Global updates and expert commentary on the energy and automotive sectors – May 06, 2025
Oil prices rose mid day on Tuesday, clawing back ground lost after OPEC’s surprise weekend announcement to boost production quotas by more than expected
London, May 06, 2025 (Oilandgaspress) –- Kuwait’s economy shrank by around $5.5 billion in 2024 after average oil prices declined by $4 a barrel and it cut output in line with Opec+ production quotas.Over the past year, the price of a barrel of Kuwaiti oil declined by about 4.74%, reaching the end of the year at $ 75.79 per barrel, compared to its level at the end of 2023 of $ 79.56 per barrel, and Kuwaiti oil recorded a decline of about 6 times on a monthly basis, the largest of which came in July by about 7.13%, while the price of a barrel of oil rose in another 6 months, and recorded the largest growth at the end of January 2024 by 5.69%.
The price of a barrel of Kuwaiti oil reached the highest level last year, in April, at the price of $ 91.43, while the lowest price reached $ 70.9 last October. The average daily production of crude oil during 2024 decreased by 6.63% annually, equivalent to 172 thousand barrels every day, as the average daily production of crude oil last year recorded 2.42 million barrels, compared to 2.59 million barrels per day in 2023, according to the monthly report issued by the Organization of the Petroleum Exporting Countries (OPEC) Read from source
Generating Renewable Electricity with Water from Nature This study reports on the phenomenon that plug flow of water that falls naturally down a millimeter-sized tube generates electricity with a high efficiency of >10% and power density of ∼100 W/m2. This high power breaks the theoretical limit defined by the Debye length in macroscale channels. Plug flow generates 5 orders of magnitude more electricity than continuous flow (i.e., streaming current) and more than other technologies using falling water. Plug flow triggers a unique interfacial chemistry with large chemical potential of charge separation: the complete spatial separation of aqueous H+ and OH– ions without the electric double layer. Having macroscale channels enables the energy of water from nature (e.g., rain or rivers) to be harvested freely. The simple setup lights up multiple LEDs continuously, modifies surfaces, and performs chemical reactions. Plug flow via harvesting energy from nature is a source of renewable power with many advantages for achieving sustainable societies.
Big Oil Isn’t Backing Down at $60 Oil : Big Oil majors have no plans to scale back their budgets despite oil prices softening and more barrels poised to hit the market. That may sound reckless in a bearish environment, but it’s anything but. With demand picking up in Asia and OPEC+ preparing to unwind production cuts faster than expected, Exxon, Chevron, Shell, and TotalEnergies are digging in—ready to pump more, not less.
ExxonMobil reported a decline in net profits for the first quarter to $7.7 billion, down from $8.2 billion a year ago. Chevron’s earnings fell more sharply to $3.8 billion from $5.4 billion, and Shell saw a 28% drop in Q1 profit. TotalEnergies reported a more modest 5% dip. Still, none of these companies flagged any spending cuts or strategic retreats. In fact, they’re doing the opposite: raising production targets and sticking to growth plans.
TotalEnergies saw its oil and gas output rise 4% in Q1, boosted by ramp-ups in Brazil, the U.S., Malaysia, and Argentina. Exxon is targeting a 7% production increase for the year. Chevron is aiming for 9%. Even Shell, while more cautious, continues aggressive buybacks and refuses to blink on capex.
The only supermajor to tweak its plans was BP—and even that move came under pressure from Elliott Management, the activist investor calling for deeper cuts and a clearer strategic direction. BP’s Q1 results showed weaker-than-expected earnings, sagging cash flow, and rising net debt—leaving it as the outlier in an otherwise unflinching group.
If there is a war brewing, it’s not just OPEC vs. shale anymore—it’s OPEC vs. Big Oil, with shale sidelined and Asian buyers cheering from the stands.
Annual General Meeting of Orrön Energy AB The Annual General Meeting of Shareholders (the “AGM”) of Orrön Energy AB was held, 5 May 2025.
The Company’s and the Group’s income statements and balance sheets for the financial year 2024, were adopted and the members of the Board of Directors and the Chief Executive Officer were discharged from liability for the financial year 2024.
The AGM resolved that no dividends should be paid for the financial year 2024 and that the distributable reserves are brought forward.
The AGM resolved to approve the Remuneration Report prepared by the Board of Directors.
