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Category: Natural Disasters

  • MIL-OSI Security: Former Police Officer Charged with Conspiracy to Traffic Firearms

    Source: Office of United States Attorneys

    FRESNO, Calif. — A federal grand jury returned an indictment today against Corey Harris, 34, of Exeter, charging him with conspiracy to traffic firearms and unlawful dealing and manufacturing of firearms without a license, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, between 2021 and 2023, Harris, a peace officer with the California Department of Cannabis Control at the time of his arrest and a former officer with the Visalia Police Department, conspired with another individual to traffic in firearms. He conspired to transfer at least three firearms on three different occasions to a person he knew to be a felon, including a stolen AK-style rifle, a Glock handgun, and a privately manufactured machine gun. Privately manufactured firearms are also known as “ghost guns.”

    According to court documents, Harris used his status as a police officer to obtain firearms and firearms accessories that ordinary citizens could not purchase. He manufactured or directed the manufacture of firearms, including machine guns. Despite not having a federal firearms license, Harris was in the business of manufacturing and selling firearms.

    This case is the product of an investigation by the Bureau of Alcohol, Tobacco, Firearms and Explosives, with assistance from the Fresno Police Department, the Selma Police Department, the California Department of Cannabis Control, the California Department of Justice, and the Visalia Police Department. Assistant U.S. Attorney Robert L. Veneman-Hughes is prosecuting the case.

    If convicted of conspiracy to traffic firearms, Harris faces a maximum statutory penalty of 15 years in prison and a $250,000 fine. If convicted of unlawful dealing and manufacturing of firearms without a license, Harris faces a maximum penalty of five years in prison and a $250,000 fine. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

    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 U.S. Department of Justice launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI –

    January 31, 2025

  • MIL-OSI United Kingdom: Government launches “national conversation” on land use

    Source: United Kingdom – Executive Government & Departments 2

    The Government has launched a consultation on a new approach to Land Use empowering decision makers with the toolkit to protect the most productive agricultural land and boost food security.

    • New sophisticated data on how land is used will underpin the Government’s Plan for Change, supporting economic growth through building 1.5 million homes and delivering critical infrastructure, securing clean power, protecting farmland and restoring the natural world.     

    • The consultation will seek views from farmers, landowners, businesses and nature groups across the length and breadth of the country.      

    The Government is today (Friday 31 January) launching a consultation on a new strategic approach to managing land use in England to give decision makers the data they need to protect our most productive agricultural land, boosting Britain’s food security in a time of global uncertainty and a changing climate.   

    This will support the Government’s missions under the Plan for Change, including delivering new housebuilding, energy infrastructure and new towns.    

    Using the most sophisticated land use data ever published, the Land Use Framework will provide the principles, advanced data and tools to support decision-making by local government, landowners, businesses, farmers, and nature groups to make the most of our land. This will help deliver the different objectives we have for England’s finite land, including growing food, building 1.5 million homes this parliament, and restoring nature.      

    As part of a national conversation, there will be workshops across the country, bringing farmers and landowners to the table, to put the insights of the people who manage our landscapes at the centre of our work to develop a final Land Use Framework.     
         
    Protecting UK food security and pursuing our mission for economic growth go hand-in-hand – with the highest quality agricultural land already protected for food production whilst kickstarting the economy by building new housing and rolling out renewable energy to make the UK a clean energy superpower.     

    Local planning will benefit from data outlined in the Land Use Framework, combined with the energy and housing spatial plans and a new food strategy. This will ensure we build 1.5 million new homes over five years, a generation of new towns, and the energy infrastructure needed to achieve Clean Power by 2030, while protecting food security and our natural world.    

    Speaking at the launch at the Royal Geographical Society, the Secretary of State for the Environment Steve Reed will set out how we will protect farmland and unlock growth.   

    He is expected to say:    

    Today is the start of a national conversation to transform how we use land in this country. It’s time for policy to leave the chambers of Westminster and reflect the actual lived experiences of farmers, landowners and planners on the ground.    

    Using the most sophisticated land use data ever published, we will transform how we use our land to deliver on our Plan for Change. That means enabling the protection of prime agricultural land, restore our natural world and drive economic growth.   

    This framework will not tell people what to do.    

    It is about working together to pool our knowledge and resources, to give local and national government, landowners, businesses, farmers and nature groups the data and tools they need to take informed actions that are best for them, best for the land, and best for the country.

    Speaking about farmland, he will go on to say:    

    This Government has a cast-iron commitment to maintain long-term food production.

    The primary purpose of farming will always be to produce food that feeds the nation.

    This framework will give decision makers the toolkit they need to protect our highest quality agricultural land.

    This vision for land is one in which we guarantee our long-term food security and future-proof our farm businesses, support new housebuilding and energy infrastructure, and reduce conflicts that hold up development by creating land with multiple benefits – supporting economic growth on the limited land we have available.       

    The Framework will help farm businesses to maximise the potential of multiple uses of land, supporting long-term food production capacity and unlocking opportunities for businesses to drive private finance into the sector. It will support the need to incentivise multi-functional land use that includes food production.     

    We will also consult on how data can be used in some planning decisions to improve the resilience of our food system to flooding risk. 

    Deputy Prime Minister and Housing Secretary, Angela Rayner said:

    Today marks an important step forward in our journey to build the 1.5 million new homes that we desperately need.   

    This new approach will make better use of our land and grasp the opportunities to deliver new homes and infrastructure in the areas most in need, achieving win-win results for both development and the environment.          

    Our Plan for Change is going even further to dismantle the barriers holding back growth, so we can raise living standards, get more families onto the property ladder, and deliver a better future for our children and grandchildren.

    Energy Secretary Ed Miliband said:   

    The biggest threat to nature and food security is the climate crisis, which threatens our best farmland, food production and the livelihoods of farmers.  

    As we deliver our mission for the UK to become a clean energy superpower as part of the Plan for Change, we will ensure a proper balance between food security, nature preservation and clean energy.  

    We can roll out renewables in a way that is both positive for our energy security and our environment.

    Sue Pritchard, Chief Executive, Food, Farming and Countryside Commission said:   

    With so many of the government’s missions reliant on good land use decisions, Steve Reed’s announcement today could not be more timely. Setting out clear principles, and working across government departments, we’re pleased to see that the land use consultation focuses on mechanisms for delivery. Our work in Devon and Peterborough and Cambridgeshire proves that farmers and land managers, communities, local authorities, green groups and businesses are keen to work together to help shape a Land Use framework.

    The next stages of development will involve extensive sector engagement in a collaborative process as we design a final Land Use Framework – informed by the views of landowners, businesses, farmers, and nature groups. This evidence will also feed into the wider reform that we are delivering in the sector through the Farming Roadmap and Food Strategy.       

    The consultation will run for 12 weeks with the final Land Use Framework published later in the year. This will deliver a key manifesto commitment as part of our Plan for Change.       

    Notes to editors:          

    • To read the consultation document in full, visit: https://www.gov.uk/government/consultations/land-use-in-england  *The link will be live at 11am on Friday 31 January.      

    Quotes pack:  

    Tim Hopkin, Chief Executive of the Land App:   

    The Land Use Framework offers a once-in-a-lifetime opportunity to enhance national resilience, drive sustainable economic growth, and position the UK as a global leader in land management. By uniting all stakeholders with a clear, consistent approach, it ensures taxpayer money is spent efficiently — optimising Defra resources, empowering land managers to deliver impactful outcomes, and securing long-term prosperity in the face of growing climate uncertainty. 

    Lydia Collas, head of natural environment at Green Alliance, said:  

    With weather extremes having a major impact on harvests, it’s an important step to clearly set out how we’ll secure our food supply, tackle climate change, and restore nature in a Land Use Framework. Reforms to farming policy are at a critical stage, and we need a framework to support evidence-based decisions about how the farming budget is spent. This should help direct farm payments to those that have the biggest part to play in restoring nature, while ensuring we continue to produce high-quality food and don’t export more of the environmental costs of what we eat.

    Forestry Commission Chair Sir William Worsley said:  

    There has never been a more crucial time to invest in domestic woodland creation.  

    The Land Use Framework will provide principles that promote this and outline the many benefits of woodland creation, including for climate change mitigation, nature recovery, timber production, water quality and quantity, as well as the multiple social benefits.  

    This will play a key role in meeting statutory tree cover and biodiversity targets as well as helping to address the urgent need for improved timber security.

    Tony Juniper, Chair of Natural England, said:   

    Too often the health of the natural environment, farming and ambitions for the built environment are presented as competing interests, with protecting Nature portrayed as a barrier to development and food security. The fact is though that we can and must do all these things, and by taking a more strategic view of how we use land, we can deliver against government’s stretching legal targets to halt and reverse nature decline, while also enabling the new homes and infrastructure the country needs, including renewable power and reservoirs, while at the same time protecting food security and building resilience to climate change impacts.   

    The Land Use Framework is a vital step forward, offering opportunities to move beyond tired old binary choices, between housing and greenspace or Nature and food, and onto the more integrated thinking that we must embrace in meeting multiple pressing challenges all at once. This is a key policy that will unlock prospects for the restoration of Nature at larger scale, while at the same time meeting the country’s needs for housing, energy, water and food.

    Alan Lovell, Chair of the Environment Agency, said:    

    The Land Use Framework is hugely welcome as an important tool for making smarter decisions about how we use our land. It starts a vital national conversation about the scale of change needed over time to meet and reconcile environmental goals for water, climate and nature with food production, housing and development.  

    For example, by utilising low-grade agricultural land for natural flood management, we can reduce flood risk, enhance biodiversity, and create more sustainable landscapes. This kind of approach will help us meet the challenges of a changing climate while delivering real benefits for communities and the environment.

    Richard Benwell, CEO of Wildlife and Countryside Link, said: 

    Land in England is precious. We know that the way we use our little island must change to meet the challenges of the nature and climate crisis. For too long, competing land uses have been left to solve the jigsaw puzzle of England, without a picture on the front of the box to guide them. Ministers have an opportunity to ensure that the right players have all the pieces they need to make more space for nature, alongside sustainable food production and green infrastructure.  

    The Land Use Framework can help ensure all new development is wilder by design, expanding space for our wildlife to recover, and building nature into the heart of development. The test will be whether the final framework can actually influence the thousands of daily decisions that matter for nature, from big strategic development plans and Local Plans, right down to individual choices from chicken sheds to targeted incentives for nature-friendly farming.

    Becky Pullinger, head of land use planning at The Wildlife Trusts, says: 

    There’s never been a proper plan for managing the competing demands on land and the way that land is given over for development, for biofuels or for food production is haphazard at best. 

    The only way we’ll tackle climate change, nature loss, health problems and housing shortages is by thinking ahead about what land is used for and how it is used – because we can’t afford to solve one crisis at the expense of another.

    Done well, a Land Use Framework could provide a significant reset opportunity to meet all these challenges and deliver wins for nature recovery, the economy, a nature-friendly food supply and green energy.

    Beccy Speight, RSPB chief executive, said:

    The joined-up approach being taken to create this framework is exactly what’s needed to determine how we make best use of the limited land available in England. Delivering a future that safeguards nature, tackles climate change, ensures food security and resilient farm businesses, and enables sustainable development is the only sensible path. It’s possible to do all of this.

    The last year has seen record levels of flooding impacting farmers and land managers across the country, largely due to extreme weather. To tackle this, we must ensure this framework is aligned with the necessary incentives to support the adoption of more nature-friendly and climate resilient practices. This is only the start of what must be a national conversation, but the ambition to reconcile competing pressures and allow strategic decision making on how land is used will benefit everyone.

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    Updates to this page

    Published 31 January 2025

    MIL OSI United Kingdom –

    January 31, 2025

  • MIL-OSI USA: Sens. Johnson, Grassley Make Public Whistleblower Records Revealing DOJ and FBI Plot to Pin Trump in Jack Smith Elector Case

    US Senate News:

    Source: United States Senator for Wisconsin Ron Johnson

    WASHINGTON – Today, Permanent Subcommittee on Investigations Chairman Ron Johnson (R-Wis.) and Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) are releasing legally protected whistleblower disclosures that prove the genesis of the federal election interference case brought against President Trump began at the hands of a prolific anti-Trump FBI agent who acted outside of established protocol for opening cases. 

    Internal FBI emails and predicating documents provided to Grassley and released jointly by the two senators show Timothy Thibault, a former FBI Assistant Special Agent in Charge (ASAC) who was fired from the Bureau after Grassley exposed his public anti-Trump bias, authored the initial language for what ultimately became Jack Smith’s federal case against Trump regarding the 2020 presidential election. Thibault took this action despite being unauthorized to open criminal investigations in his ASAC role. The FBI titled the ensuing investigation “Arctic Frost.” 

    Records further reveal Richard Pilger, an official in the Justice Department (DOJ)’s Public Integrity Section, reviewed and approved the FBI’s Arctic Frost investigation, authorizing DOJ to move forward with a full field criminal and Grand Jury investigation that ultimately transformed into the Trump elector case. Grassley published a 2021 report that raised concerns regarding Pilger’s troubling record at DOJ.

    Grassley in 2022 additionally questioned Thibault’s role at the FBI, writing, “I remain very concerned that political bias by a select group of Justice Department and FBI officials has infected the Justice Department’s and FBI’s usual process and procedure to open and pursue high-profile and politically charged investigations.” In November, Sens. Johnson and Grassley called on Jack Smith to preserve all records related to Trump-targeted investigations.

    The records released by Johnson and Grassley are linked below:

    Grassley provided an overview of the records in his opening statement during the Senate Judiciary Committee’s hearing on Kash Patel’s nomination to be FBI Director. Excerpts from Grassley’s opening statement follow:  

    “In my hand are a series of FBI emails.

    “The first is an email that Thibault sent to a subordinate agent on February 14, 2022.

    “He said, ‘Here is draft opening language we discussed.’  The draft opening was attached, and it included material that would later become part of Jack Smith’s elector case. 

    “The second email is a February 24, 2022, email from Thibault to John Crabb, a prosecutor in the U.S. Attorney’s Office for the District of Columbia, saying, ‘I had a discussion with the case team and we believe there to be predication to include former President of the United States Donald J. Trump as a predicated subject.’ This FBI case would later be codenamed Arctic Frost. 

    “The third email is a February 24, 2022, email from Thibault to John Crabb noting that Attorney General and FBI Director approval will be sought to open the case. 

    “The fourth email is a February 25, 2022, email from Thibault’s subordinate agents saying they added Trump, and others, as a criminal subject to the case. Thibault responded ‘Perfect.’ 

    “The fifth email is a March 22, 2022, email from Thibault emailing a version of an investigative opening for approval. This didn’t include President Trump as a criminal subject.   

    “The sixth email is an April 11, 2022, email from Thibault approving the opening of Arctic Frost.

    “The seventh email is an April 13, 2022, email from an FBI agent to Thibault stating that the FBI Deputy Director approved its opening. 

    “The eighth email on that same date had Thibault emailing John Crabb that the elector case was approved. Crabb responded, ‘Thanks a lot. Let’s talk next week.’ 

    “Between March 22 and April 13, other versions of the document opening the investigation existed, because a ninth email shows that the FBI General Counsel’s office made edits on March 25. 

    “Was Trump still removed as an investigative subject?  If so, which Justice Department and FBI officials – other than Jack Smith – later added him for prosecution? 

    “I expect the production of all records on this matter to better understand the full fact pattern and whether other records exist.”

    MIL OSI USA News –

    January 31, 2025

  • MIL-OSI USA: Volcano Watch — Announcing 2025 Volcano Awareness Month Art & Poetry Contest Winners

    Source: US Geological Survey

    Volcano Watch is a weekly article and activity update written by U.S. Geological Survey Hawaiian Volcano Observatory scientists and affiliates.

    Winners of the Island of Hawaiʻi Volcano Awareness Month 2025 Art Contest. Upper left, Linda Hansen from Pāhoa, submitted a painting titled “Kīlauea welcomes Christmas 2024” that won in the adult division. In the lower left, Kaʻū High and Pāhala Elementary School 11th grader Añaza Nielsen won the high school category with their colored pencil artwork titled “Volcanic Activity,” which depicts the 2022 Mauna Loa eruption as a thermal image. The upper right shows “Lava Flow,” a watercolor and ink piece by Andrea Yanga, an 8th grader also attending Kaʻū High and Pāhala Elementary School who won in the middle school division. The lower right shows a lava pond created with construction paper by Milunaizarra Peltier, a 5th grader from Volcano School of Arts & Sciences, who won the elementary art division. USGS photo.

    Participants were invited to submit a poem in haiku format or art recognizing Hawaii’s volcanic landscapes in the following age divisions: elementary (kindergarten–5th grade), middle (6th–8th), high (9th–12th), and adult. Nearly 60 entries were received, most from kamaʻaina. 

    Beautiful depictions in words and art highlight the diverse range of geologic processes and hazards we experience as residents in Hawaii, including the most recent episodic eruption in Halemaʻumaʻu at the summit caldera of Kīlauea. Many entries also reference Pele, the Hawaiian elemental forces associated with volcanic activity, highlighting the cultural significance of Hawaii’s volcanic history. 

    In the elementary school category, Sunny Mallams, a 4th grader who lives in Honolulu, won with her haiku, “Mahalo Pele:”

              Lava shining bright

              Giving birth to Hawaii

              Mahalo Pele

    “Pele’s Domain,” a haiku by 6th grader Austin Kesterson, who lives on Oahu, won in the middle school category:

              Boom! Pele is here

              Her hair rises through the sky

              Fiery lava flows

    Ella Hillstead, a high schooler from San Francisco, California, won the high school haiku with “The Harmony of Hawaii:”

              Waves lap, sun sets on

              Board basalt plains of land forged

              By Pele’s fire

    Travis Paradea won the adult haiku category with the haiku below: 

              You take your shoes off

              When you enter someone’s home

              Even for Pele? 

