Source: New Zealand Police (District News)
Vaughan Road, Owhata is closed following a serious crash this morning.
Emergency services are in attendance of a two-vehicle crash on Vaughan Road, at around 11.35am.
Initial reports suggest there are serious injuries.
The road is closed between Tennyson Drive and Allen Mills Road.
Motorists are advised to follow diversions and expect delays.
ENDS
Source: New Zealand Police (National News)
An investigation has been launched in the Hawke’s Bay following a number of firearms incidents in the last 24 hours.
Police have responded to four incidents – the first one at 3pm yesterday, and the most recent at 4am today.
Three of the incidents involved a firearm allegedly being discharged towards an address – two in Flaxmere, and one in Tamatea.
The fourth incident was an altercation in Ahuriri about 3.30pm yesterday, involving the occupants of two vehicles, where the parties have presented baseball bats and other weapons at each other. There were no reports of any injuries.
Work is underway to determine if these incidents are linked.
Senior Sergeant Caroline Martin says there is no place for this violence in our communities, and Police are working hard to hold these offenders to account.
“We know incidents like this are distressing for the wider community, and we will have a visible presence in the Hawke’s Bay over the coming days while we investigate.
“Anyone who sees anything of concern is urged to please let us know immediately via 111 so we can respond accordingly.”
You can also anonymously report anything of concern via Crimestoppers on 0800 555 111.
ENDS
Issued by Police Media Centre
Source: GlobeNewswire (MIL-OSI)
CALGARY, Alberta, Oct. 30, 2024 (GLOBE NEWSWIRE) — Prospera Energy Inc. (PEI: TSX-V; OF6A: FRA) (“Prospera” or the “Corporation“)
Prospera. announces that it has changed its auditors from Crowe MacKay LLP (the “Former Auditor”) to MNP LLP (the “Successor Auditor”) effective October 8, 2024. There were no reservations in the Former Auditor’s audit report for any financial period during which the Former Auditor was the Corporation’s auditor. There are no ‘reportable events’ (as the term is defined in National Instrument 51-102 – Continuous Disclosure Obligations) between the Corporation and the Former Auditor.
In accordance with National Instrument 51-102, the Notice of Change of Auditor, together with the required letters from the Former Auditor and the Successor Auditor, have been reviewed by the Corporation’s Audit Committee and filed on SEDAR accordingly.
About Prospera
Prospera is a publicly traded energy company based in Western Canada, specializing in the exploration, development, and production of crude oil and natural gas. Prospera is primarily focused on optimizing hydrocarbon recovery from legacy fields through environmentally safe and efficient reservoir development methods and production practices. Prospera was restructured in the first quarter of 2021 to become profitable and in compliance with regulatory, environmental, municipal, landowner, and service stakeholders.
The company is in the midst of a three-stage restructuring process aimed at prioritizing cost effective operations while appreciating production capacity and reducing liabilities. Prospera has completed the first phase by optimizing low hanging opportunities, attaining free cash flow, while bringing operation to safe operating condition, all while remaining compliant. Currently, Prospera is executing phase II of the restructuring process, the horizontal transformation intended to accelerate growth and capture the significant oil in place (400 million bbls). These horizontal wells allow PEI to reduce its environmental and surface footprint by eliminating the numerous vertical well leases along the lateral path. Phase III of Prospera’s corporate redevelopment strategy is to optimize recovery through EOR applications. Furthermore, Prospera will pursue its acquisition strategy to diversify its product mix and expand its core area. Its goal is to attain 50% light oil, 40% heavy oil and 10% gas.
The Corporation continues to apply efforts to minimize its environmental footprint. Also, efforts to reduce and eventually eliminate emissions, alongside pursuing innovative ESG methods to enhance API quality, thereby achieving higher margins and eliminating the need for diluents.
For Further Information:
Shawn Mehler, PR
Email: investors@prosperaenergy.com
Website: www.prosperaenergy.com
FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will,” “may,” “should,” “anticipate,” “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
Although Prospera believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Prospera can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
Source: Northern Territory Police and Fire Services
The Northern Territory Police Search and Rescue Section (SRS) conducted an intensive search and rescue exercise (SAREX) in Batchelor last week, focusing on testing and refining the agency’s land search and rescue response capabilities. The exercise showcased the effectiveness of deploying K9 units and other specialist police assets in challenging field conditions, vital for enhancing operational readiness across the Territory.
The exercise revolved around a simulated missing person report, where the search began after an abandoned vehicle was discovered on a remote dirt road in Batchelor. The scenario required the missing person, who had wandered a considerable distance from the vehicle, to be located by the Northern Territory (NT) Search and Rescue K9 Unit, an external agency working in collaboration with our NT Police Dog Operations Unit. Various specialist sections of NT Police were deployed to establish a field search headquarters, coordinate search efforts, and safely recover the missing person according to the rescue plan.
As part of NT Police’s responsibility under the Intergovernmental Agreement, the SRS coordinates both marine and land search and rescue operations. This recent training exercise provided a critical opportunity to assess the deployability of police SAR assets to regional and remote areas, demonstrating the team’s ability to respond to emergencies across varied and demanding terrains.
Acting Sergeant Chris Grotherr explained, “The main purpose of this SAREX was to test our Land SAR response capabilities, particularly the deployment of K9 assets in the field, alongside other specialist resources, such as the Mounted Unit, motorcycles, ATVs, and drone capability. This allows us to identify gaps in our capabilities and find ways to bridge them, ensuring we are constantly improving our readiness for future operations.”
The exercise also offered vital training for SRS and other specialist police sections, helping them understand local conditions at this time of year and the specific challenges associated with the terrain in the Batchelor region.
In the 12 months ending June 2024, the SRS responded to over 80 search and rescue incidents across the NT, assisting 93 people and saving 10 lives. These successes highlight the importance of ongoing training and multi-agency collaboration. Regular exercises like the one in Batchelor help the team maintain proficiency in operating specialist equipment and assets, while identifying any maintenance or serviceability issues that need to be addressed.
“Operating specialist equipment in real-world conditions is key to maintaining our proficiency and ensuring all assets are mission-ready,” A/Sgt Grotherr added. “The insights gained from this exercise are invaluable in fine-tuning our response strategies moving forward.”
The NT Police are dedicated to maintaining a high standard of search and rescue readiness, working continuously to enhance their operations and ensure the safety of all Territorians, no matter the challenge or location.
Media Note: Imagery, including interview footage, overlays, and still shots, is available upon request.
Source: Government of Ireland – Department of Jobs Enterprise and Innovation
31st October 2024
Minister of State for Trade Promotion, Digital and Company Regulation, Dara Calleary TD, today published a list of nine national public authorities responsible for protecting fundamental rights under the EU Artificial Intelligence (AI) Act.
These authorities will get additional powers under the AI Act to facilitate them in carrying out their current responsibilities for protecting fundamental rights in circumstances where use of AI poses a high risk to those rights. For example, the authorities will have the power to access documentation that developers and deployers of AI systems are required to hold under the AI Act.
This action fulfils Ireland’s first obligation for the national implementation of the AI Act.
The list of authorities is as follows:
Minister Calleary commented,
“AI can provide many benefits for our society and our economy. However, AI also comes with certain risks. The EU AI Act will have a critical role in addressing these risks and in promoting human-centric, trustworthy AI. It will establish a regulatory framework for the development and use of AI systems to provide a high level of protection to people’s health, safety, and fundamental rights.
“The government is committed to comprehensive and effective implementation of the AI Act and the publication of this list is an important first step in this regard. The additional powers these authorities will acquire under the AI Act will support them in protecting fundamental rights in circumstances where certain high-risk AI systems are used.”
This list will be notified to the European Commission. It will be kept under review by the Minister and can be updated at any time to reflect future changes in the national authorities.
The pioneering EU Artificial Intelligence (AI) Act, which entered into force on 2nd August 2024, provides a harmonised regulatory framework for AI systems developed or deployed in the EU. It is the most comprehensive such framework in the world. It is designed to provide a high level of protection to people’s health, safety, and fundamental rights and to promote the adoption of human-centric, trustworthy AI. The Act adopts a risk-based approach to regulation and focuses on applications of AI systems to ensure that its regulatory provisions are targeted and proportionate. Its provisions will apply, in a phased manner, over the 36-month period from entry into force.
The AI Act is an EU Regulation and consequently has direct effect in all Member States, however, it places obligations on Member States to provide for implementation and enforcement at national level.
The first obligation on Member States under the Act is to identify national public authorities which supervise or enforce the respect of obligations under Union law protecting fundamental rights, including the right to non-discrimination, in relation to certain high-risk uses of AI systems, specified the Act. Under the Act, fundamental rights are those enshrined in the EU Charter of Fundamental Rights, including democracy, the rule of law and environmental protection. This list of authorities must be published, and notified to the European Commission, by 2 November 2024.
The identified authorities will not be competent authorities for the Act, nor will any obligations, responsibilities or tasks be assigned to them. Rather, identified authorities will get additional powers to facilitate them in carrying out their current mandates in circumstances involving the use of AI systems. These powers will apply from 2 August 2026.
ENDS
Source: GlobeNewswire (MIL-OSI)
SEATTLE, Oct. 30, 2024 (GLOBE NEWSWIRE) — Sound Financial Bancorp, Inc. (the “Company”) (Nasdaq: SFBC), the holding company for Sound Community Bank (the “Bank”), today reported net income of $1.2 million for the quarter ended September 30, 2024, or $0.45 diluted earnings per share, as compared to net income of $795 thousand, or $0.31 diluted earnings per share, for the quarter ended June 30, 2024, and $1.2 million, or $0.45 diluted earnings per share, for the quarter ended September 30, 2023. The Company also announced today that its Board of Directors declared a cash dividend on common stock of $0.19 per share, payable on November 26, 2024 to stockholders of record as of the close of business on November 12, 2024.
Comments from the President and Chief Executive Officer
“For the first time in our history, loans surpassed $900 million, and we continued to grow deposits. These production improvements came as we held operating expenses steady, demonstrating our ability to grow the Bank efficiently,” remarked Laurie Stewart, President and Chief Executive Officer. “We also completed a major upgrade to our online banking services and have received positive feedback on this from our clients,” concluded Ms. Stewart.
“Net income increased 45% from the prior quarter primarily due to the improvement in our net interest margin, which was driven by the repricing and origination of new loans at higher market rates. At the same time, funding costs increased at a slower pace, as the majority of our deposits had already been repriced. We also made progress in transitioning time deposits to savings and money market accounts, which typically carry lower rates and provide more flexibility for future repricing,” explained Wes Ochs, Executive Vice President and Chief Financial Officer.
Mr. Ochs continued, “As always, we remain focused on maintaining strong asset quality. Non-performing loans decreased from the prior quarter-end and we are actively utilizing available remedies to address the remaining problem loans.”
| Q3 2024 Financial Performance | ||||
| Total assets increased $26.1 million or 2.4% to $1.10 billion at September 30, 2024, from $1.07 billion at June 30, 2024, and increased $70.8 million or 6.9% from $1.03 billion at September 30, 2023. | Net interest income increased $425 thousand or 5.7% to $7.9 million for the quarter ended September 30, 2024, from $7.4 million for the quarter ended June 30, 2024, and decreased $295 thousand or 3.6% from $8.2 million for the quarter ended September 30, 2023. | |||
| Net interest margin (“NIM”), annualized, was 2.98% for the quarter ended September 30, 2024, compared to 2.92% for the quarter ended June 30, 2024 and 3.38% for the quarter ended September 30, 2023. | ||||
| Loans held-for-portfolio increased $12.5 million or 1.4% to $901.7 million at September 30, 2024, compared to $889.3 million at June 30, 2024, and increased $26.3 million or 3.0% from $875.4 million at September 30, 2023. | ||||
| An $8 thousand provision for credit losses was recorded for the quarter ended September 30, 2024, compared to a $109 thousand and a $75 thousand release of provision for credit losses for the quarters ended June 30, 2024 and September 30, 2023, respectively. At September 30, 2024, the allowance for credit losses on loans to total loans outstanding was 0.95%, compared to 0.96% at both June 30, 2024 and September 30, 2023. | ||||
| Total deposits increased $23.4 million or 2.6% to $930.2 million at September 30, 2024, from $906.8 million at June 30, 2024, and increased $69.3 million or 8.1% from $860.9 million at September 30, 2023. Noninterest-bearing deposits increased $4.8 million or 3.8% to $129.7 million at September 30, 2024 compared to $124.9 million at June 30, 2024, and decreased $24.2 million or 15.7% compared to $153.9 million at September 30, 2023. | ||||
| Total noninterest income increased $73 thousand or 6.3% to $1.2 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and increased $154 thousand or 14.2% compared to the quarter ended September 30, 2023. | ||||
| The loans-to-deposits ratio was 97% at September 30, 2024, compared to 98% at June 30, 2024 and 102% at September 30, 2023. | ||||
| Total noninterest expense decreased $58 thousand or 0.7% to $7.7 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and decreased $31 thousand or 0.4% from compared to the quarter ended September 30, 2023. | ||||
| Total nonperforming loans decreased $420 thousand or 4.7% to $8.5 million at September 30, 2024, from $8.9 million at June 30, 2024, and increased $6.7 million or 381.8% from $1.8 million at September 30, 2023. Nonperforming loans to total loans was 0.94% and the allowance for credit losses on loans to total nonperforming loans was 101.13% at September 30, 2024. | ||||
| The Bank continued to maintain capital levels in excess of regulatory requirements and was categorized as “well-capitalized” at September 30, 2024. | ||||
Operating Results
Net interest income increased $425 thousand, or 5.7%, to $7.9 million for the quarter ended September 30, 2024, compared to $7.4 million for the quarter ended June 30, 2024, and decreased $295 thousand, or 3.6%, from $8.2 million for the quarter ended September 30, 2023.The increase from the prior quarter was primarily due to a higher average yield on interest-earning assets, particularly loans receivable, and an increase in the average balances of both loans receivable and interest-earning cash. This was partially offset by a more modest rise in the cost of funds, as higher cost earnings interest-bearing deposits decreased by the end of the third quarter of 2024, limiting the growth in funding costs compared to the prior quarter. The decrease in net interest income compared to the same quarter one year ago was primarily due to higher funding costs, specifically, increased rates on and balances of money market and certificate accounts, partially offset by an increase in the average yield earned on interest-earning assets.
Interest income increased $799 thousand, or 5.7%, to $14.8 million for the quarter ended September 30, 2024, compared to $14.0 million for the quarter ended June 30, 2024, and increased $2.2 million, or 17.0%, from $12.7 million for the quarter ended September 30, 2023. The increase from the prior quarter was primarily due to a higher average balance of loans and interest-bearing cash, along with a 14 basis point increase in the average loan yield, reflecting higher rates on newly originated loans and upward adjustments to rates on existing variable rate loans. The increase in interest income compared to the same quarter last year was due primarily to higher average balances of loans and interest-bearing cash, a 41 basis point increase in the average yield on loans, a 20 basis point increase in the average yield on interest-bearing cash, and a seven basis point increase in the average yield on investments, partially offset by a decline in the average balance of investments.
Interest income on loans increased $556 thousand, or 4.5%, to $12.9 million for the quarter ended September 30, 2024, compared to $12.3 million for the quarter ended June 30, 2024, and increased $1.4 million, or 11.9%, from $11.5 million for the quarter ended September 30, 2023. The average balance of total loans was $898.6 million for the quarter ended September 30, 2024, up from $891.9 million for the quarter ended June 30, 2024 and $862.4 million for the quarter ended September 30, 2023. The average yield on total loans was 5.70% for the quarter ended September 30, 2024, up from 5.56% for the quarter ended June 30, 2024 and 5.29% for the quarter ended September 30, 2023. The increase in the average loan yield during the current quarter, compared to both the prior quarter and the third quarter of 2023, was primarily due to the origination of new loans at higher interest rates. Additionally, variable-rate loans resetting to higher rates contributed to the increase in average yield compared to the third quarter of 2023. The increase in the average balance during the current quarter compared to the prior quarter was primarily due to growth in commercial and multifamily loans, manufactured housing loans and consumer loans, with the growth in consumer loans coming primarily from floating home loans. This was partially offset by a decline in construction and land loans. The average balances for commercial business loans and one-to-four family loans remained relatively flat from the second quarter of 2024. The increase in the average balance of loans during the current quarter compared to the third quarter of 2023 was primarily due to loan growth across all categories, except for one-to-four family loans, construction and land loans, and commercial business loans, with the largest decrease being in construction and land loans.
Interest income on investments was $132 thousand for the quarter ended September 30, 2024, compared to $133 thousand for the quarter ended June 30, 2024, and $139 thousand for the quarter ended September 30, 2023. Interest income on interest-bearing cash increased $244 thousand to $1.8 million for the quarter ended September 30, 2024, compared to $1.6 million for the quarter ended June 30, 2024, and increased $788 thousand from $1.0 million for the quarter ended September 30, 2023. These increases were due to higher average balances of interest-bearing cash, with the increase from the same quarter in the prior year also resulting from a higher average yield.
Interest expense increased $374 thousand, or 5.7%, to $7.0 million for the quarter ended September 30, 2024, from $6.6 million for the quarter ended June 30, 2024, and increased $2.4 million, or 54.2%, from $4.5 million for the quarter ended September 30, 2023. The increase in interest expense during the current quarter from the prior quarter was primarily the result of a $38.8 million increase in the average balance of savings and money market accounts, as well as higher average rates paid on these accounts, partially offset by a $13.9 million decrease in the average balance of certificate accounts. The increase in interest expense during the current quarter from the comparable period a year ago was primarily the result of a $9.8 million increase in the average balance of certificate accounts and a $148.1 million increase in the average balance of savings and money market accounts, as well as higher average rates paid on all interest-bearing deposits. This was partially offset by a $46.3 million decrease in the average balance of demand and NOW accounts and a $2.8 million decrease in the average balance of FHLB advances. The average cost of deposits was 2.74% for the quarter ended September 30, 2024, up from 2.67% for the quarter ended June 30, 2024 and 1.85% for the quarter ended September 30, 2023. The average cost of FHLB advances was 4.32% for both the quarters ended September 30, 2024 and June 30, 2024, and down from 4.38% for the quarter ended September 30, 2023.
