Energy / Automotive News; Crude oil prices lower as EIA reports inventory increase
London ,02 May 2024, (Oilandgaspress): –U.S. exports of liquefied natural gas (LNG) fell for a fourth consecutive month to 6.19 million metric tons in April from 7.61 million in March on production outages, preliminary data from LSEG showed.. Read More
Saudi Arabia is likely to raise the price of its flagship Arab Light crude loading for Asia in June to the highest premium over benchmarks as the Middle Eastern quotes have strengthened this month, a Reuters survey of seven refining sources showed on Monday.
Saudi Aramco, the world’s top crude oil exporter, could raise later this week the price of Arab Light for Asia in June by $0.70-$0.90 to nearly a $3.00 a barrel premium over the Oman/Dubai average, the benchmark off which Middle Eastern crude going to Asia is priced, according to the survey.
This would be the third consecutive month of rising official selling prices (OSPs) from the Saudis and the highest premium of Arab Light to Oman/Dubai since January this year. Read More
Volkswagen launches the next phase of its transformation in China. At its China Capital Markets Day in Beijing, Volkswagen Group presented its strategy update for the Chinese market. The focus is on its target to strengthen tech capabilities and reduce costs in the strongly growing market. The Group plans to achieve cost parity with local competition in the compact car segment by 2026 and gain further momentum through a re-aligned strategy and an efficiency program that was launched already. In addition, the company underlined its commitment to its “in China, for China” strategy: It presented measures to cater even better to the needs of Chinese customers, accelerate model developments and time-to-market as well as significantly reduce costs. In addition, the aim is to better harness the innovative power of the market and increase local value creation through more in-house development capabilities and strong local partnerships. As a result, the Group aims to strengthen its position as the #1 international OEM in the Chinese market and has set ambitious targets until 2030: Approximately 4 million vehicles sold and growth in proportionate operating result to around EUR 3.0 billion, including the fully consolidated Anhui joint venture. 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. 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. Read More
Orders are now open in Italy for the entire New Lancia Ypsilon range. Available in three new trim levels, all with both hybrid and electric engines and simultaneously, series production of the car begins. The three available trims are: the New Lancia Ypsilon, elegant and dedicated to younger customers; New Lancia Ypsilon LX, the richest and most complete version; in addition to the NEW LANCIA YPSILON EDIZIONE CASSINA, for those who want to feel at home in their car.
Two powertrains are available, hybrid and 100% electric, for a complete, versatile, and efficient segment-leading offer.
From early June, the first cars from the new range will be arriving at the new “Casa Lancia” dealerships in Italy, which are ready to welcome in customers who want to admire and drive the New Lancia Ypsilon. The entire New Lancia Ypsilon range is now available in Italy at list prices starting from €24,900* and with a financial offer in collaboration with Stellantis Financial Services Italia from €150 per month, including a 3-year/30,000-km warranty and an Easy Wallbox home charging solution for models powered by electric motors. New Lancia Ypsilon is supported by Free2move Charge, a simple, complete, and integrated ecosystem that offers the “CHARGING AT HOME, STRESS-FREE” service and over 600,000 public charging points in Europe. Read More
The all-new 2025 Ram 1500 RHO makes its debut today and once again cements Ram Truck as North America’s off-road truck leader. As the latest example in a long line of performance truck leadership, the Ram 1500 RHO offers the best value with more horsepower per dollar ($129.60) than any other off-road offering.
“The 2025 Ram 1500 RHO is the latest result of a relentless pursuit to engineer, design and deliver a truck that charges into the segment head down and horn up,” said Tim Kuniskis, Ram brand CEO – Stellantis. “All that we’ve learned from developing every truck in Ram’s legendary lineup has led us to the most capable light-duty pick-up truck, offering the best value with more horsepower per dollar than any other off-road truck.”
