October 24, 2024 Latest Energy / Automotive News
London, (Oilandgaspress) –– TAG Heuer Porsche Formula E Team will unveil its new all-electric racing car, the GEN3 Evo generation of the Porsche 99X Electric. Porsche will stream the video world premiere here in the Porsche Newsroom as well as on YouTube and LinkedIn. Guest starring in the stream is Formula E safety car driver and GEN3 Evo development driver Bruno Correia. With compatriot António Félix da Costa, World Champion Pascal Wehrlein, and team principal Florian Modlinger, the man from Portugal will get the new Formula E season underway. The event will give media representatives access to information about the new Porsche 99X Electric, including images, and footage Read More
Porsche is relaunching the 911 GT3. The exceptionally track-ready road sports car makes its debut in its anniversary year with an expanded lightweight strategy, a naturally aspirated 4.0-litre boxer engine with 375 kW (510 PS) and 450 Nm, and new, highly customer-focused options. The Weissach package, available for the first time in the 911 GT3, offers even more custom configuration options for use on the track. In addition, the sports car comes with more extensive standard equipment and other options that further enhance its precision and sportiness.
Porsche 911 GT3 offers the ultimate combination of racing genes and day-to-day usability since its introduction in 1999. To mark its 25th anniversary, the new model will launch simultaneously in two versions for the first time: as a track-focused sports car with a rear wing and as a more understated version with a Touring package. With tailor-made packages and innovative options, the GT3 variants can be further customised to the customer’s taste and intended use.The new 911 GT3 goes all-in on lightweight design. A new, silver-coloured lightweight aluminium wheel reduces the unsprung masses by more than 1.5 kg compared to the previous model. Optionally, magnesium wheels are available with the Weissach package or the Leichtbau (lightweight) package. They save nine kilograms. A new 40 Ah lithium-ion lightweight battery contributes to the athletic body mass index by shaving off another roughly four kilograms. In the lightest configuration, the new 911 GT3 weighs just 1,420 kilograms.
The 4.0-litre naturally aspirated engine in the new 911 GT3 has been designed for current, significantly stricter exhaust standards and equipped with two particulate filters and four catalytic converters. With this extremely powerful emission control system, Porsche also delivers a gripping soundscape. The engine power of the six-cylinder boxer engine was attained through a series of optimization measures. The cylinder heads have been revised, and the sharper camshafts of the 911 GT3 RS provide even more dynamic performance in the upper engine-speed range. Read More
With the addition of the Taycan Turbo GT and Taycan Turbo GT with Weissach package, Porsche expanded its range of its all-electric sports saloons in spring 2024. In these cars, a more powerful and efficient pulse inverter that uses silicon carbide as the semiconductor material is used on the rear axle. Both variants can achieve short boosts of peak power, reaching over 1,100 PS (Taycan Turbo GT: Electric power consumption* combined (WLTP) 21.6 – 20.7 kWh/100 km, CO₂ emissions* combined (WLTP) 0 g/km, CO₂ class A , Taycan Turbo GT with Weissach package: Electric power consumption* combined (WLTP) 21.3 – 20.6 kWh/100 km, CO₂ emissions* combined (WLTP) 0 g/km, CO₂ class A.
With intelligent lightweight construction measures, Porsche has reduced the weight of the Taycan Turbo GT by up to 75 kg compared to the Taycan Turbo S. Several carbon parts contribute to this. The Taycan Turbo GT with Weissach package is built with a sharp focus on the track, dispensing with the rear seats in favour of an even better power-to-weight ratio.
The Porsche Active Ride suspension with GT-specific tuning is included as standard on both models. In dynamic driving situations, this suspension ensures an almost perfect connection to the road thanks to a balanced distribution of wheel loads. Read More
Stellantis N.V. and Factorial Inc. (Factorial) unveiled the next chapter in their partnership to accelerate the development and deployment of next-generation electric vehicles (EVs) powered by Factorial’s solid-state battery technology. This initiative builds upon the $75 million investment Stellantis made in Factorial in 2021.
Stellantis will launch a demonstration fleet of all-new Dodge Charger Daytona vehicles by 2026 equipped with Factorial’s solid-state batteries, marking a key next step in the commercialization of this promising technology. This demonstration fleet will enable the validation of Factorial’s technology and assessment of its performance in real-world driving conditions.
