.0 )%   $ 508,445     $ 589,551     (13.8 )%
                           
    Net earned premiums $ 87,275     $ 153,926     (43.3 )%   $ 512,237     $ 609,566     (16.0 )%
    Losses and loss adjustment expenses excluding retroactive reinsurance   (103,327 )     (112,680 )   (8.3 )%     (448,714 )     (420,044 )   6.8 %
    Underwriting expenses   (36,166 )     (32,348 )   11.8 %     (140,978 )     (135,175 )   4.3 %
    Underwriting (loss) profit (a) $ (52,218 )   $ 8,898     —     $ (77,455 )   $ 54,347     —  
                           
    Ratios:                      
    Loss ratio   118.4 %     73.2 %         87.6 %     68.9 %    
    Expense ratio   41.4 %     21.0 %         27.5 %     22.2 %    
    Combined ratio   159.8 %     94.2 %         115.1 %     91.1 %    
    Accident year loss ratio (b)   64.1 %     55.5 %         64.3 %     61.9 %    
                           
    (a) See “Reconciliation of Non-GAAP Measures”.
    (b) Ratio of losses and loss adjustment expenses for the current accident year, excluding development on prior accident year reserves, to net earned premiums for the current year (excluding ceded earned premium associated with adverse development covers covering prior accident years and net earned premium adjustments on certain reinsurance treaties with reinstatement premiums associated with prior years).


    SPECIALTY ADMITTED INSURANCE

      Three Months Ended
    December 31,    		         Twelve Months Ended
    December 31,    		    
    ($ in thousands)   2024       2023     % Change       2024       2023     % Change
    Gross written premiums $ 78,005     $ 114,134     (31.7 )%   $ 414,743     $ 501,309     (17.3 )%
    Net written premiums $ 14,307     $ 25,573     (44.1 )%   $ 72,409     $ 104,350     (30.6 )%
                             
    Net earned premiums $ 18,311     $ 28,027     (34.7 )%   $ 87,959     $ 98,439     (10.6 )%
    Losses and loss adjustment expenses   (14,264 )     (21,752 )   (34.4 )%     (68,423 )     (75,122 )   (8.9 )%
    Underwriting expenses   (3,186 )     (4,080 )   (21.9 )%     (12,663 )     (19,240 )   (34.2 )%
    Underwriting profit (a), (b) $ 861     $ 2,195     (60.8 )%   $ 6,873     $ 4,077     68.6 %
                             
    Ratios:                        
    Loss ratio   77.9 %     77.6 %           77.8 %     76.3 %    
    Expense ratio   17.4 %     14.6 %           14.4 %     19.6 %    
    Combined ratio   95.3 %     92.2 %           92.2 %     95.9 %    
    Accident year loss ratio   77.9 %     77.5 %           78.5 %     77.3 %    
                             
    (a) See “Reconciliation of Non-GAAP Measures”.                      
    (b) Underwriting results for the three and twelve months ended December 31, 2024 include gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).  


    Underwriting Performance Ratios

    The following table provides the underwriting performance ratios of the Company’s continuing operations inclusive of the business subject to retroactive reinsurance accounting. There is no economic impact to the Company over the life of a loss portfolio transfer contract so long as any additional losses subject to the contract are within the limit of the loss portfolio transfer and the counterparty performs under the contract. Retroactive reinsurance accounting is not indicative of our current and ongoing operations. Management believes that providing loss ratios and combined ratios on business not subject to retroactive reinsurance accounting for loss portfolio transfers gives the users of our financial statements useful information in evaluating our current and ongoing operations.

      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
      2024     2023     2024     2023  
    Excess and Surplus Lines:              
    Loss Ratio 118.4 %   73.2 %   87.6 %   68.9 %
    Impact of retroactive reinsurance 30.9 %   (0.8 )%   7.3 %   0.8 %
    Loss Ratio including impact of retroactive reinsurance 149.3 %   72.4 %   94.9 %   69.7 %
                   
    Combined Ratio 159.8 %   94.2 %   115.1 %   91.1 %
    Impact of retroactive reinsurance 30.9 %   (0.8 )%   7.3 %   0.8 %
    Combined Ratio including impact of retroactive reinsurance 190.7 %   93.4 %   122.4 %   91.9 %
                   
    Consolidated:              
    Loss Ratio 111.4 %   73.9 %   86.2 %   69.9 %
    Impact of retroactive reinsurance 25.5 %   (0.7 )%   6.2 %   0.7 %
    Loss Ratio including impact of retroactive reinsurance 136.9 %   73.2 %   92.4 %   70.6 %
                   
    Combined Ratio 155.1 %   98.1 %   117.6 %   96.5 %
    Impact of retroactive reinsurance 25.5 %   (0.7 )%   6.2 %   0.7 %
    Combined Ratio including impact of retroactive reinsurance 180.6 %   97.4 %   123.8 %   97.2 %


    RECONCILIATION OF NON-GAAP MEASURES

    Underwriting Profit

    The following table reconciles the underwriting profit by individual operating segment and for the entire Company to consolidated income from continuing operations before taxes. We believe that the disclosure of underwriting profit by individual segment and of the Company as a whole is useful to investors, analysts, rating agencies and other users of our financial information in evaluating our performance because our objective is to consistently earn underwriting profits. We evaluate the performance of our segments and allocate resources based primarily on underwriting profit. We define underwriting profit as net earned premiums and gross fee income (in specific instances when the Company is not retaining insurance risk) less losses and loss adjustment expenses on business from continuing operations not subject to retroactive reinsurance accounting and other operating expenses. Other operating expenses include the underwriting, acquisition, and insurance expenses of the operating segments and, for consolidated underwriting profit, the expenses of the Corporate and Other segment. Our definition of underwriting profit may not be comparable to that of other companies.

      Three Months Ended
    December 31,    		   Twelve Months Ended
    December 31,
    ($ in thousands)   2024       2023       2024       2023  
    Underwriting (loss) profit of the operating segments:              
    Excess and Surplus Lines $ (52,218 )   $ 8,898     $ (77,455 )   $ 54,347  
    Specialty Admitted Insurance   861       2,195       6,873       4,077  
    Total underwriting (loss) profit of operating segments   (51,357 )     11,093       (70,582 )     58,424  
    Other operating expenses of the Corporate and Other segment   (6,790 )     (7,628 )     (34,972 )     (33,940 )
    Underwriting (loss) profit (a)   (58,147 )     3,465       (105,554 )     24,484  
    Losses and loss adjustment expenses – retroactive reinsurance   (26,969 )     1,270       (37,237 )     (4,991 )
    Net investment income   21,962       25,588       93,089       84,046  
    Net realized and unrealized (losses) gains on investments   (2,803 )     7,954       3,625       10,441  
    Other income (expense)   (521 )     (1,394 )     (14 )     424  
    Interest expense   (5,709 )     (6,561 )     (24,666 )     (24,627 )
    Amortization of intangible assets   (91 )     (91 )     (363 )     (363 )
    Impairment of IRWC trademark intangible asset   —       —       —       (2,500 )
    (Loss) income from continuing operations before taxes $ (72,278 )   $ 30,231     $ (71,120 )   $ 86,914  
                   
    (a) Included in underwriting results for the three and twelve months ended December 31, 2024 is gross fee income of $4.8 million and $21.0 million, respectively ($5.9 million and $24.2 million in the respective prior year periods).


    Adjusted Net Operating Income

    We define adjusted net operating (loss) income as income available to common shareholders excluding a) (loss) income from discontinued operations b) the impact of retroactive reinsurance accounting for loss portfolio transfers, c) net realized and unrealized gains (losses) on investments, d) certain non-operating expenses such as professional service fees related to various strategic initiatives, and the filing of registration statements for the offering of securities, e) severance costs associated with terminated employees, and f) deemed dividend related to the conversion of the Series A Preferred Shares. We use adjusted net operating income as an internal performance measure in the management of our operations because we believe it gives our management and other users of our financial information useful insight into our results of operations and our underlying business performance. Adjusted net operating income should not be viewed as a substitute for net income calculated in accordance with GAAP, and our definition of adjusted net operating income may not be comparable to that of other companies.

