Oilandgaspress Energy / Automotive News to May 08, 2025, Latest
Brent $62.06/bbl, WTI Crude $59.15/bbl,Gas $3.652/MMBtu
London, May 08, 2025 (Oilandgaspress) –- Exxon Mobil Corp. plans to invest $1.5 billion in a deepwater oil field in Nigeria as Africa’s top producer looks to boost output, according to the nation’s regulator. The investment, expected within the next two years, will focus on reviving production in the Usan field and is in addition to funding earmarked for planned developments in Owowo and Erha, the Nigerian Upstream Petroleum Regulatory Commission said in a statement Tuesday, citing a visit by Shane Harris, Exxon’s managing director in Nigeria.. Read from source
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $59.04 | Up |
| Crude Oil (Brent) | USD/bbl | $61.99 | Up |
| Bonny Light 07/05/25 CBN | USD/bbl | $64.27 | Up |
| Dubai | USD/bbl | $61.99 | Up |
| Natural Gas | USD/MMBtu | $3.63 | Up |
| Murban Crude | USD/bbl | $62.49 | Up |
| OPEC basket 07/05/25 | USD/bbl | $62.87 | Up |
Plenitude publishes 2024 financial statements, Sustainability and Impact Report For the 2024 financial year, Plenitude reported a proforma adjusted operating profit of €604 million and adjusted net profit of €311 million, up 17% and 41% respectively from 2023. The results are in line with the company’s growth to over 4 GW of installed capacity in 2024, with more than 10 million retail customers and over 21,000 electric vehicle charging points.
The Sustainability Report and the Impact Report are both available online on the company’s website as attachment to the financial statements. The report showcases the transformation process undertaken by Plenitude and the results achieved to serve as an enabler of the energy transition. In 2024, the company again confirmed its commitment to more socially, environmentally and economically sustainable development, strengthening and accelerating its growth path
Capricorn reach agreement to consolidate, extend and improve Western Desert concessions Capricorn announces that it has been informed by the Egyptian General Petroleum Corporation (“EGPC”) that it has approved the consolidation of eight of the Company’s existing Egyptian concession agreements, in which it has a 50% participating interest held jointly with Cheiron Oil and Gas Limited (“Cheiron” or “the Operator”), into a new, single integrated concession agreement. The integrated concession agreement is subject to Egyptian Parliamentary ratification which is expected to take place in 2025.
The new concession agreement includes improved commercial terms1 and a refreshed primary development term to support increased investment, for the benefit of all parties.
Key elements of the merged concession
The Badr El Din (BED), Obaiyed, North Alam El Shawish, North Matruh, Sitra, BED 3, and BED 2 and BED 17 development concessions, along with the North Um Baraka exploration concession, will be consolidated into a single integrated concession providing up to a 20-year life through an initial 10-year term, plus two five-year extensions for the development areas.
Improved fiscal terms to promote increased production of both oil and gas through investment, including:
profit share2 of 27-29%,
a merged single cost pool,
40% cost recovery over four years, and
excess cost recovery of 20%.
An improved gas price of $4.25/mmbtu for incremental gas produced from existing fields and new discoveries agreed to promote increased gas production.
Odfjell SE today reported its results for the first quarter of 2025, showing a resilient financial result despite the increased market uncertainty.
Highlights – 1Q25
• The strong safety performance continues with high operational efficiency and no significant incidents during the quarter.
• Odfjell delivered a resilient financial 1Q25 result in a market characterized by increased uncertainty due to the initial U.S. trade tariffs announcement.
• Time charter earnings ended at USD 168 million, compared to USD 183 million in 4Q24. TCE/day for the quarter was USD 29,556, down 4% compared to USD 30,744 in 4Q24.
• EBIT of USD 54 million compared to USD 68 million in 4Q24.
• Quarterly net result of USD 34 million. Net result adjusted for one-off items at USD 33 million, compared to USD 53 million in 4Q24.
• Net result contribution from Odfjell Terminals was USD 2.9 million, slightly up from 4Q24.
• Carbon intensity (AER) for 1Q25 was 7.0, a further improvement from the previous quarter and a new record low for Odfjell.
• Bow Olympus completed first near-carbon-neutral transatlantic voyage utilizing suction sails and biofuel.
• Odfjell concluded contracts for two additional newbuildings to be delivered on long-term time charters in 2027 and 2028. This brings Odfjell’s total vessel orderbook to 20 ships, of which 18 on long-term time charters.
“Despite heightened market uncertainty following the initial U.S. announcement of trade tariffs, Odfjell delivered a resilient financial result for 1Q25.
This quarter, we reached a new milestone in our decarbonization efforts as an Odfjell vessel successfully completed a near-carbon-neutral transatlantic voyage.
