Category: Pandemic

MIL-OSI China: Hong Kong int’l airport’s passenger traffic up 27.8 pct in January

Source: China State Council Information Office

Hong Kong International Airport handled 5.28 million passengers in January, marking an annual growth of 27.8 percent, Airport Authority Hong Kong (AAHK) said on Monday.

According to air traffic figures for Hong Kong International Airport in January released by AAHK, flight movements increased 17 percent year-on-year to 33,660, hitting a post-pandemic high.

On Jan. 25, the airport handled over 193,000 passengers, reaching another post-pandemic high and representing a full recovery to the pre-pandemic peak level.

In January, all passenger segments, including Hong Kong residents, visitors and transfer/transit passengers, experienced double-digit year-on-year increases in comparison with the same month last year. Traffic to and from Southeast Asia, the Chinese mainland and Japan recorded the most significant increases during the month.

On a 12-month rolling basis, passenger volume surged 30.5 percent to 54.2 million, while flight movements experienced a significant 27.6 percent increase to 368,195. Cargo throughput saw a growth of 12 percent to 4.95 million tons.

MIL OSI China News –

February 25, 2025
MIL-OSI Australia: Retail petrol prices lower across all capital cities and almost all regional locations in the December quarter

Source: Australian Competition and Consumer Commission

The quarterly average for retail petrol prices decreased in the December quarter 2024, hitting a three-year low in real (inflation adjusted) terms, the ACCC’s latest petrol monitoring report has found.

Click to enlarge

Average retail petrol prices across the five largest cities (Sydney, Melbourne, Brisbane, Adelaide and Perth) were 179.8 cents per litre (cpl), a decrease of 3.0 cpl from the previous quarter.

The decrease was largely due to lower international prices for refined petrol (Mogas 95). Mogas 95 prices are largely driven by international crude oil prices, which declined following slowing global oil demand together with increases in oil supply from Organisation of the Petroleum Exporting Countries (OPEC) members and some non-OPEC countries.

“A range of international factors which influence the prices of commodities like crude oil have led to prices at the bowser easing from the higher levels that were seen in early 2024,” ACCC Commissioner Anna Brakey said.

Lower average petrol prices in other capital cities and in regional locations

Average retail petrol prices in Canberra, Hobart and Darwin also fell in the December quarter 2024. Average prices in Darwin were 168.9 cpl, the lowest of the eight capital cities.

Average retail petrol prices across regional locations (in aggregate), fell to 179.5 cpl in the December quarter 2024, slightly below the average prices across the five largest cities. The ACCC monitors fuel prices of more than 190 regional locations across Australia.

“It is pleasing to see that motorists had some relief when filling up at petrol stations across the country,” Ms Brakey said.

Average petrol gross indicative retail differences increased

Gross indicative retail differences are a broad indicator of gross retail margins, including retail operating costs and profits. Average gross indicative retail differences across the five largest cities were 17.2 cpl in the December quarter 2024, an increase of 1.6 cpl from the previous quarter.

Quarterly average gross indicative retail differences can vary between cities, and were lowest in Perth (9.6 cpl) and highest in Brisbane (24.1 cpl).

In 2024, annual average gross indicative retail differences across the five largest cities were 16.3 cpl, which is slightly higher than pre-pandemic levels in real (inflation-adjusted) terms.

The following chart shows the changes in the components of average retail petrol prices across the five largest cities.

Components of quarterly average retail petrol prices across the five largest cities

Source: ACCC calculations based on data from Informed Sources, Argus Media, Ampol, bp, Mobil, Viva Energy, FuelWatch, the Reserve Bank of Australia and the Australian Taxation Office.

Notes: cents per litre change from the previous quarter.

* Excise and wholesale goods and services tax (65.4 cpl) excludes a component of retail goods and services tax (1.5 cpl) in the above chart. This is for consistency in reporting gross indicative retail difference figures throughout this report, which include a small component of goods and services tax. Total excise and goods and services tax for both wholesale and retail (66.9 cpl) is shown in the petrol bowser in the ‘December quarter 2024 – Petrol snapshot’.

Average diesel prices were lower in all capital cities, reflecting international trends

Quarterly average retail diesel prices across the five largest cities were 177.1 cpl in the December quarter 2024, down 8.4 cpl from the September quarter 2024. Average retail diesel prices were also lower in Canberra, Hobart and Darwin.

Retail diesel prices generally followed lower international diesel benchmark prices, which accounted for the largest component of retail diesel prices.

Quarterly average retail diesel prices in capital cities in the December quarter 2024

Source: ACCC calculations based on data from Informed Sources.

Note: cents per litre change from the previous quarter.

In real (inflation adjusted) terms, quarterly average retail diesel prices across the five largest cities were the lowest in over three years, when average diesel prices were 172.4 cpl in the September quarter 2021.

More consumers are using fuel price apps

Around two in five consumers (or 41 per cent) reported using fuel price apps to shop around for cheaper fuel in 2024, according to research published by the Australasian Convenience and Petroleum Marketers Association. This was up from 34 per cent in 2022.

“Taking advantage of the available information through apps and websites can be well worth it to find retailers with lower fuel prices in your area and to save money on fuel,” Ms Brakey said.

The ACCC also publishes up-to-date price charts, buying tips, and information on movements in the petrol price cycles that occur in Sydney, Melbourne, Brisbane, Adelaide and Perth, which can be helpful for consumers.

The ACCC has championed greater fuel price transparency for consumers for some time.

“We are aware that the Victorian Government recently announced a price transparency scheme to be phased in over 2025. Victoria is the only jurisdiction in Australia without a state or territory government fuel price transparency scheme,” Ms Brakey said.

Note to editors

‘Petrol’ means regular unleaded petrol unless otherwise specified.

Price changes are reported in nominal terms unless otherwise specified.

Singapore Mogas 95 Unleaded (Mogas 95) is the relevant international benchmark for the wholesale price of petrol in Australia. Singapore Gasoil with 10 parts per million sulphur content (Gasoil 10 ppm) is the international benchmark for the wholesale price of diesel.

Background

The ACCC has been monitoring retail prices in all capital cities and over 190 regional locations across Australia since 2007.

On 14 December 2022, the Treasurer issued a new direction to the ACCC to monitor the prices, costs and profits relating to the supply of petroleum products in the petroleum industry in Australia and produce a report every quarter for a further three years.

MIL OSI News –

February 25, 2025
MIL-OSI United Kingdom: Professor Sir Ian Chapman appointed next CEO of UK Research and Innovation with renewed focus on economic growth
Source: United Kingdom – Executive Government & Departments

Press release

Professor Sir Ian Chapman appointed next CEO of UK Research and Innovation with renewed focus on economic growth

Sir Ian will lead the team at UKRI in backing thousands of researchers and innovators in developing solutions which improve people’s lives and help grow the economy
Professor Sir Ian Chapman appointed as new UKRI CEO

Professor Sir Ian Chapman will become the next CEO of UK Research and Innovation (UKRI), leading a refreshed mission that puts economic growth at the heart of public investment in R&D, helping to fulfil the potential of science and technology in improving lives, Science Minister Lord Vallance has announced today (Tuesday 25 February).

UKRI is the country’s largest public research funder, with a budget of £9 billion per year, giving it a central role in ensuring public funding is invested in ambitious, pioneering research that will benefit the whole of the UK and provide a clear return on investment for hardworking taxpayers.

Its work in recent years includes backing the Oxford-AstraZeneca Covid-19 vaccine, which has saved countless lives and the construction of the world’s most advanced wind turbine test facility, helping the UK to become a clean energy superpower. It has also been a major contributor to the £1 billion of UK public investment in AI R&D so far so the UK captures the technology’s opportunities to enhance growth and productivity as the third largest AI market in the world.

Sir Ian will lead its team in supporting thousands of bright researchers and innovators in developing solutions from life-saving medicines to protecting our environment – ultimately making a visible, positive difference to people’s lives and supporting the missions at the heart of the Government’s Plan for Change.

His experience will be a major asset in drawing on the UK’s world-leading research talent, facilities, universities and businesses, as drivers of R&D which will kickstart economic growth, make Britain a clean energy superpower and build an NHS fit for the future.

During his time as CEO of the UK Atomic Energy Authority, Sir Ian has led the transition from an organisation rooted in deep R&D excellence, to one that is now also delivering a major infrastructure project to design and build a prototype powerplant; driving inward investment and economic growth; and enabling development of a skilled workforce and supply chain.

Science Minister, Lord Vallance, said:

“Growing the economy is this government’s number one mission and taking full advantage of the innovative ideas, talent and facilities across our country is key to reaching that goal and improving lives across the UK.

“Sir Ian’s leadership experience, scientific expertise and academic achievements make him an exceptionally strong candidate to lead UKRI in pursuing ambitious, curiosity-driven research, as well as innovations that will unlock new benefits for the UK’s people and drive our Plan for Change.

“We also thank Dame Ottoline Leyser ahead of her stepping down this summer, recognising her pivotal work in guiding UKRI through challenging times, notably during the Covid pandemic and through the UK’s return to participation in Horizon Europe.”

Incoming UKRI CEO, Professor Sir Ian Chapman, said:

“I am excited to be joining an excellent team at UKRI focussed on improving the lives and livelihoods of UK citizens.

“Research and innovation must be central to the prosperity of our society and our economy, so UKRI can shape the future of the country.

“I was tremendously fortunate to represent UKAEA, an organisation at the forefront of global research and innovation of fusion energy, and I look forward to building on those experiences to enable the wider UK research and innovation sector.”

Through our world-class universities and institutes, UKRI develops and nurtures future talent who can maintain the UK’s position as a global hub of research, development and deployment in the long term while collaborating with partners around the world so that scientific and technological advances driven in the UK can benefit lives at home and around the world.

UKRI plays a key part in driving up UK participation in the world’s largest research programme, Horizon Europe, helping to build a more efficient and joined-up approach to research funding and unleashing the power of UK research and innovation.

UKRI will also play an increasing role in steering our long-term industrial strategy, removing barriers to growth and building on the UK’s strategic advantage in its fundamental science capability.

UKRI Chairman, Sir Andrew Mackenzie, said:

“The board and I are delighted that Ian will become UKRI’s next CEO in the summer.

“Research and Innovation are fundamental to UK growth. Ian has the skills, experience, leadership and commitment to unlock this opportunity to improve the lives and livelihoods of everyone. We look forward to working with him on the next phase of UKRI’s development and our stewardship of the UK’s innovation culture and systems.

“We thank Ottoline for an outstanding five years as UKRI’s CEO. She has delivered a step-change in operational effectiveness and cross-discipline work through collective and inclusive leadership and secured more social and commercial impacts from our investments.”

Climate Minister Kerry McCarthy said:

“I’d like to thank Sir Ian for his many years of dedicated service at UK Atomic Energy Agency, the last nine as CEO. In that time, he has transformed the organisation into a world leading hub for fusion energy commercialisation and driven the UK and global strategy for fusion development forward.

“I am delighted that the UK will continue to benefit from his drive and expertise in his new role. We will shortly begin recruiting a new UKAEA CEO to lead the UK’s world-class fusion programme into the next decade.”

Notes to editors

Established in 2018, UKRI is a non-departmental public body that combines the strengths of nine distinct research and innovation funders:

Arts and Humanities Research Council (AHRC)

Biotechnology and Biological Sciences Research Council (BBSRC)

Engineering and Physical Sciences Research Council (EPSRC)

Economic and Social Research Council (ESRC)

Innovate UK (IUK)

Medical Research Council (MRC)

Natural Environment Research Council (NERC)

Research England (RE)

Science and Technology Facilities Council (STFC)

Sir Ian – who currently sits on UKRI’s Board – will take up the post in the summer, bringing strong leadership experience from his role as CEO of the UK Atomic Energy Authority since 2016 and links to academia. He is a Fellow of the Royal Society, the Royal Academy of Engineering, and the Institute of Physics, and a visiting Professor at Durham University.

With a background in fusion and firm grasp of the part that ambitious and targeted R&D can play in improving lives, he has published over 100 journal papers and received several awards for his research.

His appointment follows an open recruitment process launched in August 2024, after Professor Dame Ottoline Leyser announced her intention to stand down as UKRI’s CEO from June 2025.

Having held the post since 2020, Dame Ottoline leaves a strong foundation to build on, from navigating the continued delivery of research through the pandemic to supporting the UK’s return to participation in Horizon Europe – putting UKRI in a strong position to bolster its role as an engine for delivering pioneering research to improve lives and grow our economy.

The UKAEA Board has provisionally agreed that Tim Bestwick (UKAEA deputy CEO) will take over as interim CEO of UKAEA after Sir Ian leaves, whilst a permanent replacement is appointed.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 25 February 2025
MIL OSI United Kingdom –
February 25, 2025

MIL-OSI: Archrock Reports Fourth Quarter and Full Year 2024 Results and Provides 2025 Guidance

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Feb. 24, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock”) today reported results for the fourth quarter and full year 2024.

Fourth Quarter and Full Year 2024 Highlights

Revenue for the fourth quarter of 2024 was $326.4 million compared to $259.6 million in the fourth quarter of 2023. Revenue for 2024 was $1,157.6 million compared to $990.3 million in 2023.
Net income for the fourth quarter of 2024 was $59.8 million and EPS was $0.34, compared to $33.0 million and $0.21, respectively, in the fourth quarter of 2023. Net income for 2024 was $172.2 million and EPS was $1.05, compared to $105.0 million and $0.67, respectively, in 2023.
Adjusted net income (a non-GAAP measure defined below) for the fourth quarter of 2024 was $61.5 million and adjusted EPS (a non-GAAP measure defined below) was $0.35, compared to $33.0 million and $0.21, respectively, in the fourth quarter of 2023. Adjusted net income for 2024 was $185.2 million and adjusted EPS was $1.13 compared to $105.0 million and $0.67, respectively, in 2023.
Adjusted EBITDA (a non-GAAP measure defined below) for the fourth quarter of 2024 was $183.8 million compared to $120.3 million in the fourth quarter of 2023. Adjusted EBITDA for 2024 was $595.4 million compared to $450.4 million in 2023.
Declared a quarterly dividend of $0.19 per common share for the fourth quarter of 2024, approximately 15% higher compared to the fourth quarter of 2023, resulting in dividend coverage of 3.5x.

Management Commentary and Outlook

“Archrock’s outstanding fourth quarter performance rounded out a record-setting year of robust utilization and profitability,” said Brad Childers, Archrock’s President and Chief Executive Officer. “For 2024, we increased our contract operations adjusted gross margin by 500 basis points, improved our net income by over 60% and grew our adjusted EBITDA by more than 30% year over year. We maintained a prudent balance sheet, ending the year with a leverage ratio of 3.3x, and returned $124 million in capital to our shareholders through dividends and share buybacks. We achieved these milestones while concurrently completing a transformative acquisition that established our leadership position in electric motor drive compression.

“We are even more excited about what we are positioned to deliver in 2025. Archrock continues to perform at an exceptional level, reflecting consistent operational execution and the successful progression of our strategic initiatives. Our investment in high-quality assets, excellent customer service and implementation of innovative technology and processes are driving value for our customers and our shareholders.

“Moreover, we see the market opportunities provided by rising energy demand, and in particular, the natural gas required to support growing LNG exports and power generation, continuing into the foreseeable future. With sustained high utilization levels and a large and contracted backlog for 2025, we are booking units for 2026 delivery and believe we will continue to see strong customer demand for new equipment well into next year.

“This impressive and durable investment outlook for Archrock is further underpinned by our financial flexibility and returns-based capital allocation. We are investing in profitable, high-return growth in large midstream and electric motor drive compression to support our high-quality customers in premier, primarily associated gas, plays like the Permian. We also remain committed to consistent growth in shareholder returns and started the year with a 15% year-over-year increase to our quarterly dividend per share, while maintaining prudent dividend coverage and leverage ratios,” concluded Childers.

Fourth Quarter and Full Year 2024 Financial Results

Archrock’s fourth quarter 2024 net income of $59.8 million included a non-cash long-lived and other asset impairment of $1.2 million, transaction-related costs totaling $2.2 million and a non-cash unrealized decrease in the fair value of our investment in an unconsolidated affiliate of $1.5 million. Archrock’s fourth quarter 2023 net income of $33.0 million included a non-cash long-lived and other asset impairment of $3.7 million and a non-cash unrealized increase in the fair value of our investment in an unconsolidated affiliate of $1.0 million.

Fourth quarter 2024 selling, general, and administrative expenses of $42.2 million compared to $33.0 million for the fourth quarter of 2023 primarily reflect the increase in stock price throughout the year, which drove higher long-term incentive compensation, as well as other increases in performance-based short-term and long-term incentive compensation expense given the outperformance relative to earlier expectations in 2024.

Adjusted EBITDA for the fourth quarter of 2024 and 2023 included $12.7 million and $2.2 million, respectively, in net gains related to the sale of compression and other assets.

Archrock’s full year 2024 net income of $172.2 million included the following items: transaction-related costs totaling $13.2 million, a non-cash long-lived and other asset impairment of $10.7 million, a debt extinguishment loss of $3.2 million, and a non-cash unrealized decrease in the fair value of our investment in an unconsolidated affiliate of $1.5 million. Archrock’s full year 2023 net income of $105.0 million included the following items: a non-cash long-lived and other asset impairment of $12.0 million, restructuring charges of $1.8 million and a non-cash unrealized decrease in the fair value of our investment in an unconsolidated affiliate of $1.0 million.

Adjusted EBITDA for the full year 2024 and 2023 included $17.9 million and $10.2 million, respectively, in net gains related to the sale of compression and other assets.

Contract Operations

For the fourth quarter of 2024, contract operations segment revenue totaled $286.5 million, an increase of 34% compared to $213.0 million in the fourth quarter of 2023. Adjusted gross margin for the fourth quarter of 2024 was $200.2 million, up 46% from $137.1 million. Adjusted gross margin percentage for the fourth quarter of 2024 was 70%, compared to 64% in the fourth quarter of 2023. Total operating horsepower at the end of the fourth quarter of 2024 was 4.2 million compared to 3.6 million at the end of the fourth quarter of 2023. Utilization at the end of the fourth quarter of 2024 was 96%, consistent with the fourth quarter of 2023.

Aftermarket Services

For the fourth quarter of 2024, aftermarket services segment revenue totaled $40.0 million, compared to $46.6 million in the fourth quarter of 2023 due to seasonal delay in service activity. Adjusted gross margin for the fourth quarter of 2024 was $9.1 million, compared to $10.2 million in the fourth quarter of 2023. Adjusted gross margin percentage for the fourth quarter of 2024 was 23%, compared to 22% for the fourth quarter of 2023.

Balance Sheet

Long-term debt was $2.2 billion and our available liquidity totaled $688 million at December 31, 2024. Our leverage ratio was 3.3x as of December 31, 2024, down from 3.5x as of December 31, 2023.

Quarterly Dividend

Our Board of Directors recently declared a quarterly dividend of $0.19 per share of common stock, or $0.70 per share on an annualized basis for the year ended December 31, 2024. Dividend coverage in the fourth quarter of 2024 was 3.5x. The fourth quarter 2024 dividend was paid on February 19, 2025 to stockholders of record at the close of business on February 12, 2025.

2025 Annual Guidance

(in thousands, except percentages, per share amounts, and ratios)

	Full Year 2025 Guidance
		Low			High
Net income^{(1) (2)}	$	253,000		$	293,000
Adjusted EBITDA⁽³⁾		750,000			790,000
Cash available for dividend^{(4) (5)}		456,000			471,000

Segment
Contract operations revenue	$	1,200,000		$	1,235,000
Contract operations adjusted gross margin percentage		68	%		71	%
Aftermarket services revenue	$	190,000		$	210,000
Aftermarket services adjusted gross margin percentage		22	%		24	%

Selling, general and administrative	$	147,000		$	142,000

Capital expenditures
Growth capital expenditures	$	330,000		$	370,000
Maintenance capital expenditures		105,000			115,000
Other capital expenditures		35,000			50,000
__________________________________
⁽¹⁾ 2025 annual guidance for net income does not include the impact of long-lived and other asset impairment because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact adjusted EBITDA or cash available for dividend, however it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2024 and 2023 was $10.7 million and $12.0 million, respectively.
⁽²⁾ Reflects an estimate of expenses to be incurred related to the acquisition of Total Operations and Production Services, LLC (the “TOPS Acquisition”).
⁽³⁾ Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽⁴⁾ Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
⁽⁵⁾ A forward-looking estimate of cash provided by operating activities is not provided because certain items necessary to estimate cash provided by operating activities, including changes in assets and liabilities, are not estimable at this time. Changes in assets and liabilities were $(25.8) million and $(28.0) million for the years 2024 and 2023, respectively.

Summary Metrics

(in thousands, except percentages, per share amounts and ratios)

	Three Months Ended										Year Ended
	December 31,			September 30,				December 31,			December 31,				December 31,
	2024			2024				2023			2024				2023
Net income	$	59,758		$	37,516			$	33,002		$	172,231			$	104,998
Adjusted net income ⁽¹⁾	$	61,533		$	47,313			$	33,002		$	185,211			$	104,998
Adjusted EBITDA ⁽¹⁾	$	183,844		$	150,854			$	120,263		$	595,434			$	450,387

Contract operations revenue	$	286,466		$	245,420			$	213,022		$	980,405			$	809,439
Contract operations adjusted gross margin	$	200,245		$	165,610			$	137,062		$	657,353			$	502,691
Contract operations adjusted gross margin percentage		70	%		67		%		64	%		67		%		62		%

Aftermarket services revenue	$	39,950		$	46,741			$	46,571		$	177,186			$	180,898
Aftermarket services adjusted gross margin	$	9,054		$	12,346			$	10,239		$	41,737			$	38,627
Aftermarket services adjusted gross margin percentage		23	%		26		%		22	%		24		%		21		%

Selling, general, and administrative	$	42,234		$	34,059			$	33,007		$	139,121			$	116,639

Net cash provided by operating activities	$	124,338		$	96,900			$	71,719			429,591				310,187
Cash available for dividend⁽¹⁾	$	118,089		$	92,887			$	71,484		$	364,595			$	232,979
Cash available for dividend coverage ⁽²⁾		3.5	x		3.0		x		2.8	x		3.1		x		2.4		x

Adjusted free cash flow ^{(1) (3)}	$	68,945		$	(834,282	)		$	47,385			(730,472	)			77,696
Adjusted free cash flow after dividend ^{(1) (3)}	$	38,255		$	(862,147	)		$	23,195			(840,846	)			(18,100	)

Total available horsepower (at period end) ⁽⁴⁾		4,401			4,418				3,759			4,401				3,759
Total operating horsepower (at period end) ⁽⁵⁾		4,227			4,179				3,607			4,227				3,607
Horsepower utilization spot (at period end) ⁽⁶⁾		96	%		95		%		96	%		96		%		96		%
__________________________________
⁽¹⁾ Management believes adjusted net income, adjusted EBITDA, cash available for dividend, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
⁽²⁾ Defined as cash available for dividend divided by dividends declared for the period.
⁽³⁾ Reflects $866.2 million cash paid in TOPS Acquisition, net of cash acquired.
⁽⁴⁾ Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
⁽⁵⁾ Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
⁽⁶⁾ Defined as total available horsepower divided by total operating horsepower at period end.

Conference Call Details

Archrock will host a conference call on February 25, 2025, to discuss fourth quarter and full year 2024 financial results. The call will begin at 9:00 a.m. Eastern Time.

To listen to the call via a live webcast, please visit Archrock’s website at www.archrock.com. The call will also be available by dialing 1 (800) 715-9871 in the United States or 1 (646) 307-1963 for international calls. The access code is 4749623.

A replay of the webcast will be available on Archrock’s website for 90 days following the event.

Adjusted net income, a non-GAAP measure, is defined as net income (loss) excluding transaction-related costs and debt extinguishment loss adjusted for income taxes. A reconciliation of adjusted net income to net income, the most directly comparable GAAP measure, and a reconciliation of adjusted earnings per share to basic and diluted earnings per common share, the most directly comparable GAAP measure, appear below.

Adjusted EBITDA, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, debt extinguishment loss, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items. A reconciliation of adjusted EBITDA to net income, the most directly comparable GAAP measure, and a reconciliation of our full year 2025 adjusted EBITDA guidance to net income appear below.

Adjusted gross margin, a non-GAAP measure, is defined as revenue less cost of sales, exclusive of depreciation and amortization. Adjusted gross margin percentage, a non-GAAP measure, is defined as adjusted gross margin divided by revenue. A reconciliation of adjusted gross margin to net income, the most directly comparable GAAP measure, and a reconciliation of adjusted gross margin percentage to gross margin appear below.

Cash available for dividend, a non-GAAP measure, is defined as net income (loss) excluding interest expense, income taxes, depreciation and amortization, long-lived and other asset impairment, unrealized change in fair value of investment in unconsolidated affiliate, restructuring charges, debt extinguishment loss, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items, less maintenance capital expenditures, other capital expenditures, cash taxes and cash interest expense. Reconciliations of cash available for dividend to net income and net cash provided by operating activities, the most directly comparable GAAP measures, and a reconciliation of our full year 2025 cash available for dividend guidance to net income appear below.

Adjusted free cash flow, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities. A reconciliation of adjusted free cash flow to net cash provided by operating activities, the most directly comparable GAAP measure, appears below.

Adjusted free cash flow after dividend, a non-GAAP measure, is defined as net cash provided by operating activities plus net cash provided by (used in) investing activities less dividends paid to stockholders. A reconciliation of adjusted free cash flow after dividend to net cash provided by operating activities, the most directly comparable GAAP measure, appears below.

About Archrock

Archrock is an energy infrastructure company with a primary focus on midstream natural gas compression and a commitment to helping its customers produce, compress and transport natural gas in a safe and environmentally responsible way. Headquartered in Houston, Texas, Archrock is a premier provider of natural gas compression services to customers in the energy industry throughout the U.S. and a leading supplier of aftermarket services to customers that own compression equipment. For more information on how Archrock embodies its purpose, WE POWER A CLEANER AMERICA, visit www.archrock.com.

Forward–Looking Statements

All statements in this release (and oral statements made regarding the subjects of this release) other than historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors that could cause actual results to differ materially from such statements, many of which are outside the control of Archrock. Forward-looking information includes, but is not limited to statements regarding: guidance or estimates related to Archrock’s results of operations or of financial condition; fundamentals of Archrock’s industry, including the attractiveness of returns and valuation, stability of cash flows, demand dynamics and overall outlook, and Archrock’s ability to realize the benefits thereof; Archrock’s expectations regarding future economic, geopolitical and market conditions and trends; Archrock’s operational and financial strategies, including planned growth, coverage and leverage reduction strategies, Archrock’s ability to successfully effect those strategies, and the expected results therefrom; Archrock’s financial and operational outlook; demand and growth opportunities for Archrock’s services; structural and process improvement initiatives, the expected timing thereof, Archrock’s ability to successfully effect those initiatives and the expected results therefrom; the operational and financial synergies provided by Archrock’s size; statements regarding Archrock’s dividend policy; the expected benefits of the TOPS Acquisition, including its expected accretion and the expected impact on Archrock’s leverage ratio; and plans and objectives of management for future operations.

While Archrock believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. The factors that could cause results to differ materially from those indicated by such forward-looking statements include, but are not limited to: risks related to macroeconomic conditions, including an increase in inflation and trade tensions; pandemics and other public health crises; ongoing international conflicts and tensions; risks related to our operations; competitive pressures; risks of acquisitions to reduce our ability to make distributions to our common stockholders; inability to make acquisitions on economically acceptable terms; risks related to our sustainability initiatives; uncertainty to pay dividends in the future; risks related to a substantial amount of debt and our debt agreements; inability to access the capital and credit markets or borrow on affordable terms to obtain additional capital; inability to fund purchases of additional compression equipment; vulnerability to interest rate increases; erosion of the financial condition of our customers; risks related to the loss of our most significant customers; uncertainty of the renewals for our contract operations service agreements; risks related to losing management or operational personnel; dependence on particular suppliers and vulnerability to product shortages and price increases; information technology and cybersecurity risks; tax-related risks; legal and regulatory risks, including climate-related and environmental, social and governance risks.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in Archrock’s Annual Report on Form 10-K for the year ended December 31, 2024, Archrock’s Quarterly Report on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024 and those set forth from time to time in Archrock’s filings with the Securities and Exchange Commission, which are available at www.archrock.com. Except as required by law, Archrock expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

SOURCE: Archrock, Inc.

For information, contact:

Megan Repine
VP of Investor Relations
281-836-8360
investor.relations@archrock.com


Archrock, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2024			2024			2023			2024			2023
Revenue:
Contract operations	$	286,466		$	245,420		$	213,022		$	980,405		$	809,439
Aftermarket services		39,950			46,741			46,571			177,186			180,898
Total revenue		326,416			292,161			259,593			1,157,591			990,337

Cost of sales, exclusive of depreciation and amortization
Contract operations		86,221			79,810			75,960			323,052			306,748
Aftermarket services		30,896			34,395			36,332			135,449			142,271
Total cost of sales, exclusive of depreciation and amortization		117,117			114,205			112,292			458,501			449,019

Selling, general and administrative		42,234			34,059			33,007			139,121			116,639
Depreciation and amortization		58,129			48,377			42,695			193,194			166,241
Long-lived and other asset impairment		1,203			2,509			3,658			10,681			12,041
Restructuring charges		—			—			221			—			1,775
Debt extinguishment loss		—			3,181			—			3,181			—
Interest expense		38,238			30,179			27,938			123,610			111,488
Transaction-related costs		2,247			9,220			—			13,249			—
Gain on sale of assets, net		(12,712	)		(2,218	)		(2,181	)		(17,887	)		(10,199	)
Other (income) expense, net		1,598			(304	)		(745	)		1,561			1,086
Income before income taxes		78,362			52,953			42,708			232,380			142,247
Provision for income taxes		18,604			15,437			9,706			60,149			37,249
Net income	$	59,758		$	37,516		$	33,002		$	172,231		$	104,998

Basic and diluted net income per common share ⁽¹⁾	$	0.34		$	0.22		$	0.21		$	1.05		$	0.67

Weighted-average common shares outstanding:
Basic		173,451			165,847			153,879			162,037			154,126
Diluted		173,848			166,173			154,177			162,375			154,344
__________________________________
⁽¹⁾ Basic and diluted net income per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted net income per common share.

Archrock, Inc.
Unaudited Supplemental Information
(in thousands, except percentages, per share amounts and ratios)

	Three Months Ended													Year Ended
	December 31,				September 30,				December 31,				December 31,				December 31,
	2024				2024				2023				2024				2023
Revenue:
Contract operations	$	286,466			$	245,420			$	213,022			$	980,405			$	809,439
Aftermarket services		39,950				46,741				46,571				177,186				180,898
Total revenue	$	326,416			$	292,161			$	259,593			$	1,157,591			$	990,337

Adjusted gross margin:
Contract operations	$	200,245			$	165,610			$	137,062			$	657,353			$	502,691
Aftermarket services		9,054				12,346				10,239				41,737				38,627
Total adjusted gross margin ⁽¹⁾	$	209,299			$	177,956			$	147,301			$	699,090			$	541,318

Adjusted gross margin percentage:
Contract operations		70		%		67		%		64		%		67		%		62		%
Aftermarket services		23		%		26		%		22		%		24		%		21		%
Total adjusted gross margin percentage ⁽¹⁾		64		%		61		%		57		%		60		%		55		%

Selling, general and administrative	$	42,234			$	34,059			$	33,007			$	139,121			$	116,639
% of revenue		13		%		12		%		13		%		12		%		12		%

Adjusted EBITDA ⁽¹⁾	$	183,844			$	150,854			$	120,263			$	595,434			$	450,387
% of revenue		56		%		52		%		46		%		51		%		45		%

Capital expenditures	$	97,988			$	70,018			$	36,655			$	359,032			$	298,632
Proceeds from sale of property, plant and equipment and other assets		(43,387	)			(6,654	)			(17,543	)			(67,591	)			(72,206	)
Net capital expenditures	$	54,601			$	63,364			$	19,112			$	291,441			$	226,426

Total available horsepower (at period end) ⁽²⁾		4,401				4,418				3,759				4,401				3,759
Total operating horsepower (at period end) ⁽³⁾		4,227				4,179				3,607				4,227				3,607
Average operating horsepower		4,205				3,757				3,607				3,794				3,554
Horsepower utilization:
Spot (at period end) ⁽⁴⁾		96		%		95		%		96		%		96		%		96		%
Average ⁽⁴⁾		95		%		95		%		96		%		95		%		95		%

Dividend declared for the period per share	$	0.190			$	0.175			$	0.165			$	0.695			$	0.625
Dividend declared for the period to all stockholders	$	33,487			$	30,656			$	25,913			$	117,861			$	97,857
Cash available for dividend coverage ⁽⁵⁾		3.5		x		3.0		x		2.8		x		3.1		x		2.4		x

Adjusted free cash flow ^{(1) (6)}	$	68,945			$	(834,282	)		$	47,385			$	(730,472	)		$	77,696
Adjusted free cash flow after dividend ⁽¹⁾⁽⁶⁾	$	38,255			$	(862,147	)		$	23,195			$	(840,846	)		$	(18,100	)
__________________________________
⁽¹⁾ Management believes adjusted gross margin, adjusted EBITDA, adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.
⁽²⁾ Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
⁽³⁾ Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
⁽⁴⁾ Defined as total available horsepower divided by total operating horsepower at period end (spot) or over time (average).
⁽⁵⁾ Defined as cash available for dividend divided by dividends declared for the period.
⁽⁶⁾ Reflects $866.2 million cash paid in TOPS Acquisition, net of cash acquired.

