MIL-OSI USA: Heinrich, Luján Statement on President Trump’s 2026 Budget Request

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)
Heinrich and Luján: “Donald Trump and Elon Musk’s budget will further tank the economy and throw working families under the bus. As New Mexico’s senators, we’ll fight back”
WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Appropriations Committee, and U.S. Senator Ben Ray Luján (D-N.M.) released the following statement onPresident Trump’s Fiscal Year 2026 (FY26) Preliminary Budget Request, which proposes slashing critical investments that benefit New Mexico families to fund massive tax cuts for billionaires like Elon Musk:
“Donald Trump’s budget doesn’t put New Mexico families first — it jeopardizes Medicaid and slashes nutrition programs and services hardworking people rely on, all to fund massive tax handouts to Trump, Elon Musk, and their billionaire donors.
“This proposal would drive up the cost of health care, groceries, housing, and utilities; gut public school and pre-K funding; defund cancer research; weaken law enforcement’s ability to fight drug trafficking; and strip resources from wildland firefighters, farmers, Tribes, and rural communities. It also threatens our public lands — paving the way for Republicans’ massive sell-off.
“Donald Trump and Elon Musk’s budget will further tank the economy and throw working families under the bus. As New Mexico’s senators, we’ll fight back — to protect Medicaid and Social Security, defend every dollar we’ve secured for our communities, and keep putting New Mexico families first.”
Among all of his proposed cuts, President Trump’s Fiscal Year 2026 (FY26) Preliminary Budget Request:
HEALTH:
Slashes funding for the U.S. Department of Health and Human Services (HHS) by $33 billion (-26%).
Slashes funding for the Centers for Medicare and Medicaid Services (CMS) by $674 million. CMS helps ensure over 100 million Americans have access to affordable, high-quality health insurance by overseeing Medicare, Medicaid, the Children’s Health Insurance Program (CHIP), and Affordable Care Act marketplaces.
Cuts funding for the National Institutes of Health (NIH) by $18 billion or more than 40% — decimating funding for lifesaving medical treatments and cures.
Decimates funding for the Centers for Disease Control and Prevention (CDC) by cutting $3.6 billion — hollowing out the agency’s ability to save lives and protect Americans from health threats.
Guts funding for substance use prevention and treatment and mental health services by $1 billion (roughly –15%) and eliminates the Substance Abuse and Mental Health Services Administration — the agency with expertise in tackling the substance use and mental health crises.
Eliminates the Title X program, which helps nearly 3 million patients get preventative care, birth control, cancer screenings, and more in every state.
EDUCATION:
Guts funding for the U.S. Department of Education by $12 billion (-15%).
Eliminates all funding for Preschool Development Grants, which help states strengthen their early childhood education system and get parents the child care and pre-K they need.
Eliminates and cuts dozens of elementary and secondary education programs (the vast majority of which are not specified), underscoring that President Trump’s vision for returning education to the states means state and local taxpayers will pay more to support students and educators at their local schools as a result of major cuts in federal funding.
Eliminates several higher education programs, including TRIO, GEAR UP, Federal Work Study, Child Care Access Means Parents in Schools (CCAMPIS), and more, which help Americans pursue a postsecondary education and further their careers.
Slashes funding for the U.S. Department of Labor by $4.6 billion (-35%).
Proposes to “Make America Skilled Again” by cutting workforce training programs that help Americans develop skills and secure good-paying jobs by roughly a third.
Eliminates Job Corps and the Senior Community Service Employment Program.
Eliminates AmeriCorps, which enables over 200,000 Americans to help serve communities across the country, including by responding to natural disasters, supporting veterans, fighting the opioid epidemic, helping older Americans age with dignity, and working in our schools, educating and supporting students.
HOUSING:
Eviscerates the U.S. Department of Housing and Urban Development (HUD) with a 43.6% cut.
Slashes HUD rental assistance programs by 42.8% while foisting responsibility over those programs onto state and local governments. Over 10 million Americans rely on HUD rental assistance, the vast majority of whom are seniors, people with disabilities, and children. This will rip the roofs off Americans’ heads and put even more families at risk of homelessness.
Eliminates or cuts federal programs most targeted to build more affordable housing and address this country’s housing supply shortage, including in Tribal country.
Eliminates the Community Development Block Grant that cities and towns across the country use to improve the quality of life for their citizens every day.
PUBLIC SAFETY:
Slashes the U.S. Department of Justice’s (DOJ) budget by at least $3.7 billion (-10%).
Guts funding for grants to help keep communities safe by over $1 billion (-26%).
Cuts funding for Federal Bureau of Investigation (FBI) salaries and expenses by $545 million (-5%), endangering Americans’ safety.
Cuts funding for Drug Enforcement Agency (DEA) salaries and expenses by $212 million (-7%), weakening the agency’s capacity to crack down on drug trafficking. Also proposes shuttering major DEA offices in countries around the world, noting that those countries “are equipped to counter drug trafficking on their own.”
Cuts funding for the Bureau of Alcohol, Tobacco, Firearms and Explosives’ (ATF) salaries and expenses by $468 million (-29%) as part of the administration’s ongoing attempt to dismantle the agency in charge of enforcing our country’s gun laws.
Cuts $1.386 billion (-22%) from the U.S. Forest Service, gutting grant funding for state and Tribal wildfire risk reduction, volunteer fire departments, and much more. The proposal would cut at least 2,000 National Forest System staff positions, which will severely harm the administration’s stated goals of improving forest management.
Cuts funding for International Narcotics Control and Law Enforcement account by $1.3 billion (-91%) which helps prevent human trafficking, stop drug trafficking, and much more, with direct implications for American communities.
Proposes a reckless $209 million cut for NOAA’s weather satellites, which play a critical role in ensuring Americans have accurate weather forecasting and will result in a gap in observations when the current satellites retire early in the next decade.
NUTRITION:
Eliminates the Commodity Supplemental Food Program, which provides food assistance to low-income individuals 60 years of age and older to supplement diets and addressing potential nutrient deficiencies. The preliminary budget request does not mention any of the other 16 Nutrition Programs, including WIC, The Emergency Food Assistance Program (TEFAP), and the National School Lunch Program.
PUBLIC LANDS:
Cuts $900 million (- 30%) from National Park Service operations, abandoning national parks the administration says should now be transferred to the states, while providing no funding for states to manage massive new obligations that such a dramatic move would entail. This would incentivize states to sell off public lands to the highest bidder, threatening valued open space and areas of natural and historical value to local communities.
AGRICULTURE:
Guts funding for agricultural research, which is critical to ensuring American agriculture is competitive with the rest of the world and provides key resources to help farmers and ranchers prepare and adapt in an uncertain environment. Zeroes out foreign food aid that supports American farmers and is a lifeline for people living in extreme poverty across the world.
TRIBES:
Slashes $911 million (-24%) for core Tribal programs that uphold the federal government’s legally-obligated and court-ordered trust and treaty responsibilities to Tribal nations.
Decimates core Tribal programs, including road maintenance, housing, and programs for children and families.
Nearly eliminates funding for construction of Tribal schools, which are already too often dilapidated, and cuts Tribal law enforcement funding by 20%.
RURAL COMMUNITIES:
Slashes investments in core Rural Development programs by $721 million, including investments in safe drinking water, affordable housing, and resources to bolster the rural economy.
Cuts funding for the U.S. Department of Commerce by $1.9 billion (-18%). Outright eliminates the U.S. Economic Development Administration (EDA), which helps economically distressed communities across America get ahead.
Eliminates all Community Services Block Grant funding ($770 million) for community-based anti-poverty programs that help individuals and families access services to alleviate the causes of poverty.
Eliminates funding to 27 states by zeroing out funding for 6 of 7 regional commissions, which provide grants in economically distressed communities for disaster mitigation, opioid crisis support programming, workforce training, and much more. This includes eliminating the Southwest Border Regional Commission (SBRC).
The Southwest Border Regional Commission (SBRC) is one of eight authorized federal regional commissions and authorities, which are congressionally-chartered, federal-state partnerships created to promote economic development in their respective regions. Congress first authorized the establishment of the SBRC in 2008 to promote economic development in the southern border regions of New Mexico, Arizona, California, and Texas.
Last year, Heinrich secured an expansion of the SBRC’s jurisdiction to include the following counties in New Mexico: Bernalillo, Cibola, Curry, De Baca, Guadalupe, Roosevelt, Torrance, Lea, and Valencia. These are in addition to Catron, Grant, Hidalgo, Luna, Sierra, Socorro, Lincoln, Otero, Eddy, Doña Ana, and Chaves Counties in New Mexico, which are already included within the SBRC’s jurisdiction.
In 2023, Heinrich led the introduction of the Southwest Border Regional Commission Reauthorization Act, legislation to reauthorize and fully fund the Southwest Border Regional Commission (SBRC). The bill was cosponsored by U.S. Senators Ben Ray Luján (D-N.M.), Mark Kelly (D-Ariz.), Alex Padilla (D-Calif.), and former-U.S. Senators Kyrsten Sinema (I-Ariz.), and Laphonza Butler (D-Calif.).
INFRASTRUCTURE:
Cuts funding for the U.S. Bureau of Reclamation by $600 million (-34%), gutting investments in key restoration projects.
Cuts funding for the U.S. Army Corps of Engineers by $2 billion (-23%), slashing funding used to maintain our nation’s ports and harbors.
Cuts funding for Federal Emergency Management Agency (FEMA) non-disaster grants that help communities prepare for disasters, support efforts to prevent violence and terrorism, prepare emergency responders, and more.
Eliminates funding for the Corporation for Public Broadcasting, ending support for more than 1,500 local public television and radio stations.
Eliminates funding for the Institute of Museum and Library Services and the support provided to libraries and museums throughout the United States.
Cuts funding for the U.S. Environmental Protection Agency (EPA) by more than half by abandoning state and Tribal programs that build and maintain drinking water and sewer systems, starving states of longstanding federal funding provided to pay for states’ work enforcing federal laws, and decimating funding for cleaning up toxic Superfund sites. The request would also effectively eliminate research funding used to better understand the impacts on human health from polluted air and water and from toxic chemicals.
ENERGY:
Slashes funding for the Department of Energy overall by $4.7 billion (-9.4%).
Guts funding for Energy Efficiency and Renewable Energy programs by $2.572 billion (-74%) and proposes to rescind $15.25 billion from Infrastructure Law energy programs, which will raise energy costs for American consumers by halting vital innovation and energy projects.
Eliminates the Low Income Home Energy Assistance Program (LIHEAP), which helps 6 million American households heat and cool their homes.
ECONOMIC DEVELOPMENT:
Slashes funding for the Small Business Administration’s (SBA) Entrepreneurial Development Programs by $167 million, proposing the elimination of nearly all programs, including programs that support veterans as they work to start and grow a small business.
Eliminates $291 million in funding for all current Community Development Financial Institutions (CDFI) financial assistance awards, which help leverage private capital to support the development of child care centers, housing, health care facilities, and small businesses. Since 2010, CDFIs have financed over 1.3 million businesses and 557,000 affordable homes.
Completely eliminates the National Endowment for the Arts and the National Endowment for the Humanities, which provide funding for every state and every congressional district for cultural economic development and the creative economy.
Guts funding for the National Oceanic and Atmospheric Administration (NOAA) by $1.5 billion, which would eliminate all manner of programs that create good jobs, help local economies, and support ocean research, health, and coastal resilience.
More than halves funding for the National Science Foundation (NSF) with a $5.2 billion (-57%) cut. Cuts funding for the Department of Energy’s Office of Science by $1.148 billion (-14%). Together, these proposed cuts would decimate America’s edge in essential scientific research that would otherwise drive future economic growth.
FOREIGN ASSISTANCE:
Guts funding for the U.S. Department of State and America’s international security, economic, and humanitarian assistance programs by $31.2 billion (-48%).
Cuts funding for lifesaving and other humanitarian assistance by $4.7 billion (-54%), which will lead to preventable deaths and suffering across the globe, and threaten Americans’ safety and well-being by undercutting our efforts to stop disease outbreaks and prevent conflict. A cut of this magnitude will also lead to more migration of people fleeing poverty, conflict, and natural disasters.
Slashes economic growth and development funding across multiple agencies and accounts by $6 billion (67%) and proposes the final dissolution of the U.S. Agency for International Development (USAID).
Guts funding for global health initiatives by $6.2 billion (-62%).
Reneges on our treaty dues for the United Nations (U.N.), U.N. Peacekeeping operations, and a majority of other international organizations.
SPACE EXPLORATION:
Cuts National Aeronautics and Space Administration (NASA) funding by $6 billion (-24%), the largest single-year cut to NASA in U.S. history, which would mark an incredible retreat for American leadership and ambition in space. Terminates the Artemis Campaign to establish a human presence on the Moon after the Artemis III mission. Slashes funding for the Science Mission Directorate by $3.43 billion (-47%), which would cancel numerous current and planned missions to better understand our universe, solar system, and Earth.

MIL OSI USA News –

May 6, 2025

MIL-OSI Canada: Alberta Next: Albertans to decide path forward for the province

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Albertans have always been loyal, proud and generous Canadians.

We love Canada. We have fought wars and died defending Canada. We have opened our doors wide for millions of our fellow Canadians searching for opportunity – many of whom stay and become Albertan, and many who return home to their native province. All have been welcomed with open arms.

Our province has contributed hundreds of billions of dollars more to the federal treasury for use in other parts of the country than we’ll ever receive back in benefits. We have allowed this to occur because, quite frankly, we know how blessed our province is with an endowment of natural resources that no other country on earth possesses – and we want all of our friends, families and fellow Canadians across the country to benefit from it.

We do not ask for special treatment or handouts.

We just want to be free. Free to develop and export that incredible wealth of resources we have for the benefit of our families and future generations. Free to pursue opportunities with the ideals of entrepreneurship, hard work and innovation that have become synonymous with the name of our province. Freedom to choose how best to provide health care, education and other needed social services to our people – even if its done differently than what Ottawa has in mind.

Strong and Free is more than just our provincial motto – it represents who we are and how we want to live as a people.

And that is why Albertans are so frustrated with the direction of our country.

For the last 10 years, successive Liberal Governments in Ottawa – supported by their New Democrat allies – have unleashed a tidal wave of laws, policies and political attacks aimed directly at Alberta’s free economy – and in effect – against the future and livelihoods of our people.

They have blocked new pipelines with C-69, cancelled multiple oil and gas projects, and banned the very tanker ships needed to carry those resources to new markets.

They have stacked an oil and gas production cap on top of a crippling industrial carbon tax, making new energy and agricultural projects economically impossible to pursue without massive subsidies from governments – which Ottawa has failed to provide and which our taxpayers cannot afford.

This onslaught of anti-energy, anti-agriculture and anti-resource development policies have scared away global investment to the tune of over a half a trillion dollars – driving those investments and jobs out of Alberta and Canada to much more attractive investment climates in the United States, Asia and the Middle East.

Having travelled much of the world these past few years, it is evident that Canada is not viewed as an attractive place to invest in resource development, manufacturing or agriculture because of our high carbon taxes, endless red tape, and the uncertainty and chaos brought about by these and other federal government policies.

As a result, Canada has fallen to dead last in economic growth among industrialized nations. The world looks at us like we have lost our minds. We have the most abundant and accessible natural resources of any country on earth – and yet we landlock them, sell what we do produce to a single customer to the south of us, while enabling polluting dictatorships to eat our lunch.

For Albertans – these attacks on our province by our own federal government have become unbearable.

As I said, these policies have cost Albertans roughly a half a trillion dollars in investment – and that loss is growing daily. It has and will continue to cost hundreds of thousands of jobs, robbing countless Albertans and other Canadians of their means of providing for their families. It has cost us a decade of opportunities and tens of billions in lost royalties that could have been invested in the health, education, infrastructure and social services Albertans and Canadians need.

And what’s worse, Ottawa continues onward with more destructive policies.

They have imposed net-zero mandates on our natural gas-based power grid causing investment in reliable generation from natural gas to flee, thereby endangering the future stability of our power grid, and risking future blackouts and spikes in electricity costs for Alberta families and businesses.

They have attacked our food producers with methane taxes, onerous regulations on fertilizer, electric vehicle mandates, and many other destructive policies that have hiked costs on our farmers and ranchers, and driven billions of dollars of investment in agriculture elsewhere.

They have interfered in provincial jurisdiction time and again. From taking over the regulation of plastics, to mandating how we operate child care, health care and dental care, to harassing law abiding firearms owners, to dozens of other examples of unconstitutional interference.

And of course, Alberta has fought back. We always have and always will.

We passed the Sovereignty within a United Canada Act and have invoked it twice to protect Albertans as best we can from the effects of the net zero electricity regulations and energy production cap.

We have beat the feds in court on both the “no new pipelines law” C-69 and their attempt to regulate plastics (though they have ignored both court decisions to this point) — and we have just announced a court challenge on the net zero electricity regulations and are further preparing to also challenge the energy production cap.

We continue to do all in our power to counteract Ottawa’s chill on investment in energy, agriculture and our other job sectors through various tax cuts and incentive programs which greatly strain the provincial budget.

We have fought these attacks from Ottawa furiously and have won some important battles, but the lost opportunities, jobs and futures of so many Albertans are costly and demoralizing — as are the growing number of eastern politicians who choose to openly demonize and target Alberta for political gain.

That is why a large majority of Albertans are so deeply frustrated with the results of last week’s federal election.

It’s not that our preferred candidate and party lost. That happens in a democracy.

It’s that the same Liberal government with almost all of the same Ministers responsible for our nation’s inflation, housing, crime and budget crisis, and that oversaw the attack on our provincial economy for the past 10 years – have been returned to power.

Now, as we all know, one thing has changed. We have a new Prime Minister. And I will say that in my first conversation with him since the election, he had some promising things to say about changing the direction of his government’s anti-resource policies.

However, Albertans are more of a “actions speak louder than words” kind of people.

So while I will in good faith work with Prime Minister Mark Carney on unwinding the mountain of destructive legislation and policies that have ravaged our provincial and national economies this past decade —- until I see tangible proof of real change —- Alberta will be taking steps to better protect ourselves from Ottawa.

As a start, I will soon appoint a Special Negotiating Team to represent our province in negotiations with the federal government on the following reforms requested by our province. We hope this will result in a binding agreement that Albertans can have confidence in – call it an Alberta Accord if you will.

First, Alberta requires guaranteed corridor and port access to tidewater off the Pacific, Arctic and Atlantic coasts for the international export of Alberta oil, gas, critical minerals and other resources in amounts supported by the free market, rather than by the dictates and whims of Ottawa.

Every province in the country, other than Alberta and Saskatchewan, have coastal port access, and no province needs it more given the size and value of our resources. This will benefit all Canadians to the tune of trillions of dollars of economic activity including billions for First Nations’ partners.

Second. The federal government must end all federal interference in the development of provincial resources by repealing the no new pipelines law, C-69, the oil tanker ban, the net zero electricity regulations, the oil and gas emissions cap, the net zero vehicle mandate, and any federal law or regulation that purports to regulate industrial carbon emissions, plastics, or the commercial free speech of energy companies. These laws are destroying investment confidence and costing Canada and Alberta hundreds of billions in investments each year.

They need to go.

Third. The federal government must refrain from imposing export taxes or restrictions on the export of Alberta resources without the consent of the Government of Alberta. Frankly, all provinces should be given that same respect for their resources.

And fourth, the federal government must provide to Alberta the same per capita federal transfers and equalization as is received by the other three largest provinces – Quebec, Ontario and British Columbia. We have no issue with Alberta continuing to subsidize smaller provinces with their needs, but there is no excuse for such large and powerful economies like Ontario, Quebec, B.C. or Alberta to be subsidizing one another. That was never the intent of equalization, and it needs to end.

If these points can be agreed to by the federal government, I am convinced it will not only make Alberta and Canada an infinitely stronger and more prosperous country, but will eliminate the doubts a growing number of Albertans feel about the future of Alberta in Canada.

While these negotiations with Ottawa are ongoing, our government will appoint, and I will chair, the ‘Alberta Next’ panel. This panel will be composed of some of our best and brightest judicial, academic and economic minds, to join with me in a series of in-person and online town halls to discuss Alberta’s future in Canada, and specifically, what next steps can we take as a province to better protect Alberta from any current or future hostile policies of the federal government. Details of the membership and scope of that panel will also be released in the coming weeks.

After the work of the panel is finished, it is likely we will place some of the more popular ideas discussed with the panel to a provincial referendum so all Albertans can vote on them sometime in 2026.

To be clear from the outset, our government will not be putting a vote on separation from Canada on the referendum ballot; however, if there is a successful citizen-led referendum petition that is able to gather the requisite number of signatures requesting such a question to be put to a referendum, our government will respect the democratic process and include that question on the 2026 provincial referendum ballot as well.

I also want to state unequivocally that as Premier, I am entirely committed to protecting, upholding and honouring the inherent rights of First Nations, Métis and Inuit peoples. Therefore, ANY citizen-initiated referendum question MUST not violate the constitutional rights of First Nations, Métis and Inuit peoples, and must uphold and honour Treaties 6, 7 and 8 should any referendum question ever pass. This is non-negotiable.

Now, let’s talk about the elephant in the room – that being separation.

We are well aware that there is large and growing number of Albertans that have lost hope in Alberta having a free and prosperous future as a part of Canada. Many of these Albertans are organizing petitions to trigger a citizen-initiated referendum, as I mentioned earlier. The vast majority of these individuals are not fringe voices to be marginalized or vilified – they are loyal Albertans. They are quite literally our friends and neighbours who have just had enough of having their livelihoods and prosperity attacked by a hostile federal government. They are frustrated – and they have every reason to be.

I want to talk directly to those Albertans.

I know how frustrated so many of you have become with our country and the feeling of having politicians living thousands of miles away passing laws and rules that have cost you or your loved ones, jobs, careers, dreams, and opportunities for a brighter future.

As most Albertans know, I have repeatedly stated I do not support Alberta separating from Canada. I personally still have hope that there is a path forward for a strong and sovereign Alberta within a united Canada. Let me explain a few reasons why.

First, Alberta already has and can continue to use the Alberta Sovereignty within a United Canada Act and other measures to fight through much of Ottawa’s damaging interference and prosper in spite of it. We will also continue our successful battles against these unconstitutional and damaging policies in both the Courts of law and public opinion.

But there is more to be hopeful for. This past election demonstrated that attitudes across the country, especially among young people, are changing with respect to understanding the importance of free markets and the development of our natural resources. People are pushing back against government censorship and ‘cancel culture’. More and more Canadians understand that in order for Canada to play a role in ending conflict and poverty at home and abroad – our country must become strong again. And we can only do that by becoming an energy and economic superpower using the vast and unmatched energy, mineral resources and fertile lands of our country.

85 per cent of Canadians in this last election voted for the two leaders promising to turn Canada into an energy superpower and to build resource corridors, including for oil and gas – while only 13 per cent voted for the fringe voices in the socialist NDP and Bloc parties and their extremist “leave it in the ground” policies.

Obviously, we have a ways to go and it will take a lot of work to undo the damage caused by these last 10 years of Liberal/NDP rule, but that clear change in public opinion gives me hope. I think it should give all Albertans hope

Now, none of us know what the future holds should Ottawa, for whatever reason, continue to attack our province as they have done over the last decade. Ultimately that will be for Albertans to decide and I will accept their judgement.

But I am going to do everything within my power to negotiate a fair deal for Alberta with the new Prime Minister. And while doing so, our government will work with Albertans on various initiatives to better protect Alberta’s provincial sovereignty and economy from Ottawa should those negotiations fail, and the economic attacks continue.

Alberta didn’t start this fight, but rest assured…we will finish it…and come out of it stronger and more prosperous than ever.

In closing, I want Albertans to know how important it will be, in the coming months, for our province to be steadfast, unified and to refrain from heeding the voices of those seeking to divide Albertans against one another.

There will be many outside – and even inside this province – who will try and sow fear and anger among us. They will seek to divide us into different camps for the purpose of marginalizing and vilifying one other based on differing opinions. Effectively pitting neighbour against neighbour — and Albertan against Albertan.

That is not the Alberta way. It’s not who we are. And it’s not who I am.

There are thousands of Albertans that are so frustrated with the last ten years of Ottawa’s attacks on their friends’ and family’s livelihoods that they feel Alberta would be stronger and more prosperous as an independent nation. That is an understandable and justifiable feeling to have even if we disagree on what to do about it. These Albertans are not traitors, nor should they ever be treated as such. They just love their province and family and want a better future than the one Ottawa is offering right now.