    In the adult art category, Linda Hansen from Pāhoa, submitted a painting titled “Kīlauea welcomes Christmas 2024.” She wrote, “Kīlauea gave us a brilliant show on December 23, 2024, as the caldera began to glow. The glow illuminated the walls of the caldera as the plumes of gas rose into the predawn sky.”

    Students from Kaʻū High and Pāhala Elementary School won in the high and middle school art categories. Añaza Nielsen, in 11th grade, won with their colored pencil artwork titled “Volcanic Activity,” which they wrote depicts the 2022 Mauna Loa eruption. “This artwork represents the thermal camera view of the flowing rivers of lava coming down Mauna Loa. This artwork was inspired by seeing the glow of the eruption from my home during the night. This is represented through the colors I chose for this artwork.” 

    Andrea Yanga, an 8th grader, painted the winning middle school art, “Lava Flow,” using watercolors and ink. She wrote that it shows “an ancient eruption of Mauna Loa where the lava flowed from the mountain to the sea. The glow rises from the vapors of the lava touching the waters of the ocean. The artwork represents the beauty and radiance of these rivers of lava that formed Hawaii island.”

    Milunaizarra Peltier, a 5th grader from Volcano School of Arts & Sciences, won the elementary art division with her construction paper artwork depicting a lava lake. She wrote, “I drew a lava pond because people don’t draw lava ponds as much.”

    The votes were very close in many categories, and we appreciate every wonderful entry. Winners and a selection of other contestants will be on display at a scientific conference in Hilo during the second week of February. The conference theme is caldera-forming eruptions at basaltic volcanoes, such as what occurred at Kīlauea in 2018. 

    Gro Pederson, a geologist and postdoctoral fellow at the University of Iceland (and former USGS Hawaiian Volcano Observatory volunteer) will be giving a special After Dark in the Park presentation at Hawaiʻi Volcanoes National Park while here for the conference. Join Gro at 7 p.m. HST on February 6 at the Kīlauea Visitor Center Auditorium, as she summarizes several eruptions on the Reykjanes Peninsula in Southwest Iceland since 2021. Volcanic activity in Iceland, monitored by the Iceland Metrological Office, has hazards similar to those in Hawaii: earthquakes, opening of new fissure systems, lava flows, tephra fall, volcanic gas emissions, and land subsidence. 

    HVO voters were impressed and delighted by every entry in the art & poetry contest; mahalo again to everyone who participated in Volcano Awareness Month on the Island of Hawaiʻi in January 2025!

    Volcano Activity Updates

    Kīlauea is erupting. Its USGS Volcano Alert level is WATCH.

    The summit eruption at Kīlauea volcano that began in Halemaʻumaʻu crater on December 23 continued over the past week, with two eruptive episodes (6 and 7). Episode 6 was active from January 24 evening until the afternoon of January 25 and episode 7 was active from the evening of January 27 until the morning of January 28. Kīlauea summit has been inflating since episode 7 ended. Resumption of eruptive activity is possible within days if summit inflation continues at current rate. Sulfur dioxide emission rates are elevated in the summit region during active eruption episodes. No unusual activity has been noted along Kīlauea’s East Rift Zone or Southwest Rift Zone. 

    Mauna Loa is not erupting. Its USGS Volcano Alert Level is at NORMAL.

    Three earthquakes were reported felt in the Hawaiian Islands during the past week: a M2.3 earthquake 11 km (6 mi) ENE of Pāhala at 32 km (20 mi) depth on Jan. 28 at 10:13 a.m. HST, a M3.2 earthquake 2 km (1 mi) SW of Pāhala at 33 km (20 mi) depth on Jan. 28 at 8:11 a.m. HST, and a M2.6 earthquake 7 km (4 mi) W of Captain Cook at 6 km (4 mi) depth on Jan. 23 at 5:15 a.m. HST.

    HVO continues to closely monitor Kīlauea and Mauna Loa.

    Please visit HVO’s website for past Volcano Watch articles, Kīlauea and Mauna Loa updates, volcano photos, maps, recent earthquake information, and more. Email questions to askHVO@usgs.gov.

    MIL OSI USA News –

    January 31, 2025

  • MIL-OSI: Preferred Bank Announces Fire Relief Donations

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Jan. 30, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), (the “Bank”) one of the larger independent California banks, today reported that the Board of Directors had approved a significant donation to benefit fire relief efforts on the Los Angeles area.

    Li Yu, Chairman and CEO, commented, “The recent wildfires in Southern California have been devastating and one of the worst disasters in the history of Southern California. As a company headquartered in the heart of Los Angeles, the fires have been particularly impactful for many of our associates, clients and communities. To support recovery efforts, the Board and executive management have authorized a donation in the amount of $250,000 to be split among four organizations that provide resources and relief to those impacted.

    Those Organizations are:

    • Tzu-Chi – USA
    • Pasadena Community Foundation
    • Alliance for a Better Community
    • Los Angeles Fire Department Foundation

    “In addition, the Bank is also going to match any contribution any employee has already made, or will make, to the wildfire relief efforts on top of the $250,000 donation. The amount the Bank matches will be awarded to the organization the employee donated to. We are pleased to be able to make this contribution and look forward to helping the impacted communities of Southern California rebuild.”  

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    AT THE COMPANY:   AT FINANCIAL PROFILES:
    Edward J. Czajka   Jeffrey Haas
    Executive Vice President   General Information
    Chief Financial Officer   (310) 622-8240
    (213) 891-1188   PFBC@finprofiles.com

    The MIL Network –

    January 31, 2025

  • MIL-OSI Security: Rapid City Man Sentenced to Federal Prison for Two Years for Possessing Firearm While a Felon

    Source: Office of United States Attorneys

    RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Camela C. Theeler has sentenced a Rapid City, South Dakota, man convicted of Possession of a Firearm by a Prohibited Person. The sentencing took place on January 27, 2025.

    Cylis Chipps, 21, was sentenced to two years in federal prison, followed by three years of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

    Chipps was indicted for Possession of a Firearm by a Prohibited Person by a federal grand jury in October 2024. He pleaded guilty on November 20, 2024.

    On September 15, 2024, Chipps was discovered by law enforcement to be in possession of a pistol along with items that tested positive for methamphetamine. Chipps had previously been convicted of the felony crimes of possession of a controlled substance and stealing a firearm. It is unlawful for a person who has been convicted of a felony to thereafter possess a firearm.

    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.

    This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Rapid City Police Department. Assistant U.S. Attorney Benjamin Schroeder prosecuted the case.

    Chipps was immediately remanded to the custody of the U.S. Marshals Service. 

    MIL Security OSI –

    January 31, 2025

  • MIL-OSI USA: Kennedy announces new Appropriations subcommittee assignments for 119th Congress

    US Senate News:

    Source: United States Senator John Kennedy (Louisiana)
    WASHINGTON – Sen. John Kennedy (R-La.), a member of the Senate Appropriations Committee, today announced his roles on the funding panel’s subcommittees in the 119th Congress. 
    “It’s an honor and a privilege to represent Louisianians on the Senate Appropriations Committee. I will continue to advocate for the needs of our state through my work on subcommittees that cover disasters, energy, defense, flood mitigation projects, health care, education, transportation, commerce and science and other key issues,” said Kennedy.
    Kennedy’s Appropriations Committee roles now include: 
    Chair of the Subcommittee on Energy and Water Development,
    Member of the Subcommittee on Defense,
    Member of the Subcommittee on Homeland Security,
    Member of the Subcommittee on Labor, Health and Human Services, and Education and Related Agencies,
    Member of the Subcommittee on Transportation, Housing and Urban Development and Related Agencies
    and Member of the Subcommittee on Commerce, Justice, Science and Related Agencies. 
    Read more information on these subcommittees here. 

    MIL OSI USA News –

    January 31, 2025

  • MIL-OSI New Zealand: Decision reached on Dunedin Hospital

    Source: New Zealand Government

    The former Cadbury factory will be the site of the Inpatient Building for the new Dunedin Hospital and Health Minister Simeon Brown says actions have been taken to get the cost overruns under control. 
    “Today I am giving the people of Dunedin certainty that we will build the new Dunedin Hospital that will futureproof the provision of timely, quality healthcare for the people of Dunedin and the surrounding Otago and Southland regions. This will be a new, modern hospital, built at the former Cadbury factory site,” Mr Brown says. 
    “Last year, the Government invested $290 million towards the new Dunedin Hospital project, bringing the total funding for the project to $1.88 billion. Alongside this, the Government is investing a record additional $16.68 billion in health over three years.
    “All New Zealanders deserve to see better results for that record spend on health, including better health infrastructure, to ensure they have access to timely, quality healthcare. The Government has listened to the Dunedin community and is committed to build a new Dunedin Hospital to deliver the healthcare locals need.” 
    Upon opening, the new Dunedin Hospital will provide:

    351 beds, with capacity to expand to 404 beds over time 
    20 short-stay surgical beds, a new model of care 
    22 theatres, with capacity to expand to 24 theatres over time 
    41 same day beds to provide greater capacity for timely access to specialist and outpatient procedures 
    58 ED spaces, including a short-stay unit and specialised emergency psychiatric care 
    20 imaging units for CT, MRI and Xray procedures, with 4 additional spaces available for future imaging advancement.  

    In late September last year, the Government released Robert Rust’s independent review into the hospital project. The review found that the project was alarmingly off-track and over budget due to poor decision making and due diligence by the previous government.  
    “The Dunedin Hospital project was poorly handled under the previous government. They promised big, made poor decisions, and blew out the budget. We are focused on delivering a safe, modern hospital complex that Dunedin deserves,” Mr Brown says. 
    “There are few suitable sites for a new Dunedin Hospital to be located. The former Cadbury factory site purchased by the previous government has numerous construction challenges such as contamination, flood risk, and access issues. However, we are confident that these can be overcome, and it’s clear that using this site to build a new hospital would be far less disruptive than constructing a new complex at the existing hospital. 
    “Our review of the project means the hospital will be futureproofed for growth, with no change to the number of floors to be built. The new Dunedin Hospital will provide clinical staff with world-class facilities and is designed to meet the needs of the community. The site will also be futureproofed so new beds and services will be able to be brought online when needed. The new Dunedin Hospital will be able to adapt and expand in years to come to ensure it responds to changing needs.”   
    Further updates will be provided once the contracting process has been completed. 

    MIL OSI New Zealand News –

    January 31, 2025

  • MIL-OSI Security: Brockton Man Sentenced to 10 Years in Prison for Firearms and Fentanyl Charges

    Source: Office of United States Attorneys

    Seven firearms; 26 high-capacity magazines, thousands of rounds of ammunition; drugs found during search of defendant’s home

    BOSTON – A Brockton man was sentenced today in federal court in Boston for possession with intent to distribute fentanyl and possession of a firearm in furtherance of a drug trafficking offense.

    Shem Khattiya, 39, was sentenced by Senior District Court Judge Patti B. Saris to 10 years in prison to be followed by five years of supervised release. In October 2024, Khattiya pleaded guilty to a two count Superseding Information charging him with possession with intent to distribute 40 grams or more of fentanyl and possession of a firearm in furtherance of a drug trafficking crime.

    In An investigation into Khattiya began in 2023, and in March 2023, a search was conducted at Khattiya’s Brockton apartment where over 800 grams of fentanyl; at least seven different firearms (most of which were loaded, some were ghost guns and some with serial numbers and some assault rifles); 26 high capacity magazines; thousands of rounds of ammunition; a ghost gun creation kit; triggers; a hydraulic kilogram press; and other items used in the manufacturing of drugs and firearms and distribution of drugs were recovered in his bedroom. It has been determined that “triggers” may qualify as machine guns as the purpose was to convert semi-automatic weapons into automatic weapons.

    United States Attorney Leah B. Foley and Michael J. Krol, Special Agent in Charge of Homeland Security Investigations in New England made the announcement today. Valuable assistance was provided by the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Plymouth County District Attorney’s Office, the Brockton Police Department and the Massachusetts State Police. Assistant U.S. Attorney Lindsey E. Weinstein of the Criminal Division prosecuted 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. 
     

    MIL Security OSI –

    January 31, 2025

  • MIL-OSI Security: Rapid City Man Sentenced to Federal Prison for Possessing Firearm as a Felon

    Source: Office of United States Attorneys

    RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Camela C. Theeler has sentenced a Rapid City, South Dakota, man convicted of Possession of an Unregistered Firearm. The sentencing took place on January 23, 2025.

    Arlen Blackburn, 19, was sentenced to three years in federal prison, followed by three years of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund.

    Blackburn was indicted for Possession of a Firearm by a Prohibited Person and Possession of an Unregistered Firearm by a federal grand jury in July 2024. He pleaded guilty on November 1, 2024.

    In April 2024, Rapid City Police Department responded to a shots-fired report in town. Law enforcement located a vehicle that matched the description of a vehicle associated with the shots-fired report. The driver of the vehicle initially fled but later stopped and law enforcement discovered Arlen Blackburn inside as a passenger. Law enforcement learned that Arlen Blackburn had discharged a sawed-off shotgun earlier that day. The sawed-off shotgun barrel was far less eighteen inches in length. It is unlawful to possess an unregistered shotgun whose barrel is less than eighteen inches in length.

    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.

    This case was investigated by the Bureau of Alcohol, Tobacco, Firearms and Explosives and the Rapid City Police Department. Assistant U.S. Attorney Benjamin Schroeder prosecuted the case.

    Blackburn was immediately remanded to the custody of the U.S. Marshals Service.

     

    MIL Security OSI –

    January 31, 2025

  • MIL-OSI Security: Three Defendants Convicted of Killing a Security Guard and Wounding Three Others During the Armed Robbery of a Gambling Location in Brooklyn

    Source: Office of United States Attorneys

    Earlier today, a federal jury in Brooklyn convicted Charles Powell, Brian Castro and Musah Coward on four counts of a superseding indictment charging them with the firearm-related murder of Rodney Maxwell, discharging a firearm during a crime of violence, Hobbs Act robbery conspiracy and Hobbs Act robbery. Powell was also convicted of being a felon in possession of ammunition.  The charges stem from an armed robbery carried out by the defendants inside an illegal gambling spot located at 181 Hegeman Avenue in the Brownsville section of Brooklyn.  The verdict followed a three-week trial before U.S. District Judge Eric R. Komitee. When sentenced, the defendants each face a sentence of up to life in prison, with a mandatory minimum sentence of 10 years in prison.

    John J. Durham, United States Attorney for the Eastern District of New York, James E. Dennehy, Assistant Director in Charge, Federal Bureau of Investigation, New York Field Office (FBI) and Jessica S. Tisch, Commissioner, New York City Police Department (NYPD), announced the verdicts.

    “Today’s verdict delivers justice for the victims of this vicious and senseless crime that was driven by greed and carried out with a complete disregard for human life,” stated United States Attorney Durham. “The defendants are responsible for murdering Rodney Maxwell, who was gunned down in cold blood, and the carnage could have been even worse with the wanton shooting of terrified bystanders. I commend the prosecutors in my Office, our law enforcement partners and the jury for holding the defendants accountable for this violent robbery.”

    The evidence at trial proved that the defendants planned and carried out an armed robbery of an illegal gambling spot in Brownsville on October 7, 2020.  The defendants were driven to the Brooklyn location from New Jersey by Coward.  Powell and Castro entered the location while Coward waited outside in the car.  During the robbery, Powell and Castro each shot Maxwell, who had been providing security for location.  Castro shot Maxwell once in the back with a 9-millimeter pistol; and Powell shot him once in the chest with a .380 caliber pistol.  Maxwell later died from his gunshot wounds.  In addition, Powell indiscriminately fired into a crowd of individuals as they desperately attempted to escape the violence, hitting three men, all of whom ultimately survived their wounds. Castro later confessed to the robbery and murder to a friend who, unbeknownst to Castro, was a confidential source for the FBI and recorded the conversation.  In the recording, Castro described how the defendants made off with thousands of dollars and mocked the sound that Maxwell made when he was fatally shot.

    Powell, who has a prior conviction in New Jersey for felony possession of a weapon, was found guilty by the jury of possessing three .380 caliber cartridges on October 7, 2020 corresponding to the shots he fired at the gambling spot.

    The government’s case is being handled by the Office’s Organized Crime and Gangs Section.  Assistant United States Attorneys Andy Palacio, Raffaela Belizaire and Megan Larkin are in charge of the prosecution, with the assistance of Paralegal Specialist Theodore Rader.