Factorial will supply Stellantis with cells based on its proprietary FEST® solid-state battery technology, which enables a specific energy density of over 390 Wh/kg. Factorial’s FEST® offers substantial advantages over traditional lithium-ion batteries including higher energy density, reduced weight, improved performance and a potential for further reduction in total vehicle cost over time. This makes it an ideal candidate for powering next-generation EVs.Stellantis has selected the STLA Large multi-energy platform for this innovative technology due to its focus on high-volume electric SUVs and performance vehicles. The STLA Large platform, a cornerstone of Stellantis’ Dare Forward 2030 strategic plan, includes brands such as Jeep®, Dodge, Chrysler, Alfa Romeo and Maserati. It is designed to support up to two million vehicles globally, making it perfectly suited for this innovative battery technology. Read More
Opel Mokka. With its bold and pure design, the Mokka has become a bestseller. Now Opel is making the unconventional compact SUV even more desirable – both on the inside and the outside. New accents further highlight the unique character of the Mokka and Opel is also bringing technologies from higher vehicle segments to the SUV B segment. And that is not all, the brand with the Blitz has also opened the order books for the new Mokka. With the efficient 100 kW (136 hp) petrol engine prices start at €26,740.
As a hybrid with 48-volt technology it is available from prices starting at €29,740 whereas prices for the battery-electric Mokka Electric with 115 kW (156 hp) electric motor and up to 403 kilometres of locally emissions-free range (WLTP2) start at €36,740 in Germany. The new Opel Mokka continues its resource-saving approach in the interior. All fabrics are made from materials with recycled content. Mokka customers can choose from an efficient petrol engine for an entry-level price of €26,740 and two electrified alternatives. The compact SUV will be available both as a modern hybrid with 48-volt technology and as a battery-electric, locally emissions-free Mokka Electric. Fully electric, the new Mokka is now available from €36,740 exclusively with the 115 kW (156 hp) electric motor and 54 kWh battery. Read More
MBUX entertainment update brings Dolby Atmos® to already delivered vehicles
Mercedes-Benz is introducing Dolby Atmos® in more than 700,000 vehicles already in customer hands worldwide, via an over-the-air update (OTA). Customers can access the MBUX Entertainment Update (2.4) via the update assistant on the display of their MBUX infotainment system, or via the Mercedes me App after receiving a notification about availability in their region. Integrated into the Burmester surround sound systems[2], Dolby Atmos® provides an immersive audio experience that gives the music more space, clarity and depth.
The technology allows music creators to place discrete audio elements or objects in a three-dimensional sound field, well exceeding the possibilities of mono or stereo. Dolby Atmos® adapts to any playback environment. This means that fans can hear music with unrivalled clarity that matches an artist’s original vision in the studio. Dolby Atmos® is available in almost all model ranges equipped with the second and third generation MBUX, via the already integrated streaming providers Apple Music and Amazon Music. Read full article
Nissan Formula E Team is excited to announce an agreement with Reflo, which will see the eco-friendly performancewear brand become the outfit’s Official Teamwear and Apparel Partner for the next two seasons of the ABB FIA Formula E World Championship.
Specializing in sustainable, premium and technical clothing across a wide variety of sports, Reflo will provide all Nissan Formula E Team members with performance-wear for training, travel, race days and official appearances. A replica range featuring the team’s unique Sakura design will also be available for fans to buy online ahead of the start of Season 11 in December, so supporters can represent Nissan Formula E Team from the grandstands or at home.
The squad will also be working with Reflo to reduce the wastage of its old team kit, using the company’s RELOOP program. Read More
Renault Group revenue for 2024 Q3 amounted to €10,701 million, up 1.8% compared to 2023 Q3. At constant exchange rates[1], Group revenue was up 5.0%.
Automotive revenue reached €9,347 million, down -0.5% compared to 2023 Q3. It included -3.1 points of negative exchange rates effect (-€289 million) mainly related to the devaluation of the Argentinean peso, the Brazilian real and to a lesser extent to the Turkish lira. At constant exchange rates[1], it increased by 2.6%. Dacia sold 500,957 vehicles worldwide in the first nine months of 2024, representing a 1.5% growth compared to the same period in 2023. In Europe[2], with 432,332 vehicles sold (+2.2%), the brand moved up 2 places in the Passenger Car (PC) market to rank 9th. Alpine sold a total of 3,333 A110 in the first nine months of 2024. It represented a 16.5% growth compared to the previous year. Electrified vehicles accounted for 30.2% of Renault Group’s PC sales in Europe (+3.4 points compared to the same period in 2023). This performance was explained by the very strong growth in hybrid sales which were up +52.4% compared to the same period in 2023.