There are also thousands of Albertans that are so attached and loyal to their identity as Canadians that there is nothing Ottawa has done to our province that would justify Alberta leaving Canada. Its not that they think everything is perfect or we’ve been treated fairly – they just believe being part of Canada, despite those problems, has much more value than leaving. These individuals are also loyal Albertans and should never be accused of being anything less.

And then there are hundreds of thousands of Albertans that probably feel a lot like I do —- that are deeply frustrated with the way our province has been mistreated and damaged by successive federal Liberal governments and are not willing to tolerate the status quo any longer. But these Albertans still believe there is a viable path to a strong, free and sovereign Alberta empowered to succeed and prosper within a united Canada. A Canada where the federal government actually honours the constitution, upholds provincial rights, and empowers provinces to pursue their unique potentials as their people so choose.

Regardless of what each of us believes about this issue, or what path we think is best; we, as Albertans, must be able to respectfully debate and discuss these issues with our friends, family members and neighbours.

I know that if we do that — in the end, our province will find the best solution for this immense challenge we face, and come out of it stronger and more free than ever.

I’ll always put my faith in Albertans to find that right path. I trust you.

May our beautiful Alberta always remain forever strong and free.

Related information

A media availability will follow on May 6 at 12 p.m.
Alberta Next: Albertans to decide path forward for the province

Multimedia

Watch the Premier’s address to Albertans

MIL OSI Canada News –

May 6, 2025

MIL-OSI USA: ICE, law enforcement partners arrest 8 illegal aliens, 1 American during large-scale EBT benefit fraud operation

Source: US Immigration and Customs Enforcement

LOS ANGELES — U.S. Immigration and Customs Enforcement, in coordination with the U.S. Secret Service and other federal, state and local partners, carried out a large-scale enforcement and interdiction operation targeting high-traffic ATM locations known for rampant fraudulent electronic benefit transfer card activity May 1 and 2.

“This operation underscores ICE Homeland Security Investigations’ unwavering commitment — alongside our law enforcement partners — to defend public assistance programs from exploitation,” said ICE HSI Los Angeles acting Special Agent in Charge John Pasciucco. “This kind of fraud doesn’t just target government systems — it robs struggling families, children and seniors of the essential resources they rely on to survive. We will not stand by while criminals prey on the most vulnerable members of our communities.”

ICE HSI’s El Camino Real Task Force, which includes special agents with ICE HSI and the U.S. Secret Service, as well as officers with the Los Angeles Police Department, is conducting the investigations in this matter.

Criminals, many from Romania, have historically targeted EBT cash fund allocations to victim accounts at the beginning of each month to maximize withdrawal amounts. These individuals employ deceptive means and methods of skimming card information before ultimately reloading the stolen information onto magnetic card strips for later use.

This operation yielded nine arrests, including eight Romanian illegal aliens, one Mexican illegal alien, and one U.S. citizen. Special agents seized approximately 100 fraudulent cards and arrested the nine subjects for violations of 18 U.S.C. 1029. Following completion of their criminal judicial process, the eight illegal aliens will be transferred to ICE Enforcement and Removal Operations custody pending removal proceedings.

Recent enforcement operations in February, March and April 2025 resulted in the federal arrest of 32 suspects, including 27 foreign nationals. These enforcement operations have involved strong partnerships between ICE, the U.S. Secret Service, and several state and local law enforcement agencies.

“ICE HSI prioritizes identity and benefit fraud crimes that originate outside the United States through our Document and Benefit Fraud Task Forces,” said Pasciucco. “Criminals who exploit government programs and steal from the American people will be aggressively pursued. We are dismantling the criminal organizations behind these schemes and making it clear: Fraud will not go unanswered.”

If you suspect someone may be involved in or a victim of human trafficking, contact local law enforcement, dial 911 or call the ICE Tip Line at 866-DHS-2-ICE.

MIL OSI USA News –

May 6, 2025

MIL-OSI Banking: Microsoft partners with Global Anti-Scam Alliance to fight cybercrime

Source: Microsoft

Headline: Microsoft partners with Global Anti-Scam Alliance to fight cybercrime

Being the victim of a scam can be devastating. Unfortunately, the number of people who can attest to the truth of this statement, either because they themselves have been scammed or because it has happened to someone they know, is growing. The Global Anti-Scam Alliance (GASA) reports that in 2024 nearly 50% of the world’s consumers dealt with at least one attempted scam every week.¹ Microsoft understands the importance of protecting against scams in all their forms. This understanding is the basis for multiple companywide projects, including the launch of the Secure Future Initiative (SFI) in November of 2023.

Read the latest SFI updates

In February of 2024, Microsoft outlined its six-pillared comprehensive approach to addressing abusive AI-generated content. These pillars are:

Strong safety architecture.
Durable media provenance and watermarking.
Safeguarding services from abusive content and conduct.
Robust collaboration across industry, governments, and civil society.
The push toward modernized legislation to protect people from the abuse of technology.
Enhanced public awareness and education.

The foundation these pillars are built upon is responsibility. Microsoft leadership believes it is imperative for the tech sector to continually and proactively address fraud, scams, and security threats as they emerge. As part of that responsibility, Microsoft published a whitepaper in July 2024 and highlighted AI-generated fraud as one of the abuses United States policymakers should consider addressing with new legislation.

In accordance with this ethos and as the next step in its ongoing fight against scams around the world, Microsoft now announces that it will be joining GASA as a Foundation Member. In doing so, Microsoft readily grants its knowledge and expertise to an organization that has dedicated itself to protecting consumers everywhere from scams of all kinds. It is GASA’s mission to unite public authorities, industry leaders, and technology platforms in sharing knowledge, defining joint strategies, and coordinating effective actions that shield consumers from scams. In 2024 alone, scammers drained the global economy of more than $1.03 trillion.² Together, Microsoft and the other members of GASA hope to stem these losses going forward.

Doubling down on fraud prevention through the Global Signal Exchange

As well as joining GASA as a Foundation Member, Microsoft also announces it is joining the Global Signal Exchange (GSE), the world’s first clearing house for scam and fraud threat signals. The GSE enables member organizations to collaborate in order to tackle online scams, fraud, and abuse—with more than 191 million threat signals being monitored in real time. The GSE is a United Kingdom not-for-profit organization owned by Oxford Information Labs (OXIL) and was launched in partnership with GASA. Microsoft is one of the first 20 leading international organizations that has joined in recent months.

“We are delighted to welcome Microsoft to the Global Signal Exchange. Fighting scams is a collaborative effort. Together we are changing the game, by putting a spotlight on where scams are happening online, in real time, and by sharing information about online scams and fraud across the internet ecosystem. We aim to help stop malicious activities faster, make them less effective and so less profitable for the criminals. To this end, The Global Signal Exchange empowers us all to share a vision for data sharing based on a global, multistakeholder, multisector platform.”

—Emily Taylor, Founder, Global Signal Exchange

The Global Signal Exchange platform surfaces malicious URLs, suspect IP addresses, scams, and phishing attacks. With the new data being shared by Microsoft, the organization’s mandate will steadily continue to broaden in order to cover more threats and threat actors. Together, Microsoft and the rest of the organizations participating in the GSE will work to shine a light not just on cybercrime but upon those individuals and groups facilitating it as well.

To learn more about Microsoft Security solutions, visit our website. Bookmark the Security blog to keep up with our expert coverage on security matters. Also, follow us on LinkedIn (Microsoft Security) and X (@MSFTSecurity) for the latest news and updates on cybersecurity.

¹International Scammers Steal Over $1 Trillion in 12 Months in Global State of Scams Report 2024, GASA. November 7, 2024.

²Global Signal Exchange.

MIL OSI Global Banks –

May 6, 2025

MIL-OSI USA: Griffith Statement on President Trump Executive Order Targeting Gain-of-Function Research

Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)

U.S. President Donald J. Trump signed an Executive Order to halt U.S. federal funding of gain-of-function research in overseas countries, like China and Iran, without proper oversight measures. In response to the Executive Order, U.S. Congressman Morgan Griffith (R-VA) issued the following statement:

“President Trump’s decisive action against gain-of-function research is a significant step towards greater government agency accountability. While this news is welcomed by many who have closely investigated COVID-19 origins, I believe future congressional action is essential to monitoring gain-of-function research of concern, reforming our public health agencies and protecting American life from risky experiments that involve dangerous virus transmission in humans.”

BACKGROUND

In the 118^th Congress, Rep. Griffith chaired the House Committee on Energy and Commerce Subcommittee on Oversight & Investigations.

Rep. Griffith chaired hearings on various issues, including but not limited to topics of biosafety and risky research.

Rep. Griffith was the lead Energy and Commerce Member in numerous forums with public health officials that were in various leadership positions during the outbreak of COVID-19, including working closely with the Select Subcommittee on the Coronavirus Pandemic.

During this time, Chairman Griffith participated in closed-door transcribed interviews questioning former National Institute of Allergy and Infectious Diseases (NIAID) Director Dr. Anthony Fauci and questioning former National Institutes of Health (NIH) Director Dr. Frances Collins.

Rep. Griffith was also a key figure in examining EcoHealth Alliance President Dr. Peter Daszak.

EcoHealth is the company that received grants from NIAID which in turn gave subgrants to the Wuhan Institute of Virology to conduct research on Coronavirus evolution and transmission.

Because of questions asked by Rep. Griffith related to significant inconsistencies and delays in required reports, among others, the U.S. Department of Health and Human Services recently announced that Dr. Daszak and EcoHealth Alliance would be debarred for five years, cutting them off from U.S. federal funding.

In January of 2025, the Wall Street Journal reported that President Trump was considering an Executive Order to halt federal funding to gain-of-function research. In response, Rep. Griffith called on President Trump to scrutinize the country’s national gain-of-function research policy.

Some of Rep. Griffith’s e-newsletters on these topics can be found here and here.

In March, Rep. Griffith introduced the Risky Research Review Act and the Royalty Transparency Act to rein in the federal health bureaucracy.

###

MIL OSI USA News –

May 6, 2025

MIL-OSI USA: ICYMI: Beyer Fights For Feds

Source: United States House of Representatives – Representative Don Beyer (D-VA)

As Elon Musk and the Trump Administration expand their chaotic assault on the federal government and the workers and contractors who deliver its essential services to the American people, Northern Virginia Congressman Don Beyer continues to fight for civil servants who devote their careers to making this country stronger.

On Thursday, Beyer announced the introduction of two bills to rehire federal workers fired by Trump and Musk, and to protect them from future civil service purges. On Saturday, Beyer hosted a jobs fair for federal workers with 40 companies, organizations, and other employers; attendance dwarfed expectations, with over 2,400 people ultimately participating in the event.

Additional coverage from local news outlets:

Government Executive: “Federal Employees Removed By Trump Would Have Easier Pathway Back To Government Service Under Democratic Bill”

“Rep. Don Beyer, D-Va., who represents more than 72,000 federal workers, is introducing legislation to make it easier for government employees removed under the Trump administration to rejoin agencies and to deter a future president from undertaking a mass firing of the workforce.

“The Restoring Employment and Hiring Incentives for Removed Employees (REHIRE) Act would deem any federal employee who was involuntarily removed during the period between Jan. 1, 2025, and Jan. 1, 2027, as preference eligible for competitive service appointments, a special candidate consideration in the federal hiring process normally afforded to veterans or their family members.”

WUSA9: ‘I’m Ready To Work Seven Days A Week, Ten-Hour Days’ | Fired Federal Workers Flock To Alexandria Job Fair

“Fired federal workers arrived at George Washington Middle School in Alexandria on Saturday, looking for their next career. A job fair hosted by Virginia Congressman Don Beyer featured more than 40 employers ready to hire now.

…

“I think it tells you just how many people have been impacted by cuts already, or how many people are fearful that cuts may be coming to their positions,” said City of Alexandria Mayor Aliya Gaskins. “That’s huge for Alexandria, where we have over 16,000 residents who are federal workers.”

“Everyone at the job fair, like Marianne Carliez, wished they didn’t have to be.

“I’m this far away from cleaning houses so I can pay my mortgage,” said Carliez, whose career in foreign aid was cut short in January when federal cuts began. “It’s been 25 years of working hard, and I miss working. That’s just, that’s all I want. I want to work.”

“Beyer organized the job fair for Carliez and the thousands of people in a similar situation.”

Black Virginia News: Congressman Beyer’s job fair to assist federal workers and contractors will easily hit over 2,000 people

WJLA7: New Bill Would Rehire Fired Federal Workers And Reform Probationary Period Rules

“A group of House Democrats led by Northern Virginia Rep. Don Beyer has introduced two pieces of legislation aimed at rehiring and protecting federal workers.

…

“The second bill, the PREP Act, aims to reform the probationary process for federal employees, impacting both new hires and those with new jobs or recent promotions.”

ALXnow: City Of Alexandria Teams Up With Congressman Beyer For Federal Worker Job Fair On May 3

“The event aims to connect job seekers with more than 40 companies and organizations looking to hire. Recruiters and hiring managers from various fields, including healthcare, IT, local government, military, consumer electronics, accounting and finance, and federal government professional services, will be there.”

The Zebra: Beyer Sponsoring Job Fair for Federal Workers, Contractors

“This fair is specifically for federal workers and contractors who have lost their jobs in recent months. “Every day, I’m hearing from so many of my constituents who have been laid off – or are afraid that they may be the next to lose their jobs,” said Beyer in an email announcement.”

MIL OSI USA News –

May 6, 2025

MIL-OSI USA: Beyer Urges ICE To Improve Treatment Of Detained Scholar Badar Khan Suri

Source: United States House of Representatives – Representative Don Beyer (D-VA)

U.S. Representative Don Beyer (D-VA) today pressed Immigration and Customs Enforcement (ICE) to reevaluate its detention of his constituent, Georgetown postdoctoral fellow Dr. Badar Khan Suri. In a letter, Beyer urged ICE to consider Dr. Khan Suri’s eligibility for release and to reevaluate his custody classification.

Dr. Khan Suri is a legally admitted visiting scholar with no prior criminal record, he has not been charged with a crime, and the obscure immigration provision with which he has been charged is not a ground for mandatory detention. However, he is currently held in ICE custody at the Prairieland Detention Center in Alvarado, Texas where he has been deemed a high-risk custody detainee requiring maximum security control and supervision. Dr. Khan Suri was detained by masked agents outside of his home in Rosslyn and charged with removability under a seldom used, Cold War-era immigration provision allowing the for the deportation of individuals deemed potential foreign policy risks. The Trump Administration is abusing this provision to instill fear and silence dissent on college campuses.

Rep. Beyer wrote

“I write about the alarming arrest and detention of Dr. Badar Khan Suri, a J-1 visa holder and postdoctoral fellow at Georgetown University. Dr. Khan Suri is currently held in Immigration and Customs Enforcement (ICE) custody at the Prairieland Detention Center in Alvarado, Texas, where he has been deemed a high-risk custody detainee requiring maximum security control and supervision. However, Dr. Khan Suri has not been charged with a crime and is a legally admitted visiting scholar with no prior criminal record. The obscure immigration provision with which he has been charged does not subject him to mandatory detention. I urge you to reconsider his eligibility for release and at minimum, the reevaluation of his custody classification.

“Dr. Khan Suri was, within days, transferred to a far-away immigration detention facility in Alexandria, Louisiana and is now being held at the Prairieland Detention Center, 1,300 miles away from his home. Once at the Prairieland Detention Center, Dr. Khan Suri was informed of his classification as a high-risk custody detainee. This classification is typically reserved for serious and violent criminal offenses, institutional disciplinary history, or affiliations to criminal organizations. As a result of the security protocols applied to this high-risk classification, Dr. Khan Suri is only permitted two hours per week of recreation, and he is not permitted to work or spend more time outside his cell. According to legal counsel, Dr. Khan Suri was also initially denied religious accommodations, including Halal food, Ramadan fasting accommodations, a Quran, and a prayer mat.

“He has not been charged with a crime and has no prior criminal record. The invocation of his removability under 8 U.S.C. §1227(a)(4)(C) does not subject him to mandatory detention, and more importantly, are a violation of his protected speech, viewpoint, religion, national origin, and protected associations. The circumstances surrounding his arrest and detention raise serious concerns about civil liberties and academic freedom. For these reasons, we urge you to reconsider Dr. Badar Khan Suri’s eligibility for release. At minimum, his custody classification should be immediately reevaluated. Additionally, I request any documentation and materials in ICE’s possession related to Badar Khan Suri’s classification decision.”

Full text of the letter follows below, and a signed copy is available here.

***

Dear Acting Director Lyons:

I write about the alarming arrest and detention of Dr. Badar Khan Suri, a J-1 visa holder and postdoctoral fellow at Georgetown University. Dr. Khan Suri is currently held in Immigration and Customs Enforcement (ICE) custody at the Prairieland Detention Center in Alvarado, Texas, where he has been deemed a high-risk custody detainee requiring maximum security control and supervision. However, Dr. Khan Suri has not been charged with a crime and is a legally admitted visiting scholar with no prior criminal record. The obscure immigration provision with which he has been charged does not subject him to mandatory detention. I urge you to reconsider his eligibility for release and at minimum, the reevaluation of his custody classification.

On the evening of March 17, 2025, Dr. Badar Khan Suri, an Indian national with valid J-1 visa status as a visiting scholar, was arrested and detained by masked Department of Homeland Security (DHS) agents outside of his Arlington, Virginia home. Dr. Khan Suri was charged with removability under 8 U.S.C. §1227(a)(4)(C), a rarely invoked immigration provision allowing the government to seek the deportation of individuals deemed potential foreign policy risks by the Secretary of State.

Dr. Khan Suri is one of many visa-holders across the country, like Mahmoud Khalil, Rumeysa Ozturk, and others, who have been targeted amid President Donald Trump’s pursual of policies to instill fear and silence dissent on college campuses. Such policies are an assault on freedoms protected by the First Amendment to the U.S. Constitution.

Dr. Khan Suri was, within days, transferred to a far-away immigration detention facility in Alexandria, Louisiana and is now being held at the Prairieland Detention Center, 1,300 miles away from his home. Once at the Prairieland Detention Center, Dr. Khan Suri was informed of his classification as a high-risk custody detainee. This classification is typically reserved for serious and violent criminal offenses, institutional disciplinary history, or affiliations to criminal organizations. As a result of the security protocols applied to this high-risk classification, Dr. Khan Suri is only permitted two hours per week of recreation, and he is not permitted to work or spend more time outside his cell. According to legal counsel, Dr. Khan Suri was also initially denied religious accommodations, including Halal food, Ramadan fasting accommodations, a Quran, and a prayer mat.

At the time of his arrest, Dr. Khan Suri was a postdoctoral fellow at the Alwaleed Bin Talal Center for Muslim-Christian Understanding at the Edmund A. Walsh School of Foreign Service at Georgetown University in Washington, DC, where he was teaching a course on Majoritarianism & Minority Rights in South Asia. He is married to a U.S. citizen of Palestinian descent, with whom he has three children: a nine-year-old son and five-year-old twins – a boy and a girl.

He has not been charged with a crime and has no prior criminal record. The invocation of his removability under 8 U.S.C. §1227(a)(4)(C) does not subject him to mandatory detention, and more importantly, are a violation of his protected speech, viewpoint, religion, national origin, and protected associations. The circumstances surrounding his arrest and detention raise serious concerns about civil liberties and academic freedom. For these reasons, we urge you to reconsider Dr. Badar Khan Suri’s eligibility for release. At minimum, his custody classification should be immediately reevaluated. Additionally, I request any documentation and materials in ICE’s possession related to Badar Khan Suri’s classification decision.

Thank you for your attention to this critical matter. I look forward to your response regarding his release and documents pertaining to his classification decision. Please respond no later than May 12, 2025.

MIL OSI USA News –

May 6, 2025

MIL-OSI: Kneat Expands Executive Leadership Team

Source: GlobeNewswire (MIL-OSI)

LIMERICK, Ireland, May 05, 2025 (GLOBE NEWSWIRE) — kneat.com, inc. (TSX: KSI) (OTC: KSIOF) (“Kneat” or the “Company”) a leader in digitizing and automating validation and quality processes, today announced the expansion of its executive leadership team.

As a product-led company that continues to scale for efficiencies and satisfy the growing demand from global customers, Kneat’s innovation and product development are critical pillars for success. To optimise product operational excellence and strategic planning, Kneat is expanding its senior management team to provide the necessary strategic leadership, governance and cadence as it grows.

In early June, Kevin Fitzgerald, Kneat co-founder and Chief Product Officer, will step out of his current role and not seek re-election to the Board of Directors to take on the newly created role of Chief Innovation Officer. This will enable Kevin to dedicate his focus and attention on the strategic vision and innovation of Kneat product, ensuring clarity of product definition and alignment of product requests and features to that vision.

At that time, Donal O’Sullivan will join Kneat to fill the role of Chief Product Officer. Donal has more than 25 years’ experience in software development leadership roles. Donal joins Kneat from My Compliance Office where he is currently acting as CPO.

Prior to this, Donal served as Global Head of Analytics Product Management in PICO Ltd for four years, having previously served in Corvil for 18 years as Head of product Management and Director of Product Management. His responsibilities included leading the Product Management team, Product Marketing, Sales Enablement, Pricing and Bundling product, as well as managing the Corvil Portfolio to deliver significant growth. PICO, a provider of IT performance and operational analytics systems, acquired Corvil, and Donal successfully merged the best of Corvil’s product capabilities with PICO’s strong record of service delivery.

“Donal’s varied and extensive software development and product management leadership experience will be hugely beneficial as we become a bigger company. With Donal on board and Kevin able to focus exclusively on developing the Kneat Gx platform to its full potential, we are better equipped to capture the exceptional opportunity in front of us today.”

– Eddie Ryan, Chief Executive Officer of Kneat.

About Kneat

Kneat Solutions provides leading companies in highly regulated industries with unparalleled efficiency in validation and compliance through its digital validation platform Kneat Gx. As an industry leader in customer satisfaction, Kneat boasts an excellent record for implementation, powered by our user-friendly design, expert support, and on-demand training academy. Kneat Gx is an industry-leading digital validation platform that enables highly regulated companies to manage any validation discipline from end-to-end. Kneat Gx is fully ISO 9001 and ISO 27001 certified, fully validated, and 21 CFR Part 11/Annex 11 compliant. Multiple independent customer studies show up to 40% reduction in documentation cycle times, up to 20% faster speed to market, and a higher compliance standard.

Cautionary and Forward-Looking Statements

Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information includes, but is not limited to, the relationship between Kneat and the customer, Kneat’s business development activities, the use and implementation timelines of Kneat’s software within the customer’s validation processes, the ability and intent of the customer to scale the use of Kneat’s software within the customer’s organization, our ability to win business from new customers and expand business from existing customers, our expected use of the net proceeds from the IPF Facility and the public equity financing completed in both February and October 2024 and the anticipated effects thereof on the business and operations of the company, and the compliance of Kneat’s platform under regulatory audit and inspection. These and other assumptions, risks and uncertainties may cause Kneat’s actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by forward-looking statements.

For further information:

Katie Keita, Kneat Investor Relations
P: + 1 902-706-9074
E: katie.keita@kneat.com

The MIL Network –

May 6, 2025

MIL-OSI USA: Nadler, Menendez, Malliotakis Introduce Legislation to Ban Non-Essential Helicopters in Wake of Hudson River Tragedy

Source: United States House of Representatives – Congressman Jerrold Nadler (10th District of New York)

WASHINGTON, DC – Today, Representatives Jerrold Nadler (D-NY), Rob Menendez (D-NJ), and Nicole Malliotakis (R-NY) introduced the Improving Helicopter Safety Act, which bans all non-essential helicopter traffic within a 20-mile radius of the Statue of Liberty. The bill comes in the wake of the tragic crash of an air tourism helicopter into the Hudson River on April 10, which claimed the lives of six people.

“The tragic helicopter crash last month on the Hudson River was not an isolated incident; it was the latest in a long line of preventable tragedies in the New York metropolitan region’s increasingly crowded and poorly regulated airspace,” said Congressman Jerrold Nadler. “For far too long, non-essential helicopter flights have endangered public safety and shattered the peace of our neighborhoods. I am proud to introduce the bipartisan Improving Helicopter Safety Act with my colleagues, Rob Menendez and Nicole Malliotakis, to finally put an end to these dangerous flights in our region. We owe it to the victims, and to every resident living beneath these flight paths, to put safety first and prevent future disasters.”