The AGM resolved to remunerate the members of the Board of Directors as follows: (i) annual fees of the members of the Board of Directors of EUR 60,000 (excluding the Chair of the Board of Directors); (ii) annual fees of the Chair of the Board of Directors of EUR 120,000; (iii) annual fees for Committee members of EUR 5,000 per Committee assignment (excluding the Committee Chairs); and (iv) annual fees for Committee Chairs of EUR 10,000; with the total fees for Committee work (including fees for Chairs of Committees), not to exceed EUR 50,000.
Grace Reksten Skaugen, Jakob Thomasen, Peggy Bruzelius, William Lundin and Mike Nicholson were re-elected as members of the Board of Directors and Richard Ollerhead was elected as a new member of the Board of Directors for a period until the end of the 2026 AGM. Grace Reksten Skaugen was re-elected as Chair of the Board of Directors.
The AGM resolved that auditor’s fees shall be paid upon approval of their invoice. Ernst & Young AB was re-elected as the auditor of the Company for a period until the end of the 2026 AGM.
Further, the AGM resolved, in accordance with the Board of Directors’ proposals:
• to approve a long-term, performance-based incentive plan in respect of Group Management and a number of key employees of the Orrön Energy Group (“LTIP 2025”), which gives the participants the possibility to receive shares in Orrön Energy subject to uninterrupted employment and the fulfilment of performance conditions over a three-year performance period. The performance condition of LTIP 2025 is two-fold. The first performance condition is based on the share price growth and dividends (“Total Shareholder Return”) of the Orrön Energy share compared to the Total Shareholder Return of a peer group of companies, with a 75 per cent weighting. The second performance condition is based on the achievement of strategic performance targets, with a 25 per cent weighting. The total number of performance shares under LTIP 2025 may not exceed 5,450,000;
• to approve the issue and transfer of up to 5,450,000 warrants of series 2025:1 in order to secure the delivery of shares to the participants and cover any costs (including taxes and social security charges) under the LTIP 2025. The warrants are issued free of charge and the subscription right rests with the Company itself. The subscription price at exercise of the warrants of series 2025:1 shall be equal to the quotient value of the Company’s share;
• to authorise the Board of Directors to issue new shares and/or convertible debentures corresponding to in total not more than 28,500,000 new shares, with or without the application of the shareholders pre-emption rights, in order to enable or facilitate acquisitions of companies or businesses or other major investments; and
• to authorise the Board of Directors to decide on repurchases and sales of shares in Orrön Energy on Nasdaq Stockholm or in accordance with an offer directed to all shareholders, where the number of shares repurchased shall be limited so that shares held in treasury from time to time do not exceed ten percent of all outstanding shares of the Company.
ADNOC Gas announces Q1 net income of $1.27B ADNOC Gas plc and its subsidiaries, a world-class integrated gas processing and sales company announced net income of $1.27 billion and EBITDA of $2.16 billion for the first quarter of 2025, exceeding the equivalent quarter in 2024 by 7% and 4% respectively.
The performance was driven firstly by continued demand for domestic gas – up on the equivalent quarter last year – as a result of strong economic growth in the UAE, which lifted the total sales volume. Secondly, through efficient management of the planned shut-down program to boost processing capacity, a reduction in the number of days the Company’s plants were offline led to a rise in processed volumes.
ADNOC Gas signed a series of mid to long term LNG supply agreements valued at circa $9 billion with the Indian Oil Corporation and JERA Global Markets of Japan during Q1, reinforcing its role as a leading supplier of lower-carbon fuel. The agreements support the growth of the Company’s international customer base as well as the transformation of global energy systems.
Q1 also saw a year-on-year uplift in CAPEX of 43% as ADNOC Gas continues to make the necessary investments through the cycle to grow the business and achieve its longer-term EBITDA targets. Project implementation remains on track, with the Company expecting to take a Final Investment Decision on its Rich Gas Development project in 2025.
As a result of the recently completed marketed offering of 3.1 billion shares in ADNOC Gas in which the free float increased by 4% to 9%, the Company is eligible for potential inclusion in the MSCI and FTSE indices as early as June and September respectively.