Renault brand’s electrified vehicles accounted for 46.8% of its PC sales in Europe (+7.8 points compared to the same period in 2023). The brand continued to grow on this market, with a market share of 7.4%, up 1.0 point. Renault brand ranked 2nd on the hybrid vehicle market in Europe.
All-electric vehicles accounted for 7.6% of Renault Group’s PC sales in Europe (and 11.6% for Renault brand PC sales). This was down, as expected, in a year of transition marked by the discontinuation of Zoe and Twingo electric and the generation transition of Dacia Spring. Renault Group is launching a full range of electric vehicles symbolized by Scenic E-Tech electric, Renault 5 E-Tech electric, Alpine A290, New Dacia Spring, Renault 4 E-Tech electric and Alpine A390, which will support Renault Group’s EV penetration. Read Press Release
QuantumScape Corporation, a leader in developing next-generation solid-state lithium-metal batteries, today announced its business and financial results for the third quarter of 2024, which ended September 30.
The company posted a letter to shareholders on its Investor Relations website, ir.quantumscape.com, that details third-quarter financial results and provides a business update.
QuantumScape will host a live webcast today at 2 p.m. Pacific Time (5 p.m. Eastern Time), accessible via its IR Events page. Siva Sivaram, chief executive officer, and Kevin Hettrich, chief financial officer, will participate on the call.
An archive of the webcast will be available shortly after the call for 12 months. Read more
Hydro has decided to reduce its ownership in synthetic graphite producer Vianode, based in Norway, from 30 to 19.9 percent. On September 6, the private equity fund Altor exercised a put option requiring Hydro to acquire an additional 20 percent of Vianode. This transaction has not been executed. Hydro has agreed with Altor to cancel the put option and has further sold 10.1 percent of Vianode to Altor. Hydro’s remaining shareholding is 19.9 percent and Hydro will step down from the Board of Directors of Vianode.
As part of the agreement, Hydro and Altor have a mutual put/call option for the remaining 19.9 percent of shares, which will be exercised no later than February 28, 2025. Vianode is on a growth journey to supply the battery industry with much needed low-carbon graphite. However, Hydro has decided to allocate its capital towards projects supporting its strategic priorities towards 2030 and will therefore no longer provide further capital to Vianode.
Impairments of NOK 956 million of investments in Vianode are taken in the third quarter, with NOK 581 million impacting reported EBITDA and shareholder loan in Vianode of NOK 375 million is impacting Finance expense. Read More
Equinor delivered adjusted operating income* of USD 6.89 billion and USD 2.04 billion after tax in the third quarter of 2024.
Equinor reported net operating income of USD 6.91 billion and net income at USD 2.29 billion. Adjusted net income* was USD 2.19 billion, leading to adjusted earnings per share* of USD 0.79.
Financial and operational performance
Solid financial results
Effective execution of extensive turnaround programme
Strong cash flow from operations
Strategic progress
All-time high production from the Troll field in the gas year
Northern Lights facility completed and ready to receive CO2
Acquired a 9.8 percent stake in Ørsted in October
Capital distribution
Third quarter ordinary cash dividend of USD 0.35 per share, extraordinary cash dividend of USD 0.35 per share and fourth tranche of share buy-back of up to USD 1.6 billion
Total capital distribution for 2024 in line with announced level of around USD 14 billion Equinor delivered a total equity production of 1,984 mboe per day in the third quarter, down from 2,007 mboe in the same quarter last year.
On the Norwegian continental shelf (NCS), production increased by 2 percent compared to the third quarter 2023. This was due to high gas production from the Troll field and positive contributions from Aasta Hansteen and Oseberg. The increase was partially offset by extensive turnarounds, natural decline and reduced ownership in the Statfjord area.
Internationally, new wells contributed positively to the production. However, the international production was negatively impacted by offshore turnarounds and hurricanes in the United States.
In the quarter, Equinor completed nine offshore exploration wells with one commercial discovery. Four wells were ongoing at the quarter end. Two wells were expensed. Read Press Release
Equinor will on 25 October 2024 commence the fourth and final tranche of up to USD 1.6 billion of the share buy-back programme for 2024, as announced in relation with the third quarter results 24 October 2024.