“While we have consistently worked to address the impact of non-essential helicopters on our communities, last month’s tragic crash should be a clarion call for every level of government to take action on helicopter safety,” said Congressman Rob Menendez. “Rising congestion of non-essential helicopters, coupled with concerning safety records of air tourism operators, are causing a direct threat to public safety. Along with my colleagues from New Jersey and New York, we’re doing what is necessary to prevent tragedies like this from happening again.”

“The tragic crash that claimed six lives in the Hudson River isn’t an isolated event, it’s the clearest sign yet of an industry that has operated without meaningful oversight for far too long and continues to pose an unacceptable public safety threat,” said Congresswoman Nicole Malliotakis. “Congress must take action, which is why I’m joining my colleagues to introduce this bipartisan legislation to ban non-essential helicopter traffic within a 20-mile radius of the Statue of Liberty and finally rein in these helicopter tour companies.”

The crash on April 10 is part of a well-documented and escalating pattern of helicopter-related incidents in the New York Metropolitan Area. Since 1983, there have been at least 30 helicopter crashes in the region, resulting in at least 31 fatalities. In addition to furthering ongoing frustration over air traffic congestion in the region, this year’s crash also shed new light on serious concerns about regulatory oversight and operational standards for non-essential helicopter operations.

The bill is cosponsored by Representatives Grace Meng, Nydia Velázquez, and LaMonica McIver.

It is also supported by the grassroots advocacy organization Stop The Chop NY/NJ: “Stop the Chop NY/NJ commends Representatives Jerry Nadler, Rob Menendez, and Nicole Malliotakis for today’s introduction of the ‘Improving Helicopter Safety Act of 2025’ – common sense federal legislation that will, when passed, finally put an end to the dangerous helicopter conditions in the New York metropolitan area. For too long, tax-paying New Yorkers and Jerseyites have been subjected to excessive noise and air pollution, as well as the safety risks, of endless sightseeing and commuter helicopters flying, often at extremely low altitudes, over our homes, parks, and schools. We have sounded the alarm each time one of these nonessential helicopters has crashed while traversing our densely populated urban areas. However, the FAA has still not addressed the community’s concerns, harms, and pleas for relief. The multiple recent fatal crashes involving helicopters, coupled with the alarming shortage of air traffic controllers, demonstrate the need for immediate reform of the current Wild West-like conditions over NYC and surrounding communities. We also thank the additional Congressional co-sponsors: Representatives Grace Meng, Nydia Velázquez, and LaMonica McIver. This non-partisan issue negatively impacts all who live or work near the NYC and NJ heliports and/or along the helicopter flight paths. It is heartening to see our elected officials joining forces across state lines and party affiliations to end this public harm.”

For full bill text, click here.

###

MIL OSI USA News –

May 6, 2025

MIL-OSI USA: Affordability Actions in the FY26 Budget to Benefit Families

Source: US State of New York

arlier today, Governor Kathy Hochul visited Kamil and Karolina Kolodziejczyk — parents of two children — on Long Island to discuss her affordability agenda in the Fiscal Year 2026 Executive Budget. The Governor highlighted her efforts to increase the child tax credit, expand child care access, issue New York State’s first-ever inflation refund checks, deliver a tax cut for middle-class and low-income New Yorkers, and provide free breakfast and lunch for every K-12 student in New York — all efforts to put more money back in families’ pockets.

B-ROLL of the Governor meeting the Kolodziejczyk family is available to stream on Youtube here and TV quality video is available here (h.264, mp4).

VIDEO: The Governor’s conversation with the Kolodziejczyk family is available to stream on YouTube here and TV quality video is available here (h.264, mp4).

AUDIO: The Governor’s conversation with the Kolodziejczyk family is available in audio form here.

A rush transcript of the Governor’s conversation with the Kolodziejczyk family is available below:

Governor Hochul: But I just want to talk to you about some of the stresses that families are feeling now and — you’ve got the two little ones, 5-year-old and a 3-year-old.

Kamil Kolodziejczyk: Yep. 3-year-old and a 5-year-old.

Governor Hochul: And I know a 3-year-old. I have got a 3-year-old granddaughter now. She just had her birthday, so I know this age very well and I’m a mom, so it’s great to see this. But, what’s it like? I mean, you worry about grocery shopping and what’s it like when you have to go to the counter it all adds up? Are you seeing any — what’s it like?

Kamil Kolodziejczyk: Oh yeah. Everything got so expensive in a few years. This one was born five years ago, and that’s when COVID happened and lost the job, laid off and it got tough.

Governor Hochul: How long were you laid off when COVID hit?

Kamil Kolodziejczyk: I got laid off and I went and opened my own business with a chance and business, you know, going into HVAC.

Governor Hochul: That was ambitious. How’s that going for you?

Kamil Kolodziejczyk: It’s going well. It’s going well. Now especially in this weather; it got really, really warm lately, so people call — we’re doing installation service. When my second son was born, my wife had to take a week from work and stay-at-home because daycare got really expensive and the needs for the kids and everything.

Governor Hochul: Same thing happened to me — when I had my job, my son was born and then child care was not really available. I just couldn’t find much child care and it was very expensive. And so, I just ended up staying home too. So we went from having two incomes — my husband was working for the government and we went and eliminated my income — and that was when I would go to the newspapers, and cut out the coupons, and go to the big-box stores and just, yeah; you load up the big cart, and buy the diapers in bulk, and paper towels, and toilet, detergent, dishwashing liquid.

Karolina Kolodziejczyk: Costco is my favorite.

Governor Hochul: Costco. There a BJ’s. Or just even going to Walmart, but even those prices are going up, right?

Kamil Kolodziejczyk: Yeah. I go get the water for a week or something. It’s $100, $20 and it goes in price. Water, drinks — pull up the cart and so, definitely the prices went up, you know?

Governor Hochul: So you got hit with COVID —

Kamil Kolodziejczyk: Yeah.

Governor Hochul: — lost your job, came back to work, inflation hits you..

Kamil Kolodziejczyk: Inflation — the rate for the house, it’s over 6 percent.

Governor Hochul: Yeah, yeah.

Kamil Kolodziejczyk: So the payment —

Governor Hochul: Interest rates were going up when you bought your house and then you have property taxes.

Kamil Kolodziejczyk: Taxes up. Yeah.

Governor Hochul: Also, especially important here on Long Island is the state and local tax deduction — and back in 2017, that was eliminated by the president who’s in office now; that was a big tax increase for New Yorkers. New Yorkers right now are sending $12 billion because of losing the state and local tax reduction. So you’re not able to deduct all your taxes, are you?

Kamil Kolodziejczyk: No, we’re over —

Governor Hochul: You’re over the limit. So that’s money that you know you should have back in your pocket, not sending to the federal government. And that’s something that’s really a problem. So, have you ever had to make decisions about what not to buy? Like you want to do some —

Karolina Kolodziejczyk: I do want — like some of the little things for the children and even clothes for them, like do I need that?

Kamil Kolodziejczyk: Thank God we got two boys. So one after another saving too.

Governor Hochul: They’re always outgrowing their clothes, aren’t they?

Karolina Kolodziejczyk: Yeah. It’s like every year, the whole — everything new for him, so. Thank God, Benjamin. But if it’s still not ripped, he could use it.

Kamil Kolodziejczyk: They’re boys, you know? They’re (inaudible).

Governor Hochul: They’re rough on clothes, boys, aren’t they? I know that, I know that. We used to get clothes at used clothing stores and put it on layaway. You can’t buy it right when you want to buy it so you put it aside and have to come get it later. So, you know, that’s hard. It’s hard.

Karolina Kolodziejczyk: It is hard, and like I said, I do cook at home so getting the groceries, everything we need — it’s a lot.

Kamil Kolodziejczyk: Obviously the vehicles, you got to get bigger because you got car seats with little kids.

Governor Hochul: That’s right.

Kamil Kolodziejczyk: If you had three kids, you got a problem because what are you going to do with it? You can’t put the three car seats in the back of the vehicle. Having a bigger family, you can’t even think of nowadays.

Governor Hochul: Are you going to have a bigger family?

Kamil Kolodziejczyk: No, it’s — you know.

[Laughter]

Governor Hochul: I didn’t want to pry.

Kamil Kolodziejczyk: People that consider a bigger family, they have got to think twice, you know?

Governor Hochul: Yeah, they do. Cost of child care, in some cases, is as much as a first year of college education in a public university or college. Right? I mean, it’s so much — such a big chunk out of family’s lives and so, we’re very focused on that. You know, everything you’re talking about is not unique to you, and a lot of it is out of your control — pandemic, and inflation, and now tariffs are making all the products that even go into the less expensive stores like Walmart or Target; those products are coming from China and there’s now additional costs on them because of the tariffs. So it’s just all adding up. And, I know you feel it, right?

Kamil Kolodziejczyk: Yeah, a hundred percent. Can of all the awful things that we wish —

Karolina Kolodziejczyk: It’s going up.

Governor Hochul: Yeah. And the bills, utility bills and everything. Well, we’re focused on that in government to put you on my Budget. I just wrapped it up and I think it’ll be done another day officially — I’ve been done with my priorities for a little while. I really wanted to figure out a way to put money back in people’s pockets, and it’s people like you — I’ve been thinking about that. Again, none of this you asked for; you came here in search of the American Dream all the way from Poland — that joy of home ownership, which is becoming too rare for people, especially here in Long Island because it’s so expensive. You’re raising your boys here and that’s all good, but sometimes it all feels like it just comes crashing down.

Kamil Kolodziejczyk: Yeah, every month, the first, you’ve got to pay the mortgage, there’s a tax bill comes in, there’s insurance, repairs around the house. So, yeah, it’s definitely —

Governor Hochul: So my goal is to put more money back in your pockets. I talked about my priorities back when I announced my Budget. I said, “Your family is my fight,” as your executive — families that I’m thinking about. So we have found a way, working with the Legislature, to first of all have a middle class tax cut, which will benefit about 80 percent of people on Long Island. About 1.3 million will be able to get part of this tax cut. We also are looking at families like yours, and we just talked about how expensive they are, they outgrow everything. So for families with four-year-olds or under, we’ll give a $1,000 direct rebate to you, and for the kids that are over four, $500.

Kamil Kolodziejczyk: Wow, that’s great.

Governor Hochul: Sound good?

Kamil Kolodziejczyk: Yeah, we could definitely use it. Definitely use it.

Governor Hochul: What would you do with that?

Kamil Kolodziejczyk: Oh, definitely we are going to spend it on first needs — stuff that is needed for the kids. And the summer is coming so we, obviously you want to spend some time with the kids. So maybe that will let us take some time off and maybe go spend more time with the kids doing a little bit, out of trouble.

Governor Hochul: That’s not all. We have the inflation rebate. What does that mean? Because you paid so much more over the last few years because everything was higher, we collected more at the state level because of the sales tax. Right? So sales tax — we collected more so we had this surplus there, which some would say we should spend on other things, or some would say we should just stash away. And I said, “No, this is not our money. It belongs to you because you had to pay more. You didn’t ask for that.” And so, the money we accumulated there we were able to give a family like yours an additional $400.

Kamil Kolodziejczyk: Wow.

Governor Hochul: So $400 there, and in school districts where they don’t cover the school lunches and breakfast, we’re going to pay for that so children that are struggling and their parents don’t have the money to cover it, they won’t feel a stigma. The kids that have to get it subsidized will be able to get it covered. That’s about $1,600 a year that you can either pay for the school lunch with that, or you can — you won’t have to pay this, it’s free — or you can just not have to make the sandwiches anymore. You won’t have to buy the peanut butter and jelly and all those things that are part of your shopping basket that you don’t have to buy now, and all the little snacks. So when your kids are both school aged, that’ll be $3,200 that you don’t have to spend right there

Kamil Kolodziejczyk: That’s great. That’s big.

Governor Hochul: And then a tax rate — the largest middle class tax rate decrease in 70 years. So we’re going to work cutting middle class taxes, the direct rebates, the Child Tax Credit, covering school lunches and breakfasts, and we have calculated, for a family like yours, it should add up to about $5,000 back in your pockets. So that’s the whole goal of my Budget. Was public safety, keeping everybody safe, but also realizing —

Kamil Kolodziejczyk: There’s a middle class that needs help.

Governor Hochul: There’s a middle class that needs help, and we get that, and we want you to keep being successful and not have all these stresses that you have. I can’t take them away from you, but maybe just help a little bit. Right?

Kamil Kolodziejczyk: Of course.

Karolina Kolodziejczyk: I really appreciate it.

Governor Hochul: Anything else you need me to know as I head back to Albany and finish up our work?

Kamil Kolodziejczyk: No, we really appreciated that you remember about the middle class because there’s so many of us around here, not only us, but there’re people that really need that help.

Governor Hochul: Yeah, people come here, especially our immigrants, people who are living here because you want to contribute and have a better life and build a business and expand that. When I come back someday you’re going to have a big business, lots of employees working all over Long Island.

Kamil Kolodziejczyk: Hopefully. Hopefully.

Governor Hochul: Well, Kamil and Karolina, it has been a pleasure just to just catch up with you a little bit, and this is a great reminder to me of why we do what we do and reminds me who we’re fighting for.

Kamil Kolodziejczyk: Thank you. We appreciate that you remembered and took your time to come and visit us.

MIL OSI USA News –

May 6, 2025

MIL-OSI: Precipitate to Present at the OTC’s Metals & Mining Virtual Investor Conference May 6th at 2:00pm (EST)

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 05, 2025 (GLOBE NEWSWIRE) — Precipitate Gold Corp. (the “Company” or “Precipitate”) (TSXV: PRG, OTCQB: PREIF) is pleased to announce that the Company’s President & CEO, Jeffrey Wilson will present live at the OTC’s Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com, on May 6^th.

DATE: May 6, 2025
PRESENTATION TIME: 2:00pm ET (11:00 am Pacific Standard Time)
PRESENTATION LINK: REGISTER HERE

Available for 1×1 meetings with Company CEO, Jeffrey Wilson:

Monday, May 5^th, 12:00pm EST to 8:00pm EST

Tuesday, May 6^th, 12:00pm EST to 1:00pm EST

Wednesday, May 7^th, 12:00pm EST to 1:00pm EST and 5pm EST

Thursday, May 8^th, 12:00pm EST to 1:00pm EST

Alternative times can be arranged directly

This will be a live, interactive online event where investors are invited to ask the Company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

It is recommended that online investors pre-register to expedite participation and receive event updates. Learn more about the event at www.virtualinvestorconferences.com.

About Virtual Investor Conferences^®
Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

About Precipitate Gold:
Precipitate Gold Corp. is a mineral exploration company focused on exploring and advancing its mineral property interests in the Dominican Republic, including its 100% owned Juan de Herrera project located immediately adjacent to GoldQuest Mining’s Romero Project, its 100% owned Pueblo Grande project located immediately adjacent to the Pueblo Viejo mine operated by Barrick, and its 100% owned Ponton project located 30km east of the Pueblo Viejo mine. Precipitate is also actively evaluating additional high-impact property acquisitions with the potential to expand the Company’s portfolio and increase shareholder value, in other favourable jurisdictions.

Additional information can be viewed at the Company’s website www.precipitategold.com.

On Behalf of the Board of Directors of Precipitate Gold Corp.,
“Jeffrey Wilson”
President & CEO
For further information, please contact:

Tel: 604-558-0335 Toll Free: 855-558-0335 investor@precipitategold.com

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

^{This press release may contain “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “proposed”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. This forward-looking information reflects Precipitate Gold Corp.’s (“Precipitate” or the “Company”) current beliefs and is based on information currently available to Company and on assumptions it believes are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Precipitate to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: the exploration concessions may not be granted on terms acceptable to the Company, or at all; general business, economic, competitive, political and social uncertainties; the concessions acquired by the Company may not have attributes similar to those of surrounding properties; delay or failure to receive governmental or regulatory approvals; changes in legislation, including environmental legislation affecting mining; timing and availability of external financing on acceptable terms; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. Although Precipitate has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities laws.}

The MIL Network –

May 6, 2025

MIL-OSI: RUA GOLD to Present at the Metals & Mining Virtual Investor Conference May 6th 2025

Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 05, 2025 (GLOBE NEWSWIRE) — Rua Gold Inc. (TSXV: RUA, OTC: NZAUF, WKN: A40QYC) (“RUA GOLD” or the “Company“) announces that it will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com, on May 6^th. The Company invites individual and institutional investors as well as advisors and analysts, to attend its real-time, interactive presentation online at VirtualInvestorConferences.com.

This live, interactive online event will give existing shareholders and the investment community the opportunity to interact with the Company’s CEO, Robert Eckford in real time.

DATE: May 6^th
TIME: 2:30PM EDT (11:30AM PDT)
LINK: REGISTER HERE
Available for 1×1 meetings: May 7^th -13^th

This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to attend the event live on the day of the conference, an archived webcast will also be made available after the event.

Recent Company highlights that will be discussed include:

Updates on the latest moves from the pro-mining New Zealand government;
Latest news from the aggressive drill program at the Reefton Goldfield; and
The outlook on upcoming catalysts across both the North and South Island Project.

It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

About Virtual Investor Conferences^®

Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access. Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

About RUA GOLD

RUA GOLD is an exploration company, strategically focused on New Zealand. With decades of expertise, our team has successfully taken major discoveries into producing world-class mines across multiple continents. The team is now focused on maximizing the asset potential of RUA’s two highly prospective high-grade gold projects.

The Company controls the Reefton Gold District as the dominant landholder in the Reefton Goldfield on New Zealand’s South Island with over 120,000 hectares of tenements, in a district that historically produced over 2 million ounces of gold grading between 9 and 50 grams per tonne.

The Company’s Glamorgan Project solidifies RUA GOLD’s position as a leading high-grade gold explorer on New Zealand’s North Island. This highly prospective project is located within the North Islands’ Hauraki district, a region that has produced an impressive 15 million ounces of gold and 60 million ounces of silver. Glamorgan is adjacent to OceanaGold Corporation’s biggest gold mining project, WKP.

For further information, please refer to the Company’s disclosure record on SEDAR+ at www.sedarplus.ca.

RUA GOLD Contact

Robert Eckford
Chief Executive Officer
Email: reckford@RUAGOLD.com
Website: www.RUAGOLD.com

This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this new release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur and specifically include statements regarding: the Company’s strategies, expectations, planned operations or future actions; and the effects and benefits of the Transaction. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements.

Investors are cautioned that any such forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. A variety of inherent risks, uncertainties and factors, many of which are beyond the Company’s control, affect the operations, performance and results of the Company and its business, and could cause actual events or results to differ materially from estimated or anticipated events or results expressed or implied by forward looking statements. Some of these risks, uncertainties and factors include: general business, economic, competitive, political and social uncertainties; risks related to the effects of the Russia-Ukraine war; risks related to climate change; operational risks in exploration, delays or changes in plans with respect to exploration projects or capital expenditures; the actual results of current exploration activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; changes in labour costs and other costs and expenses or equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, including but not limited to environmental hazards, flooding or unfavorable operating conditions and losses, insurrection or war, delays in obtaining governmental approvals or financing, and commodity prices. This list is not exhaustive of the factors that may affect any of the Company’s forward-looking statements and reference should also be made to the Company’s short form base shelf prospectus dated July 11, 2024, and the documents incorporated by reference therein, filed under its SEDAR+ profile at www.sedarplus.ca for a description of additional risk factors.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

The MIL Network –

May 6, 2025

MIL-OSI: Archrock Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

HOUSTON, May 05, 2025 (GLOBE NEWSWIRE) — Archrock, Inc. (NYSE: AROC) (“Archrock” or the “Company”) today reported results for the first quarter 2025.

First Quarter 2025 and Recent Highlights

Revenue for the first quarter of 2025 was $347.2 million compared to $268.5 million in the first quarter of 2024.
Net income for the first quarter of 2025 was $70.9 million and EPS was $0.40, compared to $40.5 million and $0.26, respectively, in the first quarter of 2024.
Adjusted net income (a non-GAAP measure defined below) for the first quarter of 2025 was $74.5 million and adjusted EPS (a non-GAAP measure defined below) was $0.42, compared to $40.5 million and $0.26, respectively, in the first quarter of 2024.
Adjusted EBITDA (a non-GAAP measure defined below) for the first quarter of 2025 was $197.8 million compared to $131.0 million in the first quarter of 2024.
Announced acquisition of Natural Gas Compression Systems, Inc. (“NGCSI”) and NGCSE, Inc. (“NGCSE”) (collectively “NGCS”), which closed on May 1, 2025.
Declared a quarterly dividend of $0.19 per common share for the first quarter of 2025, approximately 15% higher compared to the first quarter of 2024, resulting in dividend coverage of 3.9x.
Raised full-year 2025 Adjusted EBITDA guidance to a range of $790 to $830 million.

Management Commentary and Outlook

“Our outstanding first quarter results were driven by solid execution and our operational transformation from prior and ongoing investments in our high-quality asset base and innovative processes and technology,” said Brad Childers, Archrock’s President and Chief Executive Officer. “We maintained record equipment utilization and, excluding asset sales, grew our operating fleet by over 70,000 horsepower. In addition, we delivered outstanding profitability in both business segments and maintained our sector-leading balance sheet, including a leverage ratio of 3.2x.

“Our excellent underlying business performance and financial strength have positioned us to participate in value-creating industry consolidation. The integration of Total Operations and Production Services is progressing as planned and during the first quarter, we also announced the strategic acquisition of NGCS. The addition of complementary, large horsepower and electric compression assets further enhances our earnings power and position as a premier provider of natural gas compression services.

“We believe our production-oriented business, high-graded operation and outstanding financial position provide us with differentiated cash flow stability. These factors, combined with our robust and committed backlog, give us good visibility into our outlook this coming year, even in the face of macroeconomic uncertainty.

“We are committed to our prudent and returns-based capital allocation approach. Our cash available for dividend coverage remains over 3.0x, we’ve repurchased approximately 977,000 shares totaling $22.7 million during 2025 and the Board of Directors approved an increase in the Company’s share repurchase program by an additional $50 million. We believe the growth in global natural gas demand continues to support infrastructure investment in the U.S., but we are prepared to take decisive action should production growth decelerate,” concluded Childers.

First Quarter 2025 Financial Results

Archrock’s first quarter 2025 net income of $70.9 million included transaction-related costs totaling $3.9 million, a non-cash long-lived and other asset impairment of $1.0 million, and restructuring charges of $0.7 million. Archrock’s first quarter 2024 net income of $40.5 million included a non-cash long-lived and other asset impairment of $2.6 million.

Adjusted EBITDA for the first quarter of 2025 and 2024 included $7.3 million and $2.4 million, respectively, in net gains related to the sale of compression and other assets.

Contract Operations

For the first quarter of 2025, contract operations segment revenue totaled $300.4 million, an increase of 35% compared to $223.1 million in the first quarter of 2024. Adjusted gross margin for the first quarter of 2025 was $210.6 million, up 45% from $145.3 million in the first quarter of 2024. Adjusted gross margin percentage for the first quarter of 2025 was 70%, compared to 65% in the first quarter of 2024. Total operating horsepower at the end of the first quarter of 2025 was 4.3 million, compared to 3.6 million at the end of the first quarter of 2024. Utilization at the end of the first quarter of 2025 was 96%, compared to 95% at the end of the first quarter of 2024.

Aftermarket Services

For the first quarter of 2025, aftermarket services segment revenue totaled $46.8 million, compared to $45.4 million in the first quarter of 2024. Adjusted gross margin for the first quarter of 2025 was $11.5 million, compared to $10.4 million in the first quarter of 2024. Adjusted gross margin percentage for the first quarter of 2025 was 25%, compared to 23% for the first quarter of 2024.

Balance Sheet

Long-term debt was $2.3 billion and our available liquidity totaled $589.9 million at March 31, 2025. Our leverage ratio was 3.2x as of both March 31, 2025 and 2024.

Shareholder Returns

Quarterly Dividend

Our Board of Directors recently declared a quarterly dividend of $0.19 per share of common stock, or $0.76 per share on an annualized basis. Dividend coverage in the first quarter of 2025 was 3.9x. The first quarter 2025 dividend will be paid on May 13, 2025 to stockholders of record at the close of business on May 6, 2025.

Share Repurchase Program

Year to date through May 1, 2025, Archrock repurchased 977,218 common shares at an average price of $23.22 per share, for an aggregate of approximately $22.7 million. Since April 2023, the Company has repurchased 2,460,418 common shares at an average price of $18.24 per share for an aggregate of $44.9 million.

The Board of Directors approved an increase in the Company’s share repurchase program by an additional $50 million through April 27, 2026, resulting in available capacity of $65.2 million as of May 1, 2025.

