Oilandgaspress Energy/Automotive News: to 26/04/24
London, 26 April 2024, (Oilandgaspress): –Chevron’s first quarter adjusted profit is expected to come in at $2.90 per share, roughly 18% lower than the same period last year, with revenue of $49.17 billion, according to Bloomberg estimates. ExxonMobil’s top line revenue is expected at $80.25 billion, with adjusted earnings of $2.19 per share, down 22% from a year ago. Read More
In its latest Commodity Markets Outlook, the World Bank also noted that a major outbreak of the crisis in the Middle East could pause inflationary decline and stoke commodity prices globally. “If the conflict in the Middle East were to escalate further oil supply disruptions could push up global inflation,” the Washington-based international organisation said. A moderate supply disruption could send Brent prices at $92 per barrel, while a severe flare-up of tensions could mean oil trading at more than $100. The price of gold is expected to hit a record this year and moderate slightly in 2025. Prices this year will be supported by strong demand from several central banks in developing countries, as well as heightened geopolitical challenges. The bank also sees increases in the prices of natural gas, fertilizers and food due to an escalation of the conflict in the Middle East, a major gas supplier. Accelerating investment in green technologies has bolstered prices of key metals that are critical for the global clean-energy transition. Prices of copper—necessary for electricity-grid infrastructure and electric vehicles—surged to a two-year high this month. Read more
Mitsubishi Heavy Industries, Ltd. (MHI) has started operation of a test module of the Solid Oxide Electrolysis Cell (SOEC), a next-generation high-efficiency hydrogen production technology, at Takasago Hydrogen Park(Note), located within its Takasago Machinery Works in Takasago City, Hyogo Prefecture in west central Japan. SOEC is based on technology for the previously developed Solid Oxide Fuel Cell (SOFC). In addition to its advantage of high efficiency, the use of MHI’s proprietary tubular cell stack supports development as a technology capable of operating at high pressures, setting it apart from competing systems. The test module with a capacity of 400 kW was designed and manufactured based on the technology adopted for the SOFC, following development of core technologies at the Nagasaki Carbon Neutral Park (Nagasaki City). The system was installed at the Takasago Hydrogen Park, and started operation. The results of this research will be utilized to support even higher output and greater capacity. The SOEC test module comprises a module with multiple cartridges of 500 cell stacks bundled together. During test operations, the electrolytic efficiency of the module was 3.5 kWh/Nm3 (101%-HHV (higher heating value)), confirming that the module was operating with high efficiency. This is a major step forward toward achieving MHI’s goal of building a system with an overall efficiency of 90%-HHV. Read More
Aquila European Renewables Plc seeks to generate stable returns, principally in the form of income distributions, by investing in a diversified portfolio of renewable energy infrastructure investments.
Highlights
· Dividend cover of 1.1x (1.6x before debt amortisation). Robust dividend cover of 1.3x expected over the next five years1.
· 2024 target dividend guidance of 5.79 cents (5.0% increase on 2023)2.
· Attractive dividend yield of 7.4%3.
· EUR 49.0 million of capital returned to shareholders in the form of dividends and share buybacks over 2023, reducing total Ordinary Shares in issue by 7.4%.
· Active portfolio management delivered 4.6 cents per Ordinary Share in valuation uplift.
· In April 2023, the Company extended the maturity date of the Revolving Credit Facility (“RCF”) by twelve months to April 2025.
· Completion of 154.8 MW of construction assets, resulting in a fully operational portfolio.
· On 1 September 2023, Myrtle Dawes was appointed as an additional Board member of the Company. Ms Dawes has over 30 years of experience in the energy sector.
· In October 2023, the Company completed a secondary listing on the Euronext Growth Dublin stock exchange, further enhancing its marketability in Europe.
· In December 2023, the Board responded to the receipt of unsolicited proposals from Octopus Renewables Infrastructure Trust plc (“ORIT”) in relation to a possible combination under section 110 of the Insolvency Act 1986 and confirmed it would consider the combination proposed by ORIT as part of a review of broader options already underway.
· Members of the Board of Directors and the Investment Adviser acquired AER Ordinary Shares. Read More
Neste’s revenue in the first quarter totaled EUR 4,801 million (5,298 million). The decrease in revenue was driven by lower market and sales prices, which had a negative impact of approx. EUR 0.3 billion. Sales volumes had a negative impact of approx. EUR 0.1 billion in total as Renewable Products’ volume increase offsets the decrease in Oil Products’ volumes year-over-year. Slightly weaker US dollar had a minor negative impact on the revenue compared to the corresponding period last year. Also other drivers decreased revenue by approx. EUR 0.1 billion driven by lower trading volumes, mainly in Oil Products.