	December 31,		September 30,		December 31,
	2024		2024		2023
Balance Sheet
Long-term debt ⁽¹⁾	$	2,198,376	$	2,236,131	$	1,584,869
Total equity		1,323,531		1,290,736		871,021
__________________________________
⁽¹⁾ Carrying values are shown net of unamortized premium and deferred financing costs.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Income to Adjusted Net Income and Earnings Per Share to Adjusted Earnings Per Share
(in thousands, except per share amounts)

	Three Months Ended								Year Ended
	December 31,			September 30,			December 31,		December 31,			December 31,
	2024			2024			2023		2024			2023
Net income	$	59,758		$	37,516		$	33,002	$	172,231		$	104,998
Transaction-related costs		2,247			9,220			—		13,249			—
Debt extinguishment loss		—			3,181			—		3,181			—
Tax effect of adjustments ⁽¹⁾		(472	)		(2,604	)		—		(3,450	)		—
Adjusted net income ⁽²⁾	$	61,533		$	47,313		$	33,002	$	185,211		$	104,998

Weighted-average common shares outstanding used in diluted earnings per common share		173,451			166,173			154,401		162,037			154,344

Basic and diluted earnings per common share ⁽³⁾	$	0.34		$	0.22		$	0.21		1.05			0.67
Transaction-related costs per share		0.01			0.06			—		0.08			—
Debt extinguishment loss per share		—			0.02			—		0.02			—
Tax effect of adjustments per share		(0.00	)		(0.02	)		—		(0.02	)		—
Adjusted earnings per share ⁽²⁾	$	0.35		$	0.28		$	0.21	$	1.13		$	0.67
__________________________________
⁽¹⁾ Represents tax effect of transaction-related costs and debt extinguishment loss based on statutory tax rate.
⁽²⁾ Management believes adjusted net income and adjusted earnings per share provides useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review our current period operating performance, comparability measure and performance measure for period-to-period comparisons without burdened earnings and earnings per share for non-recurring transactional costs.
⁽³⁾ Basic and diluted net income per common share is computed using the two-class method to determine the net income per share for each class of common stock and participating security (restricted stock and stock-settled restricted stock units that have non-forfeitable rights to receive dividends or dividend equivalents) according to dividends declared and participation rights in undistributed earnings. Accordingly, we have excluded net income attributable to participating securities from our calculation of basic and diluted net income per common share.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Income to Adjusted EBITDA and Adjusted Gross Margin
(in thousands)

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2024			2024			2023			2024			2023
Net income	$	59,758		$	37,516		$	33,002		$	172,231		$	104,998
Depreciation and amortization		58,129			48,377			42,695			193,194			166,241
Long-lived and other asset impairment		1,203			2,509			3,658			10,681			12,041
Unrealized change in fair value of investment in unconsolidated affiliate		1,484			—			(1,023	)		1,484			973
Restructuring charges		—						221			—			1,775
Debt extinguishment loss		—			3,181			—			3,181			—
Interest expense		38,238			30,179			27,938			123,610			111,488
Transaction-related costs		2,247			9,220			—			13,249			—
Stock-based compensation expense		3,431			3,738			3,283			14,646			12,998
Amortization of capitalized implementation costs		750			697			783			3,009			2,624
Provision for income taxes		18,604			15,437			9,706			60,149			37,249
Adjusted EBITDA ⁽¹⁾		183,844			150,854			120,263			595,434			450,387
Selling, general and administrative		42,234			34,059			33,007			139,121			116,639
Stock-based compensation expense		(3,431	)		(3,738	)		(3,283	)		(14,646	)		(12,998	)
Amortization of capitalized implementation costs		(750	)		(697	)		(783	)		(3,009	)		(2,624	)
Gain on sale of assets, net		(12,712	)		(2,218	)		(2,181	)		(17,887	)		(10,199	)
Other (income) expense, net		1,598			(304	)		(745	)		1,561			1,086
Adjusted gross margin ⁽¹⁾	$	209,299		$	177,956		$	147,301		$	699,090		$	541,318
__________________________________
⁽¹⁾ Management believes adjusted EBITDA and adjusted gross margin provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Total Revenue to Adjusted Gross Margin
(in thousands)

	Three Months Ended															Year Ended
	December 31,					September 30,					December 31,					December 31,					December 31,
	2024					2024					2023					2024					2023
Total revenues	$	326,416				$	292,161				$	259,593				$	1,157,591				$	990,337
Cost of sales, exclusive of depreciation and amortization		(117,117	)				(114,205	)				(112,292	)				(458,501	)				(449,019	)
Depreciation and amortization		(58,129	)				(48,377	)				(42,695	)				(193,194	)				(166,241	)
Gross margin		151,170		46	%		129,579		44	%		104,606		40	%		505,896		44	%		375,077		38	%
Depreciation and amortization		58,129					48,377					42,695					193,194					166,241
Adjusted gross margin ⁽¹⁾	$	209,299		64	%	$	177,956		61	%	$	147,301		57	%	$	699,090		60	%		541,318		55	%
__________________________________
⁽¹⁾ Management believes adjusted gross margin provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend
(in thousands)

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2024			2024			2023			2024			2023
Net income	$	59,758		$	37,516		$	33,002		$	172,231		$	104,998
Depreciation and amortization		58,129			48,377			42,695			193,194			166,241
Long-lived and other asset impairment		1,203			2,509			3,658			10,681			12,041
Unrealized change in fair value of investment in unconsolidated affiliate		1,484			—			(1,023	)		1,484			973
Restructuring charges		—			—			221			—			1,775
Debt extinguishment loss		—			3,181			—			3,181			—
Interest expense		38,238			30,179			27,938			123,610			111,488
Transaction-related costs		2,247			9,220			—			13,249
Stock-based compensation expense		3,431			3,738			3,283			14,646			12,998
Amortization of capitalized implementation costs		750			697			783			3,009			2,624
Provision for income taxes		18,604			15,437			9,706			60,149			37,249
Adjusted EBITDA ⁽¹⁾		183,844			150,854			120,263			595,434			450,387
Less: Maintenance capital expenditures		(21,623	)		(21,190	)		(18,156	)		(87,753	)		(92,168	)
Less: Other capital expenditures		(7,023	)		(6,945	)		(3,193	)		(20,333	)		(16,164	)
Less: Cash tax (payment) refund		134			(404	)		(120	)		(2,209	)		(1,311	)
Less: Cash interest expense		(37,243	)		(29,428	)		(27,310	)		(120,544	)		(107,765	)
Cash available for dividend ⁽²⁾	$	118,089		$	92,887		$	71,484		$	364,595		$	232,979
__________________________________
⁽¹⁾ Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽²⁾ Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Cash Provided by Operating Activities to Cash Available for Dividend
(in thousands)

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2024			2024			2023			2024			2023
Net cash provided by operating activities	$	124,338		$	96,900		$	71,719		$	429,591		$	310,187
Inventory write-downs		18			(51	)		(164	)		(550	)		(545	)
Provision for credit losses		(286	)		(90	)		(458	)		(381	)		(224	)
Gain on sale of assets, net		12,712			2,218			2,181			17,887			10,199
Current income tax (benefit) provision		997			(146	)		459			2,059			1,591
Cash tax (payment) refund		134			(404	)		(120	)		(2,209	)		(1,311	)
Amortization of operating lease ROU assets		(1,063	)		(962	)		(831	)		(3,852	)		(3,319	)
Amortization of contract costs		(6,106	)		(6,046	)		(5,653	)		(23,877	)		(21,289	)
Deferred revenue recognized in earnings		5,294			4,101			5,421			15,001			16,464
Cash restructuring charges		—			—			211			—			1,554
Transaction-related costs		2,247			9,220			—			13,249			—
Changes in assets and liabilities		8,450			16,282			20,068			25,763			28,004
Maintenance capital expenditures		(21,623	)		(21,190	)		(18,156	)		(87,753	)		(92,168	)
Other capital expenditures		(7,023	)		(6,945	)		(3,193	)		(20,333	)		(16,164	)
Cash available for dividend ⁽¹⁾	$	118,089		$	92,887		$	71,484		$	364,595		$	232,979
__________________________________
⁽¹⁾ Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Cash Provided By Operating Activities to Adjusted Free Cash Flow
and Adjusted Free Cash Flow After Dividend
(in thousands)

	Three Months Ended									Year Ended
	December 31,			September 30,			December 31,			December 31,			December 31,
	2024			2024			2023			2024			2023
Net cash provided by operating activities	$	124,338		$	96,900		$	71,719		$	429,591		$	310,187
Net cash used in investing activities ⁽¹⁾		(55,393	)		(931,182	)		(24,334	)		(1,160,063	)		(232,491	)
Adjusted free cash flow ^{(1) (2)}		68,945			(834,282	)		47,385			(730,472	)		77,696
Dividends paid to stockholders		(30,690	)		(27,865	)		(24,190	)		(110,374	)		(95,796	)
Adjusted free cash flow after dividend ^{(1) (2)}	$	38,255		$	(862,147	)	$	23,195		$	(840,846	)	$	(18,100	)
__________________________________
⁽¹⁾ Reflects $866.2 million cash paid in TOPS Acquisition, net of cash acquired.
⁽²⁾ Management believes adjusted free cash flow and adjusted free cash flow after dividend provide useful information to investors because these non-GAAP measures, when viewed with our GAAP results and accompanying reconciliations, provide a more complete understanding of our performance than GAAP results alone. Management uses these non-GAAP measures as supplemental measures to review current period operating performance, comparability measures and performance measures for period-to-period comparisons.

Archrock, Inc.
Unaudited Supplemental Information
Reconciliation of Net Income to Adjusted EBITDA and Cash Available for Dividend Guidance
(in thousands)

	Annual Guidance Range
	2025
	Low			High
Net income ⁽¹⁾	$	253,000		$	293,000
Interest expense		153,000			153,000
Provision for income taxes		101,000			101,000
Depreciation and amortization		219,000			219,000
Stock-based compensation expense		15,000			15,000
Amortization of capitalized implementation costs		4,000			4,000
Transaction-related costs ⁽²⁾		5,000			5,000
Adjusted EBITDA ⁽³⁾		750,000			790,000
Less: Maintenance capital expenditures		(105,000	)		(115,000	)
Less: Other capital expenditures		(35,000	)		(50,000	)
Less: Cash tax expense		(7,000	)		(7,000	)
Less: Cash interest expense		(147,000	)		(147,000	)
Cash available for dividend ⁽⁴⁾⁽⁵⁾	$	456,000		$	471,000
__________________________________
⁽¹⁾ 2025 annual guidance for net income does not include the impact of long-lived and other asset impairment because due to its nature, it cannot be accurately forecasted. Long-lived and other asset impairment does not impact Adjusted EBITDA or cash available for dividend, however it is a reconciling item between these measures and net income. Long-lived and other asset impairment for the years 2024 and 2023 was $10.7 million and $12.0 million, respectively.
⁽²⁾ Reflects an estimate of expenses to be incurred related to the TOPS acquisition.
⁽³⁾ Management believes adjusted EBITDA provides useful information to investors because this non-GAAP measure, when viewed with our GAAP results and accompanying reconciliations, provides a more complete understanding of our performance than GAAP results alone. Management uses this non-GAAP measure as a supplemental measure to review current period operating performance, comparability measure and performance measure for period-to-period comparisons.
⁽⁴⁾ Management uses cash available for dividend as a supplemental performance measure to compute the coverage ratio of estimated cash flows to planned dividends.
⁽⁵⁾ A forward-looking estimate of cash provided by operating activities is not provided because certain items necessary to estimate cash provided by operating activities, including changes in assets and liabilities, are not estimable at this time. Changes in assets and liabilities were $(25.8) million and $(28.0) million for the years 2024 and 2023, respectively.

The MIL Network –

February 25, 2025

MIL-OSI USA: Tuberville, Paul Introduce Legislation to Overhaul NIAID

US Senate News:

Source: United States Senator Tommy Tuberville (Alabama)
Legislation would make national research institute directors Senate-confirmed positions
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Rand Paul (R-KY) to introduce the NIH Reform Act to increase congressional oversight on leadership at the National Institute of Allergy and Infectious Diseases (NIAID). The NIH Reform Act would separate the NIAID into three national research institutes: the National Institute of Allergic Diseases, the National Institute of Infectious Diseases, and the National Institute of Immunologic Diseases. Each new institute would be led by directors subject to Senate confirmation and limited to no more than two five-year-terms to prevent the unchecked authority that led to disastrous mandates during the COVID-19 pandemic.
“Anthony Fauci single-handedly shut down small businesses, forced our children out of classrooms, and took away the opportunity for many Americans to say goodbye to loved ones during the COVID pandemic,” said Senator Tuberville. “It’s scary to think that someone who was never elected – or even confirmed by the Senate – had so much power over health care decisions that impacted millions of Americans. We need greater transparency in our government’s institutions to ensure this never happens again. I’m proud to join Senator Paul in this legislation to increase oversight of the NIH and give the American people greater transparency surrounding our government institutions.”
“For nearly four decades, Dr. Anthony Fauci sat atop a bureaucratic empire, wielding unchecked power over public health policy—despite never being confirmed by the Senate once,” said Dr. Paul. “He dictated mandates that shut down businesses, kept kids out of school, and trampled individual liberties—all while being the highest-paid official in the federal government. That kind of power without oversight is dangerous, and my legislation will ensure it never happens again. This legislation will bring accountability and oversight into a taxpayer-funded position that has largely abused its power and has been responsible for many failures and misinformation during the COVID-19 pandemic.”
U.S. Representative Chip Roy (R-TX-21) introduced the legislation in the U.S. House of Representatives.
Complete text of the bill can be found here.
BACKGROUND:
Dr. Anthony Fauci was Director of the National Institute of Allergy and Infectious Diseases for over 38 years—longer than J. Edgar Hoover was Director of the FBI. By the time he retired, he was the highest paid official in the entire federal government. Yet the Senate never voted to confirm him once. Current law does not require Senate confirmation of the NIAID Director.
The NIAID’s stated mission is “to better understand, treat, and ultimately prevent infectious, immunologic, and allergic diseases.” This sweeping mandate covers everything from asthma to Ebola, from peanut allergies to the plague. As the head of that institute, Dr. Fauci installed himself as a de facto pandemic czar, advocating for misguided policies like mandatory vaccinations for school-aged children (one of the populations least at risk from COVID-19).
To improve accountability of the NIH, the NIH Reform Act will restructure the NIAID to better align with its mission as follows:
Abolish the NIAID and replace it with the following three new institutes:
National Institute of Allergic Diseases
National Institute of Infectious Diseases
National Institute of Immunologic Diseases
The directors of each new institute would be:
Appointed by the president
Subject to Senate confirmation
Limited to no more than two 5-year terms
This type of reorganization is nothing new. In the aftermath of J. Edgar Hoover’s decades-long tenure as head of the FBI, Congress passed a law in 1976 limiting the FBI Director to a single 10-year term, and as recently as 2012, Congress eliminated one center within the NIH and replaced it with a new one. In the aftermath of the damage done by pandemic-era mandates and restrictions, Congress must enact the NIH Reform Act to ensure that one official cannot claim the unquestioned authority to dictate the federal response to public health emergencies.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

MIL OSI USA News –

February 25, 2025
MIL-OSI USA: SBA Administrator Loeffler Issues Memo on Day One Priorities
Source: United States Small Business Administration

WASHINGTON — Following her confirmation and swearing-in as the 28th Administrator of the U.S. Small Business Administration, Kelly Loeffler issued a Day One memo outlining her top priorities for the agency.

“Small businesses are the backbone of our nation, driving innovation, job creation, and prosperity – and there’s no stronger advocate for small business than President Trump or myself. But over the last four years, the SBA has burdened entrepreneurs with bureaucracy – with its programs becoming mired in fraud, waste, and abuse,” SBA Administrator Loeffler said. “That changes today. My first priority is rebuilding the SBA into an America First engine for free enterprise – by empowering small businesses and fueling economic growth.

“From day one, we will uphold the highest standards of accountability, performance, and integrity, where taxpayer dollars will be safeguarded, not squandered. We will streamline operations, drive efficiency, and ensure programs deliver real results. It’s a new day at the SBA, and I’m honored to lead a team that is committed to serving America’s job creators and citizens when disaster strikes.”

The following priorities have been distributed to all SBA staff as the agency prepares to carry out President Trump’s America First agenda and empower small businesses to thrive:

Supporting President Trump’s America First Agenda
1. Promoting “Made in America” with U.S. manufacturing: The vast majority of America’s manufacturers are small businesses, and SBA programs have powered tens of thousands of them. This agency is committed to supporting the America First agenda by rebuilding American supply chains and investing in manufacturing to strengthen our economy and national security. The agency will transform its Office of International Trade into the Office of Manufacturing and Trade – which will focus on promoting economic independence, job creation, and fair trade practices to power the next blue-collar boom. SBA will also partner across agencies to scale innovative manufacturing and technology startups that will help our nation return to “Made in America.”
2. Implementing President Trump’s executive orders: SBA will enforce all of President Trump’s executive orders including Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government, Ending Radical and Wasteful Government DEI Programs and Preferencing and Unleashing American Energy. To date, SBA has already taken the following actions:
  - Eliminated the Office of Diversity, Equity, Inclusion, and Accessibility, placing DEIA employees on administrative leave.
  - Paused grants across the agency that do not comply with President Trump’s executive orders.
  - Paused the Green Lender Initiative to reverse the previous Administration’s favoritism for Green New Deal ventures that did not support America’s return to energy dominance.
3. Supporting the Department of Government Efficiency: SBA will continue working closely with President Trump’s DOGE as the federal government moves into a new era of accountability, transparency, and efficiency. SBA will prioritize eliminating fraud and waste within the agency, to ensure American taxpayer dollars are utilized in the most productive way possible to benefit small businesses and economic growth and resilience.
4. Mandating full-time, in-office work for SBA employees: Pursuant to President Trump’s Return to In-Person Work presidential memorandum, SBA will require all employees, unless exempt, to return to their respective duty stations five days a week as of today, Monday, Feb. 24, 2025.
5. Prioritizing workforce optimization: As part of the broader effort to support President Trump’s workforce optimization initiatives, SBA will continue to evaluate workforce reduction measures, including the overhaul of all advisory boards, to ensure the agency is operating with maximum efficiency to deliver results for U.S. taxpayers, small businesses, and those affected by disaster.
6. Cracking down on fraud: SBA’s loan programs should be a powerful tool for empowering small business formation and delivering critical aid to disaster victims. The prior Administration left these programs with unaddressed fraud – including an estimated $200 billion in pandemic-era fraud. Starting today, the SBA will institute a zero-tolerance policy for fraud and investigate fraud across all programs. The agency has established a Fraud Working Group and will appoint a Fraud Czar to identify, stop, and claw back criminally obtained funds on behalf of American taxpayers – working across agencies to prevent fraud.
Eliminating Wasteful Spending and Cracking Down on Fraud
1. Conducting an agency-wide financial audit: As fraud has risen, so too have delinquencies, defaults, and charge-offs on loan programs, exacerbated by the previous Administration’s lax loan underwriting, servicing, and collection efforts. As a result, SBA has not satisfactorily completed a financial audit for several consecutive years. Therefore, the agency will request an independent audit of its financials to address mismanagement, restore the credibility of financial statements, and preserve the solvency of public-private programs like the 7(a) lending program and the Small Business Investment Company program, which are designed to drive economic growth without taxpayer subsidy.
2. Protecting the solvency of loan programs and restoring underwriting standards: Likewise, SBA will review all options to protect the solvency of its lending programs, including revising practices that have jeopardized the zero-subsidy status of programs like 7(a). The agency will also restart its dormant collections programs effective immediately. Furthermore, SBA will restore its underwriting standards, ensuring taxpayer dollars only go to supporting eligible small businesses across America – by conducting a full review of current lending SOPs, ending the “Do What You Do” standard for lending, and enhancing oversight of non-bank lenders.
3. Banning illegal aliens from receiving SBA assistance: Programs funded by American citizens should only benefit American citizens. Consistent with President Trump’s Ending Taxpayer Subsidization of Open Borders executive order, the agency will implement a policy banning illegal aliens from receiving any taxpayer-funded assistance from SBA – putting U.S. citizens and America first.
4. Restricting hostile foreign nationals from accessing SBA assistance: Similarly, in the interest of national security, the agency will implement measures to prevent hostile foreign nationals, especially those with ties to the Chinese Communist Party, from accessing SBA assistance.
Empowering Small Businesses
1. Creating a strike force to cut regulation: For the first time in years, SBA will fully staff and empower the Office of Advocacy to utilize its power to identify and eliminate burdensome regulations promulgated by all federal agencies, as authorized by the Regulatory Flexibility Act, Small Business Regulatory Enforcement Fairness Act of 1996, the Congressional Review Act, and other statutes. The Administrator will work alongside the Chief Counsel for Advocacy to cut past and future regulations across the board and partner with all federal agencies to ensure they are working to reduce bureaucracy and costs for job creators and promote successful business formation.
2. Improving SBA customer service, technology, and cybersecurity: Respecting that small businesses must perform for their customers, the SBA must meet performance standards across our own operations. Working with DOGE, the SBA will review the agency’s multiple digital interfaces. To streamline and improve user experience across all platforms, the agency will also review its technology for cybersecurity, response times, and customer satisfaction – including by collaborating with the White House on the application of artificial intelligence.
3. Promoting fair competition by returning 8(a) contracting goals to statutory levels: The previous Administration increased the 8(a) federal contracting goal for Small Disadvantaged Businesses to an all-time high of 15%. This action unfairly tipped the scales against any small business that did not qualify as “disadvantaged,” negatively impacting many veteran-owned small businesses. As part of a broader effort to support competition and equal access to federal contracting for all small business owners, SBA has returned the 8(a) SDB contracting goal to its statutory level of 5%.
4. Relocating regional offices out of sanctuary cities: To better serve Main Streets across America, especially in rural areas, SBA will relocate regional offices currently based in sanctuary cities to less costly, more accessible locations in communities that comply with federal immigration law. Additionally, Administrator Loeffler commits to personally visiting SBA’s regional offices and district offices – to facilitate a continuous dialogue with small business owners and hear directly from local job creators about real-world challenges and opportunities to support growth and innovation.
5. Ending partisan voter registration activities: The SBA will end all taxpayer-funded voter registration activities – starting by rescinding the agency’s 2024 Memorandum of Understanding with the Michigan Secretary of State’s office, which forced SBA district offices to conduct partisan voter registration on behalf of the previous Administration. Instead, the agency will return its focus to its founding mission of empowering job creators, delivering disaster relief, and driving economic growth.
# # #

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –
February 25, 2025

MIL-OSI USA: H.R. 1156, Pandemic Unemployment Fraud Enforcement Act

Source: US Congressional Budget Office

Bill Summary

H.R. 1156 would extend the statute of limitations from 5 to 10 years for federal criminal prosecution and civil enforcement actions for fraud related to the temporary unemployment programs enacted during the coronavirus pandemic. Under current law, the statute of limitations for those offenses will begin to expire in March 2025. Currently, states refer unemployment insurance claims involving allegations of fraud to the Office of Inspector General (OIG) at the Department of Labor (DOL) for further investigation. That office reviews cases and refers findings to the Department of Justice (DOJ) or other entities for criminal or civil prosecution.

The bill also would rescind direct appropriations provided for program integrity activities in the American Rescue Plan Act of 2021.

Estimated Federal Cost

The estimated budgetary effect of H.R. 1156 is shown in Table 1. The costs of the legislation fall within budget functions 500 (education training, employment, and social services), 600 (income security), and 750 (administration of justice).

Table 1.

Estimated Budgetary Effects of H.R. 1156

By Fiscal Year, Millions of Dollars

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2025-2030

2025-2035

Increases or Decreases (-) in Direct Spending

Estimated Budget Authority

Estimated Outlays

-3

Increases in Spending Subject to Appropriation

Estimated Authorization

n.e.

Estimated Outlays

n.e.

n.e. = not estimated; * = between -$500,000 and $500,000.

CBO estimates that enacting H.R. 1156 would increase revenues by less than $500,000 over the 2025-2035 period.

Basis of Estimate

CBO assumes that the bill will be enacted in March 2025. Estimated outlays are based on historical patterns for existing and similar activities.

Direct Spending and Revenues

CBO estimates that enacting H.R. 1156 would increase net direct spending and revenues by less than $500,000 over the 2025-2035 period (see Table 2).

Table 2. Estimated Changes in Direct Spending Under H.R. 1156
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2025-2030	2025-2035
	Increases or Decreases (-) in Direct Spending
Extend the Statute of Limitations
Estimated Budget Authority	5	*	*	*	*	*	*	*	*	*	*	5	5
Estimated Outlays	*	3	1	1	*	*	*	*	*	*	*	5	5
Rescind Funding for Program Integrity Activities
Budget Authority	-5	0	0	0	0	0	0	0	0	0	0	-5	-5
Estimated Outlays	-3	-2	0	0	0	0	0	0	0	0	0	-5	-5
Total Changes
Estimated Budget Authority	0	*	*	*	*	*	*	*	*	*	*	*	*
Estimated Outlays	-3	1	1	1	*	*	*	*	*	*	*	*	*

Extend the Statute of Limitations. Upon the enactment of H.R. 1156, CBO expects that DOL would provide additional funding to states to continue their referrals of cases to DOL and provide information about those cases to the department’s OIG and federal law enforcement agencies. Under current law, DOL has permanent authority to fund whatever amounts are necessary for those activities for pandemic-related programs. Using information from DOL, CBO estimates that under the bill the department would provide $5 million in additional funding to states, increasing direct spending by the same amount over the 2025-2035 period.

By extending the period for which DOJ could pursue prosecutions, CBO expects that H.R. 1156 would increase the collections of penalties and the recovery of additional benefits paid fraudulently in 2025 and subsequent years. That change would not affect state laws or rules governing the recovery of overpayments. Based on an analysis of data for similar offenses from the U.S. Sentencing Commission, CBO estimates that the increase in penalty collections would be insignificant. Criminal and civil fines are recorded in the budget as revenues; criminal fines are deposited into the Crime Victims Fund and spent without further appropriation. Thus, CBO estimates that enacting H.R. 1156 would increase revenues and the associated direct spending from penalty collections by less than $500,000 over the 2025-2035 period. Additionally, using information from DOL and DOJ, CBO estimates that any additional recoveries of overpaid benefits, which are recorded as reductions in direct spending, would be insignificant. The extent to which any additional recoveries would happen is highly uncertain.

Rescind Funding for Program Integrity Activities. The bill would rescind $5 million in mandatory funding provided in the American Rescue Plan Act to state unemployment insurance agencies for program integrity activities, which are undertaken to ensure that benefits are paid correctly. Using information from DOL, CBO estimates that the rescission would decrease direct spending by $5 million over the 2025-2035 period.

Spending Subject to Appropriation

CBO assumes that if the statute of limitations were extended, more potential fraud cases would be referred to the OIG, and that office would continue to investigate cases it might otherwise have dropped. Using information from the Department of Labor, CBO estimates that the OIG would require an additional $5 million over the 2025-2030 period to handle those referrals and cases. Assuming appropriation of the estimated amounts, CBO estimates that outlays for those activities would total $5 million over the same period (see Table 1).

Pay-As-You-Go Considerations

The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. CBO estimates that enacting the bill would increase direct spending by less than $500,000 over the 2025-2035 period and increase revenues by less than $500,000 in every year and over the 2025-2035 period (see Table 3).

Table 3. CBO’s Estimate of the Statutory Pay-As-You-Go Effects of H.R. 1156, the Pandemic Unemployment Fraud Enforcement Act, as Ordered Reported by the House Committee on Ways and Means on February 12, 2025
	By Fiscal Year, Millions of Dollars
	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	2025-2030	2025-2035
	Net Increase or Decrease (-) in Outlays
Pay-As-You-Go Effect	-3	1	1	1	0	0	0	0	0	0	0	0	0

Increase in Long-Term Net Direct Spending and Deficits

CBO estimates that enacting H.R. 1156 would not significantly increase net direct spending in any of the four consecutive 10-year periods beginning in 2036.

CBO estimates that enacting H.R. 1156 would not significantly increase on‑budget deficits in any of the four consecutive 10-year periods beginning in 2036.

Mandates

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

Mandates: Erich Dvorak

Estimate Reviewed By

Elizabeth Cove Delisle
Chief, Income Security Cost Estimates Unit

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

Kathleen FitzGerald
Chief, Public and Private Mandates Unit

Christina Hawley Anthony
Deputy Director of Budget Analysis

H. Samuel Papenfuss
Deputy Director of Budget Analysis

Phillip L. Swagel

Director, Congressional Budget Office

MIL OSI USA News –

February 25, 2025

MIL-OSI: Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports Fourth Quarter and Full Year 2024 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc., (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.

FOURTH QUARTER HIGHLIGHTS

Q4 2024 average production of 29,859 bo/d (56,109 boe/d)
Q4 2024 consolidated net income (including non-controlling interest) of $272.8 million; net income attributable to Viper of $210.1 million, or $2.04 per Class A common share; includes a one-time tax benefit of $155.9 million from the reversal of the valuation allowance against the Company’s deferred tax assets
Q4 2024 cash available for distribution to Viper’s Class A common shares (as defined and reconciled below) of $89.0 million, or $0.86 per Class A common share
As previously announced, declared Q4 2024 base cash dividend of $0.30 per Class A common share; implies a 2.5% annualized yield based on the February 21, 2025, share closing price of $48.33
As previously announced, declared Q4 2024 variable cash dividend of $0.35 per Class A common share; total base-plus-variable dividend of $0.65 per Class A common share implies a 5.4% annualized yield based on the February 21, 2025, share closing price of $48.33
Total Q4 2024 return of capital of $66.7 million, or $0.65 per Class A common share, represents 75% of cash available for distribution
381 total gross (8.1 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q4 2024 with an average lateral length of 10,818 feet

FULL YEAR 2024 HIGHLIGHTS

Full year 2024 average production of 27,156 bo/d (49,784 boe/d)
Received $6.2 million in lease bonus income
Full year 2024 consolidated net income (including non-controlling interest) of $603.6 million; net income attributable to Viper of $359.2 million, or $3.82 per Class A common share
Declared dividends of $2.49 per Class A common share during the full year 2024
Generated full year 2024 consolidated adjusted EBITDA (as defined and reconciled below) of $782.2 million
Proved reserves as of December 31, 2024 of 195,873 Mboe (84% PDP, 93,563 Mbo), up 9% year over year with oil up 4% from year end 2023
1,461 total gross (27.9 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during 2024 with an average lateral length of 11,381 feet

2025 OUTLOOK

As previously announced, on January 30, 2025, entered into a definitive purchase and sale agreement to acquire all of the equity interests of certain mineral and royalty interest owning subsidiaries of Diamondback in exchange for $1.0 billion of cash and approximately 69.63 million limited liability company membership interests of Viper Energy Partners LLC (“OpCo units”), along with an accompanying equal amount of Class B common stock of the Company, subject to customary closing adjustments (the “Drop Down”); expected to close in the second quarter of 2025, subject to the approval by Viper’s stockholders and clearance of other typical closing conditions
On February 14, 2025, closed the acquisition of certain mineral and royalty interests from Morita Ranches Minerals LLC in exchange for approximately $211.0 million of cash and approximately 2.40 million OpCo units (along with an accompanying equal amount of Class B common stock of the Company), subject to customary post-closing adjustments (the “Quinn Ranch Acquisition”)
Initiating average daily production guidance for Q1 2025 of 30,000 to 31,000 bo/d (54,000 to 56,000 boe/d)
Upon the assumed closing of the Drop Down during Q2 2025, expect average daily production for the balance of 2025 in the range of 47,000 to 49,000 bo/d (85,000 to 88,000) boe/d
As of December 31, 2024, there were approximately 867 gross horizontal wells in the process of active development on Viper’s acreage in which Viper expects to own an average 1.6% net royalty interest (14.1 net 100% royalty interest wells)
Approximately 1,191 gross (23.9 net 100% royalty interest) line-of-sight wells on Viper’s acreage that are not currently in the process of active development, but for which Viper has visibility to the potential of future development in coming quarters, based on Diamondback’s current completion schedule and third-party operators’ permits

“The fourth quarter concluded a landmark year for Viper. For the full year, we continued to deliver strong organic production growth on our legacy assets and successfully executed on our differentiated acquisition strategy. Looking ahead, we continue to be excited about the transformative Drop Down transaction between Viper and Diamondback that was previously announced. We look forward to working toward a timely closing of the transaction and the unmatched forward outlook Viper will be provided upon that closing,” stated Kaes Van’t Hof, Chief Executive Officer of Viper.

