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Category: Statistics

  • MIL-OSI USA: Petroleum Marketing Monthly

    Source: US Energy Information Administration

    Notice: EIA has suspended data collection for two surveys supporting the Petroleum Marketing Monthly. We will continue to update the PMM crude oil prices section (data tables 1, 1A, 18 – 27). See our latest press release for more details.

    Monthly price and volume statistics on crude oil and petroleum products at a national, regional and state level.

    Categories24/7 OSI, Energy, MIL-OSI, United States Government, US Energy Information Administration

    Post navigation

    Highlights
    Petroleum marketing monthly highlights PDF
    Summary statistics tables PDF
    1 Crude oil prices PDF  
    1A Refiner acquisition cost of crude oil by PAD Districts PDF  
    2 U.S. refiner prices of petroleum products to end users PDF  
    3 U.S. refiner volumes of petroleum products to end users PDF  
           Motor gasoline to end users    
           Residual fuel oil and No. 4 fuel to end users    
           Other petroleum products to end users    
    4 U.S. refiner prices of petroleum products for resale PDF  
    5 U.S. refiner volumes of petroleum products for resale PDF  
           Motor gasoline for resale    
           Residual fuel oil and No.4 fuel for resale    
           Other petroleum products for resale    
    6 U.S. refiner motor gasoline prices by grade and sales type PDF  
    7 U.S. refiner motor gasoline volumes by grade and sales type PDF  
    8 U.S. refiner conventional motor gasoline prices by grade and sales type PDF  
    9 U.S. refiner conventional motor gasoline volumes by grade and sales type PDF  
    10 U.S. refiner reformulated motor gasoline prices by grade and sales type PDF  
    11 U.S. refiner reformulated motor gasoline volumes by grade and sales type PDF  
    12 U.S. propane (consumer grade) prices by sales type PDF  
    13 U.S. No. 2 distillate prices by sales type PDF  
    14 U.S. No. 2 diesel fuel prices by sulfur content and sales type PDF  
    15 Prices of No. 2 distillate to residences by PAD District and selected states PDF  
    16 U.S. refiner residual fuel prices PDF  
    17 U.S. refiner residual fuel volumes PDF  
    Summary statistics figures
    1 Crude oil prices PDF
    2 U.S. refiner retail petroleum product prices PDF
    3 U.S. refiner retail petroleum product volumes PDF
    4 U.S. refiner wholesale petroleum product prices PDF
    5 U.S. refiner wholesale petroleum product volumes PDF
    6 U.S. No.2 distillate prices to residences by PAD District PDF
    7 U.S. refiner residual fuel oil prices PDF
    Crude oil prices tables PDF
    18 Domestic crude oil first purchase prices PDF  
    19 Domestic crude oil first purchase prices for selected crude streams PDF  
    20 Domestic crude oil first purchase prices by API gravity PDF  
    21 F.O.B. costs of imported crude oil by selected country PDF  
    22 Landed costs of imported crude oil by selected country PDF  
    23 F.O.B. costs of imported crude oil by API gravity PDF  
    24 Landed costs of imported crude oil by API gravity PDF  
    25 Percentages of total imported crude oil by API gravity PDF  
    26 F.O.B. costs of imported crude oil for selected crude streams PDF  
    27 Landed costs of imported crude oil for selected crude streams PDF  
    Prices of petroleum products tables PDF
    28 Motor gasoline prices by grade, sales type, PAD District, and state PDF  
    29 Conventional motor gasoline prices by grade, sales type, PAD District, and state PDF  
    30 Reformulated motor gasoline prices by grade, sales type, PAD District, and state PDF  
    31 Refiner motor gasoline prices by grade, sales type, PAD District, and state PDF  
    32 Refiner prices of aviation fuels and kerosene by PAD District and state PDF  
    33 Refiner prices of distillate fuels by PAD District and state PDF  
    34 Propane (consumer grade) prices by sales type and PAD District PDF  
    35 No. 2 distillate prices by sales type, PAD District, and selected states PDF  
    36 No. 2 diesel fuel prices by sales type, PAD District, and state PDF  
    37 No. 2 diesel fuel prices by sulfur content, Sales type, and PAD District PDF  
    38 Residual fuel oil prices by PAD District and selected states PDF  
    Volumes of petroleum products tables PDF
    39 Refiner motor gasoline volumes by grade, sales type, PAD District, and state PDF  
    40 Refiner motor gasoline volumes by formulation, sales type, PAD District, and state PDF  
    41 Refiner volumes of aviation fuels, kerosene, No. 1 distillate, and propane by PAD District and state PDF  
    42 Refiner No. 2 diesel fuel volumes by PAD District and state PDF  
    43 Refiner No. 2 distillate and fuel oil volumes by PAD District and state PDF  
    44 Refiner residual fuel oil and No. 4 fuel volumes by PAD District PDF  
    Prime supplier sales volumes of petroleum products for local consumption tables PDF
    45 Prime supplier sales volumes of motor gasoline by grade, formulation, PAD District, and state PDF  
    46 Prime supplier sales volumes of aviation fuels, No. 4 fuel oil, propane, and residual fuel oil by PAD District and state PDF  
    47 Prime supplier sales volumes of distillate fuel oils and kerosene by PAD District and state PDF  

    MIL OSI USA News –

    May 2, 2025
  • MIL-OSI Canada: Saskatchewan’s Real GDP Reaches Record High $80.5 Billion in 2024

    Source: Government of Canada regional news

    Released on May 1, 2025

    Province’s GDP Growth Rate Second Highest in Canada

    Today, new figures from Statistics Canada show that Saskatchewan remains a national leader in economic growth. Real GDP data shows Saskatchewan is second among Canadian provinces for growth in 2024. 

    Real GDP rose by 3.4 per cent from 2023 to 2024, well over the national average increase of 1.6 per cent. Saskatchewan’s real GDP value remains at an all-time high of $80.5 billion, beating 2023’s record of $77.9 billion. This is a provincial record.

    “Saskatchewan continues to see record growth within our provincial economy and today’s Statistics Canada data shows more people are choosing to live, work and raise families in our province,” Trade and Export Development Minister Warren Kaeding said. “Saskatchewan exports bring food and energy security not only to North America, but around the world. The result of this is more high-paying jobs for Saskatchewan residents, more services and a high quality of life for all who call our province home.” 

    Many sectors contributed to this growth, including construction, up 13.2 per cent, agriculture, forestry, fishing and hunting, up 7.8 per cent and mining, quarrying and oil and gas extraction, up 5.6 per cent.

    GDP measures the value of goods and services produced within a prescribed geographic region over a specific period of time. 

    This announcement continues to highlight the strength of the provincial economy. Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces. Private capital investment is projected to reach $16.2 billion in 2025, an increase of 10.1 per cent over 2024. This is the second highest anticipated percentage increase among the provinces.

    The Government of Saskatchewan recently unveiled its new Securing the Next Decade of Growth – Saskatchewan’s Investment Attraction Strategy. This strategy combined with Saskatchewan’s trade and investment website, InvestSK.ca, contains helpful information for potential markets and solidifies the province as the best place to do business in Canada. 

    For more information visit: investSK.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News –

    May 2, 2025
  • MIL-OSI Canada: Bank of Canada announces 2024–25 scholarship recipients

    Source: Bank of Canada

    The Bank of Canada is pleased to announce this year’s recipients of its scholarship awards for students with disabilities, Indigenous students, LGBTQ2S+ students, francophones and students who identify as a woman or as a member of a racialized group. We know that the inclusion of diverse identities and ideas fosters innovative thinking and better policy outcomes for Canadians. It’s core to our success as a leading central bank. That is why our scholarships are designed to encourage Canadians from diverse backgrounds to further their education and consider employment in fields related to the work of the Bank.

    The 2024-25 award recipients are as follows:

    • Abigail Meloche, pursuing a Bachelor of Economics at Carleton University
    • Allison Tsypin, pursuing a Bachelor of Mathematics at McGill University
    • Andy Duan, pursuing a Bachelor of Arts in Economics at Princeton University
    • April Quill, pursuing a Bachelor of Science with major in Statistics at University of Manitoba
    • Wendy Liao, pursuing a bachelor’s degree in computer science and business at Western University
    • Elliot Thordarson, pursuing a Bachelor of Commerce at I.H. Asper School of Business (University of Manitoba)
    • Katherine Brennan, completed a bachelor’s degree in economics and statistics at University of Toronto, with plans to pursue a master’s degree in economics
    • Katherine Karapetrovic, pursuing a Bachelor of International Economics at University of British Columbia
    • Laila Virani, pursing a bachelor’s degree in business at University of British Columbia
    • Linda Nidale-Sadeck, pursuing a Bachelor of Economics at Carleton University
    • Manahil Malik, completed a bachelor’s degree in economics at University of Toronto, with plans to pursue a master’s degree in economics
    • Manuel Fernandez, pursuing a Bachelor of Commerce, Management, Economics and Finance at University of Guelph
    • Melody Johnson, pursuing a college diploma in Protection, Security and Investigation at Conestoga College
    • Rand Al-Nauimi, pursuing a Bachelor of Commerce with option in Business Technology Management at Telfer School of Management (University of Ottawa)
    • Rosana Gao, pursuing a Bachelor of Applied Science in Engineering Science at University of Toronto
    • Simeon Muepu, pursuing a Bachelor of Finance at Université de Montreal
    • Xavier Desroches Borelly, pursuing a Bachelor of Science degree in Computer Science at Western University
    • Yeo Eun Chi, completed a bachelor’s degree in business administration with specialization in finance at University of Toronto, with plans to pursue a master’s degree in economics

    The 2024–25 recipients of the Bank’s Scholarship Award for Post-Secondary Students receive Can$8,000. The award is intended to assist the following students with tuition at an accredited academic institution:

    • students with disabilities
    • Indigenous students
    • LGBTQ2S+ students
    • francophones
    • students who identify as a woman
    • students who identify as a member of a racialized group

    Successful candidates may be offered a work opportunity at the Bank, with mentorship by a Bank employee.

    Recipients of the Master’s Scholarship Award for Women in Economics and Finance must have completed or be in the final two years of an undergraduate degree at a Canadian university and self-identify as a woman. In addition to the award of Can$10,000, successful candidates may be offered a work opportunity at the Bank, with mentorship by a Bank employee.

    For more information on all opportunities for students, please visit our webpage.

    MIL OSI Canada News –

    May 2, 2025
  • MIL-OSI USA: Bankruptcies Rise 13.1 Percent Over Previous Year

    Source: United States Courts

    Bankruptcy filings rose 13.1 percent during the 12-month period ending March 31, 2025. That is a similar rate of acceleration as in the Dec. 31, 2024, quarterly report, but new bankruptcy cases remain significantly lower than after the 2007-08 Great Recession. 

    According to statistics released by the Administrative Office of the U.S. Courts, total filings rose to 529,080 cases, compared with 467,774 cases reported during the year ending March 31, 2024.

    Business filings increased 14.7 percent, from 20,316 in March 2024 to 23,309 in the newest report. Non-business filings rose 13.0 percent, from 447,458 in March 2024 to 505,771 in March 2025. 

    Bankruptcy totals for the previous 12 months are reported four times annually.

    For more than a decade, total filings fell steadily, from a high of nearly 1.6 million in September 2010 to a low of 380,634 in June 2022. Total filings have increased each quarter since then, but they remain far lower than historical highs.

    Business and Non-Business Filings, Years Ending March 31, 2021-2025
    Year Business Non-Business Total
    2025 23,309 505,771 529,080
    2024 20,316 447,458 467,774
    2023 14,467 388,806 403,273
    2022 13,160 382,213 395,373
    2021 19,911 453,438 473,349
    Total Bankruptcy Filings By Chapter, Years Ending March 31, 2021-2025
    Year Chapter
      7 11 12 13
    2025 320,571 8,844 259 199,130
    2024 271,825 8,036 155 187,539
    2023 231,200 5,371 148 166,449
    2022 265,071 4,333 228 125,655
    2021 345,224 7,823 487 119,502

    Additional statistics released today include:

    • Business and non-business bankruptcy filings for the 12-month period ending March 31, 2025 (Table F-2, 12-month),
    • A comparison of 12-month data ending March 2024 and March 2025 (Table F),
    • Filings for the most recent three months, (Table F-2, 3-month); and filings by month (Table F-2, January, February, and March),
    • Bankruptcy filings by county (Report F-5A).

    For more on bankruptcy and its chapters, view the following resources:

    MIL OSI USA News –

    May 2, 2025
  • MIL-OSI: Movellus Debuts Industry-First On-Die Power Delivery Network Analyzer

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., May 01, 2025 (GLOBE NEWSWIRE) — Movellus today announced the industry’s first on-chip sensor for power delivery network (PDN) characterization and monitoring. Power integrity is vital to the performance and efficiency of any system-on-chip (SoC). However, the industry has very limited visibility into the behavior of on-chip PDNs, which can result in voltage over-margining (compromising both power and performance), missed performance targets, and higher DPPM rates. And as the industry evolves to larger SoCs, stacked die, and chiplets, the problem is further magnified, making PDN visibility even more critical to overall system performance and energy efficiency. PDN IQ enables improvements in power, performance, and uptime for advanced semiconductors by providing PDN visibility across the entire silicon lifecycle from bench characterization and production test to in-field monitoring.

    “Robust PDN operation is required to ensure the functionality and performance of high end SoCs. Today, the industry relies on a variety of black-box techniques to evaluate these critical networks, but these approaches are becoming less effective in the face of ever larger devices, advanced packaging, and severe power swings in workloads,” said Ranganathan “Suds” Sudhakar, Chief Development Officer at d-Matrix. “Having direct visibility of PDN efficacy, anywhere on chip, is a compelling mechanism to optimize the power-performance characteristics of large SoCs and will be a game changer for the industry.”

    “The insatiable demand for greater bandwidth in AI accelerators continues to expand the quantity of processor and memory chiplets integrated within a single device. As disparate semiconductors are knitted together with advanced packaging technologies, such as Deca’s M-Series fan-out, optimized power delivery is an inherent challenge,” commented Tim Olson, CEO of Deca Technologies, “The introduction of this exciting new in-situ power delivery network telemetry from Movellus gives customers a breakthrough capability to optimize voltage-frequency points to maximize performance while improving system quality & reliability.”

    Aeonic Insight PDN IQ delivers high-speed, transistor-level voltage telemetry combined with sophisticated trigger and trace capabilities, and advanced statistics that deliver value throughout the entire silicon lifecycle. Some of the use cases include:

    • Refining voltage-frequency curves during characterization
    • Observing on-die PDN behavior under high stress workloads on the bench & in field
    • Improve screening accuracy to reduce DPPM rates in production
    • Improving fleet uptime by continuously monitoring PDN behavior and flagging anomalies

    “SoCs are growing exponentially in complexity, especially for the datacenter and AI segments. Design teams need to turn over every rock in their designs to optimize for power and performance, and this includes the power delivery network,” said Rich Wawrzyniak, Principal Analyst at SHD Group. “Movellus is arming its customers with the visibility and telemetry required to optimize SoC power with their new on-die PDN analyzer IP.”

    Aeonic Insight™ PDN IQ can also integrate with third-party analytics platforms, offering even greater flexibility. Silicon teams can feed telemetry data from the trace buffer and other registers available in the IP into an analytics stack to gain deeper insights into PDN behavior, further enhancing design and deployment strategies.

    Movellus continues to advance high-performance silicon through feature-rich IP. The Aeonic™ Digital IP platform has been integrated by multiple customers across various process nodes, with applications ranging from performance-centric cloud datacenter compute and AI offerings to ultra-low power edge AI devices. This latest milestone enables advanced on-die observability for power delivery networks, ensuring maximum power efficiency for cutting-edge SoCs, AI accelerators, and processors. Learn more about this latest milestone at movellus.com/aeonic-insight-pdn-iq.

    About Movellus

    Movellus provides critical technology that is integrated into an array of applications ranging from edge AI devices to performance-centric cloud datacenter compute and networking offerings. The company is headquartered in Santa Clara, CA, with R&D centers in Michigan and Toronto. Visit us at: www.movellus.com

    Movellus, the Movellus logo, Aeonic, Aeonic Generate, Aeonic Power, Elevating Silicon, Aeonic Insight, and Intelligent Clock Networks are among the trademarks of Movellus. The term “Movellus” refers to Movellus Circuits Inc and/or its subsidiaries. Other trademarks are the property of their respective owners.

    Press Contact: Aakash Jani | aakash@movellus.com

    The MIL Network –

    May 2, 2025
  • MIL-OSI Global: Why Donald Trump’s trade tariffs are a threat to global food security

    Source: The Conversation – UK – By Lotanna Emediegwu, Senior Lecturer in Economics, Manchester Metropolitan University

    Billion Photos/Shutterstock

    Donald Trump’s tariffs will make many things more expensive for his fellow US citizens. The price of imported cars, building materials and some tech will go up – and so will the cost of the food on American dining tables.

    The US currently imports around 16% of its food supply, with a large proportion of its fruit and vegetables coming from countries now hit by tariffs.

    Mexico stands out. It supplies over half the fresh fruit and nearly 70% of the fresh vegetables consumed in the US.

    And even when it comes to home grown produce, the US still depends on imported fertiliser for its crops, with Canada providing up to 85% of its neighbour’s supply.

    So grocery bills for American families, especially for fresh produce (and processed foods dependent on foreign ingredients) will get higher. But there will also be a noticeable effect on food prices outside the US.

    The consequences could be particularly serious for developing economies that rely on stable international prices to secure affordable food imports. The prices of many global staples including maize, wheat and soybeans are benchmarked against US markets so when disruptions occur, they reverberate globally.

    Research I conducted with a colleague found that when international prices are disturbed, local food prices, especially in developing countries, go up.

    Take global maize prices, which this year rose by 7% between April 2 (Trump’s “liberation day”) and April 11. Our study suggests this will immediately lead to a similar increase in local maize prices in places like sub-Saharan Africa.

    This is where many of the world’s poorest people live, with hundreds of millions in households earning below the World Bank’s poverty line of US$2.15 (£1.61) per day. When much of that income is spent on food, a 7% increase in the price of maize could be devastating.

    Growth market

    According to another study, tariffs on agricultural products such as fertiliser will increase global production costs, potentially lowering crop yields and worsening food insecurity.

    While the US has reduced tariffs on Canadian potash from 25% to 10%, other fertiliser producers face steeper levels (up to 28% for another major exporter, Tunisia, before Trump’s reciprocal tariffs were paused).

    This is especially worrying for agriculture in countries like Brazil, India and Nigeria, which are still reeling from fertiliser shortages caused by the war between Russia and Ukraine. As with food costs, US tariffs are likely to drive up prices in the global fertiliser market, making it more expensive for everyone, everywhere.

    And when the cost of farming rises, crop production can suffer. This could significantly weaken food production in developing countries that are already battling climate change and volatile markets.

    Another study I conducted found that countries such as the Democratic Republic of the Congo and Somalia – already struggling with food insecurity – are among the most vulnerable to local food price shocks. These economies depend heavily on food imports and face high exposure to currency fluctuations and transport costs.

    A banana field in the Democratic Republic of the Congo.
    giulio napolitano/Shutterstock

    If the trade war escalates, farmers in these regions may be forced to abandon staple crops for cash commodities such as cocoa or coffee, deepening their reliance on volatile global markets and reducing their food self-sufficiency. Global inequality will worsen unless things change.

    One option would be to protect essential agricultural imports, especially fertilizers and staple foods, from punitive tariffs. This would stabilise prices and protect vulnerable economies. The recently announced 90-day pause for negotiations offers a glimmer of hope, but it must be used wisely to build a more equitable trading system.

    In the long term, developing countries need to bolster the resilience of their food systems. My research recommends investing heavily in mechanised agriculture which is resilient to climate change, incentivising farmers with government support, and strengthening regional trade.

    The global food system is heavily interconnected. Decisions made in Washington can quickly affect food prices in Lagos, Cairo and New Delhi. And if tariffs go unchecked, they may unleash a silent and subtle crisis – one measured not in GDP, but in millions of empty stomachs.

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

    – ref. Why Donald Trump’s trade tariffs are a threat to global food security – https://theconversation.com/why-donald-trumps-trade-tariffs-are-a-threat-to-global-food-security-255064

    MIL OSI – Global Reports –

    May 2, 2025
  • MIL-OSI Global: Guns in America: A liberal gun-owning sociologist offers 5 observations to understand America’s culture of firearms

    Source: The Conversation – USA – By David Yamane, Professor of Sociology, Wake Forest University

    About 86 million American adults own at least one of the estimated 400 million firearms in the U.S. today. Paul Campbell, iStock / Getty Images Plus

    An Asian American and lifelong liberal from the San Francisco Bay Area, I became a first-time gun owner as a 42-year-old in 2011. I began a now 14-year journey into an unfamiliar and complex world of firearms. In my work, I draw on both my personal experiences and sociological observations to understand the long-standing presence of a robust legal gun culture in America.

    In contrast to the dominant scholarly approaches, which focus on gun deviance and harm, I find there is more to firearms than criminal violence, injury and death; more to gun owners than straight white men; and more to gun culture than democracy-destroying right-wing politics.

    Let me share five observations essential to understanding guns in America:

    1. Guns are normal

    About 86 million American adults – 1 in 3 – own at least one of the estimated 400 million firearms in the U.S. today.

    Imagine if everyone who uses TikTok in the U.S. owned a gun – and then add the population of New York City. That is enough gun owners to fill over 1,000 NFL stadiums.

    Humans have used projectile weapons like rocks and spears from the beginning. This unbroken history continues in every society, with firearms as the weapon of choice in all but the most isolated communities. People who could legally own guns in colonial America commonly did so. Even today, civilian firearms ownership remains exceptionally high in the U.S. compared with other industrialized nations.

    The right of everyday Americans to own guns is a deep part of American culture, enshrined in the U.S. Constitution and many state constitutions.

    2. Gun culture 2.0

    The culture of guns in the U.S. has evolved over time.

    Before the mid-1800s, people primarily used firearms for practical purposes: hunting for food, defense from and offense against indigenous populations, controlling enslaved people, expanding territory and fighting against oppressive rulers.

    Kevin Dixie, at a firearms retailer and gun range in Ballwin, Mo., believes that gun rights are about empowering minority communities and ensuring freedom for every American.
    AP Photo/Jeff Roberson

    Starting in the mid-1800s, Americans developed a more complex gun culture that included recreational hunting, organized target shooting and gun collecting. These elements continue today, but, in a shift, Americans increasingly own guns for self-defense.

    Evidence for the evolution to what I call “Gun Culture 2.0” appears in three key areas: surveys about why people own guns, the loosening of gun-carrying laws beginning in the 1980s, and changes in both the types of firearms sold and how companies market them, especially toward small, concealable pistols.

    3. Gun ownership is diverse

    Black Americans have a particularly strong tradition of gun ownership dating at least to the 19th-century abolitionist movement.

    Today, 1 in 4 Black Americans, as well as 1 in 5 Latinos and 1 in 4 women, personally own a gun. Twenty percent of gun owners consider themselves politically liberal. For every four evangelical Protestants who own handguns, three people who don’t identify with any religion own them too. Scholars are even beginning to discover the importance of LGBTQ+ gun owners.

    Gun Culture 2.0 is more diverse and inclusive than the United States’ historical gun culture because security is a universal human concern.

    The response to feelings of insecurity varies. Portfolios of protective measures in the U.S. include home security systems, dogs, the hyperlocal social networking service Nextdoor, gated communities and firearms.

    4. Guns are lethal tools

    Many tools like knives and chainsaws are lethal, meaning they have the capacity to cause death. Guns differ because their lethality is by design. Consequently, guns can make dangerous situations more deadly.

    Despite their ubiquity and deadly potential, accidental firearm deaths are relatively rare and declining in the U.S., numbering fewer than 500 annually in recent years. Most gun deaths are intentional, with suicides accounting for 58% and homicides for 38% of 46,728 gun deaths in 2023.

    While the U.S. has a moderate overall suicide rate compared with other developed countries, it has a firearm suicide rate that substantially exceeds these other nations. This is because firearms are widely available and highly lethal. When people attempt suicide using guns, they die in up to 90% of cases.

    Similarly, although the U.S. is not exceedingly violent or criminal compared with peer nations, its criminal violence is more deadly because these lethal tools are more frequently involved.

    Starting in the mid-1800s, Americans developed a more complex gun culture that included recreational hunting, as depicted in this 1852 lithograph of woodcock hunters.
    Universal History Archive/Getty Images

    5. Guns are paradoxical

    Despite high rates of firearm suicide and homicide, most guns in the U.S. will not kill anyone, and most American gun owners will not commit violence against themselves or others. My calculations, based on the 2023 Centers for Disease Control and Prevention data, indicate that just one gun death occurred per 8,560 firearms and 1,840 gun owners – meaning at least 99.99% of guns and 99.95% of gun owners were not directly involved in fatalities that year.

    These observations collectively point to a final insight: Guns resist simple categorization and embody multiple paradoxes.

    To different people, they are fun and frightening, dangerous and protective, diffuse and concentrated, unifying and divisive, attractive and repulsive, interesting and controversial, useful and useless, good and bad, and neither good nor bad.

    This is to say, guns are not inherently anything. They take on different meanings according to the various purposes to which people put them.

    A realistic view requires maintaining a clear-eyed understanding of the lethal capabilities of firearms. But the tendency to focus exclusively on firearms-related harms, while understandable, becomes a problem, in my view, when it fails to acknowledge the normality of guns and the diversity of gun owners.

    David Yamane has received funding from The Louisville Institute for the Study of American Religion to study church security. He is a member of the Liberal Gun Club, National African American Gun Association, and National Rifle Association, and financially supports the Liberal Gun Owners 501c4 and Walk the Walk America 501c3 organizations.

    – ref. Guns in America: A liberal gun-owning sociologist offers 5 observations to understand America’s culture of firearms – https://theconversation.com/guns-in-america-a-liberal-gun-owning-sociologist-offers-5-observations-to-understand-americas-culture-of-firearms-251084

    MIL OSI – Global Reports –

    May 2, 2025
  • MIL-OSI United Nations: Experts of the Committee on the Elimination of Racial Discrimination Commend Mauritius on Intercontinental Slavery Museum, Raise Questions on Mandatory HIV Testing for Migrant Workers and the Treatment of the Chagossian People

    Source: United Nations – Geneva

    The Committee on the Elimination of Racial Discrimination today concluded its consideration of the combined twenty-fourth and twenty-fifth periodic reports of Mauritius, with Committee Experts commending the State on the Intercontinental Slavery Museum, while raising questions on mandatory HIV testing for migrant workers, and the treatment of the Chagossian people.

    Pela Boker Wilson, Committee Expert and Country Rapporteur, said the Committee commended the State party for the 20 October 2020 official launch of the Intercontinental Slavery Museum under the theme “breaking the silence”, to remember the suffering, resilience and struggle for freedom of the forefathers, and to honour interculturality and promote remembrance and reconciliation.

    Chrispine Gwalawala Sibande, Committee Expert and Country Co-Rapporteur, said Mauritius still applied HIV related restrictions on the entry, stay and residence of non-nationals, with migrant workers being required to provide evidence of their negative HIV status to qualify for work and residence permits.  Would the delegation clarify reports that Mauritius required HIV testing for any residency permit longer than 90 days, and applicants were denied on the basis of HIV status?  What had the Government done to make sure it did not violate the rights of people, especially migrants, on the basis of HIV status?  What were the plans to reform the HIV/AIDS and immigration laws in Mauritius? 

    Ms. Boker Wilson also asked what steps the State party had taken to ensure the rights of the Chagossian people in negotiations with the United Kingdom’s Government?  Another Committee Expert said the Chagossian people had suffered a harm that had been significant.  They were due reparations and restitutions and needed to be involved in these negotiations.  Those who were descendants of a system of enslavement enforced on people in Mauritius were victims of a harm which needed to be repaired.  It was important to look at best practice examples from other countries. Had there been restitutions for the Chagossian people who had been disadvantaged? 

    Introducing the report, Gavin Patrick Cyril Glover S.C, Attorney General of Mauritius and head of the delegation, said the Government Programme 2025–2029 announced the setting up of a Constitutional Review Commission to make recommendations on constitutional and electoral reforms. The work of the Commission would also address several issues of direct relevance to the Committee’s concerns, including the future of the Best Loser System, the use of Kreol as a parliamentary language, and broader questions of equality and representation in Mauritian institutions.  He concluded by stating that Mauritius reaffirmed its deep commitment to the Convention and looked forward to a constructive exchange. 

    Mr. Glover, responding to questions, said all migrant workers had to comply with the law and present a HIV negative test result before being granted access to the country.  If a test was positive, they were not allowed to work and had to leave the country.  For those who contracted the disease in the country, they received the same treatment as nationals, regardless of their origin.  There were currently 60 foreign workers receiving treatment for HIV/AIDS. There was no discrimination when this test was applied; it was applied across the board, wherever you came from. It was implemented as a public health policy by the Government, due to Mauritius’ small size.  Unfortunately for the time being, this would stay in place. 

    Mr. Glover said since 1999, the Chagossians welfare fund act was established.  Dedicated educational support, including scholarships, and healthcare programmes were also provided, and the State conducted regular visits to the communities. The Government remained firmly committed to the resettlement of the Chagossians in the Chagos Archipelago and ensuring the full human rights of this group.  Mauritius was in the process of finalising with Great Britain the return of the Chagos Archipelago.  It was expected that the terms would result in a positive outcome. 

    In concluding remarks, Ms. Boker Wilson extended sincere thanks and appreciation to the delegation for the interactive dialogue. The delegation had delivered on its pledge to ensure openness and accountability, and the State party’s commitment to continuity was appreciated. 

    Mr. Glover, in his concluding remarks, extended thanks for the dialogue which had taken place.  Mauritius viewed this exchange as an opportunity to reflect openly and recommit the State to the principles of the Convention.  History left long shadows, but Mauritius believed that progress was possible.  The State was committed to achieving unity, dignity and justice for all.   

    The delegation of Mauritius consisted of representatives of the Attorney General’s Office; the Ministry of Foreign Affairs, Regional Integration and International Trade; and the Permanent Mission of Mauritius to the United Nations Office at Geneva.

    The Committee will issue its concluding observations on the report of Mauritius after the conclusion of its one hundred and fifteenth session on 9 May 2025.  The programme of work and other documents related to the session can be found here. Summaries of the public meetings of the Committee can be found here, while webcasts of the public meetings can be found here.

    The Committee will next meet in public on Tuesday, 29 April at 3.p.m to review the combined twentieth to twenty-second periodic reports of the Republic of Korea (CERD/C/KOR/20-22).

    Report

    The Committee has before it the combined twenty-fourth and twenty-fifth periodic reports of Mauritius (CERD/C/MUS/24-25).

    Presentation of Report

    BRIAN NEIL JOSEPH GLOVER, Permanent Representative of Mauritius to the United Nations Office at Geneva, expressed appreciation to the Committee for allowing the dialogue to take place in a hybrid format. He then introduced the delegation of Mauritius.

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, said that since the combined report was submitted in July 2021, several developments had affected the application of the Convention in Mauritius.  In retrospect, Mauritius recognised that paragraphs 4 and 5 of the report should have engaged more meaningfully with the concerns of the Committee; this approach had been reassessed and today the State was committed to more openness and accountability.  In November 2024, a new government was elected with a vision which included a renewed commitment to human rights.  During the dialogue, the State would aim neither to disown the past nor engage in political blame, but would reaffirm Mauritius’ enduring commitment to the Convention. 

    Some of the issues relating to disaggregated data, ethnic identification, and racial disparities were deeply complex and sensitive in Mauritius.  It was a proudly diverse society, but also one shaped by a painful history of division.  Against this backdrop, classifying individuals along ethnic lines remained politically sensitive and socially divisive.  However, the State accepted that the absence of such data must not become an excuse for blindness to discrimination.  Mauritius welcomed the guidance of the Committee to chart a path forward that was principled and mindful of the national context.  To mark the sixtieth anniversary of the Convention, it was being translated by the Government into Kreol Morisien for public dissemination.

    The Government Programme 2025–2029 announced the setting up of a Constitutional Review Commission to make recommendations on constitutional and electoral reforms.  The work of the Commission would also address several issues of direct relevance to the Committee’s concerns, including the future of the Best Loser System, the use of Kreol as a parliamentary language, and broader questions of equality and representation in Mauritian institutions.  Since the submission of the report, Mauritius had enacted several important legislative reforms, including the private recruitment agencies act 2023; the combatting of trafficking in persons (amendment) act 2023; the immigration act 2022; the protection and promotion of the rights of persons with disabilities act 2024; and a gender equality commission bill. 

    The Best Loser System continued to operate within Mauritius’ electoral framework. 

    Following the 2024 general elections, and with the operation of the Best Loser System, the National Assembly now comprised of 36 members from the Hindu community, nine members from the Muslim community, two members from the Sino-Mauritian community, 19 members from the general population, and one non-elected member.  Many civil society groups had called for the abolition of community-based classifications, while others urged updating the census, believing that the Best Loser System could still offer an important safeguard for minorities.

    Navigating this dilemma would be one of the challenges that the Constitutional Review Commission would be called to address. 

    The Government of Mauritius remained strongly committed to implementing a resettlement plan in the Chagos Archipelago and supported the aspirations of Chagossians, as Mauritian citizens, to be able to resettle in the Chagos Archipelago if they wished.  An amount of Rs 50 million had been earmarked for 2024-2025 for visits to be undertaken to the Chagos Archipelago as groundwork for a proper resettlement.  In Mauritius, out of a population of 1,233,097, Kreol was the language habitually spoken by 968,952 persons.  Regarding the use of Kreol in Parliament, meetings were being organised with a view to looking into the practical hurdles that needed to be cleared before introducing the Kreol Morisien language in the National Assembly. 

    A new public website would shortly offer free access to updated legislation and all international treaties binding Mauritius, including the Convention.  The State’s legislation criminalised hate speech and incitement to racial or religious hatred. Human rights education remained a national priority, and the National Human Rights Commission conducted workshops and collaborated with civil society to promote equality.  Sensitisation campaigns targeted both youth and the wider public, including the distribution of the Universal Declaration of Human Rights in Kreol Morisien.  Mr. Glover concluded by stating that Mauritius reaffirmed its deep commitment to the Convention and looked forward to a constructive exchange. 

    MICHAL BALCERZAK, Committee Chair thanked the delegation for the invaluable contribution of Committee Expert Yeung Sik Yuen Yeung Kam John, from Mauritius. 

    Questions by a Committee Expert

    PELA BOKER WILSON, Committee Expert and Country Rapporteur, said 

    regrettably, the Committee noted the State party’s persistent position that the collection of data disaggregated by ethnicity ran contrary to national unity and the fostering of a rainbow nation.  The Committee recognised the State’s priorities in promoting national unity.  The State party was encouraged to meet its obligation of collecting and publishing data disaggregated by grounds of discrimination, recognised in international human rights law.  Notwithstanding this position, could the State party share how the rights guaranteed under the Convention were being enjoyed by the various ethnic groups, including the Creoles, Chagossians and Ilois? What steps had Mauritius taken to collect and evaluate socio-economic indicators across various ethnic minorities to develop evidence-based socio-economic policies?  Could information be provided on the composition of the population in respect of non-nationals such as migrants, refugees, asylum seekers and stateless persons disaggregated by residence status, sex and age?

    Had the State party taken any action, in the form of training or awareness raising, on anti-discrimination for magistrates, judges, prosecutors and police to further the application of the Convention by domestic courts?  Had there been any steps by the State party to enact comprehensive anti-discrimination legislation as a means of ensuring that victims had access remedies for discrimination?  Could examples be provided of cases in which the Convention had been directly applied by judges, or invoked before the courts? 

    The Committee had requested the State party to hold countrywide consultations to bring about a change of the existing classification of groups, including in the Constitution, giving due account to the principle of self-identification and the Committee’s general recommendation no. 8 (1990) concerning the interpretation and application of article 1 (1) and (4) of the Convention.  Had such consultations been held? 

    Could information be provided regarding awareness-raising campaigns and educational programmes aimed at showcasing the contribution of each ethnic group to the development of the State party’s society? Did the State party have updated information on the preparation of a human rights action plan for the period 2024-2030? What measures had the State party undertaken to implement a comprehensive strategy and national action plan to combat racism, racial discrimination, intolerance, and any manifestation of racial or caste-based superiority?