The Group’s comparable EBITDA was EUR 551 million (830 million). Renewable Products’ comparable EBITDA was EUR 242 million (415 million), mostly driven by a lower sales margin as a result of a weaker market, higher sales volume and increased fixed costs compared to the first quarter of 2023. Oil Products’ comparable EBITDA totaled EUR 278 million (393 million), following the somewhat lower refining margins and reduced sales volume due to the upcoming turnaround. Marketing & Services comparable EBITDA was EUR 23 million (23 million). The Others segment’s comparable EBITDA was EUR 8 million (2 million).
The Group’s EBITDA was EUR 442 million (463 million), which was impacted by inventory valuation losses of EUR -129 million (-274 million), and changes in the fair value of open commodity and currency derivatives totaling EUR 30 million (-98 million). Profit before income taxes was EUR 189 million (276 million), and net profit EUR 162 million (238 million). Comparable earnings per share were EUR 0.33 (0.72), and earnings per share EUR 0.21 (0.31).
One-off costs related to restructuring, totaling EUR 13 million, had an impact on the first quarter results. These one-off costs have been eliminated from comparable EBITDA.. Read More
Subsea 7 S.A. announced results of Subsea7 Group (the Group, Subsea7) for the first quarter which ended 31 March 2024.
First quarter highlights: Adjusted EBITDA of $162 million, up 52% on the prior year period, equating to a margin of 12%
Backlog remains robust at $10.4 billion, of which $4.8 billion to be executed in the remainder of 2024
High tendering activity supports management’s confidence in the outlook for order intake and margin expansion
Full year 2024 guidance reconfirmed: Adjusted EBITDA expected to be within a range from $950 million to $1.0 billion Read More
Equinor delivered adjusted operating income* of USD 7.53 billion and USD 2.57 billion after tax in the first quarter of 2024. Equinor reported net operating income of USD 7.63 billion and net income at USD 2.67 billion. Adjusted net income* was USD 2.84 billion, leading to adjusted earnings per share* of USD 0.96. Equinor delivered a total equity production of 2,164 mboe per day in the first quarter, up from 2,130 mboe per day in the same quarter last year. The growth is driven by strong operational performance. Increased capacity at Johan Sverdrup and ramp up of Breidablikk, in addition to new wells on stream, contributed to increased growth on the Norwegian continental shelf. The Vito field in the US Gulf of Mexico and the Buzzard field in the UK, in addition to new wells in Angola contributed to 3% production growth internationally. Read More
Equinor will after the annual general meeting 14 May 2024 commence the second tranche of up to USD 1.6 billion of the share buy-back programme for 2024, as announced in relation with the first quarter results 25 April 2024.
Execution of share buy-back under this second tranche is subject to renewal of a board authorisation for share buy-back from the annual general meeting 14 May 2024 and agreement with the Norwegian State regarding share buy-back.
In this second tranche of the share buy-back programme for 2024, shares for up to USD 528 million will be purchased in the market, implying a total second tranche of up to USD 1.6 billion including shares to be redeemed from the Norwegian State. The tranche will end no later than 22 July 2024. Read More
Key information relating to the cash dividend to be paid by Equinor for first quarter 2024.
Ordinary cash dividend amount: 0.35
Extraordinary cash dividend amount: 0.35
Announced currency: USD
Last day including rights: 15 August 2024
Ex-date Oslo Børs: 16 August 2024
Ex-date New York Stock Exchange: 19 August 2024
Record date: 19 August 2024
Payment date: 28 August 2024
Date of approval: 24 April 2024 Read full article
Innovative ‘Caso technology’ will produce high quality oil from plastic and other waste in a game changer for environmental pollution and our carbon footprint.
London, United Kingdom – April 25, 2024 – Nexergy Holding PLC, a leading investment firm dedicated to environmentally friendly energy production, is taking a significant step towards revolutionizing the plastics industry as it joins hands with the Cassandra Oil Company, renowned for its innovative ‘Caso’ technology. Managing Director Jason Turner and Nexergy’s pioneering team visited the Cassandra Oil team and its founder, Anders Olsson, in Denmark, on April 18th, to witness first-hand the ground-breaking technology that converts plastic waste into ‘Caso’ Oil (Cassandra Oil).