    Our (loss) income available to common shareholders reconciles to our adjusted net operating (loss) income as follows:

      Three Months Ended December 31,
        2024       2023  
    ($ in thousands) Income
    Before
    Taxes    		   Net
    Income    		   Income
    Before
    Taxes    		   Net
    Income
    Loss available to common shareholders $ (102,924 )   $ (94,041 )   $ (142,605 )   $ (152,780 )
    Loss from discontinued operations   1,372       1,372       170,211       170,211  
    Losses and loss adjustment expenses – retroactive reinsurance   26,969       21,306       (1,270 )     (1,003 )
    Net realized and unrealized investment losses (gains)   2,803       2,214       (7,954 )     (6,284 )
    Other expenses   1,563       1,340       2,321       2,298  
    Series A deemed dividends   27,006       27,006       —       —  
    Adjusted net operating (loss) income $ (43,211 )   $ (40,803 )   $ 20,703     $ 12,442  
                   
      Twelve Months Ended December 31,
        2024       2023  
    ($ in thousands) Income
    Before
    Taxes    		   Net
    Income    		   Income
    Before
    Taxes    		   Net
    Income
    Loss available to common shareholders $ (125,903 )   $ (118,269 )   $ (92,479 )   $ (118,184 )
    Loss from discontinued operations   17,634       17,634       168,893       168,893  
    Losses and loss adjustment expenses – retroactive reinsurance   37,237       29,418       4,991       3,943  
    Net realized and unrealized investment gains   (3,625 )     (2,865 )     (10,441 )     (8,248 )
    Other expenses   6,145       5,573       1,588       1,938  
    Impairment of IRWC trademark intangible asset   —       —       2,500       1,975  
    Series A deemed dividends   27,006       27,006       —       —  
    Adjusted net operating (loss) income $ (41,506 )   $ (41,503 )   $ 75,052     $ 50,317  


    Tangible Equity (per Share) and Tangible Common Equity (per Share)

    We define tangible equity as shareholders’ equity plus mezzanine Series A preferred shares and the deferred retroactive reinsurance gain less goodwill and intangible assets (net of amortization). We define tangible common equity as tangible equity less mezzanine Series A preferred shares. Our definition of tangible equity and tangible common equity may not be comparable to that of other companies, and it should not be viewed as a substitute for shareholders’ equity calculated in accordance with GAAP. We use tangible equity and tangible common equity internally to evaluate the strength of our balance sheet and to compare returns relative to this measure. The following table reconciles shareholders’ equity to tangible equity and tangible common equity for December 31, 2024, September 30, 2024, December 31, 2023, and September 30, 2023.

      December 31, 2024   September 30, 2024   December 31, 2023   September 30, 2023
    ($ in thousands, except for share data)              
    Shareholders’ equity $ 460,915   $ 530,347   $ 534,621   $ 562,544
    Plus: Series A redeemable preferred shares   133,115     144,898     144,898     144,898
    Plus: Deferred reinsurance gain (a)   57,970     31,001     20,733     37,653
    Less: Goodwill and intangible assets   214,281     214,372     214,644     214,735
    Tangible equity $ 437,719   $ 491,874   $ 485,608   $ 530,360
    Less: Series A redeemable preferred shares   133,115     144,898     144,898     144,898
    Tangible common equity $ 304,604   $ 346,976   $ 340,710   $ 385,462
                   
    Common shares outstanding   45,644,318     37,829,475     37,641,563     37,619,749
    Common shares from assumed conversion of Series A preferred shares   13,521,635     6,848,763     5,971,184     5,640,158
    Common shares outstanding after assumed conversion of Series A preferred shares   59,165,953     44,678,238     43,612,747     43,259,907
                   
    Equity per share:              
    Shareholders’ equity $ 10.10   $ 14.02   $ 14.20   $ 14.95
    Tangible equity $ 7.40   $ 11.01   $ 11.13   $ 12.26
    Tangible common equity $ 6.67   $ 9.17   $ 9.05   $ 10.25
                   
    (a) Deferred reinsurance gain for the period ending September 30, 2023 includes the deferred retroactive reinsurance gain of $15.7 million related to the former Casualty Reinsurance LPT.

    1 The Company closed the sale of JRG Reinsurance Company Ltd. on April 16, 2024. The full financials for our former Casualty Reinsurance segment have been classified to discontinued operations for all periods.
    2 Adjusted net operating (loss) income, tangible common equity per share and adjusted net operating return on tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

    3 Tangible equity and tangible common equity are non-GAAP financial measures. See “Non-GAAP Financial Measures” and “Reconciliation of Non-GAAP Financial Measures” at the end of this press release.

    The MIL Network –

  • MIL-OSI United Nations: Gaza Ceasefire Must Hold, Secretary-General Urges at Launch of Berlin Initiative

    Source: United Nations General Assembly and Security Council

    Following is UN Secretary-General António Guterres’ message on the launch of The Berlin Initiative today:

    I commend the launch of The Berlin Initiative and its commitment to a diplomatic resolution of the Israeli-Palestinian conflict.

    Since the horrific terror attacks by Hamas on 7 October, the ensuing Israeli military operations have unleashed an unprecedented level of death and destruction in Gaza. Meanwhile, the deteriorating situation in the West Bank is fueling further instability and suffering.

    The ceasefire in Gaza must hold and be implemented in full.  All hostages must be released immediately, unconditionally, and in a dignified manner. And humanitarian aid must be maintained, funded, protected, and reach people in dire need without restrictions. 

    But beyond ending this terrible war, we must lay the foundations for lasting peace — one that ensures security for Israel, dignity and self-determination for the Palestinian people, and stability for the entire region. 

    That requires a clear political framework for Gaza’s recovery and reconstruction.  It requires immediate and irreversible steps towards a two-State solution — with Gaza and the West Bank, including East Jerusalem, unified under a legitimate Palestinian authority, accepted and supported by the Palestinian people.  And it requires putting an end to occupation, settlement expansion and threats of annexation.

    Efforts like The Berlin Initiative help forge a diplomatic path.  I urge everyone to seize this moment to build a future where Israel and Palestine live side by side, in peace and security, in line with international law and UN resolutions.  It is the only way. 

    MIL OSI United Nations News –

  • MIL-OSI Security: Acting United States Attorney Fondren Announces Federal Indictment Against Gynecologist for Sexually Abusing Patients, Adulterating Medical Devices for Reuse on Patients, and Health Care Fraud

    Source: Federal Bureau of Investigation (FBI) State Crime News

    Memphis, TN – Reagan Fondren, Acting United States Attorney for the Western District of Tennessee, announced today that Sanjeev Kumar, 44, was arrested this morning and charged with enticing and inducing four victims to travel interstate to engage in illegal sexual activity, adulteration of medical devices, misbranding of medical devices, and healthcare fraud.

    The indictment unsealed today alleges that from at least in or about September 2019 and up to and including at least in or about June 2024, Kumar enticed and induced four victims to travel interstate to his medical offices in Memphis, Tennessee, at least in part for the purpose of subjecting them to a sexual activity for which he could be charged with a criminal offense in violation of Tennessee Code Annotated Section 39-13-503.

    According to the Indictment, between 2019 and 2024, Kumar sexually abused women by conducting medically unnecessary gynecologic procedures with medical devices that he held under insanitary conditions and reused on patients when they were required to be disposed of or properly reprocessed. Kumar did not inform patients that he was reusing “single use” or improperly reprocessed devices before he inserted the devices into their vaginas. He also billed Medicare and Medicaid as if the procedures were medically necessary and as if he had used a new or properly reprocessed device for each procedure.

