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Patience needed when it comes to managing the economic recoveryBelow are minor spoilers for That Christmas , a film that was released as part of the 2024 movie schedule . If you still need to catch up, you can check it out with a Netflix subscription . Who do you think of when Santa Claus comes to mind? Tim Allen in The Santa Clause? Richard Attenborough on Miracle on 34th Street? Did you ever believe Brian Cox, of all people, could be Santa? Well, I certainly never did – but when I spoke to That Christmas screenwriter and executive producer Richard Curtis about why the team chose the iconic Succession actor to voice their Santa Claus, everything made so much more sense. For those who don't know, That Christmas is a new animated Christmas film released as part of the 2024 Netflix schedule . The film follows the story of a small town called Wellington-on-Sea and the intersecting stories that happen on the night of Christmas Eve and Christmas Day and how the folks inevitably come together in their time of need during a major blizzard. One character in particular is, of course, Santa Claus, the jolly red man himself, who Brian Cox voices. The Succession cast member isn't a newbie to voice-acting, but having the serious dramatic actor take on such a role as Santa was surprising to me. I knew when I spoke to Curtis that I had to ask why Cox was a perfect choice. His first instinct was that Cox was, honestly, the closest to the North Pole they could have! In fact, he's originally from Iceland: Well, I think the first thing was that he is from the north. We just love the idea, and we don't know many Icelandic actors, so Scotland was about as close as you could get. But Curtis continued, saying that Cox was the perfect pick for their version of Santa. They liked Cox's "toughness," as this Santa has to make certain decisions that you wouldn't normally see the legendary Christmas figure make, such as the moment he chooses who to give a stocking to on Christmas between the twins: But there is a kind of toughness about Brian. He's not a very sentimental figure, either as a man or in lots of the things he has acted, and I quite liked that, particularly since Santa has to make one very tough decision and leave an empty stocking. So I liked the fact that there was a bit of grit in there with Brian. Cox has done plenty of voice-acting work over his decades-long career, including stints on The Simpsons , Blade Runner : Black Lotus, Doctor Who, Danny Phantom, and more. He's even going to be voicing Helm Hammerhand in the upcoming The Lord of the Rings: The War of the Rohirrim. But his voice work as Santa has been some of my favorites so far. Now, the way Curtis explained it, I can't picture anyone else but him in that specific Santa role. Listen, there are some really cool movies Santas , but I think Cox's version should be among that revered few because he feels much more real than a lot of portrayals. I have to give Curtis and the whole production team of That Christmas a round of applause for picking him. CINEMABLEND NEWSLETTER Your Daily Blend of Entertainment News There are so many new Christmas movies coming out on Netflix or others that have already been released, like the dominating Hot Frosty or the fun Merry Gentleman , but despite this I'd recommend the Love Actually director's latest, particularly if you're in need of a cute movie night with the kids and want a fun animation that will definitely make you cry at some point, then That Christmas is the one for you. And who knows? You might fall in love with Cox's portrayal of Santa, too.None
This is how much conferences will make for each team in College Football Playoff
AP Business SummaryBrief at 4:36 p.m. ESTKim Kardashian, 44, shows off her washboard abs as she poses in white SKIMS underwear and rosary beads
Elmo To Sesame Street: DOGE's Tax Cut Plan Could End Several Beloved ShowsRALEIGH, N.C. (AP) — North Carolina Republican gubernatorial nominee Mark Robinson vowed on Thursday to remain in the race despite a CNN report that he posted strongly worded racial and sexual comments on an online message board, saying he won’t be forced out by “salacious tabloid lies.” Robinson, the sitting lieutenant governor who decisively won his GOP gubernatorial primary in March, has been trailing in several recent polls to Democratic nominee Josh Stein, the current attorney general. “We are staying in this race. We are in it to win it,” Robinson said in a video posted Thursday on the social media platform X. “And we know that with your help, we will.” Robinson referenced in the video a story that he said CNN was running, but he didn't give details. “Let me reassure you the things that you will see in that story — those are not the words of Mark Robinson," he said. "You know my words. You know my character.” The CNN report describes a series of racial and sexual comments Robinson posted on the message board of a pornography website more than a decade ago. CNN reported that Robinson, who would be North Carolina’s first Black governor, attacked civil rights leader Martin Luther King Jr. in searing terms and once referred to himself as a “black NAZI.” CNN also reported