NIM (annualized) was 2.98% for the quarter ended September 30, 2024, up from 2.92% for the quarter ended June 30, 2024 and down from 3.38% for the quarter ended September 30, 2023. The increase in NIM from the prior quarter was result of an increase in interest income on interest-earning assets, partially offset by an increase in the cost of funding. The decrease in NIM from the quarter one year ago was primarily due to the cost of funding increasing at a faster pace than the yield earned on interest-earning assets, driven by the higher average balance of higher costing money market and certificate accounts.
A provision for credit losses of $8 thousand was recorded for the quarter ended September 30, 2024, consisting of a provision for credit losses on loans of $106 thousand and a release of provision for credit losses on unfunded loan commitments of $98 thousand. This compared to a release of provision for credit losses of $109 thousand for the quarter ended June 30, 2024, consisting of a release of provision for credit losses on loans of $88 thousand and a release of provision for credit losses on unfunded loan commitments of $21 thousand, and a provision for credit losses of $75 thousand for the quarter ended September 30, 2023, consisting of a provision for credit losses on loans of $224 thousand and a release of the provision for credit losses on unfunded loan commitments of$149 thousand. The increase in the provision for credit losses for the quarter ended September 30, 2024 compared to the quarter ended June 30, 2024 resulted primarily from growth in the loan portfolio and higher quantitative loss rates, which were influenced by a forecast of higher unemployment, and enhancements to the loss model, including an additional qualitative adjustment related to loan review. These adjustments were partially offset by decline in the balance of the construction loan portfolio, which typically has higher loss rates, and a decrease in the qualitative risk adjustment for construction loans as projects were completed and market conditions improved. Expected loss estimates consider various factors, such as market conditions, borrower -specific information, projected delinquencies, and the impact of economic conditions on borrowers’ ability to repay.
Noninterest income increased $73 thousand, or 6.3%, to $1.2 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and increased $154 thousand, or 14.2%, compared to the quarter ended September 30, 2023. The increase from the prior quarter was primarily related to a $217 thousand upward adjustment in fair value of mortgage servicing rights and a $52 thousand increase in earnings from bank-owned life insurance (“BOLI”), both influenced by fluctuating market interest rates. These gains were partially offset by a $133 thousand decrease in service charges and fee income, which was elevated in the prior quarter due to the recovery of potential future lost fee income due to vendor error. Additionally, there was a $34 thousand decrease in net gain on sale of loans, due to lower sales volume, and a $30 thousand decrease in gain on disposal of assets due to insurance claims on the loss of fully depreciated assets in second quarter of 2024. The increase in noninterest income from the comparable period in 2023 was primarily due to an $98 thousand increase in earnings on BOLI due to market rate fluctuations, and an $179 thousand increase in the fair value adjustment on mortgage servicing rights due to changes in prepayment speeds, servicing costs, and discount rate. These increases were partially offset by a $72 thousand decrease in service charges and fee income primarily due to a volume incentive paid by Mastercard in 2023, a $36 thousand decrease in net gain on sale of loans for reason similar to those noted above, and a decrease in mortgage servicing income as a result of the portfolio paying down at a faster rate than we are replacing the loans. Additionally, mortgage servicing income decreased by $15 thousand compared to the third quarter of 2023. Loans sold during the quarter ended September 30, 2024, totaled $2.4 million, compared to $4.0 million and $4.4 million of loans sold during the quarters ended June 30, 2024 and September 30, 2023, respectively.
Noninterest expense decreased $58 thousand, or 0.7%, to $7.7 million for the quarter ended September 30, 2024, compared to the quarter ended June 30, 2024, and decreased $31 thousand, or 0.4%, from the quarter ended September 30, 2023. The decrease from the quarter ended June 30, 2024 was primarily a result of lower a $189 thousand decrease in salaries and benefits, primarily due to lower incentive compensation accruals. This was partially offset by an $157 thousand increase in data processing expenses, largely due to a vendor reimbursement received in the previous quarter for software implementation costs. Additionally, regulatory assessments declined $31 thousand due to a lower accrual for exam costs. Compared to same quarter in 2023, the decrease in noninterest expense was primarily due to lower operations, data processing, and occupancy expenses, which were partially offset by a $321 thousand increase in salaries and benefits. Operations expenses decreased due to reduction in loan originations costs, office expenses, marketing costs, legal fees, and charitable contributions, partially offset by an operational loss from a fraudulently obtained loan charged off in the third quarter of 2024. Data processing expenses decreased due to one-time costs related to new technology implemented in 2023, while occupancy expenses decreased primarily due fully amortized leasehold improvements. The increase in salaries and benefits compared to the third quarter of 2023 reflected higher incentive compensation, medical expenses, retirement plan costs, and directors’ fees (due to the addition of a new director), partially offset by lower salaries from a restructuring of positions at the end of 2023.
Balance Sheet Review, Capital Management and Credit Quality
Assets at September 30, 2024 totaled $1.10 billion, an increase from $1.07 billion at June 30, 2024 and $1.03 billion at September 30, 2023. The increase in total assets from June 30, 2024 and one year ago was primarily due to an increase in cash and cash equivalents and in loans held-for-portfolio.
Cash and cash equivalents increased $13.8 million, or 10.2%, to $148.9 million at September 30, 2024, compared to $135.1 million at June 30, 2024, and increased $47.0 million, or 46.2%, from $101.9 million at September 30, 2023. The increase from the prior quarter and from one year ago was primarily due to the increase in deposits exceeding the increase in loans held-for-portfolio.
Investment securities increased $28 thousand, or 0.3%, to $10.2 million at September 30, 2024, compared to $10.1 million at June 30, 2024, and increased $17 thousand, or 0.2%, from $10.2 million at September 30, 2023. Held-to-maturity securities totaled $2.1 million at both September 30, 2024 and June 30, 2024, and totaled $2.2 million at September 30, 2023. Available-for-sale securities totaled $8.0 million at September 30, 2024, June 30, 2024 and September 30, 2023.
Loans held-for-portfolio were $901.7 million at September 30, 2024, compared to $889.3 million at June 30, 2024 and $875.4 million at September 30, 2023. The increase from to June 30, 2024, primarily resulted from growth in one-to-four family home loans, commercial and multifamily loans, as well as manufactured home and floating home loans, partially offset by decreases in construction and land loans and home equity loans. The increase in one-to-four family home loans was primarily due to new originations exceeding prepayments during the quarter, while the increase in commercial and multifamily loans primarily resulted from conversion of construction projects to permanent financing. The increase in manufactured home loans and floating home loans relates to continued strong demand for this type of financing in our market. The decrease in construction and land loans was primarily due to project completions and reduced demand caused by higher interest rates, which limited new financing opportunities. The decrease in home equity loans reflected normal payment fluctuations. Compared to September 30, 2024, the overall increase in loans held-for-portfolio was due to sustained strong loan demand and slower prepayment activity, with increases primarily related to commercial and multifamily loans, home equity loans, manufactured home loans and floating home loans.
Nonperforming assets (“NPAs”), which are comprised of nonaccrual loans (including nonperforming modified loans), other real estate owned (“OREO”) and other repossessed assets, decreased $420 thousand, or 4.7%, to $8.6 million at September 30, 2024, from $9.0 million at June 30, 2024 and increased $6.3 million, or 268.2%, from $2.3 million at September 30, 2023. The decrease in NPAs from June 30, 2024 was primarily due to the payoff of three loans totaling $175 thousand and one loan totaling $421 thousand returning to accrual status, partially offset by the addition of eight loans totaling $260 thousand to nonaccrual. The increase in NPAs from one year ago was primarily due to the placement of an additional $7.7 million of loans on nonaccrual status, which included a $3.7 million matured commercial real estate loan where the borrower is in the process of securing financing from another lender, a $2.4 million floating home loan, and a $985 thousand commercial real estate loan, all of which are well secured, and one manufactured home loan of $115 thousand that was repossessed in the first quarter of 2024. These additions were partially offset by the payoff of seven loans totaling $877 thousand, and normal payment amortization.
NPAs to total assets were 0.78%, 0.84% and 0.23% at September 30, 2024, June 30, 2024 and September 30, 2023, respectively. The allowance for credit losses on loans to total loans outstanding was 0.95% at September 30, 2024, compared to 0.96% at both June 30, 2024 and September 30, 2023. Net loan charge-offs for the third quarter of 2024 totaled $14 thousand, compared to $17 thousand for the second quarter of 2023, and $3 thousand for the third quarter of 2023.
The following table summarizes our NPAs at the dates indicated (dollars in thousands):
| September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
|||||||||||||||
| Nonperforming Loans: | |||||||||||||||||||
| One-to-four family | $ | 745 | $ | 822 | $ | 835 | $ | 1,108 | $ | 1,137 | |||||||||
| Home equity loans | 338 | 342 | 83 | 84 | 86 | ||||||||||||||
| Commercial and multifamily | 4,719 | 5,161 | 4,747 | — | 306 | ||||||||||||||
| Construction and land | 25 | 28 | 29 | — | 78 | ||||||||||||||
| Manufactured homes | 230 | 136 | 166 | 228 | 151 | ||||||||||||||
| Floating homes | 2,377 | 2,417 | 3,192 | — | — | ||||||||||||||
| Commercial business | 23 | — | — | 2,135 | — | ||||||||||||||
| Other consumer | 32 | 3 | 1 | 1 | 4 | ||||||||||||||
| Total nonperforming loans | 8,489 | 8,909 | 9,053 | 3,556 | 1,762 | ||||||||||||||
| OREO and Other Repossessed Assets: | |||||||||||||||||||
| Commercial and multifamily | — | — | 575 | 575 | 575 | ||||||||||||||
| Manufactured homes | 115 | 115 | 115 | — | — | ||||||||||||||
| Total OREO and repossessed assets | 115 | 115 | 690 | 575 | 575 | ||||||||||||||
| Total NPAs | $ | 8,604 | $ | 9,024 | $ | 9,743 | $ | 4,131 | $ | 2,337 | |||||||||
| Percentage of Nonperforming Loans: | |||||||||||||||||||
| One-to-four family | 8.7 | % | 9.1 | % | 8.5 | % | 26.9 | % | 48.7 | % | |||||||||
| Home equity loans | 3.9 | 3.8 | 0.9 | 2.0 | 3.7 | ||||||||||||||
| Commercial and multifamily | 54.8 | 57.2 | 48.7 | — | 13.1 | ||||||||||||||
| Construction and land | 0.3 | 0.3 | 0.3 | — | 3.3 | ||||||||||||||
| Manufactured homes | 2.7 | 1.5 | 1.7 | 5.5 | 6.4 | ||||||||||||||
| Floating homes | 27.6 | 26.8 | 32.8 | — | — | ||||||||||||||
| Commercial business | 0.3 | — | — | 51.7 | — | ||||||||||||||
| Other consumer | 0.4 | — | — | — | 0.2 | ||||||||||||||
| Total nonperforming loans | 98.7 | 98.7 | 92.9 | 86.1 | 75.4 | ||||||||||||||
| Percentage of OREO and Other Repossessed Assets: | |||||||||||||||||||
| Commercial and multifamily | — | — | 5.9 | 13.9 | 24.6 | ||||||||||||||
| Manufactured homes | 1.3 | 1.3 | 1.2 | — | — | ||||||||||||||
| Total OREO and repossessed assets | 1.3 | 1.3 | 7.1 | 13.9 | 24.6 | ||||||||||||||
| Total NPAs | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | |||||||||
The following table summarizes the allowance for credit losses at the dates and for the periods indicated (dollars in thousands, unaudited):
| At or For the Quarter Ended: | |||||||||||||||||||
| September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
|||||||||||||||
| Allowance for Credit Losses on Loans | |||||||||||||||||||
| Balance at beginning of period | $ | 8,493 | $ | 8,598 | $ | 8,760 | $ | 8,438 | $ | 8,217 | |||||||||
| (Release of) Provision for credit losses during the period | 106 | (88 | ) | (106 | ) | 337 | 224 | ||||||||||||
| Net charge-offs during the period | (14 | ) | (17 | ) | (56 | ) | (15 | ) | (3 | ) | |||||||||
| Balance at end of period | $ | 8,585 | $ | 8,493 | $ | 8,598 | $ | 8,760 | $ | 8,438 | |||||||||
| Allowance for Credit Losses on Unfunded Loan Commitments | |||||||||||||||||||
| Balance at beginning of period | $ | 245 | $ | 266 | $ | 193 | $ | 557 | $ | 706 | |||||||||
| (Release of) Provision for credit | (98 | ) | (21 | ) | 73 | (364 | ) | (149 | ) | ||||||||||
| Balance at end of period | 147 | 245 | 266 | 193 | 557 | ||||||||||||||
| Allowance for Credit Losses | $ | 8,732 | $ | 8,738 | $ | 8,864 | $ | 8,953 | $ | 8,995 | |||||||||
| Allowance for credit losses on loans to total loans | 0.95 | % | 0.96 | % | 0.96 | % | 0.98 | % | 0.96 | % | |||||||||
| Allowance for credit losses to total loans | 0.97 | % | 0.98 | % | 0.99 | % | 1.00 | % | 1.03 | % | |||||||||
| Allowance for credit losses on loans to total nonperforming loans | 101.13 | % | 95.33 | % | 94.97 | % | 246.34 | % | 478.89 | % | |||||||||
| Allowance for credit losses to total nonperforming loans | 102.86 | % | 98.08 | % | 97.91 | % | 251.77 | % | 510.50 | % | |||||||||
Deposits increased $23.4 million, or 2.6%, to $930.2 million at September 30, 2024, from $906.8 million at June 30, 2024 and increased $69.3 million, or 8.1%, from $860.9 million at September 30, 2023. The increase in deposits compared to the prior quarter-end was primarily a result of an increase of $17.0 million related to one new depositor relationship, as well as a $5.3 million increase in related party money market deposits. Compared to a year ago, the increase was primarily a result of an increase in certificate accounts and money market accounts, including $50.2 million of related party deposits, which helped fund organic loan growth. These increases were partially offset by decreases in noninterest-bearing and interest-bearing demand accounts and savings accounts, as interest rate sensitive clients shifted funds from lower-cost deposits, such as noninterest-bearing deposits, into higher rate money market and time deposits. Noninterest-bearing deposits increased $4.8 million, or 3.8%, to $129.7 million at September 30, 2024, compared to $124.9 million at June 30, 2024 and decreased $24.2 million, or 15.7%, from $153.9 million at September 30, 2023. Noninterest-bearing deposits represented 14.0%, 13.8% and 17.9% of total deposits at September 30, 2024, June 30, 2024 and September 30, 2023, respectively.
FHLB advances totaled $40.0 million at each of September 30, 2024, June 30, 2024, and September 30, 2023. FHLB advances are primarily used to support organic loan growth and to maintain liquidity ratios in line with our asset/liability objectives. FHLB advances outstanding at September 30, 2024 had maturities ranging from late 2024 through early 2028. Subordinated notes, net totaled $11.7 million at each of September 30, 2024, June 30, 2024 and September 30, 2023.
Stockholders’ equity totaled $102.2 million at September 30, 2024, an increase of $892 thousand, or 0.9%, from $101.3 million at June 30, 2024, and an increase of $2.0 million, or 2.0%, from $100.2 million at September 30, 2023. The increase in stockholders’ equity from June 30, 2024 was primarily the result of $1.2 million of net income earned during the current quarter and a $127 thousand decrease in accumulated other comprehensive loss, net of tax, partially offset by the payment of $487 thousand in cash dividends to the Company’s stockholders.
Sound Financial Bancorp, Inc., a bank holding company, is the parent company of Sound Community Bank, which is headquartered in Seattle, Washington and has full-service branches in Seattle, Tacoma, Mountlake Terrace, Sequim, Port Angeles, Port Ludlow and University Place. Sound Community Bank is a Fannie Mae Approved Lender and Seller/Servicer with one loan production office located in the Madison Park neighborhood of Seattle. For more information, please visit www.soundcb.com.
Forward-Looking Statements Disclaimer
When used in this press release and in documents filed or furnished by Sound Financial Bancorp, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”), in the Company’s other press releases or other public or stockholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements, which are based on various underlying assumptions and expectations and are subject to risks, uncertainties and other unknown factors, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events and may turn out to be wrong because of inaccurate assumptions we might make, because of the factors listed below or because of other factors that we cannot foresee that could cause our actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made.
Factors which could cause actual results to differ materially, include, but are not limited to: adverse impacts to economic conditions in the Company’s local market areas, other markets where the Company has lending relationships, or other aspects of the Company’s business operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation or deflation, a recession or slowed economic growth, as well as supply chain disruptions; changes in the interest rate environment, including increases and decreases in the Board of Governors of the Federal Reserve System (the Federal Reserve) benchmark rate and the duration at which such interest rate levels are maintained, which could adversely affect our revenues and expenses, the values of our assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the current and future monetary policies of the Federal Reserve in response thereto; the effects of any federal government shutdown; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; changes in consumer spending, borrowing and savings habits; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; secondary market conditions for loans; expectations regarding key growth initiatives and strategic priorities; environmental, social and governance goals and targets; results of examinations of the Company or the Bank by their regulators; increased competition; changes in management’s business strategies; legislative changes; changes in the regulatory and tax environments in which the Company operates; disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on our third-party vendors; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events on our business; and other factors described in the Company’s latest Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and other documents filed with or furnished to the SEC, which are available at www.soundcb.com and on the SEC’s website at www.sec.gov. The risks inherent in these factors could cause the Company’s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Company and could negatively affect the Company’s operating and stock performance.
The Company does not undertake—and specifically disclaims any obligation—to revise any forward-looking statement to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statement.
CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, unaudited)
| For the Quarter Ended | |||||||||||||||||||
| September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
|||||||||||||||
| Interest income | $ | 14,838 | $ | 14,039 | $ | 13,760 | $ | 13,337 | $ | 12,686 | |||||||||
| Interest expense | 6,965 | 6,591 | 6,300 | 5,770 | 4,518 | ||||||||||||||
| Net interest income | 7,873 | 7,448 | 7,460 | 7,567 | 8,168 | ||||||||||||||
| Provision for (release of) credit losses | 8 | (109 | ) | (33 | ) | (27 | ) | 75 | |||||||||||
| Net interest income after provision for (release of) credit losses | 7,865 | 7,557 | 7,493 | 7,594 | 8,093 | ||||||||||||||
| Noninterest income: | |||||||||||||||||||
| Service charges and fee income | 628 | 761 | 612 | 576 | 700 | ||||||||||||||
| Earnings on bank-owned life insurance | 186 | 134 | 177 | 222 | 88 | ||||||||||||||
| Mortgage servicing income | 280 | 279 | 282 | 288 | 295 | ||||||||||||||
| Fair value adjustment on mortgage servicing rights | 101 | (116 | ) | (65 | ) | (96 | ) | (78 | ) | ||||||||||
| Net gain on sale of loans | 40 | 74 | 90 | 76 | 76 | ||||||||||||||
| Other income | — | 30 | — | — | — | ||||||||||||||
| Total noninterest income | 1,235 | 1,162 | 1,096 | 1,066 | 1,081 | ||||||||||||||
| Noninterest expense: | |||||||||||||||||||
| Salaries and benefits | 4,469 | 4,658 | 4,543 | 3,802 | 4,148 | ||||||||||||||
| Operations | 1,540 | 1,569 | 1,457 | 1,537 | 1,625 | ||||||||||||||
| Regulatory assessments | 189 | 220 | 189 | 198 | 183 | ||||||||||||||
| Occupancy | 414 | 397 | 444 | 458 | 458 | ||||||||||||||
| Data processing | 1,067 | 910 | 1,017 | 1,311 | 1,296 | ||||||||||||||
| Net (gain) loss on OREO and repossessed assets | — | (17 | ) | 6 | — | — | |||||||||||||
| Total noninterest expense | 7,679 | 7,737 | 7,656 | 7,306 | 7,710 | ||||||||||||||
| Income before provision for income taxes | 1,421 | 982 | 933 | 1,354 | 1,464 | ||||||||||||||
| Provision for income taxes | 267 | 187 | 163 | 143 | 295 | ||||||||||||||
| Net income | $ | 1,154 | $ | 795 | $ | 770 | $ | 1,211 | $ | 1,169 | |||||||||
CONSOLIDATED INCOME STATEMENTS
(Dollars in thousands, unaudited)
| For the Nine Months Ended September 30 | ||||||||
| 2024 | 2023 | |||||||
| Interest income | $ | 42,638 | $ | 37,273 | ||||
| Interest expense | 19,856 | 10,990 | ||||||
| Net interest income | 22,782 | 26,283 | ||||||
| (Release of) provision for credit losses | (134 | ) | (246 | ) | ||||
| Net interest income after (release of) provision for credit losses | 22,916 | 26,529 | ||||||
| Noninterest income: | ||||||||
| Service charges and fee income | 2,001 | 1,951 | ||||||
| Earnings on bank-owned life insurance | 498 | 957 | ||||||
| Mortgage servicing income | 841 | 891 | ||||||
| Fair value adjustment on mortgage servicing rights | (81 | ) | (123 | ) | ||||
| Net gain on sale of loans | 205 | 264 | ||||||
| Other income | 30 | — | ||||||
| Total noninterest income | 3,494 | 3,940 | ||||||
| Noninterest expense: | ||||||||
| Salaries and benefits | 13,670 | 13,333 | ||||||
| Operations | 4,566 | 4,557 | ||||||
| Regulatory assessments | 598 | 490 | ||||||
| Occupancy | 1,255 | 1,352 | ||||||
| Data processing | 2,995 | 3,077 | ||||||
| Net (gain) loss on OREO and repossessed assets | (10 | ) | 13 | |||||
| Total noninterest expense | 23,074 | 22,822 | ||||||
| Income before provision for income taxes | 3,336 | 7,647 | ||||||
| Provision for income taxes | 617 | 1,419 | ||||||
| Net income | $ | 2,719 | $ | 6,228 | ||||
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, unaudited)
| September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||||||||||||
| ASSETS | ||||||||||||||||||||
| Cash and cash equivalents | $ | 148,930 | $ | 135,111 | $ | 137,977 | $ | 49,690 | $ | 101,890 | ||||||||||
| Available-for-sale securities, at fair value | 8,032 | 7,996 | 8,115 | 8,287 | 7,980 | |||||||||||||||
| Held-to-maturity securities, at amortized cost | 2,139 | 2,147 | 2,157 | 2,166 | 2,174 | |||||||||||||||
| Loans held-for-sale | 65 | 257 | 351 | 603 | 1,153 | |||||||||||||||
| Loans held-for-portfolio | 901,733 | 889,274 | 897,877 | 894,478 | 875,434 | |||||||||||||||
| Allowance for credit losses – loans | (8,585 | ) | (8,493 | ) | (8,598 | ) | (8,760 | ) | (8,438 | ) | ||||||||||
| Total loans held-for-portfolio, net | 893,148 | 880,781 | 889,279 | 885,718 | 866,996 | |||||||||||||||
| Accrued interest receivable | 3,705 | 3,413 | 3,617 | 3,452 | 3,415 | |||||||||||||||
| Bank-owned life insurance, net | 22,363 | 22,172 | 22,037 | 21,860 | 21,638 | |||||||||||||||
| Other real estate owned (“OREO”) and other repossessed assets, net | 115 | 115 | 690 | 575 | 575 | |||||||||||||||
| Mortgage servicing rights, at fair value | 4,665 | 4,540 | 4,612 | 4,632 | 4,681 | |||||||||||||||
| Federal Home Loan Bank (“FHLB”) stock, at cost | 2,405 | 2,406 | 2,406 | 2,396 | 2,783 | |||||||||||||||
| Premises and equipment, net | 4,807 | 4,906 | 6,685 | 5,240 | 5,204 | |||||||||||||||
| Right-of-use assets | 3,779 | 4,020 | 4,259 | 4,496 | 4,732 | |||||||||||||||
| Other assets | 6,777 | 6,995 | 4,500 | 6,106 | 6,955 | |||||||||||||||
| TOTAL ASSETS | $ | 1,100,930 | $ | 1,074,859 | $ | 1,086,685 | $ | 995,221 | $ | 1,030,176 | ||||||||||
| LIABILITIES | ||||||||||||||||||||
| Interest-bearing deposits | $ | 800,480 | $ | 781,854 | $ | 788,217 | $ | 699,813 | $ | 706,954 | ||||||||||
| Noninterest-bearing deposits | 129,717 | 124,915 | 128,666 | 126,726 | 153,921 | |||||||||||||||
| Total deposits | 930,197 | 906,769 | 916,883 | 826,539 | 860,875 | |||||||||||||||
| Borrowings | 40,000 | 40,000 | 40,000 | 40,000 | 40,000 | |||||||||||||||
| Accrued interest payable | 908 | 760 | 719 | 817 | 588 | |||||||||||||||
| Lease liabilities | 4,079 | 4,328 | 4,576 | 4,821 | 5,065 | |||||||||||||||
| Other liabilities | 9,711 | 9,105 | 9,578 | 9,563 | 9,794 | |||||||||||||||
| Advance payments from borrowers for taxes and insurance | 2,047 | 812 | 2,209 | 1,110 | 1,909 | |||||||||||||||
| Subordinated notes, net | 11,749 | 11,738 | 11,728 | 11,717 | 11,707 | |||||||||||||||
| TOTAL LIABILITIES | 998,691 | 973,512 | 985,693 | 894,567 | 929,938 | |||||||||||||||
| STOCKHOLDERS’ EQUITY: | ||||||||||||||||||||
| Common stock | 25 | 25 | 25 | 25 | 25 | |||||||||||||||
| Additional paid-in capital | 28,296 | 28,198 | 28,110 | 27,990 | 28,112 | |||||||||||||||
| Retained earnings | 74,840 | 74,173 | 73,907 | 73,627 | 73,438 | |||||||||||||||
| Accumulated other comprehensive loss, net of tax | (922 | ) | (1,049 | ) | (1,050 | ) | (988 | ) | (1,337 | ) | ||||||||||
| TOTAL STOCKHOLDERS’ EQUITY | 102,239 | 101,347 | 100,992 | 100,654 | 100,238 | |||||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,100,930 | $ | 1,074,859 | $ | 1,086,685 | $ | 995,221 | $ | 1,030,176 | ||||||||||
KEY FINANCIAL RATIOS
(unaudited)
| For the Quarter Ended | ||||||||||||||||||||
| September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||||||||||||
| Annualized return on average assets | 0.42 | % | 0.30 | % | 0.29 | % | 0.46 | % | 0.46 | % | ||||||||||
| Annualized return on average equity | 4.50 | % | 3.17 | % | 3.06 | % | 4.78 | % | 4.60 | % | ||||||||||
| Annualized net interest margin(1) | 2.98 | % | 2.92 | % | 2.95 | % | 3.04 | % | 3.38 | % | ||||||||||
| Annualized efficiency ratio(2) | 84.31 | % | 89.86 | % | 89.48 | % | 84.63 | % | 83.36 | % | ||||||||||
| (1) Net interest income divided by average interest earning assets. | ||||||||||||||||||||
| (2) Noninterest expense divided by total revenue (net interest income and noninterest income). | ||||||||||||||||||||
PER COMMON SHARE DATA
(unaudited)
| At or For the Quarter Ended | ||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | March 31, 2024 | December 31, 2023 | September 30, 2023 | ||||||||||||||||
| Basic earnings per share | $ | 0.45 | $ | 0.31 | $ | 0.30 | $ | 0.47 | $ | 0.45 | ||||||||||
| Diluted earnings per share | $ | 0.45 | $ | 0.31 | $ | 0.30 | $ | 0.47 | $ | 0.45 | ||||||||||
| Weighted-average basic shares outstanding | 2,544,233 | 2,540,538 | 2,539,213 | 2,542,175 | 2,553,773 | |||||||||||||||
| Weighted-average diluted shares outstanding | 2,569,368 | 2,559,015 | 2,556,958 | 2,560,656 | 2,571,808 | |||||||||||||||
| Common shares outstanding at period-end | 2,564,095 | 2,557,284 | 2,558,546 | 2,549,427 | 2,568,054 | |||||||||||||||
| Book value per share | $ | 39.87 | $ | 39.63 | $ | 39.47 | $ | 39.48 | $ | 39.03 | ||||||||||
AVERAGE BALANCE, AVERAGE YIELD EARNED, AND AVERAGE RATE PAID
(Dollars in thousands, unaudited)
The following tables present, for the periods indicated, the total dollar amount of interest income from average interest-earning assets and the resultant yields, as well as the interest expense on average interest-bearing liabilities, expressed both in dollars and rates. Income and yields on tax-exempt obligations have not been computed on a tax equivalent basis. All average balances are daily average balances. Nonaccrual loans have been included in the table as loans carrying a zero yield for the period they have been on nonaccrual (dollars in thousands).
| Three Months Ended | |||||||||||||||||||||||||||||
| September 30, 2024 | June 30, 2024 | September 30, 2023 | |||||||||||||||||||||||||||
| Average Outstanding Balance |
Interest Earned/ Paid |
Yield/Rate | Average Outstanding Balance | Interest Earned/ Paid |
Yield/Rate | Average Outstanding Balance | Interest Earned/ Paid |
Yield/Rate | |||||||||||||||||||||
| Interest-Earning Assets: | |||||||||||||||||||||||||||||
| Loans receivable | $ | 898,570 | $ | 12,876 | 5.70 | % | $ | 891,863 | $ | 12,320 | 5.56 | % | $ | 862,397 | $ | 11,505 | 5.29 | % | |||||||||||
| Interest-earning cash | 138,240 | 1,830 | 5.27 | % | 120,804 | 1,586 | 5.28 | % | 81,616 | 1,042 | 5.07 | % | |||||||||||||||||
| Investments | 13,806 | 132 | 3.80 | % | 13,935 | 133 | 3.84 | % | 14,793 | 139 | 3.73 | % | |||||||||||||||||
| Total interest-earning assets | $ | 1,050,616 | 14,838 | 5.62 | % | 1,026,602 | $ | 14,039 | 5.50 | % | $ | 958,806 | 12,686 | 5.25 | % | ||||||||||||||
| Interest-Bearing Liabilities: | |||||||||||||||||||||||||||||
| Savings and money market accounts | $ | 340,281 | 2,688 | 3.14 | % | $ | 301,454 | 2,115 | 2.82 | % | $ | 192,214 | 720 | 1.49 | % | ||||||||||||||
| Demand and NOW accounts | 148,252 | 151 | 0.41 | % | 153,739 | 148 | 0.39 | % | 194,561 | 173 | 0.35 | % | |||||||||||||||||
| Certificate accounts | 303,632 | 3,524 | 4.62 | % | 317,496 | 3,731 | 4.73 | % | 293,820 | 2,984 | 4.03 | % | |||||||||||||||||
| Subordinated notes | 11,745 | 168 | 5.69 | % | 11,735 | 168 | 5.76 | % | 11,703 | 168 | 5.70 | % | |||||||||||||||||
| Borrowings | 40,000 | 434 | 4.32 | % | 40,000 | 429 | 4.31 | % | 42,815 | 473 | 4.38 | % | |||||||||||||||||
| Total interest-bearing liabilities | $ | 843,910 | 6,965 | 3.28 | % | $ | 824,424 | 6,591 | 3.22 | % | $ | 735,113 | 4,518 | 2.44 | % | ||||||||||||||
| Net interest income/spread | $ | 7,873 | 2.34 | % | $ | 7,448 | 2.28 | % | $ | 8,168 | 2.81 | % | |||||||||||||||||
| Net interest margin | 2.98 | % | 2.92 | % | 3.38 | % | |||||||||||||||||||||||
| Ratio of interest-earning assets to interest-bearing liabilities | 124 | % | 125 | % | 130 | % | |||||||||||||||||||||||
| Noninterest-bearing deposits | $ | 132,762 | $ | 128,878 | $ | 151,298 | |||||||||||||||||||||||
| Total deposits | 924,927 | $ | 6,363 | 2.74 | % | 901,567 | $ | 5,994 | 2.67 | % | 831,893 | $ | 3,877 | 1.85 | % | ||||||||||||||
| Total funding (1) | 976,672 | 6,965 | 2.84 | % | 953,302 | 6,591 | 2.78 | % | 886,411 | 4,518 | 2.02 | % | |||||||||||||||||
| (1) Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding. | |||||||||||||||||||||||||||||
| Nine Months Ended | |||||||||||||||||||
| September 30, 2024 | September 30, 2023 | ||||||||||||||||||
| Average Outstanding Balance |
Interest Earned/ Paid |
Yield/Rate | Average Outstanding Balance |
Interest Earned/ Paid |
Yield/Rate | ||||||||||||||
| Interest-Earning Assets: | |||||||||||||||||||
| Loans receivable | $ | 895,300 | $ | 37,429 | 5.58 | % | $ | 865,357 | $ | 34,437 | 5.32 | % | |||||||
| Interest-earning cash | 122,194 | 4,832 | 5.28 | % | 70,094 | 2,447 | 4.67 | % | |||||||||||
| Investments | 12,607 | 377 | 3.99 | % | 13,962 | 389 | 3.73 | % | |||||||||||
| Total interest-earning assets | $ | 1,030,101 | 42,638 | 5.53 | % | $ | 949,413 | 37,273 | 5.25 | % | |||||||||
| Interest-Bearing Liabilities: | |||||||||||||||||||
| Savings and money market accounts | $ | 308,845 | 6,669 | 2.88 | % | $ | 173,319 | 1,197 | 0.92 | % | |||||||||
| Demand and NOW accounts | 153,897 | 440 | 0.38 | % | 216,753 | 587 | 0.36 | % | |||||||||||
| Certificate accounts | 312,176 | 10,950 | 4.69 | % | 273,564 | 7,182 | 3.51 | % | |||||||||||
| Subordinated notes | 11,735 | 504 | 5.74 | % | 11,693 | 504 | 5.76 | % | |||||||||||
| Borrowings | 40,000 | 1,293 | 4.32 | % | 45,280 | 1,520 | 4.49 | % | |||||||||||
| Total interest-bearing liabilities | $ | 826,653 | 19,856 | 3.21 | % | $ | 720,609 | 10,990 | 2.04 | % | |||||||||
| Net interest income/spread | $ | 22,782 | 2.32 | % | $ | 26,283 | 3.21 | % | |||||||||||
| Net interest margin | 2.95 | % | 3.70 | % | |||||||||||||||
| Ratio of interest-earning assets to interest-bearing liabilities | 125 | % | 132 | % | |||||||||||||||
| Noninterest-bearing deposits | $ | 131,365 | $ | 161,051 | |||||||||||||||
| Total deposits | 906,283 | $ | 18,059 | 2.66 | % | 824,687 | $ | 8,966 | 1.45 | % | |||||||||
| Total funding (1) | 958,018 | 19,856 | 2.77 | % | 881,660 | 10,990 | 1.67 | % | |||||||||||
| (1) Total funding is the sum of average interest-bearing liabilities and average noninterest-bearing deposits. The cost of total funding is calculated as annualized total interest expense divided by average total funding. | |||||||||||||||||||
LOANS
(Dollars in thousands, unaudited)
| September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||||||||||||
| Real estate loans: | ||||||||||||||||||||
| One-to-four family | $ | 271,702 | $ | 268,488 | $ | 279,213 | $ | 279,448 | $ | 280,556 | ||||||||||
| Home equity | 25,199 | 26,185 | 24,380 | 23,073 | 21,313 | |||||||||||||||
| Commercial and multifamily | 358,587 | 342,632 | 324,483 | 315,280 | 304,252 | |||||||||||||||
| Construction and land | 85,724 | 96,962 | 111,726 | 126,758 | 118,619 | |||||||||||||||
| Total real estate loans | 741,212 | 734,267 | 739,802 | 744,559 | 724,740 | |||||||||||||||
| Consumer Loans: | ||||||||||||||||||||
| Manufactured homes | 40,371 | 38,953 | 37,583 | 36,193 | 34,652 | |||||||||||||||
| Floating homes | 86,155 | 81,622 | 84,237 | 75,108 | 73,716 | |||||||||||||||
| Other consumer | 18,266 | 18,422 | 18,847 | 19,612 | 18,710 | |||||||||||||||
| Total consumer loans | 144,792 | 138,997 | 140,667 | 130,913 | 127,078 | |||||||||||||||
| Commercial business loans | 17,481 | 17,860 | 19,075 | 20,688 | 25,033 | |||||||||||||||
| Total loans | 903,485 | 891,124 | 899,544 | 896,160 | 876,851 | |||||||||||||||
| Less: | ||||||||||||||||||||
| Premiums | 736 | 754 | 808 | 829 | 850 | |||||||||||||||
| Deferred fees, net | (2,488 | ) | (2,604 | ) | (2,475 | ) | (2,511 | ) | (2,267 | ) | ||||||||||
| Allowance for credit losses – loans | (8,585 | ) | (8,493 | ) | (8,598 | ) | (8,760 | ) | (8,438 | ) | ||||||||||
| Total loans held-for-portfolio, net | $ | 893,148 | $ | 880,781 | $ | 889,279 | $ | 885,718 | $ | 866,996 | ||||||||||
DEPOSITS
(Dollars in thousands, unaudited)
| September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||||||||||||
| Noninterest-bearing demand | $ | 129,717 | $ | 124,915 | $ | 128,666 | $ | 126,726 | $ | 153,921 | ||||||||||
| Interest-bearing demand | 148,740 | 152,829 | 159,178 | 168,346 | 185,441 | |||||||||||||||
| Savings | 61,455 | 63,368 | 65,723 | 69,461 | 76,729 | |||||||||||||||
| Money market(1) | 285,655 | 253,873 | 241,976 | 154,044 | 143,558 | |||||||||||||||
| Certificates | 304,630 | 311,784 | 321,340 | 307,962 | 301,226 | |||||||||||||||
| Total deposits | $ | 930,197 | $ | 906,769 | $ | 916,883 | $ | 826,539 | $ | 860,875 | ||||||||||
| (1) Includes $5.0 million of brokered deposits at December 31, 2023. | ||||||||||||||||||||
CREDIT QUALITY DATA
(Dollars in thousands, unaudited)
| At or For the Quarter Ended | ||||||||||||||||||||
| September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||||||||||||
| Total nonperforming loans | $ | 8,489 | $ | 8,909 | $ | 9,053 | $ | 3,556 | $ | 1,762 | ||||||||||
| OREO and other repossessed assets | 115 | 115 | 690 | 575 | 575 | |||||||||||||||
| Total nonperforming assets | $ | 8,604 | $ | 9,024 | $ | 9,743 | $ | 4,131 | $ | 2,337 | ||||||||||
| Net charge-offs during the quarter | $ | (14 | ) | $ | (17 | ) | $ | (56 | ) | $ | (15 | ) | $ | (3 | ) | |||||
| Provision for (release of) credit losses during the quarter | 8 | (109 | ) | (33 | ) | (27 | ) | 75 | ||||||||||||
| Allowance for credit losses – loans | 8,585 | 8,493 | 8,598 | 8,760 | 8,438 | |||||||||||||||
| Allowance for credit losses – loans to total loans | 0.95 | % | 0.96 | % | 0.96 | % | 0.98 | % | 0.96 | % | ||||||||||
| Allowance for credit losses – loans to total nonperforming loans | 101.13 | % | 95.33 | % | 94.97 | % | 246.34 | % | 478.89 | % | ||||||||||
| Nonperforming loans to total loans | 0.94 | % | 1.00 | % | 1.01 | % | 0.40 | % | 0.20 | % | ||||||||||
| Nonperforming assets to total assets | 0.78 | % | 0.84 | % | 0.90 | % | 0.42 | % | 0.23 | % | ||||||||||
OTHER STATISTICS
(Dollars in thousands, unaudited)
| At or For the Quarter Ended | ||||||||||||||||||||
| September 30, 2024 |
June 30, 2024 |
March 31, 2024 |
December 31, 2023 |
September 30, 2023 |
||||||||||||||||
| Total loans to total deposits | 97.13 | % | 98.27 | % | 98.11 | % | 108.42 | % | 101.86 | % | ||||||||||
| Noninterest-bearing deposits to total deposits | 13.95 | % | 13.78 | % | 14.03 | % | 15.33 | % | 17.88 | % | ||||||||||
| Average total assets for the quarter | $ | 1,095,404 | $ | 1,070,579 | $ | 1,062,036 | $ | 1,033,985 | $ | 1,005,223 | ||||||||||
| Average total equity for the quarter | $ | 102,059 | $ | 100,961 | $ | 101,292 | $ | 100,612 | $ | 100,927 | ||||||||||
Contact
| Financial: | |||
| Wes Ochs | |||
| Executive Vice President/CFO | |||
| (206) 436-8587 | |||
| Media: | |||
| Laurie Stewart | |||
| President/CEO | |||
| (206) 436-1495 | |||
Source: GlobeNewswire (MIL-OSI)
FREMONT, Calif., Oct. 30, 2024 (GLOBE NEWSWIRE) — Enovix Corporation (“Enovix”) (NASDAQ: ENVX), a global high-performance battery company, today announced the pricing of an underwritten public offering of 10,416,667 shares of its common stock for total gross proceeds of $100 million before deducting underwriting discounts and commissions and estimated offering expenses payable by Enovix. The offering is expected to close on November 1, 2024, subject to satisfaction of customary closing conditions. All of the shares of common stock in the offering will be sold by Enovix.