    The Committee encouraged the State party to give due consideration to revising the equal opportunities act, with a view to include language among the prohibited grounds of discrimination, and to introduce a legal provision on special measures aimed at accelerating the full and equal enjoyment of rights by disadvantaged groups.  Could the State party provide information on the overall implementation of the act?  What claims had been filed under it and what effects had it had? 

    Had the State party undertaken efforts at ensuring its recommendation regarding the jurisdiction of the Equal Opportunities Commission to investigate complaints against civil servants, and the handing down of sanctions commensurate with the gravity of the offences?  How was the development of the land division dealing with land dispossession and ownership claims?  What impact had the recent changes to the law against human trafficking had on the fight against human trafficking in Mauritius? 

    What efforts had been undertaken to ensure that the Criminal Code and other relevant legislation prohibited and punished racist hate speech, as well as organizations that promoted and incited racial discrimination?  Were there updated statistics on complaints registered with the courts or any other national institution for acts of racial discrimination, racist hate speech and racist hate crimes, including over the Internet and through the media?

    The Committee commended the State party for the 20 October 2020 official launch of the Intercontinental Slavery Museum under the theme “breaking the silence”, to remember the suffering, resilience and struggle for freedom of the forefathers, and to honour interculturality and promote remembrance and reconciliation.  Could information be provided on the implementation of other recommendations of the Truth and Justice Commission relating to land dispossession and ownership claims?  What had the Truth and Justice Commission done to investigate and respond to the lingering effects of colonialism and the slave trade in Mauritius?  What other measures was the State party considering that could address the racial disparities and legacies of colonialism and the slave trade?

    Responses by the Delegation

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, said it was regretful that the Equal Opportunities Commission had not been a model of what it could be. The State took the suggestion of the inclusion of language as a possible segment of discrimination very seriously. Primary and secondary education was free in Mauritius and all students were taught English and French, whatever their economic and social background.  No one was left behind, but it was recognised that those falling out of the system needed to be helped.  It was possible that an amendment could be introduced to cater to those who slipped through the net. 

    Based on a population census in 2020, there were more than 1.2 million people living in the Republic of Mauritius, with the majority being of Mauritian nationality.  Around 40 per cent of those had reported their religion as Hindu; 32 per cent had reported their religion as Christian, 18 per cent had reported their religion as Muslim; and the remaining identified as “other” or did not supply the religion.  Some 79 per cent of the population spoke Kreol at home. 

    Statistics regarding the prison population were difficult to pinpoint, given the movement of people within the prison system.  Information on ethnic origin was not collected, but information on religion and citizenship was provided.  As of April 2025, the Mauritian prison system housed 2,858 detainees, with 60 per cent being Roman Catholic.  Foreign nationals represented 9.7 per cent of the prison population.  As of January 2025, there were more than 48,000 migrant workers in Mauritius with valid work permits, working across various sectors, including manufacturing, retail and trade, among others.  There were no reported cases of stateless persons in Mauritius.

    Questions by Committee Experts

    PELA BOKER WILSON, Committee Expert and Country Rapporteur, asked what the delegation meant about the movement of the detained persons; could this be clarified?

    The attention of the Committee was drawn to the vagrancy act of 1867, which criminalised individuals who lacked a fixed residence, means of subsistence, or regular employment.  There had been reports that the history of the law was related to colonialist and racist efforts that controlled the movement of Indian labourers, referencing a historical event where thousands of Indians were reportedly imprisoned under brutal conditions.  Did the State party have plans to repeal this act? 

    There had also been reports that the morality clauses in article 6 of the immigration act were rooted in colonial-era mentalities, and could have a disproportionate and discriminatory impact on minorities.  Had Mauritius investigated this?  Article 5 of the immigration act banned individuals with infectious, contagious, or communicable diseases.  This could encompass HIV/AIDS, which disproportionately affected marginalised groups.  Had Mauritius investigated this?

    A Committee Expert asked if the racial tensions in the country had disappeared?  What had caused more harmonious relations? 

    Another Expert asked what percentage of descendants of slavery were a part of the Mauritian population today? 

    A Committee Expert said the Truth and Justice Commission addressed the issue of land confiscation; what results had been achieved by the court set up to address these cases?  Was the State certain that when it revoked the citizenship of a person, they would not become stateless?

    An Expert said Mauritius had unfortunately experienced the effects of British colonisation, and English people were still present within the country.  The people were waiting for Mauritius to be liberated from the British presence. Mauritius had the resources to help Africa to emerge from the long colonial night of slavery. 

    Responses by the Delegation

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, said Mauritius was fully committed to complete the decolonisation process of Africa, for those in the Chagos Archipelago, and it was hoped that this would become a reality in the coming weeks.  In 1995, a law was passed, and all Mauritians who came of age after this date were automatically granted Mauritian nationality.  There was a willingness and necessity for the piece of legislation to be changed today, so everyone could be on the same level. 

    There was no prosecution in Mauritius for being a vagrant, but there had been prosecutions under the offence of being a “rogue or vagabond” which was a different matter.  There were more than 800 of these cases prosecuted in 2024. This was a matter which would be taken up in the reform of the criminal justice system.  The State was aware of the discrepancies of the immigration act regarding communicable diseases, and acknowledged there was a need to review this legislation.  There had previously been an abominable piece of legislation, the Hoffman law, which enabled a citizenship provided to a non-citizen to be revoked.  This would also be reviewed. 

    There was a latent possibility of tensions rising and the State had to be careful not to stoke any of these factors.  There were instances, such as in the last election, where the whole nation came together and showed that the multicultural society could work. 

    Questions by Committee Expert

     

    CHRISPINE GWALAWALA SIBANDE, Committee Expert and Country Co-Rapporteur, asked what steps Mauritius had taken to ratify the International Convention on the Protection of the Rights of All Migrant Workers and Members of their Families? 

    The Committee would still like an update regarding disaggregated data by ethnicity?  What were the unique challenges that people of African descent faced in Mauritius?  Would the delegation update the Committee on steps being taken to ratify and accept the individual communication article under the Convention?  According to the State report, there were currently three distinct cases against the State in court by lesbian, gay, bisexual, transgender and intersex persons.  Could an update on the human rights issues being raised in these three cases be provided?

    Mauritius had not signed the 1951 Convention relating to the status of refugees and its 1967 Protocol Convention.  Would the delegation update the Committee on the plans being developed to have a legislative and policy framework in place to ensure refugees were well protected under the law?  What were the plans to ratify the 1951 Convention relating to the status of refugees and its 1967 Protocol Convention?  What measures was Mauritius taking to address matters of statelessness and compile data on stateless persons?  Could the delegation update the Committee on birth registration and citizenship laws available?

    What were the legislative, policy and effective action points being taken to make sure that all ethnic groups were treated equally in Mauritius?  How was the Government handling the allegations that certain ethnic groups were getting preferential treatment? 

    What legislative, policy and enforcement action points had been put in place to address discrimination on issues of wages affecting Creoles and Muslims of Indian origin communities?  Would the delegation update the Committee on measures being taken to address underpayment for overtime in the textile and apparel industries, including issues on differences in legislation and calculation of overtime hours?  What were the legislative and policy reform steps being taken to address matters concerning the informal sector that accounted for 10 per cent of all workers? 

    The garment sector of Mauritius was a significant destination for migrant workers from Bangladesh.  Some reports found that Bangladesh nationals incurred significant debt to pay recruitment fees; were unable to review their contracts prior to signing or departing for Mauritius; and had a limited understanding of their salaries, among other issues.  Had Mauritius reviewed the recruitment procedures of foreigners and migrant workers, especially the recruitments that involved agents?  What measures had the Republic of Mauritius taken to address the concerns of persons belonging to certain nationalities, including Bangladesh citizens? 

    What measures had the State taken to minimise these challenges and make sure that all international labour instruments by the International Labour Organization on the treatment of migrant workers were compiled and enforced? When would Mauritius sign and ratify several International Labour Organization Conventions? 

    Responses by the Delegation

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, said the three cases referred to were determined by the Supreme Court in 2023.  The Supreme Court decided that criminalising consensual same-sex relations between males was unconstitutional. 

    It was estimated that around one third of Mauritians descended from slaves.  Mauritius would update its citizenship laws regarding refugees and asylum seekers. The current laws did not address statelessness and this would be addressed.

    Migrant workers should typically enjoy the same benefits and laws as any Mauritians.  However, there were cases where migrant workers had been lured to come to Mauritius and became enslaved by certain employers.  The Government was taking a strong stand on this issue and had recently publicised a well-published case in this regard, where they worked to bring the perpetrators who had abused the migrant workers to justice. Large companies with clientele in Europe and America were strict in their adherence to the law, and dealt with all processes relating to migrant workers correctly.  Mauritius was firmly committed to enforcing its immigration laws while ensuring the rights of migrant workers were upheld.  In cases where unscrupulous employers had not declared workers or where they did not renew their visas on time, these migrant workers were considered to be victims. 

    Questions by Committee Expert

    CHRISPINE GWALAWALA SIBANDE, Committee Expert and Country Co-Rapporteur, asked for more data on domestic workers?  Mauritius still applied HIV related restrictions on the entry, stay and residence of non-nationals, with migrant workers being required to provide evidence of their negative HIV status to qualify for work and residence permits.  Would the delegation clarify reports that Mauritius required HIV testing for any residency permit longer than 90 days, and applicants were denied on the basis of HIV status?  What had the Government done to make sure it did not violate the rights of people, especially migrants, on the basis of HIV status?  What were the plans to reform the HIV/AIDS and immigration laws in Mauritius? 

    The Government of Mauritius had demonstrated overall increasing efforts compared with the previous years on issues of combatting human trafficking and had therefore been upgraded to tier 2.  However, the Government did not meet the minimum standards to combat human trafficking in some key areas, including not convicting any traffickers in court for the second consecutive year in a row.  Would the delegation update the Committee on the data available on cases prosecuted?  What concrete measures was Mauritius taking to combat human trafficking, including perpetrators of human trafficking prosecuted under the combatting of trafficking in persons act?  What had the Government of Mauritius done to make sure that the courts dealt with the backlog of cases?  What programmes were being initiated and rolled out, whether through legislation, policy or action points, to make sure citizens were encouraged to report cases of human trafficking and sex trafficking? 

    A Committee Expert asked why the Human Rights Commission was not present before the Committee and if it was influenced by the Prime Minister’s office? 

    Responses by the Delegation

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, said from June 2021 to March 2025, there were 41 cases of trafficking reported, and six were prosecuted.  The backlog of cases was a systemic problem in the criminal justice system.  A police and criminal justice bill was being prepared to set up the parameters in which the judicial processes would be carried out, to ensure diligent hearings and adjudication of various cases. 

    All migrant workers had to comply with the law and present a HIV negative test result before being granted access to the country. If a test was positive, they were not allowed to work and had to leave the country.  For those who contracted the disease in the country, they received the same treatment as nationals, regardless of their origin.  There were currently 60 foreign workers receiving treatment for HIV/AIDS.  Article 5 of the immigration act was a precautionary measure and was a new provision on the application for working in Mauritius.  There was no discrimination when this test was applied; it was applied across the board, wherever you came from.  It was implemented as a public health policy by the Government, due to Mauritius’ small size.  Unfortunately for the time being, this would stay in place. 

    There were no restrictions on civil society to protest, provided they stayed within the parameters of the law.  The State had just received the report of the Human Rights Commission for 2024, and this would be shared with the Committee. 

    Questions by Committee Expert

    CHRISPINE GWALAWALA SIBANDE, Committee Expert and Country Co-Rapporteur, asked what was being done to ensure that civil society participated in the review of Mauritius? 

    Another Expert said the mandatory HIV test was not compliant with the Convention.  It was ineffective as a public health policy and cast a negative stigma on migrant workers. 

    PELA BOKER WILSON, Committee Expert and Country Rapporteur, asked how the different ethnic groups in Mauritius enjoyed their rights under the Convention?

    Another Committee Expert said it was understood that civil society had not suffered intimidation, but was it consulted prior to the dialogue?  Why did the Human Rights Commission not report directly to parliament or the public? 

    Responses by the Delegation

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, said he took on board the views that the mandatory HIV law was ineffective and discriminatory and would act as an advocate in this regard.  All domestic workers had to obtain a resident and work permit to work in Mauritius. 

    The Chairperson of the National Human Rights Commission was appointed on the recommendation of the Prime Minister, and could be seen to not be totally independent.  The Commission had carried out its work well, and a new Chairperson would be appointed in the coming days.  It was expected that the Constitutional Review Commission would now have a say in the processes of the appointments of these kinds of positions. 

    Questions by a Committee Expert

    PELA BOKER WILSON, Committee Expert and Country Rapporteur, said during the previous dialogue, the Committee urged the State party to adopt and implement a well-resourced strategy to address the deep-rooted discrimination faced by the Creoles, including those living on Agaléga and Rodrigues Islands.  What steps had been undertaken to implement this strategy?  What measures were in place to ensure ethnic minorities had equal enjoyment of economic, social and cultural rights?  Had measures relating to adequate housing, health-care service and quality inclusive education been designed in close collaboration with the communities concerned and relevant civil society organizations?  What measures had the State party undertaken to ensure effective participation and representation of ethnic minorities in public and political life?  What measures were envisaged to grant national language status to Creole?

    Could information be provided on the impact of climate change, tourism and development projects on marginalised communities, particularly ethnic minorities?  What was the State party’s national plan on business and human rights? The Committee would appreciate updated information from the State party regarding the assessment of current measures, including the Best Loser System, and the process of electoral reform? What steps had the State party taken to ensure the rights of the Chagossian people in negotiations with the United Kingdom’s Government? 

    Responses by the Delegation

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, said the Government was adamant that all races, communities and religious groups were treated on an equal footing and guaranteed full enjoyment of economic, social and cultural rights. The first of February was a holiday in Mauritius, marking the abolition of slavery in the country.  Pieces of legislation had been passed to ensure the Creoles were not left behind, as well as the Chagossians.  Since 1999, the Chagossian welfare fund act was established. Dedicated educational support, including scholarships, and healthcare programmes were also provided, and the State conducted regular visits to the communities.  The Government remained firmly committed to the resettlement of the Chagossians in the Chagos Archipelago and ensuring the full human rights of this group. 

    The Best Loser System was implemented to ensure that underrepresented communities received representation.  The State recognised it was not the best system and was outdated; two levels of amendments would be introduced in this regard. The Judicial and Legal Commission had been established for the appointment of judicial officers, and consisted of the Chief Justice and the President of the Public Service Commission. This Commission had the exclusivity of appointing all judicial and legal officers. 

    In the National Assembly, people addressed the chamber in English and French.  Members were also able to address a few lines in Creole when appropriate.  Recently, one member wanted to make a whole address in Creole and she was ruled out by the speaker.  Following this, the speaker raised the issue of introducing Creole in the Assembly, which they expected would be supported by most members. 

    A student behaviour policy was introduced in schools to reinforce tolerance and diversity in schools.  There had been a decline in bullying cases, and an anti-bullying policy was being drafted within the Ministry of Education.   

    Questions by Committee Experts

    PELA BOKER WILSON, Committee Expert and Country Rapporteur, asked if strategies concerning Creoles were developed with their participation?  Were the welfare programmes based in law or were they policies which could change depending on the Government?  What kind of scholarships were provided?  Who were the target beneficiaries? 

    A Committee Expert said welfare systems did not reconcile with the past.  Had there been restitutions for the Chagossian people who had been disadvantaged? 

    Another Expert asked if all groups embraced the celebrations of the first of February?  Could more information be provided on the Creole group of Mauritius? 

    Responses by the Delegation

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, said there were national celebrations on the first of February, but ethnic lines were well demarcated when it came to attendees.  Creole referred to a certain category of people with a mixed descent.  A programme entitled “bridge to the future” had been produced, which was an overhaul of the election and judicial system in the country, concentrated in the hands of the Constitutional Reform Commission which would likely begin its work next month. 

    The previous Government had opened negotiations with Great Britain to find a solution for the Chagos Archipelago.  The United Kingdom recognised Mauritius’ sovereignty over the territory and negotiations were currently underway. The Best Loser System was outdated and was based on the census of 1972 with no relevance today.  The changes made would be implemented within the Constitution and removed the need to declare a candidate’s race or community when standing for parliament. 

    Questions by Committee Experts

    A Committee Expert said the Chagossian people had suffered a harm that had been significant.  They were due reparations and restitutions and they needed to be involved in these negotiations.  Those who were descendants of a system of enslavement enforced on people in Mauritius were victims of a harm which needed to be repaired.  It was important to look at best practice examples from other countries.

    Another Expert asked how the First Decade of People of African Descent was marked and what programmes were undertaken?  Had Mauritius started to think about the Second Decade?  Would the State think about establishing more sites of memory for people of chattel enslavement in the Second Decade? 

    FAITH DIKELEDI PANSY TLAKULA, Committee Expert and Follow-up Rapporteur, said the Committee had made a mistake in the follow-up paragraphs for the last dialogue and appreciated that Mauritius had accommodated their mistake.  It was appreciated that the national mechanism for reporting and follow-up had been established.  It was noted that information had been provided on the roadmap for teaching Creole and on the use of Creole in parliament.  Could an update on the use of Creole in the administration and in the judiciary be provided?  Had the State considered developing a roadmap for the Chagossian people? 

    An Expert said Great Britain was being allowed to continue to dominate Mauritius, and still had sway over the country and its people.   Mauritius had suffered too much to return to the past.  It was hoped Mauritius could come together as one country. 

    Responses by the Delegation

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, said Mauritius did not focus on division, but rather on unity.  Recently there had been no complaints registered for acts of racial discrimination and racist hate speech.  There had been a case of stirring racial hatred where the perpetrator was sentenced to two years in prison in 2022. 

    The political agreement reached in October for the Chagossian people did not set out the various elements of the treaty. Mauritius was trying to move away from the divisions imposed by colonial masters.  All communities were aware that whichever Government was in power ensured the equality of all segments of the population.  Mauritius had no definite plans yet for the Second Decade of People of African Descent. 

    While English was the primary language in courts, French and Creole were also accepted.  Around 90 per cent of people in Mauritius understood the Creole language and it was used in the courts.  Government documents were in English.  There was a dedicated channel for Parliament and Mauritius was looking into setting up a second channel which carried a simultaneous translation of proceedings in Parliament into Creole. 

    Mauritius was in the process of finalising with Great Britain the return of the Chagos Archipelago.  The United Kingdom had to have the support of the United States before coming to terms with Mauritius.  It was expected that the terms would result in a positive outcome. 

    Questions by Committee Experts

    CHRISPINE GWALAWALA SIBANDE, Committee Expert and Country Co-Rapporteur, said the Committee discussed the topic of different ethnic groups in Mauritius, solely to ensure that some were not receiving preferential treatment.  Could data be provided on migrant workers and how they were being taken care of?  What measures had Mauritius taken in terms of training, education, culture, information and awareness about the Convention, the human rights provisions in the Constitution of Mauritius, and other laws in Mauritius?  Were issues of human rights covered in the curriculum at primary, secondary and tertiary level?  How was Mauritius combatting racial discrimination through school curricula, university programmes and teacher training? 

    Could more information be provided on judicial authorities, jurisprudence and judgments on matters of racial discrimination, including the principles of the Convention?  What human rights training was offered to law enforcement agencies? What measures would be taken to ensure that non-governmental organizations and the national human rights institution fully participated in human rights education and awareness? 

    Reports indicated that the Government had decreased funding for protection and assistance services to victims of human trafficking, including sex trafficking.  What measures had been taken to make sure there was adequate funding to combat trafficking, including providing protection and assistance services to victims?  What programmes had the State rolled out for providing education to combat human trafficking?  There had been difficulties reported in accessing healthcare for irregular migrants, stateless persons and asylum seekers, who might not have access to the National Health Insurance Card.  What programmes had been implemented to provide human rights awareness on matters of healthcare?

    Responses by the Delegation

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, said reports relating to discrimination of migrant workers regarding healthcare were unfounded as everyone in Mauritius was afforded free public healthcare, whether they were a migrant or not. Mauritius had not hidden from the prejudices within its society.  Human rights principles were embedded in formal school curricula.  In 2024, the National Human Rights Commission conducted public campaigns reaching over 100,000 individuals, including parents, students and teachers, and had also produced materials, including the translation of the Universal Declaration of Human Rights into Creole. Non-governmental organizations had provided input into important State documents, including the national human rights plan, as well as in preparation for the Universal Periodic Review. 

    Questions by Committee Experts

    CHRISPINE GWALAWALA SIBANDE, Committee Expert and Country Co-Rapporteur, said the law in Mauritius prevented internet users from posting anything that could cause “annoyance, humiliation, inconvenience, distress or anxiety to any person” on social media.  Anyone found guilty faced up to 10 years’ imprisonment. There were reports that police arrested two people on allegations of drug trafficking because they made critical comments against the Government or police.  What was the outcome of these cases?  What measures was the State taking to ensure citizens were not punished merely for criticising the State through expressing freedom opinion?  Had the cases of three journalists from the Defi Media group who filed complaints of harassment been addressed?  How was it ensured that journalists could operate freely in Mauritius?  It was reported that many buildings in Mauritius remained inaccessible to persons with disabilities; what was the Government doing to overcome this? 

    A Committee Expert applauded the efforts of the State party to create a harmonious society out of the calamity of colonialism. 

    Responses by the Delegation

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, said the two cases of those arrested in relation to drug charges were high profile cases in Mauritius and were ongoing.  The accused had been extremely critical of the previous regime.  There had been no prosecutions of alleged drug offences so far. The journalists arrested were also extremely critical of the previous regime, and due to the usual process adopted by that regime, they were attacked.  The inquiry had not yet been completed, and if there was enough evidence to convict the persons behind the cowardly attacks on these journalists, appropriate actions would be taken.

    Questions by a Committee Expert

    CHRISPINE GWALAWALA SIBANDE, Committee Expert and Country Co-Rapporteur, said French and English were considered de facto languages of Mauritius.  What measures was the Government taking to ensure all languages were recognised in Mauritius?  Was there recognition of the various groups, including Chagossians in the country? 

    Responses by the Delegation

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, said all courtrooms in Mauritius provided adequate access for persons with disabilities.  Irrespective of the descent of any Mauritian, more than 90 per cent of the population understood and spoke Creole.  The State had begun translating the Convention against Torture into Creole and would eventually work to translate all other Conventions into Creole. 

    Closing Remarks

    FAITH DIKELEDI PANSY TLAKULA, Committee Expert and Follow-up Rapporteur, said the Committee would send concluding observations which contained a follow-up for recommendations which needed to be implemented within one year. 

    PELA BOKER WILSON, Committee Expert and Country Rapporteur, extended sincere thanks and appreciation to the delegation for the interactive dialogue.  The Government of Mauritius should be commended on its reassessed approach to the review which contributed to the quality of the exchange.  The delegation had delivered on its pledge to ensure openness and accountability, and the State party’s commitment to continuity was appreciated. 

    CHRISPINE GWALAWALA SIBANDE, Committee Expert and Country Co-Rapporteur, thanked everyone who had been involved in the dialogue. 

    GAVIN PATRICK CYRIL GLOVER S.C, Attorney General of Mauritius and head of the delegation, extended thanks for the dialogue which had taken place.  Mauritius viewed this exchange as an opportunity to reflect openly and recommit the State to the principles of the Convention.  The contribution of Committee member Yeung Sik Yuen Yeung Kam John was very much appreciated.  Mauritius had celebrated the richness of its cultural heritage and honoured the memory of historical injustices.  The establishment of a Constitutional Review Commission marked an important step forward. History left long shadows, but Mauritius believed that progress was possible.  The State was committed to achieving unity, dignity and justice for all. 

    MICHAL BALCERZAK, Committee Chair, thanked all for the dialogue.  During these turbulent times, it was important to celebrate 60 years of the Convention, and the Committee looked to Mauritius to join them in these celebrations. It would be a good opportunity for Mauritius to consider accepting article 14 of the Convention on individual communications.   

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    Follow UNIS Geneva on: Website | Facebook | Twitter | YouTube |Flickr

    MIL OSI United Nations News –

    May 1, 2025
  • MIL-OSI USA: 100 Days of Fighting Fake News

    Source: US Federal Emergency Management Agency

    Headline: 100 Days of Fighting Fake News

    lass=”text-align-center”> From Stories on Criminals to Statistics, DHS has been Holding the Media Accountable for Spreading Disinformation to the American people 
    WASHINGTON— During President Trump’s 100 days in office, the Department of Homeland Security published a non exhaustive list of facts, to help set the record straight on numerous false and misleading stories that have spread around news coverage and social media

    The list can be found below:
    The Facts on Noteworthy Individuals Deported or Prevented from Entering the U

    S

    The Deportation Of American Citizens

    The media has FALSELY claimed that ICE is deporting US citizen children of illegal aliens

    This is false

    In both cases the mother made the determination to take her children with her back to Honduras

    DHS takes our responsibility to protect children seriously and will continue to work with federal law enforcement to ensure that children are safe and protected

    The Trump Administration is giving parents in this country illegally the opportunity to self-deport and take control of their departure process with the potential ability to return the legal, right way and come back to live the American dream

    The CBP Home app is a free and easy way to self deport

    Kilmar Abrego Garcia – The “Maryland Man”

    Garcia is NOT an American citizen

    He is a citizen of El Salvador who had been living in the country illegally

    In 2019, two courts – an immigration court and an appellate immigration court – ruled that he was not only a member of MS-13, but that he was in our country illegally

    There was a deportation order for him dating back to 2019

    Further details about Garcia’s history prove that he is far from innocent

    In 2020, his wife filed a petition for protection citing three separate instances of violence
    In 2021, his wife filed for a restraining order against him due to domestic violence

    In 2022, Garcia was pulled over by Tennessee Highway Patrol with 8 people crammed into one car

    Despite telling the officers that they were going on a trip from Houston, Texas to Temple Hills, Maryland, there was no sign of luggage in the car

    It was later revealed that the vehicle Garcia was driving during this stop was registered to another illegal alien who had been convicted of human trafficking, Jose Roman Hernandez Reyes

    The media further claimed that the Supreme Court ordered the Trump Administration to return Garcia to the United States

    This is another falsehood

    The Supreme Court unanimously overturned that judge’s ruling but instead said that the United States should “facilitate” Garcia’s return

    This would only be possible if the government of El Salvador decided to return him, in which case the United States would have to provide transportation

    It’s up to Salvadoran President Nayib Bukele and the government of El Salvador if they want to return him

    But as President Bukele said during his Oval Office visit with President Trump, he has no intention of releasing a terrorist and sending him back to the United States

    When President Trump declared MS-13 a foreign terrorist organization, Abrego Garcia became no longer eligible for any form of immigration relief in the United States

    He had a valid deportation order

    Furthermore, the Supreme Court also held that EVEN IF El Salvador returned this MS-13 member to the United States, we could deport him a second time

    NO version of this legally ends with him ever living in the U

    S

    , because he is a citizen of El Salvador

    The foreign policy of the United States is conducted by the President – not by a court – and no court in the United States has the power to conduct the foreign policy of the United States

    Dr

    Rasha Alawieh – “The Brown University Assistant Professor”

    Dr

    Rasha Alawieh was an assistant professor at Brown University

    She was in the United States with an H-1B visa

    She was deported back to her home country of Lebanon after she admitted to attending the funeral of Hassan Nasrallah, a brutal terrorist who led Hezbollah and was responsible for killing hundreds of Americans

    The media tried to portray Alawieh’s case as an example of a “lawful immigrant” being deported

    But they completely ignored her direct and alarming ties to radical Islamic terrorism, including her veneration of a dead terrorist leader

    Alfredo “Alex” Orellana – “The Caregiver”

    Alfredo “Alex” Orellana has multiple charges on his record from 2012 to 2019, including: distributing drugs, drug possession, assault and battery, failure to appear to court (twice), theft at the second degree, and larceny

    He has since been arrested and faces deportation

    The New York Times wrote a lengthy article on Orellana’s case

    Their article painted a picture of a loving 31-year-old caregiver who was the “best friend” of a 28-year-old autistic man

    They also pointed to the fact that Orellana had a green card

    The press tried to paint him as a victim who was a caretaker, despite violent charges on his record

    Jerce Reyes Barrios – “The Venezuelan Soccer Player”

    Jerce Reyes Barrios was in the United States illegally

    He was a member of the vicious Tren de Aragua gang, and he was deported to El Salvador

    He has tattoos that are consistent with those indicating membership in the vicious Tren de Aragua gang

    His own social media indicates that he is a Tren de Aragua member

    That hasn’t stopped the media, however

    They tried to whip up a frenzy over this deported criminal gang member, publishing wild claims that he was deported because of a tattoo of a soccer team on his arm

    The facts are the facts

    Our intelligence assessments go beyond just social media and tattoos

    We are confident in our findings

    Nascimento Blair – “The Ex-Con”

    Blair was an illegal alien living in the United States who was tried and convicted for kidnapping and sentenced to 15 years in prison

    The New York Times published a fawning profile about this criminal illegal alien

    In 2008, he was ordered removed out of the country

    However, because of the Biden administration’s open border policies, this criminal illegal alien was released onto the streets of New York

    The Trump administration is putting the American people first by getting this criminal illegal alien off the streets and out of our country

    “The French Scientist Denied Entry Over His Political Views”

    In March, a French scientist was denied entry into the United States

    The researcher in question was in possession of confidential information on his electronic device from Los Alamos National Laboratory

    This was in clear violation of a non-disclosure agreement – something he admitted to taking without permission and attempted to conceal to authorities

    The mainstream media ran with the baseless narrative that this individual was blocked from entering the U

    S

    because of social media posts that were critical of President Trump

    This lie was even echoed by France’s Minister for Higher Education, Philippe Baptiste

    His political beliefs were not considered at all in his removal

    Marie Lepère and Charlotte Pohl – “German Tourists Turned Away on Vacation”

    Two German tourists were denied entry after attempting to enter the U

    S

    under false pretenses

    Both claimed they were touring California but later admitted that they intended to work

    One used a Visitor visa, while the other used the Visa Waiver Program

    Under U

    S

    immigration laws, work is prohibited for these visas

    The media version of events depicted two young women who tried to go on a five-week backpacking trip through the United States

    The media claimed that the two – aged 18 and 19 – were “deported” because they simply wanted to go on a fun, loosely-planned trip

    These travelers weren’t deported—they were denied entry

    And the reason for their removal was visa fraud, not because of the planning nature of their so-called “vacation

    ”

    Jose Hermosillo – “The American Citizen Detained by Border Patrol”

    Hermosillo turned himself in to immigration authorities on April 8

    He approached Border Patrol in Tucson, Arizona and declared that he had entered the U

    S

    illegally

    He completed a sworn statement identifying as a Mexican citizen who had entered unlawfully

    He was processed and appeared in court on April 11

    Afterwards, he was held by the U

    S

    Marshals in Florence, Arizona

    A few days later, his family presented documents showing U

    S

    citizenship

    The charges were dismissed, and he was released to his family

    The media, instead of reporting the facts, created a false and baseless story that an American citizen was illegally detained

    Hermosillio’s arrest was the direct action of his own actions and statements

    When his citizenship was confirmed, he was promptly released back to his family

    Kseniia Petrova – “The Russian Scientist Trying to Cure Cancer”

    Kseniia Petrova, a Russian researcher working for Harvard University, was lawfully detained after lying to federal officers about carrying substances into the country

    A subsequent K9 inspection uncovered undeclared petri dishes, containers of unknown substances, and loose vials of embryonic frog cells, all without proper permits

    Messages found on her phone revealed she planned to smuggle the materials through customs without declaring them

    She knowingly broke the law and took deliberate steps to evade it

    But upon her detainment, the media rushed to defend her by claiming that her research could help to cure cancer

    The facts of the matter are simple: Petrova broke the law and actively planned to do so

    Her research does not make her exempt from the laws of our country

    Renato Subotic – “The MMA Coach”

    Subotic is an MMA coach who entered the United States under a visa waiver program that prohibits compensation – only travel reimbursements are allowed

    When Subotic was detained under American law, the media claimed that he was thrown in prison and deported for no real reason

    Here are the facts: Subotic couldn’t meet the requirement to prove he wasn’t being compensated for participating at a high-dollar, multi-day event

    The law is clear: the burden of proof is on the traveler

    Since he couldn’t provide detailed answers or the necessary documentation for compensation related to the work event, he was held until the next available flight out the following day

    Ricardo Jesus Prada Vasquez – The “Disappearing” Delivery Driver

    Yet again, the media has manufactured a fake controversy on behalf of a terrorist gang member and criminal illegal alien

    Ricardo Jesus Prada Vasquez is a Venezuelan national and confirmed member of Tren De Aragua

    He entered the United States illegally on November 29, 2024 at the Brownsville, Texas Port of Entry via the CBP One App

    The Biden administration, like it did with so many other dangerous criminals, released Prada Vasquez back into the United States

    On January 15th, Prada was encountered trying to enter the U

    S

    from Canada

    He was detained, investigated, and confirmed as a member of TDA and a public safety threat

    On February 27, a judge ordered him removed from the U

    S

    He was then removed to El Salvador

    The media, however, has falsely claimed that Prada Vasquez was an innocent delivery driver who was “disappeared” by the government

    Prada Vasquez was living and working in the U

    S

    illegally, he was a member of a criminal gang designated as a terrorist organization, and was deported with full compliance with American law

    Jeanette Vizguerra – “The Activist Who Needed Sanctuary”

    Jeanette Vizguerra is a convicted criminal alien from Mexico who has a final order of deportation issued by a federal immigration judge

    She illegally entered the United States near El Paso, Texas, on Dec

    24, 1997, and has received legal due process in U

    S

    immigration court

    The media, however, has tried to turn her into a martyr

    They claim she was an “activist” who needed “sanctuary

    ” In reality, she getting famous and making money for breaking the law

    Under President Trump, this is a nation of laws

    We will find, arrest, and deport illegal aliens, no matter how famous the media thinks they are

    Vizguerra was in the United States illegally

    She was convicted of breaking the law

    She was deported

    If you come to our country illegally, we will deport you, and you will never return

    The safest option for illegal aliens is to self-deport, so they still have the opportunity to return and live the American dream

    The Facts on Those Who Have Abused The Privilege of a Student Visa 

    Yunseo Chung – “The Columbia Student”

    Yunseo Chung, who was born in South Korea, is a Columbia University student who engaged in concerning conduct on-campus

    This includes her being arrested by NYPD during a pro-Hamas protest at Barnard College

    Mahmoud Khalil – “The Activist Leader at Columbia”

    Mahmoud Khalil, a former Columbia University graduate student from Syria, is one of the ringleaders of the vicious, anti-American, anti-Semitic protests at Columbia University

    His activities are aligned with Hamas, a designated terrorist organization

    On March 9, 2025, in support of President Trump’s executive orders prohibiting anti-Semitism, and in coordination with the Department of State, U

    S

    Immigration and Customs Enforcement arrested Khalil

    But upon his arrest, radical student protesters at Columbia and across the country have attempted to turn him into a martyr, waving signs and banners bearing his likeness

    Taking over private buildings, inciting violence, harassing Jewish students, defacing buildings, and passing out terrorist propaganda do not constitute free speech

    A judge ruled that Khalil’s deportation can move forward

    He will be removed from our country

    Mohsen Mahdawi – “The Palestinian at Columbia University”

    Mahdawi is a Palestinian who has been living in the United States on a visa while he was studying at Columbia University

    Like many other anti-Israel student protesters, supporters in the media tried to claim that Mahdawi was a victim of political persecution

    But his rhetoric on the war in Israel proves his terrorist sympathies

    In the wake of October 7, Mahdawi said he could empathize with Hamas’s attack on Israel

    He appeared on “60 Minutes” justifying the massacre

    He organized and led pro-Hamas protests on Columbia University’s campus, harassed Jewish students, and openly displayed his support for a terrorist organization

    Leqaa Kordia – “The Palestinian at Columbia University”

    Leqaa Kordia was another Columbia Student who actively participated in anti-American, pro-terrorist activities on campus

    However, her arrest had nothing to do with her radical activities

    Kordia was arrested for immigration violations due to having overstayed her F-1 student visa, which had been terminated on January 26, 2022 for lack of attendance

    Dogukan Gunaydin – “The University of Minnesota Student”

    Dogukan Gunaydin, a graduate student at the University of Minnesota,was arrested after a visa revocation by the State Dept

    related to a prior criminal history for a DUI

    Contrary to the mainstream media’s quick speculation that he was arrested due to his involvement in student protests, his protest activity had nothing to do with his detainment

    Badar Khan Suri – “The Georgetown Foreign Exchange Student”

    Suri was a foreign exchange student at Georgetown University actively spreading Hamas propaganda and promoting antisemitism on social media

    The media calls him a “scholar” who was innocent of any wrongdoing, even though he was married to the daughter of a senior advisor for to Hamas terrorist group

    Momodou Taal – “The Cornell University Student”

    Taal was unapologetic in his pro-terrorist views

    Taal, a foreign student studying at Cornell University, participated in pro-Hamas protests on campus

    He has a pinned post on his X profile that talks about a so-called “Zionist genocide,” and also states “Long live the student intifada!”

