Energy / Automotive News Roundup; Rig Count, U.S. -6 to 613 Canada -9 to 118
London, 29 April 2024, (Oilandgaspress): — Hyundai Motor Company today reaffirmed its global design leadership by winning a prestigious 2024 Red Dot Award for the SANTA FE in the Product Design: Cars and Motorcycles category.
By winning one of the world’s top three design awards, Hyundai Motor demonstrates the excellence of its customer-centric, lifestyle-driven design.
“We feel a tremendous sense of honor to receive acknowledgment from the Red Dot Design Awards for these significant vehicles and innovations,” said SangYup Lee, Executive Vice President and Head of Hyundai and Genesis Global Design. “This recognition serves as a testament to the exceptional dedication exhibited by our team of visionary designers, who poured their unwavering passion and commitment into this project, alongside our collaborative engineers at the R&D center. It highlights the remarkable competitiveness of Hyundai’s design identity within the global market.”
With its ‘Open for More’ design concept, the fifth-generation SANTA FE midsize SUV accommodates outdoor pursuits by offering a class-leading, terrace-like living space at the rear made possible by its extended wheelbase and enlarged tailgate opening. This longer wheelbase also facilitates enhanced third-row seating, ensuring a comfortable ride. The all-new SANTA FE features a boxy shape and distinctive silhouette derived from its long wheelbase and wide tailgate area. The front of the vehicle creates a grandeur with its high hood, H-shaped headlamps and bold fenders. The H-shaped design elements reinterpret Hyundai’s ‘H’ emblem. The lengthened wheelbase accommodates a bold roofline, powerful volume around the fenders, sharply defined wheel arches, shortened front overhang and 21-inch wheels. The rear end is balanced and simplified with H-shaped taillights. Read full article
PT Wintermar Offshore Marine Tbk (WINS:JK) reported US$5 million Gross Profit and US$2.2million Net Attributable Profit for 1Q2024, driven by Owned Vessels gross margin expansion. Total Gross Profit increased 66.8%YOY to US$5.0 million for 1Q2024 as compared to US$3 million in 1Q2023, while total revenues were 16.3% YOY higher at US$18.4 million compared to 1Q2023. Higher charter rates resulted in a widening of gross margins from the Owned Vessel Division.
Owned Vessel Division
In 1Q2024, Owned Vessel gross profit experienced an increase to US$3.9 million (+129.4% YOY) as compared to 1Q2023, generated from revenues of US$14 million (+44.6% YOY). This was achieved despite only a modest rise in fleet utilization from 67% in 1Q2023 to 69% in 1Q2024, because of rising charter rates and additional revenue from vessels acquired in 2022 and 2023 coming onstream.
If compared to the previous quarter, revenue from Owned vessels fell by 8% for 1Q2024 compared to 4Q2023, as some vessels came off spot contracts, reflecting the short term nature of the projects in operation at the present moment. However, gross profit was maintained at US$3.9million (-1%QOQ) compared to US$4million in 4Q2023, as the effect of wider margins arising from better charter rates for Spot contracts offset the lower utilization.
Owned Vessel Direct expenses increased by 26.4% YOY to US$10.1 million for 1Q2024, primarily driven by a higher number of operational vessels as compared to 1Q2023. The biggest increases were in maintenance expenses which rose +104.2% YOY to US$2.4 million, and crewing expenses of US$2.5 million (+17.9% YOY). Apart from a higher number of vessels, maintenance costs were higher due to the preparation of several vessels for overseas operations. Crewing costs have risen in line with the increased number crew and vessels operating internationally, necessitating a higher crew cost to meet charter requirements. Additionally, depreciation expenses climbed to US$3.5 million, up 17.2% YOY, reflecting the growth in fleet size. Read More
Africa Oil Corp. announce that the Company repurchased a total of 1,297,177 Africa Oil common shares during the period of April 22, 2024 to April 26, 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 April 22, 2024 to April 26, 2024, the Company repurchased 473,000 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 824,177 Africa Oil common shares on Nasdaq Stockholm, and these repurchases were carried out by Pareto Securities on behalf of the Company. Read More
Horisont Energi’s (EURONEXT: HRGI) Gismarvik CO2 Hub has been included in the EU list of Project for Mutual Interest (PMI) as part of the European Nautilus CCS network.