Enovix has granted the underwriter a 30-day option to purchase up to an additional 1,562,500 shares of its common stock offered in the public offering, at the public offering price, less underwriting discounts and commissions.
Cantor Fitzgerald & Co. is acting as sole book-running manager for the offering.
The underwriter may offer the shares from time to time for sale in one or more transactions on the Nasdaq Global Select Market, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices.
Enovix intends to use the net proceeds from this offering, together with its existing cash, cash equivalents and short-term investments, for general corporate purposes, and for working capital and capital expenses to achieve high-volume manufacturing at its high-volume production facility “Fab2” in Penang, Malaysia.
The securities described above are being offered by Enovix pursuant to a shelf registration statement on Form S-3, including a base prospectus, that was filed on August 9, 2023 and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on August 18, 2023. The offering is being made only by means of a written prospectus and prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to the offering were filed with the SEC and are available on the SEC’s website located at www.sec.gov. A final prospectus supplement and accompanying prospectus relating to the offering will be filed with the SEC and will be available on the SEC’s website at http://www.sec.gov. Copies of the final prospectus supplement and the accompanying prospectus relating to the offering, when available, may also be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 110 East 59th Street, 6th Floor, or by email at prospectus@cantor.com.
This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.
About Enovix
Enovix is on a mission to deliver high-performance batteries that unlock the full potential of technology products. Everything from IoT, mobile, and computing devices, to the vehicle you drive, needs a better battery. Enovix partners with OEMs worldwide to usher in a new era of user experiences. Our innovative, materials-agnostic approach to building a higher performing battery without compromising safety keeps us flexible and on the cutting-edge of battery technology innovation.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, statements regarding Enovix’s anticipated public offering. The words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “achieve,” “intend,” “believe,” “expect,” “estimate,” “seek,” “predict,” “future,” “project,” “potential,” “continue,” “target” and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words.
Any forward-looking statements in this press release, such as the intended offering terms, are based on management’s current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation, uncertainties related to market conditions, the completion of the public offering on the anticipated terms or at all and satisfaction of customary closing conditions related to the proposed offering. These and other risks and uncertainties are described in greater detail in the section entitled “Risk Factors” in Enovix’s Annual Report on Form 10-K for the year ended December 31, 2023, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024. In addition, any forward-looking statements contained in this press release represent the Enovix’s views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Enovix explicitly disclaims any obligation to update any forward-looking statements. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements.
For investor and media inquiries, please contact:
Enovix Corporation
Robert Lahey
Email: ir@enovix.com
US Senate News:
Source: United States Senator for Nevada Cortez Masto
Boulder City, Nev. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) joined staff and survivors for the grand opening of the St. Jude’s Ranch for Children in Boulder City. The St. Jude’s Healing Center provides trauma-informed treatment to survivors of commercial child sex trafficking.
“Since my time as Nevada’s Attorney General, combating human trafficking and supporting survivors has been one of my top priorities,” said Senator Cortez Masto. “I was here for the groundbreaking of the St. Jude’s Healing Center two years ago, and I am grateful for the opportunity to come back for its grand opening. I’ll continue fighting to ensure essential organizations like the St. Jude’s have access to the resources they need to support survivors through the recovery process.”
Senator Cortez Masto is an outspoken advocate for the survivors of human trafficking and sexual assault. She recently called on Congress to provide more funding to support the Crime Victims fund, which provides services and resources for survivors of sexual assault. Her federal legislation to help train law enforcement to identify and prevent child trafficking and combat human trafficking activity on social media was signed into law. She co-sponsored bipartisan legislation that would prevent the trafficking of children by providing grants for the training of students, parents, and school personnel to respond to the signs of human trafficking.
Source: United Kingdom – Government Statements
November is the 200th anniversary of the Great Gale of 1824. It killed nearly 100 people and destroyed villages along the south coast of England.
There is a free public exhibition about the impacts of the Great Gale on the Dorset coast.
The Environment Agency, Dorset Coast Forum and Bournemouth, Christchurch and Poole (BCP) Council are raising awareness of extreme weather and flooding as they mark the 200th anniversary of the 1824 Great Gale.
On the night of 22 November 1824, a devastating storm struck England’s south coast and raged for two days. Winds reached hurricane force, with gusts exceeding 100 mph, causing widespread damage. Houses were severely flooded, whole villages destroyed, ships lost at sea and nearly 100 people were tragically killed.
The Dorset coast was hardest hit, but the storm’s impact stretched from Land’s End to Dover. Inland communities did not escape devastation from wind damage and it took many years for affected communities to recover.
At Plymouth, the storm sunk 22 vessels and swept away over 200,000 tons of stone from the city’s new breakwater which was under construction. While, at Abbotsbury, seawater surged over Chesil Beach, reaching astonishing depths of up to 6.9 metres.
Watch our animation about the Great Gale’s trail of destruction Great Gale of 1824.
The Great Gale, considered the most destructive storm ever to strike the Dorset coastline, was caused by a rare combination of factors. Hurricane force winds, spring high tides, extreme low pressure and towering waves created unprecedented conditions for the storm. Its severity was so extreme it is estimated to have a 1 in 10,000 chance of recurring each year.
Recent events like Storm Boris in Europe, Typhoon Yagi in Asia and Hurricanes Helene and Milton in North America highlight the ongoing threat of severe weather – and, as climate change increases the energy driving these storms, the importance of being prepared.
This post is nearly 7m high and shows the 1824 storm’s high water mark which reached 22ft 8in at the Swannery, Abbotsbury, Dorset.
Know the simple steps to take in advance to protect yourself from flooding.
Andrea Summers, Environment Agency flood and coastal risk manager for Wessex, said:
As we remember those who tragically lost their lives 200 years ago, this anniversary serves as a stark reminder of the destructive power of nature and the devastating impact flooding can have on communities.
Needless to say, we are much more resilient now than we were then, with major innovations in forecasting, warning and defence systems. But our climate is changing, sea levels are rising and extreme weather events are becoming more frequent.
While the events of November 1824 represent a worst-case scenario, they highlight the importance of being prepared. You should know your flood risk, sign up for flood warnings and make sure your homes and businesses are resilient to flooding.
The Environment Agency is investing to better protect people from flooding and extreme weather. The £200m Flood and Coastal Innovation Programmes is working in partnership with local authorities nationwide to develop, test and implement innovative ways of improving resilience and adapting to the impacts of flooding, coastal erosion and climate change.
Additionally, the new Floods Resilience Taskforce is driving government efforts to accelerate the development of flood defences and bolster the nation’s resilience to extreme weather events.
As part of the bicentenary commemorations, the Environment Agency has worked with Dorset Coast Forum and BCP Council to bring together a free public exhibition to explore the impacts the Great Gale left on the Dorset Coast. For more information, including dates and venues, please visit the Dorset Coast Forum website.
Source: United Kingdom – Government Statements
Historic injustice reversed as 112,000 former coalminers finally have £1.5 billion from their pension scheme transferred to them, boosting their pensions.
Historic injustice reversed as 112,000 former coalminers finally have £1.5 billion from their pension scheme transferred to them, boosting their pensions by 32%
Government delivers longstanding campaign ask from ex-pit workers, alongside new review to also ensure mineworkers receive a fair pension for years to come
Energy Secretary pays tribute to the “mineworkers who powered our country” and the campaigners who fought for justice over many years
Over 100,000 former mineworkers will receive £1.5 billion of money that was kept from their pensions, overturning an historic injustice and ensuring fair payouts for years to come.
Following the announcement in yesterday’s budget, Energy Secretary Ed Miliband confirmed that the move will mean a 32% boost to the annual pensions of 112,000 former mineworkers – an average increase of £29 per week for each member.
The investment reserve fund was set up using profits from the scheme in 1992, to provide a buffer in case the Mineworkers’ Pension Scheme went into deficit. This money was due to be returned to government in 2029.
Former mineworkers and their families have fought for justice for many years. In a landmark decision, the fund – now worth £1.5 billion – will be handed over to the pension scheme, ensuring former pit workers who powered the country for decades finally get the just rewards from their labour.
When British Coal was privatised in 1994, the government also agreed to take half of any profits generated by the pension scheme, in return for a guarantee that pensions would increase in line with inflation.
The scheme has continued to produce strong returns and the government has never paid any funds into it. Therefore, the government is also delivering on its commitment to review this agreement to ensure former miners and their families get a fairer deal in the years ahead, with next steps set out in the coming months.
Energy Secretary Ed Miliband said:
We owe the mining communities who powered this country a debt of gratitude.
For decades, it has been a scandal that the government has taken money that could have been passed to the miners and their families.
Today, that scandal ends, and the money is rightfully transferred to the miners. I pay tribute to the campaigners who have fought for justice- today is their victory.
Minister for Industry Sarah Jones said:
Miners powered our industries and our homes for decades. That’s why we have to right the wrong that has denied them the decent pension they deserved.
We are handing over the £1.5 billion that for years has sat in the reserve fund unused at times when people needed it most. This will end an historic injustice and will ensure members of the scheme see an average increase of £29 per week added to their pay – an increase of 32%.
Gary Saunders, Chair of the Trustees of the Mineworker’ Pension Scheme, said:
As a Trustee board we are delighted we will be able to put more money in our members’ pockets. We are also grateful to the many members and MPs who have shown support of the Scheme on this matter over the years.
Allen Young, Pensioner Representative Trustee for the North East of England and Overseas members, said:
The government’s decision to make good on this part of its manifesto commitment in respect of the Scheme is a very positive development for our members. The Trustees will use the Investment Reserve to increase our members’ pensions and we will be writing to all members with the good news very shortly.
The trustees are responsible for deciding how the £1.5 billion fund is distributed amongst their 112,000 members and are now working at speed to deliver the bonus into pension pay packets from November this year.
This announcement follows urgent action already taken toward the government’s clean energy superpower mission, helping to boost energy independence and create jobs. In just three months this includes lifting the ban on onshore wind, setting up Great British Energy and announcing a partnership with The Crown Estate to accelerate offshore wind projects, approving four major solar farms, launching the Clean Energy Mission Control centre led by Chris Stark, securing a record pipeline of renewable projects in the latest auction and launching the UK’s first carbon capture sites.
Source: Washington State News 2
OLYMPIA – A project to improve 34 miles of railroad track between Davenport and Wilbur recently received a $37.7 million grant from the Federal Railroad Administration.
The Washington State Department of Transportation will use the grant, from the Consolidated Rail Infrastructure and Safety Improvements program, to continue enhancements on the state-owned Palouse River and Coulee City (PCC) railway in eastern Washington. Another $20.3 million in state and private matching funds were contributed toward this project.
This grant is in addition to two previous federal grants received for upgrades to the PCC system – one in 2018 for $5.6 million and another in 2023 for $72.8 million. These grants were matched with a total of $45 million in state, local and private funds. Capital projects funded by these two grants benefit the PCC system in Grant, Lincoln, Spokane, Adams and Whitman counties.
The latest Phase III grant will replace 100-year-old worn rail with new heavy 115-pound rail, which can accommodate today’s modern 286,000-pound rail cars. Once the new rail is installed, track speeds will increase from 10 to 25 mph, enabling agricultural products to move more quickly to national and international markets.
These improvements align with the 2015 PCC Rail System Strategic Plan (PDF 3MB), which serves as a blueprint for investments on the state’s longest short-line railroad. WSDOT oversees the facilities and regulatory portions of the system and contracts with private railroads to operate and maintain each of the three branches. The PCC Rail Authority — an intergovernmental entity formed by the counties — oversees the business and economic development portions of the operating leases.
Source: Australian Petroleum Production & Exploration Association
Headline: Media Release: Australia wins bid to host 2026 global carbon capture conference – Australian Energy Producers
The Australian oil and gas sector’s leadership in carbon capture, utilisation and storage (CCUS) – a key emissions reductions technology – is set to be showcased on the world stage.
Australian Energy Producers is pleased to announce it will co-host the world’s leading CCUS conference in Perth in 2026, in partnership with the CSIRO, CO2CRC and the Department of Climate Change, Energy, the Environment and Water.
The Greenhouse Gas Control Technologies (GHGT) Conference, run by the IEA Greenhouse Gas R&D Programme, brings together over 1,000 CCUS researchers, industry leaders, government officials, and stakeholders from around the world to discuss and share the latest developments with the technology.
Australian Energy Producers Chief Executive Samantha McCulloch said Australia’s selection to host GHGT-18 reinforced its standing as a global leader in CCUS research, development and deployment.
“Australia has two of the largest carbon capture and storage (CCS) projects operating globally – Chevron’s Gorgon Project and the Santos and Beach Energy joint venture Moomba Project,” she said.
“These projects are today storing emissions equivalent to taking one million cars off the road each year.
“CCUS is a key technology in efforts to reach net zero in Australia and the region.
“The International Energy Agency, Intergovernmental Panel on Climate Change, and CSIRO have all found that there is no pathway to net zero without CCUS.”