FINANCIAL UPDATE

Viper’s fourth quarter 2024 average unhedged realized prices were $69.91 per barrel of oil, $0.84 per Mcf of natural gas and $22.15 per barrel of natural gas liquids, resulting in a total equivalent realized price of $43.56/boe.

Viper’s fourth quarter 2024 average hedged realized prices were $69.00 per barrel of oil, $1.05 per Mcf of natural gas and $22.15 per barrel of natural gas liquids, resulting in a total equivalent realized price of $43.38/boe.

During the fourth quarter of 2024, the Company recorded total operating income of $228.7 million and consolidated net income (including non-controlling interest) of $272.8 million. During the quarter, the Company reversed the valuation allowance against its deferred tax assets as of the quarter and year ended December 31, 2024, with an accompanying $155.9 million deferred tax benefit recorded through continuing operations.

As of December 31, 2024, the Company had a cash balance of $26.9 million and total long-term debt outstanding (excluding debt issuance costs, discounts and premiums) of $1.1 billion, resulting in net debt (as defined and reconciled below) of $1.1 billion. Viper’s outstanding long-term debt as of December 31, 2024 consisted of $430.4 million in aggregate principal amount of its 5.375% Senior Notes due 2027, $400.0 million in aggregate principal amount of its 7.375% Senior Notes due 2031 and $261.0 million in borrowings on its revolving credit facility, leaving $989.0 million available for future borrowings and $1.0 billion of total liquidity.

FOURTH QUARTER 2024 CASH DIVIDEND & CAPITAL RETURN PROGRAM

As previously announced, the Board of Directors (the “Board”) of Viper Energy, Inc., declared a base dividend of $0.30 per Class A common share for the fourth quarter of 2024 payable on March 13, 2025 to Class A common shareholders of record at the close of business on March 6, 2025.

The Board also declared a variable cash dividend of $0.35 per Class A common share for the fourth quarter of 2024 payable on March 13, 2025 to Class A common shareholders of record at the close of business on March 6, 2025.

OPERATIONS UPDATE

During the fourth quarter of 2024, Viper estimates that 381 gross (8.1 net 100% royalty interest) horizontal wells with an average royalty interest of 2.1% were turned to production on its acreage position with an average lateral length of 10,818 feet. Of these 381 gross wells, Diamondback is the operator of 88 gross wells, with an average royalty interest of 6.4%, and the remaining 293 gross wells, with an average royalty interest of 0.9%, are operated by third parties.

Viper’s footprint of mineral and royalty interests was 35,671 net royalty acres as of December 31, 2024.

Our gross well information as of December 31, 2024 is as follows, unless otherwise specified:

	Diamondback Operated	Third-Party Operated	Total
Horizontal wells turned to production (fourth quarter 2024)⁽¹⁾:
Gross wells	88	293	381
Net 100% royalty interest wells	5.6	2.5	8.1
Average percent net royalty interest	6.4%	0.9%	2.1%

Horizontal wells turned to production (year ended December 31, 2024)⁽²⁾:
Gross wells	285	1,176	1,461
Net 100% royalty interest wells	16.0	11.9	27.9
Average percent net royalty interest	5.6%	1.0%	1.9%

Horizontal producing well count:
Gross wells	2,898	8,161	11,059
Net 100% royalty interest wells	156.3	104.1	260.4
Average percent net royalty interest	5.4%	1.3%	2.4%

Horizontal active development well count:
Gross wells	146	721	867
Net 100% royalty interest wells	6.0	8.1	14.1
Average percent net royalty interest	4.1%	1.1%	1.6%

Line of sight wells:
Gross wells	324	867	1,191
Net 100% royalty interest wells	10.1	13.8	23.9
Average percent net royalty interest	3.1%	1.6%	2.0%

(1) Average lateral length of 10,818 feet.
(2) Average lateral length of 11,381 feet.

The 867 gross wells currently in the process of active development are those wells that have been spud and are expected to be turned to production within approximately the next six to eight months. Further in regard to the active development on Viper’s asset base, there are currently 54 gross rigs operating on Viper’s acreage, 10 of which are operated by Diamondback. The 1,191 line-of-sight wells are those that are not currently in the process of active development, but for which Viper has reason to believe that they will be turned to production within approximately the next 15 to 18 months. The expected timing of these line-of-sight wells is based primarily on permitting by third-party operators or Diamondback’s current expected completion schedule. Existing permits or active development of Viper’s royalty acreage does not ensure that those wells will be turned to production.

YEAR END RESERVES UPDATE

Viper’s proved oil and natural gas reserve estimates and their associated future net cash flows were prepared by Viper’s internal reservoir engineers, and audited by Ryder Scott Company, L.P., independent petroleum engineers, as of December 31, 2024. Reference prices of $75.48 per barrel of oil and natural gas liquids and $2.13 per MMbtu of natural gas were used in accordance with applicable rules of the Securities and Exchange Commission. Realized prices with applicable differentials were $75.61 per barrel of oil, $0.49 per Mcf of natural gas and $20.62 per barrel of natural gas liquids.

Proved reserves at year-end 2024 of 195,873 Mboe (93,563 Mbo) represent a 9% increase over year-end 2023 reserves. The year-end 2024 proved reserves have a PV-10 value (as defined and reconciled below) of approximately $3.7 billion and a standardized measure of discounted future net cash flows of $3.3 billion.

Proved developed reserves increased by 14% year over year to 163,865 Mboe (76,020 Mbo) as of December 31, 2024, reflecting continued horizontal development by the operators of Viper’s acreage.

Net proved reserve additions of 34,845 Mboe resulted in a reserve replacement ratio of 191% (defined as the sum of extensions, discoveries, revisions, purchases and divestitures, divided by annual production). The organic reserve replacement ratio was 121% (defined as the sum of extensions, discoveries and revisions, divided by annual production).

Extensions and discoveries of 24,936 Mboe are primarily attributable to the drilling of 1,170 new wells and from 447 new proved undeveloped locations added. The Company’s total downward revisions of previous estimated quantities of 2,894 Mboe consist of negative revisions of 6,539 Mboe associated with lower commodity prices and PUD downgrades of 2,936 Mboe offset by positive revisions of 6,580 Mboe primarily attributable to performance revisions. The purchase of reserves in place of 14,941 Mboe resulted primarily from the previously reported Tumbleweed acquisitions and other acquisitions of certain mineral and royalty interests.

	Oil (MBbls)		Gas (MMcf)		Liquids (MBbls)		Mboe
As of December 31, 2023	89,903		263,578		45,416		179,249
Purchase of reserves in place	7,891		20,310		3,665		14,941
Extensions and discoveries	13,099		33,498		6,254		24,936
Revisions of previous estimates	(6,472	)	4,449		2,837		(2,894	)
Divestitures	(919	)	(4,605	)	(451	)	(2,138	)
Production	(9,939	)	(24,606	)	(4,181	)	(18,221	)
As of December 31, 2024	93,563		292,624		53,540		195,873

As the owner of mineral and royalty interests, Viper incurred no exploration and development costs during the year ended December 31, 2024.

	December 31,
	2024		2023		2022
	(in thousands)
Acquisition costs:
Proved properties	$	340,907	$	402,659	$	46,307
Unproved properties		830,450		758,342		16,624
Total	$	1,171,357	$	1,161,001	$	62,931

GUIDANCE UPDATE

Below is Viper’s guidance for Q1 2025. Guidance for full year 2025 will be provided pending the closing of the Drop Down.


	Viper Energy, Inc.

Q1 2025 Net Production – Mbo/d	30.00 – 31.00
Q1 2025 Net Production – Mboe/d	54.00 – 56.00

Unit costs ($/boe)
Depletion	$12.25 – $12.75
Cash G&A	$0.80 – $1.00
Non-Cash Share-Based Compensation	$0.10 – $0.20
Net Interest Expense	$2.50 – $3.00

Production and Ad Valorem Taxes (% of Revenue)	~7%
Cash Tax Rate (% of Pre-Tax Income Attributable to Viper Energy, Inc.)⁽¹⁾	20% – 22%
Q1 2025 Cash Taxes ($ – million)⁽²⁾	$15.0 – $20.0

(1) Pre-tax income attributable to Viper Energy, Inc. is reconciled below.
(2) Attributable to Viper Energy, Inc.

CONFERENCE CALL

Viper will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2024 on Tuesday, February 25, 2025 at 10:00 a.m. CT. Access to the live audio-only webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Viper’s website at www.viperenergy.com under the “Investor Relations” section of the site.

About Viper Energy, Inc.

Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. For more information, please visit www.viperenergy.com.

About Diamondback Energy, Inc.

Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Viper’s: future performance; business strategy; future operations; estimates and projections of operating income, losses, costs and expenses, returns, cash flow, and financial position; production levels on properties in which Viper has mineral and royalty interests, developmental activity by other operators; reserve estimates and Viper’s ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the pending Drop Down and other acquisitions or divestitures); and plans and objectives (including Diamondback’s plans for developing Viper’s acreage and Viper’s cash dividend policy and common stock repurchase program) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Viper are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Viper believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond its control. Accordingly, forward-looking statements are not guarantees of Viper’s future performance and the actual outcomes could differ materially from what Viper expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases, and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial sector; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production on Viper’s mineral and royalty acreage, or governmental orders, rules or regulations that impose production limits on such acreage; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change and the risks and other factors disclosed in Viper’s filings with the Securities and Exchange Commission, including its Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the Securities and Exchange Commission’s web site at http://www.sec.gov.

In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements made in this news release. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.


Viper Energy, Inc.
Consolidated Balance Sheets
(unaudited, in thousands, except share amounts)

	December 31,
	2024			2023
Assets
Current assets:
Cash and cash equivalents	$	26,851		$	25,869
Royalty income receivable (net of allowance for credit losses)		149,234			108,681
Royalty income receivable—related party		30,971			3,329
Income tax receivable		2,238			813
Derivative instruments		17,638			358
Prepaid expenses and other current assets		11,112			4,467
Total current assets		238,044			143,517
Property:
Oil and natural gas interests, full cost method of accounting ($2,179,837 and $1,769,341 excluded from depletion at December 31, 2024 and December 31, 2023, respectively)		5,712,671			4,628,983
Land		5,688			5,688
Accumulated depletion and impairment		(1,080,764	)		(866,352	)
Property, net		4,637,595			3,768,319
Derivative instruments		—			92
Deferred income taxes (net of allowances)		185,235			56,656
Other assets		8,166			5,509
Total assets	$	5,069,040		$	3,974,093
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	85		$	19
Accounts payable—related party		1,980			1,330
Accrued liabilities		42,272			27,021
Derivative instruments		2,323			2,961
Income taxes payable		2,034			1,925
Total current liabilities		48,694			33,256
Long-term debt, net		1,082,979			1,083,082
Derivative instruments		—			201
Other long-term liabilities		30,148			—
Total liabilities		1,161,821			1,116,539
Stockholders’ equity:
Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 102,977,142 and 86,144,273 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively		—			—
Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 85,431,453 and 90,709,946 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively		—			—
Additional paid-in capital		1,568,560			1,031,078
Retained earnings (accumulated deficit)		118,444			(16,786	)
Total Viper Energy, Inc. stockholders’ equity		1,687,004			1,014,292
Non-controlling interest		2,220,215			1,843,262
Total equity		3,907,219			2,857,554
Total liabilities and stockholders’ equity	$	5,069,040		$	3,974,093


Viper Energy, Inc.
Consolidated Statements of Operations
(unaudited, in thousands, except per share data)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Operating income:
Oil income	$	192,040		$	175,254		$	750,243		$	619,181
Natural gas income		6,050			7,979			14,813			30,953
Natural gas liquids income		26,775			18,981			88,520			66,976
Royalty income		224,865			202,214			853,576			717,110
Lease bonus income—related party		—			2,238			227			107,823
Lease bonus income		3,655			125			5,944			1,855
Other operating income		179			135			640			909
Total operating income		228,699			204,712			860,387			827,697
Costs and expenses:
Production and ad valorem taxes		16,162			12,607			60,882			50,401
Depletion		64,591			44,787			214,412			146,118
General and administrative expenses—related party		3,150			924			10,541			3,696
General and administrative expenses		1,388			3,027			8,100			6,907
Other operating (income) expense		58			356			55			356
Total costs and expenses		85,349			61,701			293,990			207,478
Income (loss) from operations		143,350			143,011			566,397			620,219
Other income (expense):
Interest expense, net		(19,112	)		(15,756	)		(73,848	)		(47,392	)
Gain (loss) on derivative instruments, net		6,122			4,892			11,386			(25,793	)
Other income, net		—			1			—			259
Total other expense, net		(12,990	)		(10,863	)		(62,462	)		(72,926	)
Income (loss) before income taxes		130,360			132,148			503,935			547,293
Provision for (benefit from) income taxes		(142,440	)		6,217			(99,711	)		45,952
Net income (loss)		272,800			125,931			603,646			501,341
Net income (loss) attributable to non-controlling interest		62,733			68,959			244,401			301,253
Net income (loss) attributable to Viper Energy, Inc.	$	210,067		$	56,972		$	359,245		$	200,088

Net income (loss) attributable to common shares:
Basic	$	2.04		$	0.70		$	3.82		$	2.69
Diluted	$	2.04		$	0.70		$	3.82		$	2.69
Weighted average number of common shares outstanding:
Basic		102,977			81,219			93,932			74,176
Diluted		102,977			81,219			93,932			74,176


Viper Energy, Inc.
Consolidated Statements of Cash Flows
(unaudited, in thousands)

	Three Months Ended December 31,						Year Ended December 31,
	2024			2023			2024			2023
Cash flows from operating activities:
Net income (loss)	$	272,800		$	125,931		$	603,646		$	501,341
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes		(148,580	)		(7,887	)		(149,085	)		(7,000	)
Depletion		64,591			44,787			214,412			146,118
(Gain) loss on derivative instruments, net		(6,122	)		(4,892	)		(11,386	)		25,793
Net cash receipts (payments) on derivatives		(940	)		(3,300	)		(2,978	)		(13,319	)
Other		1,727			1,397			6,197			3,442
Changes in operating assets and liabilities:
Royalty income receivable		(16,135	)		(5,232	)		(13,249	)		(27,379	)
Royalty income receivable—related party		5,025			4,102			(27,642	)		2,931
Accounts payable and accrued liabilities		(7,190	)		2,155			7,002			6,311
Accounts payable—related party		1,981			1,330			651			1,024
Income taxes payable		218			(11,397	)		109			1,014
Other		(9,467	)		(1,199	)		(8,069	)		(2,084	)
Net cash provided by (used in) operating activities		157,908			145,795			619,608			638,192
Cash flows from investing activities:
Acquisitions of oil and natural gas interests—related party		—			—			—			(75,073	)
Acquisitions of oil and natural gas interests		(425,190	)		(731,618	)		(696,242	)		(830,128	)
Proceeds from sale of oil and natural gas interests		(5	)		2			87,669			(3,164	)
Net cash provided by (used in) investing activities		(425,195	)		(731,616	)		(608,573	)		(908,365	)
Cash flows from financing activities:
Proceeds from borrowings under credit facility		372,000			313,000			842,000			573,000
Repayment on credit facility		(111,000	)		(300,000	)		(844,000	)		(462,000	)
Proceeds from Notes		—			400,000			—			400,000
Net proceeds from public offering		2			—			475,906			—
Proceeds from public offering to Diamondback		—			200,000			—			200,000
Repurchased shares/units under buyback program		—			(28,040	)		—			(95,221	)
Dividends/distributions to stockholders		(62,912	)		(44,596	)		(219,465	)		(128,777	)
Dividends/distributions to Diamondback		(62,386	)		(68,047	)		(254,216	)		(195,976	)
Dividends to other non-controlling interest		(7,368	)		—			(7,368	)		—
Other		(2,847	)		(7,441	)		(2,910	)		(13,163	)
Net cash provided by (used in) financing activities		125,489			464,876			(10,053	)		277,863
Net increase (decrease) in cash and cash equivalents		(141,798	)		(120,945	)		982			7,690
Cash, cash equivalents and restricted cash at beginning of period		168,649			146,814			25,869			18,179
Cash, cash equivalents and restricted cash at end of period	$	26,851		$	25,869		$	26,851		$	25,869


Viper Energy, Inc.
Selected Operating Data
(unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2024		2023		2024		2023
Production Data:
Oil (MBbls)		2,747		2,257		9,939		8,028
Natural gas (MMcf)		7,236		5,321		24,606		19,130
Natural gas liquids (MBbls)		1,209		884		4,181		3,108
Combined volumes (Mboe)⁽¹⁾		5,162		4,028		18,221		14,324

Average daily oil volumes (bo/d)		29,859		24,533		27,156		21,995
Average daily combined volumes (boe/d)		56,109		43,783		49,784		39,244

Average sales prices:
Oil ($/Bbl)	$	69.91	$	77.65	$	75.48	$	77.13
Natural gas ($/Mcf)	$	0.84	$	1.50	$	0.60	$	1.62
Natural gas liquids ($/Bbl)	$	22.15	$	21.47	$	21.17	$	21.55
Combined ($/boe)⁽²⁾	$	43.56	$	50.20	$	46.85	$	50.06

Oil, hedged ($/Bbl)⁽³⁾	$	69.00	$	76.56	$	74.57	$	76.05
Natural gas, hedged ($/Mcf)⁽³⁾	$	1.05	$	1.34	$	0.85	$	1.37
Natural gas liquids ($/Bbl)⁽³⁾	$	22.15	$	21.47	$	21.17	$	21.55
Combined price, hedged ($/boe)⁽³⁾	$	43.38	$	49.38	$	46.68	$	49.13

Average Costs ($/boe):
Production and ad valorem taxes	$	3.13	$	3.13	$	3.34	$	3.52
General and administrative – cash component		0.72		0.90		0.86		0.65
Total operating expense – cash	$	3.85	$	4.03	$	4.20	$	4.17

General and administrative – non-cash stock compensation expense	$	0.16	$	0.08	$	0.16	$	0.09
Interest expense, net	$	3.70	$	3.91	$	4.05	$	3.31
Depletion	$	12.51	$	11.12	$	11.77	$	10.20

(1)   Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
(2)   Realized price net of all deducts for gathering, transportation and processing.
(3)   Hedged prices reflect the impact of cash settlements of our matured commodity derivative transactions on our average sales prices.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA is a supplemental non-GAAP (as defined below) financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Viper defines Adjusted EBITDA as net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before interest expense, net, non-cash share-based compensation expense, depletion, non-cash (gain) loss on derivative instruments, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and provision for (benefit from) income taxes. Adjusted EBITDA is not a measure of net income as determined by United States’ generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because it allows them to more effectively evaluate Viper’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income, royalty income, cash flow from operating activities or any other measure of financial performance or liquidity presented as determined in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA.

Viper defines cash available for distribution to Viper Energy, Inc. shareholders generally as an amount equal to its Adjusted EBITDA for the applicable quarter less cash needed for income taxes payable for the current period, debt service, contractual obligations, fixed charges and reserves for future operating or capital needs that the Board may deem appropriate, lease bonus income, net of tax, distribution equivalent rights payments, preferred dividends, and an adjustment for changes in ownership interests that occurred subsequent to the quarter, if any. Management believes cash available for distribution is useful because it allows them to more effectively evaluate Viper’s operating performance excluding the impact of non-cash financial items and short-term changes in working capital. Viper’s computations of Adjusted EBITDA and cash available for distribution may not be comparable to other similarly titled measures of other companies or to such measure in its credit facility or any of its other contracts. Viper further defines cash available for variable dividends as at least 75 percent of cash available for distribution less base dividends declared and repurchased shares as part of its share buyback program for the applicable quarter.

The following tables present a reconciliation of the GAAP financial measure of net income (loss) to the non-GAAP financial measures of Adjusted EBITDA, cash available for distribution and cash available for variable dividends:

Viper Energy, Inc.
(unaudited, in thousands, except per share data)

	Three Months Ended December 31, 2024			Year Ended December 31, 2024
Net income (loss) attributable to Viper Energy, Inc.	$	210,067		$	359,245
Net income (loss) attributable to non-controlling interest		62,733			244,401
Net income (loss)		272,800			603,646
Interest expense, net		19,112			73,848
Non-cash share-based compensation expense		815			2,975
Depletion		64,591			214,412
Non-cash (gain) loss on derivative instruments		(7,062	)		(14,364	)
Other non-cash operating expenses		58			55
Other non-recurring expenses		—			1,314
Provision for (benefit from) income taxes		(142,440	)		(99,711	)
Consolidated Adjusted EBITDA		207,874			782,175
Less: Adjusted EBITDA attributable to non-controlling interest		100,035			371,813
Adjusted EBITDA attributable to Viper Energy, Inc.	$	107,839		$	410,362

Adjustments to reconcile Adjusted EBITDA to cash available for distribution:
Income taxes payable for the current period	$	(6,139	)	$	(49,372	)
Debt service, contractual obligations, fixed charges and reserves		(11,118	)		(39,219	)
Lease bonus income, net of tax		(1,502	)		(2,510	)
Distribution equivalent rights payments		(98	)		(393	)
Preferred distributions		(20	)		(80	)
Cash available for distribution to Viper Energy, Inc. shareholders	$	88,962		$	318,788

	Three Months Ended December 31, 2024
	Amounts		Amounts Per Common Share
Reconciliation to cash available for variable dividends:
Cash available for distribution to Viper Energy, Inc. shareholders	$	88,962	$	0.86

Return of Capital	$	66,722	$	0.65
Less:
Base dividend		30,893		0.30
Cash available for variable dividends	$	35,829	$	0.35

Total approved base and variable dividend per share			$	0.65

Class A common stock outstanding				102,977

The following table presents a reconciliation of the GAAP financial measure of income (loss) before income taxes to the non-GAAP financial measure of pre-tax income attributable to Viper Energy, Inc. Management believes this measure is useful to investors given it provides the basis for income taxes payable by Viper Energy, Inc, which is an adjustment to reconcile Adjusted EBITDA to cash available for distribution to holders of Viper Energy, Inc.’s Class A common stock.


Viper Energy, Inc.
Pre-tax income attributable to Viper Energy, Inc.
(unaudited, in thousands)

	Three Months Ended December 31, 2024
Income (loss) before income taxes	$	130,360
Less: Net income (loss) attributable to non-controlling interest		62,733
Pre-tax income attributable to Viper Energy, Inc.	$	67,627

Income taxes payable for the current period	$	6,139
Effective cash tax rate attributable to Viper Energy, Inc.		9.1	%

Adjusted net income (loss) is a non-GAAP financial measure equal to net income (loss) attributable to Viper Energy, Inc. plus net income (loss) attributable to non-controlling interest adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, other non-cash operating expenses, other non-recurring expenses and related income tax adjustments. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors.

The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Viper Energy, Inc. to the non-GAAP financial measure of adjusted net income (loss):

Viper Energy, Inc.
Adjusted Net Income (Loss)
(unaudited, in thousands, except per share data)

	Three Months Ended December 31, 2024
	Amounts			Amounts Per Diluted Share
Net income (loss) attributable to Viper Energy, Inc.⁽¹⁾	$	210,067		$	2.04
Net income (loss) attributable to non-controlling interest		62,733			0.61
Net income (loss)⁽¹⁾		272,800			2.65
Non-cash (gain) loss on derivative instruments, net		(7,062	)		(0.07	)
Other non-cash operating expenses		58			—
Adjusted income excluding above items⁽¹⁾		265,796			2.58
Income tax adjustment for above items		(7,653	)		(0.08	)
Adjusted net income (loss)⁽¹⁾		258,143			2.50
Less: Adjusted net income (loss) attributed to non-controlling interests		59,211			0.57
Adjusted net income (loss) attributable to Viper Energy, Inc.⁽¹⁾	$	198,932		$	1.93

Weighted average Class A common shares outstanding:
Basic					102,977
Diluted					102,977

(1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of Class A common shares and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Viper Energy, Inc., (ii) less the reallocation of $0.4 million in earnings attributable to participating securities, and (iii) divided by diluted weighted average Class A common shares outstanding.

RECONCILIATION OF LONG-TERM DEBT TO NET DEBT

The Company defines the non-GAAP measure of net debt as debt (excluding debt issuance costs, discounts and premiums) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.


	December 31, 2024			Net Q4 Principal Borrowings/ (Repayments)		September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(in thousands)
Total long-term debt⁽¹⁾	$	1,091,350		$	261,000	$	830,350		$	1,007,350		$	1,103,350		$	1,093,350
Cash and cash equivalents		(26,851	)				(168,649	)		(35,211	)		(20,005	)		(25,869	)
Net debt	$	1,064,499				$	661,701		$	972,139		$	1,083,345		$	1,067,481

(1) Excludes debt issuance costs, discounts & premiums.

PV-10

PV-10 is the Company’s estimate of the present value of the future net revenues from proved oil and natural gas reserves after deducting estimated production and ad valorem taxes, future capital costs and operating expenses, but before deducting any estimates of future income taxes. The estimated future net revenues are discounted at an annual rate of 10% to determine their “present value.” The Company believes PV-10 to be an important measure for evaluating the relative significance of its oil and natural gas properties and that the presentation of the non-GAAP financial measure of PV-10 provides useful information to investors because it is widely used by professional analysts and investors in evaluating oil and natural gas companies. Because there are many unique factors that can impact an individual company when estimating the amount of future income taxes to be paid, the Company believes the use of a pre-tax measure is valuable for evaluating the Company. The Company believes that PV-10 is a financial measure routinely used and calculated similarly by other companies in the oil and natural gas industry.

The following table reconciles the Company’s standardized measure of discounted future net cash flows, a GAAP financial measure to PV-10, a non-GAAP financial measure. PV-10 should not be considered as an alternative to the standardized measure as computed under GAAP.


(in thousands)	December 31, 2024
Standardized measure of discounted future net cash flows after taxes	$	3,319,544
Add: Present value of future income tax discounted at 10%		364,976
PV-10	$	3,684,520

Derivatives

As of the filing date, the Company had the following outstanding derivative contracts. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent. When aggregating multiple contracts, the weighted average contract price is disclosed.


	Crude Oil (Bbls/day, $/Bbl)
	Q1 2025			Q2 2025			Q3 2025			Q4 2025		FY 2026		FY 2027
Deferred Premium Puts – WTI (Cushing)		20,000			20,000			18,000			—		—		—
Strike	$	55.00		$	55.00		$	55.00		$	—	$	—	$	—
Premium	$	(1.62	)	$	(1.61	)	$	(1.60	)	$	—	$	—	$	—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q1 2025		Q2 2025		Q3 2025		Q4 2025		FY 2026		FY 2027
Costless Collars – Henry Hub		60,000		60,000		60,000		60,000		60,000		—
Floor	$	2.50	$	2.50	$	2.50	$	2.50	$	2.75	$	—
Ceiling	$	4.93	$	4.93	$	4.93	$	4.93	$	6.64	$	—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q1 2025			Q2 2025			Q3 2025			Q4 2025			FY 2026			FY 2027
Natural Gas Basis Swaps – Waha Hub		60,000			60,000			60,000			60,000			40,000			40,000
Swap Price	$	(0.80	)	$	(0.80	)	$	(0.80	)	$	(0.80	)	$	(1.40	)	$	(1.40	)

Investor Contact:

Chip Seale
+1 432.247.6218
cseale@viperenergy.com

Source: Viper Energy, Inc.; Diamondback Energy, Inc.

The MIL Network –

February 25, 2025

MIL-OSI: Diamondback Energy, Inc. Announces Fourth Quarter and Full Year 2024 Financial and Operating Results; Increases Base Dividend

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, Feb. 24, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the fourth quarter and full year ended December 31, 2024.

FOURTH QUARTER 2024 HIGHLIGHTS

Average production of 475.9 MBO/d (883.4 MBOE/d)
Net cash provided by operating activities of $2.3 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $2.3 billion
Cash capital expenditures of $933 million
Free Cash Flow (as defined and reconciled below) of $1.3 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $1.4 billion
Increased annual base dividend by 11% to $4.00 per share; declared Q4 2024 base cash dividend of $1.00 per share payable on March 13, 2025; implies a 2.6% annualized yield based on February 21, 2025 closing share price of $156.12
Repurchased 2,326,247 shares of common stock in Q4 2024 for $402 million, excluding excise tax (at a weighted average price of $172.91 per share); repurchased 1,254,600 shares of common stock to date in Q1 2025 for $210 million, excluding excise tax (at a weighted average price of $167.42 per share)
Total Q4 2024 return of capital of $694 million; represents ~51% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q4 2024 base dividend
Closed previously announced TRP Energy (“TRP”) transaction in December 2024

FULL YEAR 2024 HIGHLIGHTS

Average production of 337.0 MBO/d (598.3 MBOE/d)
Net cash provided by operating activities of $6.4 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $6.5 billion
Cash capital expenditures of $2.9 billion
Free Cash Flow (as defined and reconciled below) of $3.6 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $4.0 billion
Declared total base-plus-variable dividends of $6.21 per share for the full year 2024
Repurchased 5,525,276 shares of common stock in 2024 for $959 million, excluding excise tax (at a weighted average price of $173.57 per share)
Total full year 2024 return of capital of $2.3 billion; represents ~57% of FY 2024 Adjusted Free Cash Flow (as defined and reconciled below)
As previously announced, closed merger with Endeavor Energy Resources, L.P. (“Endeavor”) on September 10, 2024
Proved reserves as of December 31, 2024 of 3,557 MMBOE (1,761 MMBO, 50% oil), up 63% year over year; proved developed producing (“PDP”) reserves of 2,385 MMBOE (1,121 MMBO, 47% oil, 67% of proved reserves), up 59% year over year

2025 GUIDANCE HIGHLIGHTS

Please note the guidance below gives effect to the pending acquisition of Double Eagle IV Midco, LLC (“Double Eagle”) from April 1, 2025 onward.

Full year 2025 oil production guidance of 485 – 498 MBO/d (883 – 909 MBOE/d)
Full year 2025 cash capital expenditures guidance of $3.8 – $4.2 billion
The Company expects to drill between 446 – 471 gross (406 – 428 net) wells and complete between 557 – 592 gross (526 – 560 net) wells with an average lateral length of approximately 11,500 feet in 2025
Q1 2025 oil production guidance of 470 – 475 MBO/d (860 – 875 MBOE/d)
Q1 2025 cash capital expenditures guidance of $900 million – $1.0 billion
Implies Q2 2025 – Q4 2025 run-rate oil production of 490 – 505 MBO/d (891 – 920 MBOE/d)
Full year 2025 Midland Basin well costs per lateral foot guidance of $555 – $605
Implies full year 2025 oil production per million dollars of cash capital expenditures (“MBO per $MM of CAPEX”) of 44.8, 10% better than the Company’s original pro forma 2025 outlook provided in February 2024

OPERATIONS UPDATE

The tables below provide a summary of operating activity for the fourth quarter of 2024.