    The Defendants:

    CHARLES POWELL (also known as “Payback”)
    Age:  26
    Newark, New Jersey

    BRIAN CASTRO (also known as “Morenaje”)
    Age:  24
    Paterson, New Jersey

    MUSAH COWARD (also known as “General Mecka” and “Red” and “General Red”)
    Age:  33 
    Paterson, New Jersey

    E.D.N.Y. Docket No. 21-CR-572 (EK)

    MIL Security OSI –

    January 31, 2025

  • MIL-OSI USA: Residents of Mercer County, W.Va., have one week left to apply for disaster assistance

    Source: US Federal Emergency Management Agency

    Headline: Residents of Mercer County, W.Va., have one week left to apply for disaster assistance

    Residents of Mercer County, W.Va., have one week left to apply for disaster assistance

    CHARLESTON, W.Va. – Mercer County residents have one week left to apply for FEMA Assistance for damages sustained during the Sept. 25-26, 2024, remnants of Tropical Storm Helene. The deadline to apply is Friday, Feb. 7, 2025.FEMA assistance for individuals and families affected by the flooding can cover home repairs, personal property losses and other disaster-related needs not covered by insurance.Survivors can visit a Disaster Recovery Center (DRC) to apply and talk face-to-face with FEMA staff. The Mercer County recovery center location and hours are as follows: Princeton Disaster Recovery CenterLifeline Princeton Church of God250 Oakvale Road Princeton, WV 24740Hours of operation:Monday to Friday: 9 a.m. to 5 p.m.Saturdays: 10 a.m. to 2 p.m. Closed SundaysDRCs are accessible to all, including survivors with mobility issues, impaired vision, and those who are who are Deaf or Hard of Hearing.The easiest way to apply for FEMA assistance is by phone at 800-621-3362. The toll-free telephone line operates from 7 a.m. to 11 p.m., seven days a week. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA your number for that service. Residents can also apply online at DisasterAssistance.gov or download the FEMA app to their smartphone or tablet. Feb. 7, 2025, is also the application deadline for homeowners, renters and business owners to apply for a U.S. Small Business Administration physical disaster loan. Applicants can apply online at sba.gov/disaster, call SBA’s Customer Service Center at (800) 659-2955, or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay service.For more information on West Virginia’s disaster recovery, visit emd.wv.gov, West Virginia Emergency Management Division Facebook page, www.fema.gov/disaster/4851 and www.facebook.com/FEMA.
    tiana.suber
    Thu, 01/30/2025 – 22:08

    MIL OSI USA News –

    January 31, 2025

  • MIL-OSI Security: Phoenix Woman Sentenced to 87 Months in Prison for Possession of a Machinegun and Conspiracy to Commit Money Laundering

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

    PHOENIX, Ariz. – Cynthia Solano, 40, of Phoenix, was sentenced this week by United States District Judge G. Murray Snow to 87 months in prison, followed by 36 months of supervised release, for her involvement in a transnational firearm smuggling organization. On August 14, 2024, Solano pleaded guilty to Possession of a Machinegun and Conspiracy to Commit Money Laundering.

    Between February 2022 and January 2023, Solano conspired with others to conduct financial transactions which were designed to conceal proceeds generated from the sale of firearms trafficked from the United States into Canada. After the proceeds were received, Solano used the proceeds to purchase additional firearms.

    Beginning in late December 2022, Solano gathered 87 firearms in Phoenix which she intended to deliver to other members of the organization in Michigan.  

    On January 3, 2023, Solano was driving near Springfield, Illinois when she was contacted by the Illinois State Police. The Illinois State Police troopers searched her vehicle and found 87 firearms, individually wrapped in Christmas wrapping paper. One of the firearms was equipped with a machinegun conversion device (also known as a “Switch”) attached. A machinegun conversion device converts a semi-automatic firearm into a fully automatic firearm.

    After Solano was arraigned in Arizona, she was placed on pretrial release. She later removed her electronic monitoring device and fled to Mexico. Through the efforts of the United States Marshals’ Office, she was captured by law enforcement in Mexico and removed to the United States to face prosecution.

    This prosecution 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.

    The OCDETF Arizona Strike Force is comprised of agents and officers from Customs and Border Protection, the Department of Homeland Security, Homeland Security Investigations, the Drug Enforcement Administration, the Federal Bureau of Investigation, Internal Revenue Service Criminal Investigation, the United States Marshals Service, the United States Postal Service, United States Postal Inspection Service, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Arizona Army National Guard, the Maricopa County Sheriff’s Office, Pima County Sheriff’s Office, and the Scottsdale Police Department. The United States Attorney’s Office, District of Arizona, Phoenix, handled the prosecution.
     

    CASE NUMBER:           CR-23-00408-PHX-GMS
    RELEASE NUMBER:    2025-012_Solano

    # # #

    For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
    Follow the U.S. Attorney’s Office, District of Arizona, on X @USAO_AZ for the latest news.

    MIL Security OSI –

    January 31, 2025

  • MIL-OSI Canada: The Province welcomes new Lieutenant Governor

    Premier David Eby offered his congratulations to Wendy Cocchia, CM, OBC, LLD (Hon), on being sworn in on Thursday, Jan. 30, 2025, as British Columbia’s 31st Lieutenant Governor.

    “It is my honour to welcome Wendy Cocchia as the new Lieutenant Governor of British Columbia,” Premier David Eby said. “Her lifelong leadership and exemplary dedication to community service are examples for us all. I wish her the greatest success in fulfilling her important role as vice-regal representative.”

    Her Honour swore the Oath of Allegiance and the Oaths of Office at an installation ceremony at the Parliament Buildings. The oaths were administered by Chief Justice Leonard Marchand before an audience including family, friends, First Nations leaders, dignitaries and members of the legislative assembly.

    The lieutenant governor’s standard was raised atop the flagpole at the Parliament Buildings as part of a venerable tradition.

    One of the Lieutenant Governor’s first acts was to inspect a 50-person Guard of Honour provided by Maritime Forces Pacific and Canadian Forces Base Esquimalt. Her Honour was accompanied by Lt.-Cmdr Marjorie Gaulin-Riffou.

    The Naden Band of the Royal Canadian Navy played The Vice-Regal Salute, which consists of the six opening bars of God Save the King, followed by the four opening and four closing bars of O Canada.

    A 15-gun salute was fired by troopers of the 5th (British Columbia) Field Regiment, Royal Canadian Artillery.

    The lieutenant governor is appointed by the governor general on the advice of the prime minister, usually serving a term of at least five years.

    Her Honour succeeds Janet Austin, OBC, who was sworn in on April 24, 2018, as the monarch’s representative in British Columbia.

    MIL OSI Canada News –

    January 31, 2025

  • MIL-OSI: Baker Hughes Announces Fourth-Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Fourth-quarter highlights

    • Orders of $7.5 billion, including $3.8 billion of IET orders.
    • RPO of $33.1 billion, including IET RPO of $30.1 billion.
    • Revenue of $7.4 billion, up 8% year-over-year.
    • GAAP diluted EPS of $1.18 and adjusted diluted EPS* of $0.70.
    • Adjusted EBITDA* of $1,310 million, up 20% year-over-year.
    • Cash flows from operating activities of $1,189 million and free cash flow* of $894 million.

    Full-year highlights

    • Orders of $28.2 billion, including $13.0 billion of IET orders.
    • Revenue of $27.8 billion, up 9% year-over-year.
    • Attributable net income of $2,979 million.
    • GAAP diluted EPS of $2.98 and adjusted diluted EPS* of $2.35.
    • Adjusted EBITDA* of $4,591 million, up 22% year-over-year.
    • Cash flows from operating activities of $3,332 million and free cash flow* of $2,257 million.
    • Returns to shareholders of $1,320 million, including $484 million of share repurchases.

    HOUSTON and LONDON, Jan. 30, 2025 (GLOBE NEWSWIRE) — Baker Hughes Company (Nasdaq: BKR) (“Baker Hughes” or the “Company”) announced results today for the fourth-quarter and full-year 2024.

    “2024 proved to be a momentous year for Baker Hughes. We closed out the year with exceptional fourth-quarter results, setting new quarterly and annual records for revenue, free cash flow and our adjusted measures of EPS, EBITDA, and EBITDA margin. Our strategy to drive profitable growth and continuous margin improvement is working. Looking forward, we will continue our journey to transform the Company, and we expect 2025 to demonstrate another strong year of EBITDA growth, led by our IET segment,” said Lorenzo Simonelli, Baker Hughes Chairman and Chief Executive Officer.

    “IET booked $3.8 billion of orders in the fourth quarter, supported by strong LNG orders and another gas infrastructure award. Including this strong end to the year, 2024 orders totaled $13 billion, the second highest order year ever. This order performance highlights the end-market diversity and versatility of our portfolio.”

    “Overall, our margin increase across both segments continues to demonstrate strong progress on the journey toward 20% segment EBITDA margins. Transformation actions will continue to be a major driver of our margin improvements as we progress through 2025 and beyond. We remain confident in achieving our 20% EBITDA margin targets for OFSE this year and IET in 2026.”

    “As reflected in our strong 2024 results and our exceptional margin improvement, Baker Hughes has evolved into a more profitable energy and industrial technology company. Company results are benefiting from strong execution, sharpened commercial focus and improved productivity gains. Our confidence in the durability and growth of our earnings and free cash flow positions us to continue growing our dividend, highlighted by the announcement to increase our quarterly dividend by 10% to $0.23.”

    “I would like to thank the Baker Hughes team for yet again delivering outstanding results. As we continue our journey to move Baker Hughes forward, we remain committed to our customers, shareholders, and employees,” concluded Simonelli.

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

      Three Months Ended   Variance
    (in millions except per share amounts) December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Orders $ 7,496 $ 6,676 $ 6,904   12 % 9 %
    Revenue   7,364   6,908   6,835   7 % 8 %
    Net income attributable to Baker Hughes   1,179   766   439   54 % 168 %
    Adjusted net income attributable to Baker Hughes*   694   666   511   4 % 36 %
    Operating income   665   930   651   (29 )% 2 %
    Adjusted operating income*   1,019   930   816   10 % 25 %
    Adjusted EBITDA*   1,310   1,208   1,091   8 % 20 %
    Diluted earnings per share (EPS)   1.18   0.77   0.43   54 % 171 %
    Adjusted diluted EPS*   0.70   0.67   0.51   4 % 37 %
    Cash flow from operating activities   1,189   1,010   932   18 % 28 %
    Free cash flow*   894   754   633   19 % 41 %

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

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

    Quarter Highlights

    Industrial & Energy Technology (“IET”) recorded another strong quarter of gas infrastructure orders, booking an equipment award from Tecnicas Reunidas for the third expansion phase of the Jafurah unconventional gas field in the Kingdom of Saudi Arabia. Gas Technology Equipment (“GTE”) will supply a total of 12 electric motor-driven compression trains and auxiliary treatment equipment for gas processing. This contract builds upon Baker Hughes’ long-standing relationship with Aramco and follows previous contract awards in 2022, bringing the total to 24 electric motor-driven compressors and an additional 14 compressors supplied by Baker Hughes for multiple Jafurah gas processing plants.

    In demonstration of its well-established leadership position in liquefied natural gas (“LNG”) technology solutions, Baker Hughes received multiple project awards in the fourth quarter. As part of a master equipment supply agreement, IET received a major contract to provide a modularized LNG system and power island to Venture Global. IET also received, from Bechtel Energy, a GTE award to supply eight LM6000 PF+ driven main refrigeration compressors and eight expander compressors across two LNG trains for a nameplate capacity of approximately 11 million ton per annum for Phase 1 of Woodside Energy’s Louisiana project.

    Gas Technology Services (“GTS”) continues to demonstrate leadership in turbomachinery aftermarket service, booking several notable service and upgrade awards to backlog. GTS signed a long-term services agreement to support Phases 1 and 2 of Venture Global’s Plaquemines LNG project, and also signed a 25-year services agreement with a NextDecade affiliate to support its Rio Grande LNG facility. Additionally, GTS received an award from an energy operator to provide planned maintenance activities to assure reliability, availability, and efficiency of turbomachinery at their LNG facility in Asia Pacific. The capabilities of IET’s iCenter™ will also be utilized to drive improved outcomes for the customer. Finally, GTS booked multiple upgrade awards for gas infrastructure projects in the Middle East and Europe.

    Climate Technology Solutions (“CTS”) secured multiple awards targeting flare reduction. As announced at COP29 in Baku, Azerbaijan, CTS will provide SOCAR, the state-owned oil company of Azerbaijan, with an integrated gas recovery and hydrogen sulfide removal system to significantly reduce downstream flaring at the Heydar Aliyev Oil Refinery. Separately in the Middle East, CTS will supply electric-driven centrifugal compressors for one of the largest gas processing and flare gas recovery projects globally.

    Oilfield Services & Equipment (“OFSE”), through its Mature Assets Solutions (“MAS”) offering, received a multi-year contract from Eni to help unlock bypassed reserves in one of Europe’s largest developments. Baker Hughes will utilize its AutoTrak eXact™ rotary steerable drilling system to reduce risks and execution costs for Eni. OFSE also booked another MAS award in the Middle East to provide artificial lift services in a super-giant oilfield, including advanced permanent magnet motors for improved electric submersible pump efficiency.

    Baker Hughes experienced a strong order quarter for flexible pipe systems in Brazil. Following a third-quarter 2024 award, OFSE received another flexible pipe systems award from Petrobras after an open tender, reinforcing this important relationship and Baker Hughes’ leading position in the product line. The capability of Baker Hughes’ flexible pipe systems to address the critical issue of stress-induced corrosion cracking from CO2 resulted in this significant award for approximately 48 miles of flexible pipe systems to be installed across four different fields. Additionally, OFSE received an order from Brava Energia to supply 9 miles of flexible pipe systems to be deployed in the Campos Basin.

    OFSE also advanced its digitalization and artificial intelligence capabilities, signing an agreement with AIQ, ADNOC and CORVA to launch the AI Rate of Penetration (ROP) Optimization initiative. The project aims to enhance drilling efficiency in real-time by providing insights and recommendations for optimizing weight on bit, rotations per minute and other critical parameters.

    Consolidated Revenue and Operating Income by Reporting Segment

    (in millions) Three Months Ended   Variance
      December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Oilfield Services & Equipment $ 3,871   $ 3,963   $ 3,956     (2 )% (2 )%
    Industrial & Energy Technology   3,492     2,945     2,879     19  % 21  %
    Segment revenue   7,364     6,908     6,835     7  % 8  %
                 
    Oilfield Services & Equipment   526     547     492     (4 )% 7  %
    Industrial & Energy Technology   584     474     412     23  % 42  %
    Corporate(1)   (91 )   (91 )   (88 )   —  % (3 )%
    Inventory impairment(2)   (73 )   —     (2 )   NM    NM   
    Restructuring, impairment and other   (281 )   —     (163 )   NM     (73 )%
    Operating income   665     930     651     (29 )% 2  %
    Adjusted operating income*   1,019     930     816     10  % 25  %
    Depreciation & amortization   291     278     274     5  % 6  %
    Adjusted EBITDA* $ 1,310   $ 1,208   $ 1,091     8  % 20  %

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

    “NM” is used when the percentage variance is not meaningful.

    (1)   Corporate costs are primarily reported in “Selling, general and administrative” in the consolidated statements of income (loss).

    (2)   Charges for inventory impairments are reported in “Cost of goods sold” in the consolidated statements of income (loss).

    Revenue for the fourth quarter of 2024 was $7,364 million, an increase of 7% sequentially and an increase of 8% year-over-year. The increase in revenue year-over-year was driven by IET.

    The Company’s total book-to-bill ratio in the fourth quarter of 2024 was 1.0; the IET book-to-bill ratio was 1.1.

    Operating income as determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”), for the fourth quarter of 2024 was $665 million. Operating income decreased $265 million sequentially and increased $13 million year-over-year. Restructuring, impairment, and other charges were $281 million in the fourth quarter of 2024, primarily related to streamlining of the OFSE operating model.

    Adjusted operating income (a non-GAAP financial measure) for the fourth quarter of 2024 was $1,019 million, which excludes adjustments totaling $354 million. A list of the adjusting items and associated reconciliation from GAAP has been provided in Table 1a in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted operating income for the fourth quarter of 2024 was up 10% sequentially and up 25% year-over-year.

    Depreciation and amortization for the fourth quarter of 2024 was $291 million.

    Adjusted EBITDA (a non-GAAP financial measure) for the fourth quarter of 2024 was $1,310 million, which excludes adjustments totaling $354 million. See Table 1b in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” Adjusted EBITDA for the fourth quarter was up 8% sequentially and up 20% year-over-year.

    The sequential increase in adjusted operating income and adjusted EBITDA was driven by higher volume in IET and structural cost-out initiatives in both segments, primarily offset by lower volume in OFSE. The year-over-year increase in adjusted operating income and adjusted EBITDA was driven by higher pricing and structural cost-out initiatives in both segments, and increased volume in IET primarily from higher proportionate growth in GTE, partially offset by decreased volume in OFSE and cost inflation in both segments.

    Other Financial Items

    Remaining Performance Obligations (“RPO”) in the fourth quarter of 2024 ended at $33.1 billion, a decrease of $0.3 billion from the third quarter of 2024. OFSE RPO was $3.0 billion, down 6% sequentially, while IET RPO was $30.1 billion, down $100 million sequentially. Within IET RPO, GTE RPO was $11.8 billion and GTS RPO was $15.0 billion.

    Income tax benefit in the fourth quarter of 2024 was $398 million reflecting the impact of a valuation allowance release in the U.S. The valuation allowance has been released primarily as a result of the U.S. moving into a cumulative three-year profit position.

    Other non-operating income in the fourth quarter of 2024 was $181 million. Included in other non-operating income were net mark-to-market gains in fair value and gains from sale for certain equity investments of $196 million.

    GAAP diluted earnings per share was $1.18. Adjusted diluted earnings per share (a non-GAAP financial measure) was $0.70. Excluded from adjusted diluted earnings per share were all items listed in Table 1c in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Cash flow from operating activities was $1,189 million for the fourth quarter of 2024. Free cash flow (a non-GAAP financial measure) for the quarter was $894 million. A reconciliation from GAAP has been provided in Table 1d in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.”

    Capital expenditures, net of proceeds from disposal of assets, were $295 million for the fourth quarter of 2024, of which $195 million was for OFSE and $87 million was for IET.