The 2026 event will be the third time Australia has hosted the global conference, having hosted it in Cairns in 2000 and Melbourne in 2018.
The announcement last week in Canada during the closing session of GHGT-17 coincided with a major CCUS milestone for Australia, with the Moomba CCS Project achieving first injection and full ramp up.
“Australia has a comparative advantage in CCUS, with world class geology, industry experience, and strong links with regional trading partners looking to collaborate on CCUS,” Ms McCulloch said.
“Scaling up CCUS is an opportunity to not just reduce emissions but also create new jobs and attract new investment.”
Australia’s hosting of the conference is supported by Business Events Perth, reflecting the opportunity for GHGT-18 to amplify Western Australia’s global standing as a premier destination for impactful global events.
Contact: 0401 839 227
Source: The Conversation (Au and NZ) – By Sukhbir Sandhu, Associate Professor in Sustainability, University of South Australia
Two decades ago, the fight against climate change was often framed as a personal choice. You might try to reduce your carbon footprint by avoiding flights or change your buying habits to avoid meat or reduce plastic.
But this approach lost popularity, as it shifted responsibility from producer to consumer. The carbon footprint, for instance, was famously popularised by oil company BP. In 2008, well-known American climate activist Bill McKibben pointed out the impotence of individual action without collective action.
Behavioural researchers also began finding a seeming paradox – many of us expressed strong interest in taking individual action on climate, but our actual behaviours barely changed.
Much focus shifted to top-down efforts such as government incentives for clean energy and commitments at a national level to cut emissions.
But there is still a role for individuals – especially around demonstrating what clean alternatives actually look like. For instance, the more solar panels are installed on rooftops in your neighbourhood, the more likely you are to consider it. This neighbourhood effect also affects uptake of electric vehicles and e-bikes. This is especially important if we are to see clean alternatives go mainstream rather than stop at a small fraction of the population.
Of course, individual actions can only go so far. As our research on sustainable consumption has shown, individual actions can be magnified with a backdrop of institutional support.
Humans are complicated. We often say we want to make greener choices – but in reality, we act differently.
Individual climate action sounds great in theory. If many of us chose electric vehicles or bikes, installed solar panels and built energy efficient houses, our actions in aggregate could contribute to wider emissions goals. Then there are choices such as reducing dairy and meat, installing LED lights and buying produce with less packaging.
Everyday actions can contribute too, such as washing clothes in cold water, avoiding putting aircon too low or heating too high, and wearing extra layers of clothes. Recycling, repairing and reusing offer us still more methods to extend the life of our products, reduce waste and save money.
Yet it turns out the reality of individual action on climate is much more complicated – because we are complicated.
When surveyed, a majority of us say we want green, sustainable products. But when we go to the shops, we often don’t actually buy them. My colleagues and I have dubbed this the “Janus faced” consumer phenomenon – we often say one thing but do another.
Why might that be? One reason is many consumers believe green products – whether electric cars or detergents – will perform worse. Green products are also perceived to be more expensive and inconvenient to use.
Then there’s the question of virtue signalling. This is a phenomenon where consumers purchase highly visible green products primarily to signal they’re a person who cares about the environment without necessarily doing so.
Some of these challenges are being overcome. It’s hard to write off modern electric cars as inferior when they can accelerate faster and run much cheaper than fossil fuel cars. While early adopters of solar might once have been seen as virtue-signallers, the main reason Australian households go solar is to save money on the power bill, according to a CSIRO survey.
Individual action can only go so far. For individual action to create sustained impact, it needs supportive policies and institutional backing.
For instance, a 2023 report found many Australian clean energy organisations would like to re-use solar panels for community projects or as a low-cost option for households. This makes sense, given used solar panels are often 80% as good as new ones.
But for consumers to actually act on this, they need institutional scaffolding. If you’re going to buy used solar, you want to make sure they are in good condition. Without a certification process, their willingness will come to nothing.
While many of us say we would consider buying an electric vehicle, the uptake is constrained by things outside our control such as whether there are enough public chargers in cities and rural areas.
You can see the importance of institutional backing clearly in transport. The Melbourne-Sydney flight path is the fifth busiest in the world. That’s because there are no fast green alternatives. If there was high-speed rail as in China or Japan, many of us would choose to avoid the emissions caused by flying. But it doesn’t exist (yet), so our individual choices are curtailed.
As climate change intensifies, more and more of us say we are willing to act on our beliefs and concerns on an individual level. Even better, more of us are actually doing what we say we will.
Not everywhere, of course. For many Australians, switching from petrol to electric might be easier than giving up meat or a flight to Japan. But some progress is better than none.
This groundswell is encouraging. But our individual efforts can only go so far. To make the most of it, we need institutional scaffolding. Australia has world-beating rooftop solar uptake because state and federal governments used subsidies and incentives to make the emerging technology cheaper. With incentives on offer, millions of us made individual choices to take it up.
We are more than consumers, of course. Our power as individuals isn’t limited to choosing specific products. As citizens, we can push for our governments to provide the essential scaffolding we need to make greener choices.
Sukhbir Sandhu has received research grants from Australian Research Council (Discovery), Green Industries SA, and the European Union.
– ref. Individual action on climate was tarred as greenwashing or virtue signalling. But it still has a place – https://theconversation.com/individual-action-on-climate-was-tarred-as-greenwashing-or-virtue-signalling-but-it-still-has-a-place-239196
Source: The Conversation (Au and NZ) – By Alexandra Wake, Associate Professor, Journalism, RMIT University
Unless you’re a moderator for a local community group discussing garbage collections or dog park etiquette, you are unlikely to fully understand the sheer volume and scale of abuse directed at people online.
But when social media moderation and community management is part and parcel of your daily work, the toll on people and their loved ones can be enormous. Journalists, often early in their careers, can be on the receiving end of torrents of abuse.
If they come from culturally or linguistically diverse backgrounds, that reluctance to report can be even higher than other colleagues.
There’s growing employer concern about how moderating confronting content can affect people’s wellbeing. Employers also have a duty to keep their staff safe at work, including online.
The ABC wanted to understand what this looked like in practice. Its internal survey data shows just how bad the problem has become for moderators who are employed to keep audience members safe when contributing to online discussions.
In 2022, the ABC asked 111 staff who were engaged in online moderation as part of their jobs to self-report the frequency of exposure to potentially harmful experiences.
First it was important to understand just how long people were spending online moderating content. For those who had to moderate content every day, 63% they did it for less than an hour and a half, and 88% moderated for less than three hours.
The majority of staff surveyed saw potentially harmful content every week.
71% of moderators reported seeing denigration of their work weekly, with 25% seeing this daily.
Read more:
Can human moderators ever really rein in harmful online content? New research says yes
Half reported seeing misogynistic content weekly, while more than half said they saw racist content weekly.
Around a third reported seeing homophobic content every week.
In the case of abusive language, 20% said they encountered it weekly.
It’s a confronting picture on its own, but many see more than one type of this content at a time. This compounds the situation.
It is important to note the survey did not define specifically what was meant by racist, homophobic or misogynistic content, so that was open to interpretation from the moderators.
We’ve known for a few years about the mental health problems faced by moderators in other countries.
Some people employed by Facebook to filter out the most toxic material and have gone on to take the company to court.
In one case in the United States, Facebook reached a settlement with more than 10,000 content moderators that included U$52 million (A$77.8 million) for mental health treatment.
In Kenya, 184 moderators contracted by Facebook are suing the company for poor working conditions, including a lack of mental health support. They’re seeking U$1.6 billion (A$2.3 billion) in compensation.
The case is ongoing and so too are other separate cases against Meta in Kenya.
In Australia, moderators during the height of the COVID pandemic reported how confronting it could be to deal with social media users’ misinformation and threats.
A 2023 report by Australian Community Managers, the peak body for online moderators, found 50% of people surveyed said a key challenge of their job was maintaining good mental health.
Although it is not without its own issues, the ABC is leading the way in protecting its moderators from harm.
It has long worked to protect its staff from trauma exposure with a variety of programs, including a peer support program for journalists. The program was supported by the Dart Centre for Journalism and Trauma Asia Pacific.
But as the level of abuse directed at staff increased in tone and intensity, the national broadcaster appointed a full-time Social Media Wellbeing Advisor. Nicolle White manages the workplace health and safety risk generated by social media. She’s believed to be the first in the world in such a role.
As part of the survey, the ABC’s moderators were asked about ways they could be better supported.
Turning off comments was unsurprisingly rated as the most helpful technique to promote wellbeing, followed by support from management, peer support, and preparing responses to anticipated audience reactions.
Turning off the comments, however, often leads to complaints from at least some people that their views are being censored. This is despite the fact media publishers are legally liable for comments on their content, following a 2021 High Court decision.
Educating staff about why people comment on news content has been an important part of harm reduction.
Some of the other changes implemented after the survey included encouraging staff not to moderate comments when it related to their own lived experience or identity, unless they feel empowered in doing so.
The peer support program also links staff others with moderation experience.
Managers were urged to ensure that self-care plans were completed by staff to prepare for high-risk moderation days (such as the Voice referendum). These includes documenting positive coping mechanisms, how to implement boundaries at the end of a news shift, debriefing and asking staff to reflect on the value in their work.
Research shows one of the most protective factors for journalists is being reminded that the work is important.
But overwhelmingly, the single most significant piece of advice for all working on moderation is to ensure they have clear guidance on what to do if their wellbeing is affected, and that seeking support is normalised in the workplace.
While these data are specific to the public broadcaster, it’s certain the experiences of the ABC are reflected across the news industry and other forums where people are responsible for moderating communities.
It’s not just paid employees. Volunteer moderators at youth radio stations or Facebook group admins are among the many people who face online hostility.
What’s clear is that any business or volunteer organisation building a social media audience need to consider the health and safety ramifications for those tasked with maintaining those platforms, and ensure they build in support strategies.
Australia’s eSafety commissioner has developed a range of publicly available resources to help.
The author would like to acknowledge the work of Nicolle White in writing this article and the research it reports.
Alexandra Wake is a member of Dart Asia Pacific, having previously served as a director of its Board. She is currently a joint recipient of an Australian Research Council Discovery Grant, Australian Journalism, Trauma and Community.
– ref. Moderators protect us from the worst of the internet. That comes at huge personal cost – https://theconversation.com/moderators-protect-us-from-the-worst-of-the-internet-that-comes-at-huge-personal-cost-241775
Source: Amnesty International –
Severe flooding in Pakistan’s Sindh province has left thousands of people suffering from disease and food insecurity amid government inaction, Amnesty International said.
Following major flooding in August 2024, more than 140,000 people were displaced with many now living in tents. Months later, affected communities are still struggling with health risks and lost livelihoods compounded by little international or government support. With disease rampant due to stagnant floodwaters, older people, children and pregnant women are at increased risk of illness and death.
By failing to guarantee access to adequate healthcare, food and housing in the wake of the floods, the government of Sindh has failed to fulfil economic, social and cultural rights set out in key human rights instruments ratified by Pakistan. The biggest emitters of greenhouse gases, who bear most responsibility for climate change-related disasters, must also minimize the harmful effects of climate change on human rights by phasing out fossil fuels as quickly as possible.
“Tens of thousands of people have been abandoned by the Sindh government and the international community after being devastated again by major floods,” said Scott Edwards, Amnesty International’s Crisis Response Programme Director.
“Many impacted communities were harmed by record-breaking floods in 2022, and have struggled to rebuild their lives. Inaction in the face of repeated disasters is evidence of waning resiliency and global lethargy.
“Climate change is not a tentative threat; lives are being lost today to global inaction and inadequate humanitarian response. The international community and Pakistani authorities must act urgently before more people suffer unnecessarily.”
In late September 2024, Amnesty International visited eight flood-affected villages in Badin and Dadu districts in Sindh province and interviewed 36 people, including older people, people with disabilities, children, pregnant women, and one doctor.
Source: Victoria Country Fire Authority
Photos by ACFO Craig Brittain
CFA was called to the truck fire on the corner of Calvert Street and Queen Street at 7.14am today.
Firefighters found the rubbish in the recycling truck on fire and heavy haulage machinery was called to the scene to help lift the truck to empty its contents onto the ground.
CFA District 6 Assistant Chief Fire Officer Craig Brittain said the volunteer firefighters who responded to this incident have done an amazing job.
“On inspection there was quite a number of items such as aerosol cans that shouldn’t be in a recycling bin that have possibly caused the fire so we will investigate that further,” Craig said.
“Community members need to please be careful what they put into rubbish bins.”
An excavator was also called in to pull apart the rubbish to assist firefighting with extinguishing the fire.
A Watch and Act message was issued asking people in the area to stay indoors due to the dangerous smoke from the burning plastic and other materials in the truck. That warning has since been downgraded to an Advice message.
The incident was brought under control at 8.48am and declared safe at 9.05am.
CFA has four trucks on scene from Colac, Cororooke and Larpent.
Victoria Police and VICSES are also on scene.
| Submitted by | CFA Media |
|---|
Source: GlobeNewswire (MIL-OSI)
CALGARY, Alberta, Oct. 30, 2024 (GLOBE NEWSWIRE) — Athabasca Oil Corporation (TSX: ATH) (“Athabasca” or the “Company”) is pleased to report its third quarter results highlighting strong free cash flow underpinned by operational momentum at all assets and continued execution on its return of capital commitment through share buybacks.
Corporate Consolidated Third Quarter Highlights
Return of Capital
Athabasca (Thermal Oil) Third Quarter Highlights
Duvernay Energy Corporation (“DEC”) Third Quarter Highlights
Corporate Consolidated Strategy
Athabasca (Thermal Oil) Strategy
Duvernay Energy Strategy
Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Sustaining Capital, Net Cash, Liquidity) and production disclosure.
1Pricing Assumptions: realized prices January – October and flat pricing of US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.73 C$/US$ FX for the balance of 2024. 2025-27 US$70 WTI, US$12.50 WCS heavy differential, C$3.00 AECO, and 0.75 C$/US$ FX.
2The Company’s illustrative multi-year outlook assumes a 10% annual share buyback program at an implied share price of 4.5x EV/Debt Adjusted Cash flow in 2025 and beyond.
Financial and Operational Highlights
| Three months ended September 30, |
Nine months ended September 30, |
|||||||||||||||
| ($ Thousands, unless otherwise noted) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| CORPORATE CONSOLIDATED(1) | ||||||||||||||||
| Petroleum and natural gas production (boe/d)(2) | 38,909 | 36,176 | 36,675 | 34,950 | ||||||||||||
| Petroleum, natural gas and midstream sales | $ | 376,781 | $ | 379,241 | $ | 1,089,635 | $ | 952,596 | ||||||||
| Operating Income(2) | $ | 180,184 | $ | 168,410 | $ | 465,070 | $ | 320,063 | ||||||||
| Operating Income Net of Realized Hedging(2)(3) | $ | 175,755 | $ | 164,643 | $ | 460,511 | $ | 289,645 | ||||||||
| Operating Netback ($/boe)(2) | $ | 49.12 | $ | 50.84 | $ | 46.36 | $ | 33.27 | ||||||||
| Operating Netback Net of Realized Hedging ($/boe)(2)(3) | $ | 47.91 | $ | 49.70 | $ | 45.91 | $ | 30.11 | ||||||||
| Capital expenditures | $ | 50,634 | $ | 33,286 | $ | 175,098 | $ | 101,080 | ||||||||
| Cash flow from operating activities | $ | 187,143 | $ | 134,879 | $ | 398,864 | $ | 202,330 | ||||||||
| per share – basic | $ | 0.35 | $ | 0.23 | $ | 0.72 | $ | 0.34 | ||||||||
| Adjusted Funds Flow(2) | $ | 163,680 | $ | 141,138 | $ | 417,198 | $ | 213,406 | ||||||||
| per share – basic | $ | 0.30 | $ | 0.24 | $ | 0.75 | $ | 0.36 | ||||||||
| ATHABASCA (THERMAL OIL) | ||||||||||||||||
| Bitumen production (bbl/d)(2) | 34,853 | 31,691 | 33,390 | 29,972 | ||||||||||||
| Petroleum, natural gas and midstream sales | $ | 372,634 | $ | 360,761 | $ | 1,072,954 | $ | 895,167 | ||||||||
| Operating Income(2) | $ | 163,694 | $ | 155,415 | $ | 425,837 | $ | 278,533 | ||||||||
| Operating Netback ($/bbl)(2) | $ | 49.68 | $ | 53.59 | $ | 46.64 | $ | 33.72 | ||||||||
| Capital expenditures | $ | 44,431 | $ | 34,439 | $ | 120,634 | $ | 89,604 | ||||||||
| Adjusted Funds Flow(2) | $ | 150,088 | $ | 383,214 | ||||||||||||
| Free Cash Flow(2) | $ | 105,657 | $ | 262,580 | ||||||||||||
| DUVERNAY ENERGY(1) | ||||||||||||||||
| Petroleum and natural gas production (boe/d)(2) | 4,056 | 4,485 | 3,285 | 4,978 | ||||||||||||
| Percentage Liquids (%)(2) | 77 | % | 55 | % | 77 | % | 56 | % | ||||||||
| Petroleum, natural gas and midstream sales | $ | 24,728 | $ | 24,508 | $ | 63,015 | $ | 78,403 | ||||||||
| Operating Income(2) | $ | 16,490 | $ | 12,995 | $ | 39,233 | $ | 41,530 | ||||||||
| Operating Netback ($/boe)(2) | $ | 44.20 | $ | 31.50 | $ | 43.59 | $ | 30.56 | ||||||||
| Capital expenditures | $ | 6,203 | $ | (1,153 | ) | $ | 54,464 | $ | 11,476 | |||||||
| Adjusted Funds Flow(2) | $ | 13,592 | $ | 33,984 | ||||||||||||
| Free Cash Flow(2) | $ | 7,389 | $ | (20,480 | ) | |||||||||||
| NET INCOME AND COMPREHENSIVE INCOME | ||||||||||||||||
| Net income and comprehensive income(4) | $ | 68,722 | $ | (79,212 | ) | $ | 203,407 | $ | (78,726 | ) | ||||||
| per share – basic(4) | $ | 0.13 | $ | (0.14 | ) | $ | 0.37 | $ | (0.13 | ) | ||||||
| per share – diluted(4) | $ | 0.12 | $ | (0.14 | ) | $ | 0.36 | $ | (0.13 | ) | ||||||
| COMMON SHARES OUTSTANDING | ||||||||||||||||
| Weighted average shares outstanding – basic | 540,884,257 | 581,917,255 | 555,035,218 | 586,906,810 | ||||||||||||
| Weighted average shares outstanding – diluted | 550,712,443 | 581,917,255 | 559,203,568 | 586,906,810 | ||||||||||||
| September 30 | December 31 | |||||||
| As at ($ Thousands) | 2024 | 2023 | ||||||
| LIQUIDITY AND BALANCE SHEET | ||||||||
| Cash and cash equivalents | $ | 334,851 | $ | 343,309 | ||||
| Available credit facilities(5) | $ | 121,316 | $ | 85,488 | ||||
| Face value of term debt(6) | $ | 200,000 | $ | 207,648 | ||||
(1) Corporate Consolidated and Duvernay Energy reflect gross production and financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
(2) Refer to the “Reader Advisory” section within this News Release for additional information on Non-GAAP Financial Measures and production disclosure.
