![](https://oilandgaspress.com/wp-content/uploads/2024/05/vchris-car20240512_151513.jpg)
Daily Energy/Automotive News Headlines Monday, May 13, 2024
London , 13 May 2024, (Oilandgaspress): — Baker Hughes Rig Count: : U.S. -2 to 603 Canada -4 to 116. International Rig Count is up 7 rigs from last month to 978 with land rigs up 7 to 743, offshore rigs unchanged at 235 The Worldwide Rig Count for April was 1,726, down 67 from the 1,793 counted in March 2024, and down 82,from the 1,808 counted in April 2023.
Senate Majority Leader Chuck Schumer called on the Federal Trade Commission to stop the merger between Chevron and Hess Corp., claiming it would be detrimental to consumers. “I’m sounding the alarm against yet another proposed Big Oil merger—a $53B deal between Chevron and Hess,” Schumer wrote on X on Sunday. “It would give Big Oil more fuel to raise gas prices. Trump might be hosting dinners for Big Oil execs, but the FTC should side with consumers and pump the breaks on this deal,” the Senate Majority Leader wrote. It has been a long-running claim of Democrat lawmakers that consolidation in the energy space would lead to higher retail prices for fuels. On these grounds, Democrats in Congress have attacked all major deals from the past couple of years as consolidation gained momentum. . Read More
Subsea 7 S.A. announced that, on 10 May 2024, Barclays Capital Securities Limited1 informed the Company that it had breached thresholds provided for by Luxembourg’s Transparency Law of 11 January 2008 on transparency requirements for issuers of securities as amended (the “Transparency Law”) as follows:
• On 6 May 2024 the total number of voting rights in the Company according to Article 8 and 9 of the Transparency Law attached to shares was 15,294,833
• On 6 May 2024 the total number of voting rights in the Company attached to financial instruments with similar economic effect according to Article 12 (1) (a) of the Transparency Law (right to recall) was 17,172
• On 6 May 2024 the total number of voting rights in the Company attached to financial instruments with similar economic effect according to Article 12 (1) (b) of the Transparency Law (swaps) was 490,483
• When combined, the above positions equate to 5.19% of voting rights of Subsea 7 S.A. .. Read More
The Colorado School of Mines & Arapahoe Community College team has been named the Battery Workforce Challenge (BattChallenge) Year One champion, leading the way in the three-year collegiate competition. Second place was awarded to The Ohio State University & Columbus State Community College team, while The University of Alabama & Shelton State Community College team took third place. Teams were judged on the design of their electric vehicle battery pack at the competition.
Year One of the competition focused on the design of the EV battery pack. The teams’ focus spanned from the granular level of cell characterization and testing to the broader scope of pack-level design, encompassing thermal, mechanical, and electrical considerations, while upholding stringent safety standards.
“We are energized by the collective efforts, dedication, and ingenuity demonstrated by the students in year one,” said Michael Berube, Deputy Assistant Secretary for Sustainable Transportation and Fuels in the Office of Energy Efficiency and Renewable Energy at the U.S. Department of Energy (DOE). “Together, we’re preparing a skilled workforce needed to support industry’s transition to electrification and a sustainable energy future.”
The BattChallenge is an elite public-private partnership and North American collegiate engineering competition sponsored by DOE, Stellantis, and it is managed by Argonne National Laboratory.
The BattChallenge began in 2023 and features 12 North American university engineering teams, each partnering with a local community college. The teams were selected through a competitive process to secure a spot in the program. Students receive firsthand experiential learning and work closely with industry experts to tackle one of the most relevant real-world engineering challenges facing the automotive industry today.. Read More
Nissan Formula E Team continued its strong form in the 2023/24 ABB FIA Formula E World Championship in Berlin, with Oliver Rowland securing a podium finish in third, while Sacha Fenestraz scored points for a fourth successive race in ninth.
Following a tough qualifying, the duo lined up 15th and 16th on the grid at the revamped Tempelhof Airport Street Circuit for the first of a double-header in the German capital.
Moving forwards at the start, the pair settled into the peloton-style race, with all drivers looking to conserve energy and the field running as a pack.
As he has done so successfully in Season 10, Englishman Rowland worked his way into a strong position in the early stages, despite losing part of his front wing in contact. Staying in the leading battle throughout, Rowland was heavily involved in close fights and made several excellent overtakes to gain 12 positions and finish the E-Prix in third position, taking his fifth podium of the season and moving up to third in the Drivers’ Championship.
