Global energy ,automotive news, commentary and analysis
London, February 06, 2025 (Oilandgaspress) –- Oil firms are slowly pivoting back to fossil fuels as the industry retreats from renewables. Equinor has cut its green targets to boost shareholder value. TotalEnergies will invest less in low-carbon projects and Shell has reopened the Penguins oil and gas field in the North Sea. BP has said it would invest up to £20billion to redevelop four Iraqi oil and gas field.
Equinor has cut its renewable capacity target from between 12 and 16 gigawatts by 2030 to between 10 and 12 gigawatts. It has scrapped plans to spend 50% of capital expenditure on renewables and low carbon energy by the end of the decade.
The G7 group, which includes Canada, France, Germany, Italy, Japan, the UK and the US, pledged in 2016 to remove all subsidies for fossil fuels by 2025. But the report shows that, rather than reducing subsidies, all but one of the G7 countries has actually paid more to fossil fuel producers in 2023 than they did when the commitment was made.
In total, subsidies have increased by 15 per cent since 2016 to a total of $1.36 trillion (€1.32 trillion) in 2023.
“The G7 countries, some of the richest and most powerful nations on Earth, gave themselves almost a decade to take steps towards the ‘elimination’ of fossil fuel subsidies by 2025,” explains Virag Kaufer, Greenpeace climate and energy lead. Read More
British Prime Minister Keir Starmer indicated he would not stand in the way of the Rosebank oil and gas field, after a court blocked it, sending the decision to the government which had pledged not to issue any new licences. Starmer’s government had said it would not issue new licences to explore new fields over fears about climate change, but it had said it would not revoke existing licences.
The future of two projects, Shell’s Jackdaw and Equinor’s Rosebank, had been in doubt after a court overturned their approvals in the face of challenges by climate campaigners. (Reuters) Read More
Nissan Motor Co. is pulling out of its deal with Honda Motor Co. to combine both brands and regain global competitiveness, the Nikkei newspaper reported Wednesday. The pair had been negotiating the terms of a tie-up under which Honda would offer Nissan a lifeline by absorbing its struggling rival, and bring the two brands under a single holding company in 2026. The two competitors failed to reach a consensus after seven short but tumultuous weeks of talks, according to the newspaper, which cited people it didn’t identify, bringing to a swift end what could have been a historic partnership for Japan’s auto industry.
The Tokyo Stock Exchange suspended trading of Nissan’s shares in response to the report. Honda’s shares rose as much as 12 per cent, while Nissan fell as much as 6.4 per cent. Read More
Honda Motor Notice Regarding Reports in the Media
There was some media coverage from yesterday regarding the integration of management between Nissan Motor Co., Ltd. (Nissan) and Honda Motor Co., Ltd. (the Company), which we have been discussing and considering, but this matter was not announced by the Company. Based on the memorandum of understanding signed on December 23 last year, Nissan and the Company are in the stage of advancing various discussions, including the contents of the report, and we plan to establish a direction and make an announcement around mid-February. Read More
TotalEnergies Board of Directors met on February 4, 2025, and decided to propose at the Shareholders’ Meeting on May 23, 2025, the distribution of a dividend of 3.22 €/share for fiscal year 2024, a 7% increase compared to the dividend for fiscal year 2023 of 3.01 €/share. This increase is comparable to the 7.1% increase for fiscal year 2023 versus 2022.
Consequently, taking into account the three interim dividends of 0.79 €/share previously decided by the Board of Directors, the final dividend for fiscal year 2024 will be 0.85 €/share, an increase of 7.6% compared to the final dividend of 2023 and the 3 interim dividends of 2024.
The Board of Directors highlights the growth of the dividend paid during years 2023, 2024 and 2025, which have increased or will increase by 7.1%, 7.0% and 7.2% respectively, the Board is considering a first interim dividend for 2025 (paid in the 4th quarter of 2025) at the level of the final dividend for fiscal year 2024. Read More
:For the year 2024, Vestas achieved revenue of EUR 17,295m (outlook: EUR 16.5-17.5bn), with an EBIT margin before special items of 4.3 %(outlook: 4-5 percent), and total investments of EUR 1,142m (outlook: approx. EUR 1.0bn). The value of the combined order backlog across Power Solutions and Service increased to EUR 68.4bn.
Our financial outlook for 2025 is as follows: Revenue is expected to range between EUR 18-20bn, with an EBIT margin before special items of 4-7 percent. Total investments are expected to amount to approx. EUR 1.2bn in 2025.
The Service segment is expected to generate EBIT before special items in 2025 around EUR 700m.
As a result of the performance in 2024, the Board of Directors of Vestas Wind Systems A/S proposes to the Annual General Meeting that a dividend of DKK 0.55 per share be distributed to the shareholders, equivalent to 15 percent of the net profit for the year. In addition, a share buyback of EUR 100m will be initiated.