Updated 2025 Annual Guidance

Archrock is providing revised guidance for the full year 2025. The full-year 2025 guidance below incorporates eight months of the financial impact of the NGCS acquisition that closed on May 1, 2025.

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

	Full Year 2025 Guidance
	Low			High
Net income^{(1) (2)}	$	245,000		$	285,000
Adjusted EBITDA⁽³⁾		790,000			830,000
Cash available for dividend⁽^{4) (5)}		480,000			495,000

Segment
Contract operations revenue	$	1,260,000		$	1,290,000
Contract operations adjusted gross margin percentage		69	%		71	%
Aftermarket services revenue	$	190,000		$	210,000
Aftermarket services adjusted gross margin percentage		22	%		24	%

Selling, general and administrative	$	149,000		$	144,000

Capital expenditures
Growth capital expenditures	$	330,000		$	370,000
Maintenance capital expenditures		110,000			120,000
Other capital expenditures		35,000			50,000

_______________⁽¹⁾2025 annual guidance for net income includes $1.0 million of long-lived and other asset impairment as of March 31, 2025, but does not include the impact of any such future costs, 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 incurred related to the acquisitions of Total Operations and Production Services, LLC (“TOPS”) and NGCS.
⁽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
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Adjusted net income ⁽¹⁾	$	74,484		$	61,533		$	40,532
Adjusted EBITDA ⁽¹⁾	$	197,845		$	183,844		$	131,024

Contract operations revenue	$	300,397		$	286,466		$	223,051
Contract operations adjusted gross margin	$	210,598		$	200,245		$	145,308
Contract operations adjusted gross margin percentage		70	%		70	%		65	%

Aftermarket services revenue	$	46,766		$	39,950		$	45,437
Aftermarket services adjusted gross margin	$	11,509		$	9,054		$	10,437
Aftermarket services adjusted gross margin percentage		25	%		23	%		23	%

Selling, general, and administrative	$	37,207		$	42,234		$	31,665

Net cash provided by operating activities	$	115,628		$	124,338		$	137,702
Cash available for dividend⁽¹⁾	$	132,247		$	118,089		$	82,026
Cash available for dividend coverage ⁽²⁾		3.9	x		3.5	x		3.2	x

Adjusted free cash flow ⁽¹⁾	$	(48,403	)	$	68,945		$	51,779
Adjusted free cash flow after dividend ⁽¹⁾	$	(82,588	)	$	38,255		$	25,779

Total available horsepower (at period end) ⁽³⁾		4,461			4,401			3,780
Total operating horsepower (at period end) ⁽⁴⁾		4,283			4,227			3,593
Horsepower utilization spot (at period end) ⁽⁵⁾		96	%		96	%		95	%

_______________⁽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⁾Defined as idle and operating horsepower and includes new compressor units completed by a third-party manufacturer that have been delivered to us.
⁽⁴⁾Defined as horsepower that is operating under contract and horsepower that is idle but under contract and generating revenue such as standby revenue.
⁽⁵⁾Defined as total available horsepower divided by total operating horsepower at period end.

Conference Call Details

Archrock will host a conference call on May 6, 2025, to discuss first quarter 2025 financial results. The call will begin at 10:30 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 restructuring charges and transaction-related costs adjusted for income taxes. A reconciliation of net income to adjusted net income, the most directly comparable GAAP measure, and a reconciliation of basic and diluted earnings per common share to adjusted earnings per 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, transaction-related costs, non-cash stock-based compensation expense, amortization of capitalized implementation costs and other items. A reconciliation of net income to adjusted EBITDA, the most directly comparable GAAP measure, and a reconciliation of our full year 2025 net income to adjusted EBITDA guidance 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 net income to adjusted gross margin, the most directly comparable GAAP measure, and a reconciliation of gross margin to adjusted gross margin and adjusted gross margin percentage 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, 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 net income to cash available for dividend and net income to net cash provided by operating activities, the most directly comparable GAAP measures, and a reconciliation of our full year 2025 net income to cash available for dividend guidance 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 net cash provided by operating activities to adjusted free cash flow, 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 net cash provided by operating activities to adjusted free cash flow after dividend, 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: inability to achieve the expected benefits of the NGCS acquisition and difficulties in integrating NGCS; risks of acquisitions or mergers, including the NGCS acquisition, to reduce our ability to make distributions to our common stockholders; 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; 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 Reports on Form 10-Q 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
	March 31,			December 31,			March 31,
	2025			2024			2024
Revenue:
Contract operations	$	300,397		$	286,466		$	223,051
Aftermarket services		46,766			39,950			45,437
Total revenue		347,163			326,416			268,488

Cost of sales, exclusive of depreciation and amortization
Contract operations		89,799			86,221			77,743
Aftermarket services		35,257			30,896			35,000
Total cost of sales, exclusive of depreciation and amortization		125,056			117,117			112,743

Selling, general and administrative		37,207			42,234			31,665
Depreciation and amortization		57,620			58,129			42,835
Long-lived and other asset impairment		972			1,203			2,568
Restructuring charges		665			—			—
Interest expense		37,741			38,238			27,334
Transaction-related costs		3,935			2,247			—
Gain on sale of assets, net		(7,335	)		(12,712	)		(2,381	)
Other (income) expense, net		(684	)		1,598			139
Income before income taxes		91,986			78,362			53,585
Provision for income taxes		21,136			18,604			13,053
Net income	$	70,850		$	59,758		$	40,532

Basic and diluted net income per common share ⁽¹⁾	$	0.40		$	0.34		$	0.26

Weighted-average common shares outstanding:
Basic		174,014			173,451			154,187
Diluted		174,371			173,848			154,501

_______________
⁽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
	March 31,			December 31,			March 31,
	2025			2024			2024
Revenue:
Contract operations	$	300,397		$	286,466		$	223,051
Aftermarket services		46,766			39,950			45,437
Total revenue	$	347,163		$	326,416		$	268,488

Adjusted gross margin:
Contract operations	$	210,598		$	200,245		$	145,308
Aftermarket services		11,509			9,054			10,437
Total adjusted gross margin ⁽¹⁾	$	222,107		$	209,299		$	155,745

Adjusted gross margin percentage:
Contract operations		70	%		70	%		65	%
Aftermarket services		25	%		23	%		23	%
Total adjusted gross margin percentage ⁽¹⁾		64	%		64	%		58	%

Selling, general and administrative	$	37,207		$	42,234		$	31,665
% of revenue		11	%		13	%		12	%

Adjusted EBITDA ⁽¹⁾	$	197,845		$	183,844		$	131,024
% of revenue		57	%		56	%		49	%

Capital expenditures	$	168,140		$	97,988		$	99,755
Proceeds from sale of property, plant and equipment and other assets		(2,904	)		(43,387	)		(13,844	)
Net capital expenditures	$	165,236		$	54,601		$	85,911

Total available horsepower (at period end) ⁽²⁾		4,461			4,401			3,780
Total operating horsepower (at period end) ⁽³⁾		4,283			4,227			3,593
Average operating horsepower		4,254			4,205			3,606
Horsepower utilization:
Spot (at period end) ⁽⁴⁾		96	%		96	%		95	%
Average ⁽⁴⁾		96	%		95	%		96	%

Dividend declared for the period per share	$	0.190		$	0.190		$	0.165
Dividend declared for the period to all stockholders	$	33,758		$	33,487		$	25,978
Cash available for dividend coverage ⁽⁵⁾		3.9	x		3.5	x		3.2	x

Adjusted free cash flow ⁽¹⁾	$	(48,403	)	$	68,945		$	51,779
Adjusted free cash flow after dividend ⁽¹⁾	$	(82,588	)	$	38,255		$	25,779

_______________⁽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.

	March 31,		December 31,		March 31,
	2025		2024		2024
Balance Sheet
Long-term debt ⁽¹⁾	$	2,297,767	$	2,198,376	$	1,566,566
Total equity		1,349,983		1,323,531		882,080

_______________
⁽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
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Restructuring charges		665			—			—
Transaction-related costs		3,935			2,247			—
Tax effect of adjustments ⁽¹⁾		(966	)		(472	)		—
Adjusted net income ⁽²⁾	$	74,484		$	61,533		$	40,532

Weighted-average common shares outstanding used in diluted earnings per common share		174,371			173,451			154,401

Basic and diluted earnings per common share ⁽³⁾	$	0.40		$	0.34		$	0.26
Restructuring charges per share		0.00			—			—
Transaction-related costs per share		0.03			0.01			—
Tax effect of adjustments per share		(0.01	)		(0.00	)		—
Adjusted earnings per share ⁽²⁾	$	0.42		$	0.35		$	0.26

_______________
⁽¹⁾Represents tax effect of restructuring charges and transaction-related costs 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
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Depreciation and amortization		57,620			58,129			42,835
Long-lived and other asset impairment		972			1,203			2,568
Unrealized change in fair value of investment in unconsolidated affiliate		—			1,484			—
Restructuring charges		665			—			—
Interest expense		37,741			38,238			27,334
Transaction-related costs		3,935			2,247			—
Stock-based compensation expense		4,027			3,431			3,964
Amortization of capitalized implementation costs		762			750			738
Indemnification expense, net		137			—			—
Provision for income taxes		21,136			18,604			13,053
Adjusted EBITDA ⁽¹⁾		197,845			183,844			131,024
Selling, general and administrative		37,207			42,234			31,665
Stock-based compensation expense		(4,027	)		(3,431	)		(3,964	)
Amortization of capitalized implementation costs		(762	)		(750	)		(738	)
Gain on sale of assets, net		(7,335	)		(12,712	)		(2,381	)
Other (income) expense, net		(684	)		1,598			139
Adjusted gross margin ⁽¹⁾	$	222,107		$	209,299		$	155,745

_______________
⁽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 and Adjusted Gross Margin Percentage (in thousands)

	Three Months Ended
	March 31,					December 31,					March 31,
	2025					2024					2024
Total revenues	$	347,163				$	326,416				$	268,488
Cost of sales, exclusive of depreciation and amortization		(125,056	)				(117,117	)				(112,743	)
Depreciation and amortization		(57,620	)				(58,129	)				(42,835	)
Gross margin and gross margin percentage		164,487		47	%		151,170		46	%		112,910		42	%
Depreciation and amortization		57,620					58,129					42,835
Adjusted gross margin and adjusted gross margin percentage ⁽¹⁾	$	222,107		64	%	$	209,299		64	%	$	155,745		58	%

_______________
⁽¹⁾Management believes adjusted gross margin and adjusted gross margin percentage provide 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
	March 31,			December 31,			March 31,
	2025			2024			2024
Net income	$	70,850		$	59,758		$	40,532
Depreciation and amortization		57,620			58,129			42,835
Long-lived and other asset impairment		972			1,203			2,568
Unrealized change in fair value of investment in unconsolidated affiliate		—			1,484			—
Restructuring charges		665			—			—
Interest expense		37,741			38,238			27,334
Transaction-related costs		3,935			2,247			—
Stock-based compensation expense		4,027			3,431			3,964
Amortization of capitalized implementation costs		762			750			738
Indemnification expense, net		137			—			—
Provision for income taxes		21,136			18,604			13,053
Adjusted EBITDA ⁽¹⁾		197,845			183,844			131,024
Less: Maintenance capital expenditures		(22,753	)		(21,623	)		(19,525	)
Less: Other capital expenditures		(6,019	)		(7,023	)		(2,920	)
Less: Cash tax (payment) refund		(92	)		134			89
Less: Cash interest expense		(36,734	)		(37,243	)		(26,642	)
Cash available for dividend ⁽²⁾	$	132,247		$	118,089		$	82,026

_______________⁽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
	March 31,			December 31,			March 31,
	2025			2024			2024
Net cash provided by operating activities	$	115,628		$	124,338		$	137,702
Inventory write-downs		(188	)		18			(199	)
Provision for credit losses		(156	)		(286	)		75
Gain on sale of assets, net		7,335			12,712			2,381
Current income tax provision		1,182			997			593
Cash tax (payment) refund		(92	)		134			89
Amortization of operating lease ROU assets		(1,204	)		(1,063	)		(947	)
Amortization of contract costs		(5,889	)		(6,106	)		(5,768	)
Deferred revenue recognized in earnings		3,746			5,294			2,859
Indemnification expense, net		137			—			—
Cash restructuring charges		665			—			—
Cash transaction-related costs		3,935			2,247			—
Time-based cash or equity settled units settled as equity		(1,756	)		—			—
Changes in assets and liabilities		37,676			8,450			(32,314	)
Maintenance capital expenditures		(22,753	)		(21,623	)		(19,525	)
Other capital expenditures		(6,019	)		(7,023	)		(2,920	)
Cash available for dividend ⁽¹⁾	$	132,247		$	118,089		$	82,026

_______________
⁽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
	March 31,			December 31,			March 31,
	2025			2024			2024
Net cash provided by operating activities	$	115,628		$	124,338		$	137,702
Net cash used in investing activities		(164,031	)		(55,393	)		(85,923	)
Adjusted free cash flow ⁽¹⁾		(48,403	)		68,945			51,779
Dividends paid to stockholders		(34,185	)		(30,690	)		(26,000	)
Adjusted free cash flow after dividend ⁽¹⁾	$	(82,588	)	$	38,255		$	25,779

_______________
⁽¹⁾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⁾	$	245,000		$	285,000
Interest expense		165,000			165,000
Provision for income taxes		98,000			98,000
Depreciation and amortization		248,000			248,000
Stock-based compensation expense		18,000			18,000
Long-lived and other asset impairment		1,000			1,000
Amortization of capitalized implementation costs		4,000			4,000
Transaction-related costs ⁽²⁾		10,000			10,000
Restructuring charges		1,000			1,000
Adjusted EBITDA ⁽³⁾		790,000			830,000
Less: Maintenance capital expenditures		(110,000	)		(120,000	)
Less: Other capital expenditures		(35,000	)		(50,000	)
Less: Cash tax expense		(5,000	)		(5,000	)
Less: Cash interest expense		(160,000	)		(160,000	)
Cash available for dividend ⁽⁴⁾⁽⁵⁾	$	480,000		$	495,000

_______________⁽¹⁾2025 annual guidance for net income includes $1.0 million of long-lived and other asset impairment as of March 31, 2025, but does not include the impact of any such future costs, 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 and NGCS acquisitions.
⁽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 –

May 6, 2025

MIL-OSI Canada: Minister’s statement on Midwives Day

Health Minister Josie Osborne released the following statement in recognition of Midwives Day, May 5, 2025:

“Today, we recognize and celebrate the vital role midwives play in our health-care system. These dedicated and compassionate professionals provide exceptional care to many families in British Columbia through one of the most meaningful times in their lives – from pregnancy to birth and the post-partum period.

“In 2024, midwives assisted in 31% of births in B.C. This is a powerful testament to the trust families place in them. Midwives deliver personalized, safe and culturally respectful care to families throughout the province, including those in rural, remote and First Nations communities. They also play a crucial role in improving maternity, reproductive and gynecological care – a core priority in my ministry’s mandate letter.

“Midwives Day is an opportunity to recognize the contributions of midwives and our government’s commitment to supporting them. Since 2022, our government has increased the wages and benefits of midwives and has provided more supports for Indigenous midwifery and midwifery in remote communities. In addition, by implementing B.C.’s Health Human Resources Strategy, we continue to support and strengthen recruitment, retention and training for midwives. Their well-being and professional growth are key to the future of maternity care in our province and ensures stable, reliable maternity and newborn services for people in B.C.

“To every midwife in B.C. – thank you. Your dedication and excellence mean the world to the little ones and families you serve.”

MIL OSI Canada News –

May 6, 2025

MIL-Evening Report: AI systems are built on English – but not the kind most of the world speaks

Source: The Conversation (Au and NZ) – By Celeste Rodriguez Louro, Associate professor, Chair of Linguistics and Director of Language Lab, The University of Western Australia

Reihaneh Golpayegani / Better Images of AI, CC BY

An estimated 90% of the training data for current generative AI systems stems from English. However, English is an international lingua franca with about 1.5 billion speakers worldwide, and countless varieties.

So whose English is today’s technology based on? The answer is primarily the English of mainstream America.

This is no accident. Mainstream American English is entrenched in the digital infrastructure of the internet, in Silicon Valley’s corporate priorities, and in the data sets that fuel everything from autocorrect to AI-generated synthetic text.

The consequence? AI models produce a monolithic version of English that erases variation, excludes minoritised and regional voices, and reinforces unequal power dynamics.

The hegemony of mainstream American English

The proliferation of American English online is a result of historical, economic and technological factors. The United States has been a dominant force in the development of the internet, content creation, and the rise of tech giants such as Google, Meta, Microsoft and OpenAI.

Unsurprisingly, the linguistic norms embedded in products by these companies are overwhelmingly mainstream American.

A recent study found that speakers of non-mainstream English were frustrated with the “homogeneity of AI accents” in voice-cloning and speech-generation technologies. One participant noted the predominant mainstream American accents in the voices available, stating the technologies had been built “with some other people in mind”.

Mainstream varieties of English have long reigned as the “standard” against which other varieties are weighed.

To take a single example from the US, linguistics research by John Baugh found that using different accents can determine people’s access to goods and services. When Baugh called different landlords about housing advertised in the local newspaper, using a mainstream accent procured him several housing inspections while using African-American and Latino accents did not.

The prestige of mainstream English also underpins algorithmic decisions. The models behind tools such as autocorrect, voice-to-text, or even AI writing assistants are most often trained on mainstream American-centric data. This is often scraped from the web, where US-based media, forums and platforms dominate.

This means variations in grammar, syntax and vocabulary from other varieties of English are systematically ignored, misinterpreted or outright “corrected”.

Whose English is perceived as adding value?

The stakes of this linguistic bias in favour of mainstream English become even higher when AI systems are deployed around the world.

If an AI tutor fails to understand a Nigerian English construction, who bears the cost? If a job application written in Indian English is marked down by an AI-powered resume scanner, what are the consequences? If an Australian First Nations elder’s oral history is transcribed by voice recognition software and the system fails to capture culturally significant terms, what knowledge is lost or misrepresented?

These questions are unfolding in real time as governments, educational institutions and corporations adopt AI technologies at scale.

Englishes, not English

The idea that there is one “good” or “correct” English is a myth. English is spoken in diverse forms across regions, shaped by local societies, cultures, histories and identities.

As Noongar writer and educator Glenys Collard and I have written, Aboriginal English has “its own structure, rules and the same potential as any other linguistic variety” and the same is true of other forms of English.

Indian English, for example, has lexical innovations such as “prepone” (the opposite of postpone). Singapore English (Singlish) integrates particles and syntactic features from Malay, Hokkien and Tamil.

These are not “broken” forms of English. Each community where English was imposed has gone on to make English its own.

English, and language more generally, is never static. It adapts to meet the needs of an ever-changing society and its speakers.

Yet in AI development, this linguistic diversity is often treated as noise rather than signal. Non-standardised varieties are underrepresented in training datasets, excluded from annotation schemes, and rarely feature in evaluation benchmarks.

This results in an AI ecosystem that is multilingual in theory, but monolingual in practice.

Toward linguistic justice in AI

So, what would it look like to build AI systems that recognise and respect a range of different forms of English?

A shift in mindset is required, from prescribing “correct” language to including many varieties of language. What we need are systems that accommodate linguistic variation.

This may involve supporting community-led efforts to document and digitise linguistic varieties on their own terms, bearing in mind not all linguistic varieties should be digitised or documented.

Collaboration across disciplines is also important. It requires linguists, technologists, educators and community leaders working together to ensure AI development is grounded in principles of linguistic justice.

The goal is not to “fix” language but to create technology that produces just outcomes. The focus should be on changing the technology, not the speaker.

Embracing Englishes

English has been a powerful vehicle of empire, but it has also been a tool of resistance, creativity and solidarity. Around the world, speakers have taken the language and made it their own. AI-enabled systems should be built to be as inclusive of this variability as possible.

So next time your phone tells you to “correct” your spelling, or an AI chatbot misunderstands your phrasing, ask yourself: whose English is it trying to model? And whose English is being left out?

Celeste Rodriguez Louro has received funding from the Australian Research Council. She is also working with Google on a project seeking to make voice-operated technologies inclusive for First Nations people in Australia.

– ref. AI systems are built on English – but not the kind most of the world speaks – https://theconversation.com/ai-systems-are-built-on-english-but-not-the-kind-most-of-the-world-speaks-249710

MIL OSI Analysis – EveningReport.nz –

May 6, 2025

MIL-OSI: SiriusPoint reports tenth consecutive quarter of underwriting profits and strong net income of $58m

Source: GlobeNewswire (MIL-OSI)

HAMILTON, Bermuda, May 05, 2025 (GLOBE NEWSWIRE) — SiriusPoint Ltd. (“SiriusPoint” or the “Company”) (NYSE:SPNT) today announced results for its first quarter ended March 31, 2025

Combined ratio of 95.4% in the first quarter for Core business with underwriting income of $29 million
Net premiums written growth of 20%, outpacing gross premiums written growth of 12% in the quarter for Core business, with strong growth from Insurance & Services
First quarter return on equity of 12.9%, within 12-15% ‘across the cycle’ return on equity target range
$59 million net impact from California Wildfires in the quarter, below guided range from the fourth quarter
Book value per diluted common share (ex. AOCI) of $15.15, up 3.5% in the quarter. Balance sheet remains strong with Q1’25 BSCR estimate at 227%
During the quarter, AM Best and Fitch affirmed our ratings and revised our outlook to Positive from Stable

Scott Egan, Chief Executive Officer, said: “2025 has got off to a strong start. Our aim to deliver stable and consistent earnings can be seen with our first quarter return on equity of 12.9%, well within our 12-15% target range as our diverse portfolio performed well against the backdrop of elevated natural catastrophe losses.

Our growth momentum continues, with Core gross premiums written growing by 12% in the quarter, while net premiums written increased at a faster pace of 20%, as we seek to retain a greater proportion of our increasingly profitable book. The Core underwriting result saw improvements across multiple fronts, with the attritional loss ratio, acquisition cost ratio, and underwriting expense ratios all decreasing and contributing to a 3.0 point reduction in total across these areas.

Our earnings per share of $0.49 was flat to prior year despite lower net income, demonstrating the significant accretion benefits now being derived from the previously announced share repurchases. Our strong earnings resulted in an increase to book value of 5% in the quarter.

Our focus will be to maintain this momentum and continue to deliver and improve throughout 2025. We are pleased to see our outlook move to Positive from Stable this year for both AM Best and Fitch. These are important proof points of our progress.”

First Quarter 2025 Highlights

Net income attributable to SiriusPoint common shareholders of $57.6 million, or $0.49 per diluted common share
Core income of $47.4 million, including underwriting income of $28.5 million, Core combined ratio of 95.4%
Core net services fee income of $19.0 million, with service margin of 30.6%
Net investment income of $71.2 million and total investment result of $70.9 million
Book value per diluted common share increased $0.77 per share, or 5.3%, from December 31, 2024 to $15.37
Annualized return on average common equity of 12.9%

Key Financial Metrics

The following table shows certain key financial metrics for the three months ended March 31, 2025 and 2024:

		2025			2024
	($ in millions, except for per share data and ratios)
Combined ratio		91.4	%		84.9	%
Core underwriting income (1)	$	28.5		$	44.3
Core net services income (1)	$	18.9		$	18.1
Core income (1)	$	47.4		$	62.4
Core combined ratio (1)		95.4	%		91.4	%
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders		12.9	%		15.4	%
Book value per common share (2)	$	15.73		$	14.92
Book value per diluted common share (2)	$	15.37		$	14.60
Book value per diluted common share ex. AOCI (1) (2)	$	15.15		$	14.64
Tangible book value per diluted common share (1) (2)	$	14.21		$	13.42

(1)

Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See definitions in “Non-GAAP Financial Measures” and reconciliations in “Segment Reporting.” Book value per diluted common share ex. AOCI and tangible book value per diluted common share are non-GAAP financial measures. See definition and reconciliation in “Non-GAAP Financial Measures.”

(2)

Prior year comparatives represent amounts as of December 31, 2024.

First Quarter 2025 Summary

Consolidated underwriting income for the three months ended March 31, 2025 was $54.1 million compared to $89.6 million for the three months ended March 31, 2024. The decrease was primarily driven by increased catastrophe losses from the California wildfires, partially offset by increased favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, and in A&H, due to lower than expected reported attritional losses.

Reportable Segments

The determination of our reportable segments is based on the manner in which management monitors the performance of our operations, which consist of two reportable segments – Reinsurance and Insurance & Services.