    Other Fake News Narratives Corrected 

    The Biden Administration’s inflated deportation numbers

    DHS uncovered what should be a massive scandal: the Biden administration was cooking the books on ICE arrest data

    They were purposefully misleading the American public by categorizing individuals processed and released into the interior of the United States as ICE arrests

    Of course, the media ignored this fact

    Instead, they falsely claimed that the Biden administration had carried out more arrests than the Trump administration

    Tens of thousands of cases recorded as “arrests” were, in fact, instances where illegal aliens were simply processed and released into American communities

    Many of these were violent criminals and gang members

    The previous administration counted these as arrests even though no immigration enforcement action was taken

    During fiscal year 2024, ICE made 113,431 arrests but the vast majority of those were what we call “pass-through” arrests

    They are called pass-through arrests because ICE didn’t take enforcement actions against these aliens

    They just passed through ICE before they were released in the U

    S

    interior and told to report to an ICE office

    None of the arrests made by ICE since January 20th are pass-through arrests

    The difference between recent arrests and those from Biden’s last year is that, now we’re taking enforcement actions against each and every illegal alien arrested

    ICE Boston Militia rumors:

    The media eagerly fed and spread a false social media rumor that an ICE agent who conducted arrests of criminal illegal aliens in New England was a “militia leader” from Arizona

    The reality? He is a federal law enforcement office who has worked with ICE to help keep New England communities safe for years

    This claim was not only false, but also inflammatory and places the safety of federal officers in jeopardy

    Our ICE officers are facing 300% increase in assaults while carrying out enforcement operations

    Due process and treatment rumors in CECOT:

    These aliens HAVE had due process – we have a stringent law enforcement assessment in place that abides by due process under the U

    S

    Constitution

    The reality is that prison isn’t supposed to be fun

    It’s a necessary measure to protect society and punish bad guys

    It is not meant to be comfortable

    What’s more: prison can be avoided by self-deportation

    CBP Home makes it simple and easy

    If you are a criminal alien and we have to deport you, you could end up in Guantanamo Bay or CECOT

    Leave now

    DOGE and ICE allegedly collecting sensitive data from the Centers for Medicare and Medicaid Services

    The Biden administration flooded the U

    S

    with tens of millions of illegal immigrants, many of which are exploiting the American taxpayer by illegally getting Medicare and other benefits meant for law-abiding Americans

    President Trump consistently promised to protect Medicare for eligible beneficiaries

    To keep that promise, DOGE, CMS, and DHS are exploring an initiative to ensure that illegal aliens are not receiving these benefits not meant for them

    The media claimed that ICE is working with the Department of Government Efficiency (DOGE) to access sensitive personal information in order to identify illegal aliens

    These claims are meant to frighten the American people, when in reality this process is working to keep them and their benefits safe from exploitation by illegal aliens

    ICE HSI presence at schools

    ICE’s Homeland Security Investigations (HSI) works relentlessly to protect Americans, especially children, who are put in danger by illegal alien activity

    This includes investigations into potential child sex trafficking

    But the media has tried to spin their investigative work into the idea that they are going to elementary schools to arrest children

    HD Cooke Elementary School, Washington D

    C

    At the HD Cooke Elementary School in Washington D

    C

    , ICE did not conduct any enforcement action at the school

    HSI agents were present at the school unrelated to any kind of enforcement action

    Russel Elementary and Lillian Elementary in Los Angeles:

    At two different elementary schools in Los Angeles, California, HSI officers were conducting wellness checks on children who arrived unaccompanied at the border

    It had nothing to do with immigration enforcement

    DHS is leading efforts to conduct welfare checks on these children to ensure that they are safe and not being exploited, abused, and sex trafficked

    Unlike the previous administration, President Trump and Secretary Noem take the responsibility to protect children seriously and will continue to work with federal law enforcement to reunite children with their families

    In less than 70 days, Secretary Noem and Secretary Kennedy have already reunited nearly 5,000 unaccompanied children with a relative or safe guardian

    Immigrant children detained at Old McDonald Farm in New York

    In early April, a raid was carried out on a dairy farm in New York after the execution of a federal criminal warrant for an illegal alien in possession of + distributing child sexual abuse materials

    Upon the execution of the search warrant at Old McDonalds Farm in Sackets Harbor, New York, authorities encountered seven additional illegal aliens on the premises, including a mother and her three children

    We immediately began conducting an investigation to ensure these children are not being sexually exploited

    But rather than address the very real evidence of child sexual abuse, the media chose to focus on the fact that a woman and her three children were taken into custody

    DHS takes its responsibility to protect children seriously and our ICE officers are working every day to remove pedophiles from American communities

    TDA members being identified via tattoos

    Some have claimed that DHS’ assessments of TDA and other gang memberships are based solely on the tattoos that certain illegal aliens have

    DHS intelligence assessments go well beyond just gang affiliate tattoos and social media

    Tren De Aragua is one of the most violent and ruthless terrorist gangs on planet earth

    They rape, maim, and murder for sport

    President Trump and Secretary Noem will not allow criminal gangs to terrorize American citizens

    We are confident in our law enforcement’s intelligence, and we aren’t going to share intelligence reports and undermine national security every time a gang member denies he is one

    That would be insane

    MIL OSI USA News –

    May 1, 2025
  • MIL-OSI Economics: ECB study shows money market turnover rose from 2022 to 2024

    Source: European Central Bank

    30 April 2025

    • Money market rates efficiently reflected changes in the ECB’s deposit facility rate, used by Governing Council to steer monetary policy stance
    • Increased daily money market activity, dominated by secured and foreign exchange swap segments
    • High concentration in short-term tenors, with non-banks being most active counterparties

    The European Central Bank (ECB) today published its Euro money market study 2024. The study shows that daily turnover in the euro money market grew by 38% to €1.8 trillion in the two years to the end of 2024, up from €1.3 trillion at the end of 2022. The reasons for this growth are mainly twofold: banks adapting to declining excess liquidity by trading more in money markets and changes to monetary policy rates that influenced the shape of the yield curve.

    Secured and foreign exchange swap transactions accounted for more than half of total market turnover and outstanding amounts, with the overnight index swap segment showing the most significant growth.

    The study also highlights that activity in both the secured and unsecured segments was particularly concentrated in very short-term tenors such as overnight, spot/next and tomorrow/next transactions.

    As at the end of 2024, bilateral trading activity among euro area banks as a share of the total in each segment was modest with 17% for unsecured and 26% for foreign exchange swaps. Compared with the period from 2021 to 2022, secured trading with public institutions increased significantly to almost €70bn from €10bn following the reduction in the remuneration of non-monetary policy deposits that took effect as of 1 May 2023.

    The study finds that the continuation of interest rate hikes by the ECB until September 2023 and the subsequent cuts starting in June 2024 were immediately and fully reflected in money market rates and that policy rate expectations triggered significant activity in the overnight index swap segment.

    Money market rates converged towards the deposit facility rate – the interest rate through which the Governing Council of the ECB steers its monetary policy stance – albeit to different degrees. As a result, a persistent positive spread emerged between secured and unsecured overnight rates, as €STR showed low sensitivity to reductions in excess liquidity (see details in box 1).

    The next euro money market study, set for publication in the second quarter of 2027, will broaden the scope of analysis to include trades from 69 banks compared with 45 banks in the 2024 study. This reflects the increase in the number of money market statistical reporting agents as announced in April 2023.

    For media queries, please contact Lena-Sophie Demuth, tel.: +49 162 295 2316.

    Notes

    • The ECB’s euro money market study is published every second year. The 2024 study provides a detailed overview of the euro money market in the period between January 2023 to December 2024. It focuses on key developments and dynamics in five euro money market segments: secured, unsecured, short-term securities, foreign exchange swaps and overnight index swaps.
    • The study is based on daily transactions in the euro money market collected from the largest euro area banks under Regulation (EU) No 1333/2014 of the European Central Bank of 26 November 2014 concerning statistics on the money markets (ECB/2014/48) (OJ L 359, 16.12.2014, p. 97) – the Money Market Statistical Reporting (MMSR) Regulation.

    MIL OSI Economics –

    May 1, 2025
  • MIL-OSI Europe: Written question – Status of permanent seasonal workers in Spain – E-001493/2025

    Source: European Parliament

    Question for written answer  E-001493/2025
    to the Commission
    Rule 144
    Fernando Navarrete Rojas (PPE), Dolors Montserrat (PPE)

    • 1.The Spanish National Employment Service, which reports to the Ministry of Work and Social Economy, does not provide specific, separate figures for the total number of permanent seasonal workers (PSWs), while the status has been used considerably more since the labour reform. In light of that, does Eurostat believe it would be positive, for transparency purposes, to publish PSW figures?
    • 2.Given that Eurostat has already revised unemployment figures upwards to include permanent seasonal workers who are not working and are actively seeking work, and in view of the sharp upsurge in that type of contract, what control and monitoring mechanisms will Eurostat introduce to ensure those unemployed people are properly reflected in unemployment statistics, and in view of the revisions resulting from that type of contract, which is particularly common in Spain, does Eurostat not believe that enhanced, controlled monitoring of unemployment figures is needed?
    • 3.Considering the economic circumstances of out-of-work PSWs who are not actively seeking work and the extensive use thereof in a number of Member States, does Eurostat plan to revise its methodology to include them in unemployment figures in the future?

    Submitted: 10.4.2025

    Last updated: 30 April 2025

    MIL OSI Europe News –

    May 1, 2025
  • MIL-OSI Europe: For every euro invested Horizon Europe generates up to €11 in economic gains

    Source: EuroStat – European Statistics

    European Commission Press release Brussels, 30 Apr 2025 Horizon Europe, the EU’s flagship research and innovation programme for 2021-2027, is proving to be a major driver of economic and societal benefits. For every euro of costs to EU society, the programme is expected to generate up to six euros in benefits for EU citizens by 2045. In terms of economic growth, every euro of EU contribution is estimated to generate up to €11 in GDP gains by 2045, according to an evaluation of the Commission released today.

    MIL OSI Europe News –

    May 1, 2025
  • MIL-OSI United Kingdom: House price report for the first quarter 202501 May 2025 ​​​The house price report for the first quarter 2025 has been published today by Statistics Jersey. The Jersey House Price Index measures the combined average price of 1- and 2-bedroom flats together with… Read more

    Source: Channel Islands – Jersey

    01 May 2025

    ​​​The house price report for the first quarter 2025 has been published today by Statistics Jersey. 

    The Jersey House Price Index measures the combined average price of 1- and 2-bedroom flats together with 2-, 3- and 4-bedroom houses. The index includes properties transacted through the Royal Court as well as share transfer properties.​

    Context

    Most sales related to phase three of the First Step Scheme were completed this quarter. These transactions are generally included in the House Price Index unless excluded for specific reasons. The scheme contributed to the quarter’s turnover, with 13 transactions in phase three. ​

    Summary

    In the first quarter of 2025:

    • on a rolling four-quarter basis, the mix-adjusted average price of dwellings sold in Jersey during the year ending Q1 2025 was 1% lower when compared with the previous quarter (year ending Q4 2024)
      • this was 14% lower than the peak in prices seen in Q3 2022
    • on a quarterly basis:
      • the seasonally adjusted mix-adjusted average price was 1% higher than in the previous quarter and 3% lower than in the corresponding quarter of 2024 (Q1 2024)
      • 4-bedroom houses saw an increase in their mean price compared to the previous quarter, driven by a larger than usual number of sales of very high value properties (greater than £3,000,000)
      • all other property types saw a decrease in price compared with the previous quarter
    • the turnover of properties was 90% higher than in Q1 2024 and 7% higher than in the previous quarter (Q4 2024) 
      • while turnover was significantly higher than a year earlier, it was still 29% below the average seen in Q1 from 2021 to 2023
    • overall housing market activity, on a rolling four-quarter basis, saw an increase of 7% compared with the previous quarter (Q4 2024) and 85% higher than in the corresponding quarter of 2024
    • on a rolling four-quarter basis, advertised private sector rental prices were essentially unchanged during the year ending Q1 2025 compared with the year ending Q4 2024​

    ​​​House Price Index First Quarter 2025​

    MIL OSI United Kingdom –

    May 1, 2025
  • MIL-OSI Europe: Commission mobilises €910 million to boost European defence and close capability gaps

    Source: EuroStat – European Statistics

    European Commission Press release Brussels, 30 Apr 2025 The Commission is investing €910 million under the 2024 edition of the European Defence Fund (EDF) to create a strong and innovative defence industry in Europe. These investments aim to close key capability gaps—like force mobility and drone defence—through innovation and collaboration across European science and industry.

    MIL OSI Europe News –

    May 1, 2025
  • MIL-OSI Europe: REPORT on the proposal for a regulation of the European Parliament and of the Council on a temporary derogation from certain provisions of Regulation (EU) 2017/2226 and Regulation (EU) 2016/399 as regards a progressive start of operations of the Entry/Exit System – A10-0082/2025

    Source: European Parliament

    DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

    on the proposal for a regulation of the European Parliament and of the Council on a temporary derogation from certain provisions of Regulation (EU) 2017/2226 and Regulation (EU) 2016/399 as regards a progressive start of operations of the Entry/Exit System

    (COM(2024)0567 – C10‑0207/2024 – 2024/0315(COD))

    (Ordinary legislative procedure: first reading)

    The European Parliament,

    – having regard to the Commission proposal to Parliament and the Council (COM(2024)0567),

    – having regard to Article 294(2) and Article 77(2) points (b) and (d) and Article 87(2) point (a) of the Treaty on the Functioning of the European Union, pursuant to which the Commission submitted the proposal to Parliament (C10-0207/2024),

    – having regard to Article 294(3) of the Treaty on the Functioning of the European Union,

    – having regard to Rule 60 of its Rules of Procedure,

    – having regard to the report of the Committee on Civil Liberties, Justice and Home Affairs (A10-0082/2025),

    1. Adopts its position at first reading hereinafter set out;

    2. Calls on the Commission to refer the matter to Parliament again if it replaces, substantially amends or intends to substantially amend its proposal;

    3. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

    Amendment  1

    AMENDMENTS BY THE EUROPEAN PARLIAMENT[*]

    to the Commission proposal

    ———————————————————

    REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL

    on a temporary derogation from certain provisions of Regulation (EU) 2017/2226 and Regulation (EU) 2016/399 as regards a progressive start of operations of the Entry/Exit System
     

    THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,

    Having regard to the Treaty on the Functioning of the European Union, and in particular Article 77(2) points (b) and (d) and Article 87(2) point (a), thereof,

     

    Having regard to the proposal from the European Commission,

     

    After transmission of the draft legislative act to the national parliaments,

     

    Acting in accordance with the ordinary legislative procedure[1],

     

    Whereas:

    (1) Article 66(1) of Regulation (EU) 2017/2226 of the European Parliament and of the Council[2], establishing the Entry/Exit System (‘EES’), provides that the Commission is to decide the date from which the EES is to start operations, provided that certain conditions are met.

    (2) However, the Commission has not received all notifications pursuant to Article 66(1), point (c), of Regulation (EU) 2017/2226, which is one of the conditions for deciding on the start of operations of the EES.

    (3) Regulation (EU) 2017/2226 only allows for a full start of operations, requiring all Member States to start using the EES fully for all third-country nationals subject to registration in the EES and to use the EES simultaneously at all their border crossing points. However, a full start of operations of all EES functionalities at all border crossing points simultaneously constitutes a risk for the resilience of the EES as a whole and for passenger flows at the external borders.

    (4) In order to ensure a smooth launch of the EES and facilitate its timely roll-out in all Member States, to provide Member States with the necessary flexibility to start using the EES within a clearly defined period of time and to facilitate technical and operational adjustments when starting to operate the EES, it is necessary to lay down rules for a progressive start of operations of the EES during which Member States should be able to opt for a phased roll-out of the EES. To ensure these adjustments take account of potential travel flows and seasonal peaks, such a progressive start should have a duration of 180 calendar days.

    (5) To enable a progressive start of operations of the EES it is ▌necessary to derogate from certain provisions of Regulation (EU) 2017/2226 and Regulation (EU) 2016/399 of the European Parliament and of the Council[3] (‘Schengen Borders Code’). Other rules set out in Regulation (EU) 2017/2226 that are not affected by this Regulation apply as provided for in that Regulation. In particular, the data recorded in the EES throughout the progressive start of operations follow the rules set out in Regulation (EU) 2017/2226 and are considered reliable and accurate. This Regulation does not affect the validity of the notifications already provided to the Commission by Member States under Article 66(1) of Regulation (EU) 2017/2226.

    (6) Member States that do not intend to use the EES simultaneously at all their border crossing points from the start of operations, should progressively start operating the EES to record, on entry and exit, the data of third-country nationals subject to registration in the EES at one or more border crossing points, or at one or more lanes of such border crossing points. If possible and applicable, Member States should include a combination of air, land and sea border crossing points. To ensure a controlled launch of the EES and to better manage and avoid potential long waiting times at the borders, where relevant, and if necessary, Member States should deploy all the functionalities of the EES progressively and register the data of all third-country nationals subject to registration in the EES gradually. To ensure the full use of the EES at all border crossing points in the Union, where Member States choose a progressive start of operations it should be implemented in phases, which should set the minimum requirements to be reached by Member States. Member States will retain the possibility to accelerate implementation at national level or start operating the EES fully from the start of operations. The gradual processing of data in the EES should be carried out in full respect of the rights of data subjects as set out in Regulation (EU) 2016/679 of the European Parliament and of the Council1a and should not lead, directly or indirectly, to any form of discrimination or profiling. The Commission, in consultation with the European Data Protection Supervisor, should issue guidelines on the processing of personal data in the EES during the progressive start of operations.

    (7) To facilitate a smooth deployment of the EES, the European Union Agency for the Operational Management of Large-Scale IT Systems in the Area of Freedom, Security and Justice (eu-LISA) should develop a high-level roll-out plan to support the effective and continuous operation of the EES Central System, include fall-back procedures for the functioning of the EES Central System and provide guidance to the end-users, including the Member States and Union agencies on planning and executing the EES deployment during its progressive start of operations and should submit it to the European Parliament, the Commission, Member States and Union agencies. ▌

    (8) To facilitate a smooth deployment of the EES, Member States should develop national roll-out plans in consultation with the Commission and eu-LISA and present those plans to the Commission. For each of the phases of the progressive start of the EES operations, the national roll-out plans should include the information on the set thresholds and requirements, in particular: (i) the date from which the EES will operate at each border crossing point; (ii) the percentage of the estimated number of border crossings to be registered in the EES out of the total number of third-country nationals subject to registration in the EES; and (iii) where applicable, the biometric functionalities to be operated at each selected border crossing point. When preparing their respective national roll-out plans, Member States should appropriately coordinate with the operators of infrastructure where border crossing points are located. and inform relevant stakeholders of the border crossing points where they plan to start operating the EES and of their planned use of the biometric functionalities of the EES. To monitor compliance with the progressive start of operations, Member States should provide the Commission and eu-LISA monthly reports on the implementation of their roll-out plans unless and until the EES is used fully for all third-country nationals subject to registration in the EES and is used simultaneously at all border crossing points in the Member State. Such monthly reports should include corrective measures, where necessary, to ensure compliance with the progressive start of operations. The Commission should issue guidelines to facilitate the adoption of national roll-out plans and monthly reports by the Member States that are concise and proportionate.

    (8a)  To facilitate a smooth deployment of the EES, it is important that neither the start nor the end of the progressive start of operations of the EES coincide with the peak travel seasons in summer, June to August, or winter, December to February.

    (9) Due to the progressive start of operations of the EES and resulting incompleteness of the data recorded in the EES, travel documents of third-country nationals should be systematically stamped on entry and exit during the progressive start of operations of the EES. National authorities should take into account the possible incompleteness of entry/exit records or of refusal of entry records and should consider stamps as prevailing over the information registered in the EES. In addition, when providing information to third-country nationals about the maximum remaining duration of their authorised stay, national authorities should base their assessment on the stamps affixed in the travel documents. The data recorded in the EES should be used in the calculation of maximum remaining duration only in case a stamp is missing.

    (10) Considering that the data registered in the EES during the progressive start of operations of the EES might be incomplete, national authorities should not take into account the results provided by the automated calculator on the maximum remaining duration of the authorised stay of third-country nationals registered in the EES. Similarly, when carrying out their tasks, national authorities should not take into account the automated mechanism to identify or flag the lack of exit records following the date of expiry of an authorised stay or the records for which the maximum duration of authorised stay was exceeded, as well as the generated lists of persons identified as overstayers.

    (11) To provide Member States with the necessary time to adjust to the start of the EES, for the first 60 calendar days of the progressive start of operations, the use of biometric functionalities at border crossing points should not be mandatory. However, Member States are encouraged to make use of those functionalities during that period in order to support a smooth operational transition and to enable the timely detection and resolution of any potential implementation issues. No later than the 90th calendar day of the progressive start of operations, Member States should operate the EES with biometric functionalities at least at half of their border crossing points. Providing biometric data should not be an entry condition for third-country nationals subject to registration in the EES at the border crossing points where the EES is operated without biometric functionalities.

    (12) To accommodate the need to progressively deploy the EES with biometric functionalities at some border crossing points, the biometric verification of third-country nationals subject to registration in the EES should only be carried out at the border crossing points at which the EES is operated with biometric functionalities.

    (13) To ensure coherence of the operations of the interoperability between the Visa Information System (VIS) established by Regulation (EC) No 767/2008 of the European Parliament and of the Council[4] and the EES, the VIS should only be accessed directly at those border crossing points at which the EES is not operated. At the border crossing points at which the EES is operated, border authorities should make use of the interoperability between the EES and the VIS.

    (14) Third-country nationals whose data are to be recorded in the EES should be informed about their rights and obligations regarding the processing of their data in the form of a template as provided in Article 50(5) of Regulation (EU) 2017/2226. The information to be provided to third-country nationals subject to the EES registration should refer to the progressive start of operations of the EES. Third-country nationals should be informed in the template of their obligation to provide biometric data at border crossing points where it constitutes an entry condition. They should be made aware in the template of the consequences of not providing biometric data. They should be informed in the template that it will not be possible for them to verify the remaining duration of the authorised stay by automated means. National authorities should make all reasonable efforts to provide those third-country nationals with details of the duration of their authorised stay based on the stamps in their travel documents.

    (15) To reflect the progressive start of operations of the EES, the Commission should, at least every month, introduce relevant updates on the EES website.

    (16) The aim of raising awareness among third-country nationals on their specific rights and obligations would be best achieved if Member States customise the implementation of the campaign based on how the EES will operate at their borders at which the EES is operated in accordance with Article 4 of Regulation (EU) 2017/2226. The information materials developed by the Commission, in cooperation with the supervisory authorities and the European Data Protection Supervisor, and with the support of Member States in the context of Article 51 of Regulation (EU) 2017/2226 should therefore be adapted to carry out the information campaign accompanying the progressive start of operations.

    (17) During the progressive start of operations of the EES, the web service will not enable third-country nationals to electronically verify the exact duration of their authorised stay.

    (18) This Regulation does not affect the obligations of air carriers, sea carriers and international carriers transporting groups overland by coach as set out in Article 26(1) of the Convention implementing the Schengen Agreement[5] and Council Directive 2001/51/EC.[6] In this respect, carriers should verify the stamps affixed in travel documents. To ensure effective communication with carriers about the distinct application of the EES at the border crossing points, ultimately benefiting travellers, it is crucial that Member States are transparent about the deployment of the EES at their border crossing points.

    (19) Article 22 of Regulation (EU) 2017/2226 and Article 12a of Regulation (EU) 2016/399 provide for a transitional period and transitional measures referring to the start of operations of the EES. It is necessary to derogate from those Articles to ensure that the transitional period and the transitional measures apply only as of the end of the progressive start of operations. That derogation should cease to apply 5 years and 180 calendar days after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226.

    (20) To ensure that national authorities and EU agencies, in the performance of their tasks, avoid taking decisions exclusively based on data registered in the EES, they should take into account that individual files registered in the EES may contain incomplete data sets and should in any case not take decisions adversely affecting individuals exclusively on the basis that a registration of an alleged entry or exit is absent in the EES. That derogation should cease to apply 5 years after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226 to reflect the 5-year retention period for data sets for which the exit record is missing as set out in Article 34(3) of that Regulation.

    (21) When ensuring compliance with the provisions in Regulation (EU) 2017/2226 on the amendment of data and advance data erasure, Member States should complete the incomplete data to the extent permitted by the limited availability of the sets of data registered in the EES during the progressive start of operations.

    (22) The European Border and Coast Guard Agency should refrain from using data registered in the EES during the progressive start of operations for carrying out risk analyses and vulnerability assessments due to the incompleteness of the data that could lead to misleading risk and vulnerability assessments.

    (23) To ensure effective management of the external borders during the progressive start of operations of the EES, at the border crossing points at which the EES is not operated, border checks should be carried out in accordance with Regulation (EU) 2016/399 as applicable [the day before the date from which the EES is to start operations as decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226]. At the border crossing points at which the EES is operated, border checks should be carried out in accordance with Regulation (EU) 2017/2226 and the Schengen Borders Code. However, specific derogations from these Regulations should apply with regards to the verification at the border crossing points at which the EES is operated without biometric functionalities to enable the progressive start of operations. This should happen without prejudice to verifications of visa holders by using fingerprints, in accordance with Regulation (EC) 767/2008.

    (24) To enable an effective adjustment of technical and organisational arrangements ▌and to address potential exceptional circumstances of failure of the EES Central System, national systems or communication infrastructure, or excessive waiting times at their borders, during the period of the progressive start of operations of the EES, Member States should have the possibility to suspend the operations of the EES at certain border crossing points, fully or partially. In case of partial suspension, the registration of biometric data in the EES should be suspended. In case of full suspension, no data should be registered in the EES. In both cases, Member States should promptly inform the operators of infrastructure hosting border crossing points and carriers. No later than 6 hours after the start of the suspension, Member States should notify to the Commission and eu-LISA the reason for the full or partial suspension and its expected duration.

    (24a)  To mitigate additional risks related to the deployment of the EES with biometric functionalities, Member States should have the possibility, in exceptional circumstances leading to traffic of such intensity that the waiting times at borders become excessive, to suspend the registration of biometric data in the EES after the end of the progressive start of operations. Such a suspension should be possible for a limited period of 60 days after the end of the progressive start of operations of the EES.

    (25) eu-LISA should publish reports on the statistics on the use of the system, which should serve to evaluate the system’s performance, assess Member States compliance with the eu-LISA high-level roll-out plan and the national roll-out plans, identify areas for improvement, monitor compliance with the progressive start of operations of the EES, and support decision-making relating to the system’s further development and optimisation. Furthermore, eu-LISA should continue its regular reporting to its Management Board, which will in turn oversee the gradual roll-out of EES operations.

    (26) The preparatory work related to the roll-out plans should be triggered by the date of the entry into force of this Regulation. Member States which have not yet submitted their declaration of readiness are urged to do so within 30 days after the entry into force of this Regulation. The progressive start of operations should apply from the date decided by the Commission in accordance with Article 66(1) of EES Regulation. As this Regulation provides for temporary derogations, it should cease to apply 180 calendar days after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226.  However, the derogatory rules on the application of transitional period and transitional measures, access to EES data, verification by the carriers of stamps affixed in the travel documents and the suspension of the EES should apply for a limited period after the end of the progressive start of operations.

    (27) The objective of this Regulation, authorising derogations from Regulation (EU) 2017/2226 and Regulation (EU) 2016/399 to provide for a progressive start of operations of the EES, cannot be sufficiently achieved by Member States but can rather, by reason of the scale and impact of the action, be better achieved at Union level. Therefore, the Union may adopt measures, in accordance with the principle of subsidiarity as set out in Article 5 of the Treaty on European Union. In accordance with the principle of proportionality, as set out in that Article, this Regulation does not go beyond what is necessary to achieve those objectives.

    (28) In accordance with Articles 1 and 2 of Protocol No 22 on the position of Denmark, annexed to the TEU and to the Treaty on the Functioning of the European Union, Denmark is not taking part in the adoption of this Regulation and is not bound by it or subject to its application. Given that this Regulation builds upon the Schengen acquis, Denmark should, in accordance with Article 4 of that Protocol, decide within a period of six months after the Council has decided on this Regulation whether it will implement it in its national law.

    (29) This Regulation does not constitute a development of the provisions of the Schengen acquis in which Ireland takes part in accordance with Council Decision 2002/192/EC. Ireland is therefore not taking part in the adoption of this Regulation and is not bound by it or subject to its application.

    (30) As regards Iceland and Norway, this Regulation constitutes a development of the provisions of the Schengen acquis within the meaning of the Agreement concluded by the Council of the European Union and the Republic of Iceland and the Kingdom of Norway concerning those states association with the implementation, application and development of the Schengen acquis, which fall within the area referred to in Article 1, point A of Council Decision 1999/437/EC.

    (31) As regards Switzerland, this Regulation constitutes a development of the provisions of the Schengen acquis within the meaning of the Agreement between the European Union, the European Community and the Swiss Confederation on the Swiss Confederation’s association with the implementation, application and development of the Schengen acquis, which fall within the area referred to in Article 1, point A of Decision 1999/437/EC, read in conjunction with Article 3 of Council Decision 2008/146/EC.

    (32) As regards Liechtenstein, this Regulation constitutes a development of the provisions of the Schengen acquis within the meaning of the Protocol between the European Union, the European Community, the Swiss Confederation and the Principality of Liechtenstein on the accession of the Principality of Liechtenstein to the Agreement between the European Union, the European Community and the Swiss Confederation on the Swiss Confederation’s association with the implementation, application and development of the Schengen acquis which fall within the area referred to in Article 1, point A of Decision 1999/437/EC read in conjunction with Article 3 of Council Decision 2011/350/EU.

    (33) As regards Cyprus, the provisions of this Regulation relating to the VIS constitute provisions building upon, or otherwise relating to, the Schengen acquis within the meaning of Article 3(2) of the 2003 Act of Accession. The operation of the EES requires the granting of passive access to the VIS. As the EES is only to be operated by those Member States that fulfil the conditions related to VIS at the start of the operation of the EES, Cyprus will not operate the EES from the start of operations. Cyprus is to be connected to the EES as soon as the conditions of the procedure referred to in Regulation (EU) 2017/2226 are met.

    (34) The European Data Protection Supervisor was consulted in accordance with Article 42(1) of Regulation (EU) 2018/1725 and delivered its opinion on [xx].

    (35) This Regulation establishes strict rules concerning access to the EES, as well as the necessary safeguards for such access. It also sets out the individuals’ rights of access, rectification, completion, erasure and redress, in particular the right to a judicial remedy and the supervision of processing operations by public independent authorities. This Regulation therefore respects the fundamental rights and observes the principles recognised by the Charter of Fundamental Rights of the European Union, in particular the right to human dignity, the prohibition of slavery and forced labour, the right to liberty and security, respect for private and family life, the protection of personal data, the right to non-discrimination, the rights of the child, the rights of the elderly, the integration of persons with disabilities and the right to an effective remedy and to a fair trial. 

    (36) This Regulation is without prejudice to the obligations deriving from the Geneva Convention Relating to the Status of Refugees of 28 July 1951, as supplemented by the New York Protocol of 31 January 1967.

     

    HAVE ADOPTED THIS REGULATION:

    Article 1
    Subject matter

    This Regulation lays down rules on a progressive start of operations of the Entry/Exit System (EES) at the borders of the Member States at which the EES is operated in accordance with Article 4 of Regulation (EU) 2017/2226 and temporary derogations from Regulation (EU) 2017/2226 and Regulation (EU) 2016/399.

    Article 2
    Definitions

    For the purposes of this Regulation, the definitions in Article 3(1) of Regulation (EU) 2017/2226 apply. In addition, the following definitions apply:

    (a) ‘progressive start of operations of the EES’ means the period of 180 calendar days starting from the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226;

    (b) ‘national authorities’ means the authorities referred to in Article 9 of Regulation (EU) 2017/2226;

    (c) ‘estimated number of border crossings’ means a Member State’s estimate of the number of border crossings of third-country nationals referred to in Article 2(1) and (2) of Regulation (EU) 2017/2226 in each Member State based on the yearly average of the total number of border crossings of third-country nationals travelling for a short stay in that Member State calculated for the preceding two calendar years from the date of application  referred to in Article 8(1), second subparagraph, of this Regulation.

    Article 3
    Roll-out plans and monthly reports

    1. By [the 30th calendar day after the entry into force of this Regulation], the European Union Agency for the Operational Management of Large-Scale IT Systems in the Area of Freedom, Security and Justice (eu-LISA) shall provide the European Parliament, the Commission, Member States, as well as Europol, with a high-level roll-out plan on the progressive start of operations of the EES, taking into account the phases set out in Article 4. That roll-out plan shall support the effective and continuous operation of the EES Central System, include fall-back procedures for the functioning of the EES Central System and provide guidance on the use of the EES to the end-users, including Member States and Europol ▌. 

    2. By [the 60th calendar day after the entry into force of this Regulation], in consultation with the Commission and eu-LISA, Member States shall develop  national roll-out plans on the progressive start of operations of the EES, taking into account the high-level roll-out plan referred to in paragraph 1 of this Article and present those plans to the Commission. Where a Member State does not start operating the EES fully from the beginning of the progressive start of operations of the EES, the national roll-out plan shall specify how the thresholds and requirements set out in Article 4 shall be met. EU-Lisa shall assess whether the national roll-out plans are consistent with the high-level roll-out plan and shall confirm that they do not contain any deficiencies which could further delay the entry into operation of the EES. Member States shall inform relevant stakeholders of the border crossing points where they plan to start operating the EES and of their planned use of the biometric functionalities of the EES.

    3. ▌

    4. From the 30th calendar day after the date from which the EES is to start operations as decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226, Member States shall provide monthly reports to the European Parliament, the Commission and eu-LISA on the implementation of their national roll-out plans, including corrective measures where necessary to comply with the obligations set out in Article 4.

    5. At the request of the Commission, eu-LISA shall provide the Commission with the statistics necessary for the Commission to monitor the implementation of the high-level roll-out plan and the national roll-out plans, in accordance with Article 63(6) of Regulation (EU) 2017/2226.

    5a. The eu-Lisa Management Board shall adopt the high-level roll-out plan referred to in paragraph 1. The Management Board shall also monitor the stability of the EES Central System during the progressive start of operations and suggest additional actions where appropriate.

    5b. The Commission shall issue guidelines to facilitate the provision of concise national roll-out plans and monthly reports by the Member States.

    5c. The Commission, in consultation with the European Data Protection Supervisor, shall issue guidelines on the processing of personal data in the EES during the progressive start of operations.

    Article  4
    Progressive start of operations

    1. By way of derogation from Article 66(6) of Regulation (EU) 2017/2226 during the progressive start of operations of the EES, the Member States shall use the EES as set out in this Article.

    2. From the first day of the progressive start of operations of the EES, each Member State shall start using the EES on entry and exit at one or more border crossing points with, if possible and applicable, a combination of air, land and sea border crossing points, to record and store data of third-country nationals referred to in Article 2(1) and (2) of Regulation (EU) 2017/2226. No later than the 30th calendar day of the progressive start of operations of the EES, Member States shall register in the EES at least 10% of the estimated number of border crossings in that Member State.