    Acting U.S. Attorney Fondren said: “Kumar was consistently the top-paid provider in Tennessee for Medicare and Medicaid for hysteroscopy biopsy services, and he profited substantially from these criminal acts. The allegations indicate that Kumar acted as a predator in a white coat and used the cover of conducting medical examinations to put his patients at risk and enrich himself.”   

    “This doctor put profit ahead of patients,” said Special Agent in Charge Joseph E. Carrico of the FBI Nashville Field Office. “The abusive behavior alleged here took place over five years, which means there could be many victims out there we have not heard from. We want you to know FBI victim specialists, special agents, and analysts investigating this case are here for each and every one of you, and we are your advocates. It is important to remember nothing Dr. Kumar has done was, or ever will be, your fault. We see time and time again that voices matter, and those who have stepped forward have empowered others to do the same. If you have any information concerning this case, or if you believe you are a victim or may have been affected by these alleged crimes, please visit www.fbi.gov/KumarVictims and complete the questionnaire so that we can contact you.  Your responses are voluntary but would be useful in the federal investigation and would enable us to serve you as a victim.”

    “Physicians have a sworn duty to prioritize the health and safety of their patients,” said Kelly Blackmon, Special Agent in Charge at the Department of Health and Human Services Office of the Inspector General (HHS-OIG).  “HHS-OIG is committed to working with our law enforcement partners to hold accountable those who exploit their patients and federal health care programs for personal gain.”

    This case is being investigated by the United States HHS-OIG, the United States Food and Drug Administration Office of Criminal Investigations (FDA-OCI), the Federal Bureau of Investigation (FBI), and Tennessee Bureau of Investigation (TBI).

    The charges and allegations contained in the indictment are merely accusations of criminal conduct, not evidence.  The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt and convicted through due process of law.  If convicted, the defendant’s sentence will be determined by the Court after review of the factors unique to the case, including the defendant’s prior criminal records (if any), the defendant’s role in the offense, and the characteristics of the violation.

    Acting U.S. Attorney Fondren thanked Assistant United States Attorneys Lynn Crum, Scott Smith, and Sarah Pazar Williams for prosecuting this case, as well as the law enforcement partners who investigated the case. 

    ###

    For more information, please contact the Media Relations Team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI –

  • MIL-OSI Security: Felon Sentenced To 26 Years In Prison For Armed Robberies And Assault Of Federal Officer

    Source: Office of United States Attorneys

    LAS VEGAS – A Las Vegas man who has prior felony convictions was sentenced today in two separate cases to a total of 26 years in prison to be followed by three years of supervised release. He admitted to committing armed robberies of two jewelry stores and assaulting a detention officer while in custody.

    According to court documents, on December 12, 2016, Wyatt Scott Peterson (42) entered EZ Pawn in Las Vegas and demanded the keys to the jewelry case. During the course of the robbery, he brandished a 9mm semi-automatic handgun to intimidate employees into not resisting and complying with his demands. The firearm was discharged into a display case during the robbery. Peterson stole at least $40,000 and left the store. Then, on December 21, 2016, Peterson entered Super Pawn in Las Vegas and demanded the keys to the jewelry case. He stole 29 rings, three pairs of earrings, and five bracelets combined worth more than $20,000 before he left the store.

    Peterson has prior felony convictions including identity theft in Colville, Washington; Possession of a controlled substance with intent to deliver in Spoke, Washington; and Attempt carrying concealed firearm or other deadly weapon in Clark County, Nevada. He is prohibited by law from possessing a firearm.

    In December 2016, Peterson was charged and detained pending trial for the armed robbery case. He was housed at Nevada Southern Detention Center in Pahrump, Nevada. While in custody, he confronted a detention officer at the stairwell and began punching the detention officer.

    Peterson pleaded guilty to one count each of commerce by robbery, possessing a firearm during and in relation to a crime of violence, felon in possession of a firearm, and assault on a federal officer.

    Acting United States Attorney Sue Fahami for the District of Nevada and Special Agent in Charge Spencer L. Evans for the FBI Las Vegas Division made the announcement.

    The case was investigated by the FBI and Las Vegas Metropolitan Police Department. Assistant United States Attorney Jim Fang prosecuted the cases.

    ###

     

    MIL Security OSI –

  • MIL-OSI Security: Hyannis Man Pleads Guilty to Being a Felon in Possession of a Firearm

    Source: Office of United States Attorneys

    BOSTON – A Hyannis man pleaded guilty today in federal court in Boston to illegally possessing a Chinese SKS .762 caliber rifle.  

    Donnell Pina, 52, pleaded guilty to one count of being a felon in possession of a firearm before U.S. Senior District Judge William G. Young who scheduled sentencing for June 4, 2025. In November 2022, Pina, along with co-defendant Ryan Diefenbach was indicted by a federal grand jury.

    In September 2021, Pina and Diefenbach possessed a Chinese SKS .762 caliber rifle. Due to felony convictions, Pina and Diefenbach were both prohibited from possessing firearms.

    In October 2024, Diefenbach was sentenced to six years in prison to be followed by three years of supervised release.

    The charge of being a felon in possession provides for a sentence of up to 10 years in prison, up to three years of supervised release and a fine of up to $250,000. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley and James M. Ferguson, Special Agent in Charge of the Bureau of Alcohol, Tobacco, Firearms & Explosives, Boston Field Division made the announcement today. Assistant United States Attorney Elianna J. Nuzum of the Criminal Division is prosecuting the case.

    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 gun violence and other violent crime, 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.  For more information about Project Safe Neighborhoods, please visit Justice.gov/PSN.

    MIL Security OSI –

  • MIL-OSI: GigaCloud Technology Inc Announces Fourth Quarter and Year Ended December 31, 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    EL MONTE, Calif., March 03, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced financial results for the fourth quarter and fiscal year ended December 31, 2024, including a milestone achievement of surpassing $1 billion in total annual revenues for the first time in 2024, and continued robust growth in GigaCloud Marketplace GMV.

    Fourth Quarter 2024 Financial Highlights

    • Total revenues of $295.8 million, increased 20.9% year-over-year.
    • Gross profit of $65.0 million, decreased 6.9% year-over-year.
      Gross margin was 22.0%, compared to 28.5% in the fourth quarter of 2023.
    • Net income of $31.0 million, decreased 12.9% year-over-year.         
      Net income margin was 10.5%, compared to 14.5% in the fourth quarter of 2023.
      Diluted EPS decreased 12.6% year-over-year to $0.76.   
    • Adjusted EBITDA1 decreased 29.5% year-over-year to $30.9 million.
      Adjusted EPS – diluted2 decreased 29.9% year-over-year to $0.75.
    • Cash, Cash Equivalents, Restricted Cash, and Investments totaled $303.1 million as of December 31, 2024, a 64.5% increase year-over-year.

    Full Year 2024 Financial Highlights

    • Total revenues of $1,161.0 million, increased 65.0% year-over-year.
    • Gross profit of $285.2 million, increased 51.2% year-over-year.
      Gross margin was 24.6%, compared to 26.8% in 2023.
    • Net income of $125.8 million, increased 33.7% year-over-year.
      Net income margin was 10.8%, compared to 13.4% in 2023.
      Diluted EPS increased 32.6% year-over-year to $3.05.        
    • Adjusted EBITDA1 increased 32.6% year-over-year to $156.9 million.
      Adjusted EPS – diluted2 increased 31.8% year-over-year to $3.81.

    Operational Highlights

    • GigaCloud Marketplace GMV3 increased 68.9% year-over-year to $1,341.4 million for the 12 months ended December 31, 2024.
    • 3P seller GigaCloud Marketplace GMV4 increased 62.8% year-over-year to $693.9 million for the 12 months ended December 31, 2024. 3P seller GigaCloud Marketplace GMV represented 51.7% of total GigaCloud Marketplace GMV for the 12 months ended December 31, 2024.
    • Active 3P sellers5 increased 36.3% year-over-year to 1,111 for the 12 months ended December 31, 2024.
    • Active buyers6 increased 85.7% year-over-year to 9,306 for the 12 months ended December 31, 2024.
    • Spend per active buyer7 was $144,142 for the 12 months ended December 31, 2024.