Over 400 million metric tons of plastic waste are annually generated worldwide, posing a severe threat to our environment. Most of this waste ends up in landfills or is incinerated, contributing to pollution. The innovative Caso Technology, developed by Cassandra Oil, offers a sustainable and environmentally-friendly alternative by transforming plastic waste into crude oil, creating a circular economy that facilitates near 100% material recovery. Furthermore, the technology can process 10,500 tons of plastics per year, aligning with the European Union’s ambitious recycling targets, which mandate at least 55% of municipal waste to be recycled by 2025, escalating to 65% by 2035.. Read full article
Delta is presenting, under the theme “Realizing an Intelligent, Sustainable and Connecting World,” its unique capabilities to foster smart manufacturing and sustainable cities at Hannover Messe 2024. The showcase features a new generation of collaboration robots (cobots) for smart factory automation applications, and a new 500kW DC ultra-fast charger for traditional and heavy-duty electric vehicles (EV).
At today’s press conference, Dalip Sharma, President and General Manager of Delta Electronics EMEA Region, said, “Delta’s dedication to sustainability is intricately woven into our innovative solutions and business model, mirroring Europe’s net-zero endeavours. Moreover, our proactive sustainability measures, such as our Internal Carbon Pricing system, have been crucial for Delta’s factories, R&D centres, and offices in EMEA to achieve RE100 in 2023. We are also proud to demonstrate our new factory digital twin, developed on the NVIDIA OmniverseTM platform, for our smart production demo lines.”
Across the approximately 400-square-meter Delta booth, visitors will engage on a journey into the world of intelligent infrastructure across three sectors: Intelligent Industry, Smart Energy Infrastructure, and ICT Infrastructure. Read full article
.U.S. Environmental Protection Agency announced a suite of final rules to reduce pollution from fossil fuel-fired power plants in order to protect all communities from pollution and improve public health without disrupting the delivery of reliable electricity. These rules, finalized under separate authorities including the Clean Air Act, Clean Water Act, and Resource Conservation and Recovery Act, will significantly reduce climate, air, water, and land pollution from the power sector, delivering on the Biden-Harris Administration’s commitment to protect public health, advance environmental justice, and confront the climate crisis.
By announcing these final rules at the same time, EPA is following through on the commitment that Administrator Michael S. Regan made to industry stakeholders at CERAWeek 2022 to provide regulatory certainty as the power sector makes long-term investments in the transition to a clean energy economy. The standards are designed to work with the power sector’s planning processes, providing compliance timelines that enable power companies to plan in advance to meet electricity demand while reducing dangerous pollution. . Read More
The 2024 Hyundai Santa Fe and 2024 Hyundai Kona have been selected to the 2024 Wards 10 Best Interiors & UX award winners by WardsAuto. Hyundai is the only manufacturer with two vehicles on the list. The focus of the Wards 10 Best Interiors and UX competition, is to identify driver interfaces that are user-friendly, navigation systems that are easy to program, and smartphone integration that is simple, allowing drivers safe access to text messages, emails, and phone contacts while on the road. The award evaluates the user-friendliness of the driver-assist technologies and the access to information and entertainment options without distraction as well as the vehicles overall interior quality and comfort. The 2024 Hyundai product awards are the second and third product recognitions by WardsAuto since its award inception in 2022. The Hyundai Palisade won in 2023. Read More
Employee shareholder ownership is the best way to associate the employees with the Company’s transition strategy, and therefore it is at the heart of TotalEnergies’ value sharing policy. Therefore, on April 25, 2024, TotalEnergies’ Board of Directors has validated several such initiatives, including:
The allocation of 100 TotalEnergies shares to each of the Company*’s 100,000 employees worldwide. This is the most important universal grant in the Company’s history and is in honor of its 100-year anniversary. This exceptional grant will be made to the Company’s employees on the date of the definitive grant by the Board, for those present on March 28, 2024. These shares will be definitively acquired by the employees present five years after the grant date.
A capital increase reserved for employees and former employees for a €46.90 subscription price equal to the average of the closing price of TotalEnergies shares on the Euronext over twenty consecutive trading sessions, with an exceptional 30% discount (compared to 20% in 2023). The performance share allocation plan, which is carried out annually.