The 2025 Ram 1500 RHO is powered by the all-new 3.0-liter Hurricane High Output (H/O) Straight-Six Turbo (SST) engine from the Stellantis Hurricane Twin-turbo family. The 3.0-liter Hurricane High Output engine is rated at 540 horsepower and 521 lb.-ft. of torque, delivering enhanced fuel economy and fewer emissions while generating more horsepower and torque than other naturally aspirated V-8 and boosted six-cylinder engines in the light-duty segment.
Capability includes a maximum towing capacity of 8,380 pounds, a maximum payload of 1,520 pounds and up to 32 inches of water fording.
As part of Ram’s Core/Electric/Sport approach, Ram 1500 RHO expands the Sport light-duty lineup that already consists of Warlock and Rebel. Read More
US Dept. of Transportation officials celebrated the groundbreaking of America’s first high-speed rail line between LA and Las Vegas. The Brightline West will travel at 320 kilometers per hour or around 200 mph, which for American readers is standard for high-speed rail around the world.
Expected to be finished in four years, Brightline is envisioned as being a crucial piece of tourist infrastructure for the upcoming 2028 Summer Olympics. Read More
Odfjell SE will release its first quarter 2024 results on Tuesday, 7 May, 2024 at 20:00 CET.
The results will be published on Oslo Stock Exchange at newsweb.no and at Odfjell.com. The following day, the company will present the results in a live webcast at 09:00 CET, followed by a Q&A. . Read More
Vestas – Interim Financial Report, First Quarter 2024
Summary: Quarterly revenue of EUR 2.7bn with an EBIT margin before special items of (2.5) percent. Order intake of 2.3 GW and record-high combined order backlog of EUR 61.0bn. Full-year guidance maintained.
In the first quarter of 2024, Vestas generated revenue of EUR 2,681m – a decrease of 5.2 percent compared to the year-earlier period. EBIT before special items amounted to EUR (68)m, resulting in an EBIT margin before special items of (2.5) percent. The underlying EBIT margin increased with 1.5 percentage points compared to the first quarter of 2023, when disregarding the effects of the sale of the converters and controls business in the comparison quarter.
Adjusted free cash flow amounted to EUR (997)m compared to EUR (1,280)m in the first quarter of 2023.
The quarterly intake of firm and unconditional wind turbine orders amounted to 2,300 MW, a 30 percent decrease from first quarter 2023. The value of the wind turbine order backlog was EUR 26.6bn as at 31 March 2024.
In addition to the wind turbine order backlog, at the end of the quarter, Vestas had service agreements with expected contractual future revenue of EUR 34.4bn. Thus, the value of the combined backlog of wind turbine orders and service agreements stood at EUR 61.0bn – an increase of EUR 10.3bn compared to the year-earlier period.
The full-year guidance is maintained: Revenue is expected to range between EUR 16bn and 18bn, including Service revenue. Vestas expects to achieve an EBIT margin before special items of 4-6 percent, and total investments1) are expected to amount to approx. EUR 1.2bn in 2024.
Group President & CEO Henrik Andersen said: “Vestas’ underlying performance continued to improve in the first quarter of 2024, and our financial results were in line with expectations. Our revenue was EUR 2.7bn with an EBIT margin of minus 2.5 percent, which represents a 30 percent increase in gross profit driven by higher project profitability and service growth, but lower project deliveries. Following a very strong finish to 2023, we secured 2.3 GW of orders, while maintaining a strong commercial discipline. As we ramp up to deliver on our growing backlog and deliver across both onshore and offshore, we continue to lead the industry and focus on achieving our financial goals. We maintain our guidance for 2024 and want to thank our customers, partners, and shareholders for their ongoing support, and our more than 30,000 colleagues for the dedication to both Vestas and the energy transition.“
Key highlights
Revenue of EUR 2.7bn
Decline of 5 percent YoY driven by lower activity in Power Solutions, offset by 12 percent growth in Service.