    Results by Reporting Segment
     

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

    Oilfield Services & Equipment

    (in millions) Three Months Ended   Variance
    Segment results December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Orders $ 3,740   $ 3,807   $ 3,874     (2 )% (3 )%
    Revenue $ 3,871   $ 3,963   $ 3,956     (2 )% (2 )%
    Operating income $ 526   $ 547   $ 492     (4 )% 7  %
    Operating margin   13.6 %   13.8 %   12.4 %   -0.2pts   1.1pts  
    Depreciation & amortization $ 229   $ 218   $ 217     5  % 6  %
    EBITDA* $ 755   $ 765   $ 709     (1 )% 7  %
    EBITDA margin*   19.5 %   19.3 %   17.9 %   0.2pts   1.6pts  
    (in millions) Three Months Ended   Variance
    Revenue by Product Line December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Well Construction $ 943 $ 1,050 $ 1,122   (10 )% (16 )%
    Completions, Intervention, and Measurements   1,022   1,009   1,086   1  % (6 )%
    Production Solutions   974   983   990   (1 )% (2 )%
    Subsea & Surface Pressure Systems   932   921   758   1  % 23  %
    Total Revenue $ 3,871 $ 3,963 $ 3,956   (2 )% (2 )%
    (in millions) Three Months Ended   Variance
    Revenue by Geographic Region December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    North America $ 971 $ 971 $ 1,018   —  % (5 )%
    Latin America   661   648   708   2  % (7 )%
    Europe/CIS/Sub-Saharan Africa   740   933   707   (21 )% 5  %
    Middle East/Asia   1,499   1,411   1,522   6  % (2 )%
    Total Revenue $ 3,871 $ 3,963 $ 3,956   (2 )% (2 )%
                 
    North America $ 971 $ 971 $ 1,018   —  % (5 )%
    International   2,900   2,992   2,938   (3 )% (1 )%

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” EBITDA margin is defined as EBITDA divided by revenue.

    OFSE orders of $3,740 million for the fourth quarter of 2024 decreased by $67 million sequentially. Subsea and Surface Pressure Systems orders were $802 million, up 3% sequentially, and up 23% year-over-year.

    OFSE revenue of $3,871 million for the fourth quarter of 2024 was down 2% sequentially, and down 2% year-over-year.

    North America revenue was $971 million, flat sequentially. International revenue was $2,900 million, down 3% sequentially, driven by declines in Europe/CIS/Sub-Saharan Africa region partially offset by growth in Middle East/Asia and Latin America.

    Segment operating income for the fourth quarter was $526 million, a decrease of $22 million, or 4%, sequentially. Segment EBITDA for the fourth quarter of 2024 was $755 million, a decrease of $10 million, or 1% sequentially. The sequential decrease in segment operating income and EBITDA was driven by lower volume, partially mitigated by positive price and productivity from structural cost-out initiatives.

    Industrial & Energy Technology

    (in millions) Three Months Ended   Variance
    Segment results December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Orders $ 3,756   $ 2,868   $ 3,030     31 % 24 %
    Revenue $ 3,492   $ 2,945   $ 2,879     19 % 21 %
    Operating income $ 584   $ 474   $ 412     23 % 42 %
    Operating margin   16.7 %   16.1 %   14.3 %   0.6pts 2.4pts
    Depreciation & amortization $ 56   $ 54   $ 51     4 % 8 %
    EBITDA* $ 639   $ 528   $ 463     21 % 38 %
    EBITDA margin*   18.3 %   17.9 %   16.1 %   0.4pts 2.2pts
    (in millions) Three Months Ended   Variance
    Orders by Product Line December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Gas Technology Equipment $ 1,865 $ 1,088 $ 1,297   71  % 44  %
    Gas Technology Services   902   778   808   16  % 12  %
    Total Gas Technology   2,767   1,866   2,105   48  % 31  %
    Industrial Products   515   494   514   4  % —  %
    Industrial Solutions   320   293   288   9  % 11  %
    Total Industrial Technology   835   787   802   6  % 4  %
    Climate Technology Solutions   154   215   123   (28 )% 25  %
    Total Orders $ 3,756 $ 2,868 $ 3,030   31  % 24  %
    (in millions) Three Months Ended   Variance
    Revenue by Product Line December 31,
    2024    		 September 30,
    2024    		 December 31,
    2023    		   Sequential Year-over-year
    Gas Technology Equipment $ 1,663 $ 1,281 $ 1,206   30 % 38 %
    Gas Technology Services   796   697   714   14 % 11 %
    Total Gas Technology   2,459   1,978   1,920   24 % 28 %
    Industrial Products   548   520   513   5 % 7 %
    Industrial Solutions   282   257   276   10 % 2 %
    Total Industrial Technology   830   777   789   7 % 5 %
    Climate Technology Solutions   204   191   170   7 % 20 %
    Total Revenue $ 3,492 $ 2,945 $ 2,879   19 % 21 %

    * Non-GAAP measure. See reconciliations in the section titled “Reconciliation of GAAP to non-GAAP Financial Measures.” EBITDA margin is defined as EBITDA divided by revenue.

    IET orders of $3,756 million for the fourth quarter of 2024 increased by $726 million, or 24% year-over-year. The increase was driven primarily by GTE orders which were up $568 million, or 44% year-over-year.

    IET revenue of $3,492 million for the fourth quarter of 2024 increased $613 million, or 21% year-over-year. The increase was driven primarily by Gas Technology, up 28% year-over-year.

    Segment operating income for the quarter was $584 million, an increase of $172 million, or 42% year-over-year. Segment EBITDA for the quarter was $639 million, an increase of $176 million, or 38% year-over-year. The year-over-year increase in segment operating income and segment EBITDA was driven by increased volume primarily from higher proportionate growth in GTE, positive pricing, and productivity, partially offset by cost inflation.

    2024 Total Year Results

    (in millions) Twelve Months Ended   Variance
      December 31, 2024 December 31, 2023   Year-over-year
    Oilfield Services & Equipment $ 15,240   $ 16,344     (7)%
    Industrial & Energy Technology   13,000     14,178     (8)%
    Orders $ 28,240   $ 30,522     (7)%
             
    Oilfield Services & Equipment $ 15,628   $ 15,361     2%
    Industrial & Energy Technology   12,201     10,145     20%
    Segment Revenue $ 27,829   $ 25,506     9%
             
    Oilfield Services & Equipment $ 1,988   $ 1,746     14%
    Industrial & Energy Technology   1,830     1,310     40%
    Corporate(1)   (363 )   (380 )   5%
    Inventory impairment(2)   (73 )   (35 )   (110)%
    Restructuring, impairment & other   (301 )   (323 )   7%
    Operating income   3,081     2,317     33%
    Adjusted operating income *   3,455     2,676     29%
    Depreciation & amortization   1,136     1,087     4%
    Adjusted EBITDA * $ 4,591   $ 3,763     22%

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

    (1)   Corporate costs are primarily reported in “Selling, general and administrative” in the consolidated statements of income (loss).

    (2)   Charges for inventory impairments are reported in “Cost of goods sold” in the consolidated statements of income (loss). 

    Reconciliation of GAAP to non-GAAP Financial Measures

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

    Table 1a. Reconciliation of GAAP and Adjusted Operating Income

      Three Months Ended   Twelve Months Ended
      December 31, September 30, December 31,   December 31,
    (in millions)   2024   2024   2023     2024   2023
    Operating income (GAAP) $ 665 $ 930 $ 651   $ 3,081 $ 2,317
    Restructuring, impairment & other   281   —   163     301   323
    Inventory impairment(1)   73   —   2     73   35
    Total operating income adjustments   354   —   165     375   358
    Adjusted operating income (non-GAAP) $ 1,019 $ 930 $ 816   $ 3,455 $ 2,676

    (1)   Charges for inventory impairments are reported in “Cost of goods sold” in the consolidated statements of income (loss).

    Table 1a reconciles operating income, which is the directly comparable financial result determined in accordance with GAAP, to adjusted operating income. Adjusted operating income excludes the impact of certain identified items.

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

      Three Months Ended   Twelve Months Ended
      December 31, September 30, December 31,   December 31,
    (in millions)   2024     2024     2023     2024     2023  
    Net income attributable to Baker Hughes (GAAP) $ 1,179   $ 766   $ 439   $ 2,979   $ 1,943  
    Net income attributable to noncontrolling interests   11     8     11     29     27  
    Provision (benefit) for income taxes   (398 )   235     72     257     685  
    Interest expense, net   54     55     45     198     216  
    Other non-operating (income) loss, net   (181 )   (134 )   84     (382 )   (554 )
    Operating income (GAAP)   665     930     651     3,081     2,317  
    Depreciation & amortization   291     278     274     1,136     1,087  
    EBITDA (non-GAAP)   956     1,208     926     4,216     3,405  
    Total operating income adjustments(1)   354     —     165     375     358  
    Adjusted EBITDA (non-GAAP) $ 1,310   $ 1,208   $ 1,091   $ 4,591   $ 3,763  

    (1)   See Table 1a for the identified adjustments to operating income.

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

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

      Three Months Ended   Twelve Months Ended
      December 31, September 30, December 31,   December 31,
    (in millions, except per share amounts)   2024     2024     2023       2024     2023  
    Net income attributable to Baker Hughes (GAAP) $ 1,179   $ 766   $ 439     $ 2,979   $ 1,943  
    Total operating income adjustments(1)   354     —     165       375     358  
    Other adjustments (non-operating)(2)   (189 )   (99 )   89       (335 )   (554 )
    Tax adjustments(3)   (650 )   (1 )   (181 )     (663 )   (124 )
    Total adjustments, net of income tax   (485 )   (100 )   72       (623 )   (320 )
    Less: adjustments attributable to noncontrolling interests   —     —     —       —     —  
    Adjustments attributable to Baker Hughes   (485 )   (100 )   72       (623 )   (320 )
    Adjusted net income attributable to Baker Hughes (non-GAAP) $ 694   $ 666   $ 511     $ 2,356   $ 1,622  
                 
                 
    Denominator:            
    Weighted-average shares of Class A common stock outstanding diluted   999     999     1,010       1,001     1,015  
    Adjusted earnings per share – diluted (non-GAAP) $ 0.70   $ 0.67   $ 0.51     $ 2.35   $ 1.60  

    (1)   See Table 1a for the identified adjustments to operating income.

    (2)   All periods primarily reflect the net gain or loss on changes in fair value for certain equity investments.

    (3)   All periods reflect the tax associated with the other operating and non-operating adjustments. 4Q’24 and fiscal year 2024 include $664 million and 4Q’23 and fiscal year 2023 include $81 million, respectively, related to the release of valuation allowances for certain deferred tax assets.

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

    Table 1d. Reconciliation of Net Cash Flows From Operating Activities to Free Cash Flow

      Three Months Ended   Twelve Months Ended
      December 31, September 30, December 31,   December 31,
    (in millions)   2024     2024     2023       2024     2023  
    Net cash flows from operating activities (GAAP) $ 1,189   $ 1,010   $ 932     $ 3,332   $ 3,062  
    Add: cash used for capital expenditures, net of proceeds from disposal of assets   (295 )   (256 )   (298 )     (1,075 )   (1,016 )
    Free cash flow (non-GAAP) $ 894   $ 754   $ 633     $ 2,257   $ 2,045  

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

    Financial Tables (GAAP)
     
    Condensed Consolidated Statements of Income (Loss)
    (Unaudited)
     
      Three Months Ended
    (In millions, except per share amounts) December 31, 2024 September 30, 2024 December 31, 2023
    Revenue $ 7,364   $ 6,908   $ 6,835  
    Costs and expenses:      
    Cost of revenue   5,833     5,366     5,386  
    Selling, general and administrative   585     612     634  
    Restructuring, impairment and other   281     —     163  
    Total costs and expenses   6,699     5,978     6,183  
    Operating income   665     930     651  
    Other non-operating income (loss), net   181     134     (84 )
    Interest expense, net   (54 )   (55 )   (45 )
    Income before income taxes   792     1,009     522  
    Benefit (provision) for income taxes   398     (235 )   (72 )
    Net income   1,190     774     450  
    Less: Net income attributable to noncontrolling interests   11     8     11  
    Net income attributable to Baker Hughes Company $ 1,179   $ 766   $ 439  
           
    Per share amounts:    
    Basic income per Class A common share $ 1.19   $ 0.77   $ 0.44  
    Diluted income per Class A common share $ 1.18   $ 0.77   $ 0.43  
           
    Weighted average shares:      
    Class A basic   990     993     1,001  
    Class A diluted   999     999     1,010  
           
    Cash dividend per Class A common share $ 0.21   $ 0.21   $ 0.20  
           
     
    Condensed Consolidated Statements of Income (Loss)
    (Unaudited)
     
      Year Ended December 31,
    (In millions, except per share amounts)   2024     2023     2022  
    Revenue $ 27,829   $ 25,506   $ 21,156  
    Costs and expenses:      
    Cost of revenue   21,989     20,255     16,756  
    Selling, general and administrative   2,458     2,611     2,510  
    Restructuring, impairment and other   301     323     705  
    Total costs and expenses   24,748     23,189     19,971  
    Operating income   3,081     2,317     1,185  
    Other non-operating income (loss), net   382     554     (911 )
    Interest expense, net   (198 )   (216 )   (252 )
    Income before income taxes   3,265     2,655     22  
    Provision for income taxes   (257 )   (685 )   (600 )
    Net income (loss)   3,008     1,970     (578 )
    Less: Net income attributable to noncontrolling interests   29     27     23  
    Net income (loss) attributable to Baker Hughes Company $ 2,979   $ 1,943   $ (601 )
           
    Per share amounts:      
    Basic income (loss) per Class A common share $ 3.00   $ 1.93   $ (0.61 )
    Diluted income (loss) per Class A common share $ 2.98   $ 1.91   $ (0.61 )
           
    Weighted average shares:      
    Class A basic   994     1,008     987  
    Class A diluted   1,001     1,015     987  
           
    Cash dividend per Class A common share $ 0.84   $ 0.78   $ 0.73  
     
    Condensed Consolidated Statements of Financial Position
    (Unaudited)
     
      December 31,
    (In millions)   2024   2023
    ASSETS
    Current Assets:    
    Cash and cash equivalents $ 3,364 $ 2,646
    Current receivables, net   7,122   7,075
    Inventories, net   4,954   5,094
    All other current assets   1,771   1,486
    Total current assets   17,211   16,301
    Property, plant and equipment, less accumulated depreciation   5,127   4,893
    Goodwill   6,078   6,137
    Other intangible assets, net   3,951   4,093
    Contract and other deferred assets   1,730   1,756
    All other assets   4,266   3,765
    Total assets $ 38,363 $ 36,945
    LIABILITIES AND EQUITY
    Current Liabilities:    
    Accounts payable $ 4,542 $ 4,471
    Short-term and current portion of long-term debt   53   148
    Progress collections and deferred income   5,672   5,542
    All other current liabilities   2,724   2,830
    Total current liabilities   12,991   12,991
    Long-term debt   5,970   5,872
    Liabilities for pensions and other postretirement benefits   988   978
    All other liabilities   1,359   1,585
    Equity   17,055   15,519
    Total liabilities and equity $ 38,363 $ 36,945
         
    Outstanding Baker Hughes Company shares:    
    Class A common stock   990   998
     
    Condensed Consolidated Statements of Cash Flows
    (Unaudited)
     
      Three Months
    Ended
    December 31,    		 Twelve Months Ended
    December 31,
    (In millions)   2024     2024     2023  
    Cash flows from operating activities:      
    Net income $ 1,190   $ 3,008   $ 1,970  
    Adjustments to reconcile net income to net cash flows from operating activities:      
    Depreciation and amortization   291     1,136     1,087  
    Benefit for deferred income taxes   (706 )   (671 )   (59 )
    Gain on equity securities   (196 )   (367 )   (555 )
    Stock-based compensation cost   49     202     197  
    Property, plant and equipment impairment, net   77     77     (1 )
    Gain on business dispositions   —     —     (40 )
    Working capital   63     7     42  
    Other operating items, net   421     (60 )   421  
    Net cash flows provided by operating activities   1,189     3,332     3,062  
    Cash flows from investing activities:      
    Expenditures for capital assets   (353 )   (1,278 )   (1,224 )
    Proceeds from disposal of assets   58     203     208  
    Proceeds from sale of equity securities   71     92     372  
    Proceeds from business dispositions   —     —     293  
    Net cash paid for acquisitions   —     —     (301 )
    Other investing items, net   6     (33 )   (165 )
    Net cash flows used in investing activities   (218 )   (1,016 )   (817 )
    Cash flows from financing activities:      
    Repayment of long-term debt   (9 )   (143 )   (651 )
    Dividends paid   (208 )   (836 )   (786 )
    Repurchase of Class A common stock   (9 )   (484 )   (538 )
    Other financing items, net   (8 )   (64 )   (53 )
    Net cash flows used in financing activities   (234 )   (1,527 )   (2,028 )
    Effect of currency exchange rate changes on cash and cash equivalents   (37 )   (71 )   (59 )
    Increase in cash and cash equivalents   700     718     158  
    Cash and cash equivalents, beginning of period   2,664     2,646     2,488  
    Cash and cash equivalents, end of period $ 3,364   $ 3,364   $ 2,646  
    Supplemental cash flows disclosures:      
    Income taxes paid, net of refunds $ 307   $ 1,040   $ 595  
    Interest paid $ 99   $ 298   $ 309  
     

    Supplemental Financial Information

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

    Conference Call and Webcast

    The Company has scheduled an investor conference call to discuss management’s outlook and the results reported in today’s earnings announcement. The call will begin at 9:30 a.m. Eastern time, 8:30 a.m. Central time on Friday, January 31, 2025, the content of which is not part of this earnings release. The conference call will be broadcast live via a webcast and can be accessed by visiting the Events and Presentations page on the Company’s website at: investors.bakerhughes.com. An archived version of the webcast will be available on the website for one month following the webcast.