TotalEnergies ranks #1 in employee shareholder ownership in Europe
TotalEnergies’ proactive policy puts the Company at the top of the ranking of European firms for employee shareholding, based on the amount of the share capital held by its employees (source: European Federation of Employee Share ownership). By year-end 2023, over 65% of TotalEnergies’ employees were shareholders, holding about €11 billion out of the Company’s €149 billion share capital. Consequently, with 7.4% of the capital, TotalEnergies’ employees represent the Company’s largest group of shareholders, receiving €525 million in dividends in 2023. “Making every one of our 100,000 employees a TotalEnergies shareholder, with an amount of such magnitude, is a unique initiative for a company of our size. It demonstrates our commitment to employee shareholding, which is at the heart of our value sharing policy”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies. Read More
The Board of Directors meeting on April 25, 2024 under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer, decided the distribution of a first interim dividend of 0.79 €/share for fiscal year 2024, an increase of 6.8% compared to the three interim dividends paid for fiscal year 2023 and identical to the final ordinary dividend for fiscal year 2023. This increase is in line with the shareholder return policy confirmed by the Board of Directors in February 2024. Read More
Nel ASA partners with Hy Stor Energy on the Mississippi Clean Hydrogen Hub (MCHH) and receives a capacity reservation for more than 1 gigawatt of alkaline electrolysers. “We are thrilled to partner with Hy Stor Energy on the Mississippi Clean Hydrogen Hub. This project can enable significant carbon emission reductions and leave in its wake a blueprint for successful, large-scale green hydrogen projects,” said Nel’s President and CEO, Håkon Volldal.
As Hy Stor Energy’s exclusive electrolyser partner for phase one of the MCHH, Nel will provide alkaline and PEM technology at scale and contribute with its hydrogen expertise and experience. The parties signed a Front-End Engineering Design (FEED) contract in December, and today Hy Stor Energy has entered into a capacity reservation agreement with Nel to secure more than 1 gigawatt of alkaline electrolyser capacity for the project. Pending final investment decision, electrode production at Nel’s state-of-the-art plant at Herøya, Norway is expected to run through 2025, 2026, and the first part of 2027. In line with Nel’s accounting standards, the capacity reservation will not be considered as order intake or backlog until a firm purchase order has been received.
“Without ambitious pioneers, decarbonization at scale will not happen. Pioneers aim to do today what most people say can’t be done in years. To me, Hy Stor Energy is such a bold pioneer, and it makes me proud that the company has chosen Nel as its electrolyser partner on this game-changing project,” Volldal commented.
The Mississippi Clean Hydrogen Hub project will be the largest zero-carbon, off-grid hydrogen production and salt cavern storage hub in the U.S. With extensive storage and expansion capabilities, Read More
Toyota will prepare for assembly of an all-new, three row battery electric SUV in the U.S. as part of a new $1.4 billion investment in its Princeton facility, affirming Toyota’s commitment to reinvesting profits in its U.S. operations and bringing total investment in Toyota Indiana to $8 billion. This also brings the addition of up to 340 new, high-quality jobs with long-term stability.
This investment will not only provide plant infrastructure to build the all-new BEV, it will add a new battery pack assembly line using lithium-ion batteries supplied by Toyota Battery Manufacturing North Carolina, a $13.9 billion facility slated to begin production in 2025.
“Our team members are the heart of Toyota,” said Tim Hollander, president of Toyota Indiana. “We take great pride in producing quality products while providing long-term, stable employment no matter the changes in our industry. Our team is committed to delivering this new product with the same quality and performance that Toyota customers expect.”
Toyota’s Indiana facility is home to more than 7,500 team members who assemble the Toyota Sienna, Highlander, Grand Highlander and the Lexus TX. This announcement comes on the heels of a $1.3 billion investment in Toyota Kentucky for the production of a separate all-new, three row battery electric SUV. Read more
(Reuters) – The battle for consumer attention in China’s electric car market is being fought over touches of “tech luxury” that car buyers in other markets have never seen. China’s upstart electric brands, and even its state-owned, legacy automakers, are racing to pack technology and features once considered premium into EVs as cheap as $20,000 – less than half the cost of an average new car in the United States, now more than $48,000.. Read More
TotalEnergies First Quarter 2024 Results TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity. Read More
TotalEnergies Board of Directors examined the draft resolution submitted by a group of shareholders representing less than 0.9% of the share capital and aiming to submit to the Annual General Meeting an advisory vote asking the Board of Directors to adopt a separation of the Chairmanship of the Board of Directors and the General Management of the Corporation.