“This is a validation of the potential of this network to contribute to creating a European CCS market and support EU’s energy and climate targets. The Nautilus CCS network involves close cooperation between several leading CCS companies and will open access to public support programs designed to support an acceleration of the energy transition,” says Bjørgulf Haukelidsæter Eidesen, Co-CEO of Horisont Energi.
The so-called PMIs are cross-border energy infrastructure projects between the EU and non-EU countries, with a purpose to fast-forward the energy transition through more integrated energy systems. These projects will support rapid decarbonization, electrification and increased production of renewable energy. All PMI projects are subject to a mandatory sustainability assessment.
“The PMI status is a recognition of the Gismarvik CO2 Hub and its part in decarbonizing Europe together with leading energy and CCS companies in the Nautilus CCS network. We will continue our work to develop a European CCS market through industrial partnerships and by leveraging the EU frameworks and funding programs to expedite the green transition”, says Haukelidsæter Eidesen.
Horisont Energi is developing the Gismarvik CO2 Hub into a large-scale, cost and energy-efficient fit-for-purpose terminal concept. The terminal offers an efficient logistic solution for multiple carbon storage licenses, and with a capacity of up to 24 million tons per annum it is the largest planned CO2 terminal in Norway and among the largest in Europe. The terminal is strategically situated by the North Sea in a promising carbon storage area southwest of the Norwegian coast in Rogaland.
The Nautilus PMI project is one of 14 CO2 network projects established to create a market for CCS and bring together several infrastructure initiatives including export hubs. The project encompasses the development of pipeline transport and a terminal in Dunkirk in France, CO2 infrastructure including potential repurposing of existing pipelines in Normandy, the creation of a multimodal hub in Duisburg in Germany, and connections via shipping to CO2 storage sites in the North Sea. The Gismarvik CO2 Hub in Norway is planned as a receiver for large CO2 vessels that can carry either low- or medium-pressure CO2 and will include a terminal and injection service to transport CO2 from the terminal to permanent sequestration offshore.
The Governments of Norway, Denmark, Sweden, Belgium, and the Netherlands earlier in April concluded international arrangements on transport and storage of carbon across borders, which was crucial for the commercialization of CO2 transport and storage on the Norwegian continental shelf.
The Gismarvik CO2 Hub terminal is a part of Horisont Infra, as subsidiary of Horisont Energi established to facilitate pure-play partnerships within mid-stream carbon storage infrastructure. Horisont Energi has previously entered into an MOU with Koole terminals to develop CCS opportunities and signed a term sheet with E.ON for CO2 volume deliveries to sequestration. The Gismarvik CO2 Hub will have all necessary infrastructure in place to become an aggregator for international and local CO2 customers, including power and water access and a deep-sea water harbor basin, and is currently undergoing a permitting process. Read More
BW Energy: 2024 Annual General Meeting – Notice
Notice is hereby given that the 2024 Annual General Meeting (AGM) of the Members of BW Energy Limited will be held at 18 Rebecca Road, Southampton, SN04, Bermuda, on 21 May 2024 at 9:30 a.m. (Bermuda time)
Please see the attached documents in relation to the Annual General Meeting:
- Notice of the 2024 AGM
- Form of Proxy
- Chairman’s Letter
- Recommendation from the Nomination Committee Read More
Batteries and Secure Energy Transitions – the first comprehensive analysis of the entire battery ecosystem – finds that in less than 15 years, battery costs have fallen by more than 90%, one of the fastest declines ever seen in clean energy technologies.
The most common type of batteries, those based on lithium-ion, have typically been associated with consumer electronics such as smartphones. But today, the energy sector accounts for over 90% of overall battery demand. In 2023 alone, battery deployment in the power sector increased by more than 130% year-on-year, adding a total of 42 gigawatts to electricity systems around the world.
In the transport sector, batteries have enabled electric car sales to surge from 3 million in 2020 to almost 14 million last year, with further strong growth expected in the coming years. (More details on this below from our recent Global EV Outlook.)