    Forward-Looking Statements

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

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

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

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

    About Baker Hughes:

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

    For more information, please contact:

    Investor Relations

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

    Media Relations

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

    The MIL Network –

    January 31, 2025

  • MIL-OSI Security: PDS Gang Member Pleads Guilty to Discharging Firearm During and in Relation to Drug Trafficking

    Source: Office of United States Attorneys

    Defendant Admitted to Participating in “Rolling Shootout” Targeting Rival Gang

                WASHINGTON – Isjalon Jermiah Armstead, 22, of Washington D.C., pleaded guilty today in connection with an indictment charging numerous members of the Push Dat Shit (PDS) street gang with distributing large quantities of marijuana in the District of Columbia as well as using, carrying, and possessing firearms, including fully automatic machineguns, in furtherance of their drug dealing business.

                The plea was announced by U.S. Attorney Edward R. Martin, Jr., FBI Special Agent Sean T. Ryan of the Washington Field Office’s Criminal and Cyber Division, Special Agent in Charge Anthony Spotswood of the Bureau of Alcohol, Tobacco, Firearms, and Explosives Washington Field Division, and Chief Pamela Smith of the Metropolitan Police Department (MPD).

                Armstead, aka “Smaut,” pleaded guilty today before U.S. District Judge Amy Berman Jackson to discharging a firearm during and in relation to a drug trafficking offense. Armstead faces a mandatory minimum sentence of 10 years in prison. Judge Berman Jackson scheduled a sentencing hearing for May 7, 2025.

                As part of his plea, Armstead admitted to participating in a “rolling shootout” in the Washington Highlands neighborhood of Southeast Washington, D.C. on June 5, 2023.  According to court documents, Armstead and a fellow PDS gang member were driving a gray Nissan Altima in the area with marijuana that they intended to distribute when they observed a rival gang member.  The two men then chased the rival through a residential neighborhood while shooting from their vehicle as the rival returned fire. The gray Nissan Altima was disabled as a result of the shootout, and Armstead and his fellow PDS member fled on foot – discarding bags of marijuana and their firearms as they ran – before being apprehended by MPD officers a few blocks away.   

                Additional MPD officers responded to the scene and retraced the flight path, at which time they discovered two firearms discarded in a trash can alongside a residence. The firearms were identified as a Glock Model 26, 9mm semi-automatic handgun and an American Tactical Omni Hybrid semi-automatic AR-Pistol chambered in .300 caliber. These firearms matched shell casings recovered from the scene of the rolling shootout.  As part of his plea agreement, Armstead admitted to discharging the AR-Pistol during the rolling shootout.

                This plea is part of an ongoing joint investigation which has now resulted in 24 convictions and the seizure of two vehicles, 35 firearms, four machine guns, more than 1,000 rounds of ammunition, approximately 60 pounds of marijuana, 41 grams of cocaine base, dozens of oxycodone pills, and approximately $500,000 in cash.

                The case was investigated by the FBI’s Washington Field Office, the ATF’s Washington Field Division, and the Metropolitan Police Department. It is being prosecuted by Assistant U.S. Attorneys James B. Nelson and Justin F. Song and Paralegal Specialist Melissa Macechko.

    Surveillance Footage Showing the Grey Nissan Altima (circled in red) and the Vehicle it was Pursuing During the Shootout on June 5, 2023.

     

    Surveillance Footage Showing Armstead Fleeing From the Scene

     

    Firearms Recovered from Armstead’s Flight Path

    23cr379

    MIL Security OSI –

    January 31, 2025

  • MIL-OSI Security: New York Man Sentenced To 60 Months In Prison For Possessing A Firearm In Furtherance Of A Drug Trafficking Crime

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

    SCRANTON – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Gabriel Figueroa, age 29, a resident of New York, was sentenced on January 28, 2025, to 60 months’ imprisonment by United States District Court Judge Robert D. Mariani, for possession of a firearm in furtherance of a drug trafficking crime.

    According to Acting U.S. Attorney John C. Gurganus, between December 2023 and January 2024, in Wilkes-Barre, Pennsylvania, law enforcement utilized a confidential informant to conduct three controlled purchases of cocaine from Figueroa. Following the controlled purchases, a search warrant was executed at Figueroa’s residence and law enforcement recovered methamphetamine, cocaine, marijuana, ammunition, and a Taurus .380 caliber handgun.

    The investigation was conducted by the Bureau of Alcohol, Tobacco, Firearms and Explosives—Allentown Field Office, the Kingston Police Department, and members of the Luzerne County Drug Task Force.  Assistant United States Attorney Tatum R. Wilson prosecuted 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 violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    # # #

    MIL Security OSI –

    January 31, 2025

  • MIL-OSI USA: WATCH: Padilla, Budget Democrats Boycott Russell Vought’s OMB Nomination Vote

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)
    After the OMB-directed federal funding freeze causes chaos, Padilla sounds alarm on Trump pick’s record of withholding federal aid

    WATCH: Padilla delivers remarks opposing Vought’s reckless nominationWASHINGTON, D.C. — Today, U.S. Senator Alex Padilla (D-Calif.) joined his fellow Democratic members of the Senate Budget Committee and Minority Leader Chuck Schumer (D-N.Y.) to protest the Budget Committee advancing Russell Vought’s nomination to be Director of the Office of Management and Budget (OMB) behind closed doors, despite the Trump Administration’s unprecedented attempt to freeze federal funding.
    The Monday night OMB memo paused all congressionally approved federal grants and loans, stoking widespread confusion and chaos while threatening essential services like disaster relief, health care, public safety, education, nutrition, and housing for millions of Californians.
    In his previous tenure with OMB, Vought blatantly disregarded spending laws and congressional appropriations, operating as if the President has unchecked, unilateral power to make funding decisions despite the clear language of the Constitution giving that authority to Congress. As one of the primary architects of Project 2025, Vought wrote that the OMB Director should be “aggressive in wielding the tool of apportionments on behalf of the President’s agenda,” and “defend the apportionment power against attacks from Congress.”
    His nomination poses a serious threat to Congress’ constitutional authority and to critical disaster aid for Southern California fire victims. Vought tried on numerous occasions in his previous tenure to withhold and slow the distribution of disaster relief, which was agreed to and appropriated by Congress, based on political motives. During his confirmation hearing, Vought continued to hedge on answers that he would not politicize government assistance and refused every opportunity to commit to following the law.
    Senator Padilla also spoke on the Senate floor yesterday in strong opposition to the chaotic OMB funding memo and Russell Vought’s nomination. Earlier this week, Budget Committee Democrats and Leader Schumer demanded that Chairman Lindsey Graham (R-S.C.) delay Vought’s nomination until he satisfactorily answers questions regarding his advice to the President relating to the illegal impoundment of congressionally appropriated funds through the Monday OMB directive. Padilla also questioned Vought on disaster relief funding to help Southern California recover and rebuild after the recent fires during a Senate Budget Committee nomination hearing earlier this month.
    Video of Padilla’s remarks is available here.
    A full transcript of Padilla’s remarks is available here and below:
    Thank you, Senator Luján, and I want to begin by also expressing my condolences to the victims of the crashes last night, their families. Over the coming days, we’ll hear the names, and we’ll hear the stories of those that have perished. And yes, Senator Luján, it comes at a time where we’re still grappling with the impacts of these unprecedented and devastating fires, plural, in the Los Angeles region. And I think that couldn’t underscore the stakes here any more.
    In a time of crisis, when people turn to not just local leadership, but to their federal government to be there for them, it is unconscionable that in those moments, there’s efforts to promote funding freezes, hiring freezes, and in so many ways, go back on our fundamental obligations to our constituents and to the American people.
    The past few days have been anything but business as usual. I agree: this is an attempt at a one-man government shutdown, brought to us by President Trump — an effort to block billions of dollars approved by Congress, directed by Congress, funds that would support families recovering from catastrophic wildfires, funds for law enforcement agencies that we rely on to keep our communities safe, funds to support nutrition programs for children and families that depend on us for their next meal. And you see a much longer list, just a very partial list here on the board.
    But it’s because of that real-world impact that Americans from throughout the country, they knew immediately what was at stake, and so many of them jumped into action, speaking out, writing our offices, calling our offices, to share their concerns, their questions, looking for guidance, looking for help.
    And it’s in that context that our Republican colleagues have the audacity, the nerve, to move forward with President Trump’s nominee to lead the very agency responsible for the chaos and the heartache, and not even with the courage to agree to Senator Merkley’s request to do this in a committee hearing room where we can have this conversation and vote in public.
    They’re literally in a back room, not accessible, not visible. What are they trying to hide? What are they afraid of? And so, yes, we are here in this room today because this kind of behavior cannot be business as usual. This is not the Senate. The stakes are too high. The impacts too real.
    Now, as others have said, during his previous tenure at OMB, Russell Vought tried to repeatedly politicize, withhold, and slow the distribution of federal funds, including disaster relief, including foreign aid. Through his conduct, he has demonstrated that he holds himself above the law, above the Constitution, and above the funding decisions made by Congress. Maybe that’s why President Trump likes him so much.
    But for any of my colleagues, not just Democrats, but our colleagues on the other side of the aisle too, who have worked so hard to secure funding for their constituents back home, they too should be concerned. They too should be alarmed. Consider Mr. Vought’s work from the first Trump Administration, his role in crafting Project 2025, and his arrogance during the confirmation hearing last week. It’s clear he is coming after Congress’s constitutional authority, and he intends to repeat the events of this week over and over again if he’s confirmed.
    And I say it’s “if” because there is still time. To my Republican colleagues: there is still time, you have the power to stop this if you have the courage to do so. Don’t give up that power to President Trump. Use that power for your constituents and for our country. Thank you.

    MIL OSI USA News –

    January 31, 2025

  • MIL-OSI Security: Austin Area Fentanyl Dealer Sentenced to 10 Years for Selling Counterfeit Pills

    Source: Office of United States Attorneys

    AUSTIN, Texas – A Del Valle man was sentenced today to 120 months in federal prison for distributing fake oxycodone pills laced with fentanyl.

    According to court documents, between May and June 2023, Gabriel Cecilio Osorio, 22, was investigated for distributing fentanyl-laced, fake oxycodone pills. As part of the investigation, Drug Enforcement Administration agents orchestrated two controlled purchases of pills from Osorio, resulting in the acquisition of 100 pills in the first transaction and 3,000 pills in the second. DEA obtained and executed a search warrant, and on June 22, 2023, Osorio was arrested outside of his residence with approximately 5,000 pills. Inside the home, agents found another 3,700 pills, a money counter, a digital scale, four firearms, and $45,701 in cash.

    In addition to the 10-year prison term, Osorio was ordered to forfeit $45,701.00, four firearms, and assorted jewelry that were seized during the search.

    “Gabriel Osorio’s sentencing today continues this office’s work to stem the tide in the greater Austin area of the illegal drug distribution of fake pharmaceutical pills containing fentanyl,” said U.S. Attorney Jaime Esparza for the Western District of Texas. “Fentanyl poses a significant threat to communities across this district and the United States, and I am grateful to the many federal, state and local law enforcement agencies who join us in prioritizing these very serious drug crimes.”

    The DEA, Texas Department of Public Safety, the Hays County Sheriff’s Office, Bastrop County Sheriff’s Office, Williamson County Sheriff’s Office, and the Georgetown Police Department investigated the case.

    Assistant U.S. Attorney Daniel Castillo prosecuted the case.

    ###

    MIL Security OSI –

    January 31, 2025

  • MIL-OSI Security: St. Louis County Felon Admits Gun Charge

    Source: Office of United States Attorneys

    ST. LOUIS – A convicted felon caught video calling a jail inmate while displaying firearms pleaded guilty to a gun charge Thursday.

    In June of 2024, Bruce Donta Robinson, 28, contacted an inmate at a detention facility in Pulaski County, Illinois via video call. During the call, Robinson can be seen with what appeared to be two semi-automatic weapons. Robinson is a convicted felon and is thus barred from possessing firearms. He was also on supervised release from a prior gun crime at the time.

    After reviewing the video call, the FBI obtained a court-approved search warrant for Robinson’s St. Louis County residence. Agents found a loaded Polymer 80 semi-automatic pistol with no serial number and a large capacity magazine, a loaded Glock .45-caliber semi-automatic pistol with a laser attachment and a stolen Rock River Arms AR-15 pistol with a large capacity magazine.
        
    Robinson pleaded guilty to one felony count of being a felon in possession of a firearm.
    The charge carries a potential penalty of up to 15 years in prison.

    The FBI investigated the case. Assistant U.S. Attorney J. Christian Goeke 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 violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI –

    January 31, 2025

  • MIL-OSI Security: Illegal Alien from Costa Rica Sentenced for Firearm Possession

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – United States Attorney Duane A. Evans announced that MILTON RAYO CASTILLO (“RAYO CASTILLO”), age 26, a native of Costa Rica, was sentenced on January 28. 2025 by United States District Judge Wendy Vitter, for being an illegal alien in possession of a firearm, in violation of Title 18, United States Code, Section 922(g)(5)(A).  RAYO CATILLO was sentenced to fifty-two (52) months incarceration, supervised release for three (3) years, and payment of a $100 mandatory special assessment fee.

    According to the indictment, on or about March 10, 2024, RAYO CASTILLO, an alien illegally present in the United States, was found in possession of a nine-millimeter semi-automatic pistol, after brandishing the weapon at a patron at a Kenner, Louisiana restaurant.

    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.

    U.S. Attorney Evans praised the work of the United States Department of Homeland Security and the Kenner Police Department in investigating this matter.  Assistant United States Attorney Spiro G. Latsis of the General Crimes Unit oversees the prosecution.

    MIL Security OSI –

    January 31, 2025

  • MIL-OSI USA: Welch Speaks on the Senate Floor About the Ceasefire in Gaza

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) last night took to the Senate floor to express his relief by the announcement of a ceasefire in Gaza and stress the importance of creating a viable, secure, independent, and demilitarized Palestinian state.  
    Senator Welch emphasized that there is no solution that offers lasting peace, and continued U.S. support, other than two independent states. 
    Watch Senator Welch’s speech below: 
    Senator Welch’s remarks, as delivered, can be read here and below: 
    “Like all of us I was enormously relieved by the announcement of a ceasefire in Gaza, the gradual release of hostages, and a surge in humanitarian aid for the two million desperate Palestinians who are trapped inside Gaza.   
    “Despite the daunting challenges ahead and the many factors that could derail negotiations to implement Stage Two of the agreement, I’m cautiously hopeful that this could be the beginning of the end of a war that has traumatized millions of Palestinians and Israelis for more than 16 months.   
    “There will come a time for the accounting of the conduct of the war, which has caused such appalling loss of Palestinian and Israeli lives, including tens of thousands of children, of health workers, aid workers, and journalists, and massive destruction of property, including practically every hospital, every school, and university in Gaza. These things must not be forgotten, and that means investigating and holding people accountable under the laws of war.     
    “But today, I want to speak briefly on an issue that is key to the lasting peace between Palestinians and Israelis that we seek. And that is the creation of a viable, secure, independent, and demilitarized Palestinian state. 
    “The war in Gaza was triggered, of course, by the merciless slaughter on October 7, 2023, of 1,200 innocent Israelis, Americans and others, and the abduction of some 250 hostages, many of whom have died.  But as we all know, the Middle East conflict began many decades earlier. And some would say centuries ago. Ethnic hatred and religious intolerance passed down from one generation to the next have fueled seemingly endless violence perpetrated by extremists on both sides. And it’s created a chronic state of insecurity for Israelis, and insecurity and humiliation, poverty, and hopelessness for Palestinians.  
    “In the West Bank, Israel’s ever-expanding settlement construction—in violation of UN resolutions and contrary to U.S. policy—has created a patchwork of separate and unequal enclaves and illegal outposts, provoking frequent acts of deadly violence by Israeli settlers and also by Palestinian extremists.  
    “Gaza, with the overt support of the Netanyahu government, became an open-air prison for two million impoverished Palestinians dependent on international aid and under the ruthless control of Hamas.   
    “And throughout this period, the wealthy Arab states have called for a Palestinian state. But they have expended minimal political capital or resources in furtherance of that goal. A lot of talk, very little action. 
    “Successive Palestinian leaders have squandered opportunities to make necessary political and economic reforms, while Mr. Netanyahu has worked to create conditions on the ground that would actually make a Palestinian state impossible. 
    “Despite this grim reality—and it is a grim reality—the attention focused on the remarkable life of President Jimmy Carter after his death on December 29th, reminded us that even in the most difficult circumstances peace is possible between long-standing enemies. It happened. But that possibility depends on the quality of leadership. 
    “If there ever were a time when the leaders of Israel, the Palestinian Authority, their Arab neighbors, and the United States should put the interests of regional peace and economic cooperation and development, including an independent Palestinian state, over personal and political ambition—it is now. It is now. 
    “Gaza is in ruins. Hamas and Hezbollah—still a threat—pose less of a threat than at any time in recent history. The horrific Assad regime is gone. Iran is also weaker. Most Israelis, Palestinians, Lebanese, Syrians want peace. But given the absence of visionary and courageous leaders in Israel and the Palestinian Authority, the possibility that a path to a Palestinian state will emerge really does depend on the Trump Administration using its diplomatic influence far more forcefully and effectively than previous U.S. administrations—including the first Trump Administration—were willing to do.   
    “We’ve got to act. And it will require the same of Congress, which in the past has restricted itself to enacting tighter and tighter sanctions on the Palestinians causing increasing desperation and resentment for innocent Palestinians, while at the same time, opposing any incentives on Israel to stop settlement construction and settler violence. 
    “There are those who believe that because of Israel’s construction of settlements, walls, fences, separate highways, factories, and farms in the West Bank, that the West Bank and Gaza can never be reconfigured into a viable Palestinian state. Having seen a current map of the West Bank, I can certainly understand that. 
    “But others reject the very idea of a Palestinian state as incompatible with Israel’s security, without proposing any alternative that would preserve Israel as a democracy in which all its citizens, regardless of ethnicity; religion, have equal rights. Given Hamas’ horrific attack on October 7th, I can also easily understand that. 
    “Then, on January 25th, President Trump called for “cleaning out” of Gaza, suggesting that a million and half Palestinians should be resettled in Jordan and Egypt. And you know, seriously, there’s just so many things wrong and unrealistic with that reprehensible and unworkable idea that it barely deserves a response, beyond the predictable and immediate repudiation by all those who would be impacted. It’s not serious. 
    “But to me, as elusive as it may seem, there really is no solution that offers lasting peace, and continued U.S. support, other than two independent states—Israel and Palestine, side-by-side. A Palestinian state will only be possible if both sides are pressured to make the difficult compromises both sides they so far refused to make. And only the United States and our heretofore reluctant Arab allies can exert the kind of pressure that’s necessary to bring people to an agreement. 
    “Mr. President, there have been far too many missed opportunities and disappointments since the Oslo and Camp David Accords, and far too much needless death and destruction resulting from the unchecked ambitions of leaders motivated by their worst instincts. History will judge us whether we seize this moment to finally chart a different course. A course that does enable Israelis and Palestinians to finally accept that there is no turning back the clock, that both are there to stay, and that as many Palestinian and Israeli neighbors have shown throughout years of conflict and loss, they have far more in common than their differences.  
    “Mr. President, I yield back.” 