EBIT margin of minus 2.5 percent
Disregarding the sale of technology, EBIT improved YoY due to higher project profitability.
Order intake of 2.3 GW
Order intake declined by 30 percent YoY due to strong finish to 2023.
Solid capital structure
Improved earnings are the main driver for a leverage of 1.1x net debt / EBITDA, compared to 5.8x a year ago.
Vestas continues to lead the industry
Through commercial discipline, Vestas maintains the leading position in the global market.
1) Net investments in intangible assets and property, plant and equipment Read More
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 July 15, 2024, to stockholders of record as of the close of business on June 10, 2024. Read full article
Link Data Services, a leading provider of North American crude oil data solutions, is forming a strategic alliance with FinTech trading technology firm, Sphere. Link will harness Sphere’s AI-powered Liquidity Lake platform to enhance its data capture, processing and distribution capabilities. The collaboration further cements Link’s reputation for reliability and transparency in the North American energy markets, and underlines Link’s commitment to pioneering technology solutions for the physical crude market. This partnership will enable energy traders to better identify and respond to opportunities, enhancing quote management and trade execution processes. Sphere provides patented, real-time AI technology that unites voice trading and electronic data. It transcribes and consolidates trade data from simultaneous voice and chat communications at human-level accuracy, instantly consolidating all data to a single screen. Sphere streamlines order and trade management, providing powerful market insights by giving users superior market views and enabling pioneering workflows and analytics to assist faster and better decision-making. Bill Jewett, Chief Operating Officer of Link Data Services, commented on the initiative: “The strategic adoption of Sphere’s Technology Platform marks a pivotal evolution in our approach to trade data management. Leveraging Sphere’s advanced AI and voice technologies significantly enhances our internal processes and operational efficiency. This initiative underscores our unwavering commitment to fostering innovation and achieving excellence, ensuring we meet the evolving demands of the energy trading sector.” Ami Katschinski, Co-founder and CEO of Sphere, adds, “We are excited to combine Link Data Services’ exceptional data and broking expertise with our cutting-edge technology. Together, we will deliver transformative solutions to foster the continued growth and evolution of the energy markets.” This collaboration marks a new era in Link’s broker operations, characterized by increased efficiency, precision and data processing capabilities. It underscores Link Data Services’ vision and ongoing commitment to leveraging technology and innovation to shape the future success of the North American crude oil industry. Read full article
KBR announced it has been awarded an estimated $34 million recompete cost-plus-fixed-fee single award IDIQ contract by the U.S. Naval Research Laboratory (NRL) for facility operations, maintenance and security in Washington, D.C. over a five-year period.
Under the terms of the new contract, KBR’s scope and services will expand to incorporate staffing the NRL visitor’s center and cybersecurity support at multiple NRL campuses to maintain data integrity. KBR will also provide maintenance and sustainment of two controlled areas in Washington, D.C., including retrofitting space for incoming tenants supporting research. “We are excited to remain a key player in maintaining secure facility operations and cybersecurity services for the NRL in the face of increased threats,” said Byron Bright, President, Government Solutions U.S. “KBR’s expertise within the physical security and cybersecurity realms is showcased by our ability to hold this contract for the past thirty-five years.”