Total Activity (Gross Operated):
	Number of Wells Drilled	Number of Wells Completed
Midland Basin	131	124
Delaware Basin	6	4
Total	137	128

Total Activity (Net Operated):
	Number of Wells Drilled	Number of Wells Completed
Midland Basin	124	113
Delaware Basin	5	4
Total	129	117

During the fourth quarter of 2024, Diamondback drilled 131 gross wells in the Midland Basin and six gross wells in the Delaware Basin. The Company turned 124 operated wells to production in the Midland Basin and four gross wells in the Delaware Basin, with an average lateral length of 11,810 feet. Operated completions during the fourth quarter consisted of 26 Wolfcamp A wells, 26 Lower Spraberry wells, 24 Wolfcamp B wells, 19 Jo Mill wells, 15 Middle Spraberry wells, four Wolfcamp D wells, four Dean wells, three Upper Spraberry wells, three Barnett wells, two Second Bone Spring wells and two Third Bone Spring wells.

For the year ended December 31, 2024, Diamondback drilled 342 gross wells in the Midland Basin and 30 gross wells in the Delaware Basin. The Company turned 391 operated wells to production in the Midland Basin and 19 operated wells to production in the Delaware Basin. The average lateral length for wells completed during the year ended December 31, 2024 was 11,719 feet, and consisted of 98 Lower Spraberry wells, 87 Wolfcamp A wells, 69 Wolfcamp B wells, 59 Jo Mill wells, 49 Middle Spraberry wells, 13 Wolfcamp D wells, 13 Dean wells, nine Upper Spraberry wells, six Third Bone Spring wells, four Barnett wells and three Second Bone Spring wells.

FINANCIAL UPDATE

Diamondback’s fourth quarter 2024 net income was $1.1 billion, or $3.67 per diluted share. Adjusted net income (as defined and reconciled below) for the fourth quarter was $1.1 billion, or $3.64 per diluted share. For the full year ended December 31, 2024, Diamondback’s net income was $3.3 billion, or $15.53 per diluted share. Adjusted net income for the full year was $3.6 billion, or $16.57 per diluted share.

Fourth quarter 2024 net cash provided by operating activities was $2.3 billion. For the full year ended December 31, 2024, Diamondback’s net cash provided by operating activities was $6.4 billion.

During the fourth quarter of 2024, Diamondback spent $834 million on operated and non-operated drilling and completions, $93 million on infrastructure and environmental and $6 million on midstream, for total cash capital expenditures of $933 million. For the full year ended 2024, Diamondback spent $2.6 billion on operated and non-operated drilling and completions, $221 million on infrastructure and environmental and $14 million on midstream, for total cash capital expenditures of $2.9 billion.

Fourth quarter 2024 Consolidated Adjusted EBITDA (as defined and reconciled below) was $2.6 billion. Adjusted EBITDA net of non-controlling interest (as defined and reconciled below) for the fourth quarter was $2.5 billion. For the full year ended December 31, 2024, Consolidated Adjusted EBITDA was $7.7 billion. Adjusted EBITDA net of non-controlling interest for the full year was $7.3 billion.

Diamondback’s fourth quarter 2024 Free Cash Flow (as defined and reconciled below) was $1.3 billion. Adjusted Free Cash Flow (as reconciled and defined below) for the fourth quarter was $1.4 billion. For the full year ended December 31, 2024, Diamondback’s Free Cash Flow was $3.6 billion, with $4.0 billion of Adjusted Free Cash Flow over the same period.

Fourth quarter 2024 average unhedged realized prices were $69.48 per barrel of oil, $0.48 per Mcf of natural gas and $19.27 per barrel of natural gas liquids (“NGLs”), resulting in a total equivalent unhedged realized price of $42.71 per BOE.

Diamondback’s cash operating costs for the fourth quarter of 2024 were $10.30 per BOE, including lease operating expenses (“LOE”) of $5.67 per BOE, cash general and administrative (“G&A”) expenses of $0.69 per BOE, production and ad valorem taxes of $2.77 per BOE and gathering, processing and transportation expenses of $1.17 per BOE.

As of December 31, 2024, Diamondback had $134 million in standalone cash and no borrowings outstanding under its revolving credit facility, with approximately $2.5 billion available for future borrowings under the facility and approximately $2.6 billion of total liquidity. As of December 31, 2024, the Company had consolidated total debt of $13.2 billion and consolidated net debt (as defined and reconciled below) of $13.0 billion, up from consolidated total debt of $13.1 billion and consolidated net debt of $12.7 billion as of September 30, 2024.

DIVIDEND DECLARATIONS

Diamondback announced today that the Company’s Board of Directors declared a base cash dividend of $1.00 per common share for the fourth quarter of 2024 payable on March 13, 2025 to stockholders of record at the close of business on March 6, 2025.

Future base and variable dividends remain subject to review and approval at the discretion of the Company’s Board of Directors.

COMMON STOCK REPURCHASE PROGRAM

During the fourth quarter of 2024, Diamondback repurchased ~2.3 million shares of common stock at an average share price of $172.91 for a total cost of approximately $402 million, excluding excise tax. To date, Diamondback has repurchased ~25.8 million shares of common stock at an average share price of $136.82 for a total cost of approximately $3.5 billion and has approximately $2.5 billion remaining on its current share buyback authorization. Subject to factors discussed below, Diamondback intends to continue to purchase common stock under the common stock repurchase program opportunistically with cash on hand, free cash flow from operations and proceeds from potential liquidity events such as the sale of assets. This repurchase program has no time limit and may be suspended from time to time, modified, extended or discontinued by the Board at any time. Purchases under the repurchase program may be made from time to time in privately negotiated transactions, or in open market transactions in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and will be subject to market conditions, applicable regulatory and legal requirements and other factors. Any common stock purchased as part of this program will be retired.

RESERVES

Estimates of Diamondback’s proved reserves as of December 31, 2024 were prepared by Diamondback’s internal reservoir engineers and audited by Ryder Scott Company, L.P., an independent petroleum engineering firm. Reference prices of $75.48 per barrel of oil and $2.13 per Mmbtu of natural gas were used in accordance with applicable rules of the Securities and Exchange Commission. Realized prices with applicable differentials were $76.15 per barrel of oil, $0.54 per Mcf of natural gas and $22.02 per barrel of natural gas liquids.

Proved reserves at year-end 2024 of 3,557 MMBOE represent a 63% increase over year-end 2023 reserves. Proved developed reserves increased by 59% to 2,385 MMBOE (67% of total proved reserves) as of December 31, 2024, reflecting the continued development of the Company’s horizontal well inventory. Proved undeveloped reserves (“PUD” or “PUDs”) increased to 1,173 MMBOE, a 72% increase over year-end 2023, and are comprised of 1,381 horizontal locations in which we have a working interest, of which 1,310 are in the Midland Basin. Crude oil represents 50% of Diamondback’s total proved reserves.

Net proved reserve additions of 1,599 MMBOE resulted in a reserve replacement ratio of 730% (defined as the sum of extensions and discoveries, revisions, purchases and divestitures, divided by annual production). The organic reserve replacement ratio was 68% (defined as the sum of extensions and discoveries and revisions, divided by annual production).

Net purchases of reserves were the primary contributor to the increase in reserves totaling 1,449 MMBOE followed by Extensions and discoveries of reserves totaling 279 MMBOE, with downward revisions of 129 MMBOE. PDP extensions were the result of 1,172 new wells in which the Company has an interest, and PUD extensions were the result of 445 new locations in which the Company has a working interest. Net purchases of reserves of 1,449 MMBOE were the net result of acquisitions of 1,569 MMBOE and divestitures of 121 MMBOE. Downward revisions of 129 MMBOE were primarily the result of negative revisions of 89 MMBOE associated with lower commodity prices, 49 MMBOE due to PUD downgrades related to changes in the corporate development plan and 17 MMBOE due to a decline in well performance. These were partially offset by positive performance revisions of 26 MMBOE related to ownership and acquisition variance revisions.

The SEC PUD guidelines allow a company to book PUD reserves associated with projects that are to occur within the next five years. With its current development plan, the Company expects to continue its strong PUD conversion ratio in 2025 by converting an estimated 33% of its PUDs to a Proved Developed category, and develop approximately 78% of the consolidated 2024 year-end PUD reserves by the end of 2027.

	Oil (MBbls)		Gas (MMcf)		Liquids (MBbls)		MBOE
As of December 31, 2023	1,143,944		2,997,422		534,247		2,177,761
Extensions and discoveries	168,375		310,421		58,696		278,808
Revisions of previous estimates	(78,142	)	(158,468	)	(24,518	)	(129,071	)
Purchase of reserves in place	697,702		2,391,264		473,236		1,569,482
Divestitures	(47,505	)	(240,044	)	(33,080	)	(120,592	)
Production	(123,325	)	(275,680	)	(49,700	)	(218,972	)
As of December 31, 2024	1,761,049		5,024,915		958,881		3,557,416

Diamondback’s exploration and development costs in 2024 were $3.2 billion. PD F&D costs were $10.51/BOE. PD F&D costs are defined as exploration and development costs, excluding midstream, divided by the sum of reserves associated with transfers from proved undeveloped reserves at year-end 2023 including any associated revisions in 2024 and extensions and discoveries placed on production during 2024. Drill bit F&D costs were $19.12/BOE including the effects of all revisions including pricing revisions. Drill bit F&D costs are defined as the exploration and development costs, excluding midstream, divided by the sum of extensions, discoveries and revisions.

	Year Ended December 31,
		2024		2023		2022
	(In millions)
Acquisition costs:
Proved properties	$	21,275	$	1,314	$	778
Unproved properties		15,568		1,701		1,536
Development costs		2,992		1,962		566
Exploration costs		194		768		1,698
Total	$	40,029	$	5,745	$	4,578

FULL YEAR 2025 GUIDANCE

Below is Diamondback’s guidance for the full year 2025, which includes first quarter production, cash tax and capital guidance. This guidance gives effect to the estimated contribution related to the pending Double Eagle acquisition, which is expected to close on April 1, 2025, subject to the satisfaction of customary closing conditions and regulatory approval.

	2025 Guidance	2025 Guidance
	Diamondback Energy, Inc.	Viper Energy, Inc.

2025 Net production – MBOE/d	883 – 909
2025 Oil production – MBO/d	485 – 498
Q1 2025 Oil production – MBO/d (total – MBOE/d)	470 – 475 (860 – 875)	30.0 – 31.0 (54.0 – 56.0)

Unit costs ($/BOE)
Lease operating expenses, including workovers	$5.90 – $6.30
G&A
Cash G&A	$0.60 – $0.75
Non-cash equity-based compensation	$0.25 – $0.35
DD&A	$14.00 – $15.00
Interest expense (net of interest income)	$0.25 – $0.50
Gathering, processing and transportation	$1.20 – $1.40

Production and ad valorem taxes (% of revenue)	~7%
Corporate tax rate (% of pre-tax income)	23%
Cash tax rate (% of pre-tax income)	17% – 20%
Q1 2025 Cash taxes ($ – million)	$280 – $340

Capital Budget ($ – million)
Operated drilling and completion	$3,130 – $3,440
Capital workovers, non-operated properties and science	$280 – $320
Infrastructure, environmental and midstream⁽¹⁾	$390 – $440
2025 Total capital expenditures	$3,800 – $4,200
Q1 2025 Capital expenditures	$900 – $1,000

Gross horizontal wells drilled (net)	446 – 471 (406 – 428)
Gross horizontal wells completed (net)	557 – 592 (526 – 560)
Average lateral length (Ft.)	~11,500′
FY 2025 Midland Basin well costs per lateral foot	$555 – $605
FY 2025 Delaware Basin well costs per lateral foot	$860 – $910
Midland Basin completed net lateral feet (%)	~95%
Delaware Basin completed net lateral feet (%)	~5%

_{⁽¹⁾ Includes approximately $60 million in estimated midstream capital expenditures for the full year 2025.}

CONFERENCE CALL

Diamondback will host a conference call and webcast for investors and analysts to discuss its results for the fourth quarter of 2024 on Tuesday, February 25, 2025 at 8:00 a.m. CT. Access to the webcast, and replay which will be available following the call, may be found here. The live webcast of the earnings conference call will also be available via Diamondback’s website at www.diamondbackenergy.com under the “Investor Relations” section of the site.

About Diamondback Energy, Inc.

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act, which involve risks, uncertainties, and assumptions. All statements, other than statements of historical fact, including statements regarding Diamondback’s: future performance; business strategy; future operations (including drilling plans and capital plans); estimates and projections of revenues, losses, costs, expenses, returns, cash flow, and financial position; reserve estimates and its ability to replace or increase reserves; anticipated benefits or other effects of strategic transactions (including the recently completed Endeavor merger, the pending Double Eagle acquisition and other acquisitions or divestitures); and plans and objectives of management (including plans for future cash flow from operations and for executing environmental strategies) are forward-looking statements. When used in this news release, the words “aim,” “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “future,” “guidance,” “intend,” “may,” “model,” “outlook,” “plan,” “positioned,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions (including the negative of such terms) as they relate to Diamondback are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Although Diamondback believes that the expectations and assumptions reflected in its forward-looking statements are reasonable as and when made, they involve risks and uncertainties that are difficult to predict and, in many cases, beyond Diamondback’s control. Accordingly, forward-looking statements are not guarantees of future performance and Diamondback’s actual outcomes could differ materially from what Diamondback has expressed in its forward-looking statements.

Factors that could cause the outcomes to differ materially include (but are not limited to) the following: changes in supply and demand levels for oil, natural gas, and natural gas liquids, and the resulting impact on the price for those commodities; the impact of public health crises, including epidemic or pandemic diseases and any related company or government policies or actions; actions taken by the members of OPEC and Russia affecting the production and pricing of oil, as well as other domestic and global political, economic, or diplomatic developments, including any impact of the ongoing war in Ukraine and the Israel-Hamas war on the global energy markets and geopolitical stability; instability in the financial markets; inflationary pressures; higher interest rates and their impact on the cost of capital; regional supply and demand factors, including delays, curtailment delays or interruptions of production, or governmental orders, rules or regulations that impose production limits; federal and state legislative and regulatory initiatives relating to hydraulic fracturing, including the effect of existing and future laws and governmental regulations; physical and transition risks relating to climate change; those risks described in Item 1A of Diamondback’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024, and those risks disclosed in its subsequent filings on Forms 10-K, 10-Q and 8-K, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

In light of these factors, the events anticipated by Diamondback’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Diamondback operates in a very competitive and rapidly changing environment and new risks emerge from time to time. Diamondback cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this letter or, if earlier, as of the date they were made. Diamondback does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.


Diamondback Energy, Inc.
Consolidated Balance Sheets
(unaudited, in millions, except share amounts)

	December 31,			December 31,
		2024			2023
Assets
Current assets:
Cash and cash equivalents ($27 million and $26 million related to Viper)	$	161		$	582
Restricted cash		3			3
Accounts receivable:
Joint interest and other, net		198			192
Oil and natural gas sales, net ($149 million and $109 million related to Viper)		1,387			654
Inventories		116			63
Derivative instruments		168			17
Prepaid expenses and other current assets		77			110
Total current assets		2,110			1,621
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($22,666 million and $8,659 million excluded from amortization at December 31, 2024 and December 31, 2023, respectively) ($5,713 million and $4,629 million related to Viper and $2,180 million and $1,769 million excluded from amortization related to Viper)		82,240			42,430
Other property, equipment and land		1,440			673
Accumulated depletion, depreciation, amortization and impairment ($1,081 million and $866 million related to Viper)		(19,208	)		(16,429	)
Property and equipment, net		64,472			26,674
Funds held in escrow		1			—
Equity method investments		375			529
Derivative instruments		2			1
Deferred income taxes, net ($185 million and $57 million related to Viper)		173			45
Other assets		159			131
Total assets	$	67,292		$	29,001
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable – trade	$	253		$	261
Accrued capital expenditures		690			493
Current maturities of debt		900			—
Other accrued liabilities		1,020			475
Revenues and royalties payable		1,491			764
Derivative instruments		43			86
Income taxes payable		414			29
Total current liabilities		4,811			2,108
Long-term debt ($1,083 million and $1,083 million related to Viper)		12,075			6,641
Derivative instruments		106			122
Asset retirement obligations		573			239
Deferred income taxes		9,826			2,449
Other long-term liabilities		39			12
Total liabilities		27,430			11,571
Stockholders’ equity:
Common stock, $0.01 par value; 800,000,000 shares authorized; 290,984,373 and 178,723,871 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively		3			2
Additional paid-in capital		33,501			14,142
Retained earnings (accumulated deficit)		4,238			2,489
Accumulated other comprehensive income (loss)		(6	)		(8	)
Total Diamondback Energy, Inc. stockholders’ equity		37,736			16,625
Non-controlling interest		2,126			805
Total equity		39,862			17,430
Total liabilities and stockholders’ equity	$	67,292		$	29,001


Diamondback Energy, Inc.
Consolidated Statements of Operations
(unaudited, $ in millions except per share data, shares in thousands)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Revenues:
Oil, natural gas and natural gas liquid sales	$	3,471		$	2,165		$	10,100		$	8,228
Sales of purchased oil		225			52			923			111
Other operating income		15			11			43			73
Total revenues		3,711			2,228			11,066			8,412
Costs and expenses:
Lease operating expenses		461			254			1,286			872
Production and ad valorem taxes		225			104			638			525
Gathering, processing and transportation		95			78			356			287
Purchased oil expense		225			52			921			111
Depreciation, depletion, amortization and accretion		1,156			469			2,850			1,746
General and administrative expenses		72			39			213			150
Merger and integration expense		30			—			303			11
Other operating expenses		35			27			103			140
Total costs and expenses		2,299			1,023			6,670			3,842
Income (loss) from operations		1,412			1,205			4,396			4,570
Other income (expense):
Interest expense, net		(34	)		(29	)		(135	)		(159	)
Other income (expense), net		(7	)		(9	)		80			52
Gain (loss) on derivative instruments, net		36			99			137			(259	)
Gain (loss) on extinguishment of debt		—			—			2			(4	)
Income (loss) from equity investments, net		(2	)		9			21			48
Total other income (expense), net		(7	)		70			105			(322	)
Income (loss) before income taxes		1,405			1,275			4,501			4,248
Provision for (benefit from) income taxes		115			264			800			912
Net income (loss)		1,290			1,011			3,701			3,336
Net income (loss) attributable to non-controlling interest		216			51			363			193
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,074		$	960		$	3,338		$	3,143

Earnings (loss) per common share:
Basic	$	3.67		$	5.34		$	15.53		$	17.34
Diluted	$	3.67		$	5.34		$	15.53		$	17.34
Weighted average common shares outstanding:
Basic		291,851			178,811			213,545			179,999
Diluted		291,851			178,811			213,545			179,999


Diamondback Energy, Inc.
Consolidated Statements of Cash Flows
(unaudited, in millions)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Cash flows from operating activities:
Net income (loss)	$	1,290		$	1,011		$	3,701		$	3,336
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes		(165	)		193			15			378
Depreciation, depletion, amortization and accretion		1,156			469			2,850			1,746
(Gain) loss on extinguishment of debt		—			—			(2	)		4
(Gain) loss on derivative instruments, net		(36	)		(99	)		(137	)		259
Cash received (paid) on settlement of derivative instruments		(15	)		(48	)		(51	)		(110	)
(Income) loss from equity investment, net		2			(9	)		(21	)		(48	)
Equity-based compensation expense		16			14			65			54
Other		12			28			89			5
Changes in operating assets and liabilities:
Accounts receivable		(103	)		147			(42	)		(71	)
Income tax receivable		(3	)		16			9			283
Prepaid expenses and other current assets		(24	)		(94	)		54			(89	)
Accounts payable and accrued liabilities		114			11			(376	)		57
Income taxes payable		138			(9	)		87			(5	)
Revenues and royalties payable		59			(16	)		168			123
Other		(100	)		10			4			(2	)
Net cash provided by (used in) operating activities		2,341			1,624			6,413			5,920
Cash flows from investing activities:
Drilling, completions, infrastructure and midstream additions to oil and natural gas properties		(933	)		(649	)		(2,867	)		(2,701	)
Property acquisitions		(926	)		(820	)		(8,920	)		(2,013	)
Proceeds from sale of assets		8			7			467			1,407
Other		(4	)		(2	)		99			(16	)
Net cash provided by (used in) investing activities		(1,855	)		(1,464	)		(11,221	)		(3,323	)
Cash flows from financing activities:
Proceeds under term loan agreement		—			—			1,000			—
Repayments under term loan agreement		(100	)		—			(100	)		—
Proceeds from borrowings under credit facilities		2,190			313			3,375			4,779
Repayments under credit facilities		(2,044	)		(300	)		(3,377	)		(4,668	)
Proceeds from senior notes		—			400			5,500			400
Repayment of senior notes		—			—			(25	)		(134	)
Repurchased shares under buyback program		(402	)		(131	)		(959	)		(840	)
Repurchased shares/units under Viper’s buyback program		—			(28	)		—			(95	)
Proceeds from partial sale of investment in Viper Energy, Inc.		—			—			451			—
Net proceeds from Viper’s issuance of common stock		—			—			476			—
Dividends paid to stockholders		(262	)		(603	)		(1,578	)		(1,444	)
Dividends/distributions to non-controlling interest		(70	)		(45	)		(227	)		(129	)
Other		(7	)		(11	)		(149	)		(45	)
Net cash provided by (used in) financing activities		(695	)		(405	)		4,387			(2,176	)
Net increase (decrease) in cash and cash equivalents		(209	)		(245	)		(421	)		421
Cash, cash equivalents and restricted cash at beginning of period		373			830			585			164
Cash, cash equivalents and restricted cash at end of period	$	164		$	585		$	164		$	585


Diamondback Energy, Inc.
Selected Operating Data
(unaudited)

	Three Months Ended December 31,				Year Ended December 31,
		2024		2023		2024		2023
Production Data:
Oil (MBbls)		43,785		25,124		123,325		96,176
Natural gas (MMcf)		107,249		50,497		275,680		198,117
Natural gas liquids (MBbls)		19,615		9,016		49,700		34,217
Combined volumes (MBOE)⁽¹⁾		81,275		42,556		218,972		163,413

Daily oil volumes (BO/d)		475,924		273,087		336,954		263,496
Daily combined volumes (BOE/d)		883,424		462,565		598,284		447,707

Average Prices:
Oil ($ per Bbl)	$	69.48	$	76.42	$	73.52	$	75.68
Natural gas ($ per Mcf)	$	0.48	$	1.29	$	0.32	$	1.32
Natural gas liquids ($ per Bbl)	$	19.27	$	19.96	$	18.99	$	20.08
Combined ($ per BOE)	$	42.71	$	50.87	$	46.12	$	50.35

Oil, hedged ($ per Bbl)⁽²⁾	$	68.72	$	75.59	$	72.68	$	74.72
Natural gas, hedged ($ per Mcf)⁽²⁾	$	0.82	$	1.31	$	0.91	$	1.48
Natural gas liquids, hedged ($ per Bbl)⁽²⁾	$	19.27	$	19.96	$	18.99	$	20.08
Average price, hedged ($ per BOE)⁽²⁾	$	42.76	$	50.40	$	46.38	$	49.98

Average Costs per BOE:
Lease operating expenses	$	5.67	$	5.97	$	5.87	$	5.34
Production and ad valorem taxes		2.77		2.44		2.91		3.21
Gathering, processing and transportation expense		1.17		1.83		1.63		1.76
General and administrative – cash component		0.69		0.59		0.68		0.59
Total operating expense – cash	$	10.30	$	10.83	$	11.09	$	10.90

General and administrative – non-cash component	$	0.20	$	0.33	$	0.30	$	0.33
Depreciation, depletion, amortization and accretion	$	14.22	$	11.02	$	13.02	$	10.68
Interest expense, net	$	0.42	$	0.68	$	0.62	$	0.97

(1) Bbl equivalents are calculated using a conversion rate of six Mcf per one Bbl.
(2) Hedged prices reflect the effect of our commodity derivative transactions on our average sales prices and include gains and losses on cash settlements for matured commodity derivatives, which we do not designate for hedge accounting. Hedged prices exclude gains or losses resulting from the early settlement of commodity derivative contracts.

NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA

Adjusted EBITDA is a supplemental non-GAAP financial measure that is used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines Adjusted EBITDA as net income (loss) attributable to Diamondback Energy, Inc., plus net income (loss) attributable to non-controlling interest (“net income (loss)”) before non-cash (gain) loss on derivative instruments, net, interest expense, net, depreciation, depletion, amortization and accretion, depreciation and interest expense related to equity method investments, (gain) loss on extinguishment of debt, if any, non-cash equity-based compensation expense, capitalized equity-based compensation expense, merger and integration expenses, other non-cash transactions and provision for (benefit from) income taxes, if any. Adjusted EBITDA is not a measure of net income as determined by United States generally accepted accounting principles (“GAAP”). Management believes Adjusted EBITDA is useful because the measure allows it to more effectively evaluate the Company’s operating performance and compare the results of its operations from period to period without regard to its financing methods or capital structure. The Company adds the items listed above to net income (loss) to determine Adjusted EBITDA because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Further, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company’s operating performance or liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets. The Company’s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.

The following tables present a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP financial measure of Adjusted EBITDA:

Diamondback Energy, Inc.
Reconciliation of Net Income (Loss) to Adjusted EBITDA
(unaudited, in millions)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,074		$	960		$	3,338		$	3,143
Net income (loss) attributable to non-controlling interest		216			51			363			193
Net income (loss)		1,290			1,011			3,701			3,336
Non-cash (gain) loss on derivative instruments, net		(51	)		(147	)		(188	)		149
Interest expense, net		34			29			135			159
Depreciation, depletion, amortization and accretion		1,156			469			2,850			1,746
Depreciation and interest expense related to equity method investments		30			18			91			70
(Gain) loss on extinguishment of debt		—			—			(2	)		4
Non-cash equity-based compensation expense		24			21			95			80
Capitalized equity-based compensation expense		(8	)		(7	)		(30	)		(26	)
Merger and integration expenses		30			—			303			11
Other non-cash transactions		2			12			(62	)		(52	)
Provision for (benefit from) income taxes		115			264			800			912
Consolidated Adjusted EBITDA		2,622			1,670			7,693			6,389
Less: Adjustment for non-controlling interest		118			82			411			290
Adjusted EBITDA attributable to Diamondback Energy, Inc.	$	2,504		$	1,588		$	7,282		$	6,099

ADJUSTED NET INCOME

Adjusted net income is a non-GAAP financial measure equal to net income (loss) attributable to Diamondback Energy, Inc. plus net income (loss) attributable to non-controlling interest (“net income (loss)”) adjusted for non-cash (gain) loss on derivative instruments, net, (gain) loss on extinguishment of debt, if any, merger and integration expense, other non-cash transactions and related income tax adjustments, if any. The Company’s computation of adjusted net income may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts. Management believes adjusted net income helps investors in the oil and natural gas industry to measure and compare the Company’s performance to other oil and natural gas companies by excluding from the calculation items that can vary significantly from company to company depending upon accounting methods, the book value of assets and other non-operational factors. Further, in order to allow investors to compare the Company’s performance across periods, the Company excludes the effects of significant transactions that may affect earnings but are unpredictable in nature, timing and amount, although they may recur in different reporting periods.

The following table presents a reconciliation of the GAAP financial measure of net income (loss) attributable to Diamondback Energy, Inc. to the non-GAAP measure of adjusted net income:

Diamondback Energy, Inc.
Adjusted Net Income
(unaudited, $ in millions except per share data, shares in thousands)

	Three Months Ended December 31, 2024						Year Ended December 31, 2024
	Amounts			Amounts Per Diluted Share			Amounts			Amounts Per Diluted Share
Net income (loss) attributable to Diamondback Energy, Inc.⁽¹⁾	$	1,074		$	3.67		$	3,338		$	15.53
Net income (loss) attributable to non-controlling interest		216			0.74			363			1.70
Net income (loss)⁽¹⁾		1,290			4.41			3,701			17.23
Non-cash (gain) loss on derivative instruments, net		(51	)		(0.17	)		(188	)		(0.88	)
(Gain) loss on extinguishment of debt		—			—			(2	)		(0.01	)
Merger and integration expense		30			0.10			303			1.42
Other non-cash transactions		2			—			(62	)		(0.29	)
Adjusted net income excluding above items⁽¹⁾		1,271			4.34			3,752			17.47
Income tax adjustment for above items		2			0.01			(9	)		(0.04	)
Adjusted net income⁽¹⁾		1,273			4.35			3,743			17.43
Less: Adjusted net income attributable to non-controlling interest		206			0.71			183			0.86
Adjusted net income attributable to Diamondback Energy, Inc.⁽¹⁾	$	1,067		$	3.64		$	3,560		$	16.57

Weighted average common shares outstanding:
Basic					291,851						213,545
Diluted					291,851						213,545

(1) The Company’s earnings (loss) per diluted share amount has been computed using the two-class method in accordance with GAAP. The two-class method is an earnings allocation which reflects the respective ownership among holders of common stock and participating securities. Diluted earnings per share using the two-class method is calculated as (i) net income attributable to Diamondback Energy, Inc, (ii) less the reallocation of $4 million and $21 million in earnings attributable to participating securities for the three months ended December 31, 2024 and the year ended December 31, 2024, respectively, (iii) divided by diluted weighted average common shares outstanding for the respective periods.

OPERATING CASH FLOW BEFORE WORKING CAPITAL CHANGES AND FREE CASH FLOW

Operating cash flow before working capital changes, which is a non-GAAP financial measure, represents net cash provided by operating activities as determined under GAAP without regard to changes in operating assets and liabilities. The Company believes operating cash flow before working capital changes is a useful measure of an oil and natural gas company’s ability to generate cash used to fund exploration, development and acquisition activities and service debt or pay dividends. The Company also uses this measure because changes in operating assets and liabilities relate to the timing of cash receipts and disbursements that the Company may not control and may not relate to the period in which the operating activities occurred. This allows the Company to compare its operating performance with that of other companies without regard to financing methods and capital structure.

Free Cash Flow, which is a non-GAAP financial measure, is cash flow from operating activities before changes in working capital in excess of cash capital expenditures. The Company believes that Free Cash Flow is useful to investors as it provides measures to compare both cash flow from operating activities and additions to oil and natural gas properties across periods on a consistent basis as adjusted for non-recurring tax impacts from divestitures, merger and integration expenses, the early termination of derivative contracts and settlements of treasury locks. These measures should not be considered as an alternative to, or more meaningful than, net cash provided by operating activities as an indicator of operating performance. The Company’s computation of Free Cash Flow may not be comparable to other similarly titled measures of other companies. The Company uses Free Cash Flow to reduce debt, as well as return capital to stockholders as determined by the Board of Directors.

The following tables present a reconciliation of the GAAP financial measure of net cash provided by operating activities to the non-GAAP measure of operating cash flow before working capital changes and to the non-GAAP measure of Free Cash Flow:

Diamondback Energy, Inc.
Operating Cash Flow Before Working Capital Changes and Free Cash Flow
(unaudited, in millions)

	Three Months Ended December 31,						Year Ended December 31,
		2024			2023			2024			2023
Net cash provided by operating activities	$	2,341		$	1,624		$	6,413		$	5,920
Less: Changes in cash due to changes in operating assets and liabilities:
Accounts receivable		(103	)		147			(42	)		(71	)
Income tax receivable		(3	)		16			9			283
Prepaid expenses and other current assets		(24	)		(94	)		54			(89	)
Accounts payable and accrued liabilities		114			11			(376	)		57
Income taxes payable		138			(9	)		87			(5	)
Revenues and royalties payable		59			(16	)		168			123
Other		(100	)		10			4			(2	)
Total working capital changes		81			65			(96	)		296
Operating cash flow before working capital changes		2,260			1,559			6,509			5,624
Drilling, completions, infrastructure and midstream additions to oil and natural gas properties		(933	)		(649	)		(2,867	)		(2,701	)
Total Cash CAPEX		(933	)		(649	)		(2,867	)		(2,701	)
Free Cash Flow		1,327			910			3,642			2,923
Tax impact from divestitures⁽¹⁾		—			—			—			64
Merger and integration expenses		30			—			303			—
Early termination of derivatives		—			—			37			—
Treasury locks		—			—			25			—
Adjusted Free Cash Flow	$	1,357		$	910		$	4,007		$	2,987

(1) Includes the tax impact for the disposal of certain Midland Basin water assets and Delaware Basin oil gathering assets.

NET DEBT

The Company defines the non-GAAP measure of net debt as total debt (excluding debt issuance costs, discounts, premiums and unamortized basis adjustments) less cash and cash equivalents. Net debt should not be considered an alternative to, or more meaningful than, total debt, the most directly comparable GAAP measure. Management uses net debt to determine the Company’s outstanding debt obligations that would not be readily satisfied by its cash and cash equivalents on hand. The Company believes this metric is useful to analysts and investors in determining the Company’s leverage position because the Company has the ability to, and may decide to, use a portion of its cash and cash equivalents to reduce debt.