We expect our 2Q25 financial results to be in line with, or slightly better than 1Q25, however we are closely monitoring the uncertain market situation,” said CEO Harald Fotland.
Occidental Announces 1st Quarter 2025 Results Occidental (NYSE: OXY) today announced net income attributable to common stockholders of $766 million, or $0.77 per diluted share, and adjusted income attributable to common stockholders of $860 million, or $0.87 per diluted share, for the first quarter of 2025.
Closed asset sales of $1.3 billion in the first quarter and repaid debt of $2.3 billion to date in 2025
Strong operational performance drove first quarter operating cash flow of $2.1 billion and operating cash flow before working capital of $3.0 billion
Capital spending of $1.9 billion and contributions from noncontrolling interest of $63 million resulted in quarterly free cash flow before working capital of $1.2 billion
Total company production at the mid-point of guidance with 1,391 Mboed
Midstream and marketing exceeded the mid-point of guidance for pre-tax adjusted income by $127 million
OxyChem exceeded guidance with pre-tax adjusted income of $215 million
Earnings per diluted share of $0.77 and adjusted earnings per diluted share of $0.87
Reducing the mid-point of 2025 capital guidance by $200 million and domestic operating costs by $150 million, driven by continued operational efficiency gains and schedule optimization in the Permian and Gulf of America
ConocoPhillips announces first-quarter 2025 results ConocoPhillips today reported first-quarter 2025 earnings of $2.8 billion, or $2.23 per share, compared with first-quarter 2024 earnings of $2.6 billion, or $2.15 per share. Excluding special items, first-quarter 2025 adjusted earnings were $2.7 billion, or $2.09 per share, compared with first-quarter 2024 adjusted earnings of $2.4 billion, or $2.03 per share. Special items for the quarter were primarily related to a gain on asset sales and the impact from the settlement of a contingent matter.
Delivered total company and Lower 48 production of 2,389 thousand barrels of oil equivalent per day (MBOED) and 1,462 MBOED, respectively.
Achieved record Eagle Ford drilling performance from leveraging combined best practices.
Completed the largest winter construction season at Willow and achieved critical milestones.
Completed $1.3 billion of noncore Lower 48 asset sales, including $0.6 billion during the quarter and $0.7 billion in May with the close of Ursa and associated assets.
Distributed $2.5 billion to shareholders, including $1.5 billion through share repurchases and $1.0 billion through the ordinary dividend.
Retired $0.5 billion of debt at maturity.
Ended the quarter with cash and short-term investments of $7.5 billion and long-term investments of $1.0 billion.
ConocoPhillips declared a second-quarter ordinary dividend of $0.78 per share payable June 2, 2025, to stockholders of record at the close of business on May 19, 2025.
Bill Bullock to retire after 39 years with ConocoPhillips ConocoPhillips (NYSE: COP) today announced that W.L. (Bill) Bullock, executive vice president and chief financial officer, will retire from ConocoPhillips after 39 years of distinguished service. Andy O’Brien, currently senior vice president, Strategy, Commercial, Sustainability and Technology, will succeed Bill as chief financial officer, effective June 1, 2025. Andy will also retain responsibility for Strategy, Commercial and Sustainability.
Bill began his career with Conoco in 1986 and held numerous engineering, operations, commercial, and business development roles of increasing responsibility before joining the company’s executive leadership team in 2018 and becoming chief financial officer in 2020.
Hyundai Delivers Enhanced In-Car Experience Through Equinix Data Centers Globally – Hyundai Motor Group (the Group) is deploying its dedicated private cloud platform, HCloud, within Equinix data centers globally to enhance customer experience and improve service quality for its more than 10 million connected car service subscribers. HCloud is the Group’s proprietary cloud platform that was developed in response to the growing demand for real-time data processing, seamless connectivity and scalable infrastructure, driven by rapid advancements in connected and autonomous vehicles.
The Group is leveraging Equinix International Business Exchange™ (IBX®) data centers across Asia, the United States and Europe, as well as Equinix Fabric®, to interconnect HCloud to multiple public cloud providers, including Amazon Web Services (AWS). This hybrid multicloud architecture accelerates the global rollout of connected car services while ensuring reliable connectivity, consistent service coverage and reduced latency.
Hyundai Motor Group is a global enterprise that comprises the mobility brands—Hyundai Motor, Kia and Genesis. The Group’s CCS provides in-car infotainment and mobile applications via wireless networks. Since its launch in 2003, the Group has acquired over 10 million global CCS subscribers as of 2023 and is aiming to reach 20 million by 2026. To continue the growth, it is making significant investments in the development and expansion of HCloud to deliver enhanced in-car services, including a personalized driving experience.