The NRL is a scientific and engineering command dedicated to research that drives innovative advances for the U.S. Navy and the U.S. Marine Corps. KBR’s long-term support epitomizes our ability to meet the customer’s morphing needs over time. Read full article
Neste Corporation’s Board of Directors has appointed Heikki Malinen, M.Sc. (Econ.), MBA (Harvard) as the President and CEO of Neste as of 2 November 2024, at the latest. Malinen joins Neste from Outokumpu Corporation where he has held the position of President and CEO since 2020. Malinen is currently a member of the Board of Directors of Neste, from which position he will step down before assuming the duties of the President and CEO. “Heikki Malinen has a strong track record in developing and executing differentiated strategies, driving efficiency and leading people through a challenging business environment. He has vast experience globally from several industries, including the process industry. The Board of Directors is confident that Heikki is the right person to lead Neste forward and to execute on our growth agenda to create value for all our stakeholders,” says Matti Kähkönen, the Chair of the Board of Directors of Neste. Read More
INEOS Oxide and LyondellBasell (LYB) have completed the sale of LYB’s Ethylene Oxide & Derivatives (EO&D) business and associated production facilities located in Bayport, Texas to INEOS. Tobias Hannemann, CEO of INEOS Oxide said, “We are pleased to complete this strategic acquisition in the U.S. INEOS Oxide is a leading producer in Europe and this significant step expands our Ethylene Oxide & Derivatives business into the U.S, which is the world’s largest market. It also complements our existing Ethanolamines production facility in Plaquemine, Louisiana.” “There is available land on the Bayport site for INEOS’ growth aspiration. It is an ideal location to develop our third-party business supporting customers to co-locate and integrate into an existing Ethylene Oxide & Derivatives platform. We look forward to incorporating the business, site and team of very professional and highly motivated people within the global INEOS group.”
The Bayport EO&D business produces high-purity ethylene oxide and associated derivatives. Access to cost-advantaged feedstocks and logistics networks contributes to its excellent performance and market reputation. Peter Vanacker, CEO of LyondellBasell said, “This divestiture of the EO&D business demonstrates progress against our company strategy and allows us to focus on further strengthening our core businesses. We are confident that the EO&D team will continue to thrive under new ownership and remain committed to collaborating closely with INEOS for a seamless transition.” The closing of the transaction follows the completion of planned maintenance at the Bayport facility and satisfaction of regulatory and other customary closing conditions. Read More
The European Investment Bank (EIB) will provide a EUR 150 million ($160.7 million) loan to Helen Ltd. for two new renewable energy projects to transform Helsinki’s district heating system. The energy company owned by the City of Helsinki needs EUR 209 million ($224 million) for the projects. EIB said in a media release that the loan covers 72 percent of the projects’ bill. The investment is part of the EIB’s package of support for REPowerEU, the plan to reduce the European Union’s dependence on imports of fossil fuels.
According to the EIB, the financing will be used to build a new heat pump plant and replace coal fuel with biomass pellets in one of Helen’s heating plants in Helsinki. Besides heating, Helen serves more than half a million customers with electricity and cooling, the EIB noted.
Helen’s goal is to become 100 percent carbon neutral by 2030. The company is making significant investments in a sustainable and modern energy system and building capacity to replace more than 2,000 megawatts of installed fossil energy production capacity by 2025, EIB said. Read More
Neste and the Exponential Roadmap Initiative (ERI) have started collaboration aiming to align with the criteria of the UN Climate Change High-Level Champion’s Race to Zero. The aim of the collaboration is to reach net zero greenhouse gas emissions by accelerating climate action in the business and its global value chains.
The UN Climate Change High-Level Champion’s Race to Zero is the world’s largest coalition of non-state actors to take action on emissions reductions, and ERI is an accredited Race to Zero partner. ERI will support Neste with advice on identifying and closing key gaps in meeting the criteria for becoming a member of ERI and the Race to Zero.
ERI works to radically shift out the fossil economy and exponentially scale climate solutions to halve emissions before 2030. It supports companies in their efforts to reduce own and value chain emissions, to shift portfolios to climate solutions and actively influence regulation. Neste’s goal is to align its climate performance against the Race to Zero starting line 3.0 criteria.
Exponential Roadmap Initiative drives exponential transformation to halve emissions by 2030 by uniting innovative, transformative and disruptive companies. ERI supports leading companies in radically reducing value chain emissions, scaling climate solutions and contributing to the acceleration of climate action in society.