Diamondback Energy, Inc.
Net Debt
(unaudited, in millions)

	December 31, 2024			Net Q4 Principal Borrowings/ (Repayments)			September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023
	(in millions)
Diamondback Energy, Inc.⁽¹⁾	$	12,069		$	(215	)	$	12,284		$	11,169		$	5,669		$	5,697
Viper Energy, Inc.⁽¹⁾		1,091			261			830			1,007			1,103			1,093
Total debt		13,160		$	46			13,114			12,176			6,772			6,790
Cash and cash equivalents		(161	)					(370	)		(6,908	)		(896	)		(582	)
Net debt	$	12,999					$	12,744		$	5,268		$	5,876		$	6,208

(1) Excludes debt issuance costs, discounts, premiums and unamortized basis adjustments.

DERIVATIVES

As of February 21, 2025, the Company had the following outstanding consolidated derivative contracts, including derivative contracts at Viper Energy, Inc. The Company’s derivative contracts are based upon reported settlement prices on commodity exchanges, with crude oil derivative settlements based on New York Mercantile Exchange West Texas Intermediate pricing and Crude Oil Brent pricing and with natural gas derivative settlements based on the New York Mercantile Exchange Henry Hub pricing. When aggregating multiple contracts, the weighted average contract price is disclosed.

	Crude Oil (Bbls/day, $/Bbl)
	Q1 2025	Q2 2025	Q3 2025	Q4 2025	FY2026
Long Puts – Crude Brent Oil	52,000	48,000	27,000	12,000	—
Long Put Price ($/Bbl)	$60.00	$58.44	$56.85	$55.00	—
Deferred Premium ($/Bbl)	$-1.48	$-1.50	$-1.54	$-1.56	—
Long Puts – WTI (Magellan East Houston)	83,000	86,000	72,000	35,000	—
Long Put Price ($/Bbl)	$55.84	$55.12	$55.00	$55.00	—
Deferred Premium ($/Bbl)	$-1.59	$-1.58	-1.60	$-1.62	—
Long Puts – WTI (Cushing)	142,000	137,000	101,000	41,000	—
Long Put Price ($/Bbl)	$56.58	$55.58	$55.00	$55.00	—
Deferred Premium ($/Bbl)	$-1.59	$-1.58	$-1.58	$-1.61	—
Costless Collars – WTI (Cushing)	13,000	—	—	—	—
Long Put Price ($/Bbl)	$60.00	—	—	—	—
Short Call Price ($/Bbl)	$89.55	—	—	—	—
Basis Swaps – WTI (Midland)	64,000	66,000	66,000	66,000	—
Basis Swaps – WTI (Midland)	$1.09	$1.05	$1.05	$1.05	—
Roll Swaps – WTI	16,389	25,000	25,000	25,000	—
Roll Swaps – WTI	$0.93	$0.93	$0.93	$0.93	—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q1 2025	Q2 2025	Q3 2025	Q4 2025	FY 2026	FY 2027
Costless Collars – Henry Hub	750,000	690,000	690,000	690,000	500,000	—
Long Put Price ($/Mmbtu)	$2.52	$2.49	$2.49	$2.49	$2.64	—
Ceiling Price ($/Mmbtu)	$5.26	$5.28	$5.28	$5.28	$6.31	—
Natural Gas Basis Swaps – Waha Hub	670,000	610,000	610,000	610,000	230,000	200,000
Natural Gas Basis Swaps – Waha Hub	$-0.82	$-0.84	$-0.84	$-0.84	$-1.41	$-1.42

Investor Contact:
Adam Lawlis
+1 432.221.7467
alawlis@diamondbackenergy.com

The MIL Network –

February 25, 2025

MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi, releases 19th instalment of PM KISAN, launches development projects from Bhagalpur, Bihar

Source: Government of India

Prime Minister Shri Narendra Modi, releases 19th instalment of PM KISAN, launches development projects from Bhagalpur, Bihar

Today I had the privilege of releasing the 19th installment of PM-KISAN , I am very satisfied that this scheme is proving very useful for our small farmers across the country: PM

Our move to form Makhana Vikas Board is going to be extremely beneficial for the farmers of Bihar engaged in its cultivation, This is going to help a lot in the production, processing, value addition and marketing of Makhana: PM

Had there been no NDA government, farmers across the country, including Bihar, would not have received the PM Kisan Samman Nidhi, In the last 6 years, every single penny of this has reached directly into the accounts of our Annadatas: PM

Be it superfood Makhana or Bhagalpur’s silk, our focus is on taking such special products of Bihar to the markets across the world: PM

PM Dhan-Dhanya Yojana will not only boost crop production in agriculturally backward areas but will also empower our farmers: PM

Today, the land of Bihar has witnessed the formation of the 10,000th FPO, On this occasion, many congratulations to all the members of the Farmer Producer Association across the country!: PM

Posted On: 24 FEB 2025 5:49PM by PIB Delhi

In line with his commitment towards ensuring Farmers welfare, the Prime Minister, Shri Narendra Modi today released the 19th instalment of PM KISAN from Bhagalpur, Bihar. He also launched many development projects during the occasion. Shri Modi welcomed all the dignitaries and the people who had joined the event virtually. He said it was a great fortune to step in the land of Mandarachal during the holy period of Maha Kumbh. He added that this place had spirituality, heritage as well as the potential for Viksit Bharat as well. Shri Modi remarked that it was the land of martyr Tilka Manjhi as well as renowned as Silk city. He added that there were preparations for the upcoming Maha Shivaratri too in the holy land of Baba Ajgaibinath. He said that he was fortunate to release the 19th instalment of PM KISAN during such a pious moment and around ₹22,000 crore was credited directly into the bank accounts of farmers through Direct Benefit Transfer.

The Prime Minister noted that there were around 75 lakh farmer families from Bihar who were beneficiaries of the PM KISAN scheme, whose 19th instalment was released today. He added that around ₹1,600 crore was credited directly into the bank accounts of Bihar farmers today. He extended his warm greetings to all the farmer families from Bihar and other parts of the country.

Reiterating the words from his speech at Red fort, Shri Modi said, “there are four main pillars of Viksit Bharat: poor, farmers, youth and women”. He added that whether it is the Central or the State Government, the welfare of farmers remains a priority. “We worked with full force to solve every problem of the farmers in the last decade”, said Shri Modi. He noted that farmers need good seeds, sufficient and affordable fertilizers, irrigation facilities, protection for their livestock from diseases, and safety from losses during disasters. Previously, farmers were plagued by these issues. The Prime Minister stated that their Government has changed this situation, highlighting that in recent years, hundreds of modern seed varieties have been provided to farmers. Earlier, farmers had to struggle for urea and face black marketing, while today, farmers receive sufficient fertilizers, he added. Shri Modi highlighted that even during the major crisis of the pandemic, the Government ensured no shortage of fertilizers for farmers. Remarking that if their Government had not been elected, then the farmers would still be struggling for fertilizers. He emphasized that the Barauni fertilizer plant would still be closed, and fertilizers that are available to Indian farmers for less than ₹300 per bag are being sold for ₹3,000 per bag in many countries. The Prime Minister highlighted that their Government has ensured that urea bags, which would have cost ₹3,000, are available at an affordable price today. He stated that the Government is committed to the welfare of farmers and works for their benefit. The cost of urea and DAP, which farmers would have had to bear, is being covered by the central government, he added. Shri Modi said that over the past 10 years, the central government had provided approximately ₹12 lakh crore, which would have otherwise come from the pockets of the farmers. This has saved a significant amount of money for crores of farmers across the country, he added.

Asserting that farmers would not have received the benefits of the PM Kisan Samman Nidhi scheme, if their Government was not elected, the Prime Minister highlighted that in the six years since the scheme’s inception, approximately ₹3.7 lakh crore has been directly transferred to farmers’ accounts. Shri Modi emphasized that small farmers, who previously did not receive the full benefits of Government schemes, are now getting their due. He stated that intermediaries used to exploit the rights of small farmers, but he assured under his leadership and that of Shri Nitish Kumar, this will not be allowed to happen. The Prime Minister contrasted this with the previous governments, highlighting that the amount his Government has directly transferred to farmers’ bank accounts far exceeds the agricultural budget allocated by the previous Governments. He emphasized that such efforts can only be undertaken by a Government dedicated to the welfare of farmers and not by corrupt entities.

Shri Modi said that the previous dispensations did not care about the hardships faced by farmers. He noted that in the past, when floods, droughts, or hailstorms occurred, farmers were left to fend for themselves. He highlighted that after their Government received the people’s blessings in 2014, he declared that this approach would not continue. Their Government introduced the PM Fasal Bima Yojana, under which farmers have received claims worth ₹1.75 lakh crore during disasters, he added.

The Prime Minister said that their Government was promoting animal husbandry to increase the income of landless and small farmers. He highlighted that animal husbandry is helping to create “Lakhpati Didis” in villages and so far, around 1.25 crore Lakhpati Didis were created across the country, including thousands of Jeevika Didis in Bihar. “India’s milk production has increased from 14 crore tons to 24 crore tons over the past decade, strengthening India’s position as the world’s number one milk producer”, said Shri Modi lauding Bihar’s significant role in this achievement. He highlighted that cooperative milk unions in Bihar purchase 30 lakh liters of milk per day, resulting in over ₹3,000 crore annually being transferred to the accounts of livestock farmers, mothers, and sisters in Bihar.

Expressing his satisfaction that the efforts to promote the dairy sector are being skillfully advanced by Shri Rajiv Ranjan, the Prime Minister highlighted that two projects in Bihar are progressing rapidly due to their efforts. He mentioned that the Center of Excellence in Motihari will aid in the development of superior indigenous cattle breeds. Additionally, the milk plant in Barauni will benefit three lakh farmers in the region and provide employment opportunities for the youth, he added.

Criticising the previous governments for not helping the fishermen and boatmen, Shri Modi highlighted that, for the first time, their Government had provided Fishermen with Kisan Credit Cards. He emphasized that due to such efforts, Bihar has made remarkable progress in fish production. Ten years ago, Bihar was among the top 10 fish-producing states in the country, but today, Bihar has become one of the top five fish-producing states in India, he said. The Prime Minister noted that the focus on the fisheries sector has significantly benefited small farmers and fishermen. He mentioned that Bhagalpur is also known for the Ganga dolphins, which is a significant success of the Namami Gange campaign.

“Our Government’s efforts in recent years have significantly increased India’s agricultural exports”, said the Prime Minister. As a result, he added that the farmers are now receiving higher prices for their produce. Several agricultural products, which were never exported before, are now reaching international markets, he said. Shri Modi highlighted that it is now time for Bihar’s Makhana to enter the global market. He noted that Makhana has become a popular part of breakfast in Indian cities and is considered a superfood. He said the formation of a Makhana Board for Makhana farmers announced in this year’s budget will assist farmers in every aspect, including Makhana production, processing, value addition, and marketing.

Mentioning another significant initiative for the farmers and youth of Bihar in the budget, Shri Modi highlighted that Bihar is set to become a major center for the food processing industry in Eastern India. He announced the establishment of the National Institute of Food Technology and Entrepreneurship in Bihar. Additionally, three new Centers of Excellence in agriculture will be established in the state. One of these centers will be set up in Bhagalpur, focusing on the Jardalu variety of mangoes, the other two centers will be established in Munger and Buxar, providing assistance to tomato, onion, and potato farmers, he added. Shri Modi emphasized that the Government was leaving no stone unturned in making decisions that benefit farmers.

“India is becoming a major exporter of textiles”, said Shri Modi and highlighted that numerous steps are being taken to strengthen the textile industry in the country. He noted that in Bhagalpur, it is often said that even the trees produce gold. Bhagalpuri silk and tussar silk are renowned throughout India, and the demand for tussar silk is continuously increasing in other countries as well, he added. The Prime Minister emphasized that the Central government is focusing on infrastructure development for the silk industry, including fabric and yarn dyeing units, fabric printing units, and fabric processing units. These initiatives will provide modern facilities to the weavers of Bhagalpur, enabling their products to reach every corner of the world, he said.

Shri Modi remarked that the Government was addressing one of Bihar’s major issues by constructing numerous bridges over rivers to resolve transportation difficulties. He highlighted that insufficient bridges have caused many problems for the state. He emphasized that rapid progress is being made in building a four-lane bridge over the Ganga River, with more than ₹1,100 crore being spent on this project.

Remarking that Bihar faces significant losses due to floods, the Prime Minister highlighted that the Government had approved projects worth thousands of crores to address this issue. He mentioned that in this year’s budget the support for the Western Kosi Canal ERM Project, which will bring 50,000 hectares of land in the Mithilanchal region under irrigation, will benefit lakhs of farming families.

“Our government is working on multiple levels to increase farmers’ income”, said the Prime Minister highlighting the efforts to boost production, achieve self-reliance in pulses and oilseeds, establish more food processing industries, and ensure that Indian farmers’ produce reaches global markets. He shared his vision that every kitchen in the world should have at least one product grown by Indian farmers. He noted that this year’s budget supports this vision through the announcement of the PM Dhan Dhanya Yojana. Under this scheme, 100 districts with the lowest crop production will be identified, and special campaigns will be launched to promote agriculture in these areas, he added. He also emphasized that mission-mode work will be carried out to achieve self-reliance in pulses, with incentives for farmers to grow more pulses and increased MSP procurement.

Remarking that today is a very special day, the Prime Minister highlighted that the Government had set a target to establish 10,000 Farmer Producer Organizations (FPOs) in the country, and it has now achieved this goal. He shared his happiness that Bihar is witnessing the establishment of the 10,000th FPO. This FPO, registered in Khagaria district, focuses on maize, banana, and paddy, he added. He emphasized that FPOs are not just organizations but an unprecedented force to increase farmers’ income. Shri Modi noted that FPOs provide small farmers with direct access to significant market benefits. Opportunities that were previously unavailable are now accessible to our farmer brothers and sisters through FPOs. The Prime Minister mentioned that approximately 30 lakh farmers in the country are connected to FPOs, with around 40 percent of them being women. These FPOs are now conducting business worth thousands of crores in the agricultural sector, he said. He extended his congratulations to all the members of the 10,000 FPOs.

Touching upon the Government’s focus on the industrial development of Bihar, Shri Modi highlighted that the Bihar government is setting up a large power plant in Bhagalpur, which will receive ample coal supply. He emphasized that the central government has approved coal linkage for this purpose. He expressed confidence that the electricity generated here will provide new energy for Bihar’s development and create new employment opportunities for the youth of Bihar.

“The rise of a Viksit Bharat will begin with Purvodaya”, said Shri Modi, emphasizing that Bihar is the most important pillar of Eastern India and a symbol of India’s cultural heritage. He criticized the long misrule of the previous dispensation, which he claimed had ruined and defamed Bihar. He expressed confidence that in a developed India, Bihar will regain its position akin to ancient prosperous Pataliputra. The Prime Minister highlighted the continuous efforts being made towards this goal. He noted that their Government is committed to modern connectivity, road networks, and public welfare schemes in Bihar. He announced that a new highway from Munger to Bhagalpur to Mirza Chauki, costing approximately ₹5,000 crore, is being constructed. Additionally, the widening of the four-lane road from Bhagalpur to Anshdihwa is set to begin, he added. He also mentioned that the Indian government has also approved a new rail line and rail bridge from Vikramshila to Kataria.

Prime Minister remarked that Bhagalpur has been culturally and historically significant, highlighting that during the era of Vikramshila University, it was a global center of knowledge. He noted that the Government had initiated efforts to link the ancient glory of Nalanda University with modern India. Following Nalanda, a central university is being established at Vikramshila and the central government will soon commence work on this project, he added. He extended congratulations to Shri Nitish Kumar and the entire Bihar government team for their swift efforts to meet the needs of this project.

“Our Government is working together to preserve India’s glorious heritage and build a prosperous future”, said Shri Modi. He highlighted that the Maha Kumbh is currently taking place in Prayagraj, which is the largest festival of India’s faith, unity, and harmony. He noted that more people have bathed in the Maha Kumbh of Unity than the entire population of Europe. The Prime Minister emphasized that devotees from villages across Bihar are attending the Maha Kumbh. He criticized those parties who were insulting and making derogatory remarks about the Maha Kumbh. He noted that the same people who opposed the Ram Temple are now criticizing the Maha Kumbh. The Prime Minister expressed confidence that Bihar will never forgive those who insult the Maha Kumbh. He concluded by expressing that the Government will continue to work tirelessly to lead Bihar onto a new path of prosperity. He extended heartfelt congratulations to the farmers of the country and the residents of Bihar.

The Governor of Bihar, Shri Arif Mohammed Khan, Chief Minister of Bihar, Shri Nitish Kumar, Union Ministers Shri Shivraj Singh Chouhan, Shri Jitan Ram Manji, Shri Giriraj Singh, Shri Lalan Singh, Shri Chirag Paswan, Union Minister of State, Shri Ram Nath Thakur were present among other dignitaries at the event.

Background

Prime Minister has been committed towards ensuring farmer welfare. In line with this, several key initiatives will be undertaken by him at Bhagalpur. Over 9.7 crore farmers across the country will receive direct financial benefits amounting to more than Rs 21,500 crore.

A significant focus of the Prime Minister has been on ensuring that farmers are able to get better remuneration for their produce. With this in mind, on 29th February, 2020, he launched the Central Sector Scheme for Formation and Promotion of 10,000 Farmer Producer Organizations (FPO), which help farmers collectively market and produce their agricultural products. Within five years, this commitment of Prime Minister to the farmers has been fulfilled, with him marking the milestone of the formation of the 10,000th FPO in the country during the programme.

Prime Minister also inaugurated the Centre of Excellence for Indigenous Breeds in Motihari, built under the Rashtriya Gokul Mission. Its major objectives include introduction of cutting edge IVF technology, production of elite animals of indigenous breeds for further propagation, and training of farmers and professionals in modern reproductive technology. He will also inaugurate the Milk Product Plant in Barauni that aims to create an organized market for 3 lakh milk producers.

In line with his commitment to boost connectivity and infrastructure, Prime Minister also dedicated to the nation the doubling of Warisaliganj – Nawada – Tilaiya rail section worth over Rs 526 crore and Ismailpur – Rafiganj Road Over Bridge.

बिहार की पावन धरती से अन्नदाता बहनों-भाइयों के खातों में पीएम-किसान की 19वीं किस्त ट्रांसफर करने के साथ विभिन्न विकास परियोजनाओं का उद्घाटन कर अत्यंत गौरवान्वित महसूस कर रहा हूं। https://t.co/ScyieLvMYS

— Narendra Modi (@narendramodi) February 24, 2025

बीते वर्षों में सरकार के प्रयासों से भारत का कृषि निर्यात बहुत अधिक बढ़ा है। pic.twitter.com/qYt9IzKZcm

— PMO India (@PMOIndia) February 24, 2025

इस वर्ष के बजट में मखाना किसानों के लिए मखाना बोर्ड बनाने का ऐलान किया गया है: PM @narendramodi pic.twitter.com/Qnqc76JURZ

— PMO India (@PMOIndia) February 24, 2025

बजट में एक बहुत बड़ी पीएम धन धान्य योजना की घोषणा की गई है। pic.twitter.com/19cXmfO6zE

— PMO India (@PMOIndia) February 24, 2025

आज बिहार की भूमि 10 हजारवें FPO के निर्माण की साक्षी बन रही है। मक्का, केला और धान पर काम करने वाला ये FPO जिला खगड़िया में रजिस्टर हुआ है: PM @narendramodi pic.twitter.com/HfaW9eYdKY

— PMO India (@PMOIndia) February 24, 2025

NDA सरकार ना होती, तो बिहार सहित देशभर के मेरे किसान भाई-बहनों को पीएम किसान सम्मान निधि ना मिलती। बीते 6 साल में इसका एक-एक पैसा सीधे हमारे अन्नदाताओं के खाते में पहुंचा है। pic.twitter.com/kkKbB7gEmz

— Narendra Modi (@narendramodi) February 24, 2025

सुपरफूड मखाना हो या फिर भागलपुर का सिल्क, हमारा फोकस बिहार के ऐसे स्पेशल प्रोडक्ट्स को दुनियाभर के बाजारों तक पहुंचाने पर है। pic.twitter.com/a7estH6oVD

— Narendra Modi (@narendramodi) February 24, 2025

पीएम धन-धान्य योजना से ना केवल कृषि में पिछड़े क्षेत्रों में फसलों के उत्पादन को बढ़ावा मिलेगा, बल्कि हमारे अन्नदाता भी और सशक्त होंगे। pic.twitter.com/Innxl6oZTt

— Narendra Modi (@narendramodi) February 24, 2025

बिहार की भूमि आज 10 हजारवें FPO के निर्माण की साक्षी बनी है। इस अवसर पर देशभर के सभी किसान उत्पादक संघ के सदस्यों को बहुत-बहुत बधाई! pic.twitter.com/O0sXfEzDjX

— Narendra Modi (@narendramodi) February 24, 2025

बिहार में जंगलराज लाने वाले लोग आज पवित्र महाकुंभ को भी कोसने का कोई मौका नहीं छोड़ रहे। ऐसे लोगों को यहां की जनता-जनार्दन कभी माफ नहीं करेगी। pic.twitter.com/oim6dAaTTK

— Narendra Modi (@narendramodi) February 24, 2025

[embedded content]

***

MJPS/SR

(Release ID: 2105822) Visitor Counter : 63

MIL OSI Asia Pacific News –

February 25, 2025
MIL-OSI USA: Attorney General James Secures $16.75 Million from DoorDash for Cheating Delivery Workers Out of Tips
Source: US State of New York

NEW YORK – New York Attorney General Letitia James today announced a $16.75 million settlement with delivery platform DoorDash for misleading both consumers and delivery workers (known as “Dashers”) by using tips intended for Dashers to subsidize their guaranteed pay. Between May 2017 and September 2019, DoorDash used a guaranteed pay model that let Dashers see how much they would be paid before accepting a delivery. An Office of the Attorney General (OAG) investigation found that under this model, DoorDash used customer tips to offset the base pay it had already guaranteed to workers, instead of giving workers the full tips they rightfully earned. DoorDash will pay $16.75 million in restitution for Dashers and up to $1 million in settlement administrator costs to help issue the payments.

“Delivery workers are integral to our communities, working tirelessly to bring food and other essentials directly to our doorsteps in all conditions,” said Attorney General James. “DoorDash misled customers who generously tipped and deceived Dashers who deserved to be paid in full. This settlement returns millions to the pockets of hardworking Dashers and ensures transparency in DoorDash’s payment practices going forward. My office will continue to protect New York workers from deceptive business practices and ensure they receive all of the money they’ve earned.”

The OAG investigation found that under DoorDash’s deceptive pay model, workers were only able to see their tips if they were greater than the amount DoorDash had already guaranteed to pay them for the order. DoorDash would always pay a minimum of $1 to the Dasher and would use the tips paid by the customer to offset the rest of the amount guaranteed to the delivery worker.

For example, for orders with a guaranteed amount of $10:
- If a customer tipped $0, DoorDash would pay $10 ($1 + $9 remainder). The Dasher received $10.
- If a customer tipped $3, DoorDash would pay $7 ($1 + $6 remainder). The Dasher still only received $10.
- If a customer tipped $6, DoorDash would pay $4 ($1 + $3 remainder). The Dasher still only received $10.
- If a customer tipped $9, DoorDash would pay $1 ($1 + $0 remainder). The Dasher still only received $10.
- If the customer tipped $11, DoorDash would pay $1 ($1 + $0 remainder).The Dasher only received $12.
Customers were misled into believing their tips would directly benefit Dashers. Instead, DoorDash would keep the tips meant for Dashers and take it out of their guaranteed pay. DoorDash would guarantee pay to a delivery worker, and then only actually pay them whatever the tip did not cover.

DoorDash also failed to clearly disclose these practices to customers and Dashers. At checkout, customers were encouraged to tip with a message reading “Dashers will always receive 100 percent of the tip.” Disclosures about the use of tips were buried in online documents and inaccessible during critical moments in the ordering process. Customers had no way of knowing that DoorDash was using tips to reduce its own costs.

Attorney General James has secured $16.75 million in restitution from DoorDash, which a settlement administrator engaged by OAG will distribute directly to Dashers affected by the deceptive pay model, providing them the compensation they were denied. Any worker who delivered for DoorDash between May 2017 and September 2019 in New York state may be eligible to file a claim for this settlement. During that period, New Yorkers placed more than 11 million delivery orders with DoorDash and approximately 63,000 New York delivery workers stand to benefit from this settlement. Payments are expected to begin in early 2025. Eligible drivers will be contacted by the settlement administrator via mail, email, and/or text with notices of the settlement and information on how to file a claim.

In addition to the restitution fund, DoorDash must:
- Revise Payment Practices: DoorDash is required to maintain a pay model that ensures consumer tips are paid to Dashers in their entirety, without impacting DoorDash’s contribution to guaranteed pay.
- Enhance Transparency: The company must clearly disclose pay policy details to both Dashers and consumers, and share a breakdown of base pay, promotional bonuses, and tips with Dashers for every delivery.
- Improve Dash History Access: Dashers, including those deactivated, will have access to their delivery history for at least four years.
“This settlement shows the scale at which DoorDash steals from its workers and the scale at which it lies,” said Ligia Guallpa, Executive Director of Worker’s Justice Project and Co-founder of Los Deliveristas Unidos. “And when you steal and lie at this scale, it’s systemic, it’s baked into your business model. And a business model that requires you to steal from workers and customers is a failure. Today, New York City sees what we’re up against and how much more work there is to do to fight back against the predatory labor practices that this industry is built on. But this also shows the collective power of workers and what we can accomplish when we’re united in solidarity with each other and with allies who are willing to hold exploiters accountable. Thank you Attorney General James for being a true friend to workers. And shame on you, DoorDash! While they lie and steal at scale, we are organizing at scale and building collective worker power. We are grateful to have the New York State Attorney General in this fight as we expand our efforts to hold these app companies accountable. We won’t stop fighting to ensure the dignity and respect these workers deserve.”

“Today, delivery workers in New York City can celebrate another victory in our fight for justice,” said Gustavo Ajche, Co-Founder of Los Deliveristas Unidos. “Since 2020, in the midst of the pandemic, when delivery workers began risking their lives to provide what New Yorkers needed, we also began organizing against the unjust working conditions imposed on us by delivery apps. Every right we have today we have had to fight for. We are grateful to have allies like the New York State Attorney General in this struggle for justice. The recovery of such a large sum of money represents not only the scale of exploitation that we face as workers but also the commitment of Attorney General James in seeing justice served for the working people of New York.”

“Today represents an important victory in our struggle to be treated with dignity by app companies that continue to exploit and abuse workers,” said Alejo G., an organizing leader with Worker’s Justice Project and Los Deliveristas Unidos. “Delivery workers perform one of the most dangerous jobs in New York City, providing essential goods to New Yorkers. On top of all the risks we face on the street and all the costs we incur, we shouldn’t have to worry about multi-billion-dollar companies stealing our wages and tips. As we continue to uncover the extent to which these companies prey on vulnerable workers, we are grateful to Attorney General James for supporting our rights and for putting DoorDash on notice that labor exploitation will not be tolerated in New York.”

“Greed – that’s what this case is all about,” said William Medina, a delivery worker and organizer with Worker’s Justice Project and Los Deliveristas Unidos. “A company built on greed that has to steal tips from workers – and customers – to make its revenue and keep its investors happy, that is unjust. It’s unjust to the workers that put their lives on the line every day doing this work. And it’s unjust to the customers who meant to provide a tip to a hard-working deliverista instead of lining the pockets of executives at a billion-dollar company. Since 2020, Los Deliveristas Unidos has been organizing for our rights and to keep the app companies honest and transparent, because we continue to see an unfortunate pattern of such practices, including at DoorDash. Whether it’s stealing tips or making it harder for customers to tip after the minimum pay law went into effect, keeping workers in the dark about how they’re paid or why they’ve been suddenly deactivated – this is a company that operates on secrecy and a total lack of respect for workers and customers. We are grateful to Attorney General James for joining us in the fight and we once again call on DoorDash to do better by those who order food and those who deliver it.”

“I have been delivering for DoorDash since they started, but I do not work for them as much anymore because the system was not clear and they were taking our tips,” said Lee Vaughn, a Dasher with DoorDash since 2016. “DoorDash never told us accurate distances and the payment amount they would promise was not always true. They would show us an amount plus tips, but they were not telling us the truth. We worked hard and we deserve to be paid. I am thankful to Attorney General Letitia James and her office for getting us our money back.”

This is the latest of Attorney General James’ efforts to combat wage theft and deceptive business practices. In December 2024, Attorney General James recovered $4 million in withheld tips for former Drizly alcohol delivery workers. In September 2024, Attorney General James returned $750,000 in stolen wages to employees of cell phone company Best Wireless. In April 2024, Attorney General James secured nearly $230,000 for building employees cheated out of fair pay. In November 2023, Attorney General James recovered $328 million for Uber and Lyft drivers whose earnings were shortchanged for years. In August 2023, Attorney General James recovered $300,000 in unpaid wages for New York City nail salon workers. In March 2023, Attorney General James recovered $24,000 in stolen wages for former employees of a worker cooperative. In October 2022, Attorney General James secured $90,000 in stolen and unpaid wages for more than a dozen former employees of a commercial dry cleaner in Queens.

This matter was handled by Assistant Attorney General Lawrence Reina with assistance from Assistant Attorney Generals Jessica Agarwal and Kristen Ferguson under the supervision of Civil Enforcement Section Chief Fiona Kaye and Bureau Chief Karen Cacace, all of the Labor Bureau. Former Data Scientists Chansoo Song and Jasmine McAllister also assisted in this matter, under the supervision of Director Victoria Khan, Deputy Director Gautam Sisodia, and Former Director Jonathan Werberg, all of the Research and Analytics Department. The Labor Bureau is a part of the Division for Social Justice, which is led by Chief Deputy Attorney General Meghan Faux and overseen by First Deputy Attorney General Jennifer Levy.

MIL OSI USA News –
February 25, 2025
MIL-OSI Security: Northwest Arkansas Man Sentenced to More Than 4 Years in Prison for Operating an Illegal Money Transmitting Business Using Pandemic Funds

Source: Office of United States Attorneys

FAYETTEVILLE – A Northwest Arkansas man was sentenced on February 20, to 51 months in Federal Prison, followed by three years of supervised release. Additionally, he was ordered to pay restitution of $725,558.00 on one count of operating an Illegal Money Transmitting Business. The Honorable Judge Timothy L. Brooks presided over the sentencing hearing, which took place in the United States District Court in Fayetteville.

According to court documents, Richard Harold Stone, age 77, waived indictment by a grand jury and pleaded guilty to a criminal information charging him with conducting an unlicensed money transmitting business in the State of Arkansas. Stone was the President or Chief Officer of numerous businesses registered with the Arkansas Secretary of State, including: Partex Oman Corp., Renewable Energy Campus Arkansas, Inc., Stonetek Global Corp., and Tires 2 Energy, LLC. Stone also was associated with Environmental Energy & Finance Corp., a Delaware corporation. The advertised purpose of these businesses was developing technology and facilities to repurpose waste materials, such as tires, into useable fuel sources. None of these businesses were registered with the State of Arkansas as a money transmitting business, as required by Arkansas law (Arkansas Code, Section 23-55-806(b)&(c)).

Between November 2020 and March 2021, Stone received through various bank accounts associated with the above entities and other accounts under his control, deposits of funds from applications made on behalf of unwitting victims for Paycheck Protection Program (PPP) loans, Economic Impact Disaster Loans (EIDL), and Pandemic Unemployment Assistance (PUA), totaling more than $600,000. After receiving these funds, Stone immediately transferred most of the funds by wire transfer to parties in locations including Berne, Switzerland; London, England; New York, NY; Chennai, India; and Mumbai, India.

At the conclusion of Thursday’s sentencing hearing, Stone was immediately remanded to the custody of the U.S. Marshals Service.

U.S. Attorney David Clay Fowlkes of the Western District of Arkansas made the announcement.

The Internal Revenue Service-Criminal Investigation, Federal Bureau of Investigation, and Department of Labor Office of the Inspector General investigated the case.

Assistant U.S. Attorney Hunter Bridges is prosecuting the case.

Related court documents may be found on the Public Access to Electronic Records website at www.pacer.gov.

