Daily Energy/Automotive News; Crude oil prices up over 2%, WTI Crude $75.98/bbl, Brent $81.45/bbl,
London, 08 February 2024, (Oilandgaspress): -China Poised To Take Further Control Of Iraq’s Key Southern Oil Assets. Over halfway mark in completing its strategically vital oil project in the critical Iraqi energy hub of Nasiriyah. This facility will act as a storage hub and supply conduit for 3.0-3.5 million barrels of crude oil. Read full article
HSBC partners with Google to hit $1 bln climate tech finance goal. Under terms of the partnership, HSBC will look to provide financing to companies cherry-picked by the U.S. technology giant to join its Google Cloud Ready-Sustainability programme.. Read full article
Electric car owners have revealed to MailOnline that they are pulling the plug on their green machines because incentives have been scrapped, insurance is rising and charging costs have soared. Drivers say they were ‘sold a dream’ and have been left with no choice but to revert back to conventional vehicles, despite Prime Minister Rishi Sunak aiming to phase out petrol, diesel and hybrid cars by 2035. Some EV owners said Rowan Atkinson was ‘spot on’ when he said that electric cars were ‘soulless’ in a comment piece he penned last June. Read full article
Hyundai’s award-winning IONIQ sedan has today been named MotorWeek Drivers’ Choice for Best Electric Vehicle. In addition to driving impressions, the MotorWeek new vehicle evaluations consider reliability and value as well as consumer trends. The IONIQ 6 continues to stand out among rival EVs for its sleek design, quick charging capabilities, spaciousness, and advanced, intuitive technology.
“The Driver’s Choice award recognition for 2024 Best Electric Vehicle from MotorWeek is further proof that the IONIQ 6 is a home run in the competitive EV marketplace,” said Ricky Lao, director, product planning, Hyundai Motor North America. “Awards like this help not only reaffirm all of the great work our teams do, they also help raise awareness among car shoppers considering EV ownership.” Read full article
Hyundai’s award-winning, all-electric IONIQ 61 sedan was today named Favorite Plug-In Vehicle by the Midwest Automotive Media Association (MAMA). The IONIQ 6 stood out to the nonprofit organization’s automotive media membership for its eye-catching design, intuitive connectivity, ultra-fast charging capabilities and spacious interior. Over 100 new vehicles were evaluated over the course of the past year at various drive programs by MAMA members.
“The IONIQ 6 continues to set the bar in today’s hyper-competitive EV landscape,” said Ricky Lao, director, product planning, Hyundai Motor North America. “This recognition by MAMA members is particularly meaningful to Hyundai, as it’s the consensus pick of around 240 automotive reviewers who represent hundreds of media outlets.” Read full article
CME Group Inc., the world’s leading derivatives marketplace, today declared a first-quarter dividend of $1.15 per share, a 5% increase from the prior level of $1.10 per share. The dividend is payable March 26, 2024, to shareholders of record as of March 8, 2024. Read full article
Jaguar’s Range Rover is propping up India’s Tata Motors
It has been nearly two decades since the Indian automotive giant Tata Motors bought Jaguar Land Rover from Ford in a $2.3bn (£1.82bn) deal. The acquisition breathed new life into JLR, which had struggled to make headroads into the luxury market.
Now the purchase is driving India’s largest carmaker’s share price to new levels, amid soaring demand for Jaguar’s iconic Range Rovers. Shares in Tata Motors, a subsidiary of the Tata Group conglomerate led by Natarajan Chandrasekaran, rose eight per cent to an all-time high on Monday.Revenues sat at a record £21.1bn for the first nine months of its financial year, driven by a 22 per cent rise in sales of modern luxury vehicles and record Range Rover wholesales. JLR, which accounts for two thirds of Tata Motor’s total sales figure, also maintained its margin guidance of 10 per cent for 2026. Read full article
Odfjell SE 4Q23
Odfjell SE today reported its results for the preliminary full-year/ fourth quarter of 2023. The report shows a solid quarter that concludes a record year for Odfjell.
Highlights – 4Q23:
• The time charter earnings in Odfjell Tankers ended at USD 182 million, compared to USD 184 million in 3Q23.
• EBIT of USD 71 million compared to USD 76 million in 3Q23.