    “2024 was a landmark year for GigaCloud as we surpassed $1 billion in total revenues for the first time, a milestone that underscores the strength and resilience of our B2B Marketplace amid a challenging macroeconomic environment,” said Larry Wu, Founder, Chairman, and Chief Executive Officer. “This achievement reflects the growing recognition for our Supplier Fulfilled Retail (SFR) model and our continued success in expanding our platform, driving robust GMV performance. Our global diversification has been a key strength, with standout progress in Europe, which has experienced 155% GMV growth year over year, further validating the broad appeal for our solutions across diverse markets. Our expanding global footprint, deepening partnerships, and relentless focus on innovation continue to fuel our momentum and position us well for the long term. We remain confident in our ability to adapt and maintain our positive trajectory.

    In addition, our Board has approved the appointment of Erica Wei as Chief Financial Officer after serving as Interim CFO since August 2024. She has played a key role in strengthening the Company’s financial strategy, leading compliance efforts, and enhancing financial reporting quality, which will be reflected in the upcoming 10-K. Her leadership will be essential as we continue to scale our business and drive long-term growth.”

    “Our results reflect robust top-line performance and the strategic investments we are making to scale operations and position GigaCloud for long-term success,” said Erica Wei, Chief Financial Officer. “Despite a challenging macro environment, our ability to adapt and execute has kept us on a path of sustained, stable growth. At the same time, we are committed to enhancing shareholder value. Since our $46 million share repurchase authorization in September, we have executed approximately $29 million in share repurchases under a Rule 10b5-1 plan as of today. Our strong financial position of over $300 million in cash and cash equivalents, restricted cash, and short-term investments, while remaining debt-free, gives us the financial flexibility to continue investing in our platform, expanding globally, and driving sustained value for our shareholders.”

    Business Outlook

    The Company expects its total revenues to be between $250 million and $265 million in the first quarter of 2025. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

    Share Repurchase Program

    In June 2023, we announced that our board of directors approved a share repurchase program to repurchase up to US$25.0 million of our Class A ordinary shares over the next 12 months, which expired in June 2024. On September 3, 2024, we announced that our board of directors approved a new share repurchase program under which we may purchase up to $46.0 million of our Class A ordinary shares, par value $0.05, over a 12-month period. Under the share repurchase program, we may purchase our ordinary shares through various means, including open market transactions, privately negotiated transactions, block trades, any combination thereof or other legally permissible means. We may effect repurchase transactions in compliance with Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended, or the Exchange Act. The number of shares repurchased and the timing of repurchases will depend on a number of factors, including, but not limited to, price, trading volume and general market conditions, along with our working capital requirements, general business conditions and other factors. Our board of directors will review the share repurchase program periodically, and may modify, suspend or terminate the share repurchase program at any time. We plan to fund repurchases from our existing cash balance.

    During the fourth quarter of 2024, we have repurchased 1,033,292 of our Class A ordinary shares at a total consideration of approximately $23 million. Subsequent to the fourth quarter of 2024, the Company has repurchased an aggregate of 283,889 Class A ordinary shares in the open market at a total consideration of approximately $6 million pursuant to a repurchase plan under Rule 10b5-1 of the Exchange Act.

    Conference Call

    The Company will host a conference call to discuss its financial results at 5:30 pm U.S. Eastern Time on March 3, 2025 (6:30 am Hong Kong Time on March 4, 2025). Participants who wish to join the call should pre-register here at https://s1.c-conf.com/diamondpass/10045735-6sh8hd.html. Upon registration, participants will receive the dial-in number and a unique PIN, which can be used to join the conference call. If participants register and forget their PIN or lose their registration confirmation email, they may re-register to receive a new PIN. All participants are encouraged to dial in 15 minutes prior to the start time.

    A live and archived webcast of the conference call will be accessible on the Company’s investor relations website at: https://investors.gigacloudtech.com/.

    About GigaCloud Technology Inc

    GigaCloud Technology Inc is a pioneer of global end-to-end B2B technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://investors.gigacloudtech.com/

    Non-GAAP Financial Measures

    The Company uses certain non-GAAP financial measures, including Adjusted EBITDA and Adjusted EPS – diluted, to understand and evaluate its core operating performance. Adjusted EBITDA is net income excluding interest, income taxes and depreciation, further adjusted to exclude share-based compensation expense and non-recurring items. Adjusted EPS – diluted is a financial measure defined as our Adjusted EBITDA divided by our diluted weighted-average shares outstanding, respectively. Management uses Adjusted EBITDA and Adjusted EPS – diluted as measures of operating performance, for planning purposes, to allocate resources to enhance the financial performance of our business, to evaluate the effectiveness of our business strategies and in communications with our Board of Directors and investors concerning our financial performance. Non-GAAP financial measures, which may differ from similarly titled measures used by other companies, are presented to enhance investors’ overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with U.S. GAAP.

    For more information on the non-GAAP financial measures, please see the tables captioned “Unaudited Reconciliation of Adjusted EBITDA” and “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.

    Forward-Looking Statements

    This press release contains “forward-looking statements”. Forward-looking statements reflect our current view about future events. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    GigaCloud Technology Inc

    Investor Relations

    Email: ir@gigacloudtech.com

    PondelWilkinson, Inc.

    Laurie Berman (Investors) – lberman@pondel.com

    George Medici (Media) – gmedici@pondel.com

     
    GigaCloud Technology Inc
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands except for share data and per share data)
         
        December 31,
        2024   2023
    ASSETS        
    Current assets        
    Cash and cash equivalents   $ 259,759     $ 183,283  
    Restricted cash     685       885  
    Investments     42,674       —  
    Accounts receivable, net     57,313       58,876  
    Inventories     172,489       132,247  
    Prepayments and other current assets     14,672       17,516  
    Total current assets     547,592       392,807  
    Non-current assets        
    Operating lease right-of-use assets     451,930       398,922  
    Property and equipment, net     29,498       24,614  
    Intangible assets, net     6,198       8,367  
    Goodwill     12,586       12,586  
    Deferred tax assets     10,026       1,440  
    Other non-current assets     12,645       8,173  
    Total non-current assets     522,883       454,102  
    Total assets   $ 1,070,475     $ 846,909  
             
             
             
        2024   2023
    LIABILITIES AND SHAREHOLDERS’ EQUITY        
    Current liabilities        
    Accounts payable (including accounts payable of VIEs without recourse to the Company of $nil and $11,563 as of December 31, 2024 and 2023, respectively)   $ 78,163     $ 69,757  
    Contract liabilities (including contract liabilities of VIEs without recourse to the Company of $nil and $736 as of December 31, 2024 and 2023, respectively)     4,486       5,537  
    Current operating lease liabilities (including current operating lease liabilities of VIEs without recourse to the Company of $nil and $1,305 as of December 31, 2024 and 2023, respectively)     88,521       57,949  
    Income tax payable (including income tax payable of VIEs without recourse to the Company of $nil and $3,644 as of December 31, 2024 and 2023, respectively)     13,615       15,212  
    Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of VIEs without recourse to the Company of $nil and $2,774 as of December 31, 2024 and 2023, respectively)     79,594       57,319  
    Total current liabilities     264,379       205,774  
    Non-current liabilities        
    Operating lease liabilities, non-current (including operating lease liabilities, non-current of VIEs without recourse to the Company of $nil and $553 as of December 31, 2024 and 2023, respectively)     395,235       343,511  
    Deferred tax liabilities     941       3,795  
    Finance lease obligations, non-current     382       111  
    Non-current income tax payable     4,321       3,302  
    Total non-current liabilities     400,879       350,719  
    Total liabilities   $ 665,258     $ 556,493  
    Commitments and contingencies        
             