    MIL OSI USA News –

    January 31, 2025

  • MIL-OSI New Zealand: Latest climate target as useful as a screen door on a submarine – Greenpeace

    Source: Greenpeace

    Greenpeace has slammed the Luxon Government for failing to protect future generations after releasing New Zealand’s latest climate target of a 1-5% additional reduction in emissions by 2035, saying it’s “about as useful as a screen door on a submarine.”
    Greenpeace spokesperson Amanda Larsson says, “This target is an absolute joke, yet the climate crisis is no laughing matter.”
    “Against the backdrop of Luxon’s war on nature, not only is this target too weak to protect our kids and grandkids from a disastrous future but there is no plan to achieve even the targets we already have.”
    Under the Paris Agreement on climate change, nations are required to submit a so-called nationally determined contribution (NDC) every four years. Each NDC must represent an increase in ambition on the last, which was submitted in 2021.
    “Every parent and grandparent wants to pass on a safe and stable world to our kids. That requires brave and visionary leadership, both of which Luxon is lacking,” says Larsson.
    “Luxon’s vision for New Zealand seems to be a landscape ripped open by coal mines, a coastline dotted with oil rigs and fields crammed with cows, knee deep in mud and effluent.”
    The Luxon Government controversially overturned the 2018 ban on offshore oil and gas exploration, despite advice from MFAT that this is likely to breach our recent free trade agreements with the EU and UK. Coal mines are included in the list for fast-tracking, overriding community will and environmental laws. Luxon has also exempted New Zealand’s most polluting industry – dairying – from paying for its emissions through the Emissions Trading Scheme.
    “Our country is doing worse on climate change than it was ten years ago,” says Larsson. “This is what happens when you let polluters write the policy.”
    Documents released to Greenpeace under the Official Information Act reveal the unprecedented influence of the meat and dairy industry over environmental policy in Luxon’s Government. Emails, texts and briefings show that Federated Farmers, Dairy NZ and Beef + Lamb NZ have used privileged access to Ministers to draft policy on freshwater and climate change, to advise on Government communications and to push central Government to instruct local councils to weaken their environmental policies.
    “The increasingly rampant wildfires, floods and cyclones we’re witnessing around us are a sign that our planet is sick. If governments won’t stand up to polluters to protect our kids and grandkids, as Luxon has shown he will not, then people will use the courts, protest and other means to save their children from climate disaster,” says Larsson.

    MIL OSI New Zealand News –

    January 31, 2025

  • MIL-OSI New Zealand: First Responders – Tiwai Peninsula vegetation fire update #2

    Source: Fire and Emergency New Zealand

    Fire and Emergency New Zealand crews are back on Tiwai Peninsula in Invercargill today, where the large vegetation fire has not grown further overnight.
    The fire grew to 1,200 hectares yesterday in hot, windy conditions but was contained by the end of the day.
    Incident Controller Hamish Angus says there will be 35 firefighters on site today, with support from five helicopters, the Department of Conservation and local forestry companies.
    “Our focus today is on knocking out those remaining hotspots,” he says.
    “We’re expecting winds to pick up over the next few days, so we want to make sure there’s nothing left here that could get the fire under way again.
    “It’s too early to say what caused the fire, but we will have fire investigators here today looking into that.”

    MIL OSI New Zealand News –

    January 31, 2025

  • MIL-OSI New Zealand: Fire Safety – Fire restrictions eased in parts of Mid-South Canterbury

    Source: Fire and Emergency New Zealand

    Fire and Emergency New Zealand has revoked the restrictions on lighting outdoor fires in the lower-lying areas of Mid-South Canterbury from 8am on Friday 31 January.
    Mid-South Canterbury District Manager Rob Hands says that as fire danger has eased in these areas after recent rainfall, they are now back in an open fire season until further notice.
    In a restricted fire season, people need a permit from Fire and Emergency to light an outdoor fire.
    In an open season, permits are not needed, but people are asked to take reasonable precautions when lighting fires.
    “As well as the rain we’ve now had, the outlook for the next few weeks is cooler and damper, which means there’s less chance of a wildfire starting and spreading through vegetation,” Rob Hands says.
    The areas in Mid-South Canterbury which have moved to an open fire season include Cattle Creek, Waihaorunga, Waimate Coastal, Waimate, Timaru Coastal, Albury, Cannington, Clayton, Geraldine Plains, Mt Somers, Ashburton Plains, and Ashburton Coastal.
    The Mackenzie Basin and high country – including Rangitata and Rakaia Gorges, and Ashburton Lakes – remain in a restricted fire season, as those areas continue to be affected by hot, dry conditions.
    Rob Hands says people should not become careless with fires, just because the season has changed.
    “While rain has reduced the fire risk in the low-lying areas, people must take care to prevent unwanted fires getting started,” he says.
    “Even if you are in an open season, you should go to www.checkitsalright.nz to see if it’s safe to have an outdoor fire at your location.”

    MIL OSI New Zealand News –

    January 31, 2025

  • MIL-OSI: BayFirst Financial Corp. Reports Fourth Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    ST. PETERSBURG, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — BayFirst Financial Corp. (NASDAQ: BAFN) (“BayFirst” or the “Company”), parent company of BayFirst National Bank (the “Bank”) today reported net income of $9.8 million, or $2.27 per common share, or $2.11 per diluted common share, for the fourth quarter of 2024, an increase of 759.8% compared to $1.1 million, or $0.18 per common share and diluted common share, in the third quarter of 2024. Net income for the year ended December 31, 2024 was $12.6 million, or $2.68 per common share, or $2.62 per diluted common share, compared to $5.7 million, or $1.16 per common share, or $1.12 per diluted common share for the year ended December 31, 2023.

    “We reported strong fourth quarter 2024 results, highlighted by quarterly net interest margin expansion and improved operating efficiencies,” stated Thomas G. Zernick, Chief Executive Officer. “Net income increased substantially compared to the preceding quarter, led by increases in net interest income, higher gain on sale of government guaranteed loans, and a gain on sale of two branch office properties, which was part of a sale-leaseback transaction. It’s worth noting that we continue to lease these two branch offices, resulting in no impact to our existing branch network. As a result of this transaction, we recorded an after-tax gain on sale of the properties of $8.7 million during the fourth quarter of 2024.”

    “The strength of our community bank business model, which includes serving individuals, families, and small businesses, coupled with results from our government guaranteed banking division, continues to fuel our operating results,” Zernick continued. “Our government guaranteed banking team had a solid quarter, producing $107.8 million in new government guaranteed loans, which was an improvement compared to the third quarter of 2024. Our lenders remain focused on meeting loan origination targets, while also adhering to prudently conservative credit quality metrics.

    “One of the highlights of the full year 2024 was the $1.1 million reduction in noninterest expenses compared to 2023. When we completed our near-term branch expansion plans in early 2024, we focused on reducing operating expenses by leveraging technology investments to better manage headcount and related incentive compensation, while at the same time growing the franchise. As we look to the new year, we will continue initiatives that are designed to further increase our efficiency, lower costs, and maximize the investments we’ve already made in technology and in our banking centers. While we are pleased with the progress during the fourth quarter and the year, we are excited to continue our forward momentum and further boost our results in 2025,” said Zernick.

    “Additionally, the Board of Directors authorized a share repurchase program on January 28, 2025. We believe our stock offers an attractive investment and repurchasing stock is a means for building long-term shareholder value,” said Zernick. “We are confident about the growth of our Company, and we believe that when our shares are undervalued, repurchases represent a value-enhancing deployment of capital.”

    Fourth Quarter 2024 Performance Review

    • In December 2024, the Company entered into a sale-leaseback agreement for two branch office properties for an aggregate cash purchase price of $15.0 million. As a result of this transaction, the Company recorded a pre-tax gain on sale of the properties of $11.6 million.
    • The Company’s government guaranteed loan team originated $107.8 million in new loans during the fourth quarter of 2024, an increase from $94.4 million of loans produced in the previous quarter, and a decrease from $144.9 million of loans produced during the fourth quarter of 2023. Since the launch in 2022 of the Company’s Bolt loan program, an SBA 7(a) loan product designed to expeditiously provide working capital loans of $150 thousand or less, the Company has originated 5,726 Bolt loans totaling $741.5 million, of which 495 Bolt loans totaling $64.8 million were originated during the fourth quarter. No newly originated government guaranteed loans were measured at fair value during the fourth quarter of 2024 versus $34 million in the third quarter of 2024 and $53 million in the fourth quarter of 2023.
    • Loans held for investment increased by $24.1 million, or 2.3%, during the fourth quarter of 2024 to $1.07 billion and increased $150.8 million, or 16.5%, over the past year. During the quarter, the Company originated $158.7 million of loans and sold $94.5 million of government guaranteed loan balances.
    • Deposits increased $31.0 million, or 2.8%, during the fourth quarter of 2024 and increased $158.1 million, or 16.0%, over the past year to $1.14 billion.
    • Book value and tangible book value at December 31, 2024 were $22.95 per common share, an increase from $20.86 at September 30, 2024.
    • Net interest margin increased by 26 basis points to 3.60% in the fourth quarter of 2024, from 3.34% in the third quarter of 2024 and 12 basis points from 3.48%in the fourth quarter of 2023.

    Results of Operations

    Net Income

    Net income was $9.8 million for the fourth quarter of 2024, compared to $1.1 million in the third quarter of 2024 and $1.7 million in the fourth quarter of 2023. The increase in net income for the fourth quarter of 2024 from the preceding quarter was primarily the result of the pre-tax gain on sale of two branch office properties of $11.6 million, which was part of a sale-leaseback transaction. Also contributing to higher earnings was an increase in net interest income of $1.2 million, an increase in gain on sale of government guaranteed loans of $2.3 million, and a decrease in noninterest expense of $1.7 million, partially offset by an increase in provision for credit losses of $1.4 million, a decrease in government guaranteed loan fair value gains of $3.5 million, and an increase in income tax expense on continuing operations of $2.9 million. The decrease in fair value gains on government guaranteed loans was the result of not measuring any newly originated government guaranteed loans at fair value in the fourth quarter. The increase in net income from the fourth quarter of 2023 was due to the pre-tax gain on sale of two branch office properties of $11.6 million, an increase in net interest income of $1.8 million, an increase in gain on sale of government guaranteed loans of $1.4 million, and lower noninterest expense of $3.1 million. This was partially offset by an increase in provision for credit losses of $1.8 million, a decrease in government guaranteed loan fair value gains of $4.8 million, and an increase in income tax expense on continuing operations of $2.6 million.

    For the year ended December 31, 2024, net income was $12.6 million, an increase from $5.7 million from the year ended December 31, 2023. The increase was primarily due to the pre-tax gain on sale of two branch office properties of $11.6 million, an increase in net interest income of $1.6 million, higher gain on sale of government guaranteed loans of $3.7 million, and lower noninterest expense of $0.9 million, partially offset by higher provision for credit losses of $4.3 million, a decrease in government guaranteed fair value gains of $5.9 million and higher income tax expense on continuing operations of $2.2 million.

    Net Interest Income and Net Interest Margin

    Net interest income from continuing operations was $10.7 million in the fourth quarter of 2024, an increase from $9.4 million during the third quarter of 2024, and an increase from $8.9 million during the fourth quarter of 2023. The net interest margin increased by 26 basis points to 3.60% in the fourth quarter of 2024, from 3.34% in the third quarter of 2024 and 12 basis points from 3.48%in the fourth quarter of 2023.

    The increase in net interest income from continuing operations during the fourth quarter of 2024, as compared to the third quarter of 2024, was mainly due to a decrease in interest cost on deposits of $1.0 million.

    The increase in net interest income from continuing operations during the fourth quarter of 2024, as compared to the year ago quarter, was mainly due to an increase in loan interest income, including fees, of $3.0 million, partially offset by higher interest expense on deposits of $0.9 million.

    Net interest income from continuing operations was $38.0 million for the year ended December 31, 2024, an increase from $36.4 million for the year ended December 31, 2023. The increase was mainly due to an increase in loan interest income, including fees, of $15.6 million, partially offset by an increase in interest expense on deposits of $12.1 million.

    Noninterest Income

    Noninterest income from continuing operations was $22.3 million for the fourth quarter of 2024, which was an increase from $12.3 million in the third quarter of 2024 and an increase from $14.7 million in the fourth quarter of 2023. The increase in the fourth quarter of 2024, as compared to the third quarter of 2024, was primarily the result of the pre-tax gain on sale of two branch office properties of $11.6 million, which was part of a sale-leaseback transaction, and an increase in gain on sale of government guaranteed loans of $2.3 million, partially offset by a decrease in government guaranteed loan fair value gains of $3.5 million. The decrease in fair value gains on government guaranteed loans was the result of not measuring any newly originated government guaranteed loans at fair value in the fourth quarter. The increase in the fourth quarter of 2024, as compared to the fourth quarter of 2023, was the result of the pre-tax gain on sale of two branch office properties of $11.6 million and an increase in gain on sale of government guaranteed loans of $1.4 million, partially offset by a decrease in fair value gains on government guaranteed loans of $4.8 million.

    Noninterest income from continuing operations was $60.5 million for the year ended 2024, which was an increase from $49.8 million for the year ended 2023. The increase was primarily the result of the pre-tax gain on sale of two branch office properties of $11.6 million and an increase in gain on sale of government guaranteed loans of $3.7 million, partially offset by a decrease in fair value gains on government guaranteed loans of $5.9 million.

    Noninterest Expense

    Noninterest expense from continuing operations was $15.3 million in the fourth quarter of 2024 compared to $17.1 million in the third quarter of 2024 and $18.5 million in the fourth quarter of 2023. The decrease in the fourth quarter of 2024, as compared to the prior quarter, was primarily due to a decrease in compensation expense of $0.6 million and a decrease in loan origination and collection expense of $1.2 million. The decrease in the fourth quarter of 2024, as compared to the fourth quarter of 2023, was primarily due to lower compensation expense of $1.2 million and lower loan origination and collection expenses of $2.0 million.

    Noninterest expense from continuing operations was $66.8 million for the year ended 2024 compared to $67.7 million for the year ended 2023. The decrease was the result of decreases in compensation expenses of $1.2 million, loan origination and collection expense of $1.0 million, and marketing and business development expenses of $1.3 million. The decreases were partially offset by increases in data processing expenses of $1.1 million, regulatory assessments of $0.4 million, and other noninterest expenses of $0.8 million.

    Balance Sheet

    Assets

    Total assets increased $43.2 million, or 3.5%, during the fourth quarter of 2024 to $1.29 billion, mainly due to increases in loans held for investment of $24.1 million, cash and cash equivalents of $13.4 million, and right-of-use operating lease assets of $13.8 million, partially offset by a decrease in premises and equipment of $5.5 million. The increase in the right-of-use operating lease asset and decrease in premises and equipment was primarily the result of the fourth quarter 2024 sale-leaseback transaction. Compared to the end of the fourth quarter last year, total assets increased $170.5 million, or 15.3%, driven by growth of loans held for investment of $150.8 million, higher cash and cash equivalents of $19.4 million, and an increase in right-of-use operating lease asset of $13.4 million, partially offset by a decrease in premises and equipment of $5.6 million.

    Loans

    Loans held for investment increased $24.1 million, or 2.3%, during the fourth quarter of 2024 and $150.8 million, or 16.5%, over the past year to $1.07 billion, due to originations in both conventional community bank loans and government guaranteed loans, partially offset by government guaranteed loan sales.