Key highlights
Revenue of EUR 17.3bn and an EBIT margin of 4.3 percent
Vestas achieved its Outlook for the year and continued the positive trajectory in 2024.
Service EBIT of EUR 448m
Rising costs caused a challenging year for Service, but the scrutiny is complete and a recovery plan is in place.
Order intake of 17 GW and EUR 19bn in value
A record year of order intake in terms of value, with a high average selling price (ASP) and strong momentum in both Onshore and Offshore.
Continuous ramp-up in the USA and Europe
Manufacturing ramp-up challenges are driving additional costs as we prepare to deliver on a record order backlog.
Returning value to our shareholders
A dividend of DKK 0.55 per share is proposed, and a share buyback of EUR 100m will be initiated.
Outlook for 2025
Revenue expected between EUR 18-20bn, EBIT margin b.s.i. expected between 4-7 percent. Read More
Saab has received an order from a NATO country for its air command and control system 9AIR C4I. The contract value is approximately 250 MSEK. Deliveries will start in 2025. The order was booked in Q4 2024.
Saab’s 9AIR allows the user to control the air and space domain. Its offer includes the 9AIR C4I system, which provides flexibility and scalability for managing weapons, sensors, and communications in air and space operations. Saab’s 9AIR portfolio also features the 9AIR Trainer, enabling effective operator training on advanced C4I systems, and the 9CCIS, designed for efficient planning, resource management, assessment, and evaluation.
“This order highlights the competitiveness of our 9AIR product portfolio and will further contribute to NATO’s capabilities. Our advanced Air Command and Control System delivers support planning, tasking and control across the entire breadth of possible missions and scenarios,” says Carl-Johan Bergholm, head of Saab’s business area Surveillance Read More
Capricorn notes Waldorf UK PLC (“Waldorf”)’s announcement today that it intends to use a restructuring plan under the Companies Act.
Under Waldorf’s plan, certain amendments will be made to the terms of its bonds; and the compromise of certain liabilities owed to Capricorn in exchange for consideration consisting of: (a) a cash payment of 5% of the outstanding liability; and (b) certain “upside-sharing payments” after Waldorf’s secured creditors have been paid. Capricorn has engaged Norwegian and English counsel and is considering all options available to it. Read More
BP Europa SE today announced its intention to market its Ruhr Oel GmbH – BP Gelsenkirchen operation in Germany for potential sale. Its assets include the bp refinery in Gelsenkirchen and DHC Solvent Chemie GmbH in Mülheim an der Ruhr.
The marketing process for a suitable buyer will begin immediately with sales agreements targeted for 2025. Assuming this is successful, timing for the completion of the sale and transfer of the company to a new owner will be subject to regulatory and governmental approvals. During the sales process, the refinery will continue to operate as usual. Read More
CME Group Inc today declared a first-quarter dividend of $1.25 per share, a 9% increase from the prior level of $1.15 per share. The dividend is payable March 26, 2025 to shareholders of record as of March 7, 2025. As the world’s leading derivatives marketplace, CME Group (www.cmegroup.com) enables clients to trade futures, options, cash and OTC markets, optimize portfolios, and analyze data – empowering market participants worldwide to efficiently manage risk and capture opportunities. . Read More
U.S. Energy Development Corporation (“USEDC”), an exploration and production company focused on the development of energy projects for itself and its partners, today announced plans to deploy up to $1 billion during 2025, primarily in the Permian Basin.
The company’s announcement follows a record-breaking year during which USEDC deployed nearly $800 million into operated and non-operated projects. In 2024, USEDC evaluated over 220 opportunities and completed 29 transactions both increases from 2023 totals. The company also improved cost efficiency, seeing reductions in cost per lateral foot while maintaining strong productivity. In 2023, USEDC closed 19 transactions and deployed nearly $600 million, most in the Permian Basin, with other projects in the Barnett, Haynesville, and Powder River basins.
“Our long-term acquisition and production strategies continue to generate solid performance across a portfolio of more than 2,000 wells. Despite global price volatility and market uncertainty, the energy market remained relatively stable, and our reputation for completing deals resulted in a record flow of successful transactions and capital deployment in 2024,” stated Jordan Jayson, Chairman and CEO of U.S. Energy.
2025: Capturing Opportunities with a Long-Term Outlook
Building on the momentum of 2024, USEDC is entering 2025 with a similar growth mindset, aiming to invest up to $1 billion in U.S.-operated and non-operated oil and gas projects, primarily in the Permian Basin. “We have built a strong track record of sourcing and transacting on high-quality opportunities, and our ability to deploy capital efficiently continues to drive strong results,” said Jayson. “Our approach remains the same – we will continue to evaluate opportunities that align with our disciplined investment strategy and deliver value to our partners. With a strong foundation and a targeted approach, we are well-positioned to build on our momentum entering 2025.”