             
             
        2024   2023
    Shareholders’ equity        
    Treasury shares, at cost (609,390 and 294,029 shares held as of December 31, 2024 and 2023, respectively)   $ (11,816 )   $ (1,594 )
    Class A ordinary shares ($0.05 par value, 50,673,268 shares authorized, 32,878,735 and 31,738,632 shares issued as of December 31, 2024 and 2023, respectively, 32,269,345 and 31,455,148 shares outstanding as of December 31, 2024 and 2023, respectively)     1,643       1,584  
    Class B ordinary shares ($0.05 par value, 9,326,732 shares authorized, 8,076,732 and 9,326,732 shares issued and outstanding as of December 31, 2024 and 2023)     403       466  
    Additional paid-in capital     120,262       111,736  
    Accumulated other comprehensive income (loss)     (4,136 )     526  
    Retained earnings     298,861       177,698  
    Total shareholders’ equity     405,217       290,416  
    Total liabilities and shareholders’ equity   $ 1,070,475     $ 846,909  
             
     
    GigaCloud Technology Inc
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
    (In thousands except for share data and per share data)
           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024   2023   2024   2023
    Revenues              
    Service revenues $ 97,107     $ 69,336     $ 350,273     $ 199,184  
    Product revenues   198,675       175,401       810,769       504,647  
    Total revenues   295,782       244,737       1,161,042       703,831  
    Cost of revenues              
    Services   78,188       57,291       284,951       161,215  
    Product sales   152,604       117,609       590,855       353,983  
    Total cost of revenues   230,792       174,900       875,806       515,198  
    Gross profit   64,990       69,837       285,236       188,633  
    Operating expenses              
    Selling and marketing expenses   18,041       14,004       70,686       41,386  
    General and administrative expenses   16,979       13,130       73,944       30,008  
    Research and development expenses   2,356       2,344       9,791       3,925  
    Gains (losses) on disposal of property and equipment   (20 )     3,236       193       3,236  
    Total operating expenses   37,356       32,714       154,614       78,555  
    Operating income   27,634       37,123       130,622       110,078  
    Interest expense   (29 )     (108 )     (256 )     (1,240 )
    Interest income   2,849       1,293       9,405       3,304  
    Foreign currency exchange gains (losses), net   (754 )     4,239       (1,233 )     2,086  
    Government grants   8       438       37       911  
    Others, net   678       (137 )     2,039       (144 )
    Income before income taxes   30,386       42,848       140,614       114,995  
    Income tax expense   573       (7,273 )     (14,806 )     (20,887 )
    Net income $ 30,959     $ 35,575     $ 125,808     $ 94,108  
    Net income attributable to ordinary shareholders   30,959       35,575       125,808       94,108  
    Foreign currency translation adjustment, net of nil income taxes   (715 )     232       (1,266 )     (278 )
    Net unrealized gains (losses) on available-for-sale investments   (12 )     —       7       —  
    Intra-entity foreign currency transactions gain (loss)   (2,565 )     —       (2,565 )     —  
    Release of foreign currency translation reserve related to liquidation of subsidiaries   (838 )     —       (838 )     —  
    Total other comprehensive income (loss)   (4,130 )     232       (4,662 )     (278 )
    Comprehensive Income $ 26,829     $ 35,807     $ 121,146     $ 93,830  
    Net income per ordinary share              
    —Basic $ 0.76     $ 0.87     $ 3.06     $ 2.31  
    —Diluted $ 0.76     $ 0.87     $ 3.05     $ 2.30  
    Weighted average number of ordinary shares outstanding used in computing net income per ordinary share              
    —Basic   40,869,106       40,770,882       41,079,672       40,788,448  
    —Diluted   40,944,311       40,901,772       41,201,026       40,922,590  
                                   
     
    GigaCloud Technology Inc
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
       
      Year Ended
    December 31,
      2024   2023
    Cash flows from operating activities:      
    Net income $ 125,808     $ 94,108  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   8,524       2,873  
    Share-based compensation   16,825       2,503  
    Operating lease   29,282       2,485  
    Changes in accounts receivables, net   (234 )     (5,058 )
    Changes in inventories   (46,875 )     (16,514 )
    Changes in prepayments and other assets   (1,665 )     (9,249 )
    Changes in accounts payable, accrued expenses and other current liabilities   38,188       46,258  
    Changes in contract liabilities   (992 )     1,473  
    Changes in income tax payable   (1,023 )     10,977  
    Changes in deferred income taxes   (11,462 )     398  
    Other operating activities   1,702       3,198  
    Net cash provided by operating activities   158,078       133,452  
    Cash flows from investing activities:      
    Cash paid for purchase of property and equipment   (15,536 )     (4,380 )
    Cash received from disposal of property and equipment   2,103       462  
    Acquisitions, net of cash acquired   —       (86,629 )
    Purchases of investments   (73,831 )     —  
    Sale and maturities of investments   31,845       —  
    Net cash used in investing activities   (55,419 )     (90,547 )
    Cash flows from financing activities:      
    Repayment of finance lease obligations   (1,726 )     (2,212 )
    Repayment of bank loans   —       (197 )
    Repurchases of ordinary shares   (23,243 )     (1,594 )
    Net cash used in financing activities   (24,969 )     (4,003 )
    Effect of foreign currency exchange rate changes on cash and restricted cash   (1,414 )     190  
    Net increase in cash and restricted cash   76,276       39,092  
    Cash and restricted cash at the beginning of the year   184,168       145,076  
    Cash and restricted cash at the end of the year $ 260,444     $ 184,168  
    Supplemental disclosure of cash flow information      
    Cash paid for interest expense   256       1,240  
    Cash paid for income taxes   26,301       9,512  
    Non-cash investing and financing activities:      
    Purchase of property and equipment under finance leases   767       —  
    Reversal of subscription receivable from ordinary shares   —       312  
    Fair value of assets acquired by acquisition   —       273,086  
    Cash paid for business combinations and asset purchases   —       87,568  
    Liabilities assumed by acquisition   —       (185,518 )
                   
     
    GigaCloud Technology Inc
    UNAUDITED RECONCILIATION OF ADJUSTED EBITDA
    (In thousands, except for per share data)
           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024   2023   2024   2023
      (In thousands)
    Net income $ 30,959     $ 35,575     $ 125,808     $ 94,108  
    Add: Income tax expense   (573 )     7,273       14,806       20,887  
    Add: Interest expense   29       108       256       1,240  
    Less: Interest income   (2,849 )     (1,293 )     (9,405 )     (3,304 )
    Add: Depreciation and amortization   2,271       1,723       8,524       2,873  
    Add: Share-based compensation expense   1,245       429       16,825       2,503  
    Add: Non-recurring items(1)   (180 )     —       128       —  
    Adjusted EBITDA $ 30,902     $ 43,815     $ 156,942     $ 118,307  

    _____________________
    (1)  One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.

     
    UNAUDITED RECONCILIATION OF ADJUSTED EPS – DILUTED
           
      Three Months Ended
    December 31,    		   Year Ended
    December 31,
      2024   2023   2024   2023
    Net income per ordinary share – diluted $ 0.76     $ 0.87     $ 3.05     $ 2.30  
    Adjustments, per ordinary share:              
    Add: Income tax expense   (0.01 )     0.18       0.36       0.51  
    Add: Interest expense   —       —       0.01       0.03  
    Less: Interest income   (0.07 )     (0.03 )     (0.23 )     (0.08 )
    Add: Depreciation and amortization   0.05       0.04       0.21       0.07  
    Add: Share-based compensation expenses   0.02       0.01       0.41       0.06  
    Add: Non-recurring items(1)   —       —       —       —  
    Adjusted EPS – diluted $ 0.75     $ 1.07     $ 3.81     $ 2.89  
                   
    Weighted average number of ordinary shares outstanding – diluted   40,944,311       40,901,772       41,201,026       40,922,590  

    _____________________
    (1)  One of our fulfillment centers in Japan experienced a fire in March 2024. The fire destroyed our inventories located within the fulfillment center. We recognized losses of $2.0 million as a result of the fire in 2024. Based on the provisions of our insurance policies, the gross losses were reduced by the insurance proceeds received $1.9 million from our insurance carrier for the claim. We do not believe such losses to be recurring or frequent in nature.