Collectively, the sum of our two segments, Reinsurance and Insurance & Services, constitute our “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. See reconciliations in “Segment Reporting”. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Core Premium Volume

Gross premiums written increased by $109.2 million, or 12.4%, to $989.9 million for the three months ended March 31, 2025 compared to $880.7 million for the three months ended March 31, 2024. Net premiums earned increased by $108.0 million, or 20.9%, to $625.8 million for the three months ended March 31, 2025 compared to $517.8 million for the three months ended March 31, 2024. The increases in premium volume were primarily driven by our Insurance & Services segment, including growth across A&H, expansion of Surety within our Other Specialties business line and continued strategic organic and new program growth in our international business.

Core Results

Core results for the three months ended March 31, 2025 included income of $47.4 million compared to $62.4 million for the three months ended March 31, 2024. Income for the three months ended March 31, 2025 consists of underwriting income of $28.5 million (95.4% combined ratio) and net services income of $18.9 million, compared to underwriting income of $44.3 million (91.4% combined ratio) and net services income of $18.1 million for the three months ended March 31, 2024. The decrease in net underwriting results was primarily driven by increased catastrophe losses, partially offset by increased favorable development and lower attritional losses.

Catastrophe losses for the three months ended March 31, 2025 were $67.9 million, or 10.9 percentage points on the combined ratio, primarily from the California wildfires, compared to minimal losses for the three months ended March 31, 2024. Losses incurred included $34.3 million of favorable prior year loss reserve development for the three months ended March 31, 2025 primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, as well as favorable development in A&H, due to lower than expected reported attritional losses, compared to $8.0 million for the three months ended March 31, 2024 driven by decreased ultimate losses in the Credit reinsurance portfolio.

Net services income remained stable for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. Service margin, which is calculated as Net service fee income as a percentage of services revenues, increased to 30.6% for the three months ended March 31, 2025 from 30.1% for the three months ended March 31, 2024.

Reinsurance Segment

Reinsurance gross premiums written were $354.8 million for the three months ended March 31, 2025, an decrease of $1.6 million, or 0.4%, compared to the three months ended March 31, 2024, primarily driven by reduced premiums written in Casualty reflecting underwriting actions to improve profitability, partially offset by increased reinstatement premiums of $8.9 million related to our Property Catastrophe business.

Reinsurance generated underwriting income of $8.4 million (97.1% combined ratio) for the three months ended March 31, 2025, compared to underwriting income of $39.9 million (84.2% combined ratio) for the three months ended March 31, 2024. The decrease in net underwriting results was primarily driven by increased catastrophe losses of $63.1 million, or 21.8 percentage points on the combined ratio, primarily from the California wildfires, compared to minimal losses for the three months ended March 31, 2024. This was partially offset by increased favorable prior year loss reserve development of $31.8 million for the three months ended March 31, 2025 primarily driven by favorable development in Property, mainly from reserve releases relating to prior year’s catastrophe events, compared to $10.3 million for the three months ended March 31, 2024 primarily driven by decreased ultimate losses in the Credit reinsurance portfolio.

Insurance & Services Segment

Insurance & Services gross premiums written were $635.1 million for the three months ended March 31, 2025, an increase of $110.8 million, or 21.1%, compared to the three months ended March 31, 2024, primarily driven by growth across A&H, expansion of Surety within our Other Specialties business line and continued strategic organic and new program growth in our international business.

Insurance & Services generated segment income of $39.0 million for the three months ended March 31, 2025, compared to $22.5 million for the three months ended March 31, 2024. Segment income for the three months ended March 31, 2025 consists of underwriting income of $20.1 million (94.0% combined ratio) and net services income of $18.9 million, compared to underwriting income of $4.4 million (98.4% combined ratio) and net services income of $18.1 million for the three months ended March 31, 2024. The improvement in underwriting results was primarily driven by our decreased loss ratio mainly from lower attritional losses, as well as net favorable prior year loss reserve development of $2.5 million for the three months ended March 31, 2025, mainly in A&H, compared to net adverse prior year loss reserve development of $2.3 million for the three months ended March 31, 2024.

Investments

Net investment income and net realized and unrealized investment gains (losses) for the three months ended March 31, 2025 and 2024 were mainly driven by interest income of $63.4 million and $76.9 million, respectively, on our debt securities and short-term investments. The decrease is driven by a lower asset base as of March 31, 2025 after executing various share repurchase transactions in 2024 and 2025.

Webcast Details

The Company will hold a webcast to discuss its first quarter 2025 results at 8:30 a.m. Eastern Time on May 6, 2025. The webcast of the conference call will be available over the Internet from the Company’s website at www.siriuspt.com under the “Investor Relations” section. Participants should follow the instructions provided on the website to download and install any necessary audio applications. The conference call will be available by dialing 1-877-451-6152 (domestic) or 1-201-389-0879 (international). Participants should ask for the SiriusPoint Ltd. first quarter 2025 earnings call.

The online replay will be available on the Company’s website immediately following the call at www.siriuspt.com under the “Investor Relations” section.

Safe Harbor Statement Regarding Forward-Looking Statements
This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond the Company’s control. The Company cautions you that the forward-looking information presented in this press release is not a guarantee of future events, and that actual events may differ materially from those made in or suggested by the forward-looking information contained in this press release. In addition, forward-looking statements generally can be identified by the use of forward-looking terminology such as “believes,” “intends,” “seeks,” “anticipates,” “aims,” “plans,” “targets,” “estimates,” “expects,” “assumes,” “continues,” “guidance,” “should,” “could,” “will,” “may” and the negative of these or similar terms and phrases. Specific forward-looking statements in this press release include, but are not limited to, statements regarding the trend of our performance as compared to the previous guidance, the current insurtech market trends, our ability to generate shareholder value, and whether we will continue to have momentum in our business in the future. Actual events, results and outcomes may differ materially from the Company’s expectations due to a variety of known and unknown risks, uncertainties and other factors. Among the risks and uncertainties that could cause actual results to differ from those described in the forward-looking statements are the following: our ability to execute on our strategic transformation, including re-underwriting to reduce volatility and improve underwriting performance, de-risking our investment portfolio, and transforming our business; the impact of unpredictable catastrophic events, including uncertainties with respect to current and future COVID-19 losses across many classes of insurance business and the amount of insurance losses that may ultimately be ceded to the reinsurance market, supply chain issues, labor shortages and related increased costs, changing interest rates and equity market volatility; inadequacy of loss and loss adjustment expense reserves, the lack of available capital, and periods characterized by excess underwriting capacity and unfavorable premium rates; the performance of financial markets, impact of inflation and interest rates, and foreign currency fluctuations; our ability to compete successfully in the insurance and reinsurance market and the effect of consolidation in the insurance and reinsurance industry; technology breaches or failures, including those resulting from a malicious cyber-attack on us, our business partners or service providers; the effects of global climate change, including wildfires, and increased severity and frequency of weather-related natural disasters and catastrophes and increased coastal flooding in many geographic areas; geopolitical uncertainty, including the ongoing conflicts in Europe and the Middle East and the new presidential administration in the U.S.; global economic uncertainty caused by the imposition and/or announcement of tariffs imposed on the import of certain goods into the U.S. from various countries which may have unpredictable consequences including, but not limited to, inflation or trade wars, potential impact on the Company’s credit and mortgage business and potential increase in credit spread which could impact the Company’s short-term capital and liquidity; our ability to retain key senior management and key employees; a downgrade or withdrawal of our financial ratings; fluctuations in our results of operations; legal restrictions on certain of SiriusPoint’s insurance and reinsurance subsidiaries’ ability to pay dividends and other distributions to SiriusPoint; the outcome of legal and regulatory proceedings and regulatory constraints on our business; reduced returns or losses in SiriusPoint’s investment portfolio; our exposure or potential exposure to corporate income tax in Bermuda and the E.U., U.S. federal income and withholding taxes and our significant deferred tax assets, which could become devalued if we do not generate future taxable income or applicable corporate tax rates are reduced; risks associated with delegating authority to third party managing general agents; future strategic transactions such as acquisitions, dispositions, investments, mergers or joint ventures; and other risks and factors listed under “Risk Factors” in the Company’s most recent Annual Report on Form 10-K and other subsequent periodic reports filed with the Securities and Exchange Commission.

All forward-looking statements speak only as of the date made and the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures and Other Financial Metrics

In presenting SiriusPoint’s results, management has included financial measures that are not calculated under standards or rules that comprise accounting principles generally accepted in the United States (“GAAP”). SiriusPoint’s management uses this information in its internal analysis of results and believes that this information may be informative to investors in gauging the quality of SiriusPoint’s financial performance, identifying trends in our results and providing meaningful period-to-period comparisons. Core underwriting income, Core net services income, Core income, and Core combined ratio are non-GAAP financial measures. Management believes it is useful to review Core results as it better reflects how management views the business and reflects the Company’s decision to exit the runoff business. Book value per diluted common share excluding accumulated other comprehensive income (loss) (“AOCI”) and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Management believes the effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Reconciliations of such non-GAAP financial measures to the most directly comparable GAAP figures are included in the attached financial information in accordance with Regulation G and Item 10(e) of Regulation S-K, as applicable.

About the Company

SiriusPoint is a global underwriter of insurance and reinsurance providing solutions to clients and brokers around the world. Bermuda-headquartered with offices in New York, London, Stockholm and other locations, we are listed on the New York Stock Exchange (SPNT). We have licenses to write Property & Casualty and Accident & Health insurance and reinsurance globally. Our offering and distribution capabilities are strengthened by a portfolio of strategic partnerships with Managing General Agents and Program Administrators. With approximately $2.7 billion total capital, SiriusPoint’s operating companies have a financial strength rating of A- (Excellent) from AM Best, S&P and Fitch, and A3 from Moody’s. For more information, please visit www.siriuspt.com.

Contacts

Investor Relations
Liam Blackledge – Investor Relations and Strategy Manager
Liam.Blackledge@siriuspt.com
+ 44 203 772 3082

Media
Natalie King – Global Head of Marketing and External Communications
Natalie.King@siriuspt.com
+ 44 770 728 8817


SIRIUSPOINT LTD. CONSOLIDATED BALANCE SHEETS (UNAUDITED) As of March 31, 2025 and December 31, 2024 (expressed in millions of U.S. dollars, except per share and share amounts)

	March 31, 2025		December 31, 2024
Assets
Debt securities, available for sale, at fair value, net of allowance for credit losses of $0.0 (2024 – $1.1) (cost – $4,617.0; 2024 – $5,143.8)	$	4,635.2	$	5,131.0
Debt securities, trading, at fair value (cost – $140.9; 2024 – $187.3)		117.6		162.2
Short-term investments, at fair value (cost – $48.2; 2024 – $95.3)		48.2		95.8
Other long-term investments, at fair value (cost – $437.9; 2024 – $438.2) (includes related party investments at fair value of $220.1 (2024 – $217.2))		317.7		316.5
Total investments		5,118.7		5,705.5
Cash and cash equivalents		740.3		682.0
Restricted cash and cash equivalents		184.9		212.6
Due from brokers		18.8		11.2
Interest and dividends receivable		42.1		44.0
Insurance and reinsurance balances receivable, net		2,240.8		2,054.4
Deferred acquisition costs, net		369.3		327.5
Unearned premiums ceded		514.3		463.9
Loss and loss adjustment expenses recoverable, net		2,335.7		2,315.3
Deferred tax asset		293.3		297.0
Intangible assets		137.9		140.8
Other assets		284.4		270.7
Total assets	$	12,280.5	$	12,524.9
Liabilities
Loss and loss adjustment expense reserves	$	5,762.6	$	5,653.9
Unearned premium reserves		1,816.8		1,639.2
Reinsurance balances payable		1,707.5		1,781.6
Deposit liabilities		15.6		17.4
Deferred gain on retroactive reinsurance		6.6		8.5
Debt		663.5		639.1
Due to brokers		6.6		18.0
Deferred tax liability		94.2		76.2
Share repurchase liability		—		483.0
Other liabilities		180.4		269.2
Total liabilities		10,253.8		10,586.1
Commitments and contingent liabilities
Shareholders’ equity
Series B preference shares (par value $0.10; authorized and issued: 8,000,000)		200.0		200.0
Common shares (issued and outstanding: 116,020,526; 2023 – 116,429,057)		11.6		11.6
Additional paid-in capital		944.7		945.0
Retained earnings		842.5		784.9
Accumulated other comprehensive income (loss), net of tax		26.4		(4.1	)
Shareholders’ equity attributable to SiriusPoint shareholders		2,025.2		1,937.4
Noncontrolling interests		1.5		1.4
Total shareholders’ equity		2,026.7		1,938.8
Total liabilities, noncontrolling interests and shareholders’ equity	$	12,280.5	$	12,524.9


SIRIUSPOINT LTD. CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) For the three months ended March 31, 2025 and 2024 (expressed in millions of U.S. dollars, except per share and share amounts)

		2025			2024
Revenues
Net premiums earned	$	626.7		$	593.8
Net investment income		71.2			78.8
Net realized and unrealized investment gains (losses)		(0.3	)		1.0
Net investment income and net realized and unrealized investment gains (losses)		70.9			79.8
Other revenues		29.7			27.8
Loss on settlement and change in fair value of liability-classified capital instruments		—			(15.9	)
Total revenues		727.3			685.5
Expenses
Loss and loss adjustment expenses incurred, net		401.8			317.5
Acquisition costs, net		129.7			144.9
Other underwriting expenses		41.1			41.8
Net corporate and other expenses		60.6			56.0
Intangible asset amortization		2.9			2.9
Interest expense		18.1			20.5
Foreign exchange gains		(2.2	)		(3.7	)
Total expenses		652.0			579.9
Income before income tax expense		75.3			105.6
Income tax expense		(13.3	)		(9.7	)
Net income		62.0			95.9
Net income attributable to noncontrolling interests		(0.4	)		(1.1	)
Net income available to SiriusPoint		61.6			94.8
Dividends on Series B preference shares		(4.0	)		(4.0	)
Net income available to SiriusPoint common shareholders	$	57.6		$	90.8
Earnings per share available to SiriusPoint common shareholders
Basic earnings per share available to SiriusPoint common shareholders	$	0.50		$	0.50
Diluted earnings per share available to SiriusPoint common shareholders	$	0.49		$	0.49
Weighted average number of common shares used in the determination of earnings per share
Basic		115,975,961			168,934,114
Diluted		118,555,166			174,380,963


SIRIUSPOINT LTD. SEGMENT REPORTING

	Three months ended March 31, 2025
	Reinsurance			Insurance & Services			Core			Eliminations ⁽²⁾			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	354.8		$	635.1		$	989.9		$	—		$	(5.2	)	$	—		$	984.7
Net premiums written		268.5			483.5			752.0			—			(9.0	)		—			743.0
Net premiums earned		289.6			336.2			625.8			—			0.9			—			626.7
Loss and loss adjustment expenses incurred, net		195.3			209.9			405.2			(2.0	)		(1.4	)		—			401.8
Acquisition costs, net		67.1			87.3			154.4			(28.0	)		3.3			—			129.7
Other underwriting expenses		18.8			18.9			37.7			—			3.4			—			41.1
Underwriting income (loss)		8.4			20.1			28.5			30.0			(4.4	)		—			54.1
Services revenues		—			62.1			62.1			(30.2	)		—			(31.9	)		—
Services expenses		—			43.1			43.1			—			—			(43.1	)		—
Net services fee income		—			19.0			19.0			(30.2	)		—			11.2			—
Services noncontrolling income		—			(0.1	)		(0.1	)		—			—			0.1			—
Net services income		—			18.9			18.9			(30.2	)		—			11.3			—
Segment income (loss)		8.4			39.0			47.4			(0.2	)		(4.4	)		11.3			54.1
Net investment income														71.2			—			71.2
Net realized and unrealized investment losses														(0.3	)		—			(0.3	)
Other revenues														(2.2	)		31.9			29.7
Net corporate and other expenses														(17.5	)		(43.1	)		(60.6	)
Intangible asset amortization														(2.9	)		—			(2.9	)
Interest expense														(18.1	)		—			(18.1	)
Foreign exchange gains														2.2			—			2.2
Income before income tax expense	$	8.4		$	39.0			47.4			(0.2	)		28.0			0.1			75.3
Income tax expense								—			—			(13.3	)		—			(13.3	)
Net income								47.4			(0.2	)		14.7			0.1			62.0
Net income attributable to noncontrolling interest								—			—			(0.3	)		(0.1	)		(0.4	)
Net income available to SiriusPoint							$	47.4		$	(0.2	)	$	14.4		$	—		$	61.6

Attritional losses	$	164.0		$	207.6		$	371.6		$	(2.0	)	$	(1.5	)	$	—		$	368.1
Catastrophe losses		63.1			4.8			67.9			—			—			—			67.9
Prior year loss reserve development		(31.8	)		(2.5	)		(34.3	)		—			0.1			—			(34.2	)
Loss and loss adjustment expenses incurred, net	$	195.3		$	209.9		$	405.2		$	(2.0	)	$	(1.4	)	$	—		$	401.8

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		56.6	%		61.7	%		59.3	%											58.8	%
Catastrophe loss ratio		21.8	%		1.4	%		10.9	%											10.8	%
Prior year loss development ratio	(11.0)%			(0.7)%			(5.5)%												(5.5)%
Loss ratio		67.4	%		62.4	%		64.7	%											64.1	%
Acquisition cost ratio		23.2	%		26.0	%		24.7	%											20.7	%
Other underwriting expenses ratio		6.5	%		5.6	%		6.0	%											6.6	%
Combined ratio		97.1	%		94.0	%		95.4	%											91.4	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

	Three months ended March 31, 2024
	Reinsurance			Insurance & Services			Core			Eliminations ⁽²⁾			Corporate			Segment Measure Reclass			Total
Gross premiums written	$	356.4		$	524.3		$	880.7		$	—		$	25.9		$	—		$	906.6
Net premiums written		290.1			337.1			627.2			—			12.1			—			639.3
Net premiums earned		253.6			264.2			517.8			—			76.0			—			593.8
Loss and loss adjustment expenses incurred, net		124.6			176.5			301.1			(1.4	)		17.8			—			317.5
Acquisition costs, net		69.8			65.2			135.0			(33.2	)		43.1			—			144.9
Other underwriting expenses		19.3			18.1			37.4			—			4.4			—			41.8
Underwriting income		39.9			4.4			44.3			34.6			10.7			—			89.6
Services revenues		—			65.8			65.8			(37.1	)		—			(28.7	)		—
Services expenses		—			46.0			46.0			—			—			(46.0	)		—
Net services fee income		—			19.8			19.8			(37.1	)		—			17.3			—
Services noncontrolling income		—			(1.7	)		(1.7	)		—			—			1.7			—
Net services income		—			18.1			18.1			(37.1	)		—			19.0			—
Segment income		39.9			22.5			62.4			(2.5	)		10.7			19.0			89.6
Net investment income														78.8			—			78.8
Net realized and unrealized investment gains														1.0			—			1.0
Other revenues														(0.9	)		28.7			27.8
Loss on settlement and change in fair value of liability-classified capital instruments														(15.9	)		—			(15.9	)
Net corporate and other expenses														(10.0	)		(46.0	)		(56.0	)
Intangible asset amortization														(2.9	)		—			(2.9	)
Interest expense														(20.5	)		—			(20.5	)
Foreign exchange gains														3.7			—			3.7
Income before income tax expense	$	39.9		$	22.5			62.4			(2.5	)		44.0			1.7			105.6
Income tax expense								—			—			(9.7	)		—			(9.7	)
Net income								62.4			(2.5	)		34.3			1.7			95.9
Net (income) loss attributable to noncontrolling interest								—			—			0.6			(1.7	)		(1.1	)
Net income available to SiriusPoint							$	62.4		$	(2.5	)	$	34.9		$	—		$	94.8

Attritional losses	$	134.9		$	174.2		$	309.1		$	(1.4	)	$	48.7		$	—		$	356.4
Prior year loss reserve development		(10.3	)		2.3			(8.0	)		—			(30.9	)		—			(38.9	)
Loss and loss adjustment expenses incurred, net	$	124.6		$	176.5		$	301.1		$	(1.4	)	$	17.8		$	—		$	317.5

Underwriting Ratios: ⁽¹⁾
Attritional loss ratio		53.2	%		65.9	%		59.7	%											60.0	%
Prior year loss development ratio	(4.1)%				0.9	%	(1.6)%												(6.5)%
Loss ratio		49.1	%		66.8	%		58.1	%											53.5	%
Acquisition cost ratio		27.5	%		24.7	%		26.1	%											24.4	%
Other underwriting expenses ratio		7.6	%		6.9	%		7.2	%											7.0	%
Combined ratio		84.2	%		98.4	%		91.4	%											84.9	%

(1)	Underwriting ratios are calculated by dividing the related expense by net premiums earned.
(2)	Insurance & Services MGAs recognize fees for service using revenue from contracts with customers accounting standards, whereas insurance companies recognize acquisition expenses using insurance contract accounting standards. While ultimate revenues and expenses recognized will match, there will be recognition timing differences based on the different accounting standards.

SIRIUSPOINT LTD.
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS & OTHER FINANCIAL MEASURES

Non-GAAP Financial Measures

Core Results

Collectively, the sum of the Company’s two segments, Reinsurance and Insurance & Services, constitute “Core” results. Core underwriting income, Core net services income, Core income and Core combined ratio are non-GAAP financial measures. We believe it is useful to review Core results as it better reflects how management views the business and reflects our decision to exit the runoff business. The sum of Core results and Corporate results are equal to the consolidated results of operations.

Core underwriting income – calculated by subtracting loss and loss adjustment expenses incurred, net, acquisition costs, net, and other underwriting expenses from net premiums earned.

Core net services income – consists of services revenues which include commissions, brokerage and fee income related to consolidated MGAs, and other revenues, as well as services expenses which include direct expenses related to consolidated MGAs and services noncontrolling income which represent minority ownership interests in consolidated MGAs. Net services income is a key indicator of the profitability of the Company’s services provided.

Core income – consists of two components, core underwriting income and core net services income. Core income is a key measure of our segment performance.

Core combined ratio – calculated by dividing the sum of Core loss and loss adjustment expenses incurred, net, acquisition costs, net and other underwriting expenses by Core net premiums earned. Accident year loss ratio and accident year combined ratio are calculated by excluding prior year loss reserve development to present the impact of current accident year net loss and loss adjustment expenses on the Core loss ratio and Core combined ratio, respectively. Attritional loss ratio excludes catastrophe losses from the accident year loss ratio as they are not predictable as to timing and amount. These ratios are useful indicators of our underwriting profitability.

Book Value Per Diluted Common Share Metrics

Book value per diluted common share excluding AOCI and tangible book value per diluted common share, as presented, are non-GAAP financial measures and the most directly comparable U.S. GAAP measure is book value per common share. Management believes it is useful to exclude AOCI because it may fluctuate significantly between periods based on movements in interest and currency rates. Tangible book value per diluted common share excludes intangible assets. Management believes that effects of intangible assets are not indicative of underlying underwriting results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Tangible book value per diluted common share is useful because it provides a more accurate measure of the realizable value of shareholder returns, excluding intangible assets.

The following table sets forth the computation of book value per common share, book value per diluted common share and tangible book value per diluted common share as of March 31, 2025 and December 31, 2024:

	March 31, 2025		December 31, 2024
	($ in millions, except share and per share amounts)
Common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,825.2	$	1,737.4

Accumulated other comprehensive income (loss), net of tax		26.4		(4.1	)
Common shareholders’ equity attributable to SiriusPoint common shareholders ex. AOCI		1,798.8		1,741.5

Intangible assets		137.9		140.8
Tangible common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,687.3	$	1,596.6

Common shares outstanding		116,020,526		116,429,057
Effect of dilutive stock options, restricted share units and warrants		2,708,756		2,559,359
Book value per diluted common share denominator		118,729,282		118,988,416

Book value per common share	$	15.73	$	14.92
Book value per diluted common share	$	15.37	$	14.60
Book value per diluted common share ex. AOCI	$	15.15	$	14.64
Tangible book value per diluted common share	$	14.21	$	13.42

Other Financial Measures

Annualized Return on Average Common Shareholders’ Equity Attributable to SiriusPoint Common Shareholders

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders is calculated by dividing annualized net income available to SiriusPoint common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders for the three months ended March 31, 2025 and 2024 was calculated as follows:

		2025			2024
	($ in millions)
Net income available to SiriusPoint common shareholders	$	57.6		$	90.8
Common shareholders’ equity attributable to SiriusPoint common shareholders – beginning of period		1,737.4			2,313.9
Common shareholders’ equity attributable to SiriusPoint common shareholders – end of period		1,825.2			2,402.6
Average common shareholders’ equity attributable to SiriusPoint common shareholders	$	1,781.3		$	2,358.3
Annualized return on average common shareholders’ equity attributable to SiriusPoint common shareholders		12.9	%		15.4	%

The MIL Network –

May 6, 2025

MIL-Evening Report: We’ve heard the promises. Now it’s up to Labor to deliver its housing, wages and other economic policies

Source: The Conversation (Au and NZ) – By Michelle Cull, Associate Professor of Accounting and Financial Planning, Western Sydney University

With a convincing win for a second term of government, the pressure is now on the new Labor government to deliver the economic policies central to its win.