MIL Security OSI –

February 25, 2025
MIL-OSI Security: Business Owner Agrees to Pay $1,731,200 to Resolve Allegations He Misappropriated COVID-19 Loan Proceeds

Source: Office of United States Attorneys

Bowling Green, KY- Ryan Turtle, of Memphis, TN, has agreed to pay the United States $1,731,200 to resolve allegations that he unjustly enriched himself by misappropriating COVID-19 Economic Injury Disaster Loan (“EIDL”) funds obtained from the Small Business Administration (SBA) during the COVID-19 pandemic.

The civil settlement was announced by Michael A. Bennett, United States Attorney for the Western District of Kentucky.

“COVID-19 EIDL funds were intended to help small business owners during difficult economic times and taking advantage of this program will not be tolerated,” said U.S. Attorney Bennett. “Our office is committed to investigating and recovering taxpayer monies that have been diverted or misused.”

During the COVID-19 pandemic, the SBA provided COVID-19 EIDLs to small businesses to be used for “working capital.” Turtle owned the Turtle Company, a Kentucky corporation, which operated Little Caesars franchises in Western Kentucky. On October 27, 2021, Turtle submitted an Amended Loan Authorization and Agreement with the SBA, in which he certified and promised that he would use the loan proceeds as “working capital” for his business as required by the Agreement.

Instead of using the loan proceeds as “working capital” for his business as required, the United States alleges that Turtle transferred the loan proceeds into various cryptocurrency accounts shortly after receiving them from the SBA. By failing to use the loan proceeds as required by the Agreement, the United States contends that Turtle unjustly enriched himself.

The claims resolved by this settlement are allegations.

Assistant U.S. Attorney, Matt Weyand, handled this matter for the United States.

###

MIL Security OSI –

February 25, 2025

MIL-OSI: OMERS Earns $10.6 billion in Investment Income in 2024

Source: GlobeNewswire (MIL-OSI)

TORONTO, Feb. 24, 2025 (GLOBE NEWSWIRE) — OMERS, the defined benefit pension plan for Ontario’s broader municipal sector employees, achieved a 2024 investment return of 8.3%, or $10.6 billion, net of expenses, exceeding its 7.5% benchmark for the year. Net assets at December 31, 2024, grew to $138.2 billion from $128.6 billion in 2023. The Plan reported a smoothed funded status of 98%, up from 97% in 2023. Over the past 10 years, OMERS has averaged an annual investment return of 7.1%, net of expenses, adding $70.5 billion to the Plan.

“Our strong result in 2024 reflects the quality of our people and portfolio, our active strategic decisions, and our steady progress as a long-term investor. Since becoming CEO of OMERS, I have been incredibly proud of the work of our leaders and their teams, as well as the forward-thinking strategies we have implemented over the last four years as we emerged from the pandemic. This combination has generated an average annual net return of 8.1% during that period,” said Blake Hutcheson, OMERS President and Chief Executive Officer. “As we look to the future, we are steadfast in our view that quality will see us through an unpredictable global landscape and the cycles ahead. Our talented team is focused on delivering our pension promise and is honoured to work in service of our almost 640,000 members.”

“Our actions to diversify the global portfolio positioned the Plan well in 2024,” said Jonathan Simmons, OMERS Chief Financial and Strategy Officer. “OMERS public equity investments delivered double-digit performance supported by strong contributions from private credit and infrastructure. Our net investment results benefitted from our active strategy to maintain currency exposure to the US dollar. Our real estate assets continue to generate strong operating income, but returns were held back due to lower valuations. Our asset mix continued to shift toward a higher exposure to fixed income, where return opportunities remain attractive. We expanded our overall use of leverage as we continued to use debt prudently to enhance our investment returns.”

This year, we are reporting that OMERS achieved a 58% reduction in its portfolio carbon emissions intensity, relative to 2019, and we reported an increase in green investments to $23 billion. For more information on how we define green investments, please refer to the OMERS Climate Taxonomy.

OMERS is highly rated across independent credit rating agencies, including ‘AAA’ ratings from S&P, Fitch, and DBRS.

OMERS will publish its 2024 Annual Report on February 28, 2025.

Media Contact:

Don Peat
dpeat@omers.com
416.417.7385

About OMERS

OMERS is a jointly sponsored, defined benefit pension plan, with 1,000 participating employers ranging from large cities to local agencies, and almost 640,000 active, deferred and retired members. Our members include union and non-union employees of municipalities, school boards, local boards, transit systems, electrical utilities, emergency services and children’s aid societies across Ontario. OMERS teams work in Toronto, London, New York, Amsterdam, Luxembourg, Singapore, Sydney and other major cities across North America and Europe – serving members and employers, and originating and managing a diversified portfolio of high-quality investments in government bonds, public and private credit, public and private equities, infrastructure and real estate.

Net Investment Returns for the years ended December 31

	2024	2023
Government Bonds	1.0%	5.8%
Public Credit	6.0%	6.2%
Private Credit	12.6%	10.0%
Public Equities	18.8%	10.4%
Private Equities	9.5%	3.9%
Infrastructure	8.8%	5.5%
Real Estate	-4.9%	-7.2%
Total Net Return	8.3%	4.6%

2024 Asset Mix

2024 Highlights

By the numbers

2024 investment return of 8.3%, or $10.6 billion, net of expenses
$138.2 billion in net assets
10-year average annual net return of 7.1%
639,546 OMERS members
98% smoothed funded ratio
3.70% real discount rate, 5 basis points lower than 2023
$6.5 billion total pension benefits paid
We are reporting a 58% reduction in the portfolio carbon emissions intensity, relative to 2019
$23 billion in green investments
96% OMERS member service satisfaction
93% of employees are proud to work for OMERS and Oxford (+5 points above best-in-class)

Transactions in 2024

OMERS remains focused on deploying capital in line with our target asset mix. We are a disciplined investor in high-quality assets that meet the Plan’s risk and return requirements. Please find below highlights of investments made in 2024.

Acquired Italy’s Grandi Stazioni Retail which manages the entirety of commercial and advertising spaces in 14 of Italy’s major railway stations and hubs for the high-speed rail network, which collectively receive over 800 million visits a year. The stations include over 800 commercial units, totaling around 190,000 Sqm of leasable space, and over 1,800 media assets.
Increased our stake by 13.5% in Indian roads business Interise Trust, one of the largest Indian Infrastructure Investment Trusts in the roads sector.
Supported XpFibre to successfully raise €5.8 billion of credit facilities, marking one of the largest multi-sourced transactions in the European digital infrastructure market to date. XpFibre is the largest independent Fibre-to-the-Home (FTTH) operators in France delivering high speed internet to approximately 25% of the French territory in terms of homes passed.
Announced an agreement to acquire Integris, a leading provider of IT services in the United States.
Issued $3.2 billion in bonds by OMERS Finance Trust, including our inaugural AUD offering – an AUD 750 million, 5-year note.
Announced the signing of an exclusive agreement with Maritime Transport at West Midlands Interchange in the UK.
Participated in the US$15M Series A investment into Brightwave, an Al-powered research platform that delivers insightful and trustworthy financial analysis on demand. It was named as one of TIME magazine’s top inventions of 2024.
Participated in two follow-on investments. The first was in Medal, an online platform that lets gamers clip and share video of their gameplay and Altana, a company that applies artificial intelligence to create a dynamic, intelligent map of the global supply chain.
Closed our acquisition of Kenter, an energy infrastructure solutions business providing medium-voltage infrastructure and meters to over 25,000 commercial and industrial business customers in the Netherlands and Belgium.

We rotate capital out of assets with the same level of discipline with which we invest. This activity generates capital, which we deploy into future investment opportunities that align to our strategy. In 2024, we announced or completed the following realizations:

Announced the sale of a stake in East-West Tie Limited Partnership which owns the East-West Tie Line, a 450-kilometre, 230 kV double-circuit transmission line spanning from Wawa to Thunder Bay, along the north shore of Lake Superior.
Completed the sale of LifeLabs, a trusted provider of community laboratory tests for millions of Canadians that had been owned by OMERS since 2007.
Completed a €182.5 million green refinancing on a comprehensively renovated Paris office asset.
Completed the sale of its £518 million UK retail park portfolio.
Completed the sale of CEDA, which had been majority-owned by OMERS since 2005.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/0d74c32c-3c0d-4915-af73-70788746bb63

https://www.globenewswire.com/NewsRoom/AttachmentNg/136a43d0-d624-48ac-bd8c-133cd153643c

The MIL Network –

February 25, 2025

MIL-OSI: Wrap Technologies Secures $5.8M in Private Placement of Securities
Source: GlobeNewswire (MIL-OSI)

TEMPE, Ariz., Feb. 24, 2025 (GLOBE NEWSWIRE) — Wrap Technologies (NASDAQ: WRAP) (“Wrap” or, the “Company”) today announced it that it has executed a securities purchase agreement with certain investment partnerships affiliated with the Company and certain accredited and institutional investors in a private placement for the purchase and sale of (i) an aggregate of 3,216,666 shares of common stock of the Company, at a purchase price of $1.80 per share of common stock, and (ii) accompanying warrants to purchase 3,216,666 shares of common stock, for aggregate proceeds of approximately $5.8 million. The warrants will be immediately exercisable at an initial exercise price of $1.80 per share, subject to adjustment, and expire five years from the date of issuance.

The closing of the private placement is subject to customary closing conditions and is expected to occur on or around February 28, 2025. The Company intends to use the net proceeds of the offering for working capital and general corporate purposes.

Key Financing Highlights:
- Majority investment comes from investment partnerships affiliated with insiders and several existing investors.
- Fuels go-to-market strategy for BolaWrap and Managed Safety and Response (MSR) Connected Ecosystem, both domestically and internationally.
- Accelerates commitment to deliver Made-in-America end-to-end public safety solutions.
- Bolsters a federal plan for Washington, DC presence.
- Increasing investments in training and customer support to optimize BolaWrap programs.
The securities the private placement offering were offered and sold in transactions exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D of the Securities Act and in reliance on similar exemptions under applicable state laws. Pursuant to a registration rights agreement, the Company has agreed to file a resale registration statement covering the securities described above.

This press release is not an offer to sell, or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Wrap Technologies, Inc.

Wrap Technologies, Inc. (Nasdaq: WRAP) is a leading global provider of advanced public safety solutions, integrating ultramodern technology, cutting-edge tools, and comprehensive services to address the complex, modern day challenges facing public safety organizations around the world. Guided by a no-harm principle, Wrap is dedicated to developing groundbreaking solutions that empower public safety agencies to safeguard the communities they serve in a manner that fosters stronger relationships, driving safer outcomes, empowering public safety and communities to move forward together.

Wrap’s BolaWrap^® solution encompasses an innovative and patented hand-held remote restraint device, strategically engineered with Wrap’s no-harm guiding principle to proactively deter escalation by deploying a Kevlar^® tether that safely restrains individuals from a distance. Combined with BolaWrap^® training, certified by the esteemed International Association of Directors of Law Enforcement Standards and Training (IADLEST), Wrap enables officers from over 1000 agencies across the U.S. and 60 countries around the world, with the expertise to effectively use BolaWrap^® as an early intervention measure, mitigating potential risks and injuries, averting tragic outcomes, with the goal to save lives with each wrap.

Wrap Reality™, the Company’s advanced virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform that equips first responders with the discipline and practice to prevent escalation, de-escalate conflicts, and apply appropriate tactical use-of-force measures to better perform in the field. By offering a growing range of real-life scenarios, Wrap Reality™ addresses the dynamic nature of modern law enforcement situations for positive public safety outcomes, building safer communities one decision at a time.

Wrap’s Intrensic solution is a comprehensive, secure and efficient body worn camera and evidence collection and management solution designed with innovative technology to quickly capture, safely handle, securely store, and seamlessly track evidence, all while maintaining full transparency throughout the process. With meticulous consolidation and professional management of evidence, confidence in law enforcement and the justice system soars, fostering trust and reliability in court outcomes. Intrensic’s efficient system streamlines the entire process seamlessly, empowering all public safety providers to focus on what matters, expediting justice with integrity.

Connect with Wrap:
Wrap on Facebook
Wrap on Twitter
Wrap on LinkedIn

Trademark Information

Wrap, the Wrap logo, BolaWrap^®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad.  All other trade names used herein are either trademarks or registered trademarks of the respective holders.

Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the private placement and the satisfaction of customary closing conditions related to the private placement, the anticipated use of proceeds therefrom, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Relations Contact:

(800) 583-2652
ir@wrap.com

The MIL Network –
February 25, 2025
MIL-OSI Security: U.S. Military Launches LAMAT ‘25 to Strengthen Readiness, Global Partnerships

Source: United States SOUTHERN COMMAND

DAVIS-MONTHAN AIR FORCE BASE, Ariz. –

A Global Health Engagement mission led by U.S. Air Forces Southern, is set to launch its third iteration encompassing four partner nations Feb. 24 – April 11, 2025.

The Lesser Antilles Medical Assistance Team (LAMAT) 2025, led by AFSOUTH Surgeon General, will embed Air Force Reserve Command medical personnel within host nation hospitals and clinics across the Lesser Antilles region and Guyana. These Global Health Engagements enhance military readiness, strengthen partner nation healthcare systems, and foster resilience through expertise sharing and collaboration with local providers.

“LAMAT is about building lasting partnerships through medical collaboration,” said Lt. Col. Aaron Goodrich, AFSOUTH deputy command surgeon and lead planner for LAMAT. “By working side-by-side with our host nation counterparts, we aim to enhance interoperability and strengthen our collective ability to respond to medical challenges, whether they stem from natural disasters, public health emergencies or everyday patient care.”

The mission involves approximately 240 military personnel, including 180 medical professionals partnering with local providers to deliver specialized care and build a long-term healthcare capacity.

Throughout the exercise, U.S. and partner nation medical professionals will focus on a range of specialties tailored to the specific needs of each location identified by the respective Ministries of Health. In Saint Lucia, teams will focus on vascular, oral surgeries, and general surgery and anesthesia including mass casualty response knowledge exchanges. While in Saint Vincent and the Grenadines, the focus will shift to primary care, vascular, ENT, neurology and anesthesia.

The mission will then shift to Saint Kitts and Nevis, where teams will collaborate with local hospitals on emergency medicine, diabetes education and audiology procedures. Finally, in Guyana, medical personnel will collaborate on dental, emergency medicine and ophthalmology.

“This is a newer way of doing global health engagement,” said Col. Brian Gavitt, AFSOUTH command surgeon. “Instead of setting up a tent in competition with healthcare systems, each one of these missions in LAMAT were requested by the country. The Ministry of Health reached out and said, ‘Can you come and do something?’ We are tailoring what capabilities we bring to their needs.

“This is operationally relevant readiness,” Gavitt added. “We are leveraging our readiness requirements to build resilience in an area that struggles with natural disasters. We’re not just filling a few cavities—we’re fixing medical equipment, enhancing capabilities and improving healthcare infrastructure in meaningful ways.”

Government and healthcare leaders in the participating nations have welcomed the initiative, recognizing its long-term impact on healthcare capacity and crisis response.

“The Ministry of Health (MOH), St Kitts & Nevis thank the AFSOUTH for the successful execution of the LAMAT Mission in 2024,” said Dr. Hazel Laws, St Kitts & Nevis Ministry of Health chief medical officer. “The visiting team of doctors, dentists, nurses and allied health professionals conducted approximately 2,261 procedures and over 1,300 patients benefited from the health services offered in collaboration with local health personnel. Almost 200 persons benefited from hearing aids allowing them to better appreciate their environment. Overall, the National Health System was strengthened through knowledge transfer and acquisition of medical supplies and equipment.”

“On behalf of the MOH and Government of St. Kitts & Nevis, I extend profound thanks to the AFSOUTH for this collaborative effort. We look forward to the implementation of the LAMAT 2025 mission which we anticipate will impact more persons.”

LAMAT is part of AFSOUTH’s broader commitment to regional security cooperation and humanitarian assistance, reinforcing the ability of partner nations to respond to public health emergencies and natural disasters.

The kickoff ceremony in Saint Lucia will mark the official start of the mission, with medical operations set to begin immediately after.

“This exercise is more than just medial readiness—it’s about building lasting partnerships and strengthening healthcare systems across the region,” said Gavitt. “By embedding our teams within host nation facilities, we are able to exchange knowledge, improve interoperability, and enhance readiness on both sides. Medical readiness isn’t just about preparing for conflict; it’s about ensuring we can respond effectively to humanitarian crises, pandemics and natural disasters.”

The dual-purpose mission not only helps local healthcare systems but also prepares U.S. military personnel for real-world deployment scenarios. LAMAT 25 offers unique hands-on training opportunities for reservists and active-duty service members, particularly in treating tropical diseases and operating in austere conditions.

“Our reserve components are coming down to accomplish skills that they don’t get in their regular duties,” Gavitt added. “This mission ensures they are ready to deploy to any location if needed in the future.”

By partnering with host-nation physicians, they can enhance medical capabilities while reducing the burden on local healthcare systems.

“If we bring a provider to work alongside yours, side-by-side for two weeks just doing that piece develops a skill set that endures,” Gavitt said. “Once you’re a practicing physician, you don’t get a whole lot of time to learn new skills, so what we can do is pair folks up, work together, and develop new expertise that will benefit these communities long after we leave.”

Beyond direct patient care, biomedical equipment repair technicians (BMET) are also deployed as part of LAMAT ‘25 to repair critical hospital equipment, restoring functionality to facilities that may struggle with outdated or broken machinery.

One key success from a past mission was in Guyana, where U.S. personnel trained local youth to become medical equipment repair technicians.

“That kind of impact endures far beyond the mission itself. When we went on the site survey, we found they had developed their skills, and now they have four or five guys who are repair technicians,” Goodrich said. “That’s the kind of lasting impact we aim for.”

LAMAT ‘25 also reinforces U.S. commitment to partner nations, particularly in regions vulnerable to natural disasters and health crises.

For the first time, medical readiness will be tracked in real-time using the Medical Currency Application for Readiness Tracking (MCART). The system allows AFRC medical personnel to log procedures performed, patient care data, and skills acquired, ensuring their experiences contribute to future deployment qualifications.

A live dashboard will provide ongoing updates, detailing the number of patients treated, medical equipment repaired, and training hours completed—an instrumental tool in assessing the mission’s impact and guiding future engagements.

“You’ll be able to look in real-time,” Goodrich said. “There’s a value calculated from these things, the number of hours worked, and readiness requirements by type and provider. This information will be essential for tracking the effectiveness of LAMAT 25.”

All involved agree LAMAT ‘25 is a win-win scenario, benefiting both U.S. military personnel and partner nations. The mission enhances medical readiness and strengthens partnerships while improving healthcare infrastructure in underserved areas.

For more information about this global health engagement, visit the LAMAT DVIDS Page, https://www.dvidshub.net/feature/LAMAT25.

MIL Security OSI –

February 25, 2025
MIL-OSI: QCR Holdings, Inc. Announces CEO Retirement and Executive Transition

Source: GlobeNewswire (MIL-OSI)

MOLINE, Ill., Feb. 24, 2025 (GLOBE NEWSWIRE) — QCR Holdings, Inc. (NASDAQ: QCRH) (“QCR Holdings” or the “Company”), today announced that, effective immediately following the annual stockholders meeting on May 22, 2025, Larry J. Helling will retire from his role as Chief Executive Officer of the Company and of Cedar Rapids Bank and Trust Company, one of the Company’s wholly-owned bank subsidiaries. Additionally, Mr. Helling will also retire at that time from the boards of directors of the Company and Cedar Rapids Bank and Trust Company. Upon Mr. Helling’s retirement, Todd A. Gipple, the Company’s current President and Chief Financial Officer, will become President and Chief Executive Officer of the Company. Additionally, Nick W. Anderson, the Company’s current Senior Vice President and Chief Accounting Officer, will become the Company’s Chief Financial Officer upon Mr. Gipple’s move to Chief Executive Officer.

“We were extremely fortunate to have Larry’s leadership as CEO over the past 6 years. Larry joined the organization in 2001 with the formation of Cedar Rapids Bank and Trust Company and became CEO of the Company in 2019. Larry has left an indelible mark on the entire organization,” remarked Marie Ziegler, Chair of QCR Holdings. “Larry’s focus on our clients, shareholders and employees through his emphasis on local control of our banking subsidiaries has been critical in guiding us through the past several years, which included the pandemic and the unique inflationary economic environment. We appreciate Larry’s dedication to the organization and working with the board to implement a seamless succession. We congratulate Larry on his impressive career and look forward to his continued friendship during his well-earned retirement.”

“It’s been an honor to serve at QCR Holdings and its banking subsidiaries for more than two decades. I have been fortunate to see the positive impacts that our company has had on the communities we serve. We are a relationship-driven organization, and that is reflected in our talented employees, who work diligently to make a positive difference for our clients,” commented Mr. Helling. “Our growth and success in recent years have been possible because of Todd’s leadership and exceptional ability to work with others. I leave knowing that the organization will continue to be guided by a strong leader who embraces our culture.”

Mr. Gipple has served as the Company’s Chief Financial Officer since 2000, when he transitioned from a successful public accounting career. Through his years in the organization, Mr. Gipple has served in other capacities, including Chief Operating Officer, President and, since 2009, as a director of the Company, in addition to serving on the boards of the Company’s various banking subsidiaries. Mr. Gipple also is an active community leader in the Quad Cities and has served on the Board of Directors and Executive Committees of several local organizations during his 40 years in the community. He currently serves on the Board of Directors of The John Deere Classic and is Past-Chair and a current member of the Executive Committee of the Board of Directors for the YMCA of the Iowa Mississippi Valley. “I’m honored to take on the CEO role of our company following our annual meeting in May,” said Mr. Gipple. “I have been fortunate to work with Larry since he joined QCR Holdings in 2001 when he founded Cedar Rapids Bank and Trust Company, and I have enjoyed working closely with him the past six years as he has led our company as CEO. It has been very rewarding to be a part of the company’s success the past 25 years. I look forward to continuing that success by retaining our local community banking model that keeps us focused on exceeding the expectations of our clients, creating stronger communities, and sustaining our top-tier financial performance. This focus has served us well throughout the history of our company and has created long-term value for our shareholders.”

Mr. Anderson, an Illinois native and graduate of Western Illinois University, is a Certified Public Accountant. Mr. Anderson began his banking career as a teller while working his way through college. Since late 2019, he has served as Chief Accounting Officer of the Company, overseeing all of the Company’s internal and external financial reporting. He also is actively involved in his community and currently serves as the Vice President of Project Renewal of Davenport, Inc., which provides educational, recreational, and social activities for children during the school year and summer. “I have had the pleasure of working closely with Nick for over 20 years and I am fully confident that his transition into the Chief Financial Officer role will be seamless,” said Mr. Gipple. “He has the trust of the board and the executive management team and will do an excellent job overseeing the financial responsibilities at the Company while continuing to be an important part of communicating our successful story with shareholders and other constituencies.”

Mr. Helling’s retirement and Messrs. Gipple’s and Anderson’s appointments will be effective immediately following the Company’s annual stockholder meeting, scheduled to be held on May 22, 2025.

About Us

QCR Holdings, Inc., headquartered in Moline, Illinois, is a relationship-driven, multi-bank holding company serving the Quad Cities, Cedar Rapids, Cedar Valley, Des Moines/Ankeny, and Springfield communities through its wholly owned subsidiary banks. The banks provide full-service commercial and consumer banking and trust and wealth management services. Quad City Bank & Trust Company, based in Bettendorf, Iowa, commenced operations in 1994; Cedar Rapids Bank & Trust Company, based in Cedar Rapids, Iowa, commenced operations in 2001; Community State Bank, based in Ankeny, Iowa, was acquired by the Company in 2016; Springfield First Community Bank, based in Springfield, Missouri, was acquired by the Company in 2018, and Guaranty Bank, also based in Springfield, Missouri, was acquired by the Company and merged with Springfield First Community Bank in 2022, with the combined entity operating under the Guaranty Bank name. Additionally, the Company serves the Waterloo/Cedar Falls, Iowa community through Community Bank & Trust, a division of Cedar Rapids Bank & Trust Company. Quad City Bank & Trust Company offers equipment loans and leases to businesses through its wholly owned subsidiary, m2 Equipment Finance, LLC, based in Waukesha, Wisconsin, and provides correspondent banking services. The Company has 36 locations in Iowa, Missouri, Wisconsin, and Illinois. As of December 31, 2024, the Company had $9.0 billion in assets, $6.7 billion in loans, and $7.1 billion in deposits. For additional information, please visit the Company’s website at www.qcrh.com.

PRESS CONTACT:
Cari Henson
VP, Corporate Communications Manager
309.277.2668 | chenson@qcrh.com

The MIL Network –

February 25, 2025
MIL-OSI United Kingdom: Delivery driver who spent Covid funds on drugs and gambling also withdrew cash for home renovations just before he went bankrupt
Source: United Kingdom – Executive Government & Departments

Press release

Delivery driver who spent Covid funds on drugs and gambling also withdrew cash for home renovations just before he went bankrupt

Bounce Back Loan fraudster handed suspended sentence and curfew
Amraiz Mahmood secured more than £20,000 in Covid support funds by falsely declaring he had a turnover of £81,000 as a self-employed delivery driver and courier

Mahmood spent the money on drugs and gambling and also used a separate non-Covid related loan for almost £40,000 worth of renovations to his home just before he filed for his own bankruptcy

Insolvency Service investigations have resulted in Mahmood being given a suspended prison sentence and 12-month curfew

A delivery driver who spent Covid support funds he was not entitled to on drugs and gambling has been sentenced.

Amraiz Mahmood fraudulently secured a £20,250 Bounce Back Loan from his bank in 2020 by overstating his 2019 turnover by more than £65,000.

The 31-year-old then claimed to have assets of only £100 despite withdrawing almost £40,000 in cash for home improvements in the weeks before he filed for his own bankruptcy.

Mahmood, of Booker Lane, High Wycombe, was sentenced to 10 months in prison, suspended for two years, when he appeared at High Wycombe Magistrates’ Court on Friday 21 February.

He is also now subject to a 12-month daily curfew between 9pm and 7.45am which will be monitored with an electronic tag.

Mark Stephens, Chief Investigator at the Insolvency Service, said:

Amraiz Mahmood hugely inflated his turnover to secure taxpayers’ money he did not deserve. He then clearly failed to use the loan as it was intended.

Bounce Back Loans were designed to support small businesses through the pandemic. They were not intended to be used for personal gain and the Insolvency Service will not hesitate to take action when we identify such blatant abuse of the scheme.

Mahmood also concealed tens of thousands of pounds in assets from the Official Receiver when he was declared bankrupt.

Mahmood fraudulently applied for his Bounce Back Loan in May 2020, claiming his turnover as a self-employed courier and delivery driver was £81,000.

His self-assessment return for 2018-19 however showed an income of only £15,018.

Mahmood said that he spent the majority of the money he claimed on recreational drugs and gambling.

In May 2021, one year on from fraudulently securing the Bounce Back Loan, Mahmood applied for bankruptcy, stating he had assets of just £100 and liabilities of more than £200,000.

However, just one month before his bankruptcy, Mahmood had secured a non-Covid related loan from his bank worth £25,000 having also withdrawn £2,000 from his account in the days and weeks before.

He then withdrew a further £37,950 in cash across several transactions before being declared bankrupt.

Mahmood said he withdrew the money as he needed to make repairs to his home and he knew the assets would be frozen once the bankruptcy order was made.

Invoices for the house renovations were dated after Mahmood’s bankruptcy however, meaning he was in possession of the funds when he told the Official Receiver he only had £100 in assets.

Mahmood signed an eight-year Bankruptcy Restrictions Undertaking in March 2022, restricting him from being able to borrow more than £500 without disclosing his bankrupt status.

Efforts are now being made to recover the funds from Mahmood.

Further information

Amraiz Mahmood is of Booker Lane, High Wycombe, Buckinghamshire. His date of birth is 10 April 1983

Sentenced for: Fraud by false representation, contrary to sections 1 and 2 of the Fraud Act 2006; and concealment of assets within the 12 months preceding his bankruptcy application, contrary to section 354(1)(c) of the Insolvency Act 1986

Read more about the Bounce Back Loan Scheme and the action the Insolvency Service can take if it finds misconduct

Guidance on the main statutory consequences flowing from a Bankruptcy Restrictions Order or Undertaking

Further information about the work of the Insolvency Service, and how to complain about financial misconduct.

Share this page

The following links open in a new tab

Share on Facebook (opens in new tab)

Share on Twitter (opens in new tab)

Updates to this page

Published 24 February 2025
MIL OSI United Kingdom –
February 25, 2025
MIL-OSI: Wrap Acquires W1 Global: Expands Managed Services with Former FBI, DEA, and DoD Leadership to Accelerate Made-in-America End-to-End Solutions
Source: GlobeNewswire (MIL-OSI)

This news follows: Wrap Unveils Managed Safety and Response (MSR) Connected Ecosystem in Virginia

TEMPE, Ariz., Feb. 24, 2025 (GLOBE NEWSWIRE) — Wrap Technologies (NASDAQ: WRAP) (“Wrap” or, the “Company”) today announced it has completed the acquisition of W1 Global, LLC (“W1”) a preeminent professional services and consulting firm led by an executive team of former high-ranking law enforcement and U.S. Intelligence Community professionals, with deep competencies in complex international criminal investigation, regulatory matters and compliance issues.

The acquisition of W1 is expected to increase Wraps access to the skill and experience of this distinguished group, as well as expand the international reach of its MSR Connected Ecosystem. It is also expected to support a tech-enabled enhancement of the suite of professional and consulting services that W1 has provided to its clients all over the world.

Wrap’s acquisition has now assembled a deep team of senior leaders from both the public sector and national security agencies:
- Professional Services will be led by Bill McMurry, a career law enforcement and intelligence professional. Mr. McMurry is a retired FBI Supervisory Special Agent who served in the FBI’s New York Office for twenty-four years. Mr. McMurry worked closely with the US DOJ, DEA, ATF, HSI, OFAC, DOD and the USIC to develop a national strategy to implement a whole of government response to combat the threat posed by Transnational Organized Crime.
- Managed Safety and Response will be led by Jim DeStefano, former Assistant Special Agent in Charge of a Special Operations Branch responsible for the New York field division’s preparation for, response to, and recovery from all crisis and special events – including training and tactics in response to emotionally disturbed persons. John Penza, adds experience from state and federal corrections, local law enforcement, and as the former New York Division’s Assistant Special Agent in Charge of the Violent Crimes and Drug Trafficking Branch.
- Investigative, Regulatory and Compliance professional services will be supported by Ric Bachour, a former local and state police officer, U.S. Marine, and Purple Heart recipient. His international experience includes leadership roles in the DEA Sensitive Undercover Operations Unit, Special Operations, and DEA’s Foreign and Domestic Field Offices.
Additional Talent Pipeline and International Go-To-Market

Wrap anticipates accessing a deep talent pool as individuals transition from long government tenures, marking the first of many strategic talent acquisitions to meet growing market demands.

The W1 Global transaction is expected to position Wrap for international expansion by leveraging W1’s global network and expertise in investigative services. This in-country support network, consisting of former government personnel, provides valuable entry points for global distribution while aligning with U.S. resources and support systems.

End-to-End Ecosystem

The W1 Global transaction creates an end-to-end ecosystem with two key business lines: leveraging top talent to deliver comprehensive Managed Safety and Response (MSR) solutions and expanding tech-enabled professional services to enhance client support. Both companies’ clients demonstrate a strong appetite for each other’s services—Wrap’s international clients show significant interest in investigative services, while W1 Global’s clients are keen on Wrap’s BolaWrap, drones, and expanding cyber solutions within the MSR portfolio. This strategic combination effectively meets the market demand for integrated safety and technology-driven professional services, driving growth and enhancing client support.

Scot Cohen, Chairman and Chief Executive Officer of Wrap, commented, “The acquisition of W1 Global is a transformational step in establishing Wrap as a leader in Managed Safety and Response services. It is expected to drive immediate revenue growth, be accretive, and create synergies with our existing business, including the revamped BolaWrap program, while supporting our expanding global channel system.”

Bill McMurry, Chief Executive Officer of W1 Global, commented, “W1 and Wrap can now deliver comprehensive MSR solutions with expert consulting, integration, and customization. By combining cutting-edge technology like the BolaWrap with professional services, we hope to ensure seamless implementation and continuous support. Our deep industry expertise is expected to allow us to optimize safety solutions for public safety agencies, effectively addressing complex challenges.”

About Wrap Technologies, Inc.