In this fourth tranche, shares for up to USD 528 million will be purchased in the market, implying a total tranche of up to USD 1.6 billion including shares to be redeemed from the Norwegian State. The tranche will end no later than 31 January 2025.
Equinor announced at the Capital Market Update in February 2024 a two-year share buy-back programme of total USD 10-12 billion for 2024-2025, with up to USD 6 billion for 2024, including shares to be redeemed from the Norwegian State. The share buy-back programme will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the fourth tranche for 2024, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company. Read More
Key information relating to the cash dividend to be paid by Equinor ASA for third quarter 2024.
Ordinary cash dividend amount: 0.35
Extraordinary cash dividend amount: 0.35
Announced currency: USD
Last day including rights: 12 February 2025
Ex-date Oslo Børs: 13 February 2025
Ex-date New York Stock Exchange: 14 February 2025
Record date : 14 February 2025
Payment date: 28 February 2025
Date of approval: 23 October 2024
Other information: The cash dividend per share in NOK will be communicated 21 February 2025. Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $72.25 | Up |
| Crude Oil (Brent) | USD/bbl | $76.44 | Up |
| Bonny Light 18/10/24 , CBN | USD/bbl | $75.51 | Up |
| Dubai | USD/bbl | $75.59 | Up |
| Natural Gas | USD/MMBtu | $2.39 | Up |
| Murban Crude | USD/bbl | $75.66 | Up |
| OPEC basket 23/10/24 | USD/bbl | $74.47 | Up |
Neste has decided to withdraw from investing into a 120 MW electrolyzer project to produce renewable hydrogen at its Porvoo refinery in Finland. The decision follows the completion of the basic engineering phase, which commenced in May 2023.
The reasons behind the withdrawal are the company’s challenging market conditions and financial performance, requiring critical assessment of any new investments. Evaluation of this project has been impacted by the tight limitations on the use of renewable hydrogen in the refinery’s processes in fulfilling the Finnish national distribution obligation. These limitations prevent the full economic utilization of electrolyzer of this size. Read full article
Eni and KKR have signed an agreement under which KKR will take a 25% stake in Enilive’s share capital, for a total agreed consideration of €2.938 billion. The transaction will be funded through: 1) the subscription of a capital increase in Enilive reserved to KKR amounting to €500 million; 2) the purchase of Enilive’s shares from Eni for a value of €2.438 billion, corresponding to a post-money valuation of € 11.75 billion of Equity Value for 100% of Enilive’s share capital.
Furthermore, according to the agreement, Eni will undertake a capital increase of €500 million prior to the completion of the transaction to set a debt-free company. Read full article
During the period from 14 to 18 October 2024, Eni acquired on the Euronext Milan no. 3,888,400 shares (equal to 0.12% of the share capital), at a weighted average price per share equal to 14.1441 euro, for a total consideration of 54,997,824.05 euro within the second tranche of the treasury shares program approved by the Shareholders’ Meeting on 15 May 2024, previously subject to disclosure pursuant to art. 144-bis of Consob Regulation 11971/1999, for the purpose of paying to the Shareholders an additional remuneration compared to the distribution of dividends. Read full article
Neste’s Interim Report for January–September 2024
Neste’s revenue in the first nine months totaled EUR 15,067 million (16,622 million). Lower price level affected the revenue EUR -0.7 billion year-over-year, driven by decreasing oil price and renewables sales prices. Lower sales volumes decreased revenue EUR -1.4 billion where Porvoo major turnaround in the second quarter is the main driver for the decrease and Renewable Products sales volumes on the other hand have increased revenue year-over-year. Net impact from trading activities in Oil Products increased the revenue by approximately EUR 0.5 billion year-over-year.
The Group’s comparable EBITDA was EUR 1,084 million (2,661 million). Renewable Products’ nine-month comparable EBITDA was EUR 500 million (1,473 million), mostly impacted by the weak market environment as the sales margin decreased by EUR 1,007 million. Oil Products’ comparable EBITDA was EUR 480 million (1,104 million), impacted mostly by the Porvoo major turnaround and a lower total refining margin. Marketing & Services comparable EBITDA was EUR 78 million (94 million), driven by lower unit margins and inventory losses during 2024 compared to the inventory profits in the corresponding period in 2023. The Others segment’s comparable EBITDA was EUR 16 million (-5 million).
