Top Energy/Automotive News As Reported Today
London, 04 May, 2023, (Oilandgaspress) :Shell delivers strong results and robust operational performance. Q1 2023 Adjusted Earnings of $9.6 billion, with Adjusted EBITDA of $21.4 billion, with improved operational performance,lower underlying opex and better results in Chemicals & Products driven by trading & optimisation offsetting the impact of lower oil and gas prices, and higher tax compared with Q4 2022.
• $4 billion share buybacks announced, expected to be completed by Q2 2023 results announcement, which would bring total
shareholder distributions to ~$12 billion for the first half of 2023. The 2023 cash capex outlook is unchanged: $23-27 billion.
• Strengthened the portfolio with the completion of the acquisition of Nature Energy (a renewable natural gas producer,Denmark), the investment decision for the Dover tie-back to the Appomattox production platform (USA) and the commencement of production at Vito (USA) and restart of Pierce (UK) facilities. Further simplified the portfolio through the divestment of non-core Upstream positions in onshore California and offshore Malaysia. Read More
Equinor first quarter 2023
Equinor delivered adjusted earnings* of USD 12.0 billion and USD 3.51 billion after tax in the first quarter of 2023. Net operating income was USD 12.5 billion, and net income was USD 4.97 billion.
The first quarter was characterised by:
Strong earnings and cash flow across the business
Solid operational performance and production growth
Continued high gas production from NCS to Europe
High value creation from marketing and trading
Maintaining cost and capital discipline
Ordinary cash dividend of USD 0.30 per share, extraordinary cash dividend of USD 0.60 per share and commencement of second tranche of share buy-back of USD 1.67 billion. Expected total capital distribution in 2023 is USD 17 billion. Read More
Equinor (OSE: EQNR, NYSE: EQNR) will after the Annual General Meeting 10 May 2023 commence the second tranche of the share buy-back programme for 2023 of around USD 1.67 billion, as announced in relation with the first quarter results on 4 May 2023. Execution of share buy-back from May 2023 and until April 2024 is subject to renewal of an authorisation from the annual general meeting 10 May 2023 to the Board of Directors. The second tranche of the share buy-back programme for 2023 of around USD 1.67 billion, including shares to be redeemed from the Norwegian State, will end no later than 25 July 2023. The purpose of the share buy-back programme is to reduce the issued share capital of the company. All shares repurchased as part of the programme will hence be cancelled. Read More
Key information relating to the cash dividend and extraordinary cash dividend to be paid by Equinor for first quarter 2023.
Cash dividend amount: 0.30
Extraordinary cash dividend: 0.60
Declared currency: USD
Last day including rights: 11 August 2023
Ex-date: 14 August 2023
Record date: 15 August 2023
Payment date: 25 August 2023
Other information: Cash dividend and extraordinary dividend per share in NOK will be communicated 21 August 2023. Read More
Nel plans gigafactory in Michigan
, Nel announced its plans to build a new automated gigawatt electrolyser manufacturing facility in Michigan. When fully developed, the facility will employ more than 500 people and be among the largest electrolyser manufacturing plants in the world.
The announcement was made at the SelectUSA Investment Summit in Washington with Department of Commerce Secretary Gina Raimondo, and the Governor of Michigan, Gretchen Whitmer.
“We’re thrilled to bring home up to $400 million in investment from Nel Hydrogen creating more than 500 good-paying, clean energy jobs right here in Michigan,” says Governor Whitmer.
“Earlier this year, I went on an economic mission to Europe to show the world what Michigan has to offer, and as a result of our efforts on the trip, we secured an investment from Nel to continue building on our leadership in cars, chips, and clean energy. As a major player in all three of these sectors, Michigan is serious about leading hydrogen development and winning today’s investment proves that the best manufacturing in the world happens right here in Michigan.” she says.
Over the past year, Nel has assessed a wide range of states for the location of its new manufacturing facility, and the company has now concluded that Michigan is the best option. “The choice of Michigan is based on an overall assessment of what the state can offer in terms of financial incentives, access to a highly skilled workforce, and cooperation with universities, research institutions, and strategic partners. I will also highlight the personal engagement from Governor Whitmer and her competent and service-minded team”, says Nel’s CEO, Håkon Volldal.