    Deposits

    Deposits increased $31.0 million, or 2.8%, during the fourth quarter of 2024 and increased $158.1 million, or 16.0%, from the fourth quarter of 2023, ending December 31, 2024 at $1.14 billion. During the fourth quarter, there were increases in noninterest-bearing deposit account balances of $5.7 million, interest-bearing transaction account balances of $8.9 million, and savings and money market deposit account balances of $19.1 million, partially offset by a decrease in time deposit balances of $2.7 million. The majority of the deposits are generated through the community bank in the Tampa Bay/Sarasota area. At December 31, 2024, approximately 74% of total deposits were insured by the FDIC. At times, the Bank has brokered time deposit and non-maturity deposit relationships available to diversify its funding sources. At December 31, 2024, September 30, 2024, and December 31, 2023, the Company had $112.1 million, $76.7 million, and $0.2 million, respectively, of brokered deposits.

    Asset Quality

    The Company recorded a provision for credit losses in the fourth quarter of $4.5 million, compared to provisions of $3.1 million for the third quarter of 2024 and $2.7 million during the fourth quarter of 2023.

    The ratio of ACL to total loans held for investment at amortized cost was 1.54% at December 31, 2024, 1.48% as of September 30, 2024, and 1.64% as of December 31, 2023. The ratio of ACL to total loans held for investment at amortized cost, excluding government guaranteed loan balances, was 1.79% at December 31, 2024, 1.70% as of September 30, 2024, and 2.03% as of December 31, 2023. To date, we have not learned of a material loss to the Company as a result of the recent hurricanes. Therefore, additional loss reserves have not been deemed necessary.

    Net charge-offs for the fourth quarter of 2024 were $3.4 million, which was an increase from $2.8 million for the third quarter of 2024 and $2.6 million in the fourth quarter of 2023. Annualized net charge-offs as a percentage of average loans held for investment at amortized cost were 1.34% for the fourth quarter of 2024, compared to 1.16% in the third quarter of 2024 and 1.27% in the fourth quarter of 2023. Nonperforming assets to total assets were 1.50% as of December 31, 2024, compared to 1.38% as of September 30, 2024, and 0.92% as of December 31, 2023. Nonperforming assets, excluding government guaranteed loan balances, to total assets were 1.06% as of December 31, 2024, compared to 0.88% as of September 30, 2024, and 0.74% as of December 31, 2023. As we discussed in previous quarters, the Bank developed an express modification program for SBA 7(a) borrowers to help those borrowers who are challenged with larger payments in the higher interest rate environment compared to interest rates at the time the loans were originated. To date, 496 SBA 7(a) borrowers have been offered loan modification options. These efforts have helped and are expected to continue to help reduce the risk of loss.

    Capital

    The Bank’s Tier 1 leverage ratio was 8.82% as of December 31, 2024, compared to 8.41% as of September 30, 2024, and 9.38% as of December 31, 2023. The CET 1 and Tier 1 capital ratio to risk-weighted assets were 10.89% as of December 31, 2024, compared to 10.14% as of September 30, 2024, and 11.77% as of December 31, 2023. The total capital to risk-weighted assets ratio was 12.14% as of December 31, 2024, compared to 11.39% as of September 30, 2024, and 13.03% as of December 31, 2023.

    Liquidity

    The Bank’s overall liquidity position remains strong and stable with liquidity in excess of internal minimums as stated by policy and monitored by management and the Board. The on-balance sheet liquidity ratio at December 31, 2024 was 9.17%, as compared to 9.33% at December 31, 2023. The Bank has robust liquidity resources which include secured borrowings available from the Federal Home Loan Bank, the Federal Reserve, and lines of credit with other financial institutions. As of December 31, 2024, the Bank had no borrowings from the FHLB, the FRB or other financial institutions. This compares to $10.0 million of borrowings from the FHLB and no borrowings from the FRB or other financial institutions at September 30, 2024 and December 31, 2023.

    Recent Events

    Share Repurchase Program

    The Company announced that its Board of Directors has adopted a share repurchase program. Under the repurchase program, the Company may repurchase up to $2.0 million of the Company’s outstanding shares, over a period beginning on January 28, 2025, and continuing until the earlier of the completion of the repurchase, or December 31, 2025, or termination of the program by the Board of Directors.

    First Quarter Common Stock Dividend. On January 28, 2025, BayFirst’s Board of Directors declared a first quarter 2025 cash dividend of $0.08 per common share. The dividend will be payable March 15, 2025 to common shareholders of record as of March 1, 2025. The Company has continuously paid quarterly common stock cash dividends since 2016.

    Conference Call

    BayFirst’s management team will host a conference call on Friday, January 31, 2025, at 9:00 a.m. ET to discuss its fourth quarter results. Interested investors may listen to the call live under the Investor Relations tab at www.bayfirstfinancial.com. Investment professionals are invited to dial (800) 549-8228 to participate in the call using Conference ID 71006. A replay of the call will be available for one year at www.bayfirstfinancial.com. 

    About BayFirst Financial Corp.

    BayFirst Financial Corp. is a registered bank holding company based in St. Petersburg, Florida which commenced operations on September 1, 2000. Its primary source of income is derived from its wholly owned subsidiary, BayFirst National Bank, a national banking association which commenced business operations on February 12, 1999. The Bank currently operates twelve full-service banking offices throughout the Tampa Bay-Sarasota region and offers a broad range of commercial and consumer banking services to businesses and individuals. It was named the best bank in Florida in 2024, according to Forbes and was the 9th largest SBA 7(a) lender by number of units originated and 16th largest by dollar volume nationwide through the SBA’s quarter ended December 31, 2024. As of December 31, 2024, BayFirst Financial Corp. had $1.29 billion in total assets.

    Forward-Looking Statements

    In addition to the historical information contained herein, this presentation includes “forward-looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. These statements are subject to many risks and uncertainties, including, but not limited to, the effects of health crises, global military hostilities, weather events, or climate change, including their effects on the economic environment, our customers and our operations, as well as any changes to federal, state or local government laws, regulations or orders in connection with them; the ability of the Company to implement its strategy and expand its banking operations; changes in interest rates and other general economic, business and political conditions, including changes in the financial markets; changes in business plans as circumstances warrant; risks related to mergers and acquisitions; changes in benchmark interest rates used to price loans and deposits, changes in tax laws, regulations and guidance; and other risks detailed from time to time in filings made by the Company with the SEC, including, but not limited to those “Risk Factors” described in our most recent Form 10-K and Form 10-Q. Readers should note that the forward-looking statements included herein are not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking statements.

    Contacts:  
    Thomas G. Zernick Scott J. McKim
    Chief Executive Officer Chief Financial Officer
    727.399.5680 727.521.7085
       

    BAYFIRST FINANCIAL CORP.
    SELECTED FINANCIAL DATA (Unaudited)

      At or for the three months ended
    (Dollars in thousands, except for share data) 12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023
    Balance sheet data:                  
    Average loans held for investment at amortized cost $ 1,003,867     $ 948,528     $ 902,417     $ 855,040     $ 825,196  
    Average total assets   1,273,296       1,228,040       1,178,501       1,126,315       1,108,550  
    Average common shareholders’ equity   87,961       86,381       84,948       85,385       82,574  
    Total loans held for investment   1,066,559       1,042,445       1,008,314       934,868       915,726  
    Total loans held for investment, excl gov’t gtd loan balances   917,075       885,444       844,659       776,302       698,106  
    Allowance for credit losses   15,512       14,186       13,843       13,906       13,497  
    Total assets   1,288,297       1,245,099       1,217,869       1,144,194       1,117,766  
    Common shareholders’ equity   94,869       86,242       84,911       84,578       84,656  
    Share data:                  
    Basic earnings per common share $ 2.27     $ 0.18     $ 0.12     $ 0.11     $ 0.32  
    Diluted earnings per common share   2.11       0.18       0.12       0.11       0.32  
    Dividends per common share   0.08       0.08       0.08       0.08       0.08  
    Book value per common share   22.95       20.86       20.54       20.45       20.60  
    Tangible book value per common share (1)   22.95       20.86       20.54       20.45       20.60  
    Performance and capital ratios:                  
    Return on average assets(2)   3.07 %     0.37 %     0.29 %     0.29 %     0.60 %
    Return on average common equity(2)   42.71 %     3.48 %     2.26 %     2.06 %     6.37 %
    Net interest margin(2)   3.60 %     3.34 %     3.43 %     3.42 %     3.48 %
    Dividend payout ratio   3.52 %     43.98 %     68.91 %     75.27 %     25.03 %
    Asset quality ratios:                  
    Net charge-offs $ 3,369     $ 2,757     $ 3,261     $ 3,652     $ 2,612  
    Net charge-offs/avg loans held for investment at amortized cost(2)   1.34 %     1.16 %     1.45 %     1.71 %     1.27 %
    Nonperforming loans(3) $ 17,607     $ 15,489     $ 12,312     $ 9,877     $ 9,688  
    Nonperforming loans (excluding gov’t gtd balance)(3) $ 13,570     $ 10,992     $ 8,054     $ 7,568     $ 8,264  
    Nonperforming loans/total loans held for investment(3)   1.75 %     1.62 %     1.34 %     1.15 %     1.18 %
    Nonperforming loans (excl gov’t gtd balance)/total loans held for investment(3)   1.35 %     1.15 %     0.87 %     0.88 %     1.00 %
    ACL/Total loans held for investment at amortized cost   1.54 %     1.48 %     1.50 %     1.62 %     1.64 %
    ACL/Total loans held for investment at amortized cost, excl government guaranteed loans   1.79 %     1.70 %     1.73 %     1.88 %     2.03 %
    Other Data:                  
    Full-time equivalent employees   299       295       302       313       305  
    Banking center offices   12       12       12       12       11  
    (1) See section entitled “GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures” below for a reconciliation to most comparable GAAP equivalent.
    (2) Annualized
    (3) Excludes loans measured at fair value                  
                       

    GAAP Reconciliation and Management Explanation of Non-GAAP Financial Measures

    Some of the financial measures included in this report are not measures of financial condition or performance recognized by GAAP. These non-GAAP financial measures include tangible common shareholders’ equity and tangible book value per common share. Our management uses these non-GAAP financial measures in its analysis of our performance, and we believe that providing this information to financial analysts and investors allows them to evaluate capital adequacy.

    The following presents these non-GAAP financial measures along with their most directly comparable financial measures calculated in accordance with GAAP:

    Tangible Common Shareholders’ Equity and Tangible Book Value Per Common Share (Unaudited)
        As of
    (Dollars in thousands, except for share data)   December
    31, 2024    		   September
    30, 2024    		   June
    30, 2024    		   March
    31, 2024    		   December
    31, 2023
    Total shareholders’ equity   $ 110,920     $ 102,293     $ 100,962     $ 100,629     $ 100,707  
    Less: Preferred stock liquidation preference     (16,051 )     (16,051 )     (16,051 )     (16,051 )     (16,051 )
    Total equity available to common shareholders     94,869       86,242       84,911       84,578       84,656  
    Less: Goodwill     —       —       —       —       —  
    Tangible common shareholders’ equity   $ 94,869     $ 86,242     $ 84,911     $ 84,578     $ 84,656  
                         
    Common shares outstanding     4,132,986       4,134,059       4,134,219       4,134,914       4,110,470  
    Tangible book value per common share   $ 22.95     $ 20.86     $ 20.54     $ 20.45     $ 20.60  
                                             
    BAYFIRST FINANCIAL CORP.
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands) 12/31/2024 9/30/2024 12/31/2023
    Assets (Unaudited) (Unaudited)  
    Cash and due from banks $ 4,499   $ 4,708   $ 4,099  
    Interest-bearing deposits in banks   73,289     59,675     54,286  
    Cash and cash equivalents   77,788     64,383     58,385  
    Time deposits in banks   2,270     2,264     4,646  
    Investment securities available for sale, at fair value (amortized cost $40,279, $41,104, and $43,597 at December 31, 2024, September 30, 2024, and December 31, 2023, respectively)   36,291     37,984     39,575  
    Investment securities held to maturity, at amortized cost, net of allowance for credit losses of $12, $13, and $17 (fair value: $2,346, $2,321, and $2,263 at December 31, 2024, September 30, 2024, and December 31, 2023, respectively)   2,488     2,487     2,484  
    Nonmarketable equity securities   4,526     4,997     4,770  
    Government guaranteed loans held for sale   —     595     —  
    Government guaranteed loans held for investment, at fair value   60,833     86,441     91,508  
    Loans held for investment, at amortized cost   1,005,726     956,004     824,218  
    Allowance for credit losses on loans   (15,512 )   (14,186 )   (13,497 )
    Net Loans held for investment, at amortized cost   990,214     941,818     810,721  
    Accrued interest receivable   9,155     8,537     7,130  
    Premises and equipment, net   33,249     38,736     38,874  
    Loan servicing rights   16,534     15,966     14,959  
    Right-of-use operating lease assets   15,814     2,018     2,416  
    Bank owned life insurance   26,513     26,330     25,800  
    Other real estate owned   132     —     —  
    Other assets   12,490     12,543     16,150  
    Assets from discontinued operations   —     —     348  
    Total assets $ 1,288,297   $ 1,245,099   $ 1,117,766  
    Liabilities:      
    Noninterest-bearing deposits $ 101,743   $ 95,995   $ 93,708  
    Interest-bearing transaction accounts   256,793     247,923     259,422  
    Savings and money market deposits   474,425     455,297     373,000  
    Time deposits   310,268     312,981     259,008  
    Total deposits   1,143,229     1,112,196     985,138  
    FHLB borrowings   —     10,000     10,000  
    Subordinated debentures   5,956     5,954     5,949  
    Notes payable   1,934     2,048     2,389  
    Accrued interest payable   1,036     1,114     882  
    Operating lease liabilities   14,510     2,271     2,619  
    Deferred income tax liabilities   301     1,488     482  
    Accrued expenses and other liabilities   10,411     7,735     8,980  
    Liabilities from discontinued operations   —     —     620  
    Total liabilities   1,177,377     1,142,806     1,017,059  
    Shareholders’ equity: (Unaudited) (Unaudited)  
    Preferred stock, Series A; no par value, 10,000 shares authorized, 6,395 shares issued and outstanding at December 31, 2024, September 30, 2024, and December 31, 2023; aggregate liquidation preference of $6,395 each period   6,161     6,161     6,161  
    Preferred stock, Series B; no par value, 20,000 shares authorized, 3,210 shares issued and outstanding at December 31, 2024, September 30, 2024, and December 31, 2023; aggregate liquidation preference of $3,210 each period   3,123     3,123     3,123  
    Preferred stock, Series C; no par value, 10,000 shares authorized, 6,446 shares issued and outstanding at December 31, 2024, September 30, 2024, and December 31, 2023; aggregate liquidation preference of $6,446 at December 31, 2024, September 30, 2024, and December 31, 2023   6,446     6,446     6,446  
    Common stock and additional paid-in capital; no par value, 15,000,000 shares authorized, 4,132,986, 4,134,059, and 4,110,470 shares issued and outstanding at December 31, 2024, September 30, 2024, and December 31, 2023, respectively   54,764     54,780     54,521  
    Accumulated other comprehensive loss, net   (2,956 )   (2,312 )   (2,981 )
    Unearned compensation   (752 )   (978 )   (958 )
    Retained earnings   44,134     35,073     34,395  
    Total shareholders’ equity   110,920     102,293     100,707  
    Total liabilities and shareholders’ equity $ 1,288,297   $ 1,245,099   $ 1,117,766  
                       
    BAYFIRST FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF INCOME
      For the Quarter Ended   Year-to-Date
    (Dollars in thousands, except per share data) 12/31/2024   9/30/2024   12/31/2023   12/31/2024   12/31/2023
    Interest income: (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)    
    Loans, including fees $ 20,747     $ 20,442   $ 17,714     $ 78,831     $ 63,189  
    Interest-bearing deposits in banks and other   1,007       1,000     1,140       3,979       5,328  
    Total interest income   21,754       21,442     18,854       82,810       68,517  
    Interest expense:                  
    Deposits   10,600       11,609     9,719       42,872       30,795  
    Other   501       384     258       1,912       1,291  
    Total interest expense   11,101       11,993     9,977       44,784       32,086  
    Net interest income   10,653       9,449     8,877       38,026       36,431  
    Provision for credit losses   4,546       3,122     2,737       14,726       10,445  
    Net interest income after provision for credit losses   6,107       6,327     6,140       23,300       25,986  
    Noninterest income:                  
    Loan servicing income, net   582       918     677       3,100       2,826  
    Gain on sale of government guaranteed loans, net   8,425       6,143     6,977       28,252       24,553  
    Service charges and fees   451       447     555       1,794       1,721  
    Government guaranteed loans fair value gain, net   (80 )     3,416     4,697       9,843       15,718  
    Government guaranteed loan packaging fees   773       903     1,588       4,105       3,664  
    Gain on sale of premises and equipment   11,649       —     —       11,649       —  
    Other noninterest income   476       445     197       1,726       1,273  
    Total noninterest income   22,276       12,272     14,691       60,469       49,755  
    Noninterest Expense:                  
    Salaries and benefits   7,351       7,878     7,446       31,063       30,973  
    Bonus, commissions, and incentives   1,074       1,141     2,211       4,445       5,726  
    Occupancy and equipment   1,217       1,248     1,150       4,848       4,758  
    Data processing   1,749       1,789     1,422       6,745       5,611  
    Marketing and business development   390       532     640       2,050       3,336  
    Professional services   803       853     1,070       3,882       3,657  
    Loan origination and collection   758       1,956     2,728       6,391       7,425  
    Employee recruiting and development   445       595     510       2,186       2,177  
    Regulatory assessments   379       309     266       1,249       881  
    Other noninterest expense   1,169       763     1,023       3,923       3,163  
    Total noninterest expense   15,335       17,064     18,466       66,782       67,707  
    Income before taxes from continuing operations   13,048       1,535     2,365       16,987       8,034  
    Income tax expense from continuing operations   3,272       398     704       4,315       2,119  
    Net income from continuing operations   9,776       1,137     1,661       12,672       5,915  
    Loss from discontinued operations before income taxes   —       —     (8 )     (92 )     (283 )
    Income tax benefit from discontinued operations   —       —     (2 )     (23 )     (70 )
    Net loss from discontinued operations   —       —     (6 )     (69 )     (213 )
                       