    _____________________

    1 Adjusted EBITDA is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EBITDA” set forth at the end of this press release.

    2 Adjusted EPS – diluted is a non-GAAP financial measure. For more information on the non-GAAP financial measure, please see the section of “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of Adjusted EPS – diluted” set forth at the end of this press release.

    3 GigaCloud Marketplace GMV means the total gross merchandise value of transactions ordered through our GigaCloud Marketplace including GigaCloud 3P and GigaCloud 1P, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

    4 3P seller GigaCloud Marketplace GMV means the total gross merchandise value of transactions sold through our GigaCloud Marketplace by 3P sellers, before any deductions of value added tax, goods and services tax, shipping charges paid by buyers to sellers and any refunds.

    5 Active 3P sellers means sellers who have sold a product in GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

    6 Active buyers means buyers who have purchased a product in the GigaCloud Marketplace within the last 12-month period, irrespective of cancellations or returns.

    7 Spend per active buyer is calculated by dividing the total GigaCloud Marketplace GMV within the last 12-month period by the number of active buyers as of such date.

    The MIL Network –

  • MIL-OSI: Rigetti Computing to Participate in Fireside Chat at Cantor Global Technology Conference

    Source: GlobeNewswire (MIL-OSI)

    BERKELEY, Calif., March 03, 2025 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (Nasdaq: RGTI) (“Rigetti” or the “Company”), a pioneer in full-stack quantum-classical computing, announced today that Rigetti CEO, Dr. Subodh Kulkarni, will be participating in a fireside chat at the Cantor Global Technology Conference on March 12, 2025.

    Information for the event is as follows:

    Webcast registration link: https://sqps.onstreamsecure.com/origin/enliven/players/EnlivenPlayer.html?customerId=22&eventId=59290576&checkCompany=1&checkEmail=1&checkName=1
    Presentation date: Wednesday, March 12, 2025
    Time: 8:40 AM – 9:15 AM ET

    Investors can view a live webcast of the event by visiting the “Events” section of Rigetti’s Investor Relations website at https://investors.rigetti.com. A replay will be available at the same location for 180 days following the conclusion of the event.

    About Rigetti
    Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. In 2021, Rigetti began selling on-premises quantum computing systems with qubit counts between 24 and 84 qubits, supporting national laboratories and quantum computing centers. Rigetti’s 9-qubit Novera™ QPU was introduced in 2023 supporting a broader R&D community with a high-performance, on-premises QPU designed to plug into a customer’s existing cryogenic and control systems. The Company’s proprietary quantum-classical infrastructure provides high-performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.

    Rigetti Computing Media Contact:
    press@rigetti.com

    The MIL Network –

  • MIL-OSI United Nations: Food prices soar as Israel blocks aid into Gaza

    Source: United Nations 2

    Humanitarian Aid

    Israel’s move to prevent all aid from entering the Gaza Strip after Hamas reportedly refused to accept a plan to continue with phase one of the fragile ceasefire has had an immediate impact, including a 100-fold increase in the price of flour and vegetables.

    That’s according to the UN aid coordination office, OCHA, which said on Monday that the Kerem Shalom, Erez and Zikim crossing closures means that vital humanitarian assistance, including thousands of tents, can’t be delivered to civilians in need.

    Phase one of the ceasefire mediated by Egypt, Qatar and the US expired on Saturday, with Hamas calling on Israel to move on to the next agreed phase – but Israel is calling instead for a continuation of phase one through the end of the Holy Month of Ramadan in line with a proposal from the top US envoy to the region.

    January’s ceasefire deal has seen the release of 33 Israeli hostages who’ve been held captive since the 7 October terror attacks, with around 1,900 Palestinian prisoners exchanged.

    “The ceasefire has provided the opportunity to distribute food, to distribute water, as well as shelter assistance and medical aid, allowing nearly everyone in Gaza to receive food parcels,” said UN Spokesperson Stéphane Dujarric, briefing reporters in New York.

    “Our humanitarian partners tell us that following the closure of the crossings into Gaza yesterday, flour and vegetable prices increased more than 100-fold. Partners are currently assessing the stocks that are currently available,” he added.

    Ceasefire, ‘a critical lifeline’: UNICEF    

    The UN children’s agency, UNICEF, warned that the stoppage of aid deliveries into Gaza will quickly lead to devastating consequences for children and families who are simply struggling to survive.

    “The aid restrictions announced yesterday will severely compromise lifesaving operations for civilians,” said Edouard Beigbeder, UNICEF Regional Director for the Middle East. “It is imperative that the ceasefire – a critical lifeline for children – remains in place, and that aid is allowed to flow freely so we can continue to scale up the humanitarian response.”

    The agency said that between 19 January and last Friday, almost 1,000 UNICEF trucks had crossed into the enclave carrying clean water, medical supplies, vaccines, therapeutic food and other materials.

    Since the start of the ceasefire on 19 January, UNICEF and partners have provided warm clothing to 150,000 children in Gaza and increased daily water distribution for nearly half a million people living in more remote areas, Mr. Dujarric said.

    Nearly 250,000 children and thousands of pregnant and breast-feeding mothers have received nutritional supplements since the ceasefire took effect.

    Over the past two weeks, in Rafah, Khan Younis and Deir al Balah, aid partners have distributed vegetable seed kits for gardening to try and encourage more diverse diets.

    Around 1,500 water distribution points are now operating across Gaza – double the number operational at the start of the ceasefire. “However, partners tell us that pipes and spare parts for maintenance are urgently needed,” said Mr. Dujarric.

    Classrooms open

    Across Gaza, more than 100 public schools have reopened, allowing around 100,000 students back into the classroom.

    In Gaza City and North Gaza, UN partners will use tents to ensure children can continue learning, with some wood pallets recycled into school furniture.

    OCHA teams visited a displacement site in Khan Younis on Monday where around 1,200 people are staying. These communities have not been allowed to return to their homes, which are located in the buffer zone.

    OCHA is working to mobilise assistance to meet their needs.

    Meanwhile in the occupied West Bank, OCHA reports that ongoing operation by Israeli forces continues to drive humanitarian needs in northern areas. Humanitarian partners continue to face movement restrictions.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Laws to keep firearms out of the wrong hands come into force

    Source: New Zealand Government

    Changes to the Firearms Prohibition Order (FPO) regime take effect today (Sunday 2 March).
     Associate Justice Minister Nicole McKee says the Firearms Prohibition Order regime has been expanded to help Police to keep firearms out of the hands of gangs and other high-risk offenders. 
    “This is part of our commitment to reduce violent crime, restore law and order, and keep communities safe.
     “Our changes target gangs and organised crime groups. We have expanded the qualifying criteria for the court to make an FPO, given police a new search power to monitor compliance with an FPO, and established a process which allows an FPO to be modified or removed,” Mrs McKee says.
     Minister for Police Mark Mitchell says changes to the Act strengthen the existing FPO regime by sending a strong message that the Government is committed to addressing violent crime and enforcing consequences for gangs.
     “This Government takes law and order seriously and we have shown we will not back down. These changes complement other tools we’ve already given Police to disrupt gangs and organised crime,” Mr Mitchell says.
     “The changes in the Act mean courts will be able to issue FPOs to any gang member or associate convicted of a significant offence, and Police will have practical tools to ensure people with FPOs are complying with them.”
     Firearms Prohibition Orders (FPOs) are made by the court when offenders have committed serious violent offences. They are in force for 10 years – prohibiting offenders from holding a firearms licence, and from being around or accessing firearms. Breaching the conditions of an FPO is a criminal offence, and offenders that do breach conditions can be liable for up to seven years in prison.
     “This is not an extra punishment. It is about monitoring compliance with the order that has already been placed upon them, and of course, the ultimate outcome is about making our communities safer,” Mrs McKee says.
     