Volldal emphasizes that the short distance to General Motors, headquartered in Detroit, has played a decisive role in the choice of state. The two companies collaborate to develop further and improve Nel’s PEM electrolyser technology. Read More
Odfjell SE today reported its results for the first quarter of 2023. The report shows another strong financial quarter for Odfjell on the back of a continued strong market.
Highlights – 1Q23:
• Time charter earnings in Odfjell Tankers ended at USD 181 million, compared to USD 187 million in 4Q22
• EBIT of USD 68 million compared to USD 73 million in 4Q22
• Net result of USD 47 million, slightly lower than 4Q22. Net result adjusted for one-off items was USD 46 million compared to USD 50 million in 4Q22
• COA rate renewals were up 32% on average, covering 35% of estimated annual contract volume
• Net result contribution from Odfjell Terminals increased to USD 2 million compared to USD 0.2 million in 4Q22, primarily due to firmer activity level, higher tank lease rates and increased commercial occupancy rates
• During the quarter, Odfjell has taken delivery of one newbuilding on time charter, declared purchase options on two chartered-in vessels, and also signed two additional Japanese long term time charters
• The Board proposed to the Annual General Meeting (AGM) that 5 226 620 A-shares and 1 822 482 B-shares in the Company held in treasury by the Company should be deleted in the form of a share capital reduction
“The strong markets continued, and in the quarter we have renewed a significant share of our contract portfolio at terms reflecting current market conditions. We expect demand to remain stable in 2Q23. The spot market will likely remain volatile but at a healthy level, and together with improved COA rates, this should translate into TCE results in 2Q23 in line with or slightly above 1Q23,” said CEO Harald Fotland. Read More
Notice of Annual General Meeting 2023
DNO ASA, the Norwegian oil and gas operator, today announced that the Annual General Meeting scheduled for 25 May 2023 will be held at 10:00 am Norwegian time at Felix konferansesenter, Bryggetorget 3, 0250 Oslo. Remote participation is possible. Shareholders can also vote electronically in advance or submit a proxy.
The formal notice of the Annual General Meeting is attached and provides further information on the proceedings. Read More
EPA Issues Emergency Fuel Waiver for E15 Sales
On April 28, the U.S. Environmental Protection Agency issued an emergency fuel waiver to allow E15 gasoline — gasoline blended with 15% ethanol — to be sold during the summer driving season. This action will provide Americans with relief at the pump from ongoing market supply issues created by Russia’s unprovoked war in toUkraine by increasing fuel supply and offering consumers more choices at the pump. The waiver will help protect Americans from fuel supply crises by reducing our reliance on imported fossil fuels, building U.S. energy independence, and supporting American agriculture and manufacturing. Current estimates indicate that on average, E15 is about 25 cents a gallon cheaper than E10. Read More
ADNOC Gas to supply LNG to TotalEnergies
ADNOC Gas plc has announced a three-year LNG supply agreement with the French multi-energy company TotalEnergies Gas and Power Limited
Under the terms of the agreement, through its subsidiary, ADNOC Gas will supply TotalEnergies LNG, which will be delivered to various export markets around the world. The value of agreement is expected to be between US$1 bn and US$1.2 bn under current market conditions, ADNOC Gas said. The contract is expected to commence in 2023 and will run through 2025.
Ahmed Alebri, chief executive officer of ADNOC Gas, said, “Our new LNG supply agreement with TotalEnergies represents another significant milestone in our strategy to expand our global reach and strengthens our position as the LNG export partner of choice for leading global energy businesses. Read More
LNG Growth Project to Proceed in Al Ruwais Industrial City
ADNOC announced that its world class low-carbon LNG growth project will move forward in the Al Ruwais Industrial City, Al Dhafrah, Abu Dhabi. As an operational hub for ADNOC and its operating companies, the selected location offers significant synergies and existing infrastructure that will be leveraged to deliver project efficiencies, unlocking additional value for ADNOC, its partners and the UAE.