    For the first 60 calendar days of the progressive start of operations of the EES, Member States may operate the EES without biometric functionalities, and national authorities may create or update individual files without biometric data.

    3. No later than the 90th calendar day of the progressive start of operations of the EES, Member States shall operate the EES with biometric functionalities at least at half of their border crossing points. Member States shall register at least 35% of the estimated number of border crossings in that Member State. The individual files of third-country nationals referred to in Article 2(1) and (2) of Regulation (EU) 2017/2226 that are registered in the EES shall contain biometric data.

    4. No later than the 150th calendar day of the progressive start of operations of the EES, Member States shall operate the EES with biometric functionalities at all their border crossing points and shall continue registering in the EES at least 50% of the estimated number of border crossings in that Member State.

    5. No later than the 170th calendar day of the progressive start of operations of the EES, Member States shall operate the EES with biometric functionalities at all their border crossing points and shall register in the EES all third-country nationals referred to in Article 2(1) and (2) of Regulation (EU) 2017/2226.

    6. Refusals of entry, decided at a border crossing point at which the EES is operated, shall be recorded in the EES, as set out in Article 18 of Regulation (EU) 2017/2226. Where the EES is operated with biometric functionalities, refusals of entry shall be recorded with biometric data. Where the EES is operated without biometric functionalities, refusals of entry shall be recorded without biometric data.

    7. From the first day of the progressive start of operations of the EES, Europol shall use the EES as provided for in Regulation (EU) 2017/2226.

    Article 5
    Other derogations from Regulation (EU) 2017/2226 and Regulation (EU) 2016/399

    1. In addition to the rules of Article 4, the rules set out in this Article shall apply to all Member States during the progressive start of operations of the EES.

    2. Border authorities shall systematically stamp the travel documents of third-country nationals referred to in Article 2(1) and (2) of Regulation (EU) 2017/2226 on entry and exit.

    The stamping obligations referred to in Article 42a(1), second subparagraph, and Article 42a(2), (5) and (6) of Regulation (EU) 2016/399 shall apply mutatis mutandis in the Member States operating the EES.

    3. For entering, amending, erasing and consulting the data in the EES, national authorities that are competent for the purposes laid down in Articles 23 to 35 of Regulation (EU) 2017/2226 shall consider stamps as prevailing over the EES data, including in cases of discrepancy or in cases referred to in Article 16(4) of that Regulation. The data recorded in the EES shall prevail in case a stamp is missing.

    4. In the absence of a stamp affixed in the travel document and of an individual file created in the EES for a third-country national present in the territory of the Member States, national authorities may presume that the third-country national does not fulfil or no longer fulfils the conditions relating to entry or stay in the Member States.

    This presumption shall not apply to third-country nationals who can provide, by any means, credible evidence that they enjoy the right of free movement under Union law, ▌ or that they hold a residence permit or a long-stay visa.

    This presumption may be rebutted where the third-country nationals provide, by any means, credible evidence that they have respected the conditions relating to the duration of a short stay.

    Where the presumption is rebutted, national authorities shall perform one or more of the following tasks at the border crossing points at which the EES is operated, to the extent allowed by this Regulation:

    (a) create an individual file for that third-country national in the EES, if necessary;

    (b) update the latest entry/exit record by entering the missing data;

    (c) erase an existing file where Article 35 of Regulation (EU) 2017/2226 provides for such erasure.

    5. Border authorities shall make use of the interoperability between the EES and the VIS referred to in Article 8(2) of Regulation (EU) 2017/2226 only at the border crossing points at which the EES is operated. Border authorities shall continue accessing the VIS directly:

    (a) at the border crossing points at which the EES is not operated;

    (b) where the EES is suspended in accordance with Article 7 of this Regulation.

    6. National authorities and Europol shall disregard the following:

    (a) the results of the automated calculator that provides information on the maximum duration of the authorised stay referred to in Article 11 of Regulation (EU) 2017/2226;

    (b) the automatically generated list of overstayers and its consequences in particular as referred to in Article 6(1), points (c) and (h), Article 12(3), Article 16(4), Article 34(3), Article 50(1), points (i) and (k), Article 63(1), point (e) of that Regulation.

    7. Processing operations by Member States that comply with this Regulation shall not be considered as unlawful or not compliant with Regulation (EU) 2017/2226 for the purposes of Articles 45 and 48 of that Regulation.

    8. Verification of the identity and previous registration of third-country nationals pursuant to Article 23 of Regulation (EU) 2017/2226 shall be carried out on the third-country nationals referred to in Article 2(1) and (2) of that Regulation at the border crossing points at which the EES is operated with biometric functionalities, including through self-service systems, where available.

    9. In addition to the specific information referred to in Article 50(5) of Regulation (EU) 2017/2226 that is to be added by the Member States in the template to provide information to third-country nationals about the processing of their personal data in the EES, Member States shall accompany the template to be handed over to third-country nationals at the time the individual file of the person concerned is being created  with the following information:

    ‘The Entry/Exit System is being progressively rolled out. During this roll-out period [from …], your personal data, including your biometric data, might not be collected for the purposes of the Entry/Exit System at all Member States’ external borders. If we need to mandatorily collect this information and you choose not to provide it, you will be refused entry. During this period of the progressive roll-out your data will not be automatically added to a list of overstayers. In addition, you will not be able to check how much longer you are authorised to stay using the website or equipment available at border crossing points. You may address any queries regarding the duration of your authorised stay to the relevant national authorities at the external borders.

    Please note that when the progressive roll-out of the EES is completed, your personal data will be processed according to the information provided in the document accompanying this form.’

    10. The information on the EES website referred to in Article 50(3) of Regulation (EU) 2017/2226 shall be adapted by the Commission to reflect the progressive start of operations.

    11. The information campaign referred to in Article 51 of Regulation (EU) 2017/2226 accompanying the start of operations of the EES, shall reflect the specific conditions at the border crossing points, ensuring that the relevant information is communicated to those affected, and taking into account the phases set out in Article 4 of this Regulation. The Commission, in cooperation with the European Data Protection Supervisor and national supervisory authorities, shall support Member States in preparing the adapted materials of the information campaign.

    12. The application of Article 12(1) and (2), Article 13(1) and (2), Article 20 and Article 21 of Regulation (EU) 2017/2226 shall be suspended.

    13. By way of derogation from Article 22 of Regulation (EU) 2017/2226 and Article 12a of Regulation (EU) 2016/399, the transitional period and the transitional measures set out in those Articles shall apply from the first day after the progressive start of operations of the EES has ended.

    14. At the border crossing points at which the EES is not operated, border checks shall be carried out in accordance with Regulation (EU) 2016/399 as applicable on the day before the date from which the EES is to start operations as decided by the Commission in accordance with Article 66(1) Regulation (EU) 2017/2226.

    At the border crossing points at which the EES is operated, border checks shall be carried out in accordance with Regulation (EU) 2017/2226 and Regulation (EU) 2016/399.

    By way of derogation from the second subparagraph, at the border crossing points where the EES is operated without biometric functionalities, Article 6(1), point (f)(i), and the provisions on the verification of third-country nationals based on biometric data, solely for the purposes of the EES, referred to in Articles 6, point (f) (ii) and Article 8 (3), points (a) and (g) of Regulation (EU) 2016/399 shall not apply.

    For the purposes of this Regulation, Article 9(3) and Article 12 of Regulation (EU) 2016/399 shall be suspended.

    Article 6
    Access to the EES data

    1. When accessing the entry and exit records registered in the EES during the progressive start of operations of the EES in the performance of their tasks:

    (a) national authorities and Europol shall take into account that, due to the variable operations of the EES in each Member State during the progressive start of operations of the EES, the data could be incomplete;

    (aa)  national authorities and Europol shall not take decisions adversely affecting individuals solely on the basis that a registration of an alleged entry or exit is absent in the EES;

    (b) national authorities shall take into account that the data could be incomplete when communicating data in accordance with Articles 41 and 42 of Regulation (EU) 2017/2226;

    (c) the ETIAS Central Unit shall take into account that the entry and exit records registered in the EES during the progressive start of operations of the EES could include incomplete sets of data for the purpose of verification in accordance with Article 25a(2) of Regulation (EU) 2017/2226. 

    2. Competent authorities, the Commission and relevant Union agencies shall take into account that the data registered in the EES during the progressive start of operations of the EES may be incomplete when accessing data for reporting and statistics as referred in Article 63 of Regulation EU 2017/2226.

    3. By way of derogation from Article 13(3) of Regulation (EU) 2017/2226, carriers may start using the web service referred to in that Article from the 90th calendar day of the progressive start of operations of the EES. Carriers shall verify the stamps affixed in the travel documents with a view to fulfilling their obligations under Article 26(1) of the Convention implementing the Schengen Agreement and under Council Directive 2001/51/EC for the duration of the progressive start of operations of the EES.

    For a period of 180 calendar days after the end of the progressive start of operations of the EES, carriers shall, in addition to using the web service as referred to in Article 13(3) of Regulation (EU) 2017/2226 continue verifying the stamps affixed in travel documents with a view to fulfilling their obligations under Article 26(1) of the Convention implementing the Schengen Agreement and Council Directive 2001/51/EC.

    4. When fulfilling the obligations referred in Articles 35 and 52 of Regulation (EU) 2017/2226 in relation to the completion of personal data recorded in the EES, Member States shall complete the relevant data only to the extent possible taking into account the limited availability of the sets of data collected during the progressive start of operations of the EES. Where applicable, the administrative decision referred to in Article 52(4) of Regulation (EU) 2017/2226 shall refer to the conditions set out in Article 4 of this Regulation that allow for the registration of incomplete files.

    5. By way of derogation from Article 63(1), second subparagraph, of Regulation (EU) 2017/2226, the duly authorised staff of the European Border and Coast Guard Agency shall not access the data registered in the EES during the progressive start of operations of the EES for the purpose of carrying out risk analyses and vulnerability assessments.

    Article 7
    Suspension of the EES

    1. During the progressive start of operations of the EES, Member States may fully or partially suspend operating the EES at certain border crossing points in case of failure of the EES Central System, national systems or communication infrastructure, or events leading to traffic of such intensity that the waiting time at a border crossing point becomes excessive.

    In case of partial suspension, the data referred to in Articles 16 to 20 of Regulation (EU) 2017/2226 shall be collected, with the exception of biometric data.

    In case of full suspension, Member States shall completely suspend the EES operations and shall not collect the data referred to in Articles 16 to 20 of that Regulation.

    In both cases, Member States shall promptly inform the operators of infrastructure hosting border crossing points and carriers. No later than 6 hours after the start of the suspension, Member States shall notify to the Commission and eu-LISA the reason for the partial or full suspension and its expected duration ▌. Once the ▌circumstances that led to the suspension cease, Member States shall end the suspension and promptly notify the Commission, eu-LISA and the operators of infrastructure hosting border crossing points and carriers thereof.

    2. For a period of 60 calendar days after the end of the progressive start of operations of the EES, Member States may partially suspend operating the EES as referred to in paragraph 1, second subparagraph, at a certain border crossing point for a limited time of maximum 4 hours within a day and only in exceptional circumstances leading to traffic of such intensity that the waiting time at a border crossing point becomes excessive. Member States shall be relieved of their obligation set out in Article 21(1) of Regulation (EU) 2017/2226 as regards biometric data. In those cases, Member States shall promptly and no later than 6 hours after the start of suspension notify the reason for the suspension and its expected duration to the Commission and eu-LISA.

    3. ▌

    4. ▌

    Article 8
    Entry into force and application

    1. This Regulation shall enter into force on the fourth day following that of its publication in the Official Journal of the European Union.

    It shall apply from the date from which the EES is to start operations as decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226.

    However, Article 3 of this Regulation shall apply from the entry into force of this Regulation.

    2. This Regulation shall cease to apply 180 calendar days from the date from which the EES is to start operations as decided by the Commission in accordance with Article 66(1) Regulation (EU) 2017/2226. However:

    (a) Article 5(13) shall cease to apply 5 years and 180 calendar days after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226;

    (b) Article 6(1), (2), (4) and (5) shall cease to apply 5 years and 180 calendar days after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226;

    (c) Article 6(3), second subparagraph, shall cease to apply 360 calendar days after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226;

    (d) Article 7(2)) shall cease to apply 240 calendar days after the date decided by the Commission in accordance with Article 66(1) of Regulation (EU) 2017/2226;

     (e) ▌.

    This Regulation shall be binding in its entirety and directly applicable in all Member States.

    Done at Brussels,

    MIL OSI Europe News –

    May 1, 2025
  • MIL-OSI: Targa Resources Corp. Reports Record First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, May 01, 2025 (GLOBE NEWSWIRE) — Targa Resources Corp. (NYSE: TRGP) (“TRGP,” the “Company” or “Targa”) today reported first quarter 2025 results.

    First quarter 2025 net income attributable to Targa Resources Corp. was $270.5 million compared to $275.2 million for the first quarter of 2024. The Company reported adjusted earnings before interest, income taxes, depreciation and amortization, and other non-cash items (“adjusted EBITDA”)(1) of $1,178.5 million for the first quarter of 2025 compared to $966.2 million for the first quarter of 2024.

    Highlights

    • Record first quarter 2025 adjusted EBITDA of $1.2 billion, a 22% increase year over year
    • Repurchased $214 million of common shares through April 2025
    • Declared an annual common dividend of $4.00 per share for 2025, a 33% increase year over year
    • Continue to estimate full year 2025 adjusted EBITDA between $4.65 billion and $4.85 billion
    • Continue to estimate 2025 net growth capital expenditures of $2.6 billion to $2.8 billion

    On April 10, 2025, the Company declared an increase to its quarterly cash dividend to $1.00 per common share, or $4.00 per common share on an annualized basis, for the first quarter of 2025. This dividend represents a 33 percent increase over the common dividend declared with respect to the first quarter of 2024. Total cash dividends of approximately $217 million will be paid on May 15, 2025 on all outstanding shares of common stock to holders of record as of the close of business on April 30, 2025.

    During the first quarter of 2025, Targa repurchased 651,163 shares of its common stock at a weighted average per share price of $191.86 for a total net cost of $124.9 million. As of March 31, 2025, there was $890.5 million remaining under the Company’s share repurchase program. Subsequent to quarter end, Targa repurchased 532,210 shares of its common stock at a weighted average per share price of $167.28 for a total net cost of $89.0 million.

    First Quarter 2025 – Sequential Quarter over Quarter Commentary

    Targa reported first quarter adjusted EBITDA of $1,178.5 million, representing a 5 percent increase compared to the fourth quarter of 2024. The sequential increase in adjusted EBITDA was attributable to contribution from the Badlands transaction and higher marketing margin. Volumes across Targa’s Gathering and Processing (“G&P”) and Logistics and Transportation (“L&T”) systems were negatively impacted by winter weather events which reduced system volumes during the first quarter. In the G&P segment, sequential adjusted operating margin was approximately flat as modestly lower Permian natural gas inlet volumes due to winter weather events were partially offset by higher fees. In the L&T segment, adjusted operating margin was also sequentially flat as higher marketing margin offset lower NGL pipeline transportation volumes, which were negatively impacted by winter weather events. Fractionation volumes were lower in the first quarter due to a major planned turnaround at Targa’s Cedar Bayou Fractionation facilities in Mont Belvieu, TX. Higher sequential marketing margin was attributable to increased optimization opportunities. Subsequent to quarter end, Targa’s Permian volumes and associated L&T system volumes have meaningfully increased from first quarter levels.

    Capitalization, Financing and Liquidity

    The Company’s total consolidated debt as of March 31, 2025 was $16,208.7 million, net of $106.7 million of debt issuance costs and $35.2 million of unamortized discount, with $14,534.4 million of outstanding senior unsecured notes, $920.0 million outstanding under the Commercial Paper Program, $600.0 million outstanding under the Securitization Facility, and $296.2 million of finance lease liabilities.

    In February 2025, Targa completed an underwritten public offering of 5.550% Notes due 2035 and 6.125% Notes due 2055, resulting in net proceeds of approximately $2.0 billion. Targa used the net proceeds from the issuance to fund the repurchase of all of the outstanding preferred equity in Targa Badlands LLC (the “Badlands Transaction”) and for general corporate purposes, including to repay borrowings under the Commercial Paper Program.

    Total consolidated liquidity as of March 31, 2025 was approximately $2.7 billion, including $2.6 billion available under the TRGP Revolver, and $151.4 million of cash.

    Growth Projects Update

    In Targa’s G&P segment, construction continues on its 275 MMcf/d Pembrook II, East Pembrook, and East Driver plants in Permian Midland and its 275 MMcf/d Bull Moose II and Falcon II plants in Permian Delaware. In Targa’s L&T segment, construction continues on its Delaware Express pipeline expansion, its 150 MBbl/d Train 11 and Train 12 fractionators in Mont Belvieu, and its GPMT LPG Export Expansion. The Company now expects its Pembrook II plant to begin operations in the third quarter of 2025 and remains on-track to complete its other announced expansions as previously disclosed.

    2025 Outlook

    Targa continues to estimate full year 2025 adjusted EBITDA to be between $4.65 billion and $4.85 billion supported by forecasted growth across its Permian G&P footprint, which is expected to drive record Permian, NGL pipeline transportation, fractionation, and LPG export volumes in 2025 relative to records set in 2024. While the growth is weighted to the second half of 2025, current and expected producer activity levels continue to support an outlook of meaningfully increasing volumes across the rest of 2025 and 2026.

    Targa’s estimate for 2025 net growth capital expenditures remains unchanged in a range of $2.6 billion to $2.8 billion, and its estimate for 2025 net maintenance capital expenditures also remains unchanged at approximately $250 million.

    Conference Call

    The Company will host a conference call for the investment community at 11:00 a.m. Eastern time (10:00 a.m. Central time) on May 1, 2025 to discuss its first quarter results. The conference call can be accessed via webcast under Events and Presentations in the Investors section of the Company’s website at www.targaresources.com/investors/events, or by going directly to https://edge.media-server.com/mmc/p/waa5bt3q. A webcast replay will be available at the link above approximately two hours after the conclusion of the event.

    An earnings supplement presentation and updated investor presentation are available under Events and Presentations in the Investors section of the Company’s website at www.targaresources.com/investors/events.

    (1)    Adjusted EBITDA and adjusted operating margin (segment) are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.”


    Targa Resources Corp. – Consolidated Financial Results of Operations

      Three Months Ended March 31,            
      2025     2024   2025 vs. 2024
      (In millions)
    Revenues:                      
    Sales of commodities $ 3,884.4     $ 3,942.4     $ (58.0 )     (1 %)
    Fees from midstream services   677.1       620.0       57.1       9 %
    Total revenues   4,561.5       4,562.4       (0.9 )     —  
    Product purchases and fuel   3,257.8       3,218.0       39.8       1 %
    Operating expenses   303.6       278.0       25.6       9 %
    Depreciation and amortization expense   367.6       340.5       27.1       8 %
    General and administrative expense   94.5       86.5       8.0       9 %
    Other operating (income) expense   (5.3 )     —       (5.3 )     (100 %)
    Income (loss) from operations   543.3       639.4       (96.1 )     (15 %)
    Interest expense, net   (197.1 )     (228.6 )     31.5       14 %
    Equity earnings (loss)   5.5       2.8       2.7       96 %
    Other, net   0.3       1.7       (1.4 )   NM  
    Income tax (expense) benefit   (72.2 )     (82.7 )     10.5       13 %
    Net income (loss)   279.8       332.6       (52.8 )     (16 %)
    Less: Net income (loss) attributable to noncontrolling interests   9.3       57.4       (48.1 )     (84 %)
    Net income (loss) attributable to Targa Resources Corp.   270.5       275.2       (4.7 )     (2 %)
    Premium on repurchase of noncontrolling interests, net of tax   70.5       —       70.5       100 %
    Net income (loss) attributable to common shareholders $ 200.0     $ 275.2     $ (75.2 )     (27 %)
    Financial data:                      
    Adjusted EBITDA (1) $ 1,178.5     $ 966.2     $ 212.3       22 %
    Adjusted cash flow from operations (1)   970.0       738.4       231.6       31 %
    Adjusted free cash flow (1)   328.2       2.8       325.4     NM  

    (1)    Adjusted EBITDA, adjusted cash flow from operations and adjusted free cash flow are non-GAAP financial measures and are discussed under “Non-GAAP Financial Measures.”
    NM    Due to a low denominator, the noted percentage change is disproportionately high and as a result, considered not meaningful.


    Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

    Commodity sales are relatively flat reflecting lower NGL, natural gas and condensate volumes ($217.9 million), the unfavorable impact of hedges ($256.1 million) and lower condensate prices ($15.2 million), offset by higher natural gas and NGL prices ($431.2 million).

    The increase in fees from midstream services is primarily due to higher gas gathering and processing fees, and higher export volumes, partially offset by lower transportation and fractionation fees.

    Product purchases and fuel are relatively flat reflecting higher natural gas and NGL prices, offset by lower NGL and natural gas volumes.

    The increase in operating expenses is primarily due to higher labor, taxes and maintenance costs, partially offset by lower rental costs.

    See “—Review of Segment Performance” for additional information on a segment basis.

    The increase in depreciation and amortization expense is primarily due to the impact of system expansions on the Company’s asset base.

    The decrease in interest expense, net is due to recognition of cumulative interest on a legal ruling associated with the Splitter Agreement in 2024, partially offset by higher borrowings in 2025.

    The decrease in income tax expense is primarily due to a decrease in pre-tax book income.

    The decrease in net income attributable to noncontrolling interests is primarily due to the Badlands Transaction in 2025 and the acquisition of the remaining membership interest in Cedar Bayou Fractionators, L.P. in 2024.

    The premium on repurchase of noncontrolling interests, net of tax is due to the Badlands Transaction in 2025.

    Review of Segment Performance

    The following discussion of segment performance includes inter-segment activities. The Company views segment operating margin and adjusted operating margin as important performance measures of the core profitability of its operations. These measures are key components of internal financial reporting and are reviewed for consistency and trend analysis. For a discussion of adjusted operating margin, see “Non-GAAP Financial Measures ― Adjusted Operating Margin.” Segment operating financial results and operating statistics include the effects of intersegment transactions. These intersegment transactions have been eliminated from the consolidated presentation.

    The Company operates in two primary segments: (i) Gathering and Processing; and (ii) Logistics and Transportation.

    Gathering and Processing Segment

    The Gathering and Processing segment includes assets used in the gathering and/or purchase and sale of natural gas produced from oil and gas wells, removing impurities and processing this raw natural gas into merchantable natural gas by extracting NGLs; and assets used for the gathering and terminaling and/or purchase and sale of crude oil. The Gathering and Processing segment’s assets are located in the Permian Basin of West Texas and Southeast New Mexico (including the Midland, Central and Delaware Basins); the Eagle Ford Shale in South Texas; the Barnett Shale in North Texas; the Anadarko, Ardmore, and Arkoma Basins in Oklahoma (including the SCOOP and STACK) and South Central Kansas; the Williston Basin in North Dakota (including the Bakken and Three Forks plays); and the onshore and near offshore regions of the Louisiana Gulf Coast.

    The following table provides summary data regarding results of operations of this segment for the periods indicated:

      Three Months Ended March 31,                
      2025     2024     2025 vs. 2024
      (In millions, except operating statistics and price amounts)
    Operating margin $   602.2     $   556.4     $   45.8       8 %
    Operating expenses     208.2         188.1         20.1       11 %
    Adjusted operating margin $   810.4     $   744.5     $   65.9       9 %
    Operating statistics (1):                            
    Plant natural gas inlet, MMcf/d (2) (3)                            
    Permian Midland (4)     2,985.6         2,746.1         239.5       9 %
    Permian Delaware     3,020.3         2,648.9         371.4       14 %
    Total Permian     6,005.9         5,395.0         610.9       11 %
                                 
    SouthTX     295.1         304.9         (9.8 )     (3 %)
    North Texas     171.5         184.5         (13.0 )     (7 %)
    SouthOK (5)     318.0         357.2         (39.2 )     (11 %)
    WestOK     200.1         210.1         (10.0 )     (5 %)
    Total Central     984.7         1,056.7         (72.0 )     (7 %)
                                 
    Badlands (5) (6)     136.9         127.1         9.8       8 %
    Total Field     7,127.5         6,578.8         548.7       8 %
                                 
    Coastal     398.8         524.7         (125.9 )     (24 %)
                                 
    Total     7,526.3         7,103.5         422.8       6 %
    NGL production, MBbl/d (3)                            
    Permian Midland (4)     429.5         392.8         36.7       9 %
    Permian Delaware     366.4         307.0         59.4       19 %
    Total Permian     795.9         699.8         96.1       14 %
                                 
    SouthTX     28.8         28.9         (0.1 )     —  
    North Texas     21.0         21.9         (0.9 )     (4 %)
    SouthOK (5)     33.1         28.1         5.0       18 %
    WestOK     15.2         11.7         3.5       30 %
    Total Central     98.1         90.6         7.5       8 %
                                 
    Badlands (5)     16.4         14.6         1.8       12 %
    Total Field     910.4         805.0         105.4       13 %
                                  
    Coastal     32.7         39.1         (6.4 )     (16 %)
                                 
    Total     943.1         844.1         99.0       12 %
    Crude oil, Badlands, MBbl/d     107.1         94.4         12.7       13 %
    Crude oil, Permian, MBbl/d     29.0         27.6         1.4       5 %
    Natural gas sales, BBtu/d (3)     2,592.8         2,650.5         (57.7 )     (2 %)
    NGL sales, MBbl/d (3)     570.2         498.8         71.4       14 %
    Condensate sales, MBbl/d     18.1         19.1         (1.0 )     (5 %)
    Average realized prices (7):                            
    Natural gas, $/MMBtu     2.24         1.50         0.74       49 %
    NGL, $/gal     0.50         0.48         0.02       4 %
    Condensate, $/Bbl     72.32         77.22         (4.90 )     (6 %)

    (1)    Segment operating statistics include the effect of intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period and the denominator is the number of calendar days during the period.
    (2)    Plant natural gas inlet represents the Company’s undivided interest in the volume of natural gas passing through the meter located at the inlet of a natural gas processing plant, other than Badlands during 2024.
    (3)    Plant natural gas inlet volumes and gross NGL production volumes include producer take-in-kind volumes, while natural gas sales and NGL sales exclude producer take-in-kind volumes.
    (4)    Permian Midland includes operations in WestTX, of which the Company owns a 72.8% undivided interest, and other plants that are owned 100% by the Company. Operating results for the WestTX undivided interest assets are presented on a pro-rata net basis in the Company’s reported financials.
    (5)    Operations include facilities that are not wholly owned by the Company.
    (6)    Badlands natural gas inlet represents the total wellhead volume and includes the Targa volumes processed at the Little Missouri 4 plant.
    (7)    Average realized prices, net of fees, include the effect of realized commodity hedge gain/loss attributable to the Company’s equity volumes. The price is calculated using total commodity sales plus the hedge gain/loss as the numerator and total sales volume as the denominator, net of fees.

    The following table presents the realized commodity hedge gain (loss) attributable to the Company’s equity volumes that are included in the adjusted operating margin of the Gathering and Processing segment:

        Three Months Ended March 31, 2025     Three Months Ended March 31, 2024  
        (In millions, except volumetric data and price amounts)  
        Volume
    Settled
        Price
    Spread (1)
        Gain
    (Loss)
        Volume
    Settled
        Price
    Spread (1)
        Gain
    (Loss)
     
    Natural gas (BBtu)     7.7     $ 0.96     $ 7.4       14.4     $ 1.27     $ 18.3  
    NGL (MMgal)     97.5       (0.07 )     (6.6 )     134.1       0.01       1.7  
    Crude oil (MBbl)     0.7       1.00       0.7       0.4       (7.25 )     (2.9 )
                    $ 1.5                 $ 17.1  

    (1)    The price spread is the differential between the contracted derivative instrument pricing and the price of the corresponding settled commodity transaction.

    Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

    The increase in adjusted operating margin was predominantly due to higher natural gas inlet volumes in the Permian. The increase in natural gas inlet volumes in the Permian was attributable to the addition of the Roadrunner II plant during the second quarter of 2024, the Greenwood II plant during the fourth quarter of 2024, the Bull Moose plant during the first quarter of 2025, and continued strong producer activity despite severe winter weather events which impacted volumes during the first quarter of 2025.

    The increase in operating expenses was primarily due to higher volumes and multiple plant additions in the Permian.

    Logistics and Transportation Segment

    The Logistics and Transportation segment includes the activities and assets necessary to convert mixed NGLs into NGL products and also includes other assets and value-added services such as transporting, storing, fractionating, terminaling, and marketing of NGLs and NGL products, including services to LPG exporters and certain natural gas supply and marketing activities in support of the Company’s other businesses. The Logistics and Transportation segment also includes Grand Prix NGL Pipeline, which connects the Company’s gathering and processing positions in the Permian Basin, Southern Oklahoma and North Texas with the Company’s Downstream facilities in Mont Belvieu, Texas. The Company’s Downstream facilities are located predominantly in Mont Belvieu and Galena Park, Texas, and in Lake Charles, Louisiana.

    The following table provides summary data regarding results of operations of this segment for the periods indicated:

      Three Months Ended March 31,              
      2025     2024     2025 vs. 2024
      (In millions, except operating statistics)
    Operating margin $   646.7     $   532.1     $   114.6     22 %
    Operating expenses     95.5         90.0         5.5     6 %
    Adjusted operating margin $   742.2     $   622.1     $   120.1     19 %
    Operating statistics MBbl/d (1):                          
    NGL pipeline transportation volumes     843.5         717.8         125.7     18 %
    Fractionation volumes     979.9         797.2         182.7     23 %
    Export volumes     447.7         439.0         8.7     2 %
    NGL sales     1,186.4         1,227.6         (41.2 )   (3 %)

    (1)    Segment operating statistics include intersegment amounts, which have been eliminated from the consolidated presentation. For all volume statistics presented, the numerator is the total volume sold during the period and the denominator is the number of calendar days during the period.

    Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024

    The increase in adjusted operating margin was due to higher pipeline transportation and fractionation margin and higher marketing margin. Pipeline transportation and fractionation volumes benefited from higher supply volumes primarily from the Company’s Permian Gathering and Processing systems, the addition of Train 9 during the second quarter of 2024, the in-service of the Daytona NGL Pipeline during the third quarter of 2024, and the addition of Train 10 during the fourth quarter of 2024. Marketing margin increased due to greater optimization opportunities.

    The increase in operating expenses was predominantly due to system expansions.

    Other

        Three Months Ended March 31,        
        2025     2024     2025 vs. 2024  
        (In millions)  
    Operating margin   $ (248.8 )   $ (22.1 )   $ (226.7 )
    Adjusted operating margin   $ (248.8 )   $ (22.1 )   $ (226.7 )

    Other contains the results of commodity derivative activity mark-to-market gains/losses related to derivative contracts that were not designated as cash flow hedges. The Company has entered into derivative instruments to hedge the commodity price associated with a portion of the Company’s future commodity purchases and sales and natural gas transportation basis risk within the Company’s Logistics and Transportation segment.

    About Targa Resources Corp.

    Targa Resources Corp. is a leading provider of midstream services and is one of the largest independent infrastructure companies in North America. The Company owns, operates, acquires and develops a diversified portfolio of complementary domestic infrastructure assets and its operations are critical to the efficient, safe and reliable delivery of energy across the United States and increasingly to the world. The Company’s assets connect natural gas and NGLs to domestic and international markets with growing demand for cleaner fuels and feedstocks. The Company is primarily engaged in the business of: gathering, compressing, treating, processing, transporting, and purchasing and selling natural gas; transporting, storing, fractionating, treating, and purchasing and selling NGLs and NGL products, including services to LPG exporters; and gathering, storing, terminaling, and purchasing and selling crude oil.

    Targa is a FORTUNE 500 company and is included in the S&P 500.

    For more information, please visit the Company’s website at www.targaresources.com.

    Non-GAAP Financial Measures

    This press release includes the Company’s non-GAAP financial measures: adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment). The following tables provide reconciliations of these non-GAAP financial measures to their most directly comparable GAAP measures.

    The Company utilizes non-GAAP measures to analyze the Company’s performance. Adjusted EBITDA, adjusted cash flow from operations, adjusted free cash flow and adjusted operating margin (segment) are non-GAAP measures. The GAAP measures most directly comparable to these non-GAAP measures are income (loss) from operations, Net income (loss) attributable to Targa Resources Corp. and segment operating margin. These non-GAAP measures should not be considered as an alternative to GAAP measures and have important limitations as analytical tools. Investors should not consider these measures in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Additionally, because the Company’s non-GAAP measures exclude some, but not all, items that affect income and segment operating margin, and are defined differently by different companies within the Company’s industry, the Company’s definitions may not be comparable with similarly titled measures of other companies, thereby diminishing their utility. Management compensates for the limitations of the Company’s non-GAAP measures as analytical tools by reviewing the comparable GAAP measures, understanding the differences between the measures and incorporating these insights into the Company’s decision-making processes.

    Adjusted Operating Margin

    The Company defines adjusted operating margin for the Company’s segments as revenues less product purchases and fuel. It is impacted by volumes and commodity prices as well as by the Company’s contract mix and commodity hedging program.

    Gathering and Processing adjusted operating margin consists primarily of:

    • service fees related to natural gas and crude oil gathering, treating and processing; and
    • revenues from the sale of natural gas, condensate, crude oil and NGLs less producer settlements, fuel and transport and the Company’s equity volume hedge settlements.

    Logistics and Transportation adjusted operating margin consists primarily of:

    • service fees (including the pass-through of energy costs included in certain fee rates);
    • system product gains and losses; and
    • NGL and natural gas sales, less NGL and natural gas purchases, fuel, third-party transportation costs and the net inventory change.

    The adjusted operating margin impacts of mark-to-market hedge unrealized changes in fair value are reported in Other.

    Adjusted operating margin for the Company’s segments provides useful information to investors because it is used as a supplemental financial measure by management and by external users of the Company’s financial statements, including investors and commercial banks, to assess:

    • the financial performance of the Company’s assets without regard to financing methods, capital structure or historical cost basis;
    • the Company’s operating performance and return on capital as compared to other companies in the midstream energy sector, without regard to financing or capital structure; and
    • the viability of capital expenditure projects and acquisitions and the overall rates of return on alternative investment opportunities.

    Management reviews adjusted operating margin and operating margin for the Company’s segments monthly as a core internal management process. The Company believes that investors benefit from having access to the same financial measures that management uses in evaluating the Company’s operating results. The reconciliation of the Company’s adjusted operating margin to the most directly comparable GAAP measure is presented under “Review of Segment Performance.”

    Adjusted EBITDA

    The Company defines adjusted EBITDA as Net income (loss) attributable to Targa Resources Corp. before interest, income taxes, depreciation and amortization, and other items that the Company believes should be adjusted consistent with the Company’s core operating performance. The adjusting items are detailed in the adjusted EBITDA reconciliation table and its footnotes. Adjusted EBITDA is used as a supplemental financial measure by the Company and by external users of the Company’s financial statements such as investors, commercial banks and others to measure the ability of the Company’s assets to generate cash sufficient to pay interest costs, support the Company’s indebtedness and pay dividends to the Company’s investors.

    Adjusted Cash Flow from Operations and Adjusted Free Cash Flow

    The Company defines adjusted cash flow from operations as adjusted EBITDA less cash interest expense on debt obligations and cash tax (expense) benefit. The Company defines adjusted free cash flow as adjusted cash flow from operations less maintenance capital expenditures (net of any reimbursements of project costs) and growth capital expenditures, net of contributions from noncontrolling interests and including contributions to investments in unconsolidated affiliates. Adjusted cash flow from operations and adjusted free cash flow are performance measures used by the Company and by external users of the Company’s financial statements, such as investors, commercial banks and research analysts, to assess the Company’s ability to generate cash earnings (after servicing the Company’s debt and funding capital expenditures) to be used for corporate purposes, such as payment of dividends, retirement of debt or redemption of other financing arrangements.