(3) Includes realized commodity risk management loss of $4.4 million and $4.6 million for the three and nine months ended September 30, 2024 (three and nine months ended September 30, 2023 – loss of $3.8 million and $30.4 million).
(4) Net income (loss) and comprehensive income (loss) per share amounts are based on net income (loss) and comprehensive income (loss) attributable to shareholders of the Parent Company. In the calculation of diluted net income (loss) per share for the three months ended September 30, 2024 net income (loss) was reduced by $2.6 million to account for the impact to net income (loss) had the outstanding warrants been converted to equity.
(5) Includes available credit under Athabasca’s and Duvernay Energy’s Credit Facilities and Athabasca’s Unsecured Letter of Credit Facility.
(6) The face value of the term debt at December 31, 2023 was US$157.0 million translated into Canadian dollars at the December 31, 2023 exchange rate of US$1.00 = C$1.3226.
Operations Update
Athabasca (Thermal Oil)
Production for the third quarter of 2024 averaged 34,853 bbl/d. The Thermal Oil division generated Operating Income of $164 million (Operating Netbacks – $50.05/bbl at the Leismer and $48.39/bbl at Hangingstone) during the period with capital expenditures of $44 million, primarily related to drilling and completions, and progressing future growth initiatives at Leismer.
Leismer
Leismer produced a record 27,485 bbl/d during the quarter following the completion of the facility expansion. The Company is continuing with progressive growth to increase Leismer production to 40,000 bbl/d (regulatory approved capacity) over the next three years. These capital projects are flexible and highly economic (~$25,000/bbl/d capital efficiency) and will maximize value creation when executed alongside the Company’s return of capital initiatives. Activity over the next three years will include drilling ~20 well pairs (sustaining and growth wells), expanding steam capacity to ~130,000 bbl/d and adding oil processing capacity at the central processing facility. The project will benefit from installing opportunistically pre-purchased steam generators which reduce the timelines and costs for the project.
Activity in H2 2024 includes drilling four sustaining well pairs at Pad L10 and six extended redrills on Pad L1, with production expected in early 2025.
Hangingstone
Production during the quarter averaged 7,368 bbl/d. Non-condensable gas co-injection continues to assist in pressure support, reduced energy usage and an improved SOR averaging ~3.4x year to date. During the quarter the Company rig released two ~1,400 meter well pairs with first steam planned for later this year and production in early 2025. Well design with extended reach laterals is expected to drive project capital efficiencies of ~$15,000/bbl/d and will leverage off available plant and infrastructure capacity. These sustaining well pairs will support base production with the objective of ensuring Hangingstone continues to deliver meaningful cash flow contributions to the Company and maintaining competitive netbacks.
Duvernay Energy
Production for the third quarter of 2024 averaged 4,056 boe/d (77% Liquids). Duvernay Energy generated Operating Income of $16 million (Operating Netback – $44.20/boe) during the period.
Duvernay Energy brought its two-well 100% working interest pad at 03-18-64-17W5 on production in late April. The pad generated an average restricted 180-day rate of ~840 boe/d per well (82% liquids). A three well pad (30% working interest) at 02-03-65-20W5 was brought on production in late May, with an approximate 120-day rate of ~835 boe/d per well (85% liquids). Both pads are performing in-line with management’s expectations and are exhibiting strong extended results with high liquids content. The Company spud a three-well 100% working interest pad at 4-18-64-16W5 in September. Two wells have been cased on this pad with average laterals of ~4,000 meters per well. The operated pad of wells is expected to be completed in 2025.
About Athabasca Oil Corporation
Athabasca Oil Corporation is a Canadian energy company with a focused strategy on the development of thermal and light oil assets. Situated in Alberta’s Western Canadian Sedimentary Basin, the Company has amassed a significant land base of extensive, high quality resources. Athabasca’s light oil assets are held in a private subsidiary (Duvernay Energy Corporation) in which Athabasca owns a 70% equity interest. Athabasca’s common shares trade on the TSX under the symbol “ATH”. For more information, visit www.atha.com.
For more information, please contact:
Reader Advisory:
This News Release contains forward-looking information that involves various risks, uncertainties and other factors. All information other than statements of historical fact is forward-looking information. The use of any of the words “anticipate”, “plan”, “project”, “continue”, “maintain”, “may”, “estimate”, “expect”, “will”, “target”, “forecast”, “could”, “intend”, “potential”, “guidance”, “outlook” and similar expressions suggesting future outcome are intended to identify forward-looking information. The forward-looking information is not historical fact, but rather is based on the Company’s current plans, objectives, goals, strategies, estimates, assumptions and projections about the Company’s industry, business and future operating and financial results. This information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. No assurance can be given that these expectations will prove to be correct and such forward-looking information included in this News Release should not be unduly relied upon. This information speaks only as of the date of this News Release. In particular, this News Release contains forward-looking information pertaining to, but not limited to, the following: our strategic plans; the allocation of future capital; timing and quantum for shareholder returns including share buybacks; the terms of our NCIB program; our drilling plans and capital efficiencies; production growth to expected production rates and estimated sustaining capital amounts; timing of Leismer’s and Hangingstone’s pre-payout royalty status; applicability of tax pools and the timing of tax payments; expected operating results at Hangingstone; Adjusted Funds Flow and Free Cash Flow in 2024 and 2025 to 2027; type well economic metrics; number of drilling locations; forecasted daily production and the composition of production; our outlook in respect of the Company’s business environment, including in respect of the Trans Mountain pipeline expansion and heavy oil pricing; and other matters.
In addition, information and statements in this News Release relating to “Reserves” and “Resources” are deemed to be forward-looking information, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. With respect to forward-looking information contained in this News Release, assumptions have been made regarding, among other things: commodity prices; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct business and the effects that such regulatory framework will have on the Company, including on the Company’s financial condition and results of operations; the Company’s financial and operational flexibility; the Company’s financial sustainability; Athabasca’s cash flow break-even commodity price; the Company’s ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the applicability of technologies for the recovery and production of the Company’s reserves and resources; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; the Company’s future debt levels; future production levels; the Company’s ability to obtain financing and/or enter into joint venture arrangements, on acceptable terms; operating costs; compliance of counterparties with the terms of contractual arrangements; impact of increasing competition globally; collection risk of outstanding accounts receivable from third parties; geological and engineering estimates in respect of the Company’s reserves and resources; recoverability of reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities and the quality of its assets. Certain other assumptions related to the Company’s Reserves and Resources are contained in the report of McDaniel & Associates Consultants Ltd. (“McDaniel”) evaluating Athabasca’s Proved Reserves, Probable Reserves and Contingent Resources as at December 31, 2023 (which is respectively referred to herein as the “McDaniel Report”).
Actual results could differ materially from those anticipated in this forward-looking information as a result of the risk factors set forth in the Company’s Annual Information Form (“AIF”) dated February 29, 2024 available on SEDAR at www.sedarplus.ca, including, but not limited to: weakness in the oil and gas industry; exploration, development and production risks; prices, markets and marketing; market conditions; climate change and carbon pricing risk; statutes and regulations regarding the environment including deceptive marketing provisions; regulatory environment and changes in applicable law; gathering and processing facilities, pipeline systems and rail; reputation and public perception of the oil and gas sector; environment, social and governance goals; political uncertainty; state of capital markets; ability to finance capital requirements; access to capital and insurance; abandonment and reclamation costs; changing demand for oil and natural gas products; anticipated benefits of acquisitions and dispositions; royalty regimes; foreign exchange rates and interest rates; reserves; hedging; operational dependence; operating costs; project risks; supply chain disruption; financial assurances; diluent supply; third party credit risk; indigenous claims; reliance on key personnel and operators; income tax; cybersecurity; advanced technologies; hydraulic fracturing; liability management; seasonality and weather conditions; unexpected events; internal controls; limitations and insurance; litigation; natural gas overlying bitumen resources; competition; chain of title and expiration of licenses and leases; breaches of confidentiality; new industry related activities or new geographical areas; water use restrictions and/or limited access to water; relationship with Duvernay Energy Corporation; management estimates and assumptions; third-party claims; conflicts of interest; inflation and cost management; credit ratings; growth management; impact of pandemics; ability of investors resident in the United States to enforce civil remedies in Canada; and risks related to our debt and securities. All subsequent forward-looking information, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements.
Also included in this News Release are estimates of Athabasca’s 2024 outlook which are based on the various assumptions as to production levels, commodity prices, currency exchange rates and other assumptions disclosed in this News Release. To the extent any such estimate constitutes a financial outlook, it was approved by management and the Board of Directors of Athabasca and is included to provide readers with an understanding of the Company’s outlook. Management does not have firm commitments for all of the costs, expenditures, prices or other financial assumptions used to prepare the financial outlook or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results of operations of the Company and the resulting financial results may vary from the amounts set forth herein, and such variations may be material. The outlook and forward-looking information contained in this New Release was made as of the date of this News release and the Company disclaims any intention or obligations to update or revise such outlook and/or forward-looking information, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law.
Oil and Gas Information
“BOEs” may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 Mcf: 1 bbl) is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. As the value ratio between natural gas and crude oil based on the current prices of natural gas and crude oil is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.
Initial Production Rates
Test Results and Initial Production Rates: The well test results and initial production rates provided herein should be considered to be preliminary, except as otherwise indicated. Test results and initial production rates disclosed herein may not necessarily be indicative of long-term performance or of ultimate recovery.
Reserves Information
The McDaniel Report was prepared using the assumptions and methodology guidelines outlined in the COGE Handbook and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, effective December 31, 2023. There are numerous uncertainties inherent in estimating quantities of bitumen, light crude oil and medium crude oil, tight oil, conventional natural gas, shale gas and natural gas liquids reserves and the future cash flows attributed to such reserves. The reserve and associated cash flow information set forth above are estimates only. In general, estimates of economically recoverable reserves and the future net cash flows therefrom are based upon a number of variable factors and assumptions, such as historical production from the properties, production rates, ultimate reserve recovery, timing and amount of capital expenditures, marketability of oil and natural gas, royalty rates, the assumed effects of regulation by governmental agencies and future operating costs, all of which may vary materially. For those reasons, estimates of the economically recoverable reserves attributable to any particular group of properties, classification of such reserves based on risk of recovery and estimates of future net revenues associated with reserves prepared by different engineers, or by the same engineers at different times, may vary. The Company’s actual production, revenues, taxes and development and operating expenditures with respect to its reserves will vary from estimates thereof and such variations could be material. Reserves figures described herein have been rounded to the nearest MMbbl or MMboe. For additional information regarding the consolidated reserves and information concerning the resources of the Company as evaluated by McDaniel in the McDaniel Report, please refer to the Company’s AIF.
Reserve Values (i.e. Net Asset Value) is calculated using the estimated net present value of all future net revenue from our reserves, before income taxes discounted at 10%, as estimated by McDaniel effective December 31, 2023 and based on average pricing of McDaniel, Sproule and GLJ as of January 1, 2024.
The 500 gross Duvernay drilling locations referenced include: 37 proved undeveloped locations and 76 probable undeveloped locations for a total of 113 booked locations with the balance being unbooked locations. Proved undeveloped locations and probable undeveloped locations are booked and derived from the Company’s most recent independent reserves evaluation as prepared by McDaniel as of December 31, 2023 and account for drilling locations that have associated proved and/or probable reserves, as applicable. Unbooked locations are internal management estimates. Unbooked locations do not have attributed reserves or resources (including contingent or prospective). Unbooked locations have been identified by management as an estimation of Athabasca’s multi-year drilling activities expected to occur over the next two decades based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company will actually drill wells, including the number and timing thereof is ultimately dependent upon the availability of funding, commodity prices, provincial fiscal and royalty policies, costs, actual drilling results, additional reservoir information that is obtained and other factors.
Non-GAAP and Other Financial Measures, and Production Disclosure
The “Corporate Consolidated Adjusted Funds Flow”, “Corporate Consolidated Adjusted Funds Flow per Share”, “Athabasca (Thermal Oil) Adjusted Funds Flow”, “Duvernay Energy Adjusted Funds Flow”, “Corporate Consolidated Free Cash Flow”, “Athabasca (Thermal Oil) Free Cash Flow”, “Duvernay Energy Free Cash Flow”, “Corporate Consolidated Operating Income”, “Corporate Consolidated Operating Income Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Income”, “Duvernay Energy Operating Income”, “Corporate Consolidated Operating Netback”, “Corporate Consolidated Operating Netback Net of Realized Hedging”, “Athabasca (Thermal Oil) Operating Netback”, “Duvernay Energy Operating Netback” and “Cash Transportation and Marketing Expense” financial measures contained in this News Release do not have standardized meanings which are prescribed by IFRS and they are considered to be non-GAAP financial measures or ratios. These measures may not be comparable to similar measures presented by other issuers and should not be considered in isolation with measures that are prepared in accordance with IFRS. Sustaining Capital, Net Cash and Liquidity are supplementary financial measures. The Leismer and Hangingstone operating results are supplementary financial measures that when aggregated, combine to the Athabasca (Thermal Oil) segment results.
Adjusted Funds Flow, Adjusted Funds Flow Per Share and Free Cash Flow
Adjusted Funds Flow and Free Cash Flow are non-GAAP financial measures and are not intended to represent cash flow from operating activities, net earnings or other measures of financial performance calculated in accordance with IFRS. The Adjusted Funds Flow and Free Cash Flow measures allow management and others to evaluate the Company’s ability to fund its capital programs and meet its ongoing financial obligations using cash flow internally generated from ongoing operating related activities. Adjusted Funds Flow per share is a non-GAAP financial ratio calculated as Adjusted Funds Flow divided by the applicable number of weighted average shares outstanding. Adjusted Funds Flow and Free Cash Flow are calculated as follows:
| Three months ended September 30, 2024 |
Three months ended September 30, 2023 |
|||||||||||
| ($ Thousands) | Athabasca (Thermal Oil) |
Duvernay Energy(1) | Corporate Consolidated(1) | Corporate Consolidated | ||||||||
| Cash flow from operating activities | $ | 169,950 | $ | 17,193 | $ | 187,143 | $ | 134,879 | ||||
| Changes in non-cash working capital | (20,201 | ) | (3,401 | ) | (23,602 | ) | 5,898 | |||||
| Settlement of provisions | 339 | (200 | ) | 139 | 361 | |||||||
| ADJUSTED FUNDS FLOW | 150,088 | 13,592 | 163,680 | 141,138 | ||||||||
| Capital expenditures | (44,431 | ) | (6,203 | ) | (50,634 | ) | (33,286 | ) | ||||
| FREE CASH FLOW | $ | 105,657 | $ | 7,389 | $ | 113,046 | $ | 107,852 | ||||
(1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
| Nine months ended September 30, 2024 |
Nine months ended September 30, 2023 |
|||||||||||
| ($ Thousands) | Athabasca (Thermal Oil) |
Duvernay Energy(1) | Corporate Consolidated(1) | Corporate Consolidated | ||||||||
| Cash flow from operating activities | $ | 367,018 | $ | 31,846 | $ | 398,864 | $ | 202,330 | ||||
| Changes in non-cash working capital | 14,560 | 2,134 | 16,694 | 22,498 | ||||||||
| Settlement of provisions | 1,636 | 4 | 1,640 | 1,155 | ||||||||
| Long-term deposit | — | — | — | (12,577 | ) | |||||||
| ADJUSTED FUNDS FLOW | 383,214 | 33,984 | 417,198 | 213,406 | ||||||||
| Capital expenditures | (120,634 | ) | (54,464 | ) | (175,098 | ) | (101,080 | ) | ||||
| FREE CASH FLOW | $ | 262,580 | $ | (20,480 | ) | $ | 242,100 | $ | 112,326 | |||
(1) Duvernay Energy and Corporate Consolidated reflect gross financial metrics before taking into consideration Athabasca’s 70% equity interest in Duvernay Energy.
Duvernay Energy Operating Income and Operating Netback
The non-GAAP measure Duvernay Energy Operating Income in this News Release is calculated by subtracting the Duvernay Energy royalties, operating expenses and transportation & marketing expenses from petroleum and natural gas sales which is the most directly comparable GAAP measure. The Duvernay Energy Operating Netback per boe is a non-GAAP financial ratio calculated by dividing the Duvernay Energy Operating Income by the Duvernay Energy production. The Duvernay Energy Operating Income and the Duvernay Energy Operating Netback measures allow management and others to evaluate the production results from the Company’s Duvernay Energy assets.