Wrap Technologies, Inc. (Nasdaq: WRAP) is a leading global provider of advanced public safety solutions, integrating ultramodern technology, cutting-edge tools, and comprehensive services to address the complex, modern day challenges facing public safety organizations around the world. Guided by a no-harm principle, Wrap is dedicated to developing groundbreaking solutions that empower public safety agencies to safeguard the communities they serve in a manner that fosters stronger relationships, driving safer outcomes, empowering public safety and communities to move forward together.

Wrap’s BolaWrap^® solution encompasses an innovative and patented hand-held remote restraint device, strategically engineered with Wrap’s no-harm guiding principle to proactively deter escalation by deploying a Kevlar^® tether that safely restrains individuals from a distance. Combined with BolaWrap^® training, certified by the esteemed International Association of Directors of Law Enforcement Standards and Training (IADLEST), Wrap enables officers from over 1000 agencies across the U.S. and 60 countries around the world, with the expertise to effectively use BolaWrap^® as an early intervention measure, mitigating potential risks and injuries, averting tragic outcomes, with the goal to save lives with each wrap.

Wrap Reality™, the Company’s advanced virtual reality training system, is a fully immersive training simulator and comprehensive public safety training platform that equips first responders with the discipline and practice to prevent escalation, de-escalate conflicts, and apply appropriate tactical use-of-force measures to better perform in the field. By offering a growing range of real-life scenarios, Wrap Reality™ addresses the dynamic nature of modern law enforcement situations for positive public safety outcomes, building safer communities one decision at a time.

Wrap’s Intrensic solution is a comprehensive, secure and efficient body worn camera and evidence collection and management solution designed with innovative technology to quickly capture, safely handle, securely store, and seamlessly track evidence, all while maintaining full transparency throughout the process. With meticulous consolidation and professional management of evidence, confidence in law enforcement and the justice system soars, fostering trust and reliability in court outcomes. Intrensic’s efficient system streamlines the entire process seamlessly, empowering all public safety providers to focus on what matters, expediting justice with integrity.

Connect with Wrap:
Wrap on Facebook
Wrap on Twitter
Wrap on LinkedIn

Trademark Information

Wrap, the Wrap logo, BolaWrap^®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad.  All other trade names used herein are either trademarks or registered trademarks of the respective holders.

Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Relations Contact:

(800) 583-2652
ir@wrap.com

The MIL Network –
February 25, 2025
MIL-OSI: EnerPure Announces Successful Completion of SDTC Project

Source: GlobeNewswire (MIL-OSI)

Winnipeg, MB, Feb. 24, 2025 (GLOBE NEWSWIRE) — EnerPure Inc. (“EnerPure” or the “Company”), a recycling and energy transition company, is pleased to announce the successful completion of its SDTC project and receipt of its final payment under the funding agreement.

“We are incredibly grateful to Sustainable Development Technology Canada (SDTC) for their support during the critical final stages of our technology development and the development of our market rollout plans. We set some lofty goals back in 2019 when we first entered into the agreement with SDTC, they kept us accountable to delivering into those goals while also providing financial support throughout the pandemic. The submission of the final report and receipt of the final grant installment provides further validation and confirmation of our readiness to commercially deploy our recycling plants,” commented Todd Habicht, Chairman, CEO and Founder.

The project funding provided by SDTC enabled EnerPure to optimize and complete the development of its technology, and to advance the company’s goal of deploying 21 recycling plants in six years (our 21/6 goal). The achievement of this goal will result in the cumulative reduction of one million tonnes of GHG emissions during this six-year period. In total, STDC contributed $3.47 million in funding to the project. This SDTC funding, in conjunction with other provincial and federal grants, and our own fund-raising initiatives has resulted in ~$40m in investment over the last 15 years into the development of our state-of-the-art technology for recycling Used Motor Oil (UMO). This technology produces marine fuel that has a carbon intensity 14.6% lower than other petroleum-based marine fuels available in the market and has a sulphur content of less than 0.1%.

On January 16, 2025, EnerPure announced the results of its recent environmental benefits study, completed as a part of our SDTC project, wherein it was noted that each EnerPure recycling plant would deliver annual GHG emission reductions of 36,315 tonnes and the elimination of 437 tonnes of CACs (Criteria Air Contaminants) per recycling plant. We remain excited about the prospects for 2025 and beyond as we work towards the deployment of our first full-scale commercial plant in Canada’s oil and gas heartland, Alberta.

About EnerPure – https://enerpure.tech

“We recycle Used Motor Oil (UMO) to reduce GHG emissions while producing a lower carbon-intensive marine fuel.”

With an estimated 17 billion litres of UMO¹ burned or dumped (~70% of total UMO) around the world each year, the improper disposal of UMO is a growing environmental and societal problem. EnerPure sees a tremendous opportunity to solve this problem through the deployment of its micro-scale recycling plants using its patented technology to convert UMO into high-quality marine fuel.

Our micro-scale recycling plants have a significantly lower capex (approximately 5% of traditional solutions) which provides localized solutions for the recycling of UMO while significantly reducing the cost of collection.

Our technology has been proven via our pilot plant with 1.6 million litres processed and validated through fuel sales of over 1.2 million litres. Our marine fuel is in high demand in this growing market due to meeting and exceeding the exacting requirements of the ISO 8217 marine fuel standard while delivering a 14.6% lower carbon intensity. Annually each recycling plant can reduce greenhouse gas (“GHG”) emissions and criteria air containments (“CAC”) by 36,315 and 437 tonnes, respectively.

With EnerPure’s solution, environmental need meets strong economic returns to enable regional recycling of the disseminated UMO problem; we believe that recycling will fuel the energy transition.

¹UMO is defined as any petroleum-based or synthetic lubricating oil that cannot be used for its original purpose due to contamination.

Disclosure and Caution

This press release may contain certain disclosures that may constitute “forward-looking statements” within the meaning of Canadian securities legislation. In making the forward-looking statements, the Company has applied certain factors and assumptions that the Company believes are reasonable. However, the forward-looking statements are subject to numerous risks, uncertainties and other factors, including but not limited to economic, capital expenditures and engineering projections, that may cause future results to differ materially from those expressed or implied in such forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or any state securities laws, and may not be offered or sold in the United States unless pursuant to an exemption therefrom. This press release is for information purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.

The MIL Network –

February 25, 2025
MIL-OSI: FormFactor Announces the Closing of FICT Transaction

Source: GlobeNewswire (MIL-OSI)

LIVERMORE, Calif., Feb. 24, 2025 (GLOBE NEWSWIRE) — FormFactor, Inc. (Nasdaq: FORM) is pleased to announce the closing of its acquisition, together with North Asia private equity firm MBK Partners (“MBKP”), of FICT Limited (“FICT”). As stated on February 5^th, 2025, this transaction secures FormFactor’s access to FICT’s essential technologies for advanced probe cards, strengthens the long-term partnership between the companies, and positions FICT to continue developing leading-edge technologies for its customers in the semiconductor and high-performance computing markets.

FormFactor invested approximately $60M for a 20% non-controlling stake and was granted a seat on the company’s board of directors. This investment is not expected to have a material impact on FormFactor’s operating results.

“FormFactor and MBKP are committed to the success of FICT and FICT’s customers,” commented Mike Slessor, FormFactor CEO. “This transaction solidifies our important collaboration with FICT to build world-class test and packaging consumables, and strengthens the semiconductor test supply chain serving the rapidly accelerating adoption of advanced packaging.”

About FormFactor:

FormFactor, Inc. (NASDAQ: FORM), is a leading provider of essential test and measurement technologies along the full semiconductor product life cycle – from characterization, modeling, reliability, and design de-bug, to qualification and production test. Semiconductor companies rely upon FormFactor’s products and services to accelerate profitability by optimizing device performance and advancing yield knowledge. The Company serves customers through its network of facilities in Asia, Europe, and North America. For more information, visit the Company’s website at www.formfactor.com.

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the federal securities laws, including with respect to the Company’s future financial and operating results, and the Company’s plans, strategies and objectives for future operations. These statements are based on management’s current expectations and beliefs as of the date of this release, and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those described in the forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding the expected impact of the transaction on the Company’s operating results, the expected benefit of the transaction to the Company and the industry, and other statements regarding the Company’s business. Forward-looking statements may contain words such as “may,” “might,” “will,” “expect,” “plan,” “anticipate,” “forecast,” and “continue,” the negative or plural of these words and similar expressions, and include the assumptions that underlie such statements. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: changes in demand for the Company’s products; customer-specific demand; market opportunity; anticipated industry trends; the potential impact on the business of FormFactor and FICT due to uncertainties in connection with the acquisition; the retention of employees of FICT following acquisition; the ability of FormFactor to achieve expected benefits from the FICT acquisition; the availability, benefits, and speed of customer acceptance or implementation of new products and technologies; manufacturing, processing, and design capacity, goals, expansion, volumes, and progress; difficulties or delays in research and development; industry seasonality; risks to the Company’s realization of benefits from acquisitions, investments in capacity and investments in new electronic data systems and information technology; reliance on customers or third parties (including suppliers); changes in macro-economic environments; events affecting global and regional economic and market conditions and stability such as military conflicts, political volatility, infectious diseases and pandemics, and similar factors, operating separately or in combination; and other factors, including those set forth in the Company’s most current annual report on Form 10-K, quarterly reports on Form 10-Q and other filings by the Company with the U.S. Securities and Exchange Commission. In addition, there are varying barriers to international trade, including restrictive trade and export regulations such as the US-China restrictions, dynamic tariffs, trade disputes between the U.S. and other countries, and national security developments or tensions, that may substantially restrict or condition our sales to or in certain countries, increase the cost of doing business internationally, and disrupt our supply chain. No assurances can be given that any of the events anticipated by the forward-looking statements within this press release will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of the Company. Unless required by law, the Company is under no obligation (and expressly disclaims any such obligation) to update or revise its forward-looking statements whether as a result of new information, future events, or otherwise.

Source: FormFactor, Inc.
FORM-F

Investor Contact
Stan Finkelstein
Investor Relations
(925) 290-4273
ir@formfactor.com

The MIL Network –

February 25, 2025
MIL-OSI: Apollo to Acquire Bridge Investment Group

Source: GlobeNewswire (MIL-OSI)

Scaled Investment Platform Expands Apollo’s Origination Capabilities in Residential and Industrial Real Estate

Bridge Manages $50 Billion of High-Quality AUM in Complementary Sectors Aligned with Apollo’s Long-Term Growth Strategy

NEW YORK and SALT LAKE CITY, Feb. 24, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE: APO) and Bridge Investment Group Holdings Inc. (NYSE: BRDG) (“Bridge” or the “Company”) today announced they have entered into a definitive agreement for Apollo to acquire Bridge in an all-stock transaction with an equity value of approximately $1.5 billion.

Founded in 2009, Bridge is an established leader in residential and industrial real estate as well as other specialized real estate asset classes. Led by an experienced senior leadership team and over 300 dedicated investment professionals with significant real estate investment and operating expertise, Bridge’s forward-integrated model, nationwide operating platform and data-driven approach have fostered organic growth and consistently produced desirable outcomes across asset classes.

Bridge will provide Apollo with immediate scale to its real estate equity platform and enhance Apollo’s origination capabilities in both real estate equity and credit, which is expected to benefit Apollo’s growing suite of hybrid and real estate product offerings. Bridge manages approximately $50 billion of high-quality AUM in real estate products targeting both institutional and wealth clients and is expected to be highly synergistic with Apollo’s existing real estate equity strategies and leading real estate credit platform. The transaction is expected to be immediately accretive to Apollo’s fee-related earnings upon closing.

Apollo Partner and Co-Head of Equity David Sambur said, “We are pleased to announce this transaction with Bridge, which is highly aligned with Apollo’s strategic focus on expanding our origination base in areas of our business that are growing but not yet at scale. Led by a respected real estate team including Executive Chairman Bob Morse and CEO Jonathan Slager, Bridge brings a seasoned team with deep expertise and a strong track record in their sectors. Their business will complement and further augment our existing real estate capabilities, and we believe we can help scale Bridge’s products by leveraging the breadth of our integrated platform. We look forward to working with Bob and the talented Bridge team as we seek to achieve the strategic objectives we laid out at our recent Investor Day.”

Bridge Executive Chairman Bob Morse said, “We are proud to be joining Apollo and its industry-leading team, who share our commitment to performance and excellence. This transaction will allow the Bridge and Apollo teams to grow on the strong foundation that Bridge has built since 2009 as we work to pursue meaningful value and impact for our investors and communities. With Apollo’s global integrated platform, resources, innovation and established expertise, we are confident that Bridge will be positioned for the next phase of growth amid growing demand across the alternative investments space.”

Transaction Details
Under the terms of the transaction, Bridge stockholders and Bridge OpCo unitholders will receive, at closing, 0.07081 shares of Apollo stock for each share of Bridge Class A common stock and each Bridge OpCo Class A common unit, respectively, valued by the parties at $11.50 per each share of Bridge Class A common stock and Bridge OpCo Class A common unit, respectively.

Upon the closing of the transaction, Bridge will operate as a standalone platform within Apollo’s asset management business, retaining its existing brand, management team and dedicated capital formation team. Bob Morse will become an Apollo Partner and lead Apollo’s real estate equity franchise.

A special committee of independent directors for Bridge (the “Special Committee”), advised by its own independent legal and financial advisors, reviewed, negotiated and unanimously recommended approval of the merger agreement by the Bridge Board of Directors, determining that it was in the best interests of Bridge and its stockholders not affiliated with Bridge management and directors. Acting upon the recommendation of the Special Committee, the Bridge Board of Directors approved the merger agreement. The transaction is expected to close in the third quarter of 2025, subject to customary closing conditions for transactions of this nature, including approval by a majority of the Class A common stock and Class B common stock of Bridge, voting together and the receipt of regulatory approvals. Certain members of Bridge management and their affiliates, collectively owning approximately 51.4% of the outstanding voting power of the Class A common stock and Class B common stock of Bridge, have entered into voting agreements in connection with the transaction and have agreed to vote in favor of the transaction in accordance with the terms therein. Subject to and upon completion of the transaction, shares of Bridge common stock will no longer be listed on the New York Stock Exchange and Bridge will become a privately held company.

Further information regarding terms and conditions contained in the definitive merger agreement will be made available in Bridge’s Current Report on Form 8-K, which will be filed in connection with this transaction.

Bridge Fourth Quarter and Full-Year 2024 Earnings
Bridge will no longer be holding its fourth quarter and full-year 2024 earnings conference call and webcast scheduled for February 25, 2025, due to the pending transaction.

Advisors
BofA Securities, Citi, Goldman, Sachs & Co. LLC, Morgan Stanley & Co. LLC and Newmark Group are acting as financial advisors, Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel and Sidley Austin LLP is acting as insurance regulatory counsel to Apollo. J.P. Morgan Securities LLC is serving as financial advisor to Bridge and Latham & Watkins LLP is acting as legal counsel. Lazard is serving as financial advisor to the special committee of the Bridge Board of Directors and Cravath, Swaine & Moore LLP is acting as legal counsel.

Statement Regarding Forward-Looking Information

This press release contains statements regarding Apollo, Bridge, the proposed transactions and other matters that are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include, but are not limited to, discussions related to the proposed transaction between Apollo and the Company, including statements regarding the benefits of the proposed transaction and the anticipated timing and likelihood of completion of the proposed transaction, and information regarding the businesses of Apollo and the Company, including Apollo’s and the Company’s objectives, plans and strategies for future operations, statements that contain projections of results of operations or of financial condition and all other statements other than statements of historical fact that address activities, events or developments that Apollo and the Company intends, expects, projects, believes or anticipates will or may occur in the future. Such statements are based on management’s beliefs and assumptions made based on information currently available to management. All statements in this communication, other than statements of historical fact, are forward-looking statements that may be identified by the use of the words “outlook,” “indicator,” “may,” “will,” “should,” “expects,” “plans,” “seek,” “anticipates,” “plan,” “forecasts,” “could,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these terms or other similar expressions, but not all forward- looking statements include such words. These forward-looking statements are subject to certain risks, uncertainties and assumptions, many of which are beyond the control of Apollo and the Company, that could cause actual results and performance to differ materially from those expressed in such forward-looking statements. Factors and risks that may impact future results and performance include, but are not limited to, those factors and risks described under the section entitled “Risk Factors” in Apollo’s and the Company’s most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and such reports that are subsequently filed with the Securities and Exchange Commission (the “SEC”).

The forward-looking statements are subject to certain risks, uncertainties and assumptions, which include, but are not limited to, and in each case as a possible result of the proposed transaction on each of Apollo and the Company: the ultimate outcome of the proposed transaction between Apollo and the Company, including the possibility that the Company’s stockholders will not adopt the merger agreement in respect of the proposed transaction; the effect of the announcement of the proposed transaction; the ability to operate Apollo’s and the Company’s respective businesses, including business disruptions; difficulties in retaining and hiring key personnel and employees; the ability to maintain favorable business relationships with customers and other business partners; the terms and timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement and the proposed transaction; the anticipated or actual tax treatment of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction (including the adoption of the merger agreement in respect of the proposed transaction by the Company’s stockholders); other risks related to the completion of the proposed transaction and actions related thereto; the ability of Apollo and the Company to integrate the businesses successfully and to achieve anticipated synergies and value creation from the proposed transaction; global market, political and economic conditions, including in the markets in which Apollo and the Company operate; the ability to secure government regulatory approvals on the terms expected, at all or in a timely manner; the global macro-economic environment, including headwinds caused by inflation, rising interest rates, unfavorable currency exchange rates, and potential recessionary or depressionary conditions; cyber-attacks, information security and data privacy; the impact of public health crises, such as pandemics and epidemics and any related company or government policies and actions to protect the health and safety of individuals or government policies or actions to maintain the functioning of national or global economies and markets; litigation and regulatory proceedings, including any proceedings that may be instituted against Apollo or the Company related to the proposed transaction; and disruptions of Apollo’s or the Company’s information technology systems.

These risks, as well as other risks related to the proposed transaction, will be included in the Registration Statement (as defined below) and Joint Proxy Statement/Prospectus (as defined below) that will be filed with the SEC in connection with the proposed transaction. While the list of factors presented here is, and the list of factors to be presented in the Registration Statement and Joint Proxy Statement/Prospectus are considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. Other unknown or unpredictable factors also could have a material adverse effect on Apollo’s and the Company’s business, financial condition, results of operations and prospects. Accordingly, readers should not place undue reliance on these forward-looking statements. These forward-looking statements are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict. Except as required by applicable law or regulation, neither Apollo nor the Company undertakes (and each of Apollo and the Company expressly disclaim) any obligation and do not intend to publicly update or review any of these forward-looking statements, whether as a result of new information, future events or otherwise.

No Offer or Solicitation

This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote in any jurisdiction pursuant to the proposed transactions or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act. Subject to certain exceptions to be approved by the relevant regulators or certain facts to be ascertained, the public offer will not be made directly or indirectly, in or into any jurisdiction where to do so would constitute a violation of the laws of such jurisdiction, or by use of the mails or by any means or instrumentality (including without limitation, facsimile transmission, telephone and the internet) of interstate or foreign commerce, or any facility of a national securities exchange, of any such jurisdiction.

Additional Information Regarding the Transaction and Where to Find It

This press release is being made in respect of the proposed transaction between Apollo and the Company. In connection with the proposed transaction, Apollo intends to file with the SEC a registration statement on Form S-4, which will constitute a prospectus of Apollo for the issuance of Apollo common stock (the “Registration Statement”) and which will also include a proxy statement of the Company for the Company stockholder meeting (together with any amendments or supplements thereto, and together with the Registration Statement, the “Joint Proxy Statement/Prospectus”). Each of Apollo and the Company may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the Registration Statement or Joint Proxy Statement/Prospectus or any other document that Apollo or the Company may file with the SEC. The definitive Joint Proxy Statement/Prospectus (if and when available) will be mailed to stockholders of the Company.

INVESTORS ARE URGED TO READ IN THEIR ENTIRETY THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors will be able to obtain free copies of the Registration Statement and Joint Proxy Statement/Prospectus (if and when available) and other documents containing important information about Apollo, the Company and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with, or furnished to, the SEC by Apollo will be available free of charge by accessing the Investor Relations section of Apollo’s website at https://ir.apollo.com. Copies of the documents filed with, or furnished to, the SEC by the Company will be available free of charge by accessing the Investor Relations section of the Company’s website at https://www.bridgeig.com. The information included on, or accessible through, Apollo’s or the Company’s website is not incorporated by reference into this communication.

Participants in the Solicitation

Apollo, the Company, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the Company’s stockholders in respect of the proposed transaction. Information about the directors and executive officers of Apollo, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in its Proxy Statement on Schedule 14A, dated April 26, 2024 (the “Apollo Annual Meeting Proxy Statement”), which is filed with the SEC. Any changes in the holdings of Apollo’s securities by Apollo’s directors or executive officers from the amounts described in the Apollo Annual Meeting Proxy Statement have been or will be reflected in Initial Statements of Beneficial Ownership of Securities on Form 3 (“Form 3”), Statements of Changes in Beneficial Ownership on Form 4 (“Form 4”) or Annual Statements of Changes in Beneficial Ownership of Securities on Form 5 (“Form 5”) subsequently filed with the SEC and available at the SEC’s website at www.sec.gov. Information about the directors and executive officers of the Company, including a description of their direct or indirect interests, by security holdings or otherwise, is contained in its Proxy Statement on Schedule 14A, dated March 21, 2024 (the “Company Annual Meeting Proxy Statement”), which is filed with the SEC. Any changes in the holdings of the Company’s securities by the Company’s directors or executive officers from the amounts described in the Company Annual Meeting Proxy Statement have been or will be reflected on Forms 3, Forms 4 or Forms 5, subsequently filed with the SEC and available at the SEC’s website at www.sec.gov. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Registration Statement and the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when such materials become available. Investors should read the Registration Statement and the Joint Proxy Statement/Prospectus carefully when available before making any voting or investment decisions.

About Apollo
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade credit to private equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

About Bridge Investment Group
Bridge is a leading alternative investment manager, diversified across specialized asset classes, with approximately $50 billion of assets under management as of December 31, 2024. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select verticals across real estate, credit, renewable energy and secondaries strategies.

Contacts

For Apollo:

Noah Gunn
Global Head of Investor Relations
Apollo Global Management, Inc.
212-822-0540
ir@apollo.com

Joanna Rose
Global Head of Corporate Communications
Apollo Global Management, Inc.
212-822-0491
communications@apollo.com

For Bridge:

Shareholder Relations:
Bonni Rosen Salisbury
Bridge Investment Group Holdings Inc.
shareholderrelations@bridgeig.com

Media:
Charlotte Morse
Bridge Investment Group Holdings Inc.
(877) 866-4540
charlotte.morse@bridgeig.com

H/Advisors Abernathy
Eric Bonach / Dan Scorpio
(917) 710-7973 / (646) 899-8118
eric.bonach@h-advisors.global / dan.scorpio@h-advisors.global

The MIL Network –

February 25, 2025
MIL-OSI Video: The Arc of Progress in the 21st Century | World Economic Forum Annual Meeting 2025

Source: World Economic Forum (video statements)

Looking at global headlines today, it’s hard not to feel pessimism. Have recent wars, pandemics and autocracies made the idea of progress obsolete?

Cognitive scientist Steven Pinker uses data and psychology to provide a fresh perspective on progress: why it is so hard to achieve and what ideas were responsible for progress in the past and will be needed for progress to continue?

Speakers: Steven Pinker

The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

World Economic Forum Website ► http://www.weforum.org/
Facebook ► https://www.facebook.com/worldeconomicforum/
YouTube ► https://www.youtube.com/wef
Instagram ► https://www.instagram.com/worldeconomicforum/
X ► https://twitter.com/wef
LinkedIn ► https://www.linkedin.com/company/world-economic-forum
TikTok ► https://www.tiktok.com/@worldeconomicforum
Flipboard ► https://flipboard.com/@WEF

#Davos2025 #WorldEconomicForum #wef25

https://www.youtube.com/watch?v=wFlsHFMz2Fc

MIL OSI Video –

February 25, 2025
MIL-OSI Africa: World Health Organization (WHO) commits to enhancing Nigeria’s capacity to tackle influenza threat

Source: Africa Press Organisation – English (2) – Report:

Download logo

Following an alert of a highly pathogenic avian Influenza (H5N1) outbreak in poultry, commonly known as bird flu, in Kano state, the World Health Organization ( WHO) has stepped up its support to the Government of Nigeria to prevent transmission of the virus to humans. While the virus spreads rapidly among birds, it also has the potential to infect mammals, including humans. It poses a significant threat to both animal and public health.

Overview of the outbreak

The virus primarily affects poultry but can also infect humans who come in direct contact with the infected live or dead birds or contaminated environments, such as saliva, nasal discharges, and faeces, which contain high toxins.

Preventive measures against bird flu include biosecurity measures in poultry farms and live bird markets, avoiding contact with sick birds, proper hygiene, surveillance, and early reporting of outbreaks. Other states aside, Kano has reported cases of bird flu among poultry.

At the time of writing this report, there has been no human infection from the disease.

WHO collaborative support to the outbreak

To prevent transmission to humans, WHO team in Kano state leverage the State One Health Technical Working Group (TWG) and Influenza TWG to coordinate an interagency response to the situation.

The One Health and Influenza TWGs comprises inter-agency members, including the Ministries of Health, Veterinary/ Agriculture, and Environment.

The World Health Organization (WHO), in collaboration with the Nigeria Centre for Disease Control (NCDC), has supported the establishment of 10 National Influenza Sentinel Surveillance (NISS) sites, including Aminu Kano Teaching Hospital (AKTH) and nine other hospitals across Nigeria’s six Geopolitical zones. In 2024, 814 samples were collected from these sites and transported to the National Reference Laboratory in Abuja for respiratory virus testing, in line with the Global Influenza Surveillance and Response System (GISRS).

“To help with the response in Kano State, WHO provided over 100 PPE kits. These kits included 1,000 gloves, 500 aprons, 500 face shields, 20 rain boots, and other items. These kits protect healthcare workers and other personnel on the field from exposure to the virus, ensuring their safety while they manage and contain the outbreak.

WHO also supplied laboratory materials for collecting samples from people showing symptoms of flu-like illnesses or severe respiratory infections,” explained Dr Mayana Abubakar, WHO Kano State Coordinator.

Dr Mayana mentioned that in 2024, WHO helped train over 100 health workers from the NISS sites on preparing for and responding to pandemic influenza. This training aimed to improve surveillance, response, and close monitoring of human contacts for early intervention.

Dr Ibrahim Aliyu Gano, Director of Public Health and Disease Control, Kano State Ministry of Health, applauding WHO’s support, said, “ We appreciate WHO’s steadfast support in helping us tackle this outbreak. Their donation and timely intervention help protect lives and contain the transmission of the disease.

As of 25 January 2025, Kano, Nigeria, reported six confirmed HPAI cases and 4,470 suspected cases of bird flu. So far, there has been no human infection from 15 specimens tested from 20 suspected cases while awaiting the result of five samples.

The WHO Country Representative, Dr Walter Kazadi Mulombo, has assured that with the existing national capacity, which has been built over the period and from the previous bird flu emergencies experience, “we could swiftly scale up the efforts. WHO is committed to working with Nigerian authorities and partners to ensure that measures are in place for effective and rapid actions to mitigate transmission to humans”, he added.

Distributed by APO Group on behalf of World Health Organization (WHO) – Nigeria.

MIL OSI Africa –

February 25, 2025
MIL-OSI Global: South Africa’s ‘working for water’ programme is meant to lead to skills and jobs: why it’s failing

Source: The Conversation – Africa – By Sinazo Ntsonge, PhD Graduate, Department of Economics and Economic History, Rhodes University, Rhodes University

South Africa’s Expanded Public Works Programme is part of its social safety net. It complements the country’s social grants system, which has over 28 million recipients.

The public works programme helps fill a gap for people who fall outside the grant system, especially those who need work experience and skills training if they’re to get a job. These include unemployed young people, women and people with disabilities.

One of the programmes under its umbrella is the Working for Water programme, which was launched in 1995. It was intended to control invasive alien plants so as to conserve water resources, and provide short-term employment and training for people not covered by the grants safety net.

Since its inception, the programme, alongside other interventions targeted at the environment, has created over 200,000 person years of employment – the total number of days people were afforded work. More than half of these employment opportunities have been held by women, and more than 60% by young people under the age of 35 years.

In my PhD research, I examined one of its flagship projects to assess its impact on the long-term livelihoods of beneficiaries. My aim was to determine whether the programme was achieving its intended role as a social protection mechanism.

I found that the way the project was designed limited its potential to foster long-term livelihoods for participants. Long-term livelihoods are defined as the ability to achieve lasting economic stability and growth beyond the scope of the project itself.

One key issue was the inconsistency in the number of workdays participants were assigned, as well as the quality and availability of the skills training they received. Specifically, the training lacked regularity and did not always align with market demands. It left participants without the practical, job-ready skills needed for sustained employment.

This problem was compounded by budget cuts.

Based on my findings, I propose key changes to improve the programme’s effectiveness: the provision of consistent funding and training that’s aligned to labour market needs.

The project

The project I looked at tackles the clearing of invasive Prosopis mesquite trees in the Northern Cape. This has involved clearing nearly 314,580 hectares of invaded land in that province.

Spanning from 2004 to 2018, the project supported over 9,000 beneficiaries across three phases. In phase I (2004–2008), 2,411 people participated; in phase II (2009–2013), 2,861; and in phase III (2014–2018), 3,756.

The project targeted youth, women and people with disabilities. Beneficiaries were spread across various age groups: 36–64 years in phase I, 22–35 and 36–64 years in phase II, and 18–35 years in phase III.

Participants were paid monthly stipends which ranged from R2,900 to R5,000, which is equivalent to approximately US$157 to US$271 – higher than most South African social grants. For comparison, the disability social grant is R2,180 (US$118), the older person’s grant is R2,200 (US$119), the foster child grant is R1,180 (US$64), and the child support grant is R530 (US$28).

I developed an evaluation framework to assess the programme’s impact on the long-term livelihoods of beneficiaries.

The study was carried out over 14 days in 2020, coinciding with the height of the COVID-19 pandemic. With health restrictions in place, the research had to pivot from planned in-person interviews and focus groups to virtual interviews with key stakeholders and an online survey of beneficiaries. The survey gathered data from 33 beneficiaries, while interviews provided valuable insights from project managers overseeing the clearing initiative.

The gaps

I found that the project faced a number of challenges.

Firstly, there was inconsistency in the number of workdays participants were assigned. Given that public works projects aim to alleviate poverty – primarily through stipends – budget cuts forced managers to focus on retaining beneficiaries to ensure they could at least feed themselves. This often meant reducing the number of workdays (from the required 230 days to just 100 days) and scaling back skills training.

Secondly, there were shortcomings in the quality and availability of the skills training they received. Many of the courses offered were short-term or specific to invasive plant clearing, including herbicide application, brush cutter operation and firefighting. This meant it wasn’t relevant to the labour market.

In the Northern Cape, the economy hinges on industries like mining, agriculture, manufacturing and construction. In mining, for example, knowledge of machinery operation, safety protocols and mine supervision is vital. Agriculture needs workers skilled in sustainable farming, irrigation techniques and equipment operation. Manufacturing needs expertise in production line management, welding and machinery operation. Construction projects require workers proficient in project management, site safety and heavy machinery operation.

Given the region’s tourism potential, customer service and tour guiding are valuable. Finally, fostering entrepreneurship through business management and financial literacy can empower individuals to create small businesses. In addition, soft skills such as communication, leadership and teamwork are essential across all sectors for long-term employability.

Many beneficiaries reported cycling through the Prosopis mesquite clearing project repeatedly, without gaining the work experience or skills needed to move into more sustainable jobs in the wider labour market.

Thirdly, budget cuts restricted the availability of resources for both training and work opportunities.

As a result, the initiative fell short of providing participants with the tools necessary for long-term economic success. Their prospects were limited after the project’s conclusion.

Given the findings of my research study, the programme requires a shift in focus and changes need to be made.

What needs to be done

Firstly, funding for projects needs to be consistent. Secondly, training needs to be aligned with labour market needs. And thirdly, there needs to be a structured system for tracking long-term outcomes on the beneficiaries’ livelihoods following their participation.

Without a system to track outcomes, it’s difficult to assess whether the project is equipping participants with skills for employment in the sectors that are driving the local economy.

With these changes the programme can transition from a short-term employment solution to a sustainable intervention that equips beneficiaries with useful, transferable skills that are applicable to a range of sectors. This would ultimately improve their prospects for stable employment and long-term economic security, provided those jobs are available.