    The following table reconciles the non-GAAP financial measures used by management to the most directly comparable GAAP measures for the periods indicated:

      Three Months Ended March 31,  
      2025     2024  
      (In millions)  
    Reconciliation of Net income (loss) attributable to Targa Resources Corp. to Adjusted EBITDA, Adjusted Cash Flow from Operations and Adjusted Free Cash Flow          
    Net income (loss) attributable to Targa Resources Corp. $ 270.5     $ 275.2  
    Interest (income) expense, net   197.1       228.6  
    Income tax expense (benefit)   72.2       82.7  
    Depreciation and amortization expense   367.6       340.5  
    (Gain) loss on sale or disposition of assets   (0.5 )     (1.1 )
    Write-down of assets   2.0       1.0  
    (Gain) loss from financing activities   0.6       —  
    Equity (earnings) loss   (5.5 )     (2.8 )
    Distributions from unconsolidated affiliates   4.9       6.3  
    Compensation on equity grants   17.6       14.6  
    Risk management activities   248.8       22.0  
    Noncontrolling interests adjustments (1)   3.2       (0.8 )
    Adjusted EBITDA $ 1,178.5     $ 966.2  
    Interest expense on debt obligations (2)   (193.2 )     (224.9 )
    Cash taxes   (15.3 )     (2.9 )
    Adjusted Cash Flow from Operations $ 970.0     $ 738.4  
    Maintenance capital expenditures, net (3)   (47.3 )     (49.8 )
    Growth capital expenditures, net (3)   (594.5 )     (685.8 )
    Adjusted Free Cash Flow $ 328.2     $ 2.8  

    (1)    Represents adjustments related to the Company’s subsidiaries with noncontrolling interests, including depreciation and amortization expense as well as earnings for certain plants within Targa’s WestTX joint venture not subject to noncontrolling interest accounting.
    (2)    Excludes amortization of interest expense. The three months ended March 31, 2024 includes $54.9 million of interest expense on a 2024 legal ruling associated with an agreement, dated December 27, 2015, for crude oil and condensate between Targa Channelview LLC, then a subsidiary of the Company, and Noble Americas Corp.
    (3)    Represents capital expenditures, net of contributions from noncontrolling interests and includes contributions to investments in unconsolidated affiliates.

    The following table presents a reconciliation of estimated net income of the Company to estimated adjusted EBITDA for 2025:

      2025E  
      (In millions)  
    Reconciliation of Estimated Net Income Attributable to Targa Resources Corp. to    
    Estimated Adjusted EBITDA    
    Net income attributable to Targa Resources Corp. $ 1,555.0  
    Interest expense, net   860.0  
    Income tax expense   485.0  
    Depreciation and amortization expense   1,525.0  
    Equity earnings   (20.0 )
    Distributions from unconsolidated affiliates   25.0  
    Compensation on equity grants   70.0  
    Risk management and other   250.0  
    Estimated Adjusted EBITDA $ 4,750.0  

    Regulation FD Disclosures

    The Company uses any of the following to comply with its disclosure obligations under Regulation FD: press releases, SEC filings, public conference calls, or our website. The Company routinely posts important information on its website at www.targaresources.com, including information that may be deemed to be material. The Company encourages investors and others interested in the company to monitor these distribution channels for material disclosures.

    Forward-Looking Statements

    Certain statements in this release are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future, are forward-looking statements, including statements regarding our projected financial performance, capital spending and payment of future dividends. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties, factors and risks, many of which are outside the Company’s control, which could cause results to differ materially from those expected by management of the Company. Such risks and uncertainties include, but are not limited to, actions taken by other countries with significant hydrocarbon production, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the timing and success of our completion of capital projects and business development efforts, the expected growth of volumes on our systems, the impact of significant public health crises, commodity price volatility due to ongoing or new global conflicts, the impact of disruptions in the bank and capital markets, including those resulting from lack of access to liquidity for banking and financial services firms, changes in laws and regulations, particularly with regard to taxes, tariffs and international trade, and other uncertainties. These and other applicable uncertainties, factors and risks are described more fully in the Company’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K, and any subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. The Company does not undertake an obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

    Targa Investor Relations
    InvestorRelations@targaresources.com
    (713) 584-1133

    The MIL Network –

    May 1, 2025
  • MIL-OSI Europe: Commission offers 17 countries the possibility to purchase over 27 million influenza vaccine doses

    Source: EuroStat – European Statistics

    European Commission Press release Brussels, 29 Apr 2025 The European Union is strengthening its preparedness for a potential flu pandemic. A new joint procurement contract, signed by the European Commission, through the Health Emergency Preparedness and Response Authority, offers 17 countries the possibility to purchase up to 27,403,200 pandemic influenza vaccine doses.

    MIL OSI Europe News –

    May 1, 2025
  • MIL-OSI United Kingdom: Save up to £2,000 a year on childcare for your new school starter

    Source: United Kingdom – Executive Government & Departments

    Press release

    Save up to £2,000 a year on childcare for your new school starter

    • English
    • Cymraeg

    Parents reminded how they can save thousands on the cost of childcare with Tax-Free Childcare.

    • Working families sending their child to school for the first time in September can save up to £2,000 a year per child on their childcare bills
    • Tax-Free Childcare can be used flexibly to pay for childminders, wraparound and holiday childcare
    • Supporting the Government’s mission to grow the economy and deliver on the Plan for Change

    Hundreds of thousands of families who recently found out their little one’s September primary school place, can use Tax-Free Childcare to save thousands on wraparound childcare and holiday club costs HM Revenue and Customs (HMRC) has said.

    Many working families will now be arranging childcare for the start and end of the school day, and with Tax-Free Childcare they can get financial support of up to £2,000 a year per child, or £4,000 if their child is disabled, towards the cost.  

    Visit GOV.UK to check eligibility and register for Tax-Free Childcare.

    Darren Jones, Chief Secretary to the Treasury said:

    Through our Plan for Change, we are putting more money into the pockets of working people, worth up to £2,000 per year through Tax-Free Childcare. This will make it easier for parents to get back into work as we go further and faster to grow the economy.

    Myrtle Lloyd, HMRC’s Director General for Customer Services, said: 

    Starting school can be an expensive time, there’s a lot to buy and there’s also a lot to organise. Now you know where your child is going to school you can start organising your childcare and Tax-Free Childcare can help make the costs more manageable. Sign up to start saving today on GOV.UK.

    Tax-Free Childcare can be used to pay for any approved childcare so parents can arrange their childcare to suit them – whether that’s wraparound care, a childminder, after school clubs or school holiday care.

    Parents can use the scheme to pay for childcare for children aged 11 or under, or up to 16 if the child has a disability.

    For every £8 deposited in a Tax-Free Childcare account, the government tops it by £2 which means parents can receive up to £500 (or £1,000 if their child is disabled) every 3 months to use to pay for their childcare costs.

    Once an account is opened, parents can deposit money and use it straight away or keep it in the account to use it whenever it’s needed. Any unused money in the account can be withdrawn at any time.   

    The government’s Plan for Change is putting more money in people’s pockets and with Tax-Free Childcare, working families can save on their childcare bills by up to £2,000 per year per child or £4,000 a year if their child is disabled.

    Families could be eligible for Tax-Free Childcare if they:   

    • have a child or children aged 11 or under. They stop being eligible on 1 September after their 11th birthday. If their child has a disability, they receive up to £4,000 a year until 1 September after their 16th birthday   
    • the parent and their partner (if they have one) earn, or expect to earn, at least the National Minimum Wage or Living Wage for 16 hours a week, on average   
    • each earn no more than £100,000 per annum   
    • do not receive Universal Credit or childcare vouchers    

    A full list of the eligibility criteria is available on GOV.UK.   

    Tax-Free Childcare can be used alongside the free childcare hours subject to eligibility. 

    Further Information

    Latest Tax-Free Childcare statistics with data available up until December 2024 were released in February. 

    For more information about Tax-Free Childcare and how to register. 

    Each eligible child requires their own Tax-Free Childcare account. If families have more than one eligible child, they will need to register an account for each child. The government top-up is then applied to deposits made for each child, not household.   

    Account holders must confirm their details are up to date every 3 months to continue receiving the government top-up.   

    Childcare providers can also sign up for a childcare provider account via GOV.UK to receive payments from parents and carers via the scheme.

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    Updates to this page

    Published 1 May 2025

    MIL OSI United Kingdom –

    May 1, 2025
  • MIL-OSI Economics: Higher turnover with payment cards in the first quarter of the year

    Source: Danmarks Nationalbank

    Payments

    01 May 2025Statistics period: 1st quarter of 2025

    The total turnover with payment cards in Denmark was almost kr. 157 billion in the first quarter of 2025. That is 5.6 per cent higher than in the first quarter of 2024. The card turnover covers the nominal value of all transactions carried out in Denmark with both Danish and foreign payment cards. It includes both physical store purchases and online transactions but excludes cash withdrawals. Data from Danmarks Nationalbank on daily payment card transactions in the card acquiring market in Denmark indicates that the increase is in particular driven by higher card turnover in grocery stores.



    The turnover with payment cards is 5.6 per cent higher than in the first quarter of 2024

    Note:

    The figure shows the annual percentage change in the nominal value of all payment card transactions made in Denmark by both Danes and foreigners, calculated in relation to the first quarter of the previous year. The transactions cover both physical store purchases and online transactions but exclude cash withdrawals. The turnover with payment cards is affected by several factors, including changes in consumption and payment habits, price developments and seasonal patterns. Find chart data in the Statbank.

    MIL OSI Economics –

    May 1, 2025
  • MIL-Evening Report: Major YouGov poll has Labor easily winning a majority of seats in election

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    A YouGov MRP poll has Labor clearly winning a majority of seats in the federal election – 84 of the 150 seats in the House of Representatives.

    Labor also leads the Coalition by 53–47% in new polls from Redbridge and Spectre Strategy.

    Respondent-allocated preference flows from various pollsters do not imply a big Coalition gain from the 2022 election preference flow method.

    YouGov conducted a national MRP poll (multi-level modelling with post-stratification) from April 1–29 from an overall sample of 35,185 people. MRP polls are used to estimate the outcome in each House electorate using huge samples and modelling.

    YouGov’s central forecast is Labor winning 84 of the 150 lower house seats, an 18-seat majority. The Coalition would win 47 seats, the Greens three, independents 14 and others two.

    Since YouGov’s previous MRP poll that was taken from late February to late March, Labor is up nine seats, the Coalition down 13, the Greens up one and independents up three.

    And compared to the first YouGov MRP poll conducted before mid-February, Labor is up 18 seats and the Coalition down 26.

    The high forecast in the new MRP poll is 85 seats for Labor and 53 for the Coalition, while the low forecast is 76 for Labor (just enough for a majority) and 45 for the Coalition.

    On national voting intentions, Labor led the Coalition by 52.9–47.1% in this MRP poll, a 2.7-point gain for Labor since the previous MRP poll. Primary votes were 31.4% Labor (up 1.6 points), 31.1% Coalition (down 4.4), 12.6% Greens (down 0.6), 9.3% One Nation (steady), 8.1% independents (down 0.2) and 7.6% others (up 3.7).

    By 2022 election flows, Labor would lead the Coalition by 54.1–45.9%.

    Labor won the 2022 election by 52.1–47.9% from primary votes of 35.7% Coalition, 32.6% Labor, 12.3% Greens, 5.0% One Nation, 4.1% United Australia Party, 5.3% independents and 5.1% others.

    In this poll, the major parties combined are winning just 62.5% of the vote, down from 68.3% in 2022, which was already a record low for the combined major party vote.

    Unless the Coalition surges in the final days before Saturday’s election or the polls are overstating support for Labor, Labor will win the election. The graph below includes the Redbridge poll, but not the Spectre Strategy one.

    Labor takes 53–47% lead in Redbridge poll

    The final national poll by Redbridge and Accent Research for the News Corp tabloids, conducted April 24–29 from a sample of 1,011 people, gave Labor a 53–47% lead over the Coalition by both respondent and 2022 election flows.

    This is a one-point gain for Labor since the previous national Redbridge poll in early April.

    Primary votes were 34% Labor (up one), 34% Coalition (down two), 12% Greens (steady), 8% One Nation (up one) and 12% for all others (steady). One Nation’s preference flows to the Coalition had increased in this poll compared with 2022, but Labor’s flow increased from other sources.

    On type of government desired, 24% wanted a majority Labor government, 12% a Labor minority government with the Greens and 10% a Labor minority government with the teals (comprising a total of 46% who wanted Labor to govern).

    For the Coalition, 30% wanted a majority Coalition government, 2% a Coalition minority government with the Greens and 7% a Coalition minority government with the teals (a total of 39% who wanted a Coalition government).

    New pollster Spectre Strategy gives Labor 53–47% lead

    A national poll by new pollster Spectre Strategy, conducted April 24–28 from a sample of 2,000 people, also gave Labor a 53–47% lead over the Coalition by respondent preferences from primary votes of 34% Coalition, 31% Labor, 15% Greens, 10% One Nation and 11% for all others.

    By 2022 election flows, this poll would give Labor about a 52.5–47.5% lead over the Coalition.

    Women voters (71%) and men aged 18–34 (64%) both massively favoured Labor. Among voters aged 35–54, 61% of women supported Labor, compared to just 49% of men. Both men and women aged 55 and over favoured the Coalition by 58–42%.

    Anthony Albanese led Peter Dutton as preferred prime minister by 47–35%.

    DemosAU polls of Melbourne and Sydney seats

    DemosAU collectively polled the Labor-held seats of Dunkley, Bruce and Hawke in Melbourne from April 13–22 from a sample of 924 people. Labor led the Coalition by 53–47%. The party won the three seats by 56.5–43.5% in 2022.

    Primary votes in the poll were 32% Labor, 31% Liberal, 13% Greens, 10% One Nation and 14% for all others.

    DemosAU collectively polled the Labor-held seats of Parramatta, Reid and Werriwa in Sydney from April 13–27 from a sample of 905 people. Labor led the Coalition by 56–44%. The party won the three seats 54.7–45.3% in 2022.

    Primary votes in the poll were 36% Labor, 28% Liberal, 10% Greens, 5% Libertarian, 4% One Nation, 11% independents and 6% others.

    Preference flows

    Phillip Coorey wrote in the Australian Financial Review Tuesday that JWS polling of some seats had right-wing party preferences flowing at 80 or 90% rates to the Coalition. If this is true, the Coalition would do better than expected from current polls.

    But respondent preferences were used in the Redbridge poll above, giving the same result as the 2022 flow result. The Spectre respondent result was actually 0.5 of a point better for Labor than the previous election method.

    The polls I covered on Tuesday from Resolve, Essential and Morgan used respondent preferences. The Coalition was up one point in the Morgan poll compared to the previous election method and up 0.5 of a point in the Essential poll. There was no difference between the two methods in Resolve.

    JWS has given the Coalition very strong results in many of its seat polls. All other evidence suggests only a small gain for the Coalition from using respondent preferences as opposed to the 2022 election flows.

    Inflation increased in March quarter

    The Australian Bureau of Statistics released the March quarter inflation report on Wednesday. Headline inflation increased 0.9% in the March quarter, up from 0.2% in both December and September. This was the highest quarterly inflation since June 2024. Annual inflation was steady at 2.4% from December.

    Core inflation increased 0.7% in the March quarter, up from 0.5% in December. Annual core inflation dropped to 2.9% in March from 3.3% in December.

    The same principles with poll analysis can be applied to economic data. We’re most interested in the current polls, not in averaging these polls with those from months ago. The quarterly inflation numbers should be emphasised, not the annual numbers that include data from the June 2024 quarter.

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

    – ref. Major YouGov poll has Labor easily winning a majority of seats in election – https://theconversation.com/major-yougov-poll-has-labor-easily-winning-a-majority-of-seats-in-election-255601

    MIL OSI Analysis – EveningReport.nz –

    May 1, 2025
  • MIL-OSI Submissions: Consumers price index: March 2025 quarter missing vehicle relicensing fee increase

    Source: Statistics New Zealand

    Consumers price index: March 2025 quarter missing vehicle relicensing fee increase – We have identified that vehicle relicensing fee increases were not captured in the consumers price index (CPI) March 2025 quarter, released on 17 April 2025.

    The CPI March 2025 headline figure will not be updated. CPI data published on 17 April remains the official measure of inflation. We will capture the impact of the vehicle relicensing fee increase and incorporate this in the CPI June 2025 quarter release.

    Background 

    On 1 January 2025, vehicle relicensing fees increased by $25. While these prices were collected by Stats NZ, the increases were not included in our CPI calculations.

    We have investigated the impact of this. Had the increase been captured, the CPI all groups inflation would have increased by an additional 0.1 percentage points, as shown in the table below.

      Official CPI measure March 2025 quarter  CPI if the vehicle relicensing fee increase were included 
    CPI all groups – annual percentage change 2.5 percent 2.6 percent
    CPI all groups – quarterly percentage change 0.9 percent 1.0 percent

    Next steps 

    We will capture the impact of the vehicle relicensing fee increase and incorporate this in the CPI June 2025 quarter release. This is our standard approach for data updates to the CPI. We have confirmed with key customers that this is their preferred approach. CPI is widely used for contract indexation which is why it is not changed after publication.

    We apologise for any inconvenience this may cause.

    Files: 

    • Consumers price index: March 2025 quarter

    MIL OSI –

    May 1, 2025
  • MIL-OSI New Zealand: Consumers price index: March 2025 quarter missing vehicle relicensing fee increase

    Source: Statistics New Zealand

    Consumers price index: March 2025 quarter missing vehicle relicensing fee increase – We have identified that vehicle relicensing fee increases were not captured in the consumers price index (CPI) March 2025 quarter, released on 17 April 2025.

    The CPI March 2025 headline figure will not be updated. CPI data published on 17 April remains the official measure of inflation. We will capture the impact of the vehicle relicensing fee increase and incorporate this in the CPI June 2025 quarter release.

    Background 

    On 1 January 2025, vehicle relicensing fees increased by $25. While these prices were collected by Stats NZ, the increases were not included in our CPI calculations.

    We have investigated the impact of this. Had the increase been captured, the CPI all groups inflation would have increased by an additional 0.1 percentage points, as shown in the table below.

      Official CPI measure March 2025 quarter  CPI if the vehicle relicensing fee increase were included 
    CPI all groups – annual percentage change 2.5 percent 2.6 percent
    CPI all groups – quarterly percentage change 0.9 percent 1.0 percent

    Next steps 

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    MIL OSI New Zealand News –

    May 1, 2025
  • MIL-OSI New Zealand: Speech to Tauranga Business Chamber: The Case For a Smaller, Focused Executive

    Source: ACT Party

    Speech to Tauranga Business Chamber: The Case For a Smaller, Focused Executive

    Intro

    The term of Government is nearing half time, when we should be reviewing the first half and planning the second.

    I believe the Government can point to significant progress, and this is reflected in us maintaining a lead in the polls despite tough economic times.

    Inflation and interest rates have been beaten back. Government doesn’t control every factor influencing them, but we can control our own spending. The Government’s commitment to spend less, and maintaining that discipline over four years has helped win the war on inflation and interest rates. This week’s announcement that we will come in $1.1 billion under the allowance this year is a very positive development.

    The priority in crime has switched from criminals to victims. There is nothing wrong with rehabilitating criminals to reduce crime, and save money on imprisonment. There is a big problem, however, with seeing the gangs as partners, a lower prison muster as a goal in itself, and spending more on pre-sentencing reports for convicted criminals than victim support.

    Across the board we have made innocent people the priority and criminals the target. Gangs are no longer partners to the Government, Three Strikes is back, and the expansion of prisoner rights will be reversed, to name just a few. As a result, violent crime is falling and we’re not finished yet.

    In healthcare the prescription is very simple and very complex all at once. What we need to do is stabilise years of restructuring and chaos so that New Zealanders get value for money. The health budget is up 67 per cent, from $18 billion in 2019 to $30 billion six years later. The complex part is unblocking the myriad issues that make the system so frustratingly unproductive.

    Finally the Government has taken many steps to restore our country’s commitment to liberal democracy. The liberal part means all people are equal, regardless of their immutable characteristics. The democratic part means each person gets an equal say on the wielding of political power, or one person, one vote. These are uneasy conversations, but essential ones. We have problems to solve and they’re easier solved together as a people united by our common humanity than divided by identity politics.

    Half time talk

    Any good half time team talk, though, should be warts and all. Have we done well? I claim we have. Is it time to declare victory? Far too early? Could we do better? Absolutely, and here’s one way we might do better in the future.

    I often hear the change is too slow. People look at Donald Trump, Elon Musk, Javier Milei and ask, why don’t you just change things faster like them?

    Part of the reason that we are not a dictatorship, with all the power in one office. That’s a good thing. Power in New Zealand rests in many institutions. There are boards, like the board of Pharmac. There are councils, such as in universities. There are individuals’ statutory positions, such as the privacy commissioner. All of these are there thanks to parliamentary laws, which take time to change. Unless you’re Che Guevara, you probably want a stable, thoughtful political system that consults people affected by its changes and governs by consent.

    On the other hand, it’s time to start planning play even better in the future. Today I’d like to float an idea about how we could transform government management and get better results for the people who pay for it.

    The suggestion I’m making changes the way we think about government. At the moment it’s supposed to be something that can solve all your problems – although the track record is not good.

    Like any business, it needs to be an organisation focused on running itself well first. It is something that a determined manager would do as the first order of business, getting the right people in the right seats on the bus before setting off on the journey, so to speak.

    It’s also about tackling head on the lingering feeling in New Zealand of paralysis by analysis, that NOTHING GETS DONE, because there’s too much hui and not enough dui. Everyone is always consulting someone to make sure nobody’s feelings would be hurt if, hypothetically, anybody ever actually did anything.

    Our current set up of government, that has evolved over the past 25 years, seems to be an example of our national paralysis.

    The idea I’m about to share may seem a little like shuffling deckchairs, but it’s more like pass the parcel, because it involves seriously reducing the number of seats. It goes like this.

    Untangling Spaghetti

    Here’s a simple question. Each government minister has specific areas of responsibility assigned to them called portfolios. How many ministerial portfolios do you think New Zealand has today? 40? 60?

    Well, don’t feel too bad if you’re well off the mark. The truth is, most people wouldn’t know. And frankly, most wouldn’t believe it if I told them.

    We currently have 82 ministerial portfolios. Yes, you heard that right. Eighty-two.

    Those 82 portfolios are held by 28 ministers. And under them, we have 41 separate government departments. That’s a big, complicated bureaucratic beast. It’s hungry for taxpayer money and it’s paid for by you.

    Let’s put this in perspective.

    Ireland, with roughly five million people, has a constitutional maximum of 15 Ministers managing 18 portfolios.

    And yet, somehow, the Irish have managed to keep the lights on, run hospitals, fund schools, maintain roads, and defend their borders without 82 portfolios, 28 ministers, or 41 government departments.

    In fact, they’ve done much better than us on most measures this century. That’s not in spite of having simpler government, I suspect it’s because they have it.

    If we look further abroad, the comparison is even more stark.

    South Korea, with a population of 52 million, has 18 Ministers. The United Kingdom, with 67 million people, has around 22. The United States, with over 330 million citizens, runs a Cabinet of about 25.

    By comparison, New Zealand’s executive looks bloated.

    Now I recognise these countries have different political systems. But that doesn’t mean we should accept inefficiency as inevitable. It certainly doesn’t mean we should celebrate it.

    Something has to change. That means fewer portfolios, fewer ministers, and fewer departments. Sure, that might put me and a few of my colleagues out of a job. But if that’s the price of having a government that delivers core services efficiently and gives taxpayers real value for money, then it’s worth it.

    It wasn’t always this way.

    New Zealand once had a lean cabinet. Sixteen ministers all sat at the same table. Each responsible for one or two departments. You were the Minister of Police. That was your job. Everyone knew who was accountable.

    Then came the 1990s and the dawn of MMP.

    Suddenly, governments needed to bring in coalition partners. The idea of ministers outside cabinet was invented. These were people with the title but not the seat at the table. Four of those ministers were created initially. That brought the total number to 20.

    A few years later, Helen Clark came along and took things further. Her government had 20 cabinet ministers and eight Ministers outside cabinet. 28 in total. And it’s stayed around that number ever since.

    With such a large executive, coordinating work programmes and communicating between ministers inside and outside cabinet is difficult, and as a result governments run the risk of drifting.

    Some departments now report to a dozen ministers or more.

    Officials at MBIE report to 19 different ministers. When you have 19 ministers responsible for one department, the department itself becomes the most powerful player in the room. Bureaucrats face ministers with competing priorities, unclear mandates, and often little subject matter expertise. The result? Nothing happens. Or worse, everything happens, badly. There’s a wonderful line in a report by the New Zealand Initiative: “Confusion empowers the bureaucracy.”

    The size of the executive might have stabilised, but the number of portfolios has exploded.

    It used to be roughly a one-to-one equation between a minister and a department. Now ministers hold three or four portfolios each.

    There are portfolios without a specific department, including Racing, Hospitality, Auckland, the South Island, Hunting and Fishing, the Voluntary Sector, and Space, just to name a few of the 82 portfolios that now exist. We have to ask ourselves, do we need a Government Minister overseeing each of these areas?

    I’m not saying those aren’t important communities. What I am saying is that creating a portfolio or a department named after the community is completely different from running a real department to deliver a service. It’s not a substitute for good policy. It’s not proof of delivery.

    It is an easy political gesture though. The cynics among us would say it’s symbolism. Governments want to show they care about an issue, so they create a portfolio to match. A Minister gets a title, and voters are told in the most obvious way possible that it is a priority.

    Take the Child Poverty Reduction portfolio under the Ardern Government. It came after Jacinda Ardern made child poverty her raison d’être. Creating the portfolio was a way to show she meant business. But five years later, has the creation of the portfolio improved the rate of child poverty? Were children better off because of a new Minister for Child Poverty Reduction?

    We all know the answer. Child poverty rates plateaued and New Zealand is still grappling with the same problems. At the time, only ACT had the courage to say this and to vote against the Child Poverty Reduction Act, because we knew it was window dressing.

    I’m proud to be part of a government that believes the path out of poverty isn’t paved by political slogans but better school attendance and achievement, making it easier to develop resources and build homes, getting more investment into New Zealand, and ending open-ended welfare in favour of mutual obligation.

    Deep down I think we all know that the only true path out of poverty is building the individual’s capacity to provide for themselves and their family. There are no examples of anyone escaping poverty though dependence on their fellow citizens.

    I know that if I start talking about specific ministries, people will start talking about the examples and the politics of who survives and who is cancelled and so on. Let me just say that I’ve been through the current list and I believe we could easily get to 30 departments.

    Now, some people might be thinking, hang on, didn’t you just create the Ministry for Regulation? Yes, I did. And here’s why it matters.

    Because government doesn’t just spend and tax. It also regulates. It restricts what people can do with their property. It dictates what can be built, where, how, and by whom. In fact, everything government does is either tax your money or put rules on the property it hasn’t taxed yet. That’s it. Try to think of something government does that isn’t either a) taxing and spending your money or b) making rules about what you can do with your remaining property.

    And yet, until now, there was no central department looking at the cumulative effect of regulation. No one asking whether the rules were achieving their goals or just stacking up and strangling productivity in red tape.

    The Ministry for Regulation is one of just five central agencies in government. It was created not to grow bureaucracy, but to hold the bureaucracy accountable.

    We don’t need more Ministers, we need fewer. But we also need smarter government. And that means focusing on what matters

    Portfolios shouldn’t be handed out like participation trophies. There’s no benefit to having ministers juggling three or four unrelated jobs and doing none of them well.

    Take Nanaia Mahuta. She was Minister for Foreign Affairs and Local Government. Two large, complex areas. It’s not uncommon for a Minister to fail at one of their major portfolios when performing this juggling act. She managed to be equally bad at both.

    Ministers should have a remit over a single, clearly defined, policy area. Stretching ministers across multiple, disparate areas of complex policy empowers the bureaucracy because there will always be a knowledge gap where ministers are overly dependent on the bureaucrats. This situation empowers the Wellington bureaucracy.

    That’s how they get away with spending your taxes with little accountability. Take Labour’s health restructure as an example. There’s no doubt our health system needed change, it clearly still does, and this government is working hard to address this. However, the change it needed was never to create more enormous, tax-absorbing bureaucracies with little explanation of how they would change things for you. That’s what Labour delivered.

    There was never any evidence that the creation of the Māori Health Authority and Health NZ was going to have any positive impact. Labour politicians simply knew that health was a big issue and Māori health in particular has appalling statistics.

    Progress would be figuring out the underlying causes and addressing them with evidence-based policy, like this Government has done with its changes to bowel screening ages. However, it was easier to publicise a glitzy administrative reform that cost billions. It’s decisions like this that mean our next budget is going to be so tight, and getting a doctor’s appointment is still just as difficult as it was before the change.

    They burnt billions of dollars shuffling deck chairs, restructuring, and creating the divisive and ineffective Māori Health Authority. We even got to the point where a call to Healthline, New Zealand’s primary telehealth service, began by asking patients’ ethnicity. A voice would say, “If you are Māori and would like to speak to a Māori clinician, please press 1. Alternatively, please stay on the line with Healthline who will triage your call.”

    I’m pleased our government is now prioritising workforce training, development, and retention. It doesn’t grab as many headlines, but it’s more likely to provide another GP down the road, train another mental health nurse, or deliver a midwife to rural New Zealand. We’re unwinding the divisive race-based categorising that was so prevalent. The goal must be to treat people first, as human beings, and to not make assumptions of people based on their background.

    You could say that the health reforms were just bad policy by Wellington’s prospective Mayor Andrew Little, who despite that disaster is somehow an improvement on the current Wellington Mayor.

    But I’d say that the size of the bureaucracy was as much the culprit for the health reforms. They write the memos. They draft the advice. When a minister isn’t providing leadership, they decide the pace and direction of reform, if reform happens at all. When no one is clearly responsible, the only people left standing are the officials. Because if you want to know why it’s so hard to shrink government, why red tape keeps piling up, and why reform feels impossible it’s because no one is really in charge and the bureaucracy is too big to pull itself into line.

    That’s not how a democratic system should function.

    Now, for the first time, ACT is at the centre of government.

    We didn’t set the table, but we’re sitting at it. If we could set it, there would be a lot fewer placemats.

    Here’s how we’d do it:

    • Only 20 Ministers, with no ministers outside cabinet
    • No associate ministers, except in finance
    • Abolish ‘portfolios’, there’s either a department or there’s not
    • Reduce the number of departments to 30 by merging them and removing low-value functions
    • Ensure each department is overseen by only one minister
    • Up to eight under-secretaries supporting the busiest ministers, effectively a training ground for future cabinet ministers

    Some simple rules to improve the way government works.

    This wouldn’t just act as a structural reform, but as a philosophical one.

    It’s a shift away from the idea that the government exists to solve every problem by creating a minister named after it. And towards a view that the government’s job is to manage your money responsibly and provide core public services that allow you to go about your life, respecting your property rights

    That’s it. That’s enough.

    I think we could easily cut the number of portfolios in half, while reducing the number of ministers by eight. Bringing cabinet back to a scale that is manageable, focused, and accountable.

    New Zealanders deserve better than bloated bureaucracy and meaningless titles. They deserve a government that respects them enough to be efficient.

    New Zealanders don’t need 82 portfolios to live better lives. They just need a government that does its job, and then gets out of their way.

    I’m looking forward to the second half, and floating more ideas like this as we plan for a better tomorrow.

    Thank you.

    MIL OSI New Zealand News –

    May 1, 2025
  • MIL-Evening Report: Savvy athletes and new technology are flipping traditional sports marketing on its head

    Source: The Conversation (Au and NZ) – By John Cairney, Professor and Head of Human Movement and Nutrition Sciences; Director, The Queensland Centre for Olympic and Paralympic Studies, The University of Queensland

    Not so long ago, life was pretty simple for sports leagues and teams when it came to connecting with fans: the contests and athletes were the stars of the show, with the on-field action covered and celebrated by sports media accordingly.

    Things are rapidly changing.

    Sport used to primarily be about performance, competition and entertainment. Now, sport and the athletes who play it are often dynamic media platforms.

    This paradigm shift is being driven by the convergence of artificial intelligence (AI), data mining, immersive technology and the creator economy. Each exposes anomalies in the old model and demands a new framework for how sport is consumed, valued and organised.




    Read more:
    The social media games: why sports teams and leagues aren’t just competing on the field


    A changing landscape

    In today’s modern sporting landscape, many leagues, teams and even mega-events are fully functioning media companies.

    Athletes are both product and producer.

    They not only generate performance-based content (highlights, stats) but also personal narratives, political positions, or cultural influence.

    They are creators and media entities in the full sense — with their own brands, platforms and followers.

    Professional leagues and events must reckon with the power shift these actions imply.

    There is extraordinary opportunity in leveraging athletes’ identities for deeper fan engagement. But there is also caution: narratives may not always align with league and team/owner agendas.

    Consider some recent examples.

    Former No. 1-ranked women’s tennis player Naomi Osaka used her platforms to create a brand that spans fashion, media and activism.

    Her 2021 withdrawal from the French Open, which she announced on her own terms on social media, stemmed from her decision to skip post-match press conferences to protect her mental health.

    Osaka’s move highlighted both the opportunity created by authentic, athlete-driven engagement and the challenge it posed to traditional tournament control.

    In 2024, Shohei Ohtani, the Japanese baseball phenomenon, offered a different but related case.

    A dominant pitcher and elite hitter, Ohtani signed a record-breaking US$700 million (A$1.1 billion) contract with the Los Angeles Dodgers, the most lucrative deal in baseball history.

    Since joining the Dodgers, he has tightly curated his public image, favouring controlled, self-managed media content over traditional press access.

    His control over access and messaging means the Dodgers and Major League Baseball can’t fully shape his story.

    Ash Barty’s post-retirement career offers a compelling Australian parallel.

    Since stepping away from tennis in 2022 while ranked No. 1, Barty has carefully balanced commercial endorsements, a memoir and media appearances.

    Like Osaka and Ohtani, Barty’s example speaks to a new form of athlete agency: one where narrative control, emotional transparency and strategic silence all play a role in reshaping sport’s public conversation.

    All these cases illustrate a shifting paradigm — where athletes are no longer just performers but powerful media outlets, often with more influence than the familiar institutions they represent.

    The influence of AI

    This opens important questions around ownership, intellectual property, image rights and the ethical stewardship of public platforms.

    It also means if athletes, players and leagues are media companies, monetisation is a function — but not the sole purpose. Successful media ecosystems don’t just sell content, they also build belonging.

    This means investing in and influencing community, culture and shared values — not just launching branded apps, paid streaming services, or spin-off content that extend the brand.

    AI, in this context, becomes a community-builder, not just a recommendation engine. Its ability to support personalised experiences and micro-segmented fan journeys allows for mass intimacy: experiences that feel deeply individual yet can be scaled broadly.

    With the help of data and machine learning, leagues and teams can now deliver mass customisation not just of products but of experiences and narratives — tailoring highlight reels, merchandise, content and even storylines for each fan. This shift enables a deeper, more emotional form of engagement.

    The National Basketball Association (NBA)’s upgraded app and NBA ID platform bring this to life, using Microsoft Azure AI to serve fans personalised highlight reels, real-time stat overlays and exclusive content based on their favourite teams and players.

    These “fan journeys of one” show how leagues can turn data into connection — building not just audiences but communities, powered by AI.

    As to what the future may hold, some key questions in this space are:

    • How does AI reshape the power dynamics between leagues, athletes and fans?
    • What new business models will emerge when the fan is also a co-creator?
    • Can AI be used to foster social good through sport, not just drive engagement metrics?

    This ongoing tension between “brand-dom” (controlled or innovative messaging) and “fandom” (grassroots, emotionally driven engagement) will continue to evolve as technology also evolves.

    Sport’s future won’t just be something we watch — it will be shaped by fans, athletes and technology working together, and it will keep changing faster than ever.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Savvy athletes and new technology are flipping traditional sports marketing on its head – https://theconversation.com/savvy-athletes-and-new-technology-are-flipping-traditional-sports-marketing-on-its-head-254596

    MIL OSI Analysis – EveningReport.nz –

    May 1, 2025
  • MIL-OSI China: China’s economy demonstrates resilience amid uncertain external environment

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

    BEIJING, April 30 — China’s economic output continued to rise in April, though changes in the external trade environment brought a level of disruption to the manufacturing sector, the National Bureau of Statistics (NBS) said on Wednesday.