Demand for Volvo’s gas-powered trucks is rising Global customer demand for Volvo’s gas-powered trucks is growing and Volvo Trucks has sold more than 8 000 units in total around the world. During 2024, sales increased with 25% where the top markets are Sweden, Norway, Netherlands, Spain and the UK. Volvo’s gas engines are available in the Volvo FM, FH and FH Aero models, and they can switch seamlessly between biogas (non-fossil gas produced from organic waste) and regular LNG (Liquified Natural Gas) fuel.
Gas-powered Volvo trucks can cover distances of up to 1,000 kilometers, making them suitable for transport assignments such as long haul- and regional distribution but also construction. They represent a viable alternative to other low-emission vehicles as transport companies and transport buyers are looking for ways to become more sustainable.
“Many of our customers choose to replace their diesel trucks with gas-powered trucks as an easy way to reduce their CO2 emissions here and now”, says Jan Hjelmgren, Head of Product Management at Volvo Trucks. He continues: “Volvo’s gas-powered trucks are a real win-win for transport companies as they can combine a lower cost of ownership with a reduced carbon footprint and retained productivity.”
Several countries already offer an extensive network of gas stations with a growing access to biogas. Global production of biogas grew by 21% during 2024*. This means that the possibility of reducing CO2 emissions by up to 100% opens for a significant volume of users. Biogas is a cost-efficient solution compared to diesel in markets with tax incentives and government subsidies for renewable fuels and low emissions. Also, regular LNG fuel reduces CO2 by up to 20% (“Tank to Wheel”) versus diesel trucks.
KBR Reports First Quarter Fiscal 2025 Results Delivered Strong Financial Performance, Consistent Execution on Major Projects, and New Contract Wins: Revenues were $2.1 billion, up 13% or $237 million, primarily driven by growth in Defense & Intel, fueled by the LinQuest acquisition, and in Readiness & Sustainment due to moves associated with HomeSafe in Mission Technology Solutions and increasing demand in Sustainable Technology Solutions.
Operating income was $195 million, up 17% or $29 million, primarily due to increases in Gross profit and Equity in earnings of unconsolidated affiliates due to strong project execution on an LNG project, partially offset by increases in Selling, general and administrative expenses.
Net income attributable to KBR was $116 million, up 25% or $23 million, primarily due to the increase in Operating income noted above and flat below the line expenses.
Diluted earnings per share were $0.88, up 28% or $0.19, primarily due to higher Net income attributable to KBR noted above and lower diluted weighted average common shares outstanding due to open market share repurchases.
Adjusted EBITDA2 was $243 million, up 17% or $36 million, primarily due to the increase in Operating income noted above. Adjusted EBITDA2 margin was 11.8%, up from the prior year due to strong operating performance in the current year period.
Adjusted earnings per share2 were $0.98, up 27% or $0.21, due to the increase in Adjusted EBITDA2 noted above, flat below the line expenses, and lower adjusted weighted average common shares outstanding due to open market share repurchases.
Backlog and options as of the quarter end totaled $20.5 billion. Book-to-bill1 was 1.0x for the quarter and 1.1x on a trailing-twelve-months basis.
Woodside Energy’s latest Social Investment Impact Report, released today, shows Australia’s largest energy company invested A$35.4 million in social initiatives globally in 2024. Over the last decade Woodside has contributed more than A$224 million to the communities around the world where employees live and work.
The 2024 report highlights Woodside’s commitment to supporting community development opportunities that are important to its host communities, with a focus on long-term outcomes. Of the total investment, A$21.1 million was specifically directed towards strategic partnerships aimed at fostering strong and resilient communities by enhancing capacity and capability. Collaborations, with a common focus on the environment, cultural heritage, education, employment and liveability outcomes across Woodside’s global portfolio, are showcased in the report.
The sales revenue of the Volkswagen, Škoda, SEAT/Cupra and Volkswagen Commercial Vehicles brands rose significantly in the first quarter of 2025, totaling some €35.3 billion. The Brand Group Core recorded successful market launches and a significant rise in the sale of all-electric models in the first quarter of 2025, thereby demonstrating its strength and adaptability in a highly demanding market environment.
The successful introduction of new models such as the Volkswagen Tayron and the Škoda Elroq further strengthened the portfolio and underscored the brands’ ability to serve customers’ needs and requirements.
Overall, the start to the year was influenced by the negative effects of CO2 regulations in Europe, import duties in the United States, and costs relating to the diesel issue.
Unit sales grew 2.7% year-on-year. Strong share of BEV models impacted margins. Overall, the Core brands won market share.