Even so, according to our batteries report, battery deployment will need to scale up significantly between now and the end of the decade to enable the world to get on track for its energy and climate goals, including those set recently at the COP28 summit in Dubai. In this scenario, overall energy storage capacity rises sixfold by 2030 worldwide, with batteries accounting for 90% of the increase. . Read More
More than one in five cars sold worldwide this year is expected to be electric, with surging demand projected over the next decade set to remake the global auto industry and significantly reduce oil consumption for road transport, according to the new edition of the IEA’s annual Global EV Outlook.
The latest Outlook, published today, finds that global electric car sales are set to remain robust in 2024, reaching around 17 million by the end of the year. In the first quarter, sales grew by about 25% compared with the same period in 2023 – similar to the growth rate seen in the same period a year earlier, but from a larger base. The number of electric cars sold globally in the first three months of this year is roughly equivalent to the number sold in all of 2020.
In 2024, electric cars sales in China are projected to leap to about 10 million, accounting for about 45% of all car sales in the country. In the United States, roughly one in nine cars sold are projected to be electric – while in Europe, despite a generally weak outlook for passenger car sales and the phase-out of subsidies in some countries, electric cars are still set to represent about one in four cars sold.
This growth builds on a record-breaking 2023. Last year, global electric car sales soared by 35% to almost 14 million. While demand remained largely concentrated in China, Europe and the United States, growth also picked up in some emerging markets such as Viet Nam and Thailand, where electric cars accounted for 15% and 10%, respectively, of all cars sold. Read More
The International Energy Agency (IEA) has launched a new dedicated web resource to track global progress towards the historic energy goals that were committed to at the COP28 climate summit in Dubai with the aim of limiting global warming to 1.5 °C.
The IEA is bringing together its unparalleled global energy data sets, tracking tools and analytical insights to support decision makers and other stakeholders seeking to achieve these goals – including this new one-stop-shop showing the current state of play and key resources to help drive progress.
The webpage, which will be updated regularly to reflect the latest available data and analysis, was developed in collaboration with United Nations Climate Change – part of a new phase of cooperation between the two international organisations. Read full article
The Kia EV9 has been recognized with the prestigious ‘Best of the Best’ award at the Red Dot Award: Product Design 2024 in the Cars and Motorcycles category. Success at the highest level of the global design competition acknowledges the contribution Kia as a brand, and the EV9 in particular, has made to setting exceptional standards of design innovation.
The Red Dot: ‘Best of the Best’ award, presented only to the most pioneering designs, further validates the success of the Kia design team in creating the EV9, the brand’s first flagship electric SUV.The EV9 represents the essence of Kia’s ‘Opposites United’ design philosophy, presenting a harmonious combination of futuristic design, highly advanced technology, and sustainable values. Harnessing the creative tension generated by the divergent values of nature and modernity to deliver a harmonious whole, ‘Opposites United’ provides Kia’s designers with a framework through which to fuse a unique combination of sleek, sculptural shapes and assured, assertive geometry, delivering a strikingly contemporary yet graceful aesthetic.
The exterior radiates confidence, clarity, and serenity through its upright stance, defined lines, and smooth surfaces. Signature features such as the Digital Tiger Face, Digital Pattern Lighting Grille, and vertical headlamps further accentuate the design and imbue the vehicle with a visionary and futuristic appeal. . Read full article
Russia launched 21 missiles allegedly targeting Ukrainian energy infrastructure, according to Ukraine’s air force.
Ukraine’s air force said Russia launched 34 missiles against Ukraine overnight and 21 were shot down by Ukrainian air defences.
Russia said its air defence systems had intercepted more than 60 Ukrainian drones over the southern Krasnodar region.Private energy operator DTEK said four of its thermal power plants were damaged and there were “casualties”. Two civilians were wounded, according to reports by Kyiv Post.
Earlier this month, Russia destroyed one of Ukraine’s largest power plants and damaged others in a massive missile and drone attack as it renewed its push to target Ukraine’s energy facilities. Read full article
Hertz Global Holdings, Inc. (NASDAQ: HTZ) (“Hertz”, “Hertz Global” or the “Company”) today reported results for its first quarter 2024.
OVERVIEW
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 RESULTS
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
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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