    MIL OSI New Zealand News –

  • MIL-OSI Security: Federal Prosecutors Charge 126 Previously Removed Illegal Aliens, Many with Felony Criminal Records, with Illegally Re-Entering the U.S.

    Source: Office of United States Attorneys

    LOS ANGELES – Working with U.S. Immigration and Customs Enforcement and other federal law enforcement partners, federal prosecutors in recent weeks filed charges against 126 defendants who allegedly illegally re-entered the United States after being removed, the Justice Department announced today.

    Many of the defendants charged in this operation were previously convicted of felony offenses before they were removed from the U.S., offenses that include manslaughter and crimes against children.

    Filed as part of immigration enforcement activities  across the region over the past week, the criminal cases charge each defendant with being an illegal alien found in the United States following a previous removal from the United States. The criminal complaints and indictments were filed in federal court in Los Angeles, Santa Ana, and Riverside. The recently filed illegal re-entry cases resulted in nearly three dozen arrests over the past week.

    The crime of being found in the United States following removal carries a base sentence of up to two years in federal prison, defendants who were removed after being convicted of a felony face a maximum 10-year sentence, and defendants removed after being convicted of an aggravated felony face a maximum of 20 years in federal prison.

    “The U.S. Attorney’s Office is enforcing long-standing immigration laws, and Illegal aliens who defy lawful removal orders by returning to this nation will be prosecuted,” said Acting United States Attorney Joseph T. McNally. “These charges promote respect for the immigration laws. The individuals charged over the past week include sex offenders, narcotics dealers, violent criminals, and others who pose a danger to the public.”

    “This result represents a brand new, whole-of-government approach to immigration enforcement,” said Homeland Security Investigations (HSI) Los Angeles Acting Special Agent in Charge John Pasciucco. “Our primary goal, along with our federal law enforcement partners, is to ensure those who commit transnational crimes such as drug trafficking, financial fraud and child exploitation can no longer commit it in the U.S.”

    Some of the recently filed cases are summarized below with information contained in court documents. Most of these defendants were arrested February 23. Each of these defendants are Mexican nationals.

    • Ricardo Reynoso-Garcia, 59, of Arleta, was convicted in federal court of illegal reentry into the United States in September 2013 and sentenced to 46 months in prison. He was separately removed four other times between 1984 and 2018. Reynoso-Garcia was convicted in Los Angeles Superior Court of voluntary manslaughter in January 1995 and sentenced to 24 years in prison. He also was convicted in U.S. District Court of fraud and misuse of visas in April 2017 and sentenced to 18 months in prison.
    • Oscar Parra-Reyes, 50, of El Monte, was removed four previous times between 1995 and 2006. He was convicted in Los Angeles Superior Court in February 1993 for sale/transportation of marijuana and sentenced to two years in prison. He subsequently was convicted in Los Angeles Superior Court of unlawful sexual intercourse with a minor, corporal injury to a child’s parent and being a felon in possession of a firearm.
    • Luis Roberto Calderon Collantes, 52, of Rialto, was removed from the United States in August 2021 following his February 2017 conviction in San Bernardino County Superior Court for transporting methamphetamine, a felony offense for which he was sentenced to five years in California state prison. In March 2024, Collantes was found in the United States when FBI agents identified his fingerprints on a package of fentanyl they obtained through an undercover purchase on the dark web, a package investigators believe originated from his Rialto home.
    • Valentin Vidal-Lopez, 35, of Granada Hills, was removed from the United States in April 2018. He was convicted of attempted murder in January 2011 in Los Angeles County Superior Court and was sentenced to 10 years in California state prison. According to court documents, immigration authorities were notified on January 26 that Vidal-Lopez was in the custody of the Ventura County Sheriff’s Office after his arrested on the charges of resisting, delaying or obstructing a peace officer, DUI alcohol, and possessing a forged driver’s license. At the time of his arrest, Vidal-Lopez allegedly ignored officer commands to step out of his vehicle and then began to drive away. Vidal-Lopez allegedly continued to ignore officer commands and verbally threatened to fight the officers. When taken into custody, Vidal-Lopez allegedly possessed a driver’s license and a Social Security card in other people’s names, along with a bogus lawful permanent resident card, commonly known as a “green card.”
    • Erasmo Hermosillo-Martin, 69, of Inglewood, was removed from the United States to Mexico in March 1994. He was convicted of kidnapping and terrorist threats in May 1991 in Los Angeles County Superior Court and was sentenced to five years and eight months in California state prison. On January 14, law enforcement was notified via the HSI Tipline that Hermosillo-Martin had returned to the United States.
    • Angel Navarro-Camarillo, 42, was removed from the United States four times between 2007 and 2021. He was convicted in Orange County Superior Court in August 2004 for lewd and lascivious acts upon a child under 14 and sentenced to five years’ probation and 202 days in jail. In October 2005, but his probation was revoked, and he was sentenced to three years in prison. Navarro-Camarillo was convicted in U.S. District Court in February 2019 for being an illegal alien found in the United States following removal and was sentenced to 46 months in prison.
    • Isidro Jimenez-Ibanez, 51, of Coachella, was arrested February 24. Jimenez-Ibanez was removed in 1995 following a conviction for possession for sale of methamphetamine in Riverside County Superior Court. According to the criminal complaint, Jimenez-Ibanez returned to the United States and was convicted in 2023 of assault with a deadly weapon in Riverside County.

    Criminal complaints and indictments contain allegations. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    The illegal re-entry cases filed as part of the past week’s immigration enforcement activities are being investigated by U.S. Immigration and Customs Enforcement and Homeland Security Investigations.

    The FBI; the Drug Enforcement Administration; the United States Marshals Service; U.S. Customs and Border Protection; the Bureau of Alcohol, Tobacco, Firearms and Explosives; and the State Department’s Diplomatic Security Service provided substantial support during the enforcement activities this week.

    The criminal cases are being prosecuted by Assistant United States Attorneys in the Domestic Security and Immigration Crimes Section and the General Crimes Section.

    MIL Security OSI –

  • MIL-OSI Security: Dominican Man Arrested for Fentanyl and Meth Conspiracy

    Source: Office of United States Attorneys

    Defendant allegedly possessed over 20 kilograms of controlled substances, pill press and six firearms hidden inside an alarmed trap wall closet, accessed via remote control

    BOSTON – A Dominican national residing in Lawrence has been arrested and charged for his alleged involvement in a North Shore-based drug trafficking organization (DTO) that distributed fentanyl and methamphetamine supplied by the Sinaloa Cartel.

    Leury Then Rosario, 33, was charged with conspiracy to distribute and to possess with intent to distribute 400 grams or more of fentanyl and methamphetamine. Rosario was arrested on Feb. 25, 2025 and was ordered detained pending a hearing scheduled for March 7, 2025.

    “The alleged discovery of this defendant’s hidden trap wall concealing a stockpile of narcotics and weapons lays bare the dangerous reality of drug trafficking today: fentanyl and methamphetamine are flooding our communities, protected by deadly firepower,” said United States Attorney Leah B. Foley. “Drug traffickers are adapting, but so are we. This office, alongside our law enforcement partners, will continue to dismantle these criminal networks piece by piece, ensuring those who peddle poison in our communities face the full force of justice.”