that Robinson wrote of being aroused by a memory of “peeping” women in gym showers when he was 14 along with an appreciation of transgender pornography. Robinson at one point referred to himself as a “perv,” according to CNN. The Associated Press has not independently confirmed that Robinson wrote and posted the messages. CNN said it matched details of the account on the pornographic website forum to other online accounts held by Robinson by comparing usernames, a known email address and his full name. CNN reported that details discussed by the account holder matched Robinson’s age, length of marriage and other biographical information. It also compared figures of speech that were used in his public Facebook profile and that appeared in discussions by the account on the pornographic website. Media outlets already have reported about a 2021 speech by Robinson in a church in which he used the word “filth” when discussing gay and transgender people. Robinson has a history of inflammatory comments that Stein has said made him too extreme to lead North Carolina. They already have contributed to the prospect that campaign struggles for Robinson would hurt former President Donald Trump to win the battleground state’s 16 electoral votes, and potential other GOP downballot candidates. Recent polls of North Carolina voters show Trump and Vice President Kamala Harris locked in a close race. The same polls show Stein with a roughly 10-point lead over Robinson. Stein and his allies have repeatedly cited a Facebook post from 2019 in which Robinson said abortion in America was about “killing the child because you weren’t responsible enough to keep your skirt down.” The Stein campaign said in a statement after the report that “North Carolinians already know Mark Robinson is completely unfit to be Governor.” State law says a gubernatorial nominee could withdraw as a candidate no later than the day before the first absentee ballots requested by military and overseas voters are distributed. That begins Friday, so the withdrawal deadline would be late Thursday. State Republican leaders could then pick a replacement. Trump has frequently voiced his support for Robinson, who has been considered a rising star in his party, well-known for his fiery speeches and evocative rhetoric. Ahead of the March primary, Trump at a rally in Greensboro called Robinson “Martin Luther King on steroids” for his speaking ability. Trump’s campaign appears to be distancing itself from Robinson in the wake of the report. In a statement to the AP, Trump campaign spokesperson Karoline Leavitt said the GOP nominee’s campaign “is focused on winning the White House and saving this country,” calling North Carolina “a vital part of that plan.” Leavitt went on to contrast Trump’s economic record with that of Harris, not mentioning Robinson by name or answering questions as to whether he would appear with Trump at a Saturday campaign rally in Wilmington, or had been invited to do so. A spokesperson for Harris’ campaign, Ammar Moussa, said on X that “Donald Trump has a Mark Robinson problem” and reposted a photo of the two together. The North Carolina Republican Party defended Robinson in a statement on X, saying that despite his denial of CNN's report, it wouldn't “stop the Left from trying to demonize him via personal attacks.” The party referred to economic and immigration policies as the predominant election issues North Carolinians will care more about instead. “The Left needs this election to be a personality contest, not a policy contest because if voters focused on policy, Republicans win on Election Day," the party said. Scott Lassiter, a Republican state Senate candidate in a Raleigh-area swing district, did call on Robinson to “suspend his campaign to allow a quality candidate to finish this race.” Ed Broyhill, a North Carolina member of the Republican National Committee, said he spoke to Robinson Thursday afternoon and still supports him as the nominee. In an interview, Broyhill suggested the online details may have been fabricated. “It seems like a dirty trick to me,” Broyhill said. On Capitol Hill, U.S. Rep. Richard Hudson of North Carolina, chair of the House GOP’s campaign committee, told reporters the report’s findings were “concerning.” Robinson, he said, has some reassuring to do in the state. Robinson, 56, was elected lieutenant governor in his first bid for public office in 2020. He tells a life story of childhood poverty, jobs that he blames the North American Free Trade Agreement for ending, and personal bankruptcy. His four-minute speech to the Greensboro City Council defending gun rights and lamenting the “demonizing” of police officers went viral — and led him to a National Rifle Association board position and popularity among conservative voters. This story was first published on Sep. 19, 2024. It was updated on Nov. 22, 2024 to correct which of Robinson’s social media accounts CNN cited in a comparison to language in messages from a pornographic website message board. CNN cited his public Facebook account, not his Twitter account. Associated Press writer Meg Kinnard in Chapin, South Carolina, and Congressional Correspondent Lisa Mascaro in Washington contributed to this report.