Prime Minister Anthony Albanese is wary of breaking promises and now has the opportunity to back this up. So, what are the key economic policies affecting everyday Australians that Labor is now set to deliver?

In his victory speech, Albanese said Labor would govern for every Australian “who deserves the security of a roof over their head or dreams of owning their own home”.

First home buyers

Labor has budgeted A$10 billion to help more Australians buy their first home. This involves providing an extra 100,000 new homes. The government plans to work with the states from July to identify where they should be located.

Building these homes is expected to take eight years – so the scheme will not be completed during the government’s second term. It will need to work quickly to ensure many of these homes are built while Labor is still in office.

Helping this is Labor’s policy to increase subsidies to housing apprentices and free TAFE education.

Also assisting first home buyers is the expansion of the 5% deposit Home Guarantee Scheme. This will allow more first home buyers to buy a home with only a 5% deposit without paying Lenders Mortgage Insurance.

The expansion will remove income thresholds and increase eligible property price caps to better reflect the market. Further, more people will be able to apply for the scheme.

The government plans to extend existing and introduce several new policies to help more people buy a home.
Fizkes/Shutterstock

In addition, the government is expanding its Help to Buy Scheme by increasing income and property price caps. This enables those on lower incomes to buy a home with a deposit as small as 2%. The government will pay for up to 40% of the cost on their behalf which will ultimately be paid back over time or when the house is sold.

Both the Help to Buy Scheme and Home Guarantee Scheme are extensions of Labor’s existing policies, so the government should be able to deliver this relatively quickly.

Increasing supply for all

Labor’s housing policies are not limited to first home buyers. To further increase housing supply, Labor plans to invest $54 million to speed up the construction of prefabricated and modular homes covered by a new national certification system.

In addition, a $1.5 billion infrastructure program to speed up the building of roads, sewage and water connections should also help increase supply.

Labor is on track to build 55,000 social and affordable homes through the Housing Australia Future Fund and the Social Housing Accelerator. Labor is also offering Build to Rent tax incentives to increase affordable housing rental supply by up to 80,000 new rental properties.

The government has also promised to work with states and territories to strengthen renters’ rights.

Crisis housing

Labor has also made promises for those needing crisis housing.

For women and children fleeing family and domestic violence and for people experiencing homelessness, there is a $1 billion program to provide more crisis and transitional accommodation. There is also $6.2 million of grants for homelessness support.

Workers’ pay rise

Labor has advocated to the Fair Work Commission for a wage increase above inflation for workers in low-paid jobs, such as cleaners, retail workers and early childhood educators.

With inflation currently at 2.4%, we can expect the minimum wage to rise to at least $24.68 an hour. The Fair Work Commission’s next Annual Wage Review should take place before the end of the financial year, with any changes likely to be effective from July.

Labor has backed an above-inflation wage increase for workers in low paid industries.
Dejan Dunjerski/Shutterstock

These wage increases are in addition to the substantial pay increase for aged care nurses as part of the Fair Work Commission’s Aged Care Work Value Case decision.

Tax cuts

The much-discussed tax cuts, costing $17 billion, will reduce the 16% tax rate to 15% (for income between $18,201 and $45,000) in the 2026–27 financial year, and to 14% in 2027–28 – just in time for the next election.

This will save taxpayers $268 and $536, respectively. These tax cuts will be welcomed by many and are likely to increase the labour participation rate. However, more tax reform may be needed to address bracket creep and improve equity in the tax system.

In addition, Labor has promised an automatic instant tax deduction for work-related expenses for labour income taxpayers.

This will take effect from the 2026–27 financial year to reduce the burden of record-keeping on taxpayers. It was also promoted as a way of “helping Australians keep more of what they earn”.

Medicare levy

While low wages are expected to increase and taxes to decrease, Labor also has plans to increase the low-income thresholds for the Medicare levy by 4.7% for singles, families, and seniors and pensioners from July 1 2024.

This should bring immediate relief to those on lower incomes who will be exempt from paying the Medicare levy or pay a reduced levy when lodging their returns for the 2024–25 financial year.

So, what’s next?

Many of these policy announcements are a step in the right direction – the question lies around their ability to be implemented.

Albanese admitted in his victory speech that he is an optimist and his aim is to ensure nobody is left behind.

Once the election hype settles, Labor will need to prove it is delivering on its promises. And, of course, these policies will ultimately have to be paid for. How Labor approaches this in the longer term will become a talking point for the next election.

Michelle Cull is a member of CPA Australia, the Financial Advice Association Australia and President Elect of the Academy of Financial Services in the United States. Michelle is an academic member of UniSuper’s Consultative Committee. Michelle Cull co-founded the Western Sydney University Tax Clinic which has received funding from the Australian Taxation Office as part of the National Tax Clinic Program. Michelle has previously volunteered as Chair of the Macarthur Advisory Council for the Salvation Army Australia.

– ref. We’ve heard the promises. Now it’s up to Labor to deliver its housing, wages and other economic policies – https://theconversation.com/weve-heard-the-promises-now-its-up-to-labor-to-deliver-its-housing-wages-and-other-economic-policies-255865

MIL OSI Analysis – EveningReport.nz –

May 6, 2025

MIL-Evening Report: What are the key risk factors for developing knee osteoarthritis? We reviewed the evidence

Source: The Conversation (Au and NZ) – By Christina Abdel Shaheed, Associate Professor, School of Public Health, University of Sydney

Osteoarthritis is the most common joint disease, affecting more than 3 million Australians and over 500 million people worldwide.

The knee is the most commonly affected joint, but osteoarthritis can also affect other joints including the hips and hands. The condition causes painful and stiff joints.

For someone with knee osteoarthritis, simple activities that many people take for granted such as walking, going up and down stairs or squatting can be very challenging.

There’s currently no cure for osteoarthritis. Most available treatments, such as exercise, walking aids and medicines (including paracetamol and non-steroidal anti-inflammatory drugs), focus on managing symptoms. But it’s important to consider how we can prevent knee osteoarthritis in the first place.

With this in mind, we undertook a systematic review to summarise the risk factors for developing knee osteoarthritis. Our findings, published today in the journal Osteoarthritis and Cartilage, can help us better understand how to lower the risk of this condition.

What we found

We gathered data from studies which followed people over time, to see which risk factors were associated with developing knee osteoarthritis. We included a total of 131 studies, involving more than 5 million people.

We identified more than 150 factors that influenced the risk of developing knee osteoarthritis.

Some key factors which increased the risk of developing knee osteoarthritis included being overweight or obese, past knee injury and occupational physical activity such as lifting heavy objects and shift work.

We also found several other possible risk factors, including:

eating large amounts of ultra-processed foods (which include “junk foods”, sugary drinks and processed meats)
poor sleep quality (for example, sleeping less than six hours a day or having 1–2 restless nights per week)
feeling depressed.

Being overweight or obese and past knee injury together accounted for 14% of the overall risk of developing knee osteoarthritis.

In other words, if we were able to completely remove these two risk factors, we could potentially reduce the incidence of knee osteoarthritis in the population by 14%.

Females had almost double the risk of developing knee osteoarthritis, and older age was slightly related to developing knee osteoarthritis.

Osteoarthritis of the knee affects millions of people worldwide.
Towfiqu barbhuiya/Pexels

Protective factors

On the other hand, we found some factors may lower the risk of developing knee osteoarthritis. These included following a Mediterranean diet (which includes plenty of vegetables, olive oil, nuts, fruit and healthy fats found in fish), and following a diet higher in fibre.

Avoiding the things which increase the risk of developing knee osteoarthritis such as a diet high in ultra-processed foods, knee injury, weight gain and heavy lifting can also help a person reduce their risk of developing the condition.

Exercise is an effective treatment for knee osteoarthritis. It can reduce pain and improve function.

There was not enough information in our study to determine what types of physical activity (for example, walking, running, swimming) and how much time spent doing these activities could lower the risk of developing knee osteoarthritis, so this is an important area for future research.

How can we explain these links?

The studies we included did not generally explore the possible mechanisms linking key risk factors with the development of knee osteoarthritis.

However other research may provide some helpful insights. Knee injury can lead to instability of the knee joint and additional wear on the knee which can lead to knee osteoarthritis. Similarly, occupational physical activity such as kneeling, squatting, climbing or heavy lifting can increase the risk of wear and tear on the knee.

Poor sleep has been linked to weight gain and depression.

The duration and quality of sleep has been found to affect how much we eat and the hormones responsible for regulating metabolism. Depression has been linked to reduced physical activity which can lead to weight gain. Carrying extra weight can increase the load on the knee and contribute to knee osteoarthritis.

Shift work can lead to bad food choices and lack of sleep, which in turn can increase the risk of knee osteoarthritis.

So it seems that while the risk factors we found may be contributing individually to the development of knee osteoarthritis, they may also be interacting together to increase the risk.

It’s not clear why women are at greater risk of developing knee osteoarthritis. However this is likely to be due to a combination of factors, including lifestyle, biological and hormonal factors.

A Mediterranean diet is high in polyphenols, which can reduce inflammation in the body and destruction of cartilage. It may lower the risk of developing knee osteoarthritis in this way.

Lifestyle changes could reduce the risk of knee osteoarthritis.
PeopleImages.com – Yuri A/Shutterstock

Most risk factors are modifiable

There were some limitations with the available evidence. Most studies were based on populations from the United States, or did not report on ethnicity. We know little about the risk of developing knee osteoarthritis in certain groups such as people from Hispanic, African and Southeast Asian backgrounds. We need more studies exploring risk factors in other countries and populations.

Nonetheless, a review like this allows us to better understand what can be done to lower the risk of developing knee osteoarthritis.

We found most risk factors associated with developing knee osteoarthritis are modifiable, which means they can be changed or better managed with healthy diet and lifestyle choices. Eating healthy, maintaining a healthy weight and taking proactive steps to prevent injuries in the workplace and sporting communities can potentially lower a person’s risk of developing the condition.

Public health strategies aimed at encouraging healthy eating and weight loss (for example, subsidised nutrition programs and education programs starting from a young age to promote optimal diet and physical activity) could reduce the burden of knee osteoarthritis and have broader health benefits as well.

Programs like these, as well as reducing heavy lifting in the workplace where possible, should be the focus of government strategies to address the burden of this painful condition globally.

Christina Abdel Shaheed holds grants from the National Health and Medical Research Council and the Medical Research Future Fund.

David Hunter receives funding from the National Health and Medical Research Council and the Medical Research Future Fund.

Lyn March is on the executive committee of the Global Alliance for Musculoskeletal Health (a pro-bono role). This alliance advocates to the World Health Organization for a global strategy for addressing musculoskeletal health that includes promoting osteoarthritis prevention.

Vicky Duong receives funding from Lenity Australia and the Medical Research Future Fund.

– ref. What are the key risk factors for developing knee osteoarthritis? We reviewed the evidence – https://theconversation.com/what-are-the-key-risk-factors-for-developing-knee-osteoarthritis-we-reviewed-the-evidence-253722

MIL OSI Analysis – EveningReport.nz –

May 6, 2025

MIL-OSI United Kingdom: PM call with President Macron of France: 5 May 2025

Source: United Kingdom – Executive Government & Departments

Press release

PM call with President Macron of France: 5 May 2025

The Prime Minister spoke to France’s President Emmanuel Macron this evening.

The Prime Minister began by reflecting on how privileged he felt to be part of the moving VE Day celebrations this week, including the commemorative events held today.

Turning to the situation in Ukraine, the leaders discussed the need for Russia to commit to a 30-day ceasefire to ensure meaningful peace talks. Ukraine had proved it was willing and ready to come to the table and was the party of peace, the Prime Minister added.

The leaders also looked ahead to the UK-France summit taking place later this year and agreed to step up ambition between the two countries across all areas, including defence and security and irregular migration. Both leaders underscored that more needed to be done to disrupt irregular migration upstream.

They also agreed on the importance of a successful EU-UK summit in two weeks’ time.

Discussing the situation in Gaza, both expressed their deep concern at recent developments and agreed a renewed peace process was required.

The leaders looked forward to speaking again soon.

Published 5 May 2025

MIL OSI United Kingdom –

May 6, 2025

MIL-OSI USA: Reps. Kelly, McBath, Brown, Frost lead letter to Trump on cancelled funds to community violence intervention organizations

Source: United States House of Representatives – Congresswoman Robin Kelly IL

WASHINGTON – U.S. Reps. Robin Kelly (IL-02), Lucy McBath (GA-06), Shontel Brown (OH-11) and Maxwell Frost (FL-10) led 43 of their Democratic colleagues in a letter to President Donald Trump demanding he continue funding for community violence intervention (CVI) programs.

Last week, the Department of Justice terminated $811 million in grants, which included over $66 million under the Community-Based Violence Intervention and Prevention Initiative (CVIPI). This funding was designated by Congress through appropriations and the Bipartisan Safer Communities Act.

“Communities across the United States, both rural and urban alike, have long grappled with persistent violence,” members wrote in the letter. “Recognizing this dire situation and understanding the critical role that community-based violence intervention and prevention programs play in combating the community violence epidemic plaguing American communities, there is an urgent need to continue to support programs such as CVIPI to ensure that violence reduction continues.

“Although these proven strategies have been researched, cited in academic literature, and supported by law enforcement, they remain chronically underfunded at every level of government, prolonging the daily loss of life and rising violence,” members continued. “Therefore, to continue strengthening our public health and safety infrastructure to combat community violence and senseless deaths, we urge you to continue the disbursement of CVIPI grants immediately. Reinstating this funding would reaffirm the federal government’s commitment to addressing community violence through a comprehensive and coordinated approach, ensuring the safety and well-being of all Americans.”

As members noted in the letter, the cancellation of grants did not happen in isolation. It is only the latest action taken by the Trump administration to hurt public safety measures.

Read the full letter here.

MIL OSI USA News –

May 6, 2025

MIL-OSI USA: ICE prevents UAC smuggling incident in Arizona

Source: US Immigration and Customs Enforcement

YUMA, Ariz. — U.S. Immigration and Customs Enforcement and U.S. Customs and Border Protection thwarted an attempted smuggling incident with an unaccompanied alien child in Yuma April 29. U.S. border officials apprehended a woman attempting to smuggle a 5-year-old boy — identified as “John Doe” in the legal complaint — after the child’s mother allegedly paid a smuggler to transport him illegally into the United States.

CBP worked with the Mexican Consulate to find the child’s mother, a 24-year-old woman living in Veracruz, Mexico, who presented herself at the San Luis Port of Entry later that night to recover her child.

The mother claimed that the smuggler coordinated with the child’s father to drop off the little boy, however, the child told investigators that he was being taken to live with a man he didn’t know.

“The smuggling of unaccompanied alien children is among the most vile and inhumane crimes imaginable,” said ICE Homeland Security Investigation Arizona Special Agent in Charge Francisco B. Burrola. “Even more vile, in this case the child’s own mother handed him over to strangers—mules—who attempted to smuggle him into the U.S. using fake identity documents. The woman posing as his guardian also admitted she was going to leave him with a man she didn’t know. It’s horrifying, heartbreaking, and a stark reminder of why HSI aggressively pursues these criminals and the networks that enable them.”

During an interview with ICE HSI special agents, the boy’s mother also revealed that she paid the smuggler, Gloria Lopez Corona, to bring her child to the United States — and that she intended to illegally enter the U.S. April 30 to join her husband, the child’s father, who is an illegal alien with a prior history of illegally entering the U.S.

ICE HSI takes swift action to investigate any criminal activity related to unaccompanied alien children. This includes investigating the exploitive smuggling networks that bring UACs to the United States as well as any criminals who may exploit these at-risk youths here in the United States.

“The mother and father in this case are actively violating U.S. border laws and undermining our nation’s security,” continued Burrola. “The father has been deported three times previously, and now both parents have endangered their young child by paying smugglers to facilitate illegal entry. Criminal smuggling networks have no regard for human life and trusting them with a child is both reckless and tragic.”

ICE HSI combats human smuggling by working with its law enforcement partners to deter, disrupt and dismantle the criminal networks that engage in it. Special agents use their expertise and rely on HSI’s authorities to seize assets and eliminate profit incentives, work with nongovernmental organizations to protect and assist victims, and bring traffickers to justice.

If you suspect someone may be involved in or a victim of human smuggling or trafficking contact local law enforcement, dial 911 or the ICE Tip Line: 866-DHS-2-ICE.

MIL OSI USA News –

May 6, 2025

MIL-OSI USA: Ricketts, Kim Introduce Bipartisan Legislation to Evaluate National Security Impacts of Federal Purchasing Standards

US Senate News:

Source: United States Senator Pete Ricketts (Nebraska)
WASHINGTON, D.C. – Today, U.S. Senators Pete Ricketts (R-NE) and Andy Kim (D-NJ) introduced the bipartisan Safe and Smart Federal Purchasing Act. This bill evaluates the national security implications of current federal purchasing standards.
“Federal procurement processes should be efficient, but they shouldn’t risk our national security,” said Ricketts. “Our bipartisan bill will review current processes and make necessary suggestions to keep Americans safe from threats, like Communist China. The House unanimously passed legislation earlier this year. We should do the same here in the Senate.”
“As people look out to an ever evolving and uncertain world, they should be able to trust their government is putting our nation’s security and Americans’ safety at the forefront of federal operations and standards,” said Senator Kim. “This legislation would help ensure we are living up to that responsibility as federal agencies go about the federal procurement process.”
The Safe and Smart Federal Purchasing Act requires the Office of Management and Budget (OMB) to evaluate the procurement process of federal agencies to determine whether the Lowest Price Technically Acceptable (LPTA) source selection process creates any national security risks. The Director of OMB must then report the results of this evaluation to appropriate congressional committees within 180 days of the legislation’s enactment.
BACKGROUND
LPTA provisions of the Federal Acquisition Regulation (FAR) are a source selection process that allows federal agencies to select the lowest evaluated price that meets minimum performance requirements. LPTA criteria are not always appropriate for agencies seeking complex or technically innovative services. The criteria can result in agencies sacrificing long term value for short term savings. This bill ensures that LPTA will not be used in a manner that results in agencies cutting corners or jeopardizing national security.
The Safe and Smart Federal Purchasing Act passed the U.S. House of Representatives unanimously (417-0) on March 3rd, 2025. Last Congress, it passed the House Committee on Oversight and Accountability with a vote of 43-0, passed the U.S. House of Representatives with a vote of 397-0, and passed the Senate Committee on Homeland Security and Governmental Affairs with a vote of 10-0.

MIL OSI USA News –

May 6, 2025

MIL-OSI Security: Jury Finds Maryland Man Guilty of First-Degree Murder in Killing of Man in Georgetown

Source: Office of United States Attorneys

WASHINGTON – Ranje Reynolds, 28, of Beltsville, Maryland, was found guilty today by a jury of first-degree murder while armed and other charges related to a shooting that took place on a January evening on M Street in Georgetown, announced U.S. Attorney Edward R. Martin Jr. and Chief Pamela Smith, of the Metropolitan Police Department (MPD).

Superior Court Judge Jason Park scheduled sentencing for July 25, 2025.

According to the government’s evidence, as of Jan. 31, 2022, the defendant and Mr. Tarek Boothe were friends who had worked together for two years at the marijuana dispensary located at 1204 Eton Court. Despite their friendship, at some point earlier that evening, the defendant and Mr. Boothe got into a fight at the dispensary. Around 6:00 p.m., Mr. Boothe left the dispensary and went to the corner of 33rd and M Street N.W., where he was waiting for his ride home. The defendant followed Mr. Boothe and sat next to Mr. Boothe as Mr. Boothe was waiting for his ride. The defendant then left briefly and returned seconds later to shoot Mr. Boothe in the eye, killing him. The defendant fled to Jamaica on Feb. 3, 2022. He was returned to the United States to face criminal charges on Sept. 15, 2022.

This case was investigated by the Metropolitan Police Department. It was prosecuted by Assistant U.S. Attorneys Natalie Hynum and Jessica Keefer.

MIL Security OSI –

May 6, 2025

MIL-OSI Canada: Tribunal Issues Determination—Renewable Diesel from the United States

Source: Government of Canada News (2)

Ottawa, Ontario, May 5, 2025—The Canadian International Trade Tribunal today determined that the evidence does not disclose a reasonable indication that the dumping and subsidizing of renewable diesel from the United States of America have caused injury or are threatening to cause injury to the domestic industry. Therefore, the Tribunal terminated its preliminary injury inquiry.

The Tribunal’s inquiry was conducted pursuant to the Special Import Measures Act as a result of the initiation of dumping and subsidizing investigations by the Canada Border Services Agency (CBSA). Having determined that there was no reasonable indication that the alleged dumping and subsidizing have caused or threaten to cause injury or retardation, the CBSA will terminate its dumping and subsidizing investigations and the Tribunal will not initiate a final injury inquiry.

The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

MIL OSI Canada News –

May 6, 2025

MIL-OSI Canada: Tribunal Initiates Expiry Review—Carbon Steel Screws from China and Chinese Taipei

Source: Government of Canada News (2)

Ottawa, Ontario, May 5, 2025—The Canadian International Trade Tribunal today initiated an expiry review of its order made on September 2, 2020, in expiry review RR‑2019‑002, to determine if the expiry of the order is likely to lead to continued or resumed dumping of certain carbon steel fasteners originating in or exported from the People’s Republic of China and the Separate Customs Territory of Taiwan, Penghu, Kinmen and Matsu, and the subsidizing of such products originating in or exported from the People’s Republic of China and is likely to result in injury to the domestic industry.

No later than October 2, 2025, the Canada Border Services Agency will determine if there is a likelihood of resumed or continued dumping or subsidizing. In the event of a positive determination, the Tribunal will determine, no later than March 11, 2026, whether the continued or resumed dumping or subsidizing is likely to result in injury to the domestic industry.

The Tribunal is an independent quasi-judicial body that reports to Parliament through the Minister of Finance. It hears cases on dumped and subsidized imports, safeguard complaints, complaints about federal government procurement and appeals of customs and excise tax rulings. When requested by the federal government, the Tribunal also provides advice on other economic, trade and tariff matters.

Any interested person, association or government that wishes to participate in the Tribunal’s expiry review may do so by filing Form I—Notice of Participation.

MIL OSI Canada News –

May 6, 2025

MIL-OSI Canada: Check the box, save a life

Source: Government of Canada regional news (2)

Hundreds of Albertans are waiting for life-saving organ or tissue transplants. By making it easier to learn more about donation, Alberta’s government is helping raise awareness and potentially increasing the number of registered donors across the province.

Starting with the 2025 tax year, Alberta’s T1 tax form will include a check box that allows Albertans to ask for more information about organ and tissue donation. Those who check the box will receive an email from the provincial government with details about how donation works in Alberta and how to register their wishes.

“This simple step can help save lives. The more Albertans who register, the more patients and families can hold on to hope for a second chance. We hope this change encourages more Albertans to start the conversation and register their wishes.”
Adriana LaGrange, Minister of Health

This initiative builds on Bill C-210, introduced by former Alberta MLA and member of Parliament Len Webber. The bill, which received royal assent in June 2021, allows provinces to add a donation information check box to federal tax forms. Alberta is following the lead of British Columbia and Ontario. Ontario has seen a 32 per cent increase in registrations since adding the check box.

In addition, organ and tissue donation programming will now fall under Acute Care Alberta, ensuring provincewide coordination and enhancing the efficiency of the donation and transplant system.

Alberta’s government is committed to raising awareness about organ and tissue donation. Albertans can learn more about organ and tissue donation, and register their wishes on the Alberta Organ and Tissue Donation Registry at GiveLifeAlberta.ca.

Quick facts

899,868 Albertans have registered their consent to become an organ and tissue donor as of April 28.
One organ donor can save up to eight lives, while one tissue donor can improve the lives of up to 75 people.
The Human Tissue and Organ Donation Act governs the organ and tissue donation and transplant system in Alberta.
There are strict security measures around the transfer of email addresses from the Canada Revenue Agency to a provincial government.