TotalEnergies Board of Directors reaffirms its strong commitment to shareholder dialogue and recalls that in 2023 it had invited shareholders who wish to open a debate with the Board of Directors to submit an item on the agenda of the Annual General Meeting of Shareholders, as provided for in the French Commercial Code: ” The provisions of the French commercial code relating to the filing of a resolution by shareholders do not expressly provide for the possibility of filing an advisory resolution. On the other hand, the law expressly provides for them the possibility of submitting items (without voting) to provoke a debate in the general meeting. This would be a better way to engage in dialogue with shareholders in the future1″ . The Board of Directors therefore invites shareholders to consider this route for future Annual General Meetings, as it will not support the advisory resolutions route in any matter.
TotalEnergies’ Board of Directors recalls that with a view to renewing the mandate of director of the Chairman and Chief Executive Officer, it carried out a review of the choice of the most suitable mode of governance for the Company and reported to its shareholders in a very detailed manner2. The Governance and Ethics Committee’s reflections on the best interest of the Company – and after individual consultation of each Director by the Lead Independent Director – have led the Board of Directors to decide unanimously and with conviction at its meeting on September 21, 2023, to continue to combine positions of Chairman and Chief Executive Officer.
The unity of the Company’s management and representation power is part of its particularly well-balanced corporate governance framework, with a Lead Independent Director who is a preferred contact for shareholders and who has extensive powers, whom the Board of Directors has found to be fully fulfilling his role.
TotalEnergies’ Board of Directors has thus fully executed the mission for which the French law attributes to it the responsibility: the French Commercial Code provides that it is the responsibility of the Board of Directors to choose between the unified or separate mode of the functions of Chairman and Chief Executive Officer and that the shareholders are informed of this choice. Shareholders’ right to information is supplemented by a requirement provided for by the Afep-Medef Code of motivation for the Board’s decision. The Board of Directors, chaired by the Lead Independent Director and on the proposal of the Governance and Ethics Committee, has therefore unanimously decided not to include the aforementioned draft resolution on the agenda of the forthcoming Annual General Meeting.
With regard to the debate on corporate governance initiated by the above-mentioned group of shareholders, the Lead Independent Director will, at the request of the Board of Directors, report on the performance of his mission, in particular on the Board’s motivation in respect of the governance structure of the Company, during the Annual General Meeting of May 24, 2024. Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $84.02 | Up |
| Crude Oil (Brent) | USD/bbl | $89.41 | Up |
| Bonny Light | USD/bbl | $88.40 | Down |
| Saharan Blend | USD/bbl | $87.85 | Down |
| Natural Gas | USD/MMBtu | $1.60 | Down |
| Murban Crude | USD/bbl | $89.50 | Up |
| OPEC basket 22/04/24 | USD/bbl | $88.39 | Down |
There’s a trade war brewing between China and the West, at stake is who will dominate the global market for electric vehicles.
Outside the port city of Ningbo, Chinese car company Zeekr is rolling out luxury EVs and growing fast. The factory has only been up and running for three years, but this year it’s more than doubling production.Zeekr is a new player in the EV market, but it has unbridled ambition to sell its high-end, high-tech cars abroad. It’s a subsidiary of a state-backed company, Geely. Read full article
China’s dominance over EV supply chains risks making U.S. subsidies for the industry unusable, South Korea has said.
Subsidies for EV manufacturing, including components, under the Inflation Reduction Act seek to reduce sourcing from China. Yet China controls almost the entire EV supply chain. This means few if any companies involved in EV manufacturing in the U.S. would be able to benefit from the incentives, South Korea’s trade minister told the Financial Times. According to data from Benchmark Minerals Intelligence, Chinese companies control as much as 99% of the global market for EV battery-grade graphite and 69% of battery anode graphite, the FT reported. Read more
Baker Hughes Rig Count: : U.S. +2 to 619 Canada -14 to 1271
U.S. Rig Count is up 2 from last week to 619 with oil rigs up 5 to 511, gas rigs down 3 to 106 and miscellaneous rigs unchanged at 2.
Canada Rig Count is down 14 from last week to 127, with oil rigs down 10 to 60, and gas rigs down 4 to 67.
International Rig Count is up 13 rigs from last month to 971 with land rigs up 1 to 736, offshore rigs up 12 to 235.
The Worldwide Rig Count for March was 1,793, down 20 from the 1,813 counted in February 2024, and down 86,from the 1,878 counted in March 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 19 April 2024 | 619 | +2 |
| Canada | 19 April 2024 | 127 | -14 |
| International | March 2024 | 971. | +13 |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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