“Through our climate commitments aiming at reducing the GHG emissions from our production, sold products and throughout the value chain, we want to show leadership and determination and play our part in limiting global warming to 1.5°C, meeting the objectives of the Paris Agreement. Collaboration with the Exponential Roadmap Initiative supports our ambition to develop our climate targets further, and to reduce the dependency on fossil resources. ERI drives climate transformation at a global scale understanding the need to work together to drive climate action throughout global supply chains. We are looking forward to jointly develop, share and scale best practices with other ERI partners”, says Päivi Makkonen, Vice President, Sustainability at Neste. Read More
Webcast details for Orrön Energy’s Q1 presentation
Orrön Energy AB will publish its financial report for the first quarter 2024 on Tuesday, 14 May 2024 at 07:30 CEST, followed by a webcast at 14.00 CEST.
Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and describing the latest developments in Orrön Energy at a webcast on 14 May 2024 at 14:00 CEST, followed by a question-and-answer session. Read More
Lamborghini celebrated the debut of its redesigned showroom in Long Island on April 30 with a VIP event following the brand’s best year in terms of sales and deliveries in 2023. The grand opening event featured the market premiere of the Urus SE– the first plug-in hybrid SUV and most powerful version of the best-selling car ever for the company. Lamborghini clientele were joined by local VIPs and business leaders, as well as key brand executives, including Automobili Lamborghini Chairman and Chief Executive Officer, Stephan Winkelmann; Chief Marketing and Sales Officer, Federico Foschini; and Lamborghini America Chief Executive Officer, Andrea Baldi. Located at 115 S Service Rd, Jericho, NY 11753, Lamborghini Long Island features the best of Italian automotive design and engineering, with the latest super sports cars and Super SUVs on the market. The 5,575 square-foot storefront provides an immersive brand experience, complete with Collezione and Accessori Originali fashion offerings and an Ad Personam customization room, where clients can personalize their dream cars with a nearly infinite array of bespoke colors and materials.
The opening of the Long Island showroom comes at a time of immense growth for Lamborghini, as the company delivered 10,112 cars globally in 2023, a 10% increase over 2022, with the Americas region accounting for 3,465 units, a 9% increase over the previous year. These exceptional results provide a strong foundation as Lamborghini continues the second phase of the Direzione Cor Tauri investment program – the roadmap through electrification, which began with the global launch of the brand’s first HPEV, the Revuelto, in March 2023, followed by the premiere of the first plug-in hybrid Super SUV, the Urus SE, on April 24, 2024. Read More
Hertz may have been bullish on EVs after the initial turmoil of the early pandemic set off a fleet selling spree, making plans to buy some 100,000 Teslas in renewing its fleet in 2021 in addition to EVs from other brands.
But despite what Elon Musk said at one point, EVs have not turned out to be an appreciating asset.
Now the rental giant is rapidly heading for the exits after a series of painful losses.
Hertz intends to get rid of 30,000 EVs, or 10,000 more than initially planned, as part of its EV downsizing, citing substantial vehicle depreciation that increased $588 million in the first quarter of 2024 compared to a year prior., according to Autoweek. Read more
Hertz Global Holdings, Inc. reported results for its first quarter 2024. Revenue of $2.1 billion
GAAP net loss of $186 million, a negative 9% margin, or $0.61 loss per diluted share
Adjusted net loss of $392 million, or $1.28 loss per diluted share
Adjusted Corporate EBITDA of negative $567 million, a negative 27% margin, driven by a $588 million increase in vehicle depreciation, of which $195 million related to EVs held for sale
GAAP operating cash flow of $370 million; Adjusted operating cash outflow of $697 million and adjusted free cash outflow of $729 million
Corporate liquidity of $1.3 billion at March 31, 2024
First quarter revenue was $2.1 billion, up 2% from the first quarter of 2023 and reflected continued strength in rental demand. Increased demand in leisure and rideshare customer channels drove a 9% increase in transaction days. First quarter RPD of $56.68 reflected a decline of 7% year over year, which moderated to 3% in March.