Related news

Advancing cancer care and organ tissue services (April 8, 2025)
Specialist donor physicians to help save lives (May 9, 2022)
Expanding the organ and tissue registry (July 13, 2020)

MIL OSI Canada News –

May 6, 2025

MIL-OSI USA: Celebrating UConn Health’s Nurses

Source: US State of Connecticut

As UConn Health continues to pile up third-party accolades for patient safety and quality, it is celebrating its more than 1,000 registered nurses, nurse practitioners, and nurse anesthetists.

It’s a National Nurses Week tradition, with the week leading up to the birthday of Florence Nightingale, May 12, including events to recognize their contributions.

As is also tradition, UConn Health has chosen six to receive one of this year’s Nightingale Awards for Excellence in Nursing, which recognizes their impact on patient care and the nursing profession and their demonstration of excellence above what is normally expected, as well as their commitment to the community served and their legacy in a particular nursing field.

“Selection of our Nightingale candidates is a tremendous challenge every year due to the high quality of candidates who are nominated, and I am very proud to announce that we had 61 RNs, APRNs and CRNAs nominated this year,” says Caryl Ryan, chief nursing officer and the UConn John Dempsey Hospital chief operating officer and vice president for quality and patient care services. “Each nominee reflects clinical excellence, has gone ‘beyond the call’ and continues to make a significant impact to patient care. I am so proud of the candidates selected and their commitment to the profession of nursing. The selected candidates’ dedication and commitment to quality care and patient safety is inspirational.”

Nightingale, who lived from 1820 to 1910, is largely credited as the founder of modern nursing.

UConn Health’s 2025 Nightingale Nurses

Ashley Bordonaro, BSN, RN
Clinical Case Manager, Population Health

[embedded content]

From her nomination:
“Throughout her career, Ashley has made a lasting impact in her field through her unwavering passion for delivering quality patient care. She is widely recognized as a strong patient advocate who consistently takes a patient-centered approach, always seeking opportunities to improve patient outcomes…. Above all, she always prioritizes the needs of the patient, ensuring that their care is not only effective but also compassionate. Her dedication to improving patient care has had a lasting influence on her colleagues and the healthcare system, setting a high standard for excellence in patient care.”

Holly Durstin, MS, CRNA
Nurse Anesthetist, Operating Room Unit

[embedded content]

From her nomination:
“Through her advocacy, she has been a mentor, and guide and encouraged many to go into the nursing field. For nurses already in the field, she has encouraged them to go farther. As a colleague she serves as a role model for professionalism, for patient care and for going above and beyond to take care of her patients. For patients, she represents a practitioner who understands what it is like to be a patient, to be in their position, and she makes clear that she will advocate and take care of them as they are under her care. Everyone she has taken care of is made to feel comfortable, safe and protected.”

Dayna Gambino, MSN, RN, CMSRN
Staff Nurse, CN3, Surgery/Orthopedics UT5

[embedded content]

From her nomination:
“‘Dayna is a 30 out of 10.’ This is just one of many patient responses recognizing her exceptional care. She is the first to respond in emergencies and always ready to support her teammates. As charge nurse for 493 hours this year, she balances leadership with mentoring, spending over 125 hours precepting new graduate nurses. In 2024, she earned three Good Catch awards for preventing potential safety events—though she sees it simply as ‘what a nurse does.’… She cultivates a culture of collaboration, respect, and continuous learning, strengthening both her team and the workplace environment.”

Kate Medow, APRN, MSN, RN
Lead Nurse Practitioner, Neuro-Oncology, Neag Comprehensive Cancer Center

[embedded content]

From her nomination:
“She is a fierce advocate and clinical expert in her field, utilizing her compassionate approach and clinical expertise to grow the Neuro-Oncology program at UConn Health. Kate has made a lasting impact by advancing interdisciplinary collaboration and improving care for patients and families…. She also prioritized the well-being of the patient’s family, addressing their needs with compassion and skill. Over the years, I’ve witnessed her exceptional expertise in neurological care and her perceptive insight into psychosocial issues. Kate embodies Florence Nightingale’s attributes including compassion, dedication, leadership, self-sacrifice and whole person care.

Rachel Meehan, APRN, MSN, RN ACNS-BC
Nursing Professional Development Specialist, Age-Friendly Care, Professional Practice and Clinical Excellence

[embedded content]

From her nomination:
“Through her specialized programs, she has developed and implemented a culture that is tailored to and meaningfully engages older adults. These programs focus on early mobility, and emotional support, ensuring that older adults receive holistic and comprehensive care…. She has empowered and equipped nurses with the knowledge and skills needed to provide quality care to and advocate for older adults. Florence Nightingale and Rachel Meehan share a commitment to improving patient care and advancing the nursing profession. Nightingale’s pioneering work, as Rachel’s has done, laid the groundwork for the multifaceted role of modern-day nursing.”

Erin Pietrowicz, MSN, RN, PCCN-CMC
Staff Nurse, CN4, Intermediate Critical Care UT2

From her nomination:
“Erin is the colleague everyone wants by their side, encouraging others to succeed…. Erin has built a lasting legacy at UConn Health through her unwavering commitment to nursing, compassion, and leadership. Through her role as a mentor and preceptor, Erin has shaped the careers of many nurses, ensuring they are equipped with the knowledge and confidence to thrive in their roles…. She fosters teamwork, strengthens culture and empowers her colleagues to succeed both personally and professionally. Erin always goes above and beyond, and her selflessness is unparalleled -she has set the foundation for others to thrive.”

MIL OSI USA News –

May 6, 2025

MIL-OSI USA: Governor Stein Announces $55 Million in Grants Have Been Distributed to More Than 2,000 Western North Carolina Businesses

Source: US State of North Carolina

Headline: Governor Stein Announces $55 Million in Grants Have Been Distributed to More Than 2,000 Western North Carolina Businesses

Governor Stein Announces $55 Million in Grants Have Been Distributed to More Than 2,000 Western North Carolina Businesses
lsaito
Thu, 05/01/2025 – 10:26

Raleigh, NC

Today Governor Josh Stein announced that the Dogwood Health Trust, the Duke Endowment, and the State of North Carolina have distributed $55 million to 2,182 small businesses through the Western North Carolina Small Business Initiative. These grants are supporting western North Carolina businesses impacted by Hurricane Helene and bolstering regional economic recovery. More than 7,300 businesses applied.

“These grants will go a long way in helping western North Carolina’s beloved small business owners keep their doors open after Helene,” said Governor Josh Stein. “But the volume of unfunded applications makes it crystal clear – more help is desperately needed. I’m ready to work with the legislature to deliver support for small businesses that power our mountain economy.”

“The Dogwood Health Trust is proud of this partnership’s work to support small business owners in western North Carolina,” said Dogwood President and CEO Dr. Susan Mims. “The Dogwood Health Trust created the Western North Carolina Small Business Initiative last fall as part of our larger Helene relief efforts. These businesses are vital to the health of our communities, and we must continue to support them.”

The Western North Carolina Small Business Initiative, initiated by the Dogwood Health Trust and then expanded by the State of North Carolina and the Duke Endowment, awarded grants of up to $50,000 to small business with an annual revenue of up to $2.5 million. Earlier this week, Governor Stein announced the new $55 million Small Business Infrastructure Grant Program, which directs up to $1 million in grants to local governments to rebuild public infrastructure like sewers and sidewalks, which small businesses rely upon to attract business. Governor Stein’s second Hurricane Helene relief budget proposal will include increased support for small businesses in western North Carolina.

Note: A previous version of this release stated the number of small businesses awarded grants as 2,812 rather than 2,182.

May 1, 2025

MIL OSI USA News –

May 6, 2025

MIL-OSI: Diamondback Energy, Inc. Announces First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, May 05, 2025 (GLOBE NEWSWIRE) — Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback” or the “Company”) today announced financial and operating results for the first quarter ended March 31, 2025.

FIRST QUARTER 2025 AND RECENT HIGHLIGHTS

Average oil production of 475.9 MBO/d (850.7 MBOE/d)
Net cash provided by operating activities of $2.4 billion; Operating Cash Flow Before Working Capital Changes (as defined and reconciled below) of $2.5 billion
Cash capital expenditures of $942 million
Free Cash Flow (as defined and reconciled below) of $1.5 billion; Adjusted Free Cash Flow (as defined and reconciled below) of $1.6 billion
Declared Q1 2025 base cash dividend of $1.00 per share payable on May 22, 2025; implies a 2.9% annualized yield based on May 2, 2025 closing share price of $136.81
Repurchased 3,656,044 shares of common stock in Q1 2025 for $575 million excluding excise tax (at a weighted average price of $157.15 per share); repurchased 1,965,180 shares of common stock to date in Q2 2025 for $255 million excluding excise tax (at a weighted average price of $129.71 per share)
Total Q1 2025 return of capital of $864 million; represents ~55% of Adjusted Free Cash Flow (as defined and reconciled below) from stock repurchases and the declared Q1 2025 base dividend
As previously announced, closed acquisition of certain subsidiaries of Double Eagle IV Midco, LLC (“Double Eagle”) on April 1st
Closed drop down transaction to Viper Energy, Inc. (“Viper”), a subsidiary of Diamondback, on May 1st

UPDATED 2025 GUIDANCE HIGHLIGHTS

As a result of recent commodity price volatility, Diamondback is reducing activity in order to prioritize free cash flow generation. The Company believes this revised plan enhances capital efficiency and provides flexibility to (i) cut additional capital if prices weaken further or (ii) resume its original 2025 plan if commodity prices strengthen.

Full year oil production of 480 – 495 MBO/d (857 – 900 MBOE/d)
Full year 2025 cash capital expenditures guidance of $3.4 – $3.8 billion
The Company expects to drill 385 – 435 gross (349 – 395 net) wells and complete between 475 – 550 gross (444 – 514 net) wells with an average lateral length of approximately 11,500 feet in 2025
Q2 2025 oil production guidance of 485 – 500 MBO/d (866 – 900 MBOE/d)
Q2 2025 cash capital expenditures guidance of $800 – $900 million
Implies full year 2025 oil production per million dollars of cash capital expenditures (“MBO per $MM of CAPEX”) of 49.4, ~10% better than the Company’s original full year 2025 guidance provided in February 2025

OPERATIONS UPDATE

The tables below provide a summary of operating activity for the first quarter of 2025.

Total Activity (Gross Operated):
	Number of Wells Drilled	Number of Wells Completed
Midland Basin	124	116
Delaware Basin	2	7
Total	126	123

Total Activity (Net Operated):
	Number of Wells Drilled	Number of Wells Completed
Midland Basin	116	112
Delaware Basin	2	7
Total	118	119

During the first quarter of 2025, Diamondback drilled 124 gross wells in the Midland Basin and two gross wells in the Delaware Basin. The Company turned 116 operated wells to production in the Midland Basin and seven gross wells in the Delaware Basin, with an average lateral length of 11,978 feet. Operated completions during the first quarter consisted of 30 Wolfcamp A wells, 28 Lower Spraberry wells, 22 Wolfcamp B wells, 17 Jo Mill wells, eight Middle Spraberry wells, four Dean wells, four Barnett wells, three Third Bone Spring wells, three Wolfcamp D wells, two Second Bone Spring wells and two Upper Spraberry wells.

FINANCIAL UPDATE

Diamondback’s first quarter 2025 net income was $1.4 billion, or $4.83 per diluted share. Adjusted net income (as defined and reconciled below) for the first quarter was $1.3 billion, or $4.54 per diluted share.

First quarter 2025 net cash provided by operating activities was $2.4 billion.

During the first quarter of 2025, Diamondback spent $864 million on operated drilling and completions, $21 million on capital workovers and non-operated drilling and completions and $57 million on infrastructure, environmental and midstream, for total cash capital expenditures of $942 million.

First quarter 2025 Consolidated Adjusted EBITDA (as defined and reconciled below) was $2.9 billion. Adjusted EBITDA net of non-controlling interest (as defined and reconciled below) for the first quarter was $2.8 billion.

Diamondback’s first quarter 2025 Free Cash Flow (as defined and reconciled below) was $1.5 billion. Adjusted Free Cash Flow (as reconciled and defined below) for the first quarter was $1.6 billion.

First quarter 2025 average unhedged realized prices were $70.95 per barrel of oil, $2.11 per Mcf of natural gas and $23.94 per barrel of natural gas liquids (“NGLs”), resulting in a total equivalent unhedged realized price of $47.77 per BOE.

Diamondback’s cash operating costs for the first quarter of 2025 were $10.48 per BOE, including lease operating expenses (“LOE”) of $5.33 per BOE, cash general and administrative (“G&A”) expenses of $0.72 per BOE, production and ad valorem taxes of $2.98 per BOE and gathering, processing and transportation expenses of $1.45 per BOE.

As of March 31, 2025, Diamondback had $1.3 billion 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 $3.8 billion of total liquidity. As of March 31, 2025, the Company had consolidated total debt of $14.1 billion and consolidated net debt (as defined and reconciled below) of $12.3 billion, up from consolidated total debt of $13.2 billion and consolidated net debt of $13.0 billion as of December 31, 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 first quarter of 2025 payable on May 22, 2025 to stockholders of record at the close of business on May 15, 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 first quarter of 2025, Diamondback repurchased ~3.7 million shares of common stock at an average share price of $157.15 for a total cost of approximately $575 million, excluding excise tax. To date, Diamondback has repurchased ~30.2 million shares of common stock at an average share price of $137.55 for a total cost of approximately $4.2 billion and has approximately $1.8 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.

FULL YEAR 2025 GUIDANCE

Below is Diamondback’s updated guidance for the full year 2025, which includes second quarter production, cash tax and capital guidance. Given recent weakness in commodity prices, the Company is reducing its activity levels and lowering its capital budget to prioritize free cash generation. Diamondback will continue to closely monitor the macro environment and has flexibility to (i) cut additional capital if prices weaken further or (ii) resume its original 2025 plan if commodity prices strengthen.

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

2025 Net production – MBOE/d	857 – 900 (from 883 – 909)	74.5 – 79.0
2025 Oil production – MBO/d	480 – 495 (from 485 – 498)	41.0 – 43.5
Q2 2025 Oil production – MBO/d (total – MBOE/d)	485 – 500 (866 – 900)	40.0 – 43.0 (72.5 – 78.0)

Unit costs ($/BOE)
Lease operating expenses, including workovers	$5.65 – $6.05 (from $5.90 – $6.30)
G&A
Cash G&A	$0.60 – $0.75	$0.80 – $1.00
Non-cash equity-based compensation	$0.25 – $0.35	$0.10 – $0.20
DD&A	$14.00 – $15.00	$15.50 – $16.50
Interest expense (net of interest income)	$0.40 – $0.65 (from $0.25 – $0.50)	$2.00 – $2.50
Gathering, processing and transportation	$1.40 – $1.60 (from $1.20 – $1.40)

Production and ad valorem taxes (% of revenue)	~7%	~7%
Corporate tax rate (% of pre-tax income)	23%
Cash tax rate (% of pre-tax income)	19% – 22% (from 17% – 20%)	21% – 23%
Q2 2025 Cash taxes ($ – million)⁽¹⁾	$340 – $400	$10 – $15

Capital Budget ($ – million)
Operated drilling and completion	$2,780 – $3,090 (from $3,130 – $3,440)
Capital workovers, non-operated properties and science	$280 – $320
Infrastructure, environmental and midstream⁽²⁾	$340 – $390 (from $390 – $440)
2025 Total capital expenditures	$3,400 – $3,800 (from $3,800 – $4,200)
Q2 2025 Capital expenditures	$800 – $900

Gross horizontal wells drilled (net)	385 – 435 (349 – 395) (from 446 – 471 (406 – 428))
Gross horizontal wells completed (net)	475 – 550 (444 – 514) (from 557 – 592 (526 – 560))
Average lateral length (Ft.)	~11,500′
FY 2025 Midland Basin well costs per lateral foot	$550 – $590 (from $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 $170 million of cash taxes related to the Viper dropdown transaction.
^⁽²⁾	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 first quarter of 2025 on Tuesday, May 6, 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.

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 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 recently completed 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; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; 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 26, 2025, 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.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except share amounts)

	March 31,			December 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents ($560 million and $27 million related to Viper)	$	1,816		$	161
Restricted cash		225			3
Accounts receivable:
Joint interest and other, net		257			198
Oil and natural gas sales, net ($146 million and $149 million related to Viper)		1,334			1,387
Inventories		117			116
Derivative instruments		267			168
Prepaid expenses and other current assets		67			77
Total current assets		4,083			2,110
Property and equipment:
Oil and natural gas properties, full cost method of accounting ($22,019 million and $22,666 million excluded from amortization at March 31, 2025 and December 31, 2024, respectively) ($6,097 million and $5,713 million related to Viper and $2,279 million and $2,180 million excluded from amortization related to Viper)		83,727			82,240
Other property, equipment and land		1,452			1,440
Accumulated depletion, depreciation, amortization and impairment ($1,148 million and $1,081 million related to Viper)		(20,283	)		(19,208	)
Property and equipment, net		64,896			64,472
Funds held in escrow		208			1
Equity method investments		383			375
Derivative instruments		61			2
Deferred income taxes, net ($249 million and $185 million related to Viper)		235			173
Other assets		200			159
Total assets	$	70,066		$	67,292
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable – trade	$	124		$	253
Accrued capital expenditures		754			690
Current maturities of debt		914			900
Other accrued liabilities		761			1,020
Revenues and royalties payable		1,575			1,491
Derivative instruments		75			43
Income taxes payable		550			414
Total current liabilities		4,753			4,811
Long-term debt ($822 million and $1,083 million related to Viper)		12,996			12,075
Derivative instruments		93			106
Asset retirement obligations		586			573
Deferred income taxes		9,887			9,826
Other long-term liabilities		8			39
Total liabilities		28,323			27,430
Stockholders’ equity:
Common stock, $0.01 par value; 800,000,000 shares authorized; 287,287,926 and 290,984,373 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		3			3
Additional paid-in capital		33,125			33,501
Retained earnings (accumulated deficit)		5,352			4,238
Accumulated other comprehensive income (loss)		(7	)		(6	)
Total Diamondback Energy, Inc. stockholders’ equity		38,473			37,736
Non-controlling interest		3,270			2,126
Total equity		41,743			39,862
Total liabilities and stockholders’ equity	$	70,066		$	67,292


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

	Three Months Ended March 31,
		2025			2024
Revenues:
Oil, natural gas and natural gas liquid sales	$	3,657		$	2,101
Sales of purchased oil		374			116
Other operating income		17			10
Total revenues		4,048			2,227
Costs and expenses:
Lease operating expenses		408			255
Production and ad valorem taxes		228			119
Gathering, processing and transportation		111			77
Purchased oil expense		382			117
Depreciation, depletion, amortization and accretion		1,097			469
General and administrative expenses		73			46
Merger and integration expense		37			12
Other operating expenses		39			14
Total costs and expenses		2,375			1,109
Income (loss) from operations		1,673			1,118
Other income (expense):
Interest expense, net		(40	)		(39	)
Other income (expense), net		27			(3	)
Gain (loss) on derivative instruments, net		226			(48	)
Gain (loss) on extinguishment of debt		—			2
Income (loss) from equity investments, net		8			2
Total other income (expense), net		221			(86	)
Income (loss) before income taxes		1,894			1,032
Provision for (benefit from) income taxes		403			223
Net income (loss)		1,491			809
Net income (loss) attributable to non-controlling interest		86			41
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,405		$	768

Earnings (loss) per common share:
Basic	$	4.83		$	4.28
Diluted	$	4.83		$	4.28
Weighted average common shares outstanding:
Basic		289,612			178,477
Diluted		289,612			178,477


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

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income (loss)	$	1,491		$	809
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Provision for (benefit from) deferred income taxes		6			52
Depreciation, depletion, amortization and accretion		1,097			469
(Gain) loss on extinguishment of debt		—			(2	)
(Gain) loss on derivative instruments, net		(226	)		48
Cash received (paid) on settlement of derivative instruments		85			(4	)
(Income) loss from equity investment, net		(8	)		(2	)
Equity-based compensation expense		18			14
Other		24			16
Changes in operating assets and liabilities:
Accounts receivable		(6	)		(95	)
Income tax receivable		3			12
Prepaid expenses and other current assets		6			89
Accounts payable and accrued liabilities		(374	)		(110	)
Income taxes payable		135			70
Revenues and royalties payable		84			(35	)
Other		20			3
Net cash provided by (used in) operating activities		2,355			1,334
Cash flows from investing activities:
Additions to oil and natural gas properties		(942	)		(609	)
Property acquisitions		(750	)		(153	)
Proceeds from sale of assets		41			12
Other		(2	)		(1	)
Net cash provided by (used in) investing activities		(1,653	)		(751	)
Cash flows from financing activities:
Proceeds from borrowings under credit facilities		2,277			90
Repayments under credit facilities		(2,538	)		(80	)
Proceeds from senior notes		1,200			—
Repayment of senior notes		—			(25	)
Repurchased shares under buyback program		(575	)		(42	)
Proceeds from partial sale of investment in Viper Energy, Inc.		—			451
Net proceeds from Viper’s issuance of common stock		1,232			—
Dividends paid to stockholders		(290	)		(548	)
Dividends/distributions to non-controlling interest		(95	)		(44	)
Other		(36	)		(71	)
Net cash provided by (used in) financing activities		1,175			(269	)
Net increase (decrease) in cash and cash equivalents		1,877			314
Cash, cash equivalents and restricted cash at beginning of period		164			585
Cash, cash equivalents and restricted cash at end of period	$	2,041		$	899


Diamondback Energy, Inc.
Selected Operating Data
(unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Production Data:
Oil (MBbls)		42,835		43,785		24,874
Natural gas (MMcf)		100,578		107,249		50,602
Natural gas liquids (MBbls)		16,961		19,615		8,653
Combined volumes (MBOE)⁽¹⁾		76,559		81,275		41,961

Daily oil volumes (BO/d)		475,944		475,924		273,341
Daily combined volumes (BOE/d)		850,656		883,424		461,110

Average Prices:
Oil ($ per Bbl)	$	70.95	$	69.48	$	75.06
Natural gas ($ per Mcf)	$	2.11	$	0.48	$	0.99
Natural gas liquids ($ per Bbl)	$	23.94	$	19.27	$	21.26
Combined ($ per BOE)	$	47.77	$	42.71	$	50.07

Oil, hedged ($ per Bbl)⁽²⁾	$	70.06	$	68.72	$	74.13
Natural gas, hedged ($ per Mcf)⁽²⁾	$	3.34	$	0.82	$	1.36
Natural gas liquids, hedged ($ per Bbl)⁽²⁾	$	23.94	$	19.27	$	21.26
Average price, hedged ($ per BOE)⁽²⁾	$	48.89	$	42.76	$	49.97

Average Costs per BOE:
Lease operating expenses	$	5.33	$	5.67	$	6.08
Production and ad valorem taxes		2.98		2.77		2.84
Gathering, processing and transportation expense		1.45		1.17		1.84
General and administrative – cash component		0.72		0.69		0.76
Total operating expense – cash	$	10.48	$	10.30	$	11.52

General and administrative – non-cash component	$	0.24	$	0.20	$	0.34
Depreciation, depletion, amortization and accretion	$	14.33	$	14.22	$	11.18
Interest expense, net	$	0.52	$	0.42	$	0.93

(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
	March 31, 2025			December 31, 2024			March 31, 2024
Net income (loss) attributable to Diamondback Energy, Inc.	$	1,405		$	1,074		$	768
Net income (loss) attributable to non-controlling interest		86			216			41
Net income (loss)		1,491			1,290			809
Non-cash (gain) loss on derivative instruments, net		(141	)		(51	)		44
Interest expense, net		40			34			39
Depreciation, depletion, amortization and accretion		1,097			1,156			469
Depreciation and interest expense related to equity method investments		21			30			23
(Gain) loss on extinguishment of debt		—			—			(2	)
Non-cash equity-based compensation expense		23			24			21
Capitalized equity-based compensation expense		(5	)		(8	)		(7	)
Merger and integration expenses		37			30			12
Other non-cash transactions		(19	)		2			2
Provision for (benefit from) income taxes		403			115			223
Consolidated Adjusted EBITDA		2,947			2,622			1,633
Less: Adjustment for non-controlling interest		146			118			86
Adjusted EBITDA attributable to Diamondback Energy, Inc.	$	2,801		$	2,504		$	1,547

