Energy News to 01/02/23 | Oil majors reporting very strong earnings
ExxonMobil (NYSE: XOM) reported $55.7 billion in earnings for 2022. Exxon Mobil Corporation today announced fourth-quarter 2022 earnings of $12.8 billion, or $3.09 per share assuming dilution, resulting in full-year earnings of $55.7 billion, or $13.26 per share assuming dilution. Fourth-quarter results included unfavorable identified items of $1.3 billion associated with additional European taxes on the energy sector and asset impairments, partly offset by one-time adjustments related to the Sakhalin-1 expropriation. Capital and exploration expenditures were $7.5 billion in the fourth quarter, bringing full-year 2022 investments to $22.7 billion, consistent with our guidance. Read More
ExxonMobil reaped a record $55.7bn (£45.2bn) in profit last year as oil prices surged following Russia’s invasion of Ukraine.
The total was more than double 2021’s figure, and is likely to renew pressure on the industry after some countries, including the UK, imposed special taxes on the profits last year. Exxon has criticised such measures as counter-productive. Last month, it sued the European Union over the new windfall tax.
Exxon has also has spoken out against similar proposals in the US, where President Joe Biden has sought to focus blame for last year’s high motor fuel costs on companies failing to spend their profits to boost supply.
A White House statement on Tuesday called it “outrageous that Exxon has posted a new record for Western oil company profits after the American people were forced to pay such high prices at the pump amidst [Russian President Vladimir] Putin’s invasion. Read More
Matterport, Inc. announced that John Deere has agreed to use Matterport’s Digital Twin Platform and 3D capture technology to build a virtual Operations Center for remote management of over 60 facilities across North America, South America, Europe and Asia. Matterport’s platform creates simulated digital replicas of John Deere manufacturing facilities, where teams can remotely track progress, plan for site changes, and collaborate remotely.
Utilizing Matterport’s Pro2 and Pro3 cameras, John Deere will capture spatially accurate, 4K resolution digital twins to optimize facility operations. With Matterport’s digital twin platform, John Deere employees can remotely access any facility’s digital twin to track assets and materials, monitor vehicles, and integrate real-time IoT data streams. Collaboration takes place in real-time within the digital twin to improve productivity while reducing the need for costly site visits.
“We’re proud to support John Deere on their journey to reinvent manufacturing operations,” said Jay Remley, Matterport’s Chief Revenue Officer. “For global businesses with facilities spread across several regions and time zones, the ability to remotely optimize each space based on its own unique parameters is a critical unlock for operations management. Our digital twin platform enables companies to reap real productivity gains and cost savings by digitizing their operations for more efficient maintenance, remote monitoring and improved decision making.” Read More
GE Hitachi Nuclear Energy (GEH), Ontario Power Generation (OPG), SNC-Lavalin and Aecon have signed a contract for the deployment of a BWRX-300 small modular reactor (SMR) at OPG’s Darlington New Nuclear Project site. This is the first commercial contract for a grid-scale SMR in North America. Read More
ARC Aerosystems is moving from unmanned to manned.
The UK startup, which has designed two UAVs for cargo transportation to date, has just unveiled its first passenger plane. The new ARC Linx P9, which debuted at the Airfinance Journal event in Dublin last week, has been billed as the “world’s most advanced nine-seater aircraft with vertical take-off and landing (VTOL) capability.”
Designed as a cost-effective, low-carbon solution to intercity travel, the newcomer offers the flexibility of a helicopter with the performance of a fixed-wing utility aircraft. The cabin roughly doubles the payload of typical eVTOL air taxis, meaning it can take more passengers and cargo. In fact, it’s similar to an AW109 helicopter in terms of size.
The Linx has a far less complex drivetrain than a chopper, though, that will reportedly reduce the overall maintenance costs. The craft is equipped with a single rotor and twin turboprop engines that can run on Sustainable Aviation Fuel (SAF) or even hydrogen in the future.The vessel is said to be 40 percent more cost-effective than traditional helicopters (based on the DARPA model) and have a 30 percent increased range compared to similar size helicopters (based on the Roskam method). Read More
UK-based aviation startup, ARC Aerosystems, has unveiled its anticipated new passenger aircraft at the Air finance Journal event in Dublin.