• Strong net result of USD 52 million. Net result adjusted for one-off items was USD 50 million, compared to USD 49 million in 3Q23.
• Rates on renewed COAs in the quarter were up 5% on average, covering 29% of estimated annual contract volume.
• Net result contribution from Odfjell Terminals slightly up at USD 2.4 million, compared to USD 2.1 million in 3Q23.
• Carbon intensity (AER) for 4Q23 came in at 7.2, in line with 3Q23.
• The Board approved dividend of USD 0.63 per share based on 2H23 net adjusted results.
Highlights – FY2023:
• Odfjell delivered a record strong net result of USD 203 million, leading to a total dividend FY2023 of USD 99 million.
• The COA portfolio was further strengthened, providing a solid foundation for all Odfjell’s trades and reducing earnings volatility going forward.
• Geopolitical tensions and the Panama Canal drought led to inefficiencies that increased vessel utilization, in turn supporting higher rates.
• Odfjell continues to renew its fleet and has in total twelve new 25-40,000 dwt stainless steel vessels to be delivered on long-term time charters and pool agreements between 2024 and 2027. Read full article
Occidental (NYSE: OXY) announced today that its Board of Directors declared a regular quarterly dividend of $0.22 per share on common stock, payable on April 15, 2024, to stockholders of record as of the close of business on March 8, 2024. On an annual basis, the dividend is $0.88 per share at the new rate, compared to the previous annual rate of $0.72 per share. Read full article
Neste Corporation, Financial Statements Release. Strong end for the year, cash flow the highlight in 2023. Neste’s revenue in the fourth quarter totaled EUR 6,303 (6,562) million. Higher sales volumes had a positive impact of approximately EUR 0.3 billion, but revenue decreased due to lower market and sales prices, which had a negative impact of approximately EUR -0.7 billion. Additionally, a weaker US dollar had a negative impact of approximately EUR -0.2 billion, but was offset by an increase in trading volumes, mainly in Oil Products, positively impacting the revenue by approximately EUR 0.4 billion year-over-year.
The Group’s comparable EBITDA was EUR 797 (894) million. Renewable Products’ comparable EBITDA was EUR 433 (415) million, mainly due to a higher sales margin, while fixed costs and foreign exchange rates had a negative impact on the result. Oil Products’ comparable EBITDA was EUR 330 (450) million, mainly as a result of a lower refining market and foreign exchange rates year-on-year, whereas sales volumes and fixed costs had a positive impact on the segment’s result. Marketing & Services’ comparable EBITDA was EUR 25 (21) million. The Others segment’s comparable EBITDA was EUR 3 (4) million.
Year 2023 in brief:
• Comparable EBITDA totaled EUR 3,458 million (EUR 3,537 million)
• EBITDA totaled EUR 2,548 million (EUR 3,048 million)
• Cash flow before financing activities totaled EUR 751 million (EUR -390 million)
• Comparable return on average capital employed (Comparable ROACE) was 23.9% over the last 12 months (30.1%)
• Leverage ratio was 22.7% at the end of December (31 Dec 2022: 13.9%)
• Comparable earnings per share were EUR 2.88 (EUR 3.04)
• Earnings per share: EUR 1.87 (EUR 2.46)
• Board of Directors will propose a dividend of EUR 1.20 per share (1.52), totaling EUR 922 million (EUR 1,168 million)
Fourth quarter in brief:
• Comparable EBITDA totaled EUR 797 (894) million
• EBITDA totaled EUR 672 (748) million
• Renewable Products’ comparable sales margin* was USD 813 (755)/ton
• Oil Products’; total refining margin was USD 18.9 (23.5)/bbl
• Cash flow before financing activities was EUR 475 (596) million
• Comparable earnings per share were EUR 0.66 (EUR 0.84)
Calculation formula has been adjusted effective 1 January 2023; and the figures for 2022 restated. Q4/22 comparable sales margin with the previous calculation reached USD 783/ton.
.Dividend distribution proposal
Neste’s policy is to pay a competitive and over time growing dividend. The parent company’s distributable equity as of 31 December 2023 amounted to EUR 3,835 million, and there have been no material changes in the company’s financial position since the end of the financial year.
The Board of Directors proposes to the AGM that a dividend of EUR 1.20 per share shall be paid on the basis of the approved balance sheet for 2023. The dividend shall be paid in two installments. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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