Following a comprehensive evaluation of location options during the ongoing design phase, the proximity of Al Ruwais to ADNOC’s current operations, as well as its future growth projects, in addition to a well-established local supplier base were important considerations in the company’s decision. Through its planned LNG growth project, ADNOC intends to more than double its LNG production capacity to meet increased global demand for natural gas. The plant, which is designed with electric-powered processing facilities, will run on renewable and nuclear grid power making it one of the lowest carbon intensity LNG facilities in the world. Read More
Citroën ë-C4 and ë-C4 X offer new electric motor and battery combination
Citroën is stepping up the pace and strengthening its position with the arrival of an additional offer on the ë-C4 and ë-C4 X ranges, boasting a more powerful engine and extended operating range, up to 420 km. With the adoption of a new electric motor and battery combination on these two models, Citroën is the only mainstream brand to offer two electric vehicles in the C segment.
STRENGTHENING THE C-SEGMENT OFFER
Citroën presents a new electric offer for ë-C4 and ë-C4 X with a new high-performance powertrain that can achieve up to 420 km according to the WLTP cycle. This increase in range of almost 17% compared to the first generation is based on the combination of a new 54 kWh advanced-chemistry battery and a new more efficient and powerful motor developing 115 kW (136 hp). Therefore, customers benefit from more versatility and convenience. Read More
Ex-works racer Patrick Long has given the latest Luftgekühlt event an inclusive modern twist with the launch of Air | Water – a day dedicated to models from across the 75-year history of Porsche.
Held on Mare Island, a six-kilometre-long disused US naval base just north of Oakland, San Francisco, ‘Luft 9’ welcomed an impressive 10,000 guests and more than 1,000 cars over two days, with the first giving special focus to the 911 in its 60th year through an exploration of the venerable G-model. And yet again, the selection of cars, careful curation and attention to every detail made for an unforgettable experience for Porsche enthusiasts of all ages and from all walks of life. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $69.14 | Up |
| Crude Oil (Brent) | USD/bbl | $73.11 | Up |
| Bonny Light | USD/bbl | $71.39 | Down |
| Saharan Blend | USD/bbl | $71.44 | Down |
| Natural Gas | USD/MMBtu | $2.17 | Up |
| OPEC basket 03/05/23 | USD/bbl | $73.75 | Down |
Chariot and Vivo Energy to develop the natural gas market for industrialists in Morocco
Vivo Energy and Chariot Limited (AIM: CHAR), the pan-African transition energy company, are pleased to announce the signing of a partnership agreement to create a joint venture for the distribution of natural gas to industrial customers in Morocco. Vivo Energy, the regional leader in the marketing and distribution of high quality fuels and lubricants, has been present for several decades in the sector of storage and distribution of petroleum products in Morocco, operating a local network of more than 400 service stations and supplying commercial and industrial customers in several sectors of the Kingdom.
The objectives of the partnership will be to:
Implement a gas activity dedicated to industry in Morocco by developing the marketing and distribution of natural gas to industrial customers;
Establish a jointly owned company whose mission will include the purchase, transportation and distribution of natural gas to end consumers;
To put in place a long-term gas sales contract for a portion of future gas production from the Anchois Development Project (“Anchois”). Read More
AUVs are helping safeguard Europe’s underwater infrastructure
Countries in Europe are moving to acquire AUV systems that can be used to protect submerged infrastructure.
In February, the Italian Ministry of Defense unveiled its latest requirement for seabed operations to integrate AUVs and remote operated vehicles with its U-212A submarine and future U212 Near Future Submarine. The goal is to award a contract for the study of the most effective platforms available on the market to combine onboard these manned systems. In December, Teledyne Marine confirmed that the Polish Ministry of Defense bought three more Gavia AUVs to equip Kormoran II-Class Mine Countermeasure vessels it ordered last June. The Polish Navy operates a fleet of the AUVs, which it has been relying on since 2015 as a mine countermeasure.
That same month, Exail won a contract from France’s defense procurement agency for the rental of an AUV, the A18D, for use by the country’s Navy to conduct testing and define its future requirements as part of the country’s Seabed Warfare Strategy. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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