The ARC LINX P9 is the latest in a successful line-up of eVTOL aircraft from ARC’s team. It’s designed to carry 9 passengers as a cost-effective, low-carbon solution to intercity travel.
Using Vertical Take-Off and Landing technology, the LINX P9 has the flexibility of a helicopter, with the performance of a fixed-wing utility aircraft, designed to address the challenging needs of regional air mobility.
The LINX P9 is a full-composite structure aircraft, with two variants of Hybrid Electric and twin turbo-prop power train both running on SAF/ Hydrogen in future, a high wing configuration, and is unpressurized and equipped with a retractable tricycle landing gear. It’s able to perform a jump take-off and no-roll landing without the need of a runway, making it a highly versatile passenger and cargo craft, fit for a wide range of use cases. Read More
Atlantica Sustainable Infrastructure plc (NASDAQ: AY) has been recognized for the third consecutive year as one of the World’s 100 Most Sustainable Corporations by Corporate Knights. Atlantica ranked #21 in the Global 100 index and #3 in Power Generation. To determine the 2023 Global 100 Index, Corporate Knights assessed publicly available data for more than 6,700 companies with revenues of at least $1 billion across 25 key performance indicators, including resource management, employee management, financial management, sustainable revenue, sustainable investment, and supplier performance.
“If we let the numbers speak for themselves, it’s clear that businesses taking sustainability seriously are ahead of the pack when it comes to reaping financial returns,” said Toby Heaps, Corporate Knights’ CEO and co-founder.
Santiago Seage, Atlantica’s CEO said: “Sustainability is at the core of what we do and how we operate. We are proud to be recognized in the Corporate Knights’ 2023 Global 100 Index for the 3rd year in a row.”
Atlantica Sustainable Infrastructure plc is a sustainable infrastructure company that
owns a diversified portfolio of contracted renewable energy, storage, efficient natural
gas, electric transmission and water assets in North & South America, and certain markets in EMEA Read More
The shareholders of Siemens Gamesa Renewable Energy, S.A. (SGRE) have approved the delisting of the company from Spanish Stock Exchanges at an Extraordinary General Meeting. 98.43% of shareholders voted today in favour of the motion to delist the company. For the company to actually be delisted, it still needs approval from the Spanish National Securities Market Commission (CNMV). The delisting follows a voluntary cash tender offer by Siemens Energy: SGRE’s minority shareholders were offered € 18.05 per share in cash. The acceptance period for the offer ran from 8 November 2022 until 13 December 2022. At the end of the acceptance period, Siemens Energy’s total shareholding in SGRE stood at 92.72%. The SGRE shareholders are still able to sell their shares under a sustained purchase order, which will be in force until the date on which CNMV suspends the trading of the shares of SGRE as preliminary step to the delisting.
The delisting is expected to take place within the next month following approval by the CNMV. Read More
| Oil and Gas Blends | Units | Oil Price $ | change |
| Crude Oil (WTI) | USD/bbl | $79.37 | Up |
| Crude Oil (Brent) | USD/bbl | $85.84 | Up |
| Bonny Light | USD/bbl | $85.44 | Down |
| Saharan Blend | USD/bbl | $85.60 | Down |
| Natural Gas | USD/MMBtu | $2.71 | Down |
| OPEC basket 30/01/23 | USD/bbl | $81.95 | Down |
| Region | Period | Rig Count | Change from Prior |
| U.S.A | 27 January 2023 | 771 | — |
| Canada | 27 January 2023 | 247 | +6 |
| International | December 2022 | 900 | -10 |
Spurred by falling battery prices the widely held concensus view of the industry has been that battery electric vehicles (BEVs) would reach cost parity with their internal combustion engine (ICE) powered counterparts by about 2025. However the recent increases in energy and material costs have seen many pundits revise their forecasts, with the industry doubling up on efforts to make BEVs more affordable. Read More
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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