Franco-Argentine driver Fenestraz followed his teammate through, and found himself in a promising position in the second half of the race, although an incident caused damage and dropped him down the field. However, the driver of the #23 car recovered well in the final laps, making some good moves to clinch ninth, his fourth consecutive points finish to climb to 11th in the standings.. Read More
Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
Crude Oil (WTI) | USD/bbl | $78.58 | Up |
Crude Oil (Brent) | USD/bbl | $83.11 | Up |
Bonny Light | USD/bbl | $84.11 | Up |
Saharan Blend | USD/bbl | $83.75 | Up |
Natural Gas | USD/MMBtu | $2.28 | Up |
Murban Crude | USD/bbl | $83.83 | Up |
OPEC basket 10/05/24 | USD/bbl | $84.29 | Down |
Nissan Formula E Team’s Oliver Rowland produced another fantastic performance in the second Berlin E-Prix, taking his sixth podium finish of the 2023/24 ABB FIA Formula E World Championship. Teammate Sacha Fenestraz also showed strong pace and looked set for a strong result, before being pushed into the wall and forced to retire.
A frustrating qualifying gave the Nissan Formula E Team duo a tough task at the Tempelhof Airport Street Circuit, with Rowland lining up 16th on the grid, one position ahead of Fenestraz.
Following his third-placed finish from 15th on the grid in the first of the Berlin double header, Rowland made up 13 positions today to again finish third, taking a total of 30 points from the weekend. The British driver’s performance was reminiscent of Saturday, making up ground early on in the race and battling at the front, completing several good moves to secure another trip to the rostrum.
Meanwhile, Fenestraz was aiming for a fifth consecutive points finish and looked good to take a strong haul, making several excellent overtakes and setting himself well for the final sprint. However, while involved in an intense battle for position, a competitor made contact with the side of the #23 Nissan e-4ORCE 04, sending Fenestraz into the wall and out of the race.
Formula E returns in two weeks’ time as the series heads to China, making its first visit to the Shanghai International Circuit on 24-26 May. Read More
Africa Oil Corp. announce that the Company repurchased a total of 1,043,100 Africa Oil common shares during the period of May 6, 2024 to May 10, 2024 under the previously announced share buyback program. The launch of Africa Oil’s normal course issuer bid (share buyback) program, announced by the Company on December 4, 2023, is being implemented in accordance with the Market Abuse Regulation (EU) No 596/2014 (MAR) and Commission Delegated Regulation (EU) No 2016/1052 (Safe Harbour Regulation) and the applicable rules and policies of the Toronto Stock Exchange (“TSX”), Nasdaq Stockholm, and applicable Canadian and Swedish securities laws.
During the period dated May 6, 2024 to May 10, 2024, the Company repurchased 478,100 Africa Oil common shares on the TSX and/or alternative Canadian trading systems. The repurchases were carried out by Scotia Capital Inc. on behalf of the Company. During the same period, the Company repurchased 565,000 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company.
For more information regarding transactions under the previously announced share buyback program in Sweden, including aggregated volume, weighted average price per share and total transaction value for each trading day during the period of May 6 to May 10, 2024, . Read More
Subsea 7 S.A.today announced transactions made in accordance with its share repurchase programme during the week commencing 6 May 2024.
Date on which the share repurchase programme was announced: 25 July 2019, with a two-year extension announced on 19 April 2023.
The duration of the share repurchase programme: until 18 April 2025.
In the period from 6 May 2024 until 10 May 2024 Subsea 7 S.A. has repurchased a total of 236,000 own shares at the Oslo Stock Exchange at an average price of NOK 183.1234 per share. Read More
Odfjell SE is hosting its annual Capital Markets Day today at 10:00am.
Agenda:
· External impact on our business by CEO, Harald Fotland
· Finance update by CFO, Terje Iversen
· Market update by VP Finance & IR, Nils Jørgen Selvik
· Odfjell Tankers by CCO, Bjørn Hammer
· Odfjell Terminals by MD Odfjell Terminals, Adrian Lenning
· Closing remarks and Q&A Read full article
New Hydro CEO accelerating growth, value creation and sustainability to change the game for aluminium
Eivind Kallevik assumed his position as Hydro’s new President and CEO on May 13, launching his agenda for accelerating Hydro’s strategy of pioneering the green aluminium transition, powered by renewable energy towards 2030.Hydro is present throughout the full value chain of aluminium production in every step, from when bauxite is mined until shipments of aluminium solutions leave Hydro’s facilities. The strategic direction towards 2030 was launched at the company’s Capital Markets Day in late 2023. The Hydro 2030 strategy is about growth, value creation and sustainability. . Read full article
Hydro’s new President and CEO, Eivind Kallevik, introduced changes to the company’s Executive Leadership Team when he assumed his new position on May 13, 2024. Hanne Karine Simensen, former Head of Commercial in Hydro Aluminium Metal, will take over as Executive Vice President (EVP) of Hydro Aluminium Metal, following Eivind Kallevik. Kari Ekelund Thørud, Head of Ownership Governance in Hydro Energy, is replacing Arvid Moss as Executive Vice President of Hydro Energy, as Moss has decided to step out of the role effective from July 1, 2024, after 16 years in Hydro’s Executive Leadership Team. Moss will continue in the capacity as Chairman of the Board of Hydro Rein.