2024: Strategic Growth and Operational Efficiency
In 2024, USEDC solidified its performance through consistent production growth and capital, operational discipline and a highly skilled team of energy and investment experts to evaluate a steady stream of opportunities. USEDC expects the Permian Basin to remain the primary focus of its investment in 2025 due largely to the economics of drilling and operating wells in the basin. The company has experienced consistent results and is confident in its ability to continue to acquire high-potential Permian Basin properties and efficiently manage the costs of operated and non-operated ventures. Read More
Today, in accordance with President Trump’s Executive Order, “Restoring Names That Honor American Greatness,” Environmental Protection Agency (EPA) is taking action to immediately rename its Gulf of Mexico Division to the Gulf of America Division (GAD).
“The Gulf of America is a flourishing economic resource critical to our nation’s economy. This body of water is one of the most abundant oil and gas regions in the world, providing roughly 14% of America’s crude-oil production and a wealth of natural gas. EPA is committed to protecting the 1,630 miles of this watershed, comprised of a vibrant marine ecosystem made from 33 rivers draining from 31 U.S. states. The Gulf of America will help power our Great American Comeback. We are pleased to recognize it and ready to protect it,” said Administrator Lee Zeldin.
The Gulf of America is home to vibrant American fisheries teeming with snapper, shrimp, oysters, grouper, stone crab and other species. It is recognized as one of the most productive fisheries in the world, with the second largest volume of commercial fishing landings by region in the nation – contributing millions of dollars to local American economies. EPA is committed to helping develop voluntary, nonregulatory actions and public-private solutions to improve water and habitat quality through its Gulf of America Division. Read More
Equinor delivered adjusted operating income* of USD 7.90 billion and USD 2.29 billion after tax in the fourth quarter of 2024. Net operating income was USD 8.74 billion and net income was USD 2.00 billion, leading to adjusted earnings per share* of USD 0.63.
The fourth quarter and full year results were characterised by:
Solid financial performance and 21% return on average capital employed* in 2024
Strong operational performance with stable oil and gas production
Continued industrial progress and value driven transactions
Capital distribution
Proposed fourth quarter cash dividend of USD 0.37 per share
Announced share buy-back of up to USD 5 billion for 2025
Expected total capital distribution for 2025 of up to USD 9 billion
Stronger expected free cash flow*, supporting sustained competitive capital distribution
Equinor is well positioned for stronger cash flow and growth:
Strategy to deliver competitive shareholder returns. Consistent value driven execution – expecting above 15% return on average capital employed* towards 2030
Strengthening free cash flow*, expecting USD 23 billion for 2025-2027 by reducing capex and addressing costs
Increasing oil and gas production, expecting more than 10% growth from 2024-2027
Reducing investments to renewables and low carbon solutions to around USD 5 billion in total after project financing for 2025-2027
Lowering expected capacity in renewables to 10-12 gigawatt by 2030 Read More
Equinor will on 6 February 2025 commence the first tranche of up to USD 1.2 billion of the share buy-back programme for 2025, as announced at the Capital Market Update 5 February 2025.
In this first tranche, shares for up to USD 396 million will be purchased in the market, implying a total first tranche of up to USD 1.2 billion including shares to be redeemed from the Norwegian State. The tranche will end no later than 2 April 2025.
Equinor announces a share buy-back programme of up to USD 5 billion for 2025, including shares to be redeemed from the Norwegian State, in order to conclude the two-year programme for 2024 – 2025, announced in February 2024. The share buy-back programme for 2025 will be subject to market outlook and balance sheet strength and be structured into tranches where Equinor will buy back shares for a certain value in USD over a defined period. For the first tranche in 2025, Equinor will be entering into a non-discretionary agreement with a third party who will execute repurchases of shares and make its trading decisions independently of the company.
Commencement of new share buy-back tranches after the first tranche in 2025 will be decided by the board of directors on a quarterly basis in line with the company’s dividend policy, and will be subject to board authorisations for share buy-back from the company’s annual general meeting and agreement with the Norwegian State regarding share buy-back Read More
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $71.22 | Down |
| Crude Oil (Brent) | USD/bbl | $74.79 | Down |
| Bonny Light 03/02/25 CBN | USD/bbl | $79.37 | — |
| Dubai | USD/bbl | $77.16 | Down |
| Natural Gas | USD/MMBtu | $3.33 | Down |
| Murban Crude | USD/bbl | $77.03 | Down |
| OPEC basket 05/02/25 | USD/bbl | $77.17 | Down |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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