WASHINGTON (AP) — Working-class voters helped Republicans make steady election gains this year and expanded a coalition that increasingly includes rank-and-file union members, a political shift spotlighting one of President-elect Donald Trump’s latest Cabinet picks: a GOP congresswoman, who has drawn labor support, to be his labor secretary. narrowly lost her bid for a second term this month, despite strong backing from union members, a key part of the Democratic base but gravitating in the Trump era toward a Republican Party traditionally allied with business interests. “Lori’s strong support from both the Business and Labor communities will ensure that the Labor Department can unite Americans of all backgrounds behind our Agenda for unprecedented National Success – Making America Richer, Wealthier, Stronger and more Prosperous than ever before!” Trump said in a statement announcing his choice Friday night. For decades, labor unions have sided with Democrats and been greeted largely with hostility by Republicans. But with Trump’s populist appeal, his working-class base saw a decent share of union rank-and-file voting for Republicans this year, even as major unions, including the AFL-CIO and the , endorsed Democrat Kamala Harris in the White House race. Trump and members this year, and when he emerged from that meeting, he boasted that a significant chunk of union voters were backing him. Of a possible Teamsters endorsement, he said, “Stranger things have happened.” The Teamsters ultimately declined to endorse either Trump, the former president, or Harris, the vice president, though leader Sean O’Brien had a prominent speaking slot at the Republican National Convention. Kara Deniz, a Teamsters spokesperson, told the Associated Press that O’Brien met with more than a dozen House Republicans this past week to lobby on behalf of Chavez-DeRemer. “Chavez-DeRemer would be an excellent choice for labor secretary and has his backing,” Deniz said. The work of the Labor Department affects workers’ wages, health and safety, ability to unionize, and employers’ rights to fire employers, among other responsibilities. On Election Day, Trump deepened his support among voters without a college degree after running just slightly ahead of Democrat Joe Biden with noncollege voters in 2020. Trump made modest gains, earning a clear majority of this group, while only about 4 in 10 supported Harris, according to AP VoteCast, a sweeping survey of more than 120,000 voters nationwide. Roughly 18% of voters in this year’s election were from union households, with Harris winning a majority of the group. But Trump’s performance among union members kept him competitive and helped him win key states such as Pennsylvania, Michigan and Wisconsin. Chavez-DeRemer was one of few House Republicans to endorse the which would allow more workers to conduct organizing campaigns and add penalties for companies that violate workers’ rights. The measure would weaken “right-to-work” laws that allow employees in more than half the states to avoid participating in or paying dues to unions that represent workers at their places of employment. Trump’s first term saw firmly pro-business policies from his appointees across government, including those on the National Labor Relations Board. Trump, a real estate developer and businessman before winning the presidency, generally has backed policies that would make it harder for workers to unionize. During his recent campaign, Trump criticized union bosses, and at one point suggested that UAW members should not pay their dues. His first administration did expand overtime eligibility rules, but not nearly as much as Democrats wanted, and a Trump-appointed judge has since struck down the Biden administration’s more generous overtime rules. He has stacked his incoming administration with officials who worked on the Heritage Foundation’s “Project 2025” blueprint, which includes a sharp swing away from Biden’s pro-union policies. “Chavez-DeRemer’s record suggests she understands the value of policies that strengthen workers’ rights and economic security,” said Rebecca Dixon, president and CEO of National Employment Law Project, which is backed my many of the country’s major labor unions. “But the Trump administration’s agenda is fundamentally at odds with these principles, threatening to roll back workplace protections, undermine collective bargaining, and prioritize corporate profits over the needs of working people. This is where her true commitment to workers will be tested.” Other union leaders also issued praise, but also sounded a note of caution. “Educators