In the first quarter, the Company upsized its EV disposition plan by 10,000 vehicles, for a total of 30,000 EVs intended for sale in 2024. The Company incurred a $195 million charge to vehicle depreciation to write down the EVs held for sale which were remaining in inventory at quarter-end to fair value and recognize the disposition losses on EVs sold in the period.
Vehicle depreciation in the first quarter of 2024 increased $588 million, or $339 on a per unit basis, primarily driven by deterioration in estimated forward residual values and disposition losses on ICE vehicles compared to gains in the prior year quarter. Additionally, of the $339 per unit increase, $119 was related to EVs held for sale.
Direct operating expense on a per transaction day basis in the first quarter of 2024 increased by 3% year over year reflecting inflationary pressure as well as elevated collision and damage expense. Excluding collision and damage, DOE per day was flat.
Adjusted Corporate EBITDA was negative $567 million in the quarter driven mainly by a $588 million increase in vehicle depreciation compared to the first quarter of 2023, of which $195 million related to EVs held for sale. The Company commenced a broad fleet refresh during the quarter and has revenue and cost initiatives in place to enhance the Company’s future profitability… Read More
Subsea7 today announced the signing of a new long-term strategic collaboration agreement between Equinor and Subsea Integration Alliance (which comprises Subsea7 and OneSubsea). The agreement, which was signed today in Stavanger, Norway, represents an innovative, integrated way of working. It enables early information sharing and other collaborative benefits critical to unlocking subsea projects by making them economically viable. Building on their experience as members of Subsea Integration Alliance, this agreement also further cements Subsea7 and OneSubsea’s positions as trusted contractors to Equinor.
The agreement paves the way for exclusive collaboration to begin immediately on early, joint concept studies for two projects: the Wisting field offshore Norway, and Bay du Nord, off Newfoundland and Labrador, Canada.
Under the agreement, any resulting EPCI scopes would be directly awarded to the Alliance if a final investment decision is made. Bringing together the expertise, experience and capabilities of Equinor, Subsea7 and OneSubsea has enabled further exploratory work at both projects to recommence and through the collaboration agreement, further such opportunities are expected to be unlocked in the short to medium term. Read More
Shell reported first-quarter profit of $7.7 billion on Thursday, exceeding expectations as disruption to Red Sea shipping and Russian refining boosted oil trading and liquefied natural gas production rose. The company said it will buy back a further $3.5 billion of its shares over the next three months, at a similar rate to the previous quarter. Its dividend remained unchanged. Shell’s cashflow rose by 6% from the previous quarter to $13.3 billion reflecting strong operational performance, particularly in its liquefied natural gas division, which together with trading helped to offset a decline in natural gas prices that weighed on earnings of rivals including Exxon Mobil and Chevron last week.. (Reuters) Read More
| Oil and Gas Blends | Units | Oil Price US$/bbl | Change |
| Crude Oil (WTI) | USD/bbl | $79.05 | Down |
| Crude Oil (Brent) | USD/bbl | $83.62 | Down |
| Bonny Light | USD/bbl | $85.43 | Down |
| Saharan Blend | USD/bbl | $84.98 | Down |
| Natural Gas | USD/MMBtu | $1.97 | Down |
| Murban Crude | USD/bbl | $84.13 | Down |
| OPEC basket 01/05/24 | USD/bbl | $87.17 | Down |
Baker Hughes Rig Count: : U.S. -6 to 613 Canada -9 to 118
U.S. Rig Count is down 6 from last week to 613 with oil rigs down 5 to 506, gas rigs down 1 to 105 and miscellaneous rigs unchanged at 2
Canada Rig Count is down 9 from last week to 118, with oil rigs down 4 to 56, and gas rigs down 5 to 62.
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 | 26 April 2024 | 613 | -6 |
| Canada | 26 April 2024 | 118 | -9 |
| 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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