    In April, China’s composite purchasing managers’ index (PMI) stood at 50.2, indicating that overall business activity continued to expand, according to data released by the NBS.

    The PMI for the manufacturing sector fell to 49, while the PMI for the non-manufacturing sector came in at 50.4. The composite PMI is calculated based on the weighted average of the two indices.

    A reading above 50 indicates expansion, while a reading below 50 reflects contraction.

    NBS statistician Zhao Qinghe attributed the manufacturing PMI decline to a high base effect from the previous period’s rapid growth in the sector and drastic changes in the external environment.

    Wen Tao, an analyst at the China Logistics Information Center, said that April saw market demand and production cool temporarily amid rising external pressures, which also led to fluctuations in raw materials procurement and market prices.

    However, he noted that China’s economic fundamentals remain solid, supported by its supersized domestic market and resilient industrial and supply chains, along with policy measures that have helped sustain steady growth.

    Though overall manufacturing activity moderated, certain sectors continued to show resilience and growth.

    The PMI for high-tech manufacturing stood at 51.5 percent, well above the overall manufacturing level, with both production and new orders sub-indices exceeding 52 percent, reflecting the sector’s continued strong momentum.

    Sectors such as agricultural and sideline food processing, food, liquor, pharmaceuticals, and beverages and refined tea also saw their production and new orders sub-indices come in above 53 percent, driven by the continued release of demand potential in China’s supersized domestic market.

    Despite headwinds, business expectations remained in expansion territory, with the production and business activity expectations index standing at 52.1 percent in April.

    In particular, enterprises in sectors such as food, liquor, beverages and refined tea, automobiles, and railway, ship and aerospace equipment all saw their expectations indices rise above 58, indicating strong business optimism.

    In the non-manufacturing sector, the PMI has stayed above 50 for four consecutive months this year, indicating a stable pace of expansion.

    Business activity indices in sectors related to air transport, telecommunications, radio, television and satellite transmission services, internet software and information technology services, and insurance remained above 55, indicating robust growth in overall business volume.

    The business activity expectations index came in at 56.4, remaining in a relatively high range, with most services enterprises maintaining a positive outlook.

    China’s economy has started 2025 with renewed vigor, with its gross domestic product registering 5.4 percent year-on-year growth in the first quarter.

    Chinese policymakers recognized this positive trend at a high-level meeting of the Political Bureau of the Communist Party of China Central Committee last Friday, while cautioning that an economic recovery requires further consolidation to withstand intensifying external shocks.

    Looking ahead, it is imperative that the country coordinates domestic economic work with responses to international economic headwinds, and deals with the uncertainty of drastic changes in the external environment with the certainty of its own high-quality development, Zhao said.

    MIL OSI China News –

    May 1, 2025
  • MIL-OSI: National Fuel Reports Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    WILLIAMSVILLE, N.Y., April 30, 2025 (GLOBE NEWSWIRE) — National Fuel Gas Company (“National Fuel” or the “Company”) (NYSE:NFG) today announced consolidated results for the second quarter of its 2025 fiscal year.

    FISCAL 2025 SECOND QUARTER SUMMARY

    • GAAP net income of $216 million, or $2.37 per share, an increase of 32% per share compared to the prior year.
    • Adjusted operating results of $218 million, or $2.39 per share, an increase of 34% per share compared to the prior year. See non-GAAP reconciliation on page 2.
    • Seneca produced a record 105.5 Bcf of natural gas, an increase of 3% from the prior year and 8% sequentially, largely due to strong results from pads recently turned in line in the Eastern Development Area (“EDA”).
    • Utility segment net income of $63.5 million, or $0.70 per share, an increase of 44% per share compared to the prior year, primarily as a result of the New York jurisdiction’s 2024 rate settlement, which led to its first base rate increase since 2017.
    • Pipeline & Storage segment net income of $31.7 million, or $0.35 per share, an increase of 5% per share compared to the prior year. In addition, Empire Pipeline reached an agreement with its customers to amend its existing rate settlement, which was approved by the FERC on March 17, 2025, with new rates effective November 1, 2025.
    • The Company is increasing its guidance for fiscal 2025 adjusted earnings per share to a range of $6.75 to $7.05.

    MANAGEMENT COMMENTS

    David P. Bauer, President and Chief Executive Officer of National Fuel Gas Company, stated: “During our second quarter, National Fuel built upon its positive momentum which, along with the tailwind of higher natural gas price realizations, drove a 32% increase in earnings per share over the prior year.

    “Our integrated Appalachian natural gas development program, focused on the highly prolific EDA, continues to deliver strong operational results and improving capital efficiency. Seneca’s recent well results exhibited the highest productivity we’ve seen to date, giving us further confidence in our deep, high-quality well inventory, and allowing us to increase our production guidance for fiscal 2025. On the regulated side of the business, we saw significant earnings growth during the quarter, driven by the ongoing impact of positive rate case outcomes that balance the continued investment in modernizing our infrastructure with the goal of maintaining affordable rates for our customers.

    “National Fuel’s integrated natural gas business, track record of strong operational execution, and consistent approach to managing risk, collectively position us well to navigate an uncertain global economic backdrop. As such, we remain confident in our ability to provide strong returns, achieve our long-term growth targets, and continue to deliver shareholder value.”

    RECONCILIATION OF GAAP EARNINGS TO ADJUSTED OPERATING RESULTS

                   
      Three Months Ended March 31,
      (Thousands)   (Per Share)
        2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 2.37     $ 1.80  
    Items impacting comparability:              
    Premiums paid on early redemption of debt (E&P / Midstream)   2,385       —       0.03       —  
    Tax impact of premiums paid on early redemption of debt   (642 )     —       (0.01 )     —  
    Unrealized (gain) loss on derivative asset (E&P)   335       (536 )     0.00       0.00  
    Tax impact of unrealized (gain) loss on derivative asset   (90 )     147       0.00       0.00  
    Unrealized (gain) loss on other investments (Corporate / All Other)   (17 )     (769 )     0.00       (0.01 )
    Tax impact of unrealized (gain) loss on other investments   4       162       0.00       0.00  
    Adjusted Operating Results $ 218,333     $ 165,276     $ 2.39     $ 1.79  

    FISCAL 2025 GUIDANCE UPDATE

    National Fuel is increasing its guidance for fiscal 2025 adjusted earnings per share, which is now expected to be within a range of $6.75 to $7.05, an increase of $0.15 at the midpoint of the Company’s prior guidance range. This updated range incorporates our second quarter results as well as higher expected production and lower unit costs in the Exploration and Production segment for the remainder of the fiscal year.

    The Company is assuming NYMEX natural gas prices will average $3.50 per MMBtu for the remaining six months of fiscal 2025 (no change from previous guidance), which approximates the current NYMEX forward curve at this time. Given the continued volatility in NYMEX natural gas prices, the Company is providing the following sensitivities to its adjusted operating results guidance range:

    NYMEX Assumption
    Remaining 6 months
    ($/MMBtu)
    Fiscal 2025
    Adjusted Earnings
    Per Share Sensitivities
    $3.00 $6.50 – $6.80
    $3.50 $6.75 – $7.05
    $4.00 $7.05 – $7.35

    The Company’s other fiscal 2025 guidance assumptions remain largely unchanged as detailed in the table on page 7.

    FINANCING ACTIVITIES UPDATE

    In February 2025, the Company issued $1 billion of new five- and ten-year notes (split in two equal tranches) to refinance the early redemption of $950 million of notes that were scheduled to mature in July 2025 and January 2026. In addition, the Company placed $50 million (plus interest) in trust for the benefit of holders of long-term debt issued under the Company’s 1974 Indenture and scheduled to mature in June 2025. Placing these funds in trust discharged the 1974 Indenture, relieving the Company from its obligations to comply with the indenture’s covenants. In connection with these transactions, the Company recognized an after-tax loss of $1.7 million, which is presented as an item impacting comparability for the quarter.

    DISCUSSION OF SECOND QUARTER RESULTS BY SEGMENT

    The following earnings discussion of each operating segment for the quarter ended March 31, 2025 is summarized in a tabular form on pages 8 and 9 of this report (earnings drivers for the six months ended March 31, 2025 are summarized on pages 10 and 11). It may be helpful to refer to those tables while reviewing this discussion.

    Note that management defines adjusted operating results as reported GAAP earnings adjusted for items impacting comparability, and adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability.

    Upstream Business

    Exploration and Production Segment

    The Exploration and Production segment operations are carried out by Seneca Resources Company, LLC (“Seneca”). Seneca explores for, develops and produces primarily natural gas reserves in Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 97,828     $ 62,065     $ 35,763  
                           
    Premiums paid on early redemption of debt, net of tax   1,045       —       1,045  
    Unrealized (gain) loss on derivative asset (2022 CA asset sale), net of tax   245       (389 )     634  
    Adjusted Operating Results $ 99,118     $ 61,676     $ 37,442  
               
    Adjusted EBITDA $ 214,350     $ 172,068     $ 42,282  
                           

    Seneca’s second quarter GAAP earnings increased $35.8 million versus the prior year. GAAP earnings included a $1.0 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Seneca’s share of premiums paid by the Company associated with its long-term debt redemptions.

    Excluding items impacting comparability, Seneca’s adjusted operating results in the second quarter increased $37.4 million primarily due to higher realized natural gas prices and natural gas production, as well as lower per unit operating expenses.

    During the second quarter, Seneca produced 105.5 Bcf of natural gas, an increase of 2.6 Bcf, or 3%, from the prior year, and 7.8 Bcf, or 8%, higher compared to the fiscal 2025 first quarter. Two highly prolific pads turned in line this year in the EDA (Tioga Utica) were the main drivers behind these increases in production.

    Seneca’s weighted average realized natural gas price, after the impact of hedging and transportation costs, was $2.94 per Mcf, an increase of $0.38 per Mcf from the prior year. This increase was primarily due to higher NYMEX prices and higher spot prices at local sales points in Pennsylvania.

      Three Months Ended
      March 31,
    (Cost per Mcf)   2025       2024     Variance
    Lease Operating and Transportation Expense (“LOE”) $ 0.67     $ 0.68     $ (0.01 )
    General and Administrative Expense (“G&A”) $ 0.18     $ 0.17     $ 0.01  
    Taxes and Other $ 0.07     $ 0.06     $ 0.01  
    Total Cash Operating Costs $ 0.92     $ 0.91     $ 0.01  
    Depreciation, Depletion and Amortization Expense (“DD&A”) $ 0.61     $ 0.71     $ (0.10 )
    Total Operating Costs $ 1.53     $ 1.62     $ (0.09 )
                           

    On a per unit basis, the second quarter total cash operating costs were up slightly compared to the prior year as other taxes increased as a result of a higher Impact Fee in Pennsylvania due to the increase in NYMEX natural gas prices. LOE included $59 million ($0.56 per Mcf), or 84% of total LOE, for gathering and compression service fees paid to the Company’s Gathering segment to connect Seneca’s production to sales points along interstate pipelines. DD&A for the quarter was $0.61 per Mcf, a decrease of $0.10 per Mcf from the prior year, largely due to ceiling test impairments recorded in prior quarters that lowered Seneca’s full cost pool depletable base.

    Midstream Businesses

    Pipeline and Storage Segment

    The Pipeline and Storage segment’s operations are carried out by National Fuel Gas Supply Corporation (“Supply Corporation”) and Empire Pipeline, Inc. (“Empire”). The Pipeline and Storage segment provides natural gas transportation and storage services to affiliated and non-affiliated companies through an integrated system of pipelines and underground natural gas storage fields in western New York and Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 31,707     $ 30,737     $ 970  
               
    Adjusted EBITDA $ 70,169     $ 70,033     $ 136  
                           

    The Pipeline and Storage segment’s second quarter GAAP earnings increased $1.0 million versus the prior year primarily due to higher operating revenues. The increase in operating revenues of $1.6 million, or 1%, was primarily attributable to an increase in Supply Corporation’s transportation and storage rates effective February 1, 2024, in accordance with its rate settlement, which was approved in fiscal 2024.

    Empire Rate Case Update

    On March 17, 2025, FERC approved an amendment to Empire’s 2019 rate case settlement, which provides for modest unit rate reductions for Empire’s transportation services. Based on current contracts, this settlement amendment is estimated to decrease Empire’s revenues on a yearly basis by approximately $0.5 million with new rates effective November 1, 2025. Under the amendment, Empire may not file a new rate case before April 30, 2027, and is required to file a rate case by May 31, 2031.

    Gathering Segment

    The Gathering segment’s operations are carried out by National Fuel Gas Midstream Company, LLC’s limited liability companies. The Gathering segment constructs, owns and operates natural gas gathering pipelines and compression facilities in the Appalachian region, which delivers Seneca and other non-affiliated Appalachian production to the interstate pipeline system.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 26,342     $ 28,706     $ (2,364 )
    Premiums paid on early redemption of debt, net of tax   698       —       698  
    Adjusted Operating Results $ 27,040     $ 28,706     $ (1,666 )
               
    Adjusted EBITDA $ 52,748     $ 53,103     $ (355 )
                           

    The Gathering segment’s second quarter GAAP earnings decreased $2.4 million versus the prior year as higher operating revenues were more than offset by higher O&M and DD&A expense. GAAP earnings also included a $0.7 million after-tax loss recognized during the quarter on the early redemption of long-term debt for Gathering’s share of premiums paid by the Company associated with its long-term debt redemptions.

    Operating revenues increased $1.0 million, or 2%, primarily due to an increase in throughput from Seneca’s new wells in Tioga County. While O&M expense increased $1.5 million, the per unit rate of $0.09 per Mcf remained unchanged. DD&A expense increased $1.2 million primarily due to higher average depreciable plant in service compared to the prior year.

    Downstream Business

    Utility Segment

    The Utility segment operations are carried out by National Fuel Gas Distribution Corporation (“Distribution Corporation”), which sells or transports natural gas to customers located in western New York and northwestern Pennsylvania.

      Three Months Ended
      March 31,
    (in thousands)   2025       2024     Variance
    GAAP Earnings $ 63,544     $ 44,739     $ 18,805  
               
    Adjusted EBITDA $ 95,270     $ 78,326     $ 16,944  
                           

    The Utility segment’s second quarter GAAP earnings increased $18.8 million, or 42%, primarily as a result of the implementation of the recently approved rate case settlement in the Utility’s New York jurisdiction, which became effective October 1, 2024.

    For the quarter, customer margin (operating revenues less purchased gas sold) increased $22.2 million, primarily due to the New York rate case settlement. Other income increased $10.8 million, largely due to the New York rate settlement, which required the recognition of non-service pension and post-retirement benefit income and a corresponding reduction in new base rates, resulting in no effect on net income.

    O&M expense increased by $4.2 million, primarily driven by higher personnel costs, partially offset by a reduction related to amortizations of certain regulatory assets as a result of the New York rate settlement. Further, interest expense increased $2.4 million primarily due to a higher average amount of net borrowings.

    Corporate and All Other

    The Company’s operations that are included in Corporate and All Other generated a combined net loss of $3.1 million in the current year second quarter, compared to combined earnings of less than $0.1 million in the prior year. The reduction in earnings during the second quarter was primarily driven by higher interest expense due to a higher average amount of net borrowings. A decrease in investment income on marketable securities and corporate-owned life insurance policies also contributed to the earnings reduction.

    EARNINGS TELECONFERENCE

    A conference call to discuss the results will be held on Thursday, May 1, 2025, at 9 a.m. ET. All participants must pre-register to join this conference using the Participant Registration link. A webcast link to the conference call will be provided under the Events Calendar on the NFG Investor Relations website at investor.nationalfuelgas.com. A replay will be available following the call through the end of the day, Thursday, May 8, 2025. To access the replay, dial 1-866-813-9403 and provide Access Code 458634.

    National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

    Certain statements contained herein, including statements identified by the use of the words “anticipates,” “estimates,” “expects,” “forecasts,” “intends,” “plans,” “predicts,” “projects,” “believes,” “seeks,” “will,” “may” and similar expressions, and statements which are other than statements of historical facts, are “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve risks and uncertainties, which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. The Company’s expectations, beliefs and projections contained herein are expressed in good faith and are believed to have a reasonable basis, but there can be no assurance that such expectations, beliefs or projections will result or be achieved or accomplished. In addition to other factors, the following are important factors that could cause actual results to differ materially from those discussed in the forward-looking statements: changes in laws, regulations or judicial interpretations to which the Company is subject, including those involving derivatives, taxes, safety, employment, climate change, other environmental matters, real property, and exploration and production activities such as hydraulic fracturing; governmental/regulatory actions, initiatives and proceedings, including those involving rate cases (which address, among other things, target rates of return, rate design, retained natural gas and system modernization), environmental/safety requirements, affiliate relationships, industry structure, and franchise renewal; changes in economic conditions, including the imposition of additional tariffs on U.S. imports and related retaliatory tariffs, inflationary pressures, supply chain issues, liquidity challenges, and global, national or regional recessions, and their effect on the demand for, and customers’ ability to pay for, the Company’s products and services; the Company’s ability to estimate accurately the time and resources necessary to meet emissions targets; governmental/regulatory actions and/or market pressures to reduce or eliminate reliance on natural gas; impairments under the SEC’s full cost ceiling test for natural gas reserves; changes in the price of natural gas; the creditworthiness or performance of the Company’s key suppliers, customers and counterparties; financial and economic conditions, including the availability of credit, and occurrences affecting the Company’s ability to obtain financing on acceptable terms for working capital, capital expenditures and other investments, including any downgrades in the Company’s credit ratings and changes in interest rates and other capital market conditions; changes in price differentials between similar quantities of natural gas sold at different geographic locations, and the effect of such changes on commodity production, revenues and demand for pipeline transportation capacity to or from such locations; the impact of information technology disruptions, cybersecurity or data security breaches, including the impact of issues that may arise from the use of artificial intelligence technologies; factors affecting the Company’s ability to successfully identify, drill for and produce economically viable natural gas reserves, including among others geology, lease availability and costs, title disputes, weather conditions, water availability and disposal or recycling opportunities of used water, shortages, delays or unavailability of equipment and services required in drilling operations, insufficient gathering, processing and transportation capacity, the need to obtain governmental approvals and permits, and compliance with environmental laws and regulations; the Company’s ability to complete strategic transactions; increased costs or delays or changes in plans with respect to Company projects or related projects of other companies, as well as difficulties or delays in obtaining necessary governmental approvals, permits or orders or in obtaining the cooperation of interconnecting facility operators; increasing health care costs and the resulting effect on health insurance premiums and on the obligation to provide other post-retirement benefits; other changes in price differentials between similar quantities of natural gas having different quality, heating value, hydrocarbon mix or delivery date; the cost and effects of legal and administrative claims against the Company or activist shareholder campaigns to effect changes at the Company; negotiations with the collective bargaining units representing the Company’s workforce, including potential work stoppages during negotiations; uncertainty of natural gas reserve estimates; significant differences between the Company’s projected and actual production levels for natural gas; changes in demographic patterns and weather conditions (including those related to climate change); changes in the availability, price or accounting treatment of derivative financial instruments; changes in laws, actuarial assumptions, the interest rate environment and the return on plan/trust assets related to the Company’s pension and other post-retirement benefits, which can affect future funding obligations and costs and plan liabilities; economic disruptions or uninsured losses resulting from major accidents, fires, severe weather, natural disasters, terrorist activities or acts of war, as well as economic and operational disruptions due to third-party outages; significant differences between the Company’s projected and actual capital expenditures and operating expenses; or increasing costs of insurance, changes in coverage and the ability to obtain insurance. The Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date thereof.

    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    GUIDANCE SUMMARY
     

    As discussed on page 2, the Company is revising its adjusted earnings per share guidance for fiscal 2025. Additional details on the Company’s forecast assumptions and business segment guidance are outlined in the table below.

    The revised adjusted earnings per share guidance range excludes certain items that impacted the comparability of adjusted operating results during the six months ended March 31, 2025, including: (1) the after tax impairment of assets, which reduced earnings by $1.14 per share; (2) after-tax premiums paid on early redemptions of debt, which reduced earnings by $0.02 per share; (3) after-tax unrealized losses on a derivative asset, which reduced earnings by $0.01 per share; and (4) after-tax unrealized losses on other investments, which reduced earnings by $0.02 per share. While the Company expects to record certain adjustments to unrealized gain or loss on a derivative asset and unrealized gain or loss on investments during the remaining six months ending September 30, 2025, the amounts of these and other potential adjustments are not reasonably determinable at this time. As such, the Company is unable to provide earnings guidance other than on a non-GAAP basis.

      Previous FY 2025 Guidance   Updated FY 2025 Guidance
           
    Consolidated Adjusted Earnings per Share $6.50 to $7.00   $6.75 to $7.05
    Consolidated Effective Tax Rate ~ 25%   ~ 25%
           
    Capital Expenditures (Millions)      
    Exploration and Production $495 – $515   $495 – $515
    Pipeline and Storage $130 – $150   $130 – $150
    Gathering $95 – $110   $95 – $110
    Utility $165 – $185   $165 – $185
    Consolidated Capital Expenditures $885 – $960   $885 – $960
           
    Exploration and Production Segment Guidance      
           
    Commodity Price Assumptions (remaining six months)      
    NYMEX natural gas price $3.50 /MMBtu   $3.50 /MMBtu
    Appalachian basin spot price $2.90 /MMBtu   $2.60 /MMBtu
    Realized natural gas prices, after hedging ($/Mcf) $2.77 – $2.81   $2.72 – $2.76
           
    Production (Bcf) 410 to 425   415 to 425
           
    E&P Operating Costs($/Mcf)      
    LOE $0.68 – $0.70   $0.68 – $0.69
    G&A $0.18 – $0.19   $0.18 – $0.19
    DD&A $0.63 – $0.67   $0.63 – $0.65
           
    Other Business Segment Guidance(Millions)      
    Gathering Segment Revenues $250 – $260   $250 – $260
    Pipeline and Storage Segment Revenues $415 – $435   $415 – $435
           
    Utility Segment Guidance(Millions)      
    Customer Margin* $445 – $465   $445 – $465
    O&M Expense $240 – $250   $240 – $245
    Non-Service Pension & OPEB Income $23 – $27   $23 – $27
           
    * Customer Margin is defined as Operating Revenues less Purchased Gas Expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
    QUARTER ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
    (Thousands of Dollars) Production   Storage   Gathering   Utility   All Other   Consolidated*
                           
    Second quarter 2024 GAAP earnings $ 62,065     $ 30,737     $ 28,706     $ 44,739     $ 25     $ 166,272  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset   (536 )                     (536 )
    Tax impact of unrealized (gain) loss on derivative asset   147                       147  
    Unrealized (gain) loss on other investments                   (769 )     (769 )
    Tax impact of unrealized (gain) loss on other investments                   162       162  
    Second quarter 2024 adjusted operating results   61,676       30,737       28,706       44,739       (582 )     165,276  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   5,322                       5,322  
    Higher (lower) realized natural gas prices, after hedging   31,956                       31,956  
    Midstream Revenues                      
    Higher (lower) operating revenues       1,227       819               2,046  
    Downstream Margins***                      
    Impact of usage and weather               3,011           3,011  
    Impact of new rates in New York               14,577           14,577  
    Higher (lower) other operating revenues               (924 )         (924 )
    Operating Expenses                      
    Lower (higher) lease operating and transportation expenses   (1,196 )                     (1,196 )
    Lower (higher) operating expenses   (1,855 )     (1,248 )     (1,168 )     (3,330 )         (7,601 )
    Lower (higher) property, franchise and other taxes   (948 )                     (948 )
    Lower (higher) depreciation / depletion   6,973       745       (966 )     (685 )         6,067  
    Other Income (Expense)                      
    Higher (lower) other income               8,545       612       9,157  
    (Higher) lower interest expense       331       (891 )     (1,895 )     (2,902 )     (5,357 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (2,331 )     241       463       (545 )     (159 )     (2,331 )
    All other / rounding   (479 )     (326 )     77       51       (45 )     (722 )
    Second quarter 2025 adjusted operating results   99,118       31,707       27,040       63,544       (3,076 )     218,333  
    Items impacting comparability:                      
    Premiums paid on early redemption of debt   (1,430 )         (955 )             (2,385 )
    Tax impact of premiums paid on early redemption of debt   385           257               642  
    Unrealized gain (loss) on derivative asset   (335 )                     (335 )
    Tax impact of unrealized gain (loss) on derivative asset   90                       90  
    Unrealized gain (loss) on other investments                   17       17  
    Tax impact of unrealized gain (loss) on other investments                   (4 )     (4 )
    Second quarter 2025 GAAP earnings $ 97,828     $ 31,707     $ 26,342     $ 63,544     $ (3,063 )   $ 216,358  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
    QUARTER ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
      Production   Storage   Gathering   Utility   All Other   Consolidated*
                           
    Second quarter 2024 GAAP earnings per share $ 0.67     $ 0.33     $ 0.31     $ 0.48     $ 0.01     $ 1.80  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset, net of tax   —                       —  
    Unrealized (gain) loss on other investments, net of tax                   (0.01 )     (0.01 )
    Second quarter 2024 adjusted operating results per share   0.67       0.33       0.31       0.48       —       1.79  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   0.06                       0.06  
    Higher (lower) realized natural gas prices, after hedging   0.35                       0.35  
    Midstream Revenues                      
    Higher (lower) operating revenues       0.01       0.01               0.02  
    Downstream Margins***                      
    Impact of usage and weather               0.03           0.03  
    Impact of new rates in New York               0.16           0.16  
    Higher (lower) other operating revenues               (0.01 )         (0.01 )
    Operating Expenses                      
    Lower (higher) lease operating and transportation expenses   (0.01 )                     (0.01 )
    Lower (higher) operating expenses   (0.02 )     (0.01 )     (0.01 )     (0.04 )         (0.08 )
    Lower (higher) property, franchise and other taxes   (0.01 )                     (0.01 )
    Lower (higher) depreciation / depletion   0.09       0.01       (0.01 )     (0.01 )         0.08  
    Other Income (Expense)                      
    Higher (lower) other income               0.09       0.01       0.10  
    (Higher) lower interest expense       —       (0.01 )     (0.02 )     (0.03 )     (0.06 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (0.03 )     —       0.01       (0.01 )     —       (0.03 )
    All other / rounding   (0.02 )     0.01       —       0.03       (0.02 )     —  
    Second quarter 2025 adjusted operating results per share   1.08       0.35       0.30       0.70       (0.04 )     2.39  
    Items impacting comparability:                      
    Premiums paid on early redemption of debt, net of tax   (0.01 )         (0.01 )             (0.02 )
    Unrealized gain (loss) on derivative asset, net of tax   —                       —  
    Unrealized gain (loss) on other investments, net of tax                   —       —  
    Second quarter 2025 GAAP earnings per share $ 1.07     $ 0.35     $ 0.29     $ 0.70     $ (0.04 )   $ 2.37  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS
    SIX MONTHS ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
    (Thousands of Dollars) Production   Storage   Gathering   Utility   All Other   Consolidated*
    Six months ended March 31, 2024 GAAP earnings $ 114,548     $ 54,792     $ 57,531     $ 71,289     $ 1,132     $ 299,292  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset   3,662                       3,662  
    Tax impact of unrealized (gain) loss on derivative asset   (1,004 )                     (1,004 )
    Unrealized (gain) loss on other investments                   (1,818 )     (1,818 )
    Tax impact of unrealized (gain) loss on other investments                   382       382  
    Six months ended March 31, 2024 adjusted operating results   117,206       54,792       57,531       71,289       (304 )     300,514  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   (817 )                     (817 )
    Higher (lower) realized natural gas prices, after hedging   33,964                       33,964  
    Midstream Revenues                      
    Higher (lower) operating revenues       10,865       (332 )             10,533  
    Downstream Margins***                      
    Impact of usage and weather               2,685           2,685  
    Impact of new rates in New York               22,442           22,442  
    Higher (lower) other operating revenues               (1,364 )         (1,364 )
    Operating Expenses                      
    Lower (higher) operating expenses   (1,742 )     (2,105 )     (1,108 )     (4,575 )         (9,530 )
    Lower (higher) property, franchise and other taxes   (746 )                     (746 )
    Lower (higher) depreciation / depletion   13,816       452       (1,802 )     (1,309 )         11,157  
    Other Income (Expense)                      
    Higher (lower) other income   (1,888 )     (603 )         11,720       2,300       11,529  
    (Higher) lower interest expense       328       (1,271 )     (3,679 )     (3,165 )     (7,787 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (2,338 )     (246 )     905       (1,128 )     43       (2,764 )
    All other / rounding   (226 )     679       262       (38 )     (219 )     458  
    Six months ended March 31, 2025 adjusted operating results   157,229       64,162       54,185       96,043       (1,345 )     370,274  
    Items impacting comparability:                      
    Impairment of assets   (141,802 )                     (141,802 )
    Tax impact of impairment of assets   37,169                       37,169  
    Premiums paid on early redemption of debt   (1,430 )         (955 )             (2,385 )
    Tax impact of premiums paid on early redemption of debt   385           257               642  
    Unrealized gain (loss) on derivative asset   (684 )                     (684 )
    Tax impact of unrealized gain (loss) on derivative asset   184                       184  
    Unrealized gain (loss) on other investments                   (2,600 )     (2,600 )
    Tax impact of unrealized gain (loss) on other investments                   546       546  
    Six months ended March 31, 2025 GAAP earnings $ 51,051     $ 64,162     $ 53,487     $ 96,043     $ (3,399 )   $ 261,344  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    RECONCILIATION OF CURRENT AND PRIOR YEAR GAAP EARNINGS PER SHARE
    SIX MONTHS ENDED MARCH 31, 2025
    (Unaudited)
                           
      Upstream   Midstream   Downstream        
                           
      Exploration &   Pipeline &           Corporate /    
      Production   Storage   Gathering   Utility   All Other   Consolidated*
    Six months ended March 31, 2024 GAAP earnings per share $ 1.24     $ 0.59     $ 0.62     $ 0.77     $ 0.02     $ 3.24  
    Items impacting comparability:                      
    Unrealized (gain) loss on derivative asset, net of tax   0.03                       0.03  
    Unrealized (gain) loss on other investments, net of tax                   (0.02 )     (0.02 )
    Six months ended March 31, 2024 adjusted operating results per share   1.27       0.59       0.62       0.77       —       3.25  
    Drivers of adjusted operating results**                      
    Upstream Revenues                      
    Higher (lower) natural gas production   (0.01 )                     (0.01 )
    Higher (lower) realized natural gas prices, after hedging   0.37                       0.37  
    Midstream Revenues                      
    Higher (lower) operating revenues       0.12       —               0.12  
    Downstream Margins***                      
    Impact of usage and weather               0.03           0.03  
    Impact of new rates in New York               0.25           0.25  
    Higher (lower) other operating revenues               (0.01 )         (0.01 )
    Operating Expenses                      
    Lower (higher) operating expenses   (0.02 )     (0.02 )     (0.01 )     (0.05 )         (0.10 )
    Lower (higher) property, franchise and other taxes   (0.01 )                     (0.01 )
    Lower (higher) depreciation / depletion   0.15       —       (0.02 )     (0.01 )         0.12  
    Other Income (Expense)                      
    Higher (lower) other income   (0.02 )     (0.01 )         0.13       0.03       0.13  
    (Higher) lower interest expense       —       (0.01 )     (0.04 )     (0.03 )     (0.08 )
    Income Taxes                      
    Lower (higher) income tax expense / effective tax rate   (0.03 )     —       0.01       (0.01 )     —       (0.03 )
    All other / rounding   0.02       0.02       0.01       (0.01 )     (0.01 )     0.03  
    Six months ended March 31, 2025 adjusted operating results per share   1.72       0.70       0.60       1.05       (0.01 )     4.06  
    Items impacting comparability:                      
    Impairment of assets, net of tax   (1.14 )                     (1.14 )
    Premiums paid on early redemption of debt, net of tax   (0.01 )         (0.01 )             (0.02 )
    Unrealized gain (loss) on derivative asset, net of tax   (0.01 )                     (0.01 )
    Unrealized gain (loss) on other investments, net of tax                   (0.02 )     (0.02 )
    Rounding                   (0.01 )     (0.01 )
    Six months ended March 31, 2025 GAAP earnings per share $ 0.56     $ 0.70     $ 0.59     $ 1.05     $ (0.04 )   $ 2.86  
                           
    * Amounts do not reflect intercompany eliminations.                      
    ** Drivers of adjusted operating results have been calculated using the 21% federal statutory rate.
    *** Downstream margin defined as operating revenues less purchased gas expense.
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                   
    (Thousands of Dollars, except per share amounts)              
      Three Months Ended   Six Months Ended
      March 31,   March 31,
      (Unaudited)   (Unaudited)
    SUMMARY OF OPERATIONS   2025       2024       2025       2024  
    Operating Revenues:              
    Utility Revenues $ 343,574     $ 290,198     $ 571,998     $ 492,119  
    Exploration and Production and Other Revenues   311,958       264,614       560,818       518,633  
    Pipeline and Storage and Gathering Revenues   74,418       75,127       146,616       144,549  
        729,950       629,939       1,279,432       1,155,301  
    Operating Expenses:              
    Purchased Gas   135,338       105,940       200,675       162,491  
    Operation and Maintenance:              
    Utility   63,447       59,288       118,691       112,993  
    Exploration and Production and Other   35,059       32,794       68,600       67,620  
    Pipeline and Storage and Gathering   42,363       39,340       78,304       74,303  
    Property, Franchise and Other Taxes   25,214       23,019       47,270       45,434  
    Depreciation, Depletion and Amortization   111,277       118,935       220,647       234,725  
    Impairment of Assets   —       —       141,802       —  
        412,698       379,316       875,989       697,566  
                   
    Operating Income   317,252       250,623       403,443       457,735  
                   
    Other Income (Expense):              
    Other Income (Deductions)   15,232       6,070       22,952       9,801  
    Interest Expense on Long-Term Debt   (39,662 )     (28,453 )     (73,024 )     (56,915 )
    Other Interest Expense   (5,095 )     (6,636 )     (9,476 )     (12,910 )
                   
    Income Before Income Taxes   287,727       221,604       343,895       397,711  
                   
    Income Tax Expense   71,369       55,332       82,551       98,419  
                   
    Net Income Available for Common Stock $ 216,358     $ 166,272     $ 261,344     $ 299,292  
                   
    Earnings Per Common Share              
    Basic $ 2.39     $ 1.81     $ 2.88     $ 3.25  
    Diluted $ 2.37     $ 1.80     $ 2.86     $ 3.24  
                   
    Weighted Average Common Shares:              
    Used in Basic Calculation   90,500,162       92,114,415       90,640,333       92,011,772  
    Used in Diluted Calculation   91,176,327       92,512,447       91,312,334       92,478,604  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    CONSOLIDATED BALANCE SHEETS
    (Unaudited)
       