Trond Olaf Christophersen, EVP for Corporate Development and interim Chief Financial Officer (CFO), will take on the role as CFO. The Corporate Development portfolio will continue to report to Trond Olaf Christophersen.
As part of the changes introduced, Hydro has revised the name of Corporate Management Board to Executive Leadership Team.
Hydro’s Executive Leadership Team will be as follows:
President and CEO: Eivind Kallevik
EVP and CFO: Trond Olaf Christophersen
EVP Hydro Bauxite & Alumina: John Thuestad
EVP Hydro Energy: Kari Ekelund Thørud*
EVP Hydro Aluminium Metal: Hanne Karine Simensen
EVP Hydro Extrusions: Paul Warton
EVP People and HSE: Hilde Vestheim Nordh
EVP Communication and Public Affairs: Therese Rød Holm
EVP Compliance, IP and General Counsel: Anne-Lene Midseim . Read full article
Jaguar Land Rover Automotive plc today reports its financial results for the three months and full year to 31 March 2024 (FY24)
JLR continued its trend of strong financial performance in the financial year, with another record-breaking quarter in the three months to 31 March 2024. Revenue for the quarter was £7.9 billion, up 11% versus Q4 FY23 and up 6% versus Q3 FY24. Revenues for the 12 months to 31 March 2024 were £29.0 billion – JLR’s highest ever full year revenue and up 27% compared to the prior year.
Profit before tax and exceptional items (“PBT”) in the quarter was £661 million, up from £368 million a year ago. EBIT margin was 9.2%, up 2.7 percentage points compared to the prior year. The higher profitability year-on-year reflects increased volumes and reduced material costs, offset partially by increased marketing spend compared to a year ago. Profit after tax (“PAT”) in the quarter was £1.4 billion, compared to a profit of £259 million in the same quarter a year ago. Full year PBT was £2.2 billion, the highest since FY15, and full year PAT was £2.6 billion. PAT for the quarter and the year reflects the recognition of a deferred tax asset (DTA) of £1.0 billion, which has been recognised due to a reassessment of future recoverability of DTA relating to tax losses and allowances.
Free cash flow for the quarter was £892 million and £2.3 billion for the full year, the highest ever full year cash flow. At the end of the quarter, the cash balance was £4.2 billion and net debt £0.7 billion, with gross debt of £4.9 billion. Total liquidity was £5.7 billion, including the £1.5 billion undrawn revolving credit facility maturing 1 April 2026.
The order book was around 133,000 vehicles at the end of the financial year, 76% of which were for Range Rover, Range Rover Sport and Defender models. As expected, the order book has gradually reduced over the course of the year, as client orders have been fulfilled.
Looking ahead, we will continue to focus on brand activation to maintain the order book. We expect EBIT margins in FY25 to be around the FY24 level. We anticipate a modest increase in investment spend to £3.5b but still expect to become net debt zero during FY25. Read More
Baker Hughes Rig Count: : U.S. -2 to 603 Canada -4 to 116
U.S. Rig Count is down 2 from last week to 603 with oil rigs down 3 to 496, gas rigs up 1 to 103 and miscellaneous rigs unchanged at 4.
Canada Rig Count is down 4 from last week to 116, with oil rigs unchanged at 60, and gas rigs down 4 to 56.
International Rig Count is up 7 rigs from last month to 978 with land rigs up 7 to 743, offshore rigs unchanged at 235
The Worldwide Rig Count for April was 1,726, down 67 from the 1,793 counted in March 2024, and down 82,from the 1,808 counted in April 2023.
Region | Period | Rig Count | Change |
U.S.A | 10 May 2024 | 603 | -2 |
Canada | 10 May 2024 | 116 | -4 |
International | April 2024 | 978. | +7 |
![class=](https://oilandgaspress.com/wp-content/uploads/2020/06/Oilgas-Logo-full.jpg)
Oil and Gas News Undiluted !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
Please email us your industry related news for publication info@OilAndGasPress.com
Follow us: @OilAndGasPress on Twitter |
Oil and gas press covers, Energy Monitor, Climate, Renewable, Wind, Biomass, Sustainability, Oil Price, LPG, Solar, Marine, Aviation, Fuel, Hydrogen, Electric ,EV, Gas,
Subscribe to Oil, Gas, Energy News Release Service