Challenging market conditions impacting margins, initial progress on cost savings
Third quarter in brief:
• Comparable EBITDA totaled EUR 293 million (EUR 1,047 million)
• EBITDA totaled EUR 301 million (EUR 889 million)
• Renewable Products’ comparable sales margin was USD 341/ton (USD 912/ton)
• Oil Products’ total refining margin was USD 10.6/bbl (USD 26.9/bbl)
• Cash flow before financing activities was EUR -16 million (EUR 403 million)
January–September in brief:
• Comparable EBITDA totaled EUR 1,084 million (EUR 2,661 million)
• EBITDA totaled EUR 861 million (EUR 1,876 million)
• Cash flow before financing activities was EUR -817 million (EUR 277 million)
• Cash-out investments were EUR 1,245 million (EUR 1,204 million)
• Comparable return on average capital employed (comparable ROACE) was 8.0% over the last 12 months (30.9.2023: 27.2%)
• Leverage ratio 35.2% at the end of September (31.12.2023: 22.7%)
• Comparable earnings per share: EUR 0.30 (EUR 2.22)
• Earnings per share: EUR 0.05 (EUR 1.35)
Figures in parentheses refer to the corresponding period for 2023, unless otherwise stated. Read full article
Baker Hughes Rig Count: U.S. -1 to 585 Canada -2 to 217
U.S. Rig Count is down 1 from last week to 585 with oil rigs up 1 to 482, gas rigs down 2 to 99 and miscellaneous rigs unchanged at 4.
Canada Rig Count is down 2 from last week to 217, with oil rigs down 1 to 153, gas rigs down 1 to 64 and miscellaneous rigs unchanged at 0.
International Rig Count is up 16 rigs from last month to 947 with land rigs up 15 to 735, offshore rigs up 1 to 212.
The U.S. Offshore Rig Count is unchanged at 18, down 6 year-over-year.
The Worldwide Rig Count for September was 1,751, up 15 from the 1,735 counted in August 2024, and down 8, from the 1,759 counted in September 2023.
| Region | Period | Rig Count | Change |
| U.S.A | 18 October 2024 | 585 | -1 |
| Canada | 18 October 2024 | 217 | -2 |
| International | September 2024 | 947. | +16 |
Dana Incorporated (NYSE: DAN) announced today that its board of directors has declared a dividend on its common stock.
The board declared a quarterly dividend of $0.10 per share, payable Nov. 29, 2024, to holders of Dana common stock as of Nov. 8. Read More
TechnipFMC plc announced that its Board of Directors has authorized and declared a quarterly cash dividend of $0.05 per share, payable on December 4, 2024 to shareholders of record as of the close of business on the New York Stock Exchange on November 19, 2024, which is also the ex-dividend date. The Board has also authorized additional share repurchases of up to $1 billion. Together with the existing program, the Company is now authorized to repurchase shares of up to $1.2 billion, representing more than 10 percent of the Company’s outstanding shares at today’s closing price. Since the initial share repurchase authorization in July 2022, the Company has returned more than $740 million to shareholders through stock repurchases and dividends. Read More
Idemitsu Kosan and Mitsubishi Corporation (“MC”) have agreed to jointly study the efficient operation of clean ammonia carriers and transshipment terminals, participation in ExxonMobil’s planned low-carbon hydrogen and low-carbon ammonia production project * in Baytown, Texas, USA, as well as the offtake of ammonia. Through this joint study, Idemitsu and MC will accelerate their study on structuring a supply chain for low-carbon ammonia procured from overseas. MC is assessing the partial conversion of its LPG terminal (Namikata Terminal) in Imabari City, Ehime Prefecture, into an ammonia terminal. MC is preparing to build a hub terminal that will supply approximately 1 million tons of ammonia annually to various industrial applications such as electricity, transportation and chemicals by 2030. In April 2023, MC and potential customers in the Shikoku and Chugoku regions agreed to establish “Council for utilizing Namikata Terminal as a Hub for introducing Fuel Ammonia,” and have been discussing measures to handle ammonia, operate the terminal efficiently and expand demand. Taking advantage of Namikata Terminal’s 40 years of experience as an energy hub, MC is working to develop ammonia so that it can quickly respond to decarbonization demand in the region. Read More
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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