and working families across the nation will be watching ... as she moves through the confirmation process,” the president of the National Education Association, Becky Pringle, said in a statement, “and hope to hear a pledge from her to continue to stand up for workers and students as her record suggests, not blind loyalty to the Project 2025 agenda.” AFL-CIO President Liz Shuler welcomed the choice while taking care to note Trump’s history of opposing polices that support unions. “It remains to be seen what she will be permitted to do as secretary of labor in an administration with a dramatically anti-worker agenda,” Shuler said. Josh Boak And Zeke Miller, The Associated PressMythology aside, nearly 2 million undocumented immigrants are the backbone of some industries, and pay billions in taxes for services they will never receive. By Mark Kreidler , for Capital & Main In the days following President-elect Donald Trump’s victory, I reached out to a longtime Northern California family farmer to gauge his level of concern. Trump has, after all, already made full-throated declarations that his administration will conduct the largest deportation of undocumented residents in U.S. history. That should resonate in a place like California, with its estimated 1.8 million undocumented immigrants —and it certainly would shake up a state agriculture industry in which nearly half of all workers are undocumented. But the farmer, who asked not to be identified to avoid political conflict with business partners, was unruffled. A self-described social moderate and fiscal conservative, he and his family have spent generations in the business. While his own seasonal employees are on work visas, his understanding of the industry’s historical reliance on undocumented workers runs deep, through direct experience, colleagues, and a seat on the board of an agriculture lending institution. He knows the stakes. Even at a time when some farmers use more authorized workers than ever, the industry overall remains heavily reliant on undocumented immigrants. “I suspect it’ll be like it always has been: If you’re undocumented but stay out of trouble, not much is going to happen,” he told me. “Dragging hard-working people out of here does not go over well.” That is hardly a poetic response. It does, however, have the ring of truth. RELATED STORY: Can Democratic governors fight Trump's mass deportations? Trump’s notion to mass deport nearly 5% of the U.S. workforce is a recipe for such economic wreckage that it feels impossible. But that doesn’t mean those who study immigration and try to shape policy don’t take him seriously. “It is unlikely that a large share of the unauthorized immigrant population will be deported quickly,” said Daniel Costa, director of immigration law and policy research for the Economic Policy Institute. “But there’s a lot the Trump 2.0 administration can do to remove a high number fast.” Among the possibilities: Trump’s administration could go after immigrants who have received a final order of removal or are in the country under temporary protected status (TPS), which is usually extended to those whose home countries are experiencing problems that make it difficult or unsafe for them to return. Those nations include Venezuela, El Salvador, and Haiti. Costa, a visiting scholar at the University of California Davis’ Global Migration Center, also suggested that Trump could adjust federal policy to expand temporary work visa programs—one way to assuage employers, by theoretically replacing deported undocumented workers with those possessing a legal but short leash to remain in the country. “Those visas give employers a lot of power and control over workers because their visa status is tied to the employer,” Costa said. “They cannot easily change jobs. And if they get fired, they become deportable, which keeps them from complaining about substandard working conditions or from [trying to join] a union.” But all of that presupposes that the Trump administration would first locate and then expel hundreds of thousands of undocumented workers in California alone. On both counts, experts say, that’s a longshot. Jamshid Damooei, executive director of the Center for Economics of Social Issues at California Lutheran University, has been studying the economic impact of undocumented immigrants in the state for years. To Damooei, the numbers tell the story. According to the center’s analysis, undocumented immigrants are the source of more than half a trillion dollars of products in California, either by direct, indirect, or induced production levels. Their work adds up to nearly 