      March 31,   September 30,
    (Thousands of Dollars)   2025       2024  
    ASSETS      
    Property, Plant and Equipment $ 14,834,817     $ 14,524,798  
    Less – Accumulated Depreciation, Depletion and Amortization   7,487,618       7,185,593  
    Net Property, Plant and Equipment   7,347,199       7,339,205  
    Current Assets:      
    Cash and Temporary Cash Investments   39,954       38,222  
    Cash Held in Trust for Bondholders   51,352       —  
    Receivables – Net   291,132       127,222  
    Unbilled Revenue   49,077       15,521  
    Gas Stored Underground   6,413       35,055  
    Materials and Supplies – at average cost   48,451       47,670  
    Unrecovered Purchased Gas Costs   3,562       —  
    Other Current Assets   78,532       92,229  
    Total Current Assets   568,473       355,919  
    Other Assets:      
    Recoverable Future Taxes   88,623       80,084  
    Unamortized Debt Expense   7,166       5,604  
    Other Regulatory Assets   118,800       108,022  
    Deferred Charges   69,572       69,662  
    Other Investments   71,958       81,705  
    Goodwill   5,476       5,476  
    Prepaid Pension and Post-Retirement Benefit Costs   194,325       180,230  
    Fair Value of Derivative Financial Instruments   45       87,905  
    Other   8,326       5,958  
    Total Other Assets   564,291       624,646  
    Total Assets $ 8,479,963     $ 8,319,770  
    CAPITALIZATION AND LIABILITIES      
    Capitalization:      
    Comprehensive Shareholders’ Equity      
    Common Stock, $1 Par Value Authorized – 200,000,000 Shares; Issued and      
    Outstanding – 90,397,698 Shares and 91,005,993 Shares, Respectively $ 90,398     $ 91,006  
    Paid in Capital   1,042,822       1,045,487  
    Earnings Reinvested in the Business   1,855,366       1,727,326  
    Accumulated Other Comprehensive Loss   (222,975 )     (15,476 )
    Total Comprehensive Shareholders’ Equity   2,765,611       2,848,343  
    Long-Term Debt, Net of Current Portion and Unamortized Discount and Debt Issuance Costs   2,381,126       2,188,243  
    Total Capitalization   5,146,737       5,036,586  
    Current and Accrued Liabilities:      
    Notes Payable to Banks and Commercial Paper   208,400       90,700  
    Current Portion of Long-Term Debt   350,000       500,000  
    Accounts Payable   127,611       165,068  
    Amounts Payable to Customers   34,393       42,720  
    Dividends Payable   46,555       46,872  
    Interest Payable on Long-Term Debt   19,454       27,247  
    Customer Advances   —       19,373  
    Customer Security Deposits   30,358       36,265  
    Other Accruals and Current Liabilities   184,925       162,903  
    Fair Value of Derivative Financial Instruments   201,464       4,744  
    Total Current and Accrued Liabilities   1,203,160       1,095,892  
    Other Liabilities:      
    Deferred Income Taxes   1,072,436       1,111,165  
    Taxes Refundable to Customers   302,293       305,645  
    Cost of Removal Regulatory Liability   300,256       292,477  
    Other Regulatory Liabilities   140,828       151,452  
    Other Post-Retirement Liabilities   3,404       3,511  
    Asset Retirement Obligations   193,802       203,006  
    Other Liabilities   117,047       120,036  
    Total Other Liabilities   2,130,066       2,187,292  
    Commitments and Contingencies   —       —  
    Total Capitalization and Liabilities $ 8,479,963     $ 8,319,770  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
      Six Months Ended
      March 31,
    (Thousands of Dollars)   2025       2024  
           
    Operating Activities:      
    Net Income Available for Common Stock $ 261,344     $ 299,292  
    Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:      
    Impairment of Assets   141,802       —  
    Depreciation, Depletion and Amortization   220,647       234,725  
    Deferred Income Taxes   25,787       65,187  
    Premiums Paid on Early Redemption of Debt   2,385       —  
    Stock-Based Compensation   10,487       10,477  
    Other   14,317       11,874  
    Change in:      
    Receivables and Unbilled Revenue   (197,553 )     (50,123 )
    Gas Stored Underground and Materials and Supplies   27,861       25,675  
    Unrecovered Purchased Gas Costs   (3,562 )     —  
    Other Current Assets   13,737       15,201  
    Accounts Payable   17,322       (15,641 )
    Amounts Payable to Customers   (8,327 )     13,327  
    Customer Advances   (19,373 )     (21,003 )
    Customer Security Deposits   (5,907 )     1,836  
    Other Accruals and Current Liabilities   21,528       26,927  
    Other Assets   (20,282 )     (22,165 )
    Other Liabilities   (28,343 )     (9,328 )
    Net Cash Provided by Operating Activities $ 473,870     $ 586,261  
           
    Investing Activities:      
    Capital Expenditures $ (434,260 )   $ (481,958 )
    Other   8,881       (1,189 )
    Net Cash Used in Investing Activities $ (425,379 )   $ (483,147 )
           
    Financing Activities:      
    Changes in Notes Payable to Banks and Commercial Paper   117,700       (8,600 )
    Shares Repurchased Under Repurchase Plan   (50,471 )     (4,230 )
    Reduction of Long-Term Debt   (954,086 )     —  
    Net Proceeds From Issuance of Long-Term Debt   989,019       —  
    Dividends Paid on Common Stock   (93,543 )     (91,048 )
    Net Repurchases of Common Stock Under Stock and Benefit Plans   (4,026 )     (3,914 )
    Net Cash Provided by (Used in) Financing Activities $ 4,593     $ (107,792 )
           
    Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash   53,084       (4,678 )
    Cash, Cash Equivalents, and Restricted Cash at Beginning of Period   38,222       55,447  
    Cash, Cash Equivalents, and Restricted Cash at March 31 $ 91,306     $ 50,769  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    UPSTREAM BUSINESS
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    EXPLORATION AND PRODUCTION SEGMENT   2025       2024     Variance     2025       2024     Variance
    Total Operating Revenues $ 311,958     $ 264,614     $ 47,344     $ 560,818     $ 518,633     $ 42,185  
    Operating Expenses:                  
    Operation and Maintenance:                  
    General and Administrative Expense   18,847       17,165       1,682       38,173       34,958       3,215  
    Lease Operating and Transportation Expense   71,176       69,662       1,514       136,816       136,736       80  
    All Other Operation and Maintenance Expense   3,310       2,644       666       7,178       8,188       (1,010 )
    Property, Franchise and Other Taxes   4,275       3,075       1,200       7,657       6,713       944  
    Depreciation, Depletion and Amortization   64,622       73,448       (8,826 )     127,925       145,413       (17,488 )
    Impairment of Assets   —       —       —       141,802       —       141,802  
        162,230       165,994       (3,764 )     459,551       332,008       127,543  
                       
    Operating Income   149,728       98,620       51,108       101,267       186,625       (85,358 )
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   37       100       (63 )     74       201       (127 )
    Interest and Other Income (Deductions)   101       1,170       (1,069 )     373       (342 )     715  
    Interest Expense on Long-Term Debt   (1,949 )     —       (1,949 )     (1,949 )     —       (1,949 )
    Other Interest Expense   (15,091 )     (15,108 )     17       (30,291 )     (30,377 )     86  
    Income Before Income Taxes   132,826       84,782       48,044       69,474       156,107       (86,633 )
    Income Tax Expense   34,998       22,717       12,281       18,423       41,559       (23,136 )
    Net Income $ 97,828     $ 62,065     $ 35,763     $ 51,051     $ 114,548     $ (63,497 )
    Net Income Per Share (Diluted) $ 1.07     $ 0.67     $ 0.40     $ 0.56     $ 1.24     $ (0.68 )
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    MIDSTREAM BUSINESSES
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    PIPELINE AND STORAGE SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 71,185     $ 71,210     $ (25 )   $ 139,935     $ 136,036     $ 3,899  
    Intersegment Revenues   38,388       36,810       1,578       76,251       66,397       9,854  
    Total Operating Revenues   109,573       108,020       1,553       216,186       202,433       13,753  
    Operating Expenses:                  
    Purchased Gas   162       325       (163 )     121       926       (805 )
    Operation and Maintenance   30,642       29,062       1,580       57,677       55,013       2,664  
    Property, Franchise and Other Taxes   8,600       8,600       —       17,266       17,320       (54 )
    Depreciation, Depletion and Amortization   18,547       19,490       (943 )     37,132       37,704       (572 )
        57,951       57,477       474       112,196       110,963       1,233  
                       
    Operating Income   51,622       50,543       1,079       103,990       91,470       12,520  
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   952       1,257       (305 )     1,905       2,515       (610 )
    Interest and Other Income   1,794       2,046       (252 )     3,833       3,978       (145 )
    Interest Expense   (11,700 )     (12,119 )     419       (23,428 )     (23,843 )     415  
    Income Before Income Taxes   42,668       41,727       941       86,300       74,120       12,180  
    Income Tax Expense   10,961       10,990       (29 )     22,138       19,328       2,810  
    Net Income $ 31,707     $ 30,737     $ 970     $ 64,162     $ 54,792     $ 9,370  
    Net Income Per Share (Diluted) $ 0.35     $ 0.33     $ 0.02     $ 0.70     $ 0.59     $ 0.11  
                       
                       
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    GATHERING SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 3,233     $ 3,917     $ (684 )   $ 6,681     $ 8,513     $ (1,832 )
    Intersegment Revenues   61,797       60,076       1,721       119,480       118,068       1,412  
    Total Operating Revenues   65,030       63,993       1,037       126,161       126,581       (420 )
    Operating Expenses:                  
    Operation and Maintenance   12,275       10,796       1,479       21,703       20,300       1,403  
    Property, Franchise and Other Taxes   7       94       (87 )     (227 )     117       (344 )
    Depreciation, Depletion and Amortization   10,834       9,611       1,223       21,349       19,068       2,281  
        23,116       20,501       2,615       42,825       39,485       3,340  
                       
    Operating Income   41,914       43,492       (1,578 )     83,336       87,096       (3,760 )
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit (Costs)   —       9       (9 )     (1 )     19       (20 )
    Interest and Other Income   93       72       21       152       143       9  
    Interest Expense on Long-Term Debt   (1,334 )     —       (1,334 )     (1,334 )     —       (1,334 )
    Other Interest Expense   (4,450 )     (3,701 )     (749 )     (8,661 )     (7,431 )     (1,230 )
    Income Before Income Taxes   36,223       39,872       (3,649 )     73,492       79,827       (6,335 )
    Income Tax Expense   9,881       11,166       (1,285 )     20,005       22,296       (2,291 )
    Net Income $ 26,342     $ 28,706     $ (2,364 )   $ 53,487     $ 57,531     $ (4,044 )
    Net Income Per Share (Diluted) $ 0.29     $ 0.31     $ (0.02 )   $ 0.59     $ 0.62     $ (0.03 )
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                       
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
    DOWNSTREAM BUSINESS
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    UTILITY SEGMENT   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ 343,574     $ 290,198     $ 53,376     $ 571,998     $ 492,119     $ 79,879  
    Intersegment Revenues   119       306       (187 )     203       393       (190 )
    Total Operating Revenues   343,693       290,504       53,189       572,201       492,512       79,689  
    Operating Expenses:                  
    Purchased Gas   171,777       140,836       30,941       273,249       224,886       48,363  
    Operation and Maintenance   64,444       60,229       4,215       120,704       114,913       5,791  
    Property, Franchise and Other Taxes   12,202       11,113       1,089       22,313       21,019       1,294  
    Depreciation, Depletion and Amortization   17,135       16,268       867       33,962       32,305       1,657  
        265,558       228,446       37,112       450,228       393,123       57,105  
                       
    Operating Income   78,135       62,058       16,077       121,973       99,389       22,584  
                       
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Credit   12,299       857       11,442       18,170       1,327       16,843  
    Interest and Other Income   714       1,340       (626 )     1,242       3,250       (2,008 )
    Interest Expense   (10,927 )     (8,528 )     (2,399 )     (21,643 )     (16,986 )     (4,657 )
    Income Before Income Taxes   80,221       55,727       24,494       119,742       86,980       32,762  
    Income Tax Expense   16,677       10,988       5,689       23,699       15,691       8,008  
    Net Income $ 63,544     $ 44,739     $ 18,805     $ 96,043     $ 71,289     $ 24,754  
    Net Income Per Share (Diluted) $ 0.70     $ 0.48     $ 0.22     $ 1.05     $ 0.77     $ 0.28  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    SEGMENT OPERATING RESULTS AND STATISTICS
    (UNAUDITED)
                       
      Three Months Ended   Six Months Ended
    (Thousands of Dollars, except per share amounts) March 31,   March 31,
    ALL OTHER   2025       2024     Variance     2025       2024     Variance
    Total Operating Revenues $ —     $ —     $ —     $ —     $ —     $ —  
    Operating Expenses:                  
    Operation and Maintenance   —       —       —       —       —       —  
        —       —       —       —       —       —  
                       
    Operating Income   —       —       —       —       —       —  
    Other Income (Expense):                  
    Interest and Other Income (Deductions)   (222 )     (41 )     (181 )     (358 )     (119 )     (239 )
    Interest Expense   (131 )     (84 )     (47 )     (248 )     (165 )     (83 )
    Loss before Income Taxes   (353 )     (125 )     (228 )     (606 )     (284 )     (322 )
    Income Tax Benefit   (82 )     (29 )     (53 )     (141 )     (67 )     (74 )
    Net Loss $ (271 )   $ (96 )   $ (175 )   $ (465 )   $ (217 )   $ (248 )
    Net Loss Per Share (Diluted) $ —     $ —     $ —     $ (0.01 )   $ —     $ (0.01 )
               
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    CORPORATE   2025       2024     Variance     2025       2024     Variance
    Revenues from External Customers $ —     $ —     $ —     $ —     $ —     $ —  
    Intersegment Revenues   1,341       1,286       55       2,683       2,571       112  
    Total Operating Revenues   1,341       1,286       55       2,683       2,571       112  
    Operating Expenses:                  
    Operation and Maintenance   5,219       5,121       98       9,266       8,916       350  
    Property, Franchise and Other Taxes   130       137       (7 )     261       265       (4 )
    Depreciation, Depletion and Amortization   139       118       21       279       235       44  
        5,488       5,376       112       9,806       9,416       390  
                       
    Operating Loss   (4,147 )     (4,090 )     (57 )     (7,123 )     (6,845 )     (278 )
    Other Income (Expense):                  
    Non-Service Pension and Post-Retirement Benefit Costs   (212 )     (387 )     175       (423 )     (774 )     351  
    Interest and Other Income   41,785       40,234       1,551       82,846       81,262       1,584  
    Interest Expense on Long-Term Debt   (36,379 )     (28,453 )     (7,926 )     (69,741 )     (56,915 )     (12,826 )
    Other Interest Expense   (4,905 )     (7,683 )     2,778       (10,066 )     (15,767 )     5,701  
    Income (Loss) before Income Taxes   (3,858 )     (379 )     (3,479 )     (4,507 )     961       (5,468 )
    Income Tax Benefit   (1,066 )     (500 )     (566 )     (1,573 )     (388 )     (1,185 )
    Net Income (Loss) $ (2,792 )   $ 121     $ (2,913 )   $ (2,934 )   $ 1,349     $ (4,283 )
    Net Income (Loss) Per Share (Diluted) $ (0.04 )   $ 0.01     $ (0.05 )   $ (0.03 )   $ 0.02     $ (0.05 )
                       
                       
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    INTERSEGMENT ELIMINATIONS   2025       2024     Variance     2025       2024     Variance
    Intersegment Revenues $ (101,645 )   $ (98,478 )   $ (3,167 )   $ (198,617 )   $ (187,429 )   $ (11,188 )
    Operating Expenses:                  
    Purchased Gas   (36,601 )     (35,221 )     (1,380 )     (72,695 )     (63,321 )     (9,374 )
    Operation and Maintenance   (65,044 )     (63,257 )     (1,787 )     (125,922 )     (124,108 )     (1,814 )
        (101,645 )     (98,478 )     (3,167 )     (198,617 )     (187,429 )     (11,188 )
    Operating Income   —       —       —       —       —       —  
    Other Income (Expense):                  
    Interest and Other Deductions   (42,109 )     (40,587 )     (1,522 )     (84,861 )     (81,659 )     (3,202 )
    Interest Expense   42,109       40,587       1,522       84,861       81,659       3,202  
    Net Income $ —     $ —     $ —     $ —     $ —     $ —  
    Net Income Per Share (Diluted) $ —     $ —     $ —     $ —     $ —     $ —  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    SEGMENT INFORMATION (Continued)
    (Thousands of Dollars)
                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
      (Unaudited)   (Unaudited)
              Increase           Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
                           
    Capital Expenditures:                      
    Exploration and Production $ 108,384   (1) $ 124,184   (3) $ (15,800 )   $ 230,986   (1)(2) $ 285,141   (3)(4) $ (54,155 )
    Pipeline and Storage   15,626   (1)   18,025   (3)   (2,399 )     35,417   (1)(2)   42,579   (3)(4)   (7,162 )
    Gathering   18,499   (1)   19,949   (3)   (1,450 )     31,526   (1)(2)   39,518   (3)(4)   (7,992 )
    Utility   41,867   (1)   37,741   (3)   4,126       78,298   (1)(2)   68,251   (3)(4)   10,047  
    Total Reportable Segments   184,376       199,899       (15,523 )     376,227       435,489       (59,262 )
    All Other   —       —       —       —       —       —  
    Corporate   174       121       53       378       182       196  
    Eliminations   (3,520 )     —       (3,520 )     (3,520 )     —       (3,520 )
    Total Capital Expenditures $ 181,030     $ 200,020     $ (18,990 )   $ 373,085     $ 435,671     $ (62,586 )
    (1)   Capital expenditures for the quarter and six months ended March 31, 2025, include accounts payable and accrued liabilities related to capital expenditures of $44.8 million, $2.4 million, $6.8 million, and $4.8 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts have been excluded from the Consolidated Statement of Cash Flows at March 31, 2025, since they represent non-cash investing activities at that date.
    (2)   Capital expenditures for the six months ended March 31, 2025, exclude capital expenditures of $63.3 million, $14.4 million, $21.7 million and $20.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2024 and paid during the six months ended March 31, 2025. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2024, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2025.
    (3)   Capital expenditures for the quarter and six months ended March 31, 2024, include accounts payable and accrued liabilities related to capital expenditures of $44.4 million, $5.0 million, $5.5 million, and $8.0 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were excluded from the Consolidated Statement of Cash Flows at March 31, 2024, since they represented non-cash investing activities at that date.
    (4)   Capital expenditures for the six months ended March 31, 2024, exclude capital expenditures of $43.2 million, $31.8 million, $20.6 million and $13.6 million in the Exploration and Production segment, Pipeline and Storage segment, Gathering segment and Utility segment, respectively. These amounts were in accounts payable and accrued liabilities at September 30, 2023 and paid during the six months ended March 31, 2024. These amounts were excluded from the Consolidated Statement of Cash Flows at September 30, 2023, since they represented non-cash investing activities at that date. These amounts have been included in the Consolidated Statement of Cash Flows at March 31, 2024.
         
    DEGREE DAYS                                  
                              Percent Colder
                              (Warmer) Than:
    Three Months Ended March 31,   Normal       2025       2024     Normal(1)     Last Year(1)  
    Buffalo, NY(2)   3,226       3,116       2,705       (3.4 )     15.2  
    Erie, PA   3,023       3,017       2,576       (0.2 )     17.1  
                                       
    Six Months Ended March 31,                                  
    Buffalo, NY(2)   5,352       5,000       4,563       (6.6 )     9.6  
    Erie, PA   4,917       4,714       4,240       (4.1 )     11.2  
                                       
    (1)   Percents compare actual 2025 degree days to normal degree days and actual 2025 degree days to actual 2024 degree days.
    (2)   Normal degree days changed from NOAA 30-year degree days to NOAA 15-year degree days with the implementation of new base rates in New York effective October 2024.
         
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
                           
    EXPLORATION AND PRODUCTION INFORMATION
                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
              Increase           Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
                           
    Gas Production/Prices:                      
    Production (MMcf)                      
    Appalachia   105,514       102,883       2,631       203,232       203,640       (408 )
                           
    Average Prices (Per Mcf)                      
    Weighted Average $ 3.02     $ 1.98     $ 1.04     $ 2.64     $ 2.14     $ 0.50  
    Weighted Average after Hedging $ 2.94     $ 2.56     $ 0.38     $ 2.74     $ 2.53     $ 0.21  
                           
    Selected Operating Performance Statistics:                      
    General and Administrative Expense per Mcf(1) $ 0.18     $ 0.17     $ 0.01     $ 0.19     $ 0.17     $ 0.02  
    Lease Operating and Transportation Expense per Mcf(1)(2) $ 0.67     $ 0.68     $ (0.01 )   $ 0.67     $ 0.67     $ —  
    Depreciation, Depletion and Amortization per Mcf(1) $ 0.61     $ 0.71     $ (0.10 )   $ 0.63     $ 0.71     $ (0.08 )
                           
    (1)   Refer to page 15 for the General and Administrative Expense, Lease Operating and Transportation Expense and Depreciation, Depletion, and Amortization Expense for the Exploration and Production segment.
    (2)   Amounts include transportation expense of $0.57 per Mcf for the three months ended March 31, 2025 and March 31, 2024. Amounts include transportation expense of $0.57 per Mcf for the six months ended March 31, 2025 and March 31, 2024.
         
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
     
    Pipeline and Storage Throughput – (millions of cubic feet – MMcf)            
                                           
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Firm Transportation – Affiliated   49,240       42,561       6,679       81,110       74,056       7,054  
    Firm Transportation – Non-Affiliated   185,490       179,697       5,793       356,502       348,303       8,199  
    Interruptible Transportation   454       1,271       (817 )     515       1,389       (874 )
        235,184       223,529       11,655       438,127       423,748       14,379  
                                           
    Gathering Volume – (MMcf)                                      
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Gathered Volume   129,771       125,565       4,206       250,732       249,388       1,344  
                                           
                                           
    Utility Throughput – (MMcf)                                      
      Three Months Ended   Six Months Ended
      March 31,   March 31,
                      Increase                   Increase
        2025       2024     (Decrease)     2025       2024     (Decrease)
    Retail Sales:                                      
    Residential Sales   32,111       27,063       5,048       50,587       45,045       5,542  
    Commercial Sales   5,420       4,293       1,127       8,339       7,093       1,246  
    Industrial Sales   302       190       112       501       327       174  
        37,833       31,546       6,287       59,427       52,465       6,962  
    Transportation   25,086       22,637       2,449       42,028       40,166       1,862  
        62,919       54,183       8,736       101,455       92,631       8,824  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
     

    In addition to financial measures calculated in accordance with generally accepted accounting principles (GAAP), this press release contains information regarding adjusted operating results, adjusted EBITDA and free cash flow, which are non-GAAP financial measures. The Company believes that these non-GAAP financial measures are useful to investors because they provide an alternative method for assessing the Company’s ongoing operating results or liquidity and for comparing the Company’s financial performance to other companies. The Company’s management uses these non-GAAP financial measures for the same purpose, and for planning and forecasting purposes. The presentation of non-GAAP financial measures is not meant to be a substitute for financial measures in accordance with GAAP.

    Management defines adjusted operating results as reported GAAP earnings before items impacting comparability. The following table reconciles National Fuel’s reported GAAP earnings to adjusted operating results for the three and six months ended March 31, 2025 and 2024:

      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands except per share amounts)   2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 261,344     $ 299,292  
    Items impacting comparability:              
    Impairment of assets (E&P)   —       —       141,802       —  
    Tax impact of impairment of assets   —       —       (37,169 )     —  
    Premiums paid on early redemption of debt (E&P / Midstream)   2,385       —       2,385       —  
    Tax impact of premiums paid on early redemption of debt   (642 )     —       (642 )     —  
    Unrealized (gain) loss on derivative asset (E&P)   335       (536 )     684       3,662  
    Tax impact of unrealized (gain) loss on derivative asset   (90 )     147       (184 )     (1,004 )
    Unrealized (gain) loss on other investments (Corporate / All Other)   (17 )     (769 )     2,600       (1,818 )
    Tax impact of unrealized (gain) loss on other investments   4       162       (546 )     382  
    Adjusted Operating Results $ 218,333     $ 165,276     $ 370,274     $ 300,514  
                   
    Reported GAAP Earnings Per Share $ 2.37     $ 1.80     $ 2.86     $ 3.24  
    Items impacting comparability:              
    Impairment of assets, net of tax (E&P)   —       —       1.14       —  
    Premiums paid on early redemption of debt, net of tax (E&P / Midstream)   0.02       —       0.02       —  
    Unrealized (gain) loss on derivative asset, net of tax (E&P)   —       —       0.01       0.03  
    Unrealized (gain) loss on other investments, net of tax (Corporate / All Other)   —       (0.01 )     0.02       (0.02 )
    Rounding   —       —       0.01       —  
    Adjusted Operating Results Per Share $ 2.39     $ 1.79     $ 4.06     $ 3.25  
     

    Management defines adjusted EBITDA as reported GAAP earnings before the following items: interest expense, income taxes, depreciation, depletion and amortization, other income and deductions, impairments, and other items reflected in operating income that impact comparability. The following tables reconcile National Fuel’s reported GAAP earnings to adjusted EBITDA for the three and six months ended March 31, 2025 and 2024:

      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands)   2025       2024       2025       2024  
    Reported GAAP Earnings $ 216,358     $ 166,272     $ 261,344     $ 299,292  
    Depreciation, Depletion and Amortization   111,277       118,935       220,647       234,725  
    Other (Income) Deductions   (15,232 )     (6,070 )     (22,952 )     (9,801 )
    Interest Expense   44,757       35,089       82,500       69,825  
    Income Taxes   71,369       55,332       82,551       98,419  
    Impairment of Assets   —       —       141,802       —  
    Adjusted EBITDA $ 428,529     $ 369,558     $ 765,892     $ 692,460  
                   
    Adjusted EBITDA by Segment              
    Pipeline and Storage Adjusted EBITDA $ 70,169     $ 70,033     $ 141,122     $ 129,174  
    Gathering Adjusted EBITDA   52,748       53,103       104,685       106,164  
    Total Midstream Businesses Adjusted EBITDA   122,917       123,136       245,807       235,338  
    Exploration and Production Adjusted EBITDA   214,350       172,068       370,994       332,038  
    Utility Adjusted EBITDA   95,270       78,326       155,935       131,694  
    Corporate and All Other Adjusted EBITDA   (4,008 )     (3,972 )     (6,844 )     (6,610 )
    Total Adjusted EBITDA $ 428,529     $ 369,558     $ 765,892     $ 692,460  
    NATIONAL FUEL GAS COMPANY
    AND SUBSIDIARIES
    NON-GAAP FINANCIAL MEASURES
    SEGMENT ADJUSTED EBITDA
     
      Three Months Ended   Six Months Ended
      March 31,   March 31,
    (in thousands)   2025       2024       2025       2024  
    Exploration and Production Segment              
    Reported GAAP Earnings $ 97,828     $ 62,065     $ 51,051     $ 114,548  
    Depreciation, Depletion and Amortization   64,622       73,448       127,925       145,413  
    Other (Income) Deductions   (138 )     (1,270 )     (447 )     141  
    Interest Expense   17,040       15,108       32,240       30,377  
    Income Taxes   34,998       22,717       18,423       41,559  
    Impairment of Assets   —       —       141,802       —  
    Adjusted EBITDA $ 214,350     $ 172,068     $ 370,994     $ 332,038  
                   
    Pipeline and Storage Segment              
    Reported GAAP Earnings $ 31,707     $ 30,737     $ 64,162     $ 54,792  
    Depreciation, Depletion and Amortization   18,547       19,490       37,132       37,704  
    Other (Income) Deductions   (2,746 )     (3,303 )     (5,738 )     (6,493 )
    Interest Expense   11,700       12,119       23,428       23,843  
    Income Taxes   10,961       10,990       22,138       19,328  
    Adjusted EBITDA $ 70,169     $ 70,033     $ 141,122     $ 129,174  
                   
    Gathering Segment              
    Reported GAAP Earnings $ 26,342     $ 28,706     $ 53,487     $ 57,531  
    Depreciation, Depletion and Amortization   10,834       9,611       21,349       19,068  
    Other (Income) Deductions   (93 )     (81 )     (151 )     (162 )
    Interest Expense   5,784       3,701       9,995       7,431  
    Income Taxes   9,881       11,166       20,005       22,296  
    Adjusted EBITDA $ 52,748     $ 53,103     $ 104,685     $ 106,164  
                   
    Utility Segment              
    Reported GAAP Earnings $ 63,544     $ 44,739     $ 96,043     $ 71,289  
    Depreciation, Depletion and Amortization   17,135       16,268       33,962       32,305  
    Other (Income) Deductions   (13,013 )     (2,197 )     (19,412 )     (4,577 )
    Interest Expense   10,927       8,528       21,643       16,986  
    Income Taxes   16,677       10,988       23,699       15,691  
    Adjusted EBITDA $ 95,270     $ 78,326     $ 155,935     $ 131,694  
                   
    Corporate and All Other              
    Reported GAAP Earnings $ (3,063 )   $ 25     $ (3,399 )   $ 1,132  
    Depreciation, Depletion and Amortization   139       118       279       235  
    Other (Income) Deductions   758       781       2,796       1,290  
    Interest Expense   (694 )     (4,367 )     (4,806 )     (8,812 )
    Income Taxes   (1,148 )     (529 )     (1,714 )     (455 )
    Adjusted EBITDA $ (4,008 )   $ (3,972 )   $ (6,844 )   $ (6,610 )
     

    Management defines free cash flow as net cash provided by operating activities, less net cash used in investing activities, adjusted for acquisitions and divestitures. The Company is unable to provide a reconciliation of any projected free cash flow measure to its comparable GAAP financial measure without unreasonable efforts. This is due to an inability to calculate the comparable GAAP projected metrics, including operating income and total production costs, given the unknown effect, timing, and potential significance of certain income statement items.

    The MIL Network –

    May 1, 2025
  • MIL-OSI: SEACOR Marine Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 30, 2025 (GLOBE NEWSWIRE) — SEACOR Marine Holdings Inc. (NYSE: SMHI) (the “Company” or “SEACOR Marine”), a leading provider of marine and support transportation services to offshore energy facilities worldwide, today announced results for its first quarter ended March 31, 2025.

    SEACOR Marine’s consolidated operating revenues for the first quarter of 2025 were $55.5 million, operating loss was $5.3 million, and direct vessel profit (“DVP”)(1) was $13.6 million. This compares to consolidated operating revenues of $62.8 million, operating loss of $10.6 million, and DVP of $14.7 million in the first quarter of 2024, and consolidated operating revenues of $69.8 million, operating income of $10.6 million, and DVP of $23.1 million in the fourth quarter of 2024.

    Notable first quarter items include:

    • 11.6% decrease in revenues from the first quarter of 2024 and a 20.5% decrease from the fourth quarter of 2024.
    • Average day rates of $18,825, a 1.1% decrease from the first quarter of 2024, and flat from the fourth quarter of 2024.
    • 60% utilization, a decrease from 62% in the first quarter of 2024 and from 72% in the fourth quarter of 2024.
    • DVP margin of 24.5%, an increase from 23.4% in the first quarter of 2024 and a decrease from 33.1% in the fourth quarter of 2024, due in part to $5.2 million of drydocking and major repairs during the first quarter of 2025 compared to $8.5 million in the first quarter of 2024 and $3.5 million in the fourth quarter of 2024, all of which are expensed as incurred.
    • Completed the sale of one 2005 built liftboat which had been in long-term layup for total proceeds of $7.5 million and a gain of $5.6 million.
    • At the end of the first quarter of 2025, the Company had three vessels as held for sale, consisting of two platform supply vessels (“PSVs”) and one fast supply vessel (“FSV”). The sales of these vessels closed in April 2025 for total proceeds of $33.2 million and a gain of $20.6 million, and the proceeds were used to (a) fund the repurchase of shares and warrants from Carlyle and (b) partially fund the construction of two new PSVs scheduled to deliver in the fourth quarter of 2026 and first quarter of 2027.

    For the first quarter of 2025, net loss was $15.5 million ($0.56 loss per basic and diluted share). This compares to a net loss for the first quarter of 2024 of $23.1 million ($0.84 loss per basic and diluted share). Sequentially, the first quarter 2025 results compare to a net loss of $26.2 million ($0.94 loss per basic and diluted share) in the fourth quarter of 2024. All per share calculations do not reflect the share and warrant repurchase that occurred on April 4, 2025 as further discussed below.

    Chief Executive Officer John Gellert commented:

    “The first quarter results reflect lower utilization during our seasonally low first quarter, as well as flat average rates compared to the last two quarters of 2024. We typically target maintenance, drydocking and repositioning activities during the first quarter to take advantage of seasonality. Such activities accounted for a higher percentage of our utilization loss this quarter compared to the first quarter of 2024, although the associated expenses were substantially down. Average rates held stable for a third consecutive quarter, despite continued market softness in the North Sea and the Gulf of America, as well as customer delays in Mexico.

    We continue to see healthy tendering activity in international markets where SEACOR Marine is active, such as South America, West Africa and the Middle East. We have reduced our exposure in the North Sea, and will be closely monitoring our customer activity in the U.S., particularly in the decommissioning market in the Gulf of America, as we enter the seasonally higher quarters of the year.

    As previously announced, on April 4, 2025, we repurchased shares and warrants representing 9.1% of the outstanding shares of common stock of the Company, assuming the full exercise of the warrants, from Carlyle. The aggregate purchase price was approximately $12.9 million. This was a unique opportunity to buy back a significant number of shares and warrants in a single block, and to simplify our capital structure by eliminating all outstanding warrants. We funded this repurchase with a portion of the proceeds from the sale of one PSV built in 2014 that was classified as held for sale at the end of the first quarter.

    I am confident about SEACOR Marine’s positioning for the rest of 2025, even in an unpredictable macro environment. We have mostly rotated out of markets with high spot exposure and/or lower specification assets. We have a modern fleet, with additional high specification vessels scheduled to deliver in less than two years.”
    ___________________

    (1)   Direct vessel profit (defined as operating revenues less operating costs and expenses, “DVP”) is the Company’s measure of segment profitability. DVP is a critical financial measure used by the Company to analyze and compare the operating performance of its regions, without regard to financing decisions (depreciation and interest expense for owned vessels vs. lease expense for lease vessels). DVP is also useful when comparing the Company’s global fleet performance against those of our competitors who may have differing fleet financing structures. DVP has material limitations as an analytical tool in that it does not reflect all of the costs associated with the ownership and operation of our fleet, and it should not be considered in isolation or used as a substitute for our results as reported under GAAP. See page 4 for reconciliation of DVP to GAAP Operating Income (Loss), its most comparable GAAP measure.
         

    SEACOR Marine provides global marine and support transportation services to offshore energy facilities worldwide. SEACOR Marine operates and manages a diverse fleet of offshore support vessels that deliver cargo and personnel to offshore installations, including offshore wind farms; assist offshore operations for production and storage facilities; provide construction, well work-over, offshore wind farm installation and decommissioning support; and carry and launch equipment used underwater in drilling and well installation, maintenance, inspection and repair. Additionally, SEACOR Marine’s vessels provide emergency response services and accommodations for technicians and specialists.