The Duvernay Energy Operating Income is calculated using the Duvernay Energy Segments GAAP results, as follows:
| Three months ended September 30, |
Nine months ended September 30, |
|||||||||||
| ($ Thousands, unless otherwise noted) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Petroleum and natural gas sales | $ | 24,728 | $ | 24,508 | $ | 63,015 | $ | 78,403 | ||||
| Royalties | (2,470 | ) | (3,510 | ) | (8,282 | ) | (10,403 | ) | ||||
| Operating expenses | (4,684 | ) | (5,964 | ) | (12,387 | ) | (19,988 | ) | ||||
| Transportation and marketing | (1,084 | ) | (2,039 | ) | (3,113 | ) | (6,482 | ) | ||||
| DUVERNAY ENERGY OPERATING INCOME | $ | 16,490 | $ | 12,995 | $ | 39,233 | $ | 41,530 | ||||
Athabasca (Thermal Oil) Operating Income and Operating Netback
The non-GAAP measure Athabasca (Thermal Oil) Operating Income in this News Release is calculated by subtracting the Athabasca (Thermal Oil) segments cost of diluent blending, royalties, operating expenses and cash transportation & marketing expenses from heavy oil (blended bitumen) and midstream sales which is the most directly comparable GAAP measure. The Athabasca (Thermal Oil) Operating Netback per bbl is a non-GAAP financial ratio calculated by dividing the respective projects Operating Income by its respective bitumen sales volumes. The Athabasca (Thermal Oil) Operating Income and the Athabasca (Thermal Oil) Operating Netback measures allow management and others to evaluate the production results from the Athabasca (Thermal Oil) assets. The Athabasca (Thermal Oil) Operating Income is calculated using the Athabasca (Thermal Oil) Segments GAAP results, as follows:
| Three months ended September 30, |
Nine months ended September 30, |
|||||||||||
| ($ Thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Heavy oil (blended bitumen) and midstream sales | $ | 372,634 | $ | 360,761 | $ | 1,072,954 | $ | 895,167 | ||||
| Cost of diluent | (129,965 | ) | (117,418 | ) | (411,991 | ) | (380,781 | ) | ||||
| Total bitumen and midstream sales | 242,669 | 243,343 | 660,963 | 514,386 | ||||||||
| Royalties | (22,291 | ) | (27,613 | ) | (62,651 | ) | (45,170 | ) | ||||
| Operating expenses – non-energy | (24,903 | ) | (19,521 | ) | (72,445 | ) | (63,349 | ) | ||||
| Operating expenses – energy | (9,994 | ) | (20,572 | ) | (38,187 | ) | (64,118 | ) | ||||
| Transportation and marketing(1) | (21,787 | ) | (20,222 | ) | (61,843 | ) | (63,216 | ) | ||||
| ATHABASCA (THERMAL OIL) OPERATING INCOME | $ | 163,694 | $ | 155,415 | $ | 425,837 | $ | 278,533 | ||||
(1) Transportation and marketing excludes non-cash costs of $0.6 million and $1.7 million for the three and nine months ended September 30, 2024 (three and nine months ended September 30, 2023 – $0.6 million and $1.7 million).
Corporate Consolidated Operating Income and Corporate Consolidated Operating Income Net of Realized Hedging and Operating Netbacks
The non-GAAP measures of Corporate Consolidated Operating Income including or excluding realized hedging in this News Release are calculated by adding or subtracting realized gains (losses) on commodity risk management contracts (as applicable), royalties, the cost of diluent blending, operating expenses and cash transportation & marketing expenses from petroleum, natural gas and midstream sales which is the most directly comparable GAAP measure. The Corporate Consolidated Operating Netbacks including or excluding realized hedging per boe are non-GAAP ratios calculated by dividing Corporate Consolidated Operating Income including or excluding hedging by the total sales volumes and are presented on a per boe basis. The Corporate Consolidated Operating Income and Corporate Consolidated Operating Netbacks including or excluding realized hedging measures allow management and others to evaluate the production results from the Company’s Duvernay Energy and Athabasca (Thermal Oil) assets combined together including the impact of realized commodity risk management gains or losses (as applicable).
| Three months ended September 30, |
Nine months ended September 30, |
|||||||||||
| ($ Thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||
| Petroleum, natural gas and midstream sales(1) | $ | 397,362 | $ | 385,269 | $ | 1,135,969 | $ | 973,570 | ||||
| Royalties | (24,761 | ) | (31,123 | ) | (70,933 | ) | (55,573 | ) | ||||
| Cost of diluent(1) | (129,965 | ) | (117,418 | ) | (411,991 | ) | (380,781 | ) | ||||
| Operating expenses | (39,581 | ) | (46,057 | ) | (123,019 | ) | (147,455 | ) | ||||
| Transportation and marketing(2) | (22,871 | ) | (22,261 | ) | (64,956 | ) | (69,698 | ) | ||||
| Operating Income | 180,184 | 168,410 | 465,070 | 320,063 | ||||||||
| Realized loss on commodity risk mgmt. contracts | (4,429 | ) | (3,767 | ) | (4,559 | ) | (30,418 | ) | ||||
| OPERATING INCOME NET OF REALIZED HEDGING | $ | 175,755 | $ | 164,643 | $ | 460,511 | $ | 289,645 | ||||
(1) Non-GAAP measure includes intercompany NGLs (i.e. condensate) sold by the Duvernay Energy segment to the Athabasca (Thermal Oil) segment for use as diluent that is eliminated on consolidation.
(2) Transportation and marketing excludes non-cash costs of $0.6 million and $1.7 million for the three and nine months ended September 30, 2024 (three and nine months ended September 30, 2023 – $0.6 million and $1.7 million).
Cash Transportation and Marketing Expense
The Cash Transportation and Marketing Expense financial measures contained in this News Release are calculated by subtracting the non-cash transportation and marketing expense as reported in the Consolidated Statement of Cash Flows from the transportation and marketing expense as reported in the Consolidated Statement of Income (Loss) and are considered to be non-GAAP financial measures.
Sustaining Capital
Sustaining Capital is managements’ assumption of the required capital to maintain the Company’s production base.
Net Cash
Net Cash is defined as the face value of term debt, plus accounts payable and accrued liabilities, plus current portion of provisions and other liabilities plus income tax payable less current assets, excluding risk management contracts.
Liquidity
Liquidity is defined as cash and cash equivalents plus available credit capacity.
Production volumes details
| Three months ended September 30, |
Nine months ended September 30, |
||||||||||
| Production | 2024 | 2023 | 2024 | 2023 | |||||||
| Duvernay Energy: | |||||||||||
| Oil(1) | bbl/d | 2,688 | 1,398 | 2,235 | 1,461 | ||||||
| Condensate NGLs | bbl/d | — | 581 | — | 705 | ||||||
| Oil and condensate NGLs | bbl/d | 2,688 | 1,979 | 2,235 | 2,166 | ||||||
| Other NGLs | bbl/d | 447 | 528 | 298 | 615 | ||||||
| Natural gas(2) | mcf/d | 5,526 | 11,869 | 4,511 | 13,181 | ||||||
| Total Duvernay Energy | boe/d | 4,056 | 4,485 | 3,285 | 4,978 | ||||||
| Total Thermal Oil bitumen | bbl/d | 34,853 | 31,691 | 33,390 | 29,972 | ||||||
| Total Company production | boe/d | 38,909 | 36,176 | 36,675 | 34,950 | ||||||
(1) Comprised of 99% or greater of tight oil, with the remaining being light and medium crude oil.
(2) Comprised of 99% or greater of shale gas, with the remaining being conventional natural gas.
This News Release also makes reference to Athabasca’s forecasted average daily Thermal Oil production of 33,000 – 34,000 bbl/d for 2024. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy’s forecasted total average daily production of ~3,000 boe/d for 2024 is expected to be comprised of approximately 67% tight oil, 23% shale gas and 10% NGLs.
Liquids is defined as bitumen, light crude oil, medium crude oil and natural gas liquids.
Footnote: Refer to the “Reader Advisory” section within this news release for additional information on Non‐GAAP Financial Measures (e.g. Adjusted Funds Flow, Free Cash Flow, Sustaining Capital, Net Cash, Liquidity) and production disclosure.
1 Pricing Assumptions: realized prices January – October and flat pricing of US$70 WTI, US$12.50 WCS heavy differential, C$2 AECO, and 0.73 C$/US$ FX for the balance of 2024. 2025-27 US$70 WTI, US$12.50 WCS heavy differential, C$3.00 AECO, and 0.75 C$/US$ FX.
2 The Company’s illustrative multi-year outlook assumes a 10% annual share buyback program at an implied share price of 4.5x EV/Debt Adjusted Cash flow in 2025 and beyond.
Source: CAF Development Bank of Latin America
Last night’s gathering featured Costa Rica’s Foreign Minister, Arnoldo Andrés Tinoco; CAF – Development Bank of Latin America and the Caribbean – President, Sergio Díaz Granados; and Panama’s Special Representative for Climate Change, Juan Carlos Montero.
Colombian Foreign Minister Luis Gilberto Murillo emphasized the strong link between cultural and biological diversity, noting that the Chocó Biogeographic region is one of the most biodiverse places on Earth per square meter, protected by its people. He urged the world to recognize this, stating that “this visibility is essential to support the people who live there. Conservation here is a cultural reality, a service to humanity that has gone unrecognized and uncompensated. This COP belongs to the people and must be about implementation.”
Minister Murillo added, “This is why we insist on amplifying voices, resources, and environmental justice” and highlighted the establishment of the Multidonor Fund as “a significant step forward.”
He explained that Colombia, Costa Rica, Ecuador, and Panama share ecosystems, making “this initiative of utmost importance,” and pointed out that “for many years, the Chocó Biogeographic region has been championed by naturalists, scientists, activists, social leaders, and the region’s ethnic communities.”
Vice President and Equality Minister Francia Márquez emphasized that the fund is a step toward “ethnic justice” and proposed community participation in its governance: “Governance cannot be limited to the states; it must include community representation” to ensure transformative projects that contribute to conservation goals and local well-being.
Costa Rica’s Foreign Minister praised the opportunity to join the launch of the Multidonor Fund for the Conservation and Restoration of the Chocó Biogeographic Region and other areas, stressing that “our collective efforts are far more effective when we work together towards ecosystem conservation and sustainable development.” He affirmed Costa Rica’s commitment to conservation.
About the Multidonor Fund
The Multidonor Fund will support conservation and restoration efforts, biodiversity and ecosystem preservation, climate change mitigation and adaptation, and sustainable development within the Chocó Biogeographic region and other interconnected ecoregions.
The Chocó Biogeographic region is an expansive zone stretching from the Pacific coasts of Ecuador, Colombia, and Panama, extending into the Caribbean, hills, and mountain ranges that converge with Costa Rica’s neotropical forests. This ecological connectivity forms a bridge for biodiversity distribution and is renowned worldwide for its lush natural wealth and extraordinary diversity.
However, the region faces significant threats: deforestation, illegal mining, wildlife trafficking, and social conflicts endanger the ecosystems and communities reliant on them. These challenges demand urgent, united action to protect this invaluable cultural and natural heritage, crucial for local populations and global ecological balance.
Organized communities, including Afro-descendant and Indigenous peoples and local communities, are essential to the Chocó Biogeographic region’s cultural diversity. Their legacy of resilience and adaptation, along with their deep environmental knowledge, make them vital contributors to biodiversity conservation and sustainable development.
To advance fund formulation, structuring, and implementation, the parties agree to invite CAF – Development Bank of Latin America and the Caribbean – to support these efforts.
The Governments of Colombia, Costa Rica, Ecuador, and Panama call for collaboration, inviting international organizations, the private sector, specialized funds, philanthropic organizations, and other potential donors to join civil society in safeguarding the Chocó Biogeographic region as a stronghold of biodiversity and resilience against global environmental challenges. Let us form new alliances for biodiversity protection, climate justice, and sustainable development to ensure a prosperous and sustainable future together.
Source: CAF Development Bank of Latin America
After two years of rigorous science-based design, the Americas Flyways Initiative (AFI) is moving into its implementation phase in 2025, aimed at protecting and restoring critical ecosystems through Nature-Based Solutions (NbS) and bird-friendly infrastructure that also benefits people.
Inspired by the wonderful world of birds and their epic migratory journeys across the hemisphere, which connect landscapes, cultures, and people, the AFI science team has identified a portfolio of crucial sites to ensure the connectivity and conservation of at least 10% of prioritized populations of migratory shorebirds and landbirds in the Americas.
Birds serve as vital bioindicators of the health of nature. They not only signal the problems we face but also point to solutions: where and how we need to act. Protecting birds means protecting life. For example, 85% of the important bird conservation sites in Colombia coincide with key areas for water regulation and climate change mitigation.
Currently, AFI has five initial projects, also known as “nest projects,” named for their connection to shelter, development, and well-being:
To guide project developers in designing and implementing proposals that combine conservation and sustainable development, AFI has also released four practical and strategic guides:
The relevance of AFI is grounded in the premise that conservation without funding is merely conversation. Without agile and sustainable financial resources, effective conservation, protection, and restoration of nature cannot be achieved. Currently, there is a financial gap of between $598 billion and $824 billion annually needed to implement actions addressing the climate crisis and biodiversity loss.
One of the primary objectives of the sixteenth Conference of the Parties (COP 16) to the Convention on Biological Diversity (CBD), taking place in Cali, is to advance the details and mechanisms for meeting Target 19 of the Global Biodiversity Framework: achieving the annual mobilization of at least $200 billion by 2030. Of this amount, it is expected that at least $30 billion will be directed toward developing countries, which are often more severely affected by climate change impacts and wildlife decline.
As of the date of this statement, eight governments have pledged $163 million to enable the Global Biodiversity Fund (GBFF) to implement the Kunming-Montreal Biodiversity Framework. While this is a step forward, it remains insufficient given the scale of what is required and the context we face.
The protection and sustainable use of the services and resources we receive from nature are not solely the responsibility of the naturalist or scientific community. More than half of the world’s economy depends on the benefits provided by nature: clean water and air, fertile soils, food, medicine, raw materials, among others. More than half of the global GDP is moderately or highly dependent on nature and its services. Consequently, this figure is linked to the risks and impacts associated with the destruction of nature.
Therefore, actions aimed at the conservation, restoration, and sustainable management of ecosystems and their biodiversity are an obligation and responsibility for all sectors, as they form the fundamental basis for our societies to continue existing and thriving. Fortunately, much of the answer to the challenge of channeling financing for biodiversity lies within nature itself.
“Nature-Based Solutions (NbS) are actions to protect, sustainably manage, and restore natural and modified ecosystems that effectively and adaptively address societal challenges while simultaneously benefiting people and nature” (IUCN, 2016).
In this context, at COP15 in Montreal, the National Audubon Society, BirdLife International, and the Development Bank of Latin America and the Caribbean (CAF) forged a commitment and the foundations of a strategic, transformative, and visionary alliance that will mobilize investment for nature and the communities that depend on it through a comprehensive financial mechanism.
AFI is a symbiosis for prosperity that combines cutting-edge applied science and agile financial mechanisms to sustainably manage over 30 marine and terrestrial landscapes by 2050, mobilizing between $3 trillion and $5 trillion.
Elizabeth Gray, CEO of Audubon, highlighted the importance of the initiative: “We are working together to protect 30 terrestrial and marine landscapes across this vast region. This is essential for promoting nature-based solutions and sustainable development. The Americas is one of the most biodiverse regions in the world, and we have much to do to address both the biodiversity and climate crises.”
Martin Harper, CEO of BirdLife International, expressed gratitude and recognition to the teams from the three organizations for their hard work in reaching this point: “We are building something very special, something that will unite conservation efforts across the Americas. This initiative is already inspiring similar projects in other major migratory routes worldwide.”
Sergio Díaz Granados, Executive President of CAF, reminded attendees of the bank’s efforts to become the green bank of the region, including increasing its capital to address the climate emergency: “The loss of biodiversity is one of our most urgent problems. Mitigating it and adapting is not a choice; it is a responsibility we must fulfill. We have been collaborating with institutions like Audubon and BirdLife to bridge conservation gaps in Latin America and the Caribbean.”
Source: China State Council Information Office 2
Cai Xuzhe has started his new space journey just 22 months after his first Shenzhou mission, breaking the record for the shortest interval between two spaceflights for a Chinese astronaut.
Cai is the commander of the Shenzhou-19 mission, which was launched at 4:27 a.m. Wednesday from the Jiuquan Satellite Launch Center in northwest China.
The crew members, also including first-timers Song Lingdong and Wang Haoze, will face new tasks and challenges during the mission, Cai told a press meeting on Tuesday ahead of the launch.
He said they had collaborated with sci-tech workers to update training concepts and improve training methods and efficiency in order to meet the requirements of the new mission.
Focusing particularly on the goal of achieving “zero error,” the trio will improve operation quality and enhance in-orbit emergency response capabilities, Cai noted.
“We have been training as a team for more than a year, maintaining the best condition and the highest standards,” Cai said, adding that they are fully prepared and have the confidence, determination and ability to successfully complete this mission.
Born in 1976 in the countryside of Shenzhou City, north China’s Hebei Province, Cai was fascinated with airplanes as a child. Every time he heard a plane flying past, he would rush outside and stare up at the sky as it flew away and disappeared.
During his time in middle school, he idolized an air force commander and subscribed to the magazine China Air Force. Through its pages, he gained valuable knowledge about aviation and developed a keen appreciation for the art of piloting.
Cai was admitted to an air force flight college in his final year at school.
Upon graduation from college, he volunteered to work at an airport short of pilots. Despite the harsh conditions there, he dedicated himself to studying and training to sharpen his flying skills.
In 2003, China’s first manned spaceflight, the Shenzhou-5 mission, was a resounding success. Sitting in front of the television, Cai was deeply attracted by the career of astronaut.
As soon as he learned that the country was selecting the second batch of astronauts, Cai submitted application and was successfully recruited in May 2010.
After arduous training and preparation for more than a decade, Cai had his moments. From June to December, 2022, he participated in the Shenzhou-14 space mission with colleagues Chen Dong and Liu Yang.
During the extravehicular activities that lasted about five-and-half hours in November, 2022, they installed an out-of-cabin “bridge” that links the core module of the Tiangong space station with the Wentian and Mengtian labs. Cai completed the first cross-module spacewalk through the bridge.
In his spare time in space, Cai was fond of overlooking at Earth through the porthole, especially when the space station flew over his hometown.
In March 2023, the trio were awarded medals for their service to China’s space endeavors. Cai received a third-class medal and the honorary title of “Heroic Astronaut.”
Back to Earth, the busy and fulfilling scenes of work and life in space were vivid in Cai’s memory, and he had been craving another journey to space.
“I treat every spaceflight as my first one,” he said.