    Net income   9,776       1,137     1,655       12,603       5,702  
    Preferred dividends   385       385     341       1,541       965  
    Net income available to common shareholders $ 9,391     $ 752   $ 1,314     $ 11,062     $ 4,737  
    Basic earnings (loss) per common share: (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)    
    Continuing operations $ 2.27     $ 0.18   $ 0.32     $ 2.69     $ 1.21  
    Discontinued operations   —       —     —       (0.01 )     (0.05 )
    Basic earnings per common share $ 2.27     $ 0.18   $ 0.32     $ 2.68     $ 1.16  
                       
    Diluted earnings (loss) per common share:                  
    Continuing operations $ 2.11     $ 0.18   $ 0.32     $ 2.64     $ 1.17  
    Discontinued operations   —       —     —       (0.02 )     (0.05 )
    Diluted earnings per common share $ 2.11     $ 0.18   $ 0.32     $ 2.62     $ 1.12  
                                         

    Loan Composition

    (Dollars in thousands) 12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023
      (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)    
    Real estate:                  
    Residential $ 330,870     $ 321,740     $ 304,234     $ 285,214     $ 264,126  
    Commercial   305,721       292,026       288,185       273,227       293,595  
    Construction and land   32,914       33,784       35,759       36,764       26,272  
    Commercial and industrial   226,522       200,212       192,140       182,264       177,566  
    Commercial and industrial – PPP   941       1,656       2,324       2,965       3,202  
    Consumer and other   93,826       92,546       85,789       63,854       47,287  
    Loans held for investment, at amortized cost, gross   990,794       941,964       908,431       844,288       812,048  
    Deferred loan costs, net   19,499       18,060       17,299       16,233       14,707  
    Discount on government guaranteed loans   (8,306 )     (7,880 )     (7,731 )     (7,674 )     (7,040 )
    Premium on loans purchased, net   3,739       3,860       4,173       4,252       4,503  
    Loans held for investment, at amortized cost, net   1,005,726       956,004       922,172       857,099       824,218  
    Government guaranteed loans held for investment, at fair value   60,833       86,441       86,142       77,769       91,508  
    Total loans held for investment, net $ 1,066,559     $ 1,042,445     $ 1,008,314     $ 934,868     $ 915,726  
                                           

    Nonperforming Assets (Unaudited)

    (Dollars in thousands) 12/31/2024   9/30/2024   6/30/2024   3/31/2024   12/31/2023
    Nonperforming loans (government guaranteed balances), at amortized cost, gross $ 4,037     $ 4,497     $ 4,258     $ 2,309     $ 1,424  
    Nonperforming loans (unguaranteed balances), at amortized cost, gross   13,570       10,992       8,054       7,568       8,264  
    Total nonperforming loans, at amortized cost, gross   17,607       15,489       12,312       9,877       9,688  
    Nonperforming loans (government guaranteed balances), at fair value   —       24       341       94       —  
    Nonperforming loans (unguaranteed balances), at fair value   1,490       1,535       1,284       729       648  
    Total nonperforming loans, at fair value   1,490       1,559       1,625       823       648  
    OREO   132       —       1,633       404       —  
    Repossessed assets   36       94       —       —       —  
    Total nonperforming assets, gross $ 19,265     $ 17,142     $ 15,570     $ 11,104     $ 10,336  
    Nonperforming loans as a percentage of total loans held for investment(1)   1.75 %     1.62 %     1.34 %     1.15 %     1.18 %
    Nonperforming loans (excluding government guaranteed balances) to total loans held for investment(1)   1.35 %     1.15 %     0.87 %     0.88 %     1.00 %
    Nonperforming assets as a percentage of total assets   1.50 %     1.38 %     1.28 %     0.97 %     0.92 %
    Nonperforming assets (excluding government guaranteed balances) to total assets   1.06 %     0.88 %     0.82 %     0.70 %     0.74 %
    ACL to nonperforming loans(1)   88.10 %     91.59 %     112.44 %     140.79 %     139.32 %
    ACL to nonperforming loans (excluding government guaranteed balances)(1)   114.31 %     129.06 %     171.88 %     183.75 %     163.32 %

    (1) Excludes loans measured at fair value

    Note: Transmitted on Globe Newswire on January 30, 2025, at 4:00 p.m. ET.

    The MIL Network –

    January 31, 2025

  • MIL-OSI Economics: Mission 300: African leaders pledge to advance clean cooking solutions for Africa at milestone Energy Summit

    Source: African Development Bank Group

    African countries have taken bold commitments to implement clean cooking energy solutions to offset the devastating effects of open fire cooking which kills roughly 600,000  women and children annually across the continent.

    In energy compacts signed during the Mission 300 Africa Energy Summit, held in Tanzania 27-28 January, 12 African countries signalled their intent to  accelerate the pace of access to electricity and clean cooking solutions on the world’s fastest-growing continent, in line with the United Nations’ Sustainable Development Goal 7 and the African Union’s Agenda 2063.

    Commending these countries, Tanzanian President Suluhu Hassan stated in closing remarks: “I understand that the 12 governments have only pioneered, and many others will join us in the future.” Earlier, at the opening speaking about the purpose of the summit she said, “This gathering is a platform to consolidate commitments, announce new partnerships and drive momentum towards the 2030 goal.”

    President Suluhu Hassan of Tanzania, global Clean Cooking ambassador at the Africa Energy Summit. January 2025

    The two-day meeting was organized by the Government of Tanzania and Mission 300, an unprecedented collaboration between the African Development Bank Group, the World Bank Group and global partners, to address Africa’s electricity access gap through the use of new technology and innovative financing.

    Moderating a special panel on clean cooking on Monday, Rashid Abdallah, Executive Director of the African Energy Commission (AFREC), noted that whilst 600 million Africans live without access to electricity, one billion -nearly double the number – were without access to clean cooking, relying on biomass fuels such as wood and charcoal, with severe economic, social and environmental impact. Conservative estimates put the cost of this across the continent to $790 billion a year, he noted.

    Abdallah was joined by Dr. Richard Muyungi, Special Envoy to the President of Tanzania, Peter Scott, CEO of Burn Manufacturing, and Martin Kimani, CEO of M-Gas, who each highlighted the significant health, environmental, and economic impacts of relying on polluting fuels for cooking, as well as the innovative approaches being developed to address this crisis.

    Muyungi shared Tanzania’s experience in launching a comprehensive National Clean Cooking Strategy, emphasizing the importance of high-level political commitment, coordinated stakeholder engagement, and the integration of private sector participation. 

    He praised President Hassan’s role as a global champion bringing the issue to the highest level of African governments.

    “It is important to elevate it to the highest level… She is the champion of clean cooking,” he said.  He stressed: “It’s important that there is a champion who can elevate clean cooking in terms of partnerships and partner with others to address this issue. He added that Tanzania is on track to transition 80 percent of its population to clean cooking technologies by 2034, thanks to the efforts of President Hassan.

    Scott, whose company Burn Manufacturing is the largest clean cooking manufacturer in Africa, discussed the diverse range of solutions being deployed across the continent, from fuel-efficient biomass stoves to cutting-edge electric cooking appliances with pay-as-you-go financing models. He stressed the availability of funding for clean cooking projects, pending the approval of carbon credit regulations by governments.

    Panel session on clean cooking at Mission 300 Africa Energy Summit. Tanzania, January 2025. (L-R ) Dr. Richard Muyungi, Special Envoy to the President of Tanzania, Martin Kimani, CEO,M-Gas,   Peter Scott, CEO of Burn Manufacturing, Rashid Abdallah ED, African Energy Commission (AFREC)

    “This is the most exciting time in the history of clean cooking,” Scott declared. “Now, there’s a lot of money standing by to approve carbon credit regulations to allow carbon trading, carbon finance, to grow. “

    Kimani’s pioneering pay-as-you-cook LPG model has provided an innovative and affordable solution to enable households to transition to clean cooking. He shared the success of M-Gas in onboarding half a million households in Kenya and Tanzania within just three years, demonstrating the scalability of this approach. “One of the most important considerations is affordability, how do we close that gap?” he asked.

    M-Gas has found an answer by installing IOT enabled smart meters which are fixed into gas cylinders without upfront payment.

    “We mirror the (pay as you go) environment they can now cook using LPG. With 35 cents they can cook three meals in a day,” he added.

    Tanzania pioneers clean cooking and global awareness

    Tanzania published its clean cooking strategy in 2024-2034 last year in response to its own challenges – 3,000 people dying annually and the effects of a devastating 400 hectares of deforestation annually from the use of charcoal and firewood.

    Championed by President Hassan, the Clean Cooking agenda has embraced everyone and is part of the national agenda, Muyungi said. “This discussion has highlighted the innovative approaches and the political will required to transform the lives of millions of Africans and secure a sustainable future for the continent.”

    In a recognition of national efforts, awards were handed out to winners of a national clean cooking innovation challenge on the first day of the summit. The winners included creators of a biogas production plant and a click gas LPG delivery system.

    Winners of a Tanzania national Clean Cooking Challenge received awards during the Africa Energy Summit held in Tanzania, January 2025. 

    The African Development Bank Group has pledged $2 billion over 10 years towards clean cooking solutions in Africa. The pledge represents an important contribution to the $4 billion per year needed to allow African families to have access to clean cooking by 2030.

    “Why should anybody have to die just for trying to cook a decent meal that is taken for granted in other parts of the world,” African Development Bank President Akinwumi Adesina asked during a discussion as part of the summit. “Africa must develop with dignity, with pride. Its women, its population must have access to clean energy solutions.”

    Winners of a Tanzania national Clean Cooking Challenge received awards during the Africa Energy Summit held in Tanzania, January 2025. 

    MIL OSI Economics –

    January 31, 2025

  • MIL-OSI New Zealand: Signs of hope as Whangamarino Wetlands bounces back from fire

    Source: Department of Conservation

    Date:  31 January 2025

    The good news comes just ahead of World Wetlands Day, which celebrates and raises awareness of the significant role wetlands play for the planet and people. This year’s theme is protecting wetlands for our common future.

    Aotearoa has seven Ramsar-listed wetlands, recognised as internationally significant sites, including Whangamarino Wetland in Waikato.

    The October fire burned through about 1000 hectares of the peatland, one of the few remaining raised peatlands in the southern hemisphere. It stores a significant amount of carbon in its soils, and is home to rare native plants and threatened species like the matuku-hūrepo/Australasian bittern and pūweto/spotless crake.

    DOC Whangamarino Ranger Lizzie Sharp says thanks to relatively high water levels in the peatland before the fire, only a shallow layer of the peat soils was burned.

    “The wetland is showing signs of hope. The peatland areas of Whangamarino were healthy before the fire as it wasn’t being actively drained and had good vegetation cover dominated by native plants, so we’re more confident about its recovery.”

    “Although this is great news, the fire has still caused significant damage to the vegetation and upper layers of the wetland, resulting in loss of 1000ha of critical habitat for threatened species. The loss of biodiversity caused by the fire will likely take decades to recover.

    It’s like the peat bog has lost its skin. It is still vulnerable and losing water more easily than it should. The new conditions are inviting for weeds like willow, royal fern, and pampas.”

    Lizzie says the recovery plan will focus on controlling invasive weeds which will give the native peat vegetation time to recover from their seed sources which survived the fire.

    “Peat bog wetlands are normally low-nutrient environments and the plants living there have adapted to those conditions. The firefighting effort used water from nearby waterways which had much higher nutrient levels, so we want to understand how the wetland responds to this.”

    DOC Principal Science Advisor Freshwater Hugh Robertson says other peatland fires in New Zealand have emitted more than 200 tonnes of carbon per hectare, but the loss of carbon at Whangamarino is likely to be only about 50-80 tonnes per hectare because the wet peat soils did not burn. However, further research is needed to confirm the carbon emissions.

    “Peatlands are great carbon stores because the vegetation in them, which holds the carbon, decomposes very slowly, trapping it. It’s like the vegetation freezes in time.

    “However, peat soils are highly flammable, particularly when they’re dried out. Re-wetting our wetlands will make them less susceptible to the impacts of fires which in turn will reduce greenhouse gas emissions,” Hugh says. 

    World Wetlands Day, celebrated annually on 2 February, dates back to 1971 when environmentalists gathered in the city of Ramsar, Iran, to reaffirm protection for our world’s wetlands.

    The day highlights the influence and positive production wetlands have on the world and brings communities together for the benefit of wetlands. It also raises global awareness of the significant role wetland’s play for the planet and people.  

    Contact

    For media enquiries contact:

    Email: media@doc.govt.nz

    MIL OSI New Zealand News –

    January 31, 2025

  • MIL-OSI USA: Luján Calls Out Trump Administration Chaos and Confusion, Exposes Threat of Budget Office Nomination

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)

    Vought as Budget Director Would Fuel Chaos and Confusion of Trump Administration Efforts to Withhold Approved Federal Funding, Hurt New Mexico Families
    WATCH HERE: Senator Luján Warns How Russell Vought Would Hurt New Mexicans
    Washington, D.C. – Today, U.S. Senator Ben Ray Luján (D-N.M.), a member of Senate Committee on the Budget, was joined by Budget Committee Ranking Member Jeff Merkley (D-Ore.), Senate Democratic Leader Chuck Schumer (D-NY), along with Budget Committee Democrats, to call out the threat of Russell Vought’s nomination to be Director of the Office of Management and Budget (OMB). Russell Vought would add to the Trump administration’s unprecedented chaos and confusion. Reporting shows that he worked behind the scenes to orchestrate the halt to all federal funding including grants and loans, upending trillions of dollars and creating cruel and unnecessary chaos for child care centers, firefighters, domestic violence shelters, law enforcement, health care providers, seniors and veterans, and American families.
    “This week, the Trump administration created chaos and confusion across New Mexico with the threat of withholding vital federal funding to every community in America. Russell Vought has not been confirmed, and yet, his fingerprints are all over the Trump administration’s unlawful and dangerous funding freeze. Mr. Vought wrote Project 2025 and now we are seeing the playbook in action,” said Senator Luján. “I’ve heard from New Mexicans in all corners of the state worried about how the chaos and confusion of this administration will impact their daily life. Mr. Vought will only fuel this mayhem and devastate the lives of New Mexico families.”
    “Given the chaos and confusion of this week, I am disappointed that Budget Committee Republicans did not delay this vote,” continued Senator Luján. “The American people deserve answers – not more confusion.”
    Through Senator Luján’s role on the Senate Committee on the Budget, he has expressed his concerns regarding the nomination of Russell Vought to be OMB Director. During the nomination hearing for Russell Vought, Senator Luján called out the nominee’s clear record of proposing drastic cuts to vital programs for pregnant mothers, babies, and early childhood education. Senator Luján also urged the Chairman of the Committee on the Budget to postpone the nomination of Russell Vought.

    MIL OSI USA News –

    January 31, 2025

  • MIL-OSI USA: Luján Meets with Hermit’s Peak Fire Victims to Address Unsettled Claims and Push for Urgent Improvements

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    Washington, D.C. – Yesterday, U.S. Senator Ben Ray Luján (D-N.M.) convened a meeting with claimants who have unsettled total loss claims from the Hermit’s Peak/Calf Canyon Fire and Claims Office Director Jay Mitchell. The meeting provided an opportunity for claimants to share their concerns about the process and allow Director Mitchell to provide a direct update on the progress of claims. 
    “I am thankful to all of the total loss victims who joined us today to tell their devastating stories. Each one of your stories is unique, and we need to hear them. What has become clear in these discussions is the urgent need to make people whole again as quickly as possible,” Senator Luján said in the meeting.
    “I have worked hard in Congress to secure $5.45 billion for recovery efforts, but FEMA must improve the claims office process to get victims the compensation they are owed and to speed up the process. New Mexicans are hurting,” said Senator Luján following the meeting. “In our meeting, I am glad that FEMA shared that funding will not be impacted by President Trump’s efforts to freeze federal funding. I continue to urge FEMA to provide clarity to New Mexicans during this chaotic and stressful time.”
    Senator Luján has pressed FEMA to fully compensate the victims of the fire. Earlier this month, Senator Luján met with Director Mitchell to address ongoing issues with the claims process, particularly concerning total loss claims. Senator Luján emphasized the need for immediate action to improve the system, including:
    Confirming the total number of individuals who lost their primary homes and have not yet received substantial payments.
    Reducing the frequency with which claimants are reassigned to new navigators.
    Ensuring that partial payments are sufficient to help families start rebuilding or purchase new homes.
    Senator Luján and the New Mexico delegation have secured more than $5.45 billion for recovery efforts following the Hermit’s Peak/Calf Canyon Fire. The fire, which was started by the U.S. Forest Service, caused widespread damage and uprooted the lives of many New Mexicans.

    MIL OSI USA News –

    January 31, 2025
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