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 March 31, 2025
	Amounts			Amounts Per Diluted Share
Net income (loss) attributable to Diamondback Energy, Inc.⁽¹⁾	$	1,405		$	4.83
Net income (loss) attributable to non-controlling interest		86			0.30
Net income (loss)⁽¹⁾		1,491			5.13
Non-cash (gain) loss on derivative instruments, net		(141	)		(0.49	)
Merger and integration expense		37			0.13
Other non-cash transactions		(19	)		(0.07	)
Adjusted net income excluding above items⁽¹⁾		1,368			4.70
Income tax adjustment for above items		26			0.09
Adjusted net income⁽¹⁾		1,394			4.79
Less: Adjusted net income attributable to non-controlling interest		74			0.25
Adjusted net income attributable to Diamondback Energy, Inc.⁽¹⁾	$	1,320		$	4.54

Weighted average common shares outstanding:
Basic					289,612
Diluted					289,612

(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 $6 million in earnings attributable to participating securities, (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
	March 31, 2025			December 31, 2024
Net cash provided by operating activities	$	2,355		$	2,341
Less: Changes in cash due to changes in operating assets and liabilities:
Accounts receivable		(6	)		(103	)
Income tax receivable		3			(3	)
Prepaid expenses and other current assets		6			(24	)
Accounts payable and accrued liabilities		(374	)		114
Income taxes payable		135			138
Revenues and royalties payable		84			59
Other		20			(100	)
Total working capital changes		(132	)		81
Operating cash flow before working capital changes		2,487			2,260
Additions to oil and natural gas properties		(942	)		(933	)
Total Cash CAPEX		(942	)		(933	)
Free Cash Flow		1,545			1,327
Merger and integration expenses		37			30
Treasury locks		1			—
Adjusted Free Cash Flow	$	1,583		$	1,357

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)

	March 31, 2025			Net Q1 Principal Borrowings/(Repayments)			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(in millions)
Diamondback Energy, Inc.⁽¹⁾	$	13,269		$	1,200		$	12,069		$	12,284		$	11,169		$	5,669
Viper Energy, Inc.⁽¹⁾		830			(261	)		1,091			830			1,007			1,103
Total debt		14,099		$	939			13,160			13,114			12,176			6,772
Cash and cash equivalents		(1,816	)					(161	)		(370	)		(6,908	)		(896	)
Net debt	$	12,283					$	12,999		$	12,744		$	5,268		$	5,876

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

DERIVATIVES

As of May 2, 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, $/Bbl)
	Q2 2025		Q3 2025		Q4 2025		Q1 2026
Long Puts – Crude Brent Oil		50,000		36,000		21,000		4,000
Long Put Price ($/Bbl)		$58.30		$56.39		$55.00		$55.00
Deferred Premium ($/Bbl)		$-1.50		$-1.50		$-1.47		$-1.45
Long Puts – WTI (Magellan East Houston)		96,000		102,000		65,000		15,000
Long Put Price ($/Bbl)		$55.10		$54.75		$54.62		$55.00
Deferred Premium ($/Bbl)		$-1.59		$-1.61		$-1.63		$-1.66
Long Puts – WTI (Cushing)		152,000		146,000		86,000		25,000
Long Put Price ($/Bbl)		$55.53		$54.40		$53.98		$55.00
Deferred Premium ($/Bbl)		$-1.59		$-1.55		$-1.55		$-1.32
Basis Swaps – WTI (Midland)		71,000		76,000		76,000		—
Basis Swaps – WTI (Midland)		$1.05		$1.05		$1.05		—
Roll Swaps – WTI		25,000		25,000		25,000		—
Roll Swaps – WTI		$0.93		$0.93		$0.93		—

	Natural Gas (Mmbtu/day, $/Mmbtu)
	Q2 2025		Q3 2025		Q4 2025		FY 2026		FY 2027
Costless Collars – Henry Hub		690,000		690,000		690,000		620,000		40,000
Floor Price ($/Mmbtu)		$2.49		$2.49		$2.49		$2.77		$3.00
Ceiling Price ($/Mmbtu)		$5.28		$5.28		$5.28		$6.33		$6.65
Natural Gas Basis Swaps – Waha Hub		610,000		610,000		610,000		460,000		240,000
Natural Gas Basis Swaps – Waha Hub		$-0.88		$-0.88		$-0.88		$-1.62		$-1.48
Natural Gas Basis Swaps – Houston Ship Channel		13,407		20,000		20,000		40,000		—
Natural Gas Basis Swaps – Houston Ship Channel		$-0.49		$-0.49		$-0.49		$-0.37		—

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

The MIL Network –

May 6, 2025

MIL-OSI: Viper Energy, Inc., a Subsidiary of Diamondback Energy, Inc., Reports First Quarter 2025 Financial and Operating Results

Source: GlobeNewswire (MIL-OSI)

MIDLAND, Texas, May 05, 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 first quarter ended March 31, 2025.

FIRST QUARTER HIGHLIGHTS

As previously announced, Q1 2025 average production of 31,311 bo/d (57,378 boe/d)
Q1 2025 consolidated net income (including non-controlling interest) of $153 million; net income attributable to Viper of $75 million, or $0.62 per Class A common share
Q1 2025 cash available for distribution to Viper’s Class A common shares (as defined and reconciled below) of $100 million, or $0.76 per Class A common share
Declared Q1 2025 base cash dividend of $0.30 per Class A common share; implies a 2.9% annualized yield based on the May 2, 2025, Class A common share closing price of $42.08
Declared Q1 2025 variable cash dividend of $0.27 per Class A common share; total base-plus-variable dividend of $0.57 per Class A common share implies a 5.4% annualized yield based on the May 2, 2025, Class A common share closing price of $42.08
Total Q1 2025 return of capital to Class A shareholders of $75 million, or $0.57 per Class A common share, represents 75% of cash available for distribution
442 total gross (8.0 net 100% royalty interest) horizontal wells turned to production on Viper’s acreage during Q1 2025 with an average lateral length of 11,946 feet

RECENT EVENTS AND FORWARD OUTLOOK

As previously announced, on May 1, 2025, closed the Drop Down transaction, whereby Viper Energy Partners LLC (“OpCo”), the Company’s operating subsidiary, acquired all of the equity interests of certain mineral and royalty subsidiaries of Diamondback for consideration of $1.0 billion of cash and 69.6 million limited liability company units of OpCo and an equivalent number of shares of the Company’s Class B common stock (the “Drop Down”)
Following the close of the Drop Down, Viper’s long-term issuer default rating was upgraded to BBB- by Fitch; represents second investment grade rating for Viper
As of May 2, 2025, during the second quarter of 2025, repurchased 239,374 shares of the Company’s Class A common stock for an aggregate purchase price of approximately $9 million, excluding excise tax (average price of $37.85 per Class A common share)
As of May 2, 2025, during the second quarter of 2025, repurchased approximately $36 million in aggregate principal amount of the Company’s 5.375% Senior Notes due 2027 (“2027 Notes”)
Initiating average daily production guidance for Q2 2025 of 40,000 to 43,000 bo/d (72,500 to 78,000 boe/d)
Maintaining average daily production for the balance of 2025, following the closing of the Drop Down, of 47,000 to 49,000 bo/d (85,000 to 88,000 boe/d), resulting in expected full year 2025 average daily production of 41,000 to 43,500 bo/d (74,500 to 79,000 boe/d)

“As previously announced, we are excited the transformative Drop Down transaction between Viper and Diamondback has closed. As a result of the conservative financing of this transaction, as well as Viper’s continued strong financial and operating results, we expect leverage to remain below 1.0x even in a sustained $50 per barrel WTI environment. Given the strength of our balance sheet, we will look to use this period of volatility to our advantage where we can, as highlighted by the opportunistic share repurchases we have been able to make so far this quarter,” stated Kaes Van’t Hof, Chief Executive Officer of Viper.

Mr. Van’t Hof continued, “Despite the potential for sustained weakness in commodity prices and reduced activity levels, we expect Viper’s production to remain durable and are maintaining our previous guidance for oil production for the balance of 2025, although we continue to monitor operator activity levels. The symbiotic relationship between Diamondback and Viper is highlighted during times like these where Diamondback continues to focus its development on wells where Viper owns high royalty interests, and therefore enhances Diamondback’s consolidated capital efficiency. Further, the roughly 45% of Viper’s current production that is operated by third parties is predominately exposed to well-capitalized operators in the best parts of the Permian Basin, led by Exxon operating almost half of our third party production.”

FINANCIAL UPDATE

As previously announced, Viper’s first quarter 2025 average unhedged realized prices were $71.33 per barrel of oil, $2.08 per Mcf of natural gas and $24.52 per barrel of natural gas liquids, resulting in a total equivalent realized price of $47.25/boe.

As previously announced, Viper’s first quarter 2025 average hedged realized prices were $70.26 per barrel of oil, $3.74 per Mcf of natural gas and $24.52 per barrel of natural gas liquids, resulting in a total equivalent realized price of $48.99/boe.

During the first quarter of 2025, the Company recorded total operating income of $245 million and consolidated net income (including non-controlling interest) of $153 million.

As of March 31, 2025, the Company had a cash balance of $560 million and total long-term debt outstanding (excluding debt issuance costs, discounts and premiums) of $830 million, resulting in net debt (as defined and reconciled below) of $270 million. Viper’s outstanding long-term debt as of March 31, 2025 consisted of $430 million in aggregate principal amount of its 2027 Notes, $400 million in aggregate principal amount of its 7.375% Senior Notes due 2031 and no borrowings on its revolving credit facility, leaving $1.3 billion available for future borrowings and $1.9 billion of total liquidity.

As of May 1, 2025, after giving effect to the closing of the Drop Down, Viper had roughly $255 million in borrowings on its revolving credit facility, leaving approximately $995 million available for future borrowings and a similar amount of total liquidity.

As of May 2, 2025, during the second quarter of 2025, Viper had repurchased approximately $36 million in aggregate principal amount of the Company’s 2027 Notes.

FIRST QUARTER 2025 CASH DIVIDEND & CAPITAL RETURN PROGRAM

Viper announced today that the Company’s Board of Directors (the “Board”) declared a base cash dividend of $0.30 per Class A common share for the first quarter of 2025, payable on May 22, 2025 to Class A common shareholders of record at the close of business on May 15, 2025.

The Board also declared a variable cash dividend of $0.27 per Class A common share for the first quarter of 2025, payable on May 22, 2025 to Class A common shareholders of record at the close of business on May 15, 2025.

As of May 2, 2025, during the second quarter of 2025, Viper repurchased 239,374 shares of Class A common stock for an aggregate purchase price of approximately $9 million, excluding excise tax (average price of $37.85 per Class A common share). In total, since the initiation of Viper’s common stock repurchase program on November 9, 2020 through May 2, 2025, the Company has repurchased 13,683,957 shares of Class A common stock for an aggregate purchase price of approximately $325 million, reflecting an average price of $23.74 per Class A common share. Future base and variable cash dividends and stock repurchases are at the discretion of the Board and are subject to a number of factors discussed in Viper’s reports filed with the Securities and Exchange Commission.

OPERATIONS UPDATE

During the first quarter of 2025, Viper estimates that 442 gross (8.0 net 100% royalty interest) horizontal wells with an average royalty interest of 1.8% were turned to production on its acreage position with an average lateral length of 11,946 feet. Of these 442 gross wells, Diamondback is the operator of 108 gross wells, with an average royalty interest of 4.0%, and the remaining 334 gross wells, with an average royalty interest of 1.1%, are operated by third parties.

As of March 31, 2025, Viper’s footprint of mineral and royalty interests was 37,573 net royalty acres on a historical basis and 60,725 net royalty acres on a pro forma basis, after giving effect to the Drop Down.

Our gross well information as of May 1, 2025 is as follows, after giving effect to the Drop Down:

	Diamondback Operated	Third-Party Operated	Total
Q1 2025 Horizontal wells turned to production⁽¹⁾⁽²⁾:
Gross wells	108	334	442
Net 100% royalty interest wells	4.3	3.7	8.0
Average percent net royalty interest	4.0%	1.1%	1.8%

Horizontal producing well count:
Gross wells	3,725	11,546	15,271
Net 100% royalty interest wells	235.0	165.0	400.0
Average percent net royalty interest	6.3%	1.4%	2.6%

Horizontal active development well count:
Gross wells	239	682	921
Net 100% royalty interest wells	13.0	10.4	23.4
Average percent net royalty interest	5.4%	1.5%	2.5%

Line of sight wells:
Gross wells	417	677	1,094
Net 100% royalty interest wells	27.1	8.9	36.0
Average percent net royalty interest	6.5%	1.3%	3.3%

(1) Represents wells turned to production on Viper’s standalone acreage position; does not give effect to the Drop Down.
(2) Average lateral length of 11,946 feet.

The 921 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, after giving effect to the Drop Down, there are currently 63 gross rigs operating on Viper’s acreage, 16 of which are operated by Diamondback. The 1,094 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.

GUIDANCE UPDATE

Below is Viper’s guidance for the full year 2025, as well as average production guidance for Q2 2025, which gives effect to the Drop Down. Given recent market volatility, Diamondback and our other operators are closely monitoring the macro environment and may review their operating plans for the remainder of 2025, and thus our production guidance could be subject to change.


	Viper Energy, Inc.

Q2 2025 Net Production – Mbo/d	40.0 – 43.0
Q2 2025 Net Production – Mboe/d	72.5 – 78.0
Full Year 2025 Net Production – Mbo/d	41.0 – 43.5
Full Year 2025 Net Production – Mboe/d	74.5 – 79.0

Unit costs ($/boe)
Depletion	$15.50 – $16.50
Cash G&A	$0.80 – $1.00
Non-Cash Share-Based Compensation	$0.10 – $0.20
Net Interest Expense	$2.00 – $2.50

Production and Ad Valorem Taxes (% of Revenue)	~7%
Cash Tax Rate (% of Pre-Tax Income Attributable to the Company)⁽¹⁾	21% – 23%
Q2 2025 Cash Taxes ($ – million)⁽²⁾	$10 – $15

(1) Pre-tax income attributable to the Company is reconciled below.
(2) Attributable to the Company.

CONFERENCE CALL

Viper will host a conference call and webcast for investors and analysts to discuss its results for the first quarter of 2025 on Tuesday, May 6, 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 in West Texas. 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 Securities 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 Drop Down and any 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; changes in U.S. energy, environmental, monetary and trade policies, including with respect to tariffs or other trade barriers, and any resulting trade tensions; 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.
Condensed Consolidated Balance Sheets
(unaudited, in millions, except par values and share data)

	March 31,			December 31,
		2025			2024
Assets
Current assets:
Cash and cash equivalents	$	560		$	27
Royalty income receivable (net of allowance for credit losses)		146			149
Royalty income receivable—related party		41			31
Income tax receivable		2			2
Derivative instruments		31			18
Prepaid expenses and other current assets		12			11
Total current assets		792			238
Property:
Oil and natural gas interests, full cost method of accounting ($2,279 and $2,180 excluded from depletion at March 31, 2025 and December 31, 2024, respectively)		6,097			5,713
Land		6			6
Accumulated depletion and impairment		(1,148	)		(1,081	)
Property, net		4,955			4,638
Derivative instruments		12			—
Deferred income taxes (net of allowances)		249			185
Funds held in escrow		223			1
Other assets		7			7
Total assets	$	6,238		$	5,069
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable—related party	$	2		$	2
Accrued liabilities		66			43
Derivative instruments		5			2
Income taxes payable		18			2
Total current liabilities		91			49
Long-term debt, net		822			1,083
Derivative instruments		2			—
Other long-term liabilities		—			30
Total liabilities		915			1,162
Stockholders’ equity:
Class A Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 131,323,078 shares issued and outstanding as of March 31, 2025 and 102,977,142 shares issued and outstanding as of December 31, 2024		—			—
Class B Common Stock, $0.000001 par value: 1,000,000,000 shares authorized; 87,831,750 shares issued and outstanding as of March 31, 2025 and 85,431,453 shares issued and outstanding as of December 31, 2024		—			—
Additional paid-in capital		2,566			1,569
Retained earnings (accumulated deficit)		108			118
Total Viper Energy, Inc. stockholders’ equity		2,674			1,687
Non-controlling interest		2,649			2,220
Total equity		5,323			3,907
Total liabilities and stockholders’ equity	$	6,238		$	5,069

Viper Energy, Inc.
Condensed Consolidated Statements of Operations
(unaudited, in millions, except per share amounts, shares in thousands)

	Three Months Ended March 31,
		2025			2024
Operating income:
Oil income	$	201		$	177
Natural gas income		15			7
Natural gas liquids income		28			21
Royalty income		244			205
Lease bonus income		1			—
Total operating income		245			205
Costs and expenses:
Production and ad valorem taxes		17			14
Depletion		67			47
General and administrative expenses—related party		4			2
General and administrative expenses		2			3
Total costs and expenses		90			66
Income (loss) from operations		155			139
Other income (expense):
Interest expense, net		(13	)		(20	)
Gain (loss) on derivative instruments, net		32			(7	)
Total other income (expense), net		19			(27	)
Income (loss) before income taxes		174			112
Provision for (benefit from) income taxes		21			13
Net income (loss)		153			99
Net income (loss) attributable to non-controlling interest		78			56
Net income (loss) attributable to Viper Energy, Inc.	$	75		$	43

Net income (loss) attributable to common shares:
Basic	$	0.62		$	0.49
Diluted	$	0.62		$	0.49
Weighted average number of common shares outstanding:
Basic		120,926			87,537
Diluted		121,030			87,629

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

	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net income (loss)	$	153		$	99
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Provision for (benefit from) deferred income taxes		(1	)		(1	)
Depletion		67			47
(Gain) loss on derivative instruments, net		(32	)		7
Net cash receipts (payments) on derivatives		9			(3	)
Other		1			2
Changes in operating assets and liabilities:
Royalty income receivable		3			(23	)
Royalty income receivable—related party		(10	)		(30	)
Accounts payable and accrued liabilities		(4	)		5
Accounts payable—related party		—			(1	)
Income taxes payable		15			12
Other		—			1
Net cash provided by (used in) operating activities		201			115
Cash flows from investing activities:
Acquisitions of oil and natural gas interests		(486	)		(21	)
Proceeds from sale of oil and natural gas interests		—			1
Net cash provided by (used in) investing activities		(486	)		(20	)
Cash flows from financing activities:
Proceeds from borrowings under credit facility		295			90
Repayment on credit facility		(556	)		(80	)
Net proceeds from public offering		1,232			—
Dividends to stockholders		(85	)		(44	)
Dividends to Diamondback		(59	)		(67	)
Dividends to other non-controlling interest		(9	)		—
Net cash provided by (used in) financing activities		818			(101	)
Net increase (decrease) in cash and cash equivalents		533			(6	)
Cash, cash equivalents and restricted cash at beginning of period		27			26
Cash, cash equivalents and restricted cash at end of period	$	560		$	20

Viper Energy, Inc.
Selected Operating Data
(unaudited)

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Production Data:
Oil (MBbls)		2,818		2,747		2,312
Natural gas (MMcf)		7,221		7,236		5,589
Natural gas liquids (MBbls)		1,142		1,209		954
Combined volumes (Mboe)⁽¹⁾		5,164		5,162		4,198

Average daily oil volumes (bo/d)		31,311		29,859		25,407
Average daily combined volumes (boe/d)		57,378		56,109		46,132

Average sales prices:
Oil ($/Bbl)	$	71.33	$	69.91	$	76.61
Natural gas ($/Mcf)	$	2.08	$	0.84	$	1.22
Natural gas liquids ($/Bbl)	$	24.52	$	22.15	$	22.17
Combined ($/boe)⁽²⁾	$	47.25	$	43.56	$	48.85

Oil, hedged ($/Bbl)⁽³⁾	$	70.26	$	69.00	$	75.64
Natural gas, hedged ($/Mcf)⁽³⁾	$	3.74	$	1.05	$	1.12
Natural gas liquids ($/Bbl)⁽³⁾	$	24.52	$	22.15	$	22.17
Combined price, hedged ($/boe)⁽³⁾	$	48.99	$	43.38	$	48.19

Average Costs ($/boe):
Production and ad valorem taxes	$	3.29	$	3.13	$	3.43
General and administrative – cash component		0.97		0.72		1.08
Total operating expense – cash	$	4.26	$	3.85	$	4.51

General and administrative – non-cash stock compensation expense	$	0.19	$	0.16	$	0.12
Interest expense, net	$	2.52	$	3.70	$	4.67
Depletion	$	12.97	$	12.51	$	11.18

(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 the Company, 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, if any, other non-recurring expenses, if any, 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 the Company’s 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 millions, except per share data)

	Three Months Ended March 31, 2025
Net income (loss) attributable to Viper Energy, Inc.	$	75
Net income (loss) attributable to non-controlling interest		78
Net income (loss)		153
Interest expense, net		13
Non-cash share-based compensation expense		1
Depletion		67
Non-cash (gain) loss on derivative instruments		(23	)
Provision for (benefit from) income taxes		21
Consolidated Adjusted EBITDA		232
Less: Adjusted EBITDA attributable to non-controlling interest		99
Adjusted EBITDA attributable to Viper Energy, Inc.	$	133

Adjustments to reconcile Adjusted EBITDA to cash available for distribution:
Income taxes payable for the current period	$	(23	)
Debt service, contractual obligations, fixed charges and reserves		(9	)
Lease bonus income, net of tax		(1	)
Cash available for distribution to Viper Energy, Inc. shareholders	$	100

	Three Months Ended March 31, 2025
	Amounts		Amounts Per Common Share
Reconciliation to cash available for variable dividends:
Cash available for distribution to Viper Energy, Inc. shareholders	$	100	$	0.76

Return of Capital	$	75	$	0.57
Less:
Base dividend		39		0.30
Cash available for variable dividends	$	36	$	0.27

Total approved base and variable dividend per share			$	0.57

Class A common stock outstanding				131,323

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 the Company. Management believes this measure is useful to investors given it provides the basis for income taxes payable by Viper, which is an adjustment to reconcile Adjusted EBITDA to cash available for distribution to holders of the Company’s Class A common stock.

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

	Three Months Ended March 31, 2025
	Three Months Ended March 31, 2025
Income (loss) before income taxes	$	174
Less: Net income (loss) attributable to non-controlling interest		78
Pre-tax income attributable to Viper Energy, Inc.	$	96

Income taxes payable for the current period	$	23
Effective cash tax rate attributable to Viper Energy, Inc.		24.0	%

Adjusted net income (loss) is a non-GAAP financial measure equal to net income (loss) attributable to the Company 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, if any, other non-recurring expenses, if any, 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 the Company to the non-GAAP financial measure of adjusted net income (loss):

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

	Three Months Ended March 31, 2025
	Amounts			Amounts Per Diluted Share
Net income (loss) attributable to Viper Energy, Inc. ⁽¹⁾	$	75		$	0.62
Net income (loss) attributable to non-controlling interest		78			0.64
Net income (loss)⁽¹⁾		153			1.26
Non-cash (gain) loss on derivative instruments, net		(23	)		(0.19	)
Adjusted income excluding above items⁽¹⁾		130			1.07
Income tax adjustment for above items		3			0.03
Adjusted net income (loss)⁽¹⁾		133			1.10
Less: Adjusted net income (loss) attributed to non-controlling interests		68			0.56
Adjusted net income (loss) attributable to Viper Energy, Inc. ⁽¹⁾	$	65		$	0.54

Weighted average Class A common shares outstanding:
Basic					120,926
Diluted					121,030

(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 the Company, (ii) less any reallocation of 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.

	March 31, 2025			Net Q1 Principal Borrowings/ (Repayments)			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(in millions)
Total long-term debt⁽¹⁾	$	830		$	(261	)	$	1,091		$	831		$	1,007		$	1,103
Cash and cash equivalents		(560	)					(27	)		(169	)		(35	)		(20	)
Net debt	$	270					$	1,064		$	662		$	972		$	1,083

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

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)
	Q2 2025			Q3 2025			Q4 2025		FY 2026		FY 2027
Deferred Premium Puts – WTI (Cushing)		20,000			18,000			—		—		—
Strike	$	55.00		$	55.00		$	—	$	—	$	—
Premium	$	(1.61	)	$	(1.60	)	$	—	$	—	$	—

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

	Natural Gas (Mmbtu/day, $/Mmbtu)
	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
Swap Price	$	(0.80	)	$	(0.80	)	$	(0.80	)	$	(1.50	)	$	(1.40	)

Investor Contact:

Chip Seale
+1 432.247.6218
cseale@viperenergy.com

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

The MIL Network –

May 6, 2025

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