5% of the state’s gross domestic product, or GDP. And while 46% of the state’s agricultural workforce is undocumented, that’s just the tip of the iceberg. For example, the center’s report found that in Los Angeles County, 28.7% of the construction workforce is undocumented, along with 17.5% in manufacturing, 16% in wholesale trade, and more than 15% in retail trade. “How could L.A. County function with a significant share of its vital workforce being deported?” Damooei said. “In my county, Ventura, 70% of farmworkers are undocumented. In Santa Barbara it’s closer to 80%. Then there is construction, manufacturing, transportation. ... Look, this is just incredibly powerful.” Employers aren’t likely to give up that kind of workforce willingly, especially considering how much less they generally pay undocumented workers than others. That’s one reason the Northern California farmer sounded relatively confident that, all political rhetoric aside, the status quo will hold. None of this answers the larger questions of what Trump really wants or how his administration would achieve it. But even setting aside the sheer inhumanity of a mass deportation policy, the financial equation makes the idea untenable. According to the Institute on Taxation and Economic Policy, undocumented immigrants paid almost $100 billion in federal, state, and local taxes in 2022. More than a third of those taxes went to fund programs the immigrants are barred from using, like Social Security, Medicare, and unemployment insurance. Six states raised more than $1 billion in tax revenue from undocumented immigrants that year, the institute found. The leader of the pack? California, at $8.5 billion (followed by Texas, New York, Florida, Illinois, and New Jersey). And in 40 states, including California, undocumented immigrants paid higher state and local tax rates than the top 1% of households. “Undocumented immigrants are not a source of depletion of our tax revenue—they subsidize our benefits,” Damooie said. “They are not the takers of our tax revenue but the makers, who receive very little in return.” Damooie and others argue that a path toward citizenship, not deportation, ought to be the goal. That’s not a likely scenario over the next four years. RELATED STORY: Brute who ripped kids from their parents' arms will run Trump's border In the meantime, the Northern California farmer said, “These workers are mostly just going to keep working.” It is work destined to be continued in the shadows—where it’s almost always been. Copyright Capital & Main 2024Fears for the future of huntingCALGARY, Alberta, Dec. 05, 2024 (GLOBE NEWSWIRE) -- Athabasca Oil Corporation (TSX: ATH) ("Athabasca” or the "Company”) is pleased to announce its 2025 budget with capital projects that will balance cash flow growth while continuing to deliver a durable return of capital framework that will direct 100% of Free Cash Flow to share buybacks in 2025. Corporate Consolidated Strategy and Outlook 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 . 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; Adjusted Funds Flow and Free Cash Flow over various periods; 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", "Athabasca (Thermal Oil) Adjusted Funds Flow", "Duvernay Energy Adjusted Funds Flow", "Corporate Consolidated Free Cash Flow”, "Athabasca (Thermal Oil) Free Cash Flow" and "Duvernay Energy Free Cash Flow" 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 and Net Cash 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 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. 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. Production volumes details This News Release also makes reference to Athabasca's forecasted average daily Thermal Oil production of 33,500 ‐ 35,500 bbl/d for 2025. Athabasca expects that 100% of that production will be comprised of bitumen. Duvernay Energy's forecasted total average daily production of ~4,000 boe/d for 2025 is expected to be comprised of approximately 68% tight oil, 23% shale gas and 9% NGLs. Liquids is defined as bitumen, tight oil, light crude oil, medium crude oil and natural gas liquids. Break Even is an operating metric that calculates the US$WTI oil price required to fund operating costs (Operating Break-even), sustaining capital (Sustaining Break-even), or growth capital (Total Capital) within Adjusted Funds Flow. Enterprise Value to Debt Adjusted Cash Flow is a valuation metric calculated by dividing Enterprise Value (Market Capitalization plus Net Debt) divided by Cash Flow before interest costs.
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