Source: China State Council Information Office
Chinese auto company BYD registered increasing revenues and net profits in both the first nine months and the third quarter of this year, the company said on Wednesday.
The Shenzhen-based company’s revenue for the January-September period was 502.25 billion yuan (about 70.35 billion U.S. dollars), up 18.9 percent year on year. Its net profit during the period increased 18.1 percent year on year to 25.24 billion yuan.
In the third quarter, BYD’s revenue increased by about 24 percent and its net profit by 11.5 percent, the company said in its quarterly report.
A leading producer of electric cars and hybrid vehicles, BYD’s auto sales surpassed 2.74 million units in the first three quarters, with its September sales hitting a monthly record of 419,400 units.
The company said its exports of new energy passenger cars doubled to 298,000 units in the first nine months, and it has entered 96 countries and regions around the world.
BYD is one of many NEV producers that have seen booming sales as China, which has the largest number of motor vehicles in the world, continues its transition toward greener technology.
China’s NEV output between January and September was 8.3 million units, representing annual growth of 31.7 percent, according to the China Association of Automobile Manufacturers.
Source: People’s Republic of China – State Council News
BEIJING, Oct. 30 — China on Wednesday released a set of guidelines on boosting the use of renewable energy amid efforts to cut fossil fuel consumption in green energy transition.
The guidelines, issued by the National Development and Reform Commission and five other government departments, outline China’s goal to replace traditional fuel with renewable energy.
The guidelines note that China’s renewable energy consumption is expected to reach the equivalent of more than 1.1 billion tonnes of standard coal next year, and to exceed the equivalent of 1.5 billion tonnes of standard coal by 2030.
The country aims to enhance its energy capacity to ensure the safe and reliable supply of renewable energy.
More renewable energy will be used in industrial enterprises, transportation, buildings, agriculture, rural areas and infrastructure.
Source: China State Council Information Office 3
Not all rocket engineers get to strap in and blast off into space, but Wang Haoze made this thrilling leap on Wednesday.
Wang, who used to design system parameters for rocket engines, is carrying out the Shenzhou-19 spaceflight mission along with two other crew members, serving as the country’s first female space engineer in the process.
The Shenzhou-19 spaceship, atop a Long March-2F carrier rocket, was launched at 4:27 a.m. (Beijing Time) from the Jiuquan Satellite Launch Center in northwest China.
Born in 1990 in Luanping County, north China’s Hebei Province, Wang enrolled at Southeast University to major in thermal energy and power engineering, following her completion of the college entrance examination.
After graduating with a master’s degree, Wang joined the Academy of Aerospace Propulsion Technology under the China Aerospace Science and Technology Corporation, and started her career by engaging in rocket engine research.
She later signed up for the selection process to determine the country’s third batch of astronauts — and was finally selected as the only woman in this batch.
After securing selection, Wang and her peers pushed the limits of both body and mind in the course of their training.
During extravehicular activity drills, the astronauts donned spacesuits weighing over 100 kilograms, thereby simulating the challenging maneuvers required to exit a spacecraft. The suits were pressurized at 0.4 atm, and Wang found every movement a struggle. Inside the helmet, her head mobility was restricted and her visibility narrowed, forcing her to rely on a wrist mirror to see beyond this limited range.
Inserting the connector of a hose bundle into two tiny sockets at the waist while in a bulky spacesuit was also no small feat for her. “My hands could barely reach the targets, and I couldn’t see well. With thick gloves, I lost the sense of touch, and after a few tries, my arms couldn’t gain any strength,” Wang recalled.
Determined to improve, she requested additional practice with her instructor, and worked hard to meticulously refine her grip, mirror angle and body positioning. Gradually, she discovered the right technique, transforming the once daunting task into a smooth, fluid motion.
Wang had her own style of self-motivation during training, writing a summary after each major training project as both a record of her experience and a confidence booster.
“Ranging from scorching sunlight to chilling rain, I experienced the extreme temperature fluctuations of the desert, which could vary by tens of degrees Celsius. Yet, I also cherished romantic moments spent lying on umbrella fabric, watching the sparkling galaxy above,” she wrote after a 48-hour survival training exercise in the desert.
In another summary, which focused on her maritime training, Wang noted, “The wind and waves created by the helicopter crashed against my body. Even with my back turned, I could feel the roaring wind pounding the back of my head, while the waves lashed against my ears.”
In 2023, Wang was chosen to join the Shenzhou-19 crewed spaceflight mission, during which the crew is scheduled to undertake intensive tasks.
Wang, the third Chinese woman to participate in a crewed spaceflight mission, is mainly responsible for space experiment projects and the management of materials and space station affairs.
“From rocket engine designer to space engineer, my identity has changed, yet my unwavering commitment to serving my country through space exploration remains the same,” Wang concluded.
Source: China State Council Information Office 3
Born into a rural family in Caoxian County in east China’s Shandong Province, Song Lingdong was captivated by space at the age of 13 when he watched the launch of Shenzhou-5 with his classmates.
The excitement of that moment set his dream of space travel in motion. Now a 34-year-old, he is one of three crew members aboard the Shenzhou-19 spaceship, making him the youngest astronaut in the group. He is also the first male astronaut born in the 1990s to participate in China’s spaceflight missions.
When it was time to apply for college, he chose to enroll as a cadet at a flight academy, the path that brought him closest to his dream of space. He later became a pilot in the People’s Liberation Army Air Force.
In 2018, China’s selection of its third batch of astronauts reignited his dream of space travel. In September 2020, he officially joined the country’s new astronaut team.
When Song joined the team, his performance was outstanding, but he was not selected for an important mission. Despite this setback, he became even more determined to intensify his training.
During his training, he shifted his focus from seeking speed to prioritizing steady progress, resulting in consistent improvements in his training scores. He also slowed down and stabilized his pace in daily life, even learning to fish to cultivate a sense of patience.
Having struggled with motion sickness since childhood, he experienced a strong physical reaction when he first began training on the rotating chair.
“I’m going to train anyway, and do it with a smile and enjoy the ride,” he said to himself.
Through self-talk, he continuously adjusted his mindset and completed the training, covering over a hundred subjects across eight major categories in just over two years.
In 2023, after a comprehensive evaluation, he was successfully selected as a crew member of the Shenzhou-19 spaceflight mission.
At a press conference on Tuesday, he discussed the crew’s training for the mission. “We were trained on the ground exactly as we will operate in space,” he said, noting that they had conducted multiple simulations for the spacewalk.
“As an astronaut born in the 1990s, I feel deeply honored and proud to have the opportunity to serve my country and carry out the Shenzhou-19 mission. All of this is thanks to our great motherland, the efforts of generations of predecessors in the space industry, and most of all, this great new era,” he said.
Source: New Zealand Transport Agency
Wellington drivers are reminded to be ready for upcoming roadworks on State Highway 1 on the Kāpiti Coast next week.
The Raumati Straights on State Highway 1, north of Mackays Crossing, will undergo significant improvements from Sunday, 3 November, until early December.
A road rebuild will be carried out on two kilometres of the left northbound lane, making this section of the highway smoother and safer.
Road crews will be working at nights when traffic volumes are lower and to minimise disruption as much as possible.
A single northbound lane will remain open at night, and southbound lanes will be open as usual.
During the day, both northbound lanes will be open but under a temporary speed limit.
The scope of the work involved means some traffic delays are likely.
Drivers are asked to obey the speed limits and traffic management in place. This protects the road work site, keeps drivers safe, and prevents vehicle damage.
NZTA/Waka Kotahi and the Wellington Transport Alliance thank drivers for their patience and understanding while this essential state highway maintenance is completed.
Works schedule and location:
Source: New Zealand Transport Agency
Wellington’s state highway summer maintenance programme will be coming to Upper Hutt next week, with road resurfacing and safety barrier repairs planned for the route.
The work will require one southbound and two full closures of State Highway 2 Upper Hutt, weather permitting.
Roxanne Hilliard, Wellington Alliance Manager, it is needed for road resurfacing and other maintenance works to be carried out on the highway from Silverstream to Totara Park Road between Wednesday, 6 November and Wednesday, 13 November.
“This is a busy section of State Highway 2, which carries around 19,000 vehicles daily. It must be kept well maintained for road users.”
Ms Hilliard says that in addition to resurfacing works, around six median barriers and traffic signal sensors between Whakatiki Street and Gibbons Street will be repaired on Sunday, 10 November. It will mean a longer detour for this night only.
“Median barriers are essential for preventing head-on crashes, which are the leading cause of death on state highways. Keeping the barriers in good condition means they can do their job effectively and help protect drivers.”
“The traffic signal sensor works will make traffic flows more efficient at the State Highway 2/Gibbons Street intersection,” Ms Hilliard says.
Work will happen at night between 9 pm and 4.30 am. Scheduling works at night when there is less traffic on the road keeps disruption to a minimum. Traffic management will start at 8 pm, so drivers may experience delays while this is underway.
Ms Hilliard says three separate local road detours will be available via Fergusson Drive.
“They will take longer to travel, so drivers must allow extra time for their journeys.
“This is especially important for people with escorted crossings booked for the State Highway 2 Remutaka Hill night closures. Please make sure you get there on time,” Ms Hilliard says.
View larger image [PDF, 254 KB]
View larger image [PDF, 234 KB]
View larger image [PDF, 240 KB]
Useful links:
State Highway Summer Maintenance information:
Source: New Zealand Transport Agency
Safe, resilient, reliable state highways are the priority across Tairāwhiti, as the summer maintenance season ramps up in addition to cyclone recovery work.
The 2024/25 summer maintenance season is now underway.
During the course of the maintenance season, which typically runs from now until March when the weather is warmer and drier, it’s anticipated that approximately 11.8 lane kilometres* of state highway in the region will be renewed.
Renewing the road involves removing the existing road surface and underlying structure and replacing it with new materials.
NZ Transport Agency Waka Kotahi (NZTA) Regional Manager of Maintenance and Operations Rua Pani says this summer is set to be one of the biggest roadwork seasons the region has seen.
“Summer, with its warmer, drier, calmer weather, is always a better time to renew and reseal roads.
“This year, the annual renewals programme includes major road renewal work on both State Highway 2 and State Highway 35.
“Renewing a road is the best way to boost the resilience and durability of a road. When we talk about renewing a road during the summer maintenance season, it’s not redesigning the road, rather it involves removing the existing road surface and underlying structure and renewing it with new materials.
“Undertaking a higher number of road renewals is a key priority in the region. This is how we improve road conditions long-term,” says Ms Pani.
NZTA crews will be working alongside Transport Rebuild East Coast (TREC) alliance crews who are currently carrying out other cyclone recovery work throughout the region, alongside local contractors.
TREC project spokesman Richard Bayley says there’s a whole raft of activity underway, in addition to the summer maintenance programme.
“Crews are continuing repair and recovery work on cyclone damaged sections of the highway – stabilising areas to help prevent slips, restoring the Rotokautuku (Waiapu) Bridge and other bridges, and preparing to start larger projects such as replacing Hikuwai Bridge No.1.
“Work to finish Connecting Tairāwhiti programme sites is also continuing – installing slow vehicle bays, laybys and other resilience work,” says Mr Bayley.
“It’s a busy time of year for the region as a whole, with lots of different events planned.
“We all like to get to our destination as quickly and safely as possible. We’re mindful that this work is going to be diusruptive for local communities, for road users and businesses.
“It’s the support from the region’s communities since the cyclone which has helped us get to this point. We’re doing what we can to schedule work in a way that minimises delays. However, road users will notice longer travel at times, as a result of the summer works.
“We’re strongly urging people to expect those delays and plan ahead.
“Ultimately all this work will lead to more efficient travel and safer, more resilient roads,” says Mr Bayley.
The season’s work is funded through the State Highway Maintenance and Pothole Prevention activity classes in the 2024-27 National Land Transport Programme (NLTP).
Source: New Zealand Transport Agency
Roading crews will be on site at Mōrere on State Highway 2 from tomorrow (31 October) to renew and reseal a stretch of the highway.
The work will take place over 3-4 days, with crews onsite between 6am and 6pm each day except Sunday. Sealing is expected to take place next Tuesday.
Stop/go traffic management will be place between Maraenui Rd and Tunanui Rd and delays of up to 15 minutes should be expected.
System Manager for Hawke’s Bay / Tairāwhiti Martin Colditz says the work we’re about to do will make the road safer and more efficient for all road users.
“The work involves removing the underlying road structure and rebuilding the road surface which will make the road safer and more efficient for all road users.”
“Drivers should plan their journeys accordingly and expect these delays over the coming days. We want to thank everyone for their patience and support.”
The work is weather dependent.
Current road condition of Mōrere on State Highway 2.
Source: New South Wales Ministerial News
Western Riverina communities will soon benefit from new and expanded healthcare facilities with the new Clinical Services Building a key component of the $250 million Griffith Base Hospital Redevelopment nearing completion.
Minister for Regional Health Ryan Park and the Member for Murray Helen Dalton today toured the new hospital’s state-of-the-art Clinical Services Building, which will provide contemporary, high-quality healthcare under the one roof.
The new Clinical Services Building is on track for completion in the coming months. This will be followed by an operational commissioning period before health services are safely transferred from the current hospital to the new facility. It is expected to open in early 2025.
The new hospital will include:
The new three storey Clinical Services Building is located behind the existing hospital and when it opens, it will be accessible through the existing main entry until the new main entry is completed. Health services are continuing to operate during construction.
Once the new hospital opens, work will focus on carpark construction, refurbishment of the Ambulatory Care Hub and landscaping of the health campus.
For more information about the Griffith Base Hospital redevelopment visit: https://gbhredevelopment.health.nsw.gov.au
Quotes attributable to Regional Health Minister Ryan Park:
“When complete, the purpose-built Clinical Services Building will house all major health services under the one roof, significantly transforming patient, carer and staff experience.
“Griffith and surrounding communities will benefit from a bigger Emergency Department, Intensive Care Unit and an additional procedure room in the operating suite at the new Hospital.
“An expanded medical imaging department will also deliver improved radiology services with a new CT and nuclear medicine service in purpose build and designed spaces.
“The Minns Labor Government is committed to improving healthcare in rural and regional communities.”
Quotes attributable to Member for Murray Helen Dalton:
“The Griffith Base Hospital Redevelopment will support contemporary models of care and improve healthcare experiences for our community.
“I’m glad this new hospital has been designed in close collaboration with staff and clinicians and includes inpatient rooms with ensuites, a new café and landscaped community courtyards and gardens.
“Projects like this one not only support the health and wellbeing of our community, but also deliver direct and indirect jobs in health, construction and related industries.”
Source: New South Wales Ministerial News
Motorists in the Western Sydney suburbs of Blacktown and Baulkham Hills have collectively claimed more than $1 million in toll relief for each suburb under the Minns Labor Government’s $60 weekly toll cap.
Blacktown last week became the first suburb to pass $1 million in total toll relief claimed, followed by Baulkham Hills this week.
Other car-reliant suburbs like Auburn, Merrylands and Marsden Park are now closing in on the same milestone for toll relief.
More than 3,000 motorists in both Blacktown and Baulkham Hills have claimed toll relief so far – evidence that Labor’s $60 weekly toll cap is getting relief to where it is needed in the most heavily-tolled areas of Sydney.
More than 224,000 claims have been made, with $60.5 million already returned to motorists. The average rebate is $284.
More than 11,000 motorists have received quarterly toll relief rebates of more than $1,000 since the program started.
Tolling data shows it is the motorways that get people in and out of Western Sydney that are most commonly used by those claiming toll relief. They are:
Data shows motorists claiming toll relief are generally hitting the $60 toll cap by midweek, with journeys on Fridays, Saturdays and Sundays the most common days on which toll journeys are refunded.
There is $60 million in relief available to be claimed for trips made in the third quarter of the year between 1 July 2024 – 29 September 2024.
Toll relief is supporting motorists as the NSW Labor Government works on tolling reform to fix the damage wrought by the toll road privatisation of the former government.
The Liberal Party legacy left a total toll bill of $195 billion in nominal terms that must be paid by motorists out to 2060, on top of the billions they have already paid.
The NSW Government is currently preparing its response to the independent Toll Review of Professor Allan Fels and Dr David Cousins, which described Sydney’s toll road network as an unfair and poorly-functioning patchwork of numerous different price structures, with those in Western Sydney financially impacted the most.
Eligible drivers who have spent more than $60 a week on toll trips since 1 January can claim the toll relief via the Service NSW website with the rebate calculated and claimed each quarter.
Once your toll account details are linked to your MyServiceNSW Account, claims can easily be lodged.
Motorists can claim up to a maximum of $340 per week for each tag or licence plate number, as part of a “fair use” provision in place to ensure the program’s integrity.
People can claim their 2024 toll spend until 30 June 2025.
To claim, visit www.service.nsw.gov.au/transaction/claim-the-toll-relief-cap and follow the step-by-step instructions including linking your toll account to your MyServiceNSW Account.
New South Wales Premier Chris Minns said:
“The $60 toll cap is one of the most important cost-of-living measures the NSW Government is providing, and it is heartening to see that the relief is getting to where it is needed most – Western Sydney.
“We know people are doing it tough, and our toll cap is making it fairer for drivers that heavily rely on toll roads.
“Suburbs like Blacktown, like Baulkham Hills, are the places where paying tolls is really not a choice, it’s a fact of life.
“Motorists have so far claimed more than $1 million in toll refunds in each of these suburbs and we know every dollar is important in stretched family budgets.”
Minister for Roads John Graham said:
“The data tells us that it is the people whose journeys start and end in Western Sydney that are claiming the lion’s share of toll relief, and this is where it is needed most. These suburbs have fewer public transport alternatives.
“Toll relief is rolling out as we progress with toll reform. The current system is a poorly-functioning patchwork of numerous different price structures that has created complexity, inefficiency, inequities and unfairness, with those in Western Sydney financially impacted the most.
Minister for Customer Service and Digital Government Jihad Dib said:
“It’s good to see eligible motorists saving an average of $284 per quarter which is a massive boost for household budgets and could make the Christmas bills that little bit more manageable.
“We encourage motorists to apply, the online claims process is easy to use and support is available in Service NSW Centres or by calling 13 77 88.
“I encourage everyone to check their eligibility via the Service NSW website and to make a claim.”