Sinazo Ntsonge received funding from the NRM WfW programme, which was administered by the Centre of Excellence for Invasion Biology (CIB) at Stellenbosch University.

– ref. South Africa’s ‘working for water’ programme is meant to lead to skills and jobs: why it’s failing – https://theconversation.com/south-africas-working-for-water-programme-is-meant-to-lead-to-skills-and-jobs-why-its-failing-248694

MIL OSI – Global Reports –

February 24, 2025
MIL-OSI Africa: South Africa’s ‘working for water’ programme is meant to lead to skills and jobs: why it’s failing

Source: The Conversation – Africa – By Sinazo Ntsonge, PhD Graduate, Department of Economics and Economic History, Rhodes University, Rhodes University

South Africa’s Expanded Public Works Programme is part of its social safety net. It complements the country’s social grants system, which has over 28 million recipients.

The public works programme helps fill a gap for people who fall outside the grant system, especially those who need work experience and skills training if they’re to get a job. These include unemployed young people, women and people with disabilities.

One of the programmes under its umbrella is the Working for Water programme, which was launched in 1995. It was intended to control invasive alien plants so as to conserve water resources, and provide short-term employment and training for people not covered by the grants safety net.

Since its inception, the programme, alongside other interventions targeted at the environment, has created over 200,000 person years of employment – the total number of days people were afforded work. More than half of these employment opportunities have been held by women, and more than 60% by young people under the age of 35 years.

In my PhD research, I examined one of its flagship projects to assess its impact on the long-term livelihoods of beneficiaries. My aim was to determine whether the programme was achieving its intended role as a social protection mechanism.

I found that the way the project was designed limited its potential to foster long-term livelihoods for participants. Long-term livelihoods are defined as the ability to achieve lasting economic stability and growth beyond the scope of the project itself.

One key issue was the inconsistency in the number of workdays participants were assigned, as well as the quality and availability of the skills training they received. Specifically, the training lacked regularity and did not always align with market demands. It left participants without the practical, job-ready skills needed for sustained employment.

This problem was compounded by budget cuts.

Based on my findings, I propose key changes to improve the programme’s effectiveness: the provision of consistent funding and training that’s aligned to labour market needs.

The project

The project I looked at tackles the clearing of invasive Prosopis mesquite trees in the Northern Cape. This has involved clearing nearly 314,580 hectares of invaded land in that province.

Spanning from 2004 to 2018, the project supported over 9,000 beneficiaries across three phases. In phase I (2004–2008), 2,411 people participated; in phase II (2009–2013), 2,861; and in phase III (2014–2018), 3,756.

The project targeted youth, women and people with disabilities. Beneficiaries were spread across various age groups: 36–64 years in phase I, 22–35 and 36–64 years in phase II, and 18–35 years in phase III.

Participants were paid monthly stipends which ranged from R2,900 to R5,000, which is equivalent to approximately US$157 to US$271 – higher than most South African social grants. For comparison, the disability social grant is R2,180 (US$118), the older person’s grant is R2,200 (US$119), the foster child grant is R1,180 (US$64), and the child support grant is R530 (US$28).

I developed an evaluation framework to assess the programme’s impact on the long-term livelihoods of beneficiaries.

The study was carried out over 14 days in 2020, coinciding with the height of the COVID-19 pandemic. With health restrictions in place, the research had to pivot from planned in-person interviews and focus groups to virtual interviews with key stakeholders and an online survey of beneficiaries. The survey gathered data from 33 beneficiaries, while interviews provided valuable insights from project managers overseeing the clearing initiative.

The gaps

I found that the project faced a number of challenges.

Firstly, there was inconsistency in the number of workdays participants were assigned. Given that public works projects aim to alleviate poverty – primarily through stipends – budget cuts forced managers to focus on retaining beneficiaries to ensure they could at least feed themselves. This often meant reducing the number of workdays (from the required 230 days to just 100 days) and scaling back skills training.

Secondly, there were shortcomings in the quality and availability of the skills training they received. Many of the courses offered were short-term or specific to invasive plant clearing, including herbicide application, brush cutter operation and firefighting. This meant it wasn’t relevant to the labour market.

In the Northern Cape, the economy hinges on industries like mining, agriculture, manufacturing and construction. In mining, for example, knowledge of machinery operation, safety protocols and mine supervision is vital. Agriculture needs workers skilled in sustainable farming, irrigation techniques and equipment operation. Manufacturing needs expertise in production line management, welding and machinery operation. Construction projects require workers proficient in project management, site safety and heavy machinery operation.

Given the region’s tourism potential, customer service and tour guiding are valuable. Finally, fostering entrepreneurship through business management and financial literacy can empower individuals to create small businesses. In addition, soft skills such as communication, leadership and teamwork are essential across all sectors for long-term employability.

Many beneficiaries reported cycling through the Prosopis mesquite clearing project repeatedly, without gaining the work experience or skills needed to move into more sustainable jobs in the wider labour market.

Thirdly, budget cuts restricted the availability of resources for both training and work opportunities.

As a result, the initiative fell short of providing participants with the tools necessary for long-term economic success. Their prospects were limited after the project’s conclusion.

Given the findings of my research study, the programme requires a shift in focus and changes need to be made.

What needs to be done

Firstly, funding for projects needs to be consistent. Secondly, training needs to be aligned with labour market needs. And thirdly, there needs to be a structured system for tracking long-term outcomes on the beneficiaries’ livelihoods following their participation.

Without a system to track outcomes, it’s difficult to assess whether the project is equipping participants with skills for employment in the sectors that are driving the local economy.

With these changes the programme can transition from a short-term employment solution to a sustainable intervention that equips beneficiaries with useful, transferable skills that are applicable to a range of sectors. This would ultimately improve their prospects for stable employment and long-term economic security, provided those jobs are available.

– South Africa’s ‘working for water’ programme is meant to lead to skills and jobs: why it’s failing
– https://theconversation.com/south-africas-working-for-water-programme-is-meant-to-lead-to-skills-and-jobs-why-its-failing-248694

MIL OSI Africa –

February 24, 2025
MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation, Shri Amit Shah addresses the valedictory function of Diamond Jubilee Celebrations of Janata Sahakari Bank Limited in Pune, Maharashtra

Source: Government of India (2)

Union Home Minister and Minister of Cooperation, Shri Amit Shah addresses the valedictory function of Diamond Jubilee Celebrations of Janata Sahakari Bank Limited in Pune, Maharashtra

Revered Shri Moropant Pingale, by establishing Janata Sahakari Bank, sowed a seed that has now grown into a banyan tree, connecting 10 lakh people

Janata Sahakari Bank has realised the concept of ‘big bank for small people’

Today, the bank’s deposits exceed ₹9,600 crore, which reflects the trust people have in the bank

The only way to develop one’s family and contribute to the country’s progress without capital is through cooperation

In the past 3 years, the Modi government has worked on making the cooperative model marketable and has provided direction for cooperative development

The concept of setting up a cooperative clearing house for the first time in the country is set to be completed within the next 2 years

After the formation of the umbrella organization, the clearing of cooperative banks located in any part of the country will be done through cooperative banks themselves

Posted On: 22 FEB 2025 7:09PM by PIB Delhi

Union Home Minister and Minister of Cooperation Shri Amit Shah addressed the valedictory function of Diamond Jubilee celebrations of Janata Sahakari Bank Limited in Pune Maharashtra today. Union Minister of State for Cooperation, Shri Murlidhar Mohol and several other dignitaries including the Chief Minister of Maharashtra, Shri Devendra Fadnavis, Deputy Chief Ministers of the state, Shri Eknath Shinde and Shri Ajit Pawar were present, on the occasion.

In his address, Union Home Minister and Minister of Cooperation Shri Amit Shah said that the trust earned by Janata Sahakari Bank is a matter of pride for all of us. He said that Janata Sahakari Bank was established by revered Shri Moropant Pingale, a prominent thinker and renowned RSS worker, who lived a selfless life and never backed out of any challenge. Shri Shah said that the seed sown by Shri Moropant in the form of establishment of this bank has now grown into a huge banyan tree, connecting 10 lakh people. He said that it is a testament of the strength and good conduct of the organization. He further stated that Janata Sahakari Bank has sent a positive message across the country, showing that there is no limit for any institution’s progress when it works with transparency, dedication, and integrity.

Union Home Minister and Minister of Cooperation said that Prime Minister Shri Narendra Modi has made two resolutions before the nation – to make India a fully developed nation by 2047 and to make the country a 5 trillion-dollar economy by 2027. He mentioned that without the development of the cooperative sector, these resolutions will remain incomplete. He emphasized that if the development of every individual and prosperity in every home do not take place, then these two resolutions could remain unfulfilled. Shri Shah said that providing work to every person according to their abilities and connecting them with the country’s development to make every family prosperous is only possible through a cooperative movement.

Shri Amit Shah said that the mantra of the Ministry of Cooperation given by Prime Minister Shri Narendra Modi is ‘Sahakar se Samriddhi’. He said that Prime Minister Shri Narendra Modi has provided many basic facilities tocrores of people of the country during the last 10 years. He further stated that now these people want to contribute for the development of the country. He emphasized that the only way to develop one’s family and contribute to the country’s progress without capital is through cooperation. Shri Shah remarked that the essence of cooperation is pooling together small amounts of capital to achieve something large. He highlighted that Janata Sahakari Bank is a prime example of this, as it has made the concept of ‘big bank for small people’.

The Union Minister of Cooperation said that the Modi government has given specialimpetus to the cooperative movement in the last 3 years. He said that India’s model of cooperatives has been made marketable, and the Modi Government is bringing the Cooperative University Bill to empower our youth with cooperative education. He also stated that the government wants to integrate cooperative innovation and make it a driving force for the country’s development. He added Prime Minister Modihas played a key role in providing the right direction to cooperative development.

Shri Amit Shah said that embracing the newer technologies by the cooperatives is imperative for continued growth. He said that there are a total of 1465 Urban Cooperative Banks in the country out of which 460 are in Maharashtra alone. He said that an umbrella organization for Urban Cooperative Banks, National Urban Co-operative Finance and Development Corporation (NUCFDC), was under consideration for a long time and now the work has been completed to mobilize an amount of Rs. 300 crore for this organization. Shri Shah said that this umbrella organization will be able to provide all kinds of support to the cooperative banks. He said that for the first time, a clearing house for Cooperative Banks has been envisaged in the country which is set to be completed in the next 2 years.

Union Home Minister and Minister of Cooperation said that under the leadership of Prime Minister Modi, the Ministry of Cooperation has taken several steps to enhance the business of urban cooperative banks. He mentioned that Aadhaar-enabled payment system has been opened for cooperative banks, the limits for gold loans and housing loans have been enhanced, and a provisionfor one-time loan settlement has been introducedfor cooperative banks. He further added that after the formation of an umbrella organization, clearing for any cooperative bank located anywhere in the country will be done through cooperative banks themselves. Shri Shah also stated that to address the growing competition from nationalized banks, small financing banks, and NBFCs, the Government is setting up a monitoring committee to strengthen governance and incorporate technological innovations in Cooperative Banks.

Shri Amit Shah said that after its establishment in 1949, Janata Sahakari Bank became a scheduled cooperative bank in 1988, adopted core banking in 2005, became a multi-state scheduled cooperative bank in 2012, and also got the honor of starting the country’s first cooperative demat institution. He mentioned that with 71 branches, 2 extension counters, 1,75,000 members, and over 10 lakh satisfied customers, this is not just a bank, but a large family. He stated that today, the bank’s deposit exceeds ₹9,600 crore, which reflects the trust people have in the bank. Shri Shah also highlighted that Janata Sahakari Bank has never backed out, be it in terms of social service, during Latur earthquake, or the Kolhapur-Sangli floods, or the COVID-19 pandemic.

*****

RK/VV/ASH/PS

(Release ID: 2105536) Visitor Counter : 66

Read this release in: Hindi

MIL OSI Asia Pacific News –

February 24, 2025
MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation, Shri Amit Shah, chairs 27th meeting of the Western Zonal Council in Pune, Maharashtra

Source: Government of India (2)

Union Home Minister and Minister of Cooperation, Shri Amit Shah, chairs 27th meeting of the Western Zonal Council in Pune, Maharashtra

Prime Minister Shri Narendra Modi’s Whole of Government approach is not just a mantra but a culture

In the Modi government, Zonal Councils have been established as a strategic decision-making platform, surpassing their traditional role as formal institutions

The government’s goal is to ensure bank branches or postal banking facilities are available within a three-kilometer radius in every village across the country

Home Minister urges states to take the issues of malnutrition and stunting in children very seriously and implement all possible measures to address them

All states should launch a large-scale awareness campaign to connect farmers with the app designed to facilitate the sale of pulses to the Government of India at MSP

Topics of digital infrastructure and cyber crime will also be included in the purview of the Inter State Council

Posted On: 22 FEB 2025 6:53PM by PIB Delhi

Union Home Minister and Minister of Cooperation, Shri Amit Shah, chaired the 27th meeting of the Western Zonal Council in Pune, Maharashtra today. The meeting was attended by several dignitaries including Chief Ministers of Maharashtra, Gujarat and Goa, Administrator of Dadra and Nagar Haveli and Daman and Diu and Deputy Chief Minister of Maharashtra. The Union Home Secretary, Secretary, Inter State Council Secretariat, Secretary, Ministry of Cooperation, Chief Secretaries of States of Western Region, and other senior officials of State and Union Ministries and Departments also attended the meeting.

In his address, Shri Amit Shah stated that while the role of zonal councils are advisory in nature, in recent years, these meetings have evolved into a platform for sharing best practices adopted by various states and showcasing significant national-level achievements. He emphasized that through zonal council meetings, the country has successfully fostered inclusive solutions and holistic development, driven by dialogue, engagement, and collaboration.

Union Home Minister and Minister of Cooperation said that Prime Minister Shri Narendra Modi’s Whole of Government approach has transformed from a mantra into a guiding culture. He emphasized that the Zonal Councils have been established as a strategic decision-making platform, surpassing their traditional role as a formal institutions. Through this platform, several significant and transformative decisions have been made, particularly in the meetings of the Eastern Zonal Council. He further highlighted that these meetings have facilitated the exchange of innovative solutions and efforts to resolve long-standing issues in a comprehensive and integrated manner.

The Home Minister emphasized the Western region’s critical role in the country’s economy, noting that it accounts for more than half of India’s trade with the world. He highlighted that the Northern and Central regions also rely on the Western region for global trade. Shri Amit Shah pointed out that key infrastructure, including ports and urban development facilities in the Western region, serves not only its states but also others like Jammu & Kashmir, Madhya Pradesh, and Rajasthan. He further stated that the Western region contributes 25% to the nation’s Gross Domestic Product (GDP) and is home to industries where 80 to 90% of operations take place. Given its economic significance, he described the Western region as a benchmark for balanced and holistic development across the country.

Shri Amit Shah underlined that since Shri Narendra Modi became Prime Minister in 2014, the Zonal Councils have evolved from mere formal institutions into dynamic platforms driving meaningful change. He highlighted a significant increase in their activity, noting that from 2004 to 2014, only 25 meetings were held, whereas from 2014 to February 2025, despite the challenges posed by the Covid-19 pandemic, a total of 61 meetings took place—an increase of 140%. Similarly, he pointed out that while 469 topics were discussed between 2004 and 2014, the number rose to 1,541 from 2014 to February 2025, reflecting a 170% surge. In terms of issue resolution, only 448 cases were settled in the earlier decade, compared to 1,280 in the last ten years.

Shri Amit Shah said that the government is steadily moving towards achieving 100% targets in subject areas mentioned in the puview of Zonal Council meetings. He highlighted significant progress in expanding financial access, noting that the goal of establishing bank branches or postal banking facilities within 05 kilometers of every village has almost been accomplished. In today’s meeting, a new target was set to further reduce this distance to 03 kilometers, ensuring even greater accessibility. He emphasized that this achievement, made possible through the cooperation of all states, is a significant milestone and a source of collective satisfaction.

Shri Amit Shah acknowledged that the states in the western zone are among the most prosperous in the country. However, he expressed concern over the prevalence of Malnutrition and Stunting among children and citizens in these states. He urged the Chief Ministers, Ministers, and Chief Secretaries of the western zone to prioritize eliminating malnutrition to improve overall health. He emphasized that good health is not solely dependent on medicines and hospitals; rather, efforts should be made to ensure that children and citizens do not require them in the first place. The Home Minister stressed the need for serious attention to the problem of stunting in children and called for all possible measures to resolve it. Additionally, he highlighted the importance of reducing school dropout rates and enhancing the quality of education.

Union Home Minister expressed concern over the import of pulses and emphasized the need to boost domestic production. He noted that while farmers previously faced difficulties in getting fair prices for pulses, the government has now developed a mobile app that enables the direct purchase of 100% of their produce at the Minimum Support Price (MSP). He urged the western states to actively promote this app and encourage farmer registrations, ensuring fair pricing and contributing to the country’s self-sufficiency in pulse production.

Highlighting Prime Minister Shri Narendra Modi’s vision of ‘Sahkar se Samriddhi’, Shri Amit Shah emphasized that cooperation is the key to achieving 100% employment in the country. He stressed the importance of strengthening Primary Agricultural Credit Societies (PACS), making them multi-dimensional, and effectively implementing more than 56 initiatives designed to realize the full potential of ‘Sahkar se Samriddhi’. He urged Maharashtra, Gujarat, and Goa to take all necessary steps to build a robust cooperative infrastructure at the grassroots level.

Referring to the implementation of three new criminal laws, the Union Home Minister emphasized that it is now time to ensure that citizens receive 100% of the constitutional rights granted to them. He further stated that in the coming days, issues related to digital infrastructure and cybercrime will also be brought under the purview of the Inter State Council. He urged the states to proactively prepare for these developments.

Shri Amit Shah emphasized the importance of leveraging current efforts and a well-defined roadmap to drive the long-term economic development of both the country and individual states. He stressed the need to maximize growth potential by utilizing the strategic platform of regional councils to achieve 100% development objectives.

A total of 18 issues were discussed in the 27th meeting of the Western Zonal Council. In the meeting, some important issues related to the member states and the country as a whole was discussed in detail. These include land transfer, mining, speedy investigation of rape cases against women and children, implementation of Fast Track Special Courts (FTSC) scheme for speedy disposal of rape and POCSO Act cases, implementation of Emergency Response Support System (ERSS-112), bank branches/postal banking facility in every village, issues related to railway project and food security norms etc.

Apart from these, 6 issues of national importance were also discussed, which include – urban master plan and affordable housing, electricity operation/supply, eliminating malnutrition in children through Poshan Abhiyan, reducing drop-out rate of school children, participation of government hospitals in Ayushman Bharat-Pradhan Mantri Jan Arogya Yojana, strengthening Primary Agricultural Credit Societies (PACS). Best practices adopted by Member States/UTs were also shared in the meeting.

In his address during the meeting, Union Home Minister and Minister of Cooperation described Pune as the cultural capital not just of Maharashtra but of the entire country. He highlighted Pune’s historical significance, noting that Chhatrapati Shivaji Maharaj, the great Peshwas, and Lokmanya Bal Gangadhar Tilak played pivotal roles in shaping the nation’s direction across various fields. He also expressed gratitude to Maharashtra’s Chief Minister, Shri Devendra Fadnavis, for successfully organizing the meeting and ensuring excellent arrangements.

*****

RK/VV/PR/PS

(Release ID: 2105532) Visitor Counter : 105

MIL OSI Asia Pacific News –

February 24, 2025
MIL-Evening Report: Falling vaccination rates put children at risk of preventable diseases. Governments need a new strategy to boost uptake

Source: The Conversation (Au and NZ) – By Peter Breadon, Program Director, Health and Aged Care, Grattan Institute

Yuri A/Shutterstock

Child vaccination is one of the most cost-effective health interventions. It accounts for 40% of the global reduction in infant deaths since 1974 and has led to big health gains in Australia over the past two decades.

Australia has been a vaccination success story. Ten years after we begun mass vaccination against polio in 1956, it was virtually eliminated. Our child vaccination rates have been among the best in the world.

But after peaking in 2020, child vaccination in Australia is falling. Governments need to implement a comprehensive strategy to boost vaccine uptake, or risk exposing more children to potentially preventable infectious diseases.

Child vaccination has been a triumph

Thirty years ago, Australia’s childhood vaccination rates were dismal. Then, in 1997, governments introduced the National Immunisation Program to vaccinate children against diseases such as diphtheria, tetanus, and measles.

Measures to increase coverage included financial incentives for parents and doctors, a public awareness campaign, and collecting and sharing local data to encourage the least-vaccinated regions to catch up with the rest of the country.

What followed was a public health triumph. In 1995, only 52% of one-year-olds were fully immunised. By 2020, Australia had reached 95% coverage for one-year-olds and five-year-olds. At this level, it’s difficult even for highly infectious diseases, such as measles, to spread in the community, protecting both the vaccinated and unvaccinated.

By 2020, 95% of children were vaccinated.
Drazen Zigic/Shutterstock

Gaps between regions and communities closed too. In 1999, the Northern Territory’s vaccination rate for one-year-olds was the lowest in the country, lagging the national average by six percentage points. By 2020, that gap had virtually disappeared.

The difference between vaccination rates for First Nations children and other children also narrowed considerably.

It made children healthier. The years of healthy life lost due to vaccine-preventable diseases for children aged four and younger fell by nearly 40% in the decade to 2015.

Some diseases have even been eliminated in Australia.

Our success is slipping away

But that success is at risk. Since 2020, the share of children who are fully vaccinated has fallen every year. For every child vaccine on the National Immunisation Schedule, protection was lower in 2024 than in 2020.

Gaps between parts of Australia are opening back up. Vaccination rates in the highest-coverage parts of Australia are largely stable, but they are falling quickly in areas with lower vaccination.

In 2018, there were only ten communities where more than 10% of one-year-old children were not fully vaccinated. Last year, that number ballooned to 50 communities. That leaves more areas vulnerable to disease and outbreaks.

While Noosa, the Gold Coast Hinterland and Richmond Valley (near Byron Bay) have persistently had some of the country’s lowest vaccination rates, areas such as Manjimup in Western Australia and Tasmania’s South East Coast have recorded big declines since 2018.

Missing out on vaccination isn’t just a problem for children.

One preprint study (which is yet to be peer-reviewed) suggests vaccination during pregnancy may also be declining.

Far too many older Australians are missing out on recommended vaccinations for flu, COVID, pneumococcal and shingles. Vaccination rates in aged care homes for flu and COVID are worryingly low.

What’s going wrong?

Australia isn’t alone. Since the pandemic, child vaccination rates have fallen in many high-income countries, including New Zealand, the United Kingdom and the United States.

Globally, in 2023, measles cases rose by 20%, and just this year, a measles outbreak in rural Texas has put at least 13 children in hospital.

Alarmingly, some regions in Australia have lower measles vaccination than that Texas county.

The timing of trends here and overseas suggests things shifted, or at least accelerated, during the pandemic. Vaccine hesitancy, fuelled by misinformation about COVID vaccines, is a growing threat.

This year, vaccine sceptic Robert F. Kennedy Jr was appointed to run the US health system, and Louisiana’s top health official has reportedly cancelled the promotion of mass vaccination.

In Australia, a recent survey found 6% of parents didn’t think vaccines were safe, and 5% believed they don’t work.

Those concerns are far more common among parents with children who are partially vaccinated or unvaccinated. Among the 2% of parents whose children are unvaccinated, almost half believe vaccines are not safe for their child, and four in ten believe vaccines didn’t work.

Other consequences of the pandemic were a spike in the cost of living, and a health system struggling to meet demand. More than one in ten parents said cost and difficulty getting an appointment were barriers to vaccinating their children.

There’s no single cause of sliding vaccination rates, so there’s no one solution. The best way to reverse these worrying trends is to work on all the key barriers at once – from a lack of awareness, to inconvenience, to lack of trust.

What governments should do

Governments should step up public health campaigns that counter misinformation, boost awareness of immunisation and its benefits, and communicate effectively to low-vaccination groups. The new Australian Centre for Disease Control should lead the charge.

Primary health networks, the regional bodies responsible for improving primary care, should share data on vaccination rates with GPs and pharmacies. These networks should also help make services more accessible to communities who are missing out, such as migrant groups and disadvantaged families.

State and local governments should do the same, sharing data and providing support to make maternal child health services and school-based vaccination programs accessible for all families.

Governments can communicate better about the benefits of vaccination.
Yuri A/Shutterstock

Governments should also be more ambitious about tackling the growing vaccine divides between different parts of the country. The relevant performance measure in the national vaccination agreement is weak. States must only increase five-year-old vaccination rates in four of the ten areas where it is lowest. That only covers a small fraction of low-vaccination areas, and only the final stage of child vaccination.

Australia needs to set tougher goals, and back them with funding.

Governments should fund tailored interventions in areas with the lowest rates of vaccination. Proven initiatives include training trusted community members as “community champions” to promote vaccinations, and pop-up clinics or home visits for free vaccinations.

At this time of year, childcare centres and schools are back in full swing. But every year, each new intake has less protection than the previous cohort. Governments are developing a new national vaccination strategy and must seize the opportunity to turn that trend around. If it commits to a bold national plan, Australia can get back to setting records for child vaccination.

Grattan Institute has been supported in its work by government, corporates, and philanthropic gifts. A full list of supporting organisations is published at www.grattan.edu.au.

Wendy Hu does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment. Grattan Institute has been supported in its work by government, corporates, and philanthropic gifts. A full list of supporting organisations is published at www.grattan.edu.au.

– ref. Falling vaccination rates put children at risk of preventable diseases. Governments need a new strategy to boost uptake – https://theconversation.com/falling-vaccination-rates-put-children-at-risk-of-preventable-diseases-governments-need-a-new-strategy-to-boost-uptake-249591

MIL OSI Analysis – EveningReport.nz –

February 24, 2025
MIL-OSI Global: Measles: A resurgent threat in Canada
Source: The Conversation – Canada – By Ruchika Gupta, Assistant Professor and Medical Microbiologist, Department of Pathobiology and Lab Medicine, LHSC and Schulich School of Medicine and Dentistry, Western University

The resurgence of measles in Canada is a stark reminder that we cannot take public health achievements for granted. (CDC and NIAID), CC BY

In the landscape of public health, few stories are as compelling as the unexpected return of a disease we once thought was conquered. Measles, a highly contagious viral infection formally considered eliminated from Canada in 1998, is making a surprising comeback, challenging our public health systems and communities at large.

The rising numbers of measles cases are a concern as they represent real people and real risks. The current measles situation in Canada is a public health challenge and a critical moment for awareness and action. From urban centres like Toronto and Montréal to smaller communities across the provinces, an emerging pattern demands attention and understanding.

Outbreaks in Canada

Current measles outbreaks in Canada are primarily affecting Ontario and Québec. In Ontario, 57 confirmed cases have been documented in 2025, as of Feb. 13. Meanwhile, Québec is experiencing its second outbreak, with 24 confirmed cases reported this year, as of Feb. 21. An earlier outbreak in Québec involved 51 cases from February to June 2024.

This resurgence can be attributed to several factors, including declining vaccination rates, international travel reintroducing the virus into Canada and the highly contagious nature of measles.

Vaccination rates for the measles, mumps and rubella (MMR) vaccine have dropped to approximately 82.5 per cent, a significant decline observed during the COVID-19 pandemic. This reduction has created a population of highly susceptible individuals, undermining community immunity — commonly referred to as herd immunity — which requires a vaccination coverage of 95 per cent to effectively prevent outbreaks.

How measles spreads

Measles is also one of the most contagious infectious diseases, with a basic reproduction number (R₀) of 12–18. This means that, in a fully susceptible population, one case of measles can lead to an average of 12–18 secondary cases. For the current outbreak, although the initial source was linked to international travel, the majority of cases are now the result of local transmission within Canada, highlighting the importance of maintaining high vaccination coverage and swift public health interventions.

Measles is a highly contagious airborne disease that spreads easily through respiratory droplets. When an infected person breathes, coughs or sneezes, they release virus particles into the air. These particles can remain infectious for up to two hours, even after the person has left the area. What makes measles particularly challenging to control is its extended period of contagiousness.

An infected individual can spread the virus from four days before the characteristic rash appears until four days after its onset. This means people can unknowingly transmit the disease before they even realize they’re infected.

The virus’s ability to spread before symptoms appear, combined with its long contagious period, makes it difficult to contain outbreaks once they begin. This is why maintaining high vaccination rates across the population is crucial. It’s not just about individual protection, but about safeguarding the entire community, especially those who cannot be vaccinated due to age or medical conditions.

While anyone who isn’t immune either through vaccination or previous infection can contract measles, certain groups — including pregnant women, immunocompromised patients and unvaccinated children under age five — are at higher risk of complications including pneumonia and brain swelling.

Protecting individuals and communities

The measles, mumps and rubella (MMR) vaccine is safe and highly effective, with two doses providing up to 99 per cent protection.
(Shutterstock)

The message from health-care providers is clear: vaccination is the most effective way to prevent measles. Here’s what you can do:
1. Ensure vaccination is up to date: The measles vaccine is typically combined with mumps and rubella (MMR) or with varicella (MMRV). Two doses of the vaccine are 99 per cent effective at preventing infection.
2. Check your immunization records: If you’re unsure about your vaccination status, consult your health-care provider or check your Personal Immunization Record.
3. Vaccinate children on schedule: In Ontario, children receive two doses of the measles vaccine before age seven as part of routine vaccinations.
4. Consider early vaccination for infants: In areas with ongoing outbreaks, infants as young as six months may be eligible for early vaccination. Contact your health-care provider before travel for their advice.
  Plan ahead for travel: If you’re traveling internationally, consult a health-care provider at least six weeks before your trip to review your immunization history.
5. Be aware of the symptoms: high fever, cough, runny nose, red eyes and a characteristic rash.
If you suspect you or someone in your family has measles, call your health-care provider before visiting a medical facility. This allows them to take necessary precautions to prevent further spread.

Vaccination is our most effective tool against measles. The MMR vaccine is safe and highly effective, with two doses providing up to 99 per cent protection. By maintaining high vaccination rates across our communities, we can prevent outbreaks and protect those who can’t be vaccinated due to age or medical conditions. As we navigate this situation, it’s crucial to stay informed and follow public health guidelines. Together, we can work to contain these outbreaks and protect the health of all Canadians.

The resurgence of measles in Canada is a stark reminder that we cannot take our public health achievements for granted. Vaccination has been one of the most successful public health interventions in history, saving millions of lives. By working together — health-care providers, parents and communities — we can turn the tide on this resurgence and protect our most vulnerable populations from this preventable disease.

Measles is not just a childhood illness or a simple rash. It’s a serious disease with potentially severe complications. But with vigilance, education and a commitment to vaccination, we can once again push measles to the brink of elimination in Canada. The health of our communities depends on it.

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

– ref. Measles: A resurgent threat in Canada – https://theconversation.com/measles-a-resurgent-threat-in-canada-249932
MIL OSI – Global Reports –
February 24, 2025

Category: Pandemic

Lower average petrol prices in other capital cities and in regional locations

Average petrol gross indicative retail differences increased

Average diesel prices were lower in all capital cities, reflecting international trends

More consumers are using fuel price apps

Note to editors

Background

Professor Sir Ian Chapman appointed next CEO of UK Research and Innovation with renewed focus on economic growth

Notes to editors

Share this page

Updates to this page

Bill Summary

Estimated Federal Cost

Basis of Estimate

Direct Spending and Revenues

Spending Subject to Appropriation

Pay-As-You-Go Considerations

Increase in Long-Term Net Direct Spending and Deficits

Mandates

Estimate Reviewed By

Delivery driver who spent Covid funds on drugs and gambling also withdrew cash for home renovations just before he went bankrupt

Further information

Share this page

Updates to this page

The project

The gaps

What needs to be done

The project

The gaps

What needs to be done

Union Home Minister and Minister of Cooperation, Shri Amit Shah, chairs 27th meeting of the Western Zonal Council in Pune, MaharashtraPrime Minister Shri Narendra Modi’s Whole of Government approach is not just a mantra but a culture

Child vaccination has been a triumph

Our success is slipping away

What’s going wrong?

What governments should do

Outbreaks in Canada

How measles spreads

Protecting individuals and communities

Union Home Minister and Minister of Cooperation, Shri Amit Shah, chairs 27th meeting of the Western Zonal Council in Pune, Maharashtra

Prime Minister Shri Narendra Modi’s Whole of Government approach is not just a mantra but a culture