As 95% of new vehicles are expected to be connected by 2030,[1] the Group recognized the need for distributed data processing and proximity to cloud and network ecosystems to ensure an excellent user experience. This led to the deployment of the HCloud in Equinix IBX data centers in Seoul, Los Angeles and Frankfurt, strategically selected for their global reach, carrier density and high operational standards backed by service-level agreements (SLAs). Equinix’s proximity to major cloud and network providers will enable the Group to connect with key partners, while supporting robust performance and scalability.
Through its deployment at Equinix, the Group has enhanced app responsiveness and improved the quality of its remote services. The collaboration supports the company’s transition to software-defined vehicles (SDVs) and lays the foundation for smarter, safer and more connected mobility solutions.
Elli unveils new “Flexpole Plus” and announces key partnership with UNITI Volkswagen Group Charging GmbH (Elli) is presenting a major innovation at this year’s Power2Drive trade fair in Munich: the new Flexpole Plus. The next-generation of Elli’s battery-buffered DC fast charger combines proven flexibility with expanded payment capabilities, making it ideal for public, business, and fleet locations with limited grid capacity. Coinciding with the product launch, Elli is also announcing a strategic partnership with German energy association UNITI to help transform gas station infrastructure across the country. The all-new Flexpole Plus: an evolution of fast charging
The Elli Flexpole Plus marks a new evolutionary step for the popular DC fast charger – designed for maximum flexibility, easy integration, and future-proof operation. Staying true to its proven DNA, the Flexpole enables DC fast charging of up to 150 kW without costly grid upgrades or complex construction work, thanks to its integrated battery system. The upgraded Flexpole provides even more new advanced features.
Starting in May, Elli will partner with UNITI, Germany’s national association of independent gas station operators to bring electric mobility directly to their stations. The goal is to significantly accelerate charging infrastructure deployment at around 8,600 gas stations operated by UNITI member companies. The partnership will be officially announced during Power2Drive.
This partnership gives UNITI members access to a modular Elli product and service package: from site analysis and planning to installation and commissioning of Flexpole units or other DC fast chargers – including service, software, and hardware – all from a single source. Thanks to Flexpole’s battery-buffered technology, installation typically requires no major grid upgrade or heavy construction work, making it especially advantageous for leased or rented gas station properties with limited connection capacity.
Jasmine Paolini, new Alfa Romeo Brand Ambassador
The new partnership celebrates the encounter between two icons brought together by their values of excellence, passion and the Italian spirit, the hallmarks of those who always have the audacity to excel.
With her tenacity and energy, the young Tuscan tennis player authentically expresses the noble values of Italian sportiness and simultaneously brings the brand even closer to the new generations
Tradition with a Future: 160 Years of Vocational Training at Opel
Handshake hiring: First apprentice joins Opel in 1865
Opening up opportunities as a mission: So far, around 27,000 young people have been trained at Opel in Germany
innovative training: Today’s focus on electromobility and future technologies
Introducing the All-New Jeep® Compass. Redefining Adventure with Distinctive Design, Legendary Capability, Versatility, and Cutting-Edge Technology
Designed for adventure in every direction, the new Compass stays true to the Jeep DNA by offering legendary capability, robustness, cutting-edge technology and unparalleled versatility.
Debuted in Italy and manufactured at the Melfi plant, a key hub for Stellantis’ electrification strategy, the new Compass evolves with an expanded engine range, which includes three powertrain options: e-Hybrid, e-Hybrid plug-in and full electric with up to 650 km range, the last also offering the four-wheel drive.
THÉO POURCHAIRE DRIVES THE DS FORMULA E CAR!
Théo Pourchaire joins the Stellantis Motorsport ‘Young Driver’ programme
Following a dedicated Formula E test session for rookies in February, the French driver will now undertake a series of private tests with DS Performance
Théo Pourchaire is already involved in endurance racing with Peugeot Sport as test driver, and will now join the competition division of DS Automobiles in the ABB FIA Formula E World Championship
FIAT Professional unveils new website, a new step in its digital strategy
Designed to elevate user experience, the platform offers improved navigation and tools for easier model comparison and decision-making.
The new FIAT Professional web pages are now integrated into the main “FIAT ecosystem”.
To strengthen the brand’s digital strategy, the commercial vehicle division will be positioned as a distinct entity within the website with revamped model pages, configuration options, and high-quality visuals.
The New Opel Mokka Shines in New Colours
Wow effect: Kolibri Blue, Tropikal Green and Graphik Grey set the scene for the successful SUV
Unique look: New colours emphasise bold, characteristic Mokka design
Electrifying appearance: New Mokka sharper, more modern and more digital
New Mobile Charging Infrastructure for ADAC Opel Electric Rally Cup
Groundbreakingly sustainable: New charging concept for electric rallying
Flexible: Charging infrastructure from Opel partner SCHALL-E is mobile and efficient
Powerful: Battery of Corsa Rally Electric recharges to 80 percent of its capacity in less than 25 minutes
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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