    “Those who choose to distribute fentanyl, especially fake pills containing the drug, endanger their customers as well as the general public. Maintaining public safety requires that they be investigated and prosecuted aggressively,” said Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, New England Field Division. “We work closely each day with our law enforcement partners to target those who seek to profit from the sale of deadly substances.”

    “The Massachusetts State Police has committed investigatory, intelligence and tactical resources in support of the DEA Strike Force, knowing that it could yield enormous results for the communities we serve,” said Massachusetts State Police Colonel Geoffrey Noble. “This arrest, the second successful operation in as many weeks, is a culmination of a complex investigation by local, state and federal partners. Their results and the decision to prosecute these offenses reinforce our shared belief that criminal gangs, illegal guns and illicit drugs have no place in Massachusetts. We remain steadfast in our commitment to ensuring the safety and security of our communities.”

    According to the charging documents, in January 2023, an investigation began into a DTO operating on the North Shore area of Massachusetts that was being supplied with fentanyl and methamphetamine by an organization based in Sinaloa. The investigation allegedly identified Rosario to be a Lawrence-based drug trafficker operating as part of the DTO.  

    Immediately following Rosario’s arrest on Feb. 25, 2025, search warrants were executed at his primary residence and an alleged stash location in Lawrence, Mass. It is alleged that the stash location purported to be a multiservice business with an empty retail counter in the front room. The back room allegedly contained two large casino-style poker tables and video poker-type machines. A high-end video surveillance system was allegedly overserved operating throughout the first floor as well as outside. According to court filings, the basement storage room of the stash location contained two large, locked storage boxes that contained equipment commonly used in drug processing or manufacturing: respirators; gloves; drug packaging materials; scales; blenders; and other tools.

    According to court documents, a small remote control with an extendable antenna was also allegedly found. When law enforcement actuated the remote control, an audible alarm sounded and a trap wall within the storage area opened – revealing a hidden closet that allegedly contained, among other things:

    • Over 16 kilograms of counterfeit pills, in various colors and sizes, containing controlled substances;
    • A brick-shaped object of a white powdery substance, weighing approximately one kilogram, that field tested positive for the presence of cocaine;
    • Over two kilograms of suspected fentanyl pressed into 10-gram units, commonly referred to as “fingers” in retail drug trafficking;
    • Over two kilograms of suspected fentanyl powder in large bags;
    • Over 25 pounds of loose powders in various colors, believed to include cutting agents used with narcotics;
    • A commercial pill press used to press counterfeit pills, including over 50 pill die casts with designs to counterfeit Percoet, Xanax, Adderall and others;
    • Multiple kilogram presses, as well as branded stamps used to imprint logos onto kilograms of narcotics; 
    • One Glock Model 33 .357 caliber semiautomatic handgun loaded with six rounds of ammunition;
    • One High Point .380 caliber semiautomatic handgun loaded with eight rounds of ammunition;
    • One Ruger .380 caliber semiautomatic handgun loaded with six rounds of ammunition;
    • Two Glock-style personally made firearms (also known as “ghost guns”) with no serial numbers loaded with 10 and nine rounds of ammunition respectively; and;
    • One AR-15 style rifle with a .458 SOCOM caliber, loaded with eight rounds of ammunition.
       

    The charge of conspiracy to distribute and to possess with intent to distribute 400 grams or more of fentanyl and methamphetamine provides for a sentence of at least 10 years and up to life in prison, at least five years and up to a lifetime of supervised release and a fine of up to $10 million. The defendant is subject to deportation upon completion of any sentence imposed. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    U.S. Attorney Foley, DEA Acting SAC Belleau and MSP Colonel Noble made the announcement. Valuable assistance was provided by the Natick, Newton, Waltham, Brookline and Lawrence Police Departments. Assistant U.S. Attorney Charles Dell’Anno of the Narcotics & Money Laundering Unit is prosecuting the case.

    This operation is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) Strike Force Initiative, which provides for the establishment of permanent multi-agency task force teams that work side-by-side in the same location. This co-located model enables agents from different agencies to collaborate on intelligence-driven, multi-jurisdictional operations to disrupt and dismantle the most significant drug traffickers, money launderers, gangs, and transnational criminal organizations. OCDETF identifies, disrupts and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI –

  • MIL-OSI Security: Pulled Over for a Suspended Driver’s License, Convicted Felon Faces Up to 15 Years for Possessing Firearm

    Source: Office of United States Attorneys

    PORTLAND, Maine: A Millinocket man pleaded guilty today in U.S. District Court in Portland to being a felon in possession of a firearm.

    According to court records, in March 2023, an officer with the East Millinocket Police Department ran a registration check on a vehicle and discovered that it was registered to someone with a suspended driver’s permit. The officer stopped the vehicle, and a confrontation ensued between the officer and the driver, Jeffrey Barnard, 61. Barnard was arrested with the assistance of a second officer and a private citizen. As he was searched, a .22 caliber revolver was found in his jacket pocket. Barnard is precluded from possessing a firearm due an extensive criminal history, which includes a 2017 conviction in the U.S. District Court for being a felon in possession of a firearm in a case that stemmed from an armed standoff with police in Ellsworth.

    Barnard faces up to 15 years imprisonment and a maximum $250,000 fine to be followed by up to three years of supervised release. He will be sentenced after the completion of a presentence investigation report by the U.S. Probation Office. A federal district judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) investigated the case with assistance from the East Millinocket Police Department.

    ###

    MIL Security OSI –

  • MIL-OSI USA: Oregon Delegation Demands Reversal of Trump Attacks on Programs Serving Tribal Communities

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    March 03, 2025
    Washington, D.C. – Oregon’s U.S. Senators Jeff Merkley and Ron Wyden—along with U.S. Representatives Suzanne Bonamici (OR-01), Val Hoyle (OR-04), Andrea Salinas (OR-06), Maxine Dexter (OR-03), and Janelle Bynum (OR-05)—joined over 100 Members of Congress to demand that the Trump Administration stop and reverse its dangerous efforts to fire employees and defund programs that serve Tribes and Tribal members.
    The lawmakers directed President Donald Trump, U.S. Department of the Interior Secretary Doug Burgum, and U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy, Jr. to “take immediate action to halt, exempt, and reverse the impacts to federal employees and funding serving Indian Country, as those positions and programs are essential for the administration of legally mandated Tribal programs and services.”
    Outlining the impact of the Trump administration’s actions to-date, the lawmakers further wrote, “Your administration’s recent executive actions undermine Tribal sovereignty, existing federal law, and the federal-Tribal government-to-government relationship.”
    “In the past month, your administration has taken aim at thousands of federal workers across various government agencies. Reports indicate that this includes more than 2,600 federal employees at the Department of Interior, including more than 100 Bureau of Indian Affairs (BIA) employees, more than 40 Bureau of Indian Education (BIE) employees, several employees at the Office of Indian Affairs, as well as social workers, firefighters, and police that work on behalf of Indian Country, plus some 950 Indian Health Service (IHS) employees at the Department of Health and Human Services,” the lawmakers continued.
    The lawmakers further reminded the President and Secretary Burgum that “Tribal Nations are sovereign governments with a unique legal and political relationship to the United States. The inherent sovereignty of Tribes is recognized in the U.S. Constitution, in treaties, and across many federal laws and policies, and it has been consistently upheld by the U.S. Supreme Court.”
    “These trust and treaty obligations in some cases predate both the establishment of all of the agencies in question as well as the United States itself. Pursuant to those legal obligations, we must adequately fund and staff agencies that provide these essential services and programs, including at BIA, BIE, and IHS,” the lawmakers stressed.
    The letter is the latest in a series of actions by the Oregon delegation to sound the alarm on the Trump Administration’s attacks on Tribal communities, including staffing shortages at the IHS, layoffs at the IHS, and wrongful searches and interrogations of Tribal members by Immigration and Customs Enforcement (ICE) agents.
    The full text of the letter is here.

    MIL OSI USA News –