    Certain statements discussed in this release as well as in other reports, materials and oral statements that the Company releases from time to time to the public constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “believe,” “plan,” “target,” “forecast” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements concern management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters. Forward-looking statements are inherently uncertain and subject to a variety of assumptions, risks and uncertainties that could cause actual results to differ materially from those anticipated or expected by the management of the Company. These statements are not guarantees of future performance and actual events or results may differ significantly from these statements. Actual events or results are subject to significant known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control and are described in the Company’s filings with the SEC. It should be understood that it is not possible to predict or identify all such factors. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date of the document in which they are made. The Company disclaims any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. It is advisable, however, to consult any further disclosures the Company makes on related subjects in its filings with the Securities and Exchange Commission, including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (if any). These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

    Please visit SEACOR Marine’s website at www.seacormarine.com for additional information.
    For all other requests, contact InvestorRelations@seacormarine.com

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except share data)
     
        Three Months Ended March 31,  
        2025     2024  
    Operating Revenues   $ 55,499     $ 62,770  
    Costs and Expenses:            
    Operating     41,928       48,099  
    Administrative and general     11,486       11,917  
    Lease expense     337       481  
    Depreciation and amortization     12,810       12,882  
          66,561       73,379  
    Gains (Losses) on Asset Dispositions and Impairments, Net     5,809       (1 )
    Operating Loss     (5,253 )     (10,610 )
    Other Income (Expense):            
    Interest income     436       593  
    Interest expense     (9,586 )     (10,309 )
    Derivative gains (losses), net     125       (543 )
    Foreign currency losses, net     (1,196 )     (80 )
    Other, net     —       (95 )
          (10,221 )     (10,434 )
    Loss Before Income Tax Expense and Equity in Earnings (Losses) of 50% or Less Owned Companies     (15,474 )     (21,044 )
    Income Tax Expense     904       925  
    Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies     (16,378 )     (21,969 )
    Equity in Earnings (Losses) of 50% or Less Owned Companies     889       (1,100 )
    Net Loss   $ (15,489 )   $ (23,069 )
                 
    Net Loss Per Share:            
    Basic   $ (0.56 )   $ (0.84 )
    Diluted   $ (0.56 )   $ (0.84 )
    Weighted Average Common Stock and Warrants Outstanding:            
    Basic     27,908,297       27,343,604  
    Diluted     27,908,297       27,343,604  
                     
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
    (in thousands, except statistics and per share data)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    Time Charter Statistics:                            
    Average Rates Per Day $ 18,825     $ 18,901     $ 18,879     $ 19,141     $ 19,042  
    Fleet Utilization   60 %     72 %     67 %     69 %     62 %
    Fleet Available Days (2)   4,583       4,870       5,026       4,994       5,005  
    Operating Revenues:                            
    Time charter $ 51,933     $ 66,095     $ 63,313     $ 65,649     $ 59,263  
    Bareboat charter   708       364       372       364       364  
    Other marine services   2,858       3,349       5,231       3,854       3,143  
        55,499       69,808       68,916       69,867       62,770  
    Costs and Expenses:                            
    Operating:                            
    Personnel   18,537       20,365       21,940       21,566       21,670  
    Repairs and maintenance   8,520       10,433       9,945       10,244       9,763  
    Drydocking   3,869       2,467       6,068       6,210       6,706  
    Insurance and loss reserves   2,153       2,473       2,584       3,099       1,738  
    Fuel, lubes and supplies   4,546       4,884       6,574       3,966       4,523  
    Other   4,303       6,104       5,796       4,435       3,699  
        41,928       46,726       52,907       49,520       48,099  
    Direct Vessel Profit (1)   13,571       23,082       16,009       20,347       14,671  
    Other Costs and Expenses:                            
    Lease expense   337       347       364       486       481  
    Administrative and general   11,486       10,888       11,019       10,889       11,917  
    Depreciation and amortization   12,810       12,879       12,928       12,939       12,882  
        24,633       24,114       24,311       24,314       25,280  
    Gains (Losses) on Asset Dispositions and Impairments, Net   5,809       11,624       1,821       37       (1 )
    Operating (Loss) Income   (5,253 )     10,592       (6,481 )     (3,930 )     (10,610 )
    Other Income (Expense):                            
    Interest income   436       372       358       445       593  
    Interest expense   (9,586 )     (10,001 )     (10,127 )     (10,190 )     (10,309 )
    Derivative gains (losses), net   125       (536 )     67       104       (543 )
    Loss on debt extinguishment   —       (31,923 )     —       —       —  
    Foreign currency (losses) gains, net   (1,196 )     1,308       (1,717 )     (560 )     (80 )
    Other, net   —       187       29       —       (95 )
        (10,221 )     (40,593 )     (11,390 )     (10,201 )     (10,434 )
    Loss Before Income Tax Expense (Benefit) and Equity in Earnings (Losses) of 50% or Less Owned Companies   (15,474 )     (30,001 )     (17,871 )     (14,131 )     (21,044 )
    Income Tax Expense (Benefit)   904       (2,345 )     (513 )     (682 )     925  
    Loss Before Equity in Earnings (Losses) of 50% or Less Owned Companies   (16,378 )     (27,656 )     (17,358 )     (13,449 )     (21,969 )
    Equity in Earnings (Losses) of 50% or Less Owned Companies   889       1,430       1,012       966       (1,100 )
    Net Loss $ (15,489 )   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )
                                 
    Net Loss Per Share:                            
    Basic $ (0.56 )   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )
    Diluted $ (0.56 )   $ (0.94 )   $ (0.59 )   $ (0.45 )   $ (0.84 )
    Weighted Average Common Stock and Warrants Outstanding:                            
    Basic   27,908       27,773       27,773       27,729       27,344  
    Diluted   27,908       27,773       27,773       27,729       27,344  
    Common Shares and Warrants Outstanding at Period End   29,488       28,950       28,950       28,941       28,906  

    _______________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT
    (in thousands, except statistics)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    United States, primarily Gulf of America                            
    Time Charter Statistics:                            
    Average rates per day worked $ 23,874     $ 26,116     $ 17,188     $ 22,356     $ 28,156  
    Fleet utilization   25 %     45 %     42 %     37 %     27 %
    Fleet available days   1,121       920       920       921       927  
    Out-of-service days for repairs, maintenance and drydockings   153       75       116       179       137  
    Out-of-service days for cold-stacked status (2)   173       184       175       127       182  
    Operating Revenues:                            
    Time charter $ 6,765     $ 10,744     $ 6,593     $ 7,697     $ 6,957  
    Other marine services   235       1,114       1,188       480       1,026  
        7,000       11,858       7,781       8,177       7,983  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel   6,486       6,097       6,297       6,284       5,781  
    Repairs and maintenance   1,479       1,680       1,655       1,879       1,404  
    Drydocking   1,066       1,451       2,615       2,570       1,968  
    Insurance and loss reserves   702       854       799       943       396  
    Fuel, lubes and supplies   819       854       964       866       667  
    Other   349       229       225       226       (171 )
        10,901       11,165       12,555       12,768       10,045  
    Direct Vessel (Loss) Profit (1) $ (3,901 )   $ 693     $ (4,774 )   $ (4,591 )   $ (2,062 )
    Other Costs and Expenses:                            
    Lease expense $ 136     $ 136     $ 140     $ 141     $ 138  
    Depreciation and amortization   3,705       3,196       3,194       3,194       2,750  
                                 
    Africa and Europe                            
    Time Charter Statistics:                            
    Average rates per day worked $ 17,294     $ 16,895     $ 18,875     $ 18,580     $ 15,197  
    Fleet utilization   70 %     73 %     77 %     74 %     76 %
    Fleet available days   1,710       1,856       1,990       1,969       1,775  
    Out-of-service days for repairs, maintenance and drydockings   382       180       203       203       238  
    Out-of-service days for cold-stacked status   —       —       58       91       91  
    Operating Revenues:                            
    Time charter $ 20,835     $ 22,999     $ 28,809     $ 27,047     $ 20,555  
    Other marine services   852       1,027       3,048       1,028       169  
        21,687       24,026       31,857       28,075       20,724  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel   5,183       5,654       6,083       4,969       5,181  
    Repairs and maintenance   3,462       3,712       3,455       3,161       3,209  
    Drydocking   1,241       835       681       1,226       2,032  
    Insurance and loss reserves   594       577       599       819       334  
    Fuel, lubes and supplies   2,180       2,226       2,514       1,170       1,287  
    Other   2,727       3,748       3,975       2,801       2,199  
        15,387       16,752       17,307       14,146       14,242  
    Direct Vessel Profit (1) $ 6,300     $ 7,274     $ 14,550     $ 13,929     $ 6,482  
    Other Costs and Expenses:                            
    Lease expense $ 63     $ 82     $ 75     $ 172     $ 178  
    Depreciation and amortization   4,402       4,477       4,540       4,565       3,915  

    _______________
    (1) See full description of footnote above.
    (2) Includes one FSV cold-stacked in this region as of March 31, 2025.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED DIRECT VESSEL PROFIT (“DVP”) BY SEGMENT (continued)
    (in thousands, except statistics)
     
      Three Months Ended  
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    Middle East and Asia                            
    Time Charter Statistics:                            
    Average rates per day worked $ 17,848     $ 17,337     $ 17,825     $ 17,083     $ 16,934  
    Fleet utilization   75 %     88 %     71 %     82 %     71 %
    Fleet available days   1,170       1,266       1,288       1,296       1,365  
    Out-of-service days for repairs, maintenance and drydockings   82       30       229       168       224  
    Operating Revenues:                            
    Time charter $ 15,710     $ 19,385     $ 16,411     $ 18,073     $ 16,477  
    Other marine services   292       635       375       619       350  
        16,002       20,020       16,786       18,692       16,827  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel   4,927       5,470       5,769       6,930       5,963  
    Repairs and maintenance   2,505       3,574       3,318       3,443       2,712  
    Drydocking   1,031       (226 )     832       707       1,483  
    Insurance and loss reserves   702       804       927       798       618  
    Fuel, lubes and supplies   883       840       1,043       1,103       1,198  
    Other   881       1,305       1,131       989       1,000  
        10,929       11,767       13,020       13,970       12,974  
    Direct Vessel Profit (1) $ 5,073     $ 8,253     $ 3,766     $ 4,722     $ 3,853  
    Other Costs and Expenses:                            
    Lease expense $ 83     $ 72     $ 73     $ 71     $ 85  
    Depreciation and amortization   3,230       3,272       3,261       3,247       3,496  
                                 
    Latin America                            
    Time Charter Statistics:                            
    Average rates per day worked $ 22,084     $ 21,390     $ 21,984     $ 22,437     $ 28,308  
    Fleet utilization   67 %     73 %     63 %     71 %     58 %
    Fleet available days (2)   582       828       828       808       938  
    Out-of-service days for repairs, maintenance and drydockings   —       20       94       41       1  
    Operating Revenues:                            
    Time charter $ 8,623     $ 12,967     $ 11,500     $ 12,832     $ 15,274  
    Bareboat charter   708       364       372       364       364  
    Other marine services   1,479       573       620       1,727       1,598  
        10,810       13,904       12,492       14,923       17,236  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel   1,941       3,144       3,791       3,383       4,745  
    Repairs and maintenance   1,074       1,467       1,517       1,761       2,438  
    Drydocking   531       407       1,940       1,707       1,223  
    Insurance and loss reserves   155       238       259       539       390  
    Fuel, lubes and supplies   664       964       2,053       827       1,371  
    Other   346       822       465       419       671  
        4,711       7,042       10,025       8,636       10,838  
    Direct Vessel Profit (1) $ 6,099     $ 6,862     $ 2,467     $ 6,287     $ 6,398  
    Other Costs and Expenses:                            
    Lease expense $ 55     $ 57     $ 76     $ 102     $ 80  
    Depreciation and amortization   1,473       1,934       1,933       1,933       2,721  

    _______________
    (1) See full description of footnote above.
    (2) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS
    (in thousands, except statistics)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    AHTS                            
    Time Charter Statistics:                            
    Average rates per day worked $ —     $ 10,410     $ 10,316     $ 8,125     $ 8,538  
    Fleet utilization   — %     79 %     46 %     49 %     75 %
    Fleet available days   —       178       334       364       364  
    Out-of-service days for repairs, maintenance and drydockings   —       28       87       29       —  
    Out-of-service days for cold-stacked status   —       —       58       91       91  
    Operating Revenues:                            
    Time charter $ 15     $ 1,465     $ 1,576     $ 1,459     $ 2,331  
    Other marine services   9       —       13       219       —  
        24       1,465       1,589       1,678       2,331  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 1     $ 595     $ 981     $ 1,045     $ 1,064  
    Repairs and maintenance   38       128       239       465       220  
    Drydocking   —       5       436       280       68  
    Insurance and loss reserves   —       49       66       97       43  
    Fuel, lubes and supplies   66       25       90       69       616  
    Other   12       210       263       230       287  
        117       1,012       2,075       2,186       2,298  
    Other Costs and Expenses:                            
    Lease expense $ —     $ 7     $ 4     $ 164     $ 171  
    Depreciation and amortization   4       122       175       175       175  
                                 
    FSV                            
    Time Charter Statistics:                            
    Average rates per day worked $ 13,786     $ 13,643     $ 13,102     $ 12,978     $ 11,834  
    Fleet utilization   71 %     72 %     81 %     80 %     72 %
    Fleet available days   1,980       2,024       2,024       2,002       2,002  
    Out-of-service days for repairs, maintenance and drydockings   135       118       96       128       216  
    Out-of-service days for cold-stacked status   90       92       83       36       91  
    Operating Revenues:                            
    Time charter $ 19,357     $ 19,992     $ 21,606     $ 20,698     $ 17,081  
    Other marine services   762       416       1,012       516       126  
        20,119       20,408       22,618       21,214       17,207  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 4,933     $ 5,078     $ 5,637     $ 5,829     $ 5,649  
    Repairs and maintenance   2,983       4,480       4,378       4,572       3,093  
    Drydocking   353       426       448       457       1,869  
    Insurance and loss reserves   517       422       532       546       277  
    Fuel, lubes and supplies   1,173       1,586       1,962       993       1,051  
    Other   1,782       2,456       2,238       1,850       1,649  
        11,741       14,448       15,195       14,247       13,588  
    Other Costs and Expenses:                            
    Depreciation and amortization $ 4,932     $ 4,746     $ 4,744     $ 4,746     $ 4,744  
                                           
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    PSV                            
    Time Charter Statistics:                            
    Average rates per day worked $ 19,424     $ 17,912     $ 21,819     $ 20,952     $ 19,133  
    Fleet utilization   55 %     72 %     58 %     66 %     53 %
    Fleet available days (1)   1,890       1,932       1,932       1,900       1,911  
    Out-of-service days for repairs, maintenance and drydockings   396       117       349       291       307  
    Operating Revenues:                            
    Time charter $ 20,286     $ 24,865     $ 24,488     $ 26,390     $ 19,390  
    Bareboat charter   708       364       372       364       364  
    Other marine services   508       1,561       2,855       2,266       416  
        21,502       26,790       27,715       29,020       20,170  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 8,351     $ 8,999     $ 9,360     $ 8,979     $ 8,850  
    Repairs and maintenance   3,949       4,101       3,798       3,151       4,393  
    Drydocking   2,513       1,046       2,629       2,616       3,386  
    Insurance and loss reserves   631       618       636       1,037       395  
    Fuel, lubes and supplies   2,594       2,379       3,594       1,575       1,889  
    Other   2,018       2,566       2,821       1,850       1,395  
        20,056       19,709       22,838       19,208       20,308  
    Other Costs and Expenses:                            
    Lease expense $ —     $ —     $ (3 )   $ 3     $ —  
    Depreciation and amortization   4,133       4,122       4,117       4,128       4,073  

    _______________
    (1) Includes available days for a bareboat charter for one PSV, which has been excluded from days worked and average day rates.

    SEACOR MARINE HOLDINGS INC.
    UNAUDITED PERFORMANCE BY VESSEL CLASS (continued)
    (in thousands, except statistics)
     
      Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    Liftboats                            
    Time Charter Statistics:                            
    Average rates per day worked $ 39,559     $ 39,326     $ 36,423     $ 43,204     $ 53,506  
    Fleet utilization   44 %     68 %     58 %     54 %     53 %
    Fleet available days   713       736       736       728       728  
    Out-of-service days for repairs, maintenance and drydockings   87       41       109       143       78  
    Out-of-service days for cold-stacked status   83       92       92       91       91  
    Operating Revenues:                            
    Time charter $ 12,275     $ 19,773     $ 15,643     $ 17,102     $ 20,461  
    Other marine services   1,289       1,177       1,142       666       1,772  
        13,564       20,950       16,785       17,768       22,233  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 5,247     $ 5,678     $ 5,926     $ 6,842     $ 6,140  
    Repairs and maintenance   1,571       1,722       1,531       2,054       2,035  
    Drydocking   1,003       990       2,555       2,857       1,383  
    Insurance and loss reserves   1,241       1,384       1,334       1,482       1,282  
    Fuel, lubes and supplies   712       894       928       1,329       967  
    Other   482       860       473       519       343  
        10,256       11,528       12,747       15,083       12,150  
    Other Costs and Expenses:                            
    Depreciation and amortization   3,719       3,866       3,866       3,865       3,866  
                                 
    Other Activity                            
    Operating Revenues:                            
    Other marine services $ 290     $ 195     $ 209     $ 187     $ 829  
        290       195       209       187       829  
    Direct Costs and Expenses:                            
    Operating:                            
    Personnel $ 5     $ 15     $ 36     $ (1,129 )   $ (33 )
    Repairs and maintenance   (21 )     2       (1 )     2       22  
    Insurance and loss reserves   (236 )     —       16       (63 )     (259 )
    Fuel, lubes and supplies   1       —       —       —       —  
    Other   9       12       1       (14 )     25  
        (242 )     29       52       (1,204 )     (245 )
    Other Costs and Expenses:                            
    Lease expense $ 337     $ 340     $ 363     $ 319     $ 310  
    Depreciation and amortization   22       23       26       25       24  
                                           
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
    (in thousands)
     
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    ASSETS                            
    Current Assets:                            
    Cash and cash equivalents $ 42,988     $ 59,491     $ 35,601     $ 40,605     $ 59,593  
    Restricted cash   2,440       16,649       2,263       2,255       2,566  
    Receivables:                            
    Trade, net of allowance for credit loss   63,946       69,888       76,497       70,770       58,272  
    Other   8,811       7,913       7,841       6,210       12,210  
    Tax receivable   1,602       1,601       983       983       983  
    Inventories   2,827       2,760       3,139       3,117       2,516  
    Prepaid expenses and other   6,075       4,406       4,840       5,659       3,425  
    Assets held for sale   12,195       10,943       —       500       500  
    Total current assets   140,884       173,651       131,164       130,099       140,065  
    Property and Equipment:                            
    Historical cost   881,961       900,414       921,445       921,443       919,139  
    Accumulated depreciation   (365,422 )     (367,448 )     (362,604 )     (349,799 )     (337,001 )
        516,539       532,966       558,841       571,644       582,138  
    Construction in progress   27,248       11,904       11,935       11,518       13,410  
    Net property and equipment   543,787       544,870       570,776       583,162       595,548  
    Right-of-use asset – operating leases   3,293       3,436       3,575       3,683       3,988  
    Right-of-use asset – finance leases   28       36       19       28       29  
    Investments, at equity, and advances to 50% or less owned companies   4,507       3,541       2,046       2,641       3,122  
    Other assets   1,665       1,577       1,864       1,953       2,094  
    Total assets $ 694,164     $ 727,111     $ 709,444     $ 721,566     $ 744,846  
    LIABILITIES AND EQUITY                            
    Current Liabilities:                            
    Current portion of operating lease liabilities $ 540     $ 606     $ 494     $ 861     $ 1,285  
    Current portion of finance lease liabilities   11       17       17       26       33  
    Current portion of long-term debt   30,000       27,500       28,605       28,605       28,605  
    Accounts payable   28,445       29,236       22,744       17,790       23,453  
    Other current liabilities   16,414       27,683       28,808       23,795       21,067  
    Total current liabilities   75,410       85,042       80,668       71,077       74,443  
    Long-term operating lease liabilities   2,926       2,982       3,221       3,276       3,390  
    Long-term finance lease liabilities   17       20       4       5       —  
    Long-term debt   310,108       317,339       272,325       277,740       281,989  
    Deferred income taxes   20,312       22,037       26,802       30,083       33,873  
    Deferred gains and other liabilities   1,356       1,369       1,416       1,447       2,285  
    Total liabilities   410,129       428,789       384,436       383,628       395,980  
    Equity:                            
    SEACOR Marine Holdings Inc. stockholders’ equity:                            
    Common stock   293       287       287       286       286  
    Additional paid-in capital   480,904       479,283       477,661       476,020       474,433  
    Accumulated deficit   (196,089 )     (180,600 )     (154,374 )     (138,028 )     (125,609 )
    Shares held in treasury   (9,628 )     (8,110 )     (8,110 )     (8,110 )     (8,071 )
    Accumulated other comprehensive income, net of tax   8,234       7,141       9,223       7,449       7,506  
        283,714       298,001       324,687       337,617       348,545  
    Noncontrolling interests in subsidiaries   321       321       321       321       321  
    Total equity   284,035       298,322       325,008       337,938       348,866  
    Total liabilities and equity $ 694,164     $ 727,111     $ 709,444     $ 721,566     $ 744,846  
                                           
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
     
            Three Months Ended
      Mar. 31, 2025     Dec. 31, 2024     Sep. 30, 2024     Jun. 30, 2024     Mar. 31, 2024  
    Cash Flows from Operating Activities:                            
    Net Loss $ (15,489 )   $ (26,226 )   $ (16,346 )   $ (12,483 )   $ (23,069 )
    Adjustments to reconcile net loss to net cash (used in) provided by operating activities:                            
    Depreciation and amortization   12,810       12,879       12,928       12,939       12,882  
    Deferred financing costs amortization   43       254       298       297       295  
    Stock-based compensation expense   1,627       1,622       1,604       1,587       1,645  
    Debt discount amortization   226       1,799       2,061       1,993       1,926  
    Allowance for credit losses   (407 )     59       101       39       3  
    (Gains) losses from equipment sales, retirements or impairments   (5,809 )     (11,624 )     (1,821 )     (37 )     1  
    Losses on debt extinguishment   —       28,252       —       —       —  
    Derivative (gains) losses   (125 )     536       (67 )     (104 )     543  
    Interest on finance lease   1       2       —       1       —  
    Settlements on derivative transactions, net   (373 )     —       —       —       164  
    Currency losses (gains)   1,196       (1,308 )     1,717       560       80  
    Deferred income taxes   (1,725 )     (4,766 )     (3,281 )     (3,790 )     (1,845 )
    Equity (earnings) losses   (889 )     (1,430 )     (1,012 )     (966 )     1,100  
    Dividends received from equity investees   —       —       1,498       1,418       —  
    Changes in Operating Assets and Liabilities:                            
    Accounts receivables   5,333       5,448       (7,411 )     (6,928 )     4,291  
    Other assets   (1,681 )     1,338       1,032       (2,395 )     (1,290 )
    Accounts payable and accrued liabilities   (6,204 )     1,693       9,325       (4,378 )     (3,895 )
    Net cash (used in) provided by operating activities   (11,466 )     8,528       626       (12,247 )     (7,169 )
    Cash Flows from Investing Activities:                            
    Purchases of property and equipment   (20,795 )     (3,010 )     (210 )     (658 )     (3,416 )
    Proceeds from disposition of property and equipment   8,472       22,441       2,331       86       —  
    Net cash (used in) provided by investing activities   (12,323 )     19,431       2,121       (572 )     (3,416 )
    Cash Flows from Financing Activities:                            
    Payments on long-term debt   (5,000 )     (2,479 )     (7,770 )     (6,533 )     (7,530 )
    Payments on debt extinguishment   —       (328,712 )     —       —       —  
    Payments on debt extinguishment cost   —       (3,671 )     —       —       —  
    Proceeds from issuance of long-term debt, net of debt discount and issuance costs   (396 )     345,192       —       —       —  
    Payments on finance leases   (9 )     (13 )     (10 )     (9 )     (9 )
    Proceeds from exercise of stock options and warrants   —       —       38       102       —  
    Tax withholdings on restricted stock vesting   (1,518 )     —       —       (39 )     (3,850 )
    Net cash (used in) provided by financing activities   (6,923 )     10,317       (7,742 )     (6,479 )     (11,389 )
    Effects of Exchange Rate Changes on Cash, Restricted Cash and Cash Equivalents   —       —       (1 )     (1 )     2  
    Net Change in Cash, Restricted Cash and Cash Equivalents   (30,712 )     38,276       (4,996 )     (19,299 )     (21,972 )
    Cash, Restricted Cash and Cash Equivalents, Beginning of Period   76,140       37,864       42,860       62,159       84,131  
    Cash, Restricted Cash and Cash Equivalents, End of Period $ 45,428     $ 76,140     $ 37,864     $ 42,860     $ 62,159  
                                           
    SEACOR MARINE HOLDINGS INC.
    UNAUDITED FLEET COUNTS
     
        Owned     Managed     Total  
    March 31, 2025                  
    AHTS     —       2       2  
    FSV     22       1       23  
    PSV     21       —       21  
    Liftboats     7       —       7  
          50       3       53  
    December 31, 2024                  
    AHTS     —       2       2  
    FSV     22       1       23  
    PSV     21       —       21  
    Liftboats     8       —       8  
          51       3       54  
                             

    The MIL Network –

    May 1, 2025
  • MIL-OSI Africa: Informal workers in Ghana’s chop bars get no benefit from foreign aid: donors are getting it wrong

    Source: The Conversation – Africa – By Matteo Rizzo, Senior Lecturer in Development Studies, SOAS, University of London

    Informal street food caterers, popularly known as chop bars, are a key feature of Ghanaian city life. They offer the urban poor the cheapest food.

    A 2016 survey by the Food and Agriculture Organization estimated there were about 3,300 chop bars in the capital, Accra, employing almost 4,300 workers. This figure is likely to be much higher now due to rapid urban growth in the last decade. Ghana’s urban population increased from 50.9% in 2010 to 56.7% in 2021. By the same year the Greater Accra region was home to 91.7% of the urban population in the country.

    Street food caterers in Accra face a number of problems, including insecurity of land tenure, inadequate knowledge of food hygiene, harassment from local authorities, cut-throat competition, and low returns from work.

    Foreign donors have over the years stepped in to attempt to address these problems. A flagship of this assistance has been a programme funded by Danish trade unions and the Danish Federation of Small and Medium-sized Enterprises. Under its aegis, Ghana’s Trades Union Congress was able to support workers in chop bars.

    Drawing on our expertise on trade unions in Ghana and on the informal economy, we assessed the effectiveness and strategic relevance of this aid.

    The aid focused on entrepreneurial skills and micro-credit. This overlooks some of the real problems in the sector. It leaves wage workers in a precarious position and does nothing to boost demand for what the sector supplies. We argue that to be more effective, foreign aid should address these gaps.

    Entrepreneurial pipe dreams

    Increased donor attention to workers in the informal economy and trade unions could be seen as a positive trend. After all, this is where the majority of workers in African cities are to be found. Ghana’s official statistical service places the size of the country’s informal sector between 70% and 80% of the working populace in its reports from 2024.

    However, close examination of the type of support given, and its results, yields a more sobering picture.

    Aid focused firstly on capacity building and entrepreneurship. This aimed at boosting skills such as financial literacy and capacity to care for customers. The programme’s own evaluation highlights the increased confidence that chop bar operators gained through this training. Important as this might be, increased confidence can do very little to overcome structural challenges, like intense competition in an oversupplied sector and the insecurity of land tenure.

    A second area of support was the provision of micro-credit via the Trades Union Congress (Ghana). One could argue that it boosted the creditworthiness of informal economy operators. But there is evidence, including our study, that credit can often result in a spiral of debt and “poverty finance”.

    Donors chose to focus on small-scale entrepreneurs as the only economic actors in the informal economy. This reflects an ideological, and market fundamentalist, understanding of the informal economy as inhabited only by small enterprises and self-employed workers, and the challenge as one of making the market work better for the poor.

    The blind spots of donors’ support to the informal economy

    This approach by donors neglects informal and highly precarious wage workers within the chop bar sector. Our research shows that the chop bar industry is stratified in terms of class. Within it, alongside genuine self-employed workers, there are people who own relatively small-scale capital (cooking assets and in some cases the land and buildings in which the bars are based) and who employ informal wage workers.

    The informal workforce is by and large made up of migrant female workers with relatively low education and skill. They work without contracts, for very long hours and very low wages, and face the risk of sudden dismissal and harassment from employers. Such poor working conditions stem from the lack of contracts, and of the rights that come with them. This is the weakest category of workers in the industry – yet they have no place in donors’ and trade unions’ activities to support workers.

    The main limitation of donors’ aid to the chop bar sector is that it focuses exclusively on supply-side interventions. It is based on the idea that improving skills and access to finance will result in increased demand for the services of small-scale entrepreneurs. Many aid programmes on employment make this mistake and suffer from so called “employment dementia” .

    This type of aid doesn’t ask where the stimulus to increase demand for street food will come from, or what the structural roots of urban employment challenges are. It doesn’t consider why African cities have large informal economies and poor-quality jobs.

    Aid priorities

    Donors should re-think their aid priorities, and put informal wage workers at their centre. This would entail moving away from the current focus on micro-solutions for job creation, and instead supporting policies to promote structural change, to tighten labour markets and increase the demand for good-quality jobs within them.

    This article was co-authored with Dr Prince Asafu-Adjaye, an associate of Labour Research Service.

    – Informal workers in Ghana’s chop bars get no benefit from foreign aid: donors are getting it wrong
    – https://theconversation.com/informal-workers-in-ghanas-chop-bars-get-no-benefit-from-foreign-aid-donors-are-getting-it-wrong-253633

    MIL OSI Africa –

    May 1, 2025
  • MIL-OSI Security: U.S. Attorneys for Southwestern Border Districts Charge More than 990 Illegal Aliens with Immigration-Related Crimes During the Fourth week in April as part of Operation Take Back America.

    Source: United States Attorneys General

    Since the inauguration of President Trump, the Department of Justice is playing a critical role in Operation Take back America, a nationwide initiative to repel the invasion of illegal immigration, achieve total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    Last week, the U.S. Attorneys for Arizona, Central California, Southern California, New Mexico, Southern Texas, and Western Texas charged more than 990 defendants with criminal violations of U.S. immigration laws.

    The Southern District of Texas filed 237 cases in immigration and security-related matters. As part of those cases, 124 face allegations of illegally reentering the country with the majority having felony convictions such as narcotics, firearms or sexual offenses, prior immigration crimes and more. A total of 106 people face charges of illegally entering the country, five cases involve various instances of human smuggling with the remainder relating to assault of an officer or other immigration-related crimes. As part of the cases filed this week, Carlos Verduco-Muniz faces charges of assault on a federal officer. He allegedly punched a Texas Military Department Specialist in the face during a pursuit to apprehend him near Rio Grande City. The charges allege he is a citizen and national of Mexico who was illegally present in the United States at the time of the assault.

    The Western District of Texas filed 344 new immigration and immigration-related criminal cases. Among the new cases, Henry Cruz-Lemas, an illegal alien and a Honduran national previously convicted of aggravated kidnapping in September 2011 and sentenced to five years in prison. Cruz-Lemas was arrested on April 18 during an Immigration and Customs Enforcement (ICE ERO) investigation in San Antonio. He is charged with one count of illegal reentry of an alien. Jose Angel Escarcega-Briones, an illegal alien from Mexico, was found approximately four miles west of the Tornillo Port of Entry. Border Patrol Agents determined that he did not have immigration documents allowing him to be in the United States legally and that he has previously been removed from the United States five times. He has three prior convictions for illegal reentry as well as a federal drug trafficking conviction.

    The District of Arizona brought immigration-related criminal charges against 232 defendants. Specifically, the United States filed 110 cases in which aliens illegally re-entered the United States, and the United States also charged 110 aliens for illegally entering the United States. In its ongoing effort to deter unlawful immigration, the United States filed nine cases against 11 individuals responsible for smuggling illegal aliens into and within the District of Arizona. The United States also charged one individual with failing to register, as required by law.

    The Southern District of California filed 134 border-related cases this week, including charges of transportation of illegal aliens, bringing in aliens for financial gain, reentering the U.S. after deportation, deported alien found in the United States, and importation of controlled substances.

    The Central District of California filed criminal charges against 32 defendants who allegedly illegally re-entered the United States after being removed. Many of the defendants charged were previously convicted of felonies before they were removed from the United States, offenses that include committing lewd and lascivious acts on a child under the age of 14 years. The crime of being found in the United States following removal carries a base penalty of up to two years in federal prison. Defendants who were removed after being convicted of a felony face a maximum 10-year penalty and defendants removed after being convicted of an aggravated felony face a maximum penalty of 20 years in federal prison.

    The District of New Mexico announced its immigration enforcement statistics for this week. These cases are prosecuted in partnership with the El Paso Sector of the U.S. Border Patrol, along with Homeland Security Investigations El Paso, and assistance from other federal, state, and county agencies. In the one-week period ending April 25, 2025, the United States Attorney’s Office brought the following criminal charges in New Mexico: 67 individuals were charged this week with Illegal Reentry After Deportation (8 U.S.C. 1326), 10 individuals were charged this week with Alien Smuggling (8 U.S.C. 1324), and 55 individuals were charged this week with Illegal Entry (8 U.S.C. 1325).

    We are grateful for the hard work of our border prosecutors in bringing these cases and helping to make our border safe again. 

    MIL Security OSI –

    May 1, 2025
  • MIL-OSI Global: Informal workers in Ghana’s chop bars get no benefit from foreign aid: donors are getting it wrong

    Source: The Conversation – Africa – By Matteo Rizzo, Senior Lecturer in Development Studies, SOAS, University of London

    Informal street food caterers, popularly known as chop bars, are a key feature of Ghanaian city life. They offer the urban poor the cheapest food.

    A 2016 survey by the Food and Agriculture Organization estimated there were about 3,300 chop bars in the capital, Accra, employing almost 4,300 workers. This figure is likely to be much higher now due to rapid urban growth in the last decade. Ghana’s urban population increased from 50.9% in 2010 to 56.7% in 2021. By the same year the Greater Accra region was home to 91.7% of the urban population in the country.

    Street food caterers in Accra face a number of problems, including insecurity of land tenure, inadequate knowledge of food hygiene, harassment from local authorities, cut-throat competition, and low returns from work.

    Foreign donors have over the years stepped in to attempt to address these problems. A flagship of this assistance has been a programme funded by Danish trade unions and the Danish Federation of Small and Medium-sized Enterprises. Under its aegis, Ghana’s Trades Union Congress was able to support workers in chop bars.

    Drawing on our expertise on trade unions in Ghana and on the informal economy, we assessed the effectiveness and strategic relevance of this aid.

    The aid focused on entrepreneurial skills and micro-credit. This overlooks some of the real problems in the sector. It leaves wage workers in a precarious position and does nothing to boost demand for what the sector supplies. We argue that to be more effective, foreign aid should address these gaps.

    Entrepreneurial pipe dreams

    Increased donor attention to workers in the informal economy and trade unions could be seen as a positive trend. After all, this is where the majority of workers in African cities are to be found. Ghana’s official statistical service places the size of the country’s informal sector between 70% and 80% of the working populace in its reports from 2024.

    However, close examination of the type of support given, and its results, yields a more sobering picture.

    Aid focused firstly on capacity building and entrepreneurship. This aimed at boosting skills such as financial literacy and capacity to care for customers. The programme’s own evaluation highlights the increased confidence that chop bar operators gained through this training. Important as this might be, increased confidence can do very little to overcome structural challenges, like intense competition in an oversupplied sector and the insecurity of land tenure.

    A second area of support was the provision of micro-credit via the Trades Union Congress (Ghana). One could argue that it boosted the creditworthiness of informal economy operators. But there is evidence, including our study, that credit can often result in a spiral of debt and “poverty finance”.

    Donors chose to focus on small-scale entrepreneurs as the only economic actors in the informal economy. This reflects an ideological, and market fundamentalist, understanding of the informal economy as inhabited only by small enterprises and self-employed workers, and the challenge as one of making the market work better for the poor.

    The blind spots of donors’ support to the informal economy

    This approach by donors neglects informal and highly precarious wage workers within the chop bar sector. Our research shows that the chop bar industry is stratified in terms of class. Within it, alongside genuine self-employed workers, there are people who own relatively small-scale capital (cooking assets and in some cases the land and buildings in which the bars are based) and who employ informal wage workers.

    The informal workforce is by and large made up of migrant female workers with relatively low education and skill. They work without contracts, for very long hours and very low wages, and face the risk of sudden dismissal and harassment from employers. Such poor working conditions stem from the lack of contracts, and of the rights that come with them. This is the weakest category of workers in the industry – yet they have no place in donors’ and trade unions’ activities to support workers.

    The main limitation of donors’ aid to the chop bar sector is that it focuses exclusively on supply-side interventions. It is based on the idea that improving skills and access to finance will result in increased demand for the services of small-scale entrepreneurs. Many aid programmes on employment make this mistake and suffer from so called “employment dementia” .

    This type of aid doesn’t ask where the stimulus to increase demand for street food will come from, or what the structural roots of urban employment challenges are. It doesn’t consider why African cities have large informal economies and poor-quality jobs.

    Aid priorities

    Donors should re-think their aid priorities, and put informal wage workers at their centre. This would entail moving away from the current focus on micro-solutions for job creation, and instead supporting policies to promote structural change, to tighten labour markets and increase the demand for good-quality jobs within them.

    This article was co-authored with Dr Prince Asafu-Adjaye, an associate of Labour Research Service.

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

    – ref. Informal workers in Ghana’s chop bars get no benefit from foreign aid: donors are getting it wrong – https://theconversation.com/informal-workers-in-ghanas-chop-bars-get-no-benefit-from-foreign-aid-donors-are-getting-it-wrong-253633

    MIL OSI – Global Reports –

    May 1, 2025
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