Brand Group Core sales revenue improved significantly in an intensely competitive environment, with 7.8% growth on the back of higher volume and mix effects for the Volkswagen und Škoda brands.
Operating result came in at 1.12 billion euros (2.08 billion euros in Q1 2024)
In addition to litigation costs relating to the diesel issue, provisions in connection with current CO2 regulations in Europe had an adverse effect on the result.
Operating margin of 3.2% (6.4% in Q1 2024)
Expenses from inventory write-downs of vehicles in transit due to import duties announced by the United States from April 2025 negatively affected the operating return.
480 million euro improvement in net cash flow to -44 million euros (-524 million euros in Q1 2024)
Cash flow improved by 480 million euros year-on-year due to the decrease in vehicles inventories and targeted investments
Alpine will unveil the A390 on 27 May 2025 in Dieppe The first lines of Alpine’s all-new sport fastback have been unveiled ahead of its full reveal on 27 May 2025 in Dieppe, before the brand’s 70th-anniversary celebrations. Designed as a genuine pleasure vehicle for up to five passengers, this second vehicle in Alpine’s 100% electric Dream Garage is designed and manufactured in France. The A390 has a unique silhouette, instantly recognisable as part of the Alpine family and incorporates 85% of the A390_β concept design presented at the 2024 Paris Motor Show. It visually expresses the level of performance and sportiness delivered by its three electric motors, Alpine Active Torque Vectoring and five driving modes.
Inside, a new evolution of the Alpine Telemetrics system offers a unique graphic experience on its screens. The soundscape on the A390 has been custom developed by French acoustic engineering specialist Devialet. This 13-speaker audio system uses Devialet’s spatialization technologies for maximum surround impact.
With the Alpine A390 Premiere pass, the early buyers will have pole position access to their A390, two weeks before the official opening of orders. They will also receive an exclusive, limited-edition Devialet Gemini II x Alpine headset to extend the A390 sound experience.
The Alpine A390 will make its world debut on Tuesday, 27 May 2025
Hyundai Motor Manufacturing Alabama Celebrates 20 Year Production Anniversary Hyundai Motor Manufacturing Alabama (HMMA) proudly celebrated its 20th anniversary with a Team Member Appreciation Day on May 3, 2025, on the HMMA campus. The large event brought together HMMA team members, their families, and special community guests for a day filled with family activities, plant tours, prize raffles, musical entertainment, and a closing fireworks display.
Attendees enjoyed carnival rides, games, inflatables, bingo, and a variety of free food and drinks. The day’s main event was a special live musical performance by Jermaine Dupri and Friends.
To honor the milestone, Genesis Gives, the corporate social responsibility initiative from Genesis Motor America, presented Alabama State University with a $50,000 donation, and the Genesis Inspiration Foundation, a 501(c)(3) nonprofit organization committed to supporting education through the arts, presented the Alabama Shakespeare Festival with a $50,000 grant during the event.
While the team member celebration was held on May 5, the Montgomery, Ala. plant’s 20th year of production will officially be marked on May 20, 2025.
Hyundai Simplifies Electric Vehicle Charging Hyundai Motor America today announced the availability of a pair of new charging features that greatly simplify and improve the public charging experience for a wide range of newer Hyundai electric vehicles. Along with the Hyundai Home marketplace, these intuitive public charging features give owners increased flexibility and new options to control their charging experience[i] with ease.
The MyHyundai with Bluelink[ii] app has already been recognized for its charge management tools, as well as its improved remote command execution timing. The app also has a robust set of available remote-control capabilities, including surround-view camera access, detailed vehicle status, and phone-as-key technology[iii].
In-App-Charging Feature
Users can now find and pay for charging within the MyHyundai with Bluelink app. Customers of eligible vehicles no longer need to juggle third-party charging network apps or use a physical credit card with most charging networks across the United States. Vehicles Now Compatible with In-App-Charging
2025 IONIQ 5
2026 IONIQ 9
Future IONIQ and electric models
Available Charging Networks
IONNA
Tesla Supercharger
ChargePoint (including roaming partners)
EVgo
.Resignation of board member
Dolphin Drilling AS announced that board member Paul James Marchand has informed the company that he resigns from his position as a member of the board of directors, with immediate effect. The board wishes to thank Mr. Marchand for his efforts to the Company during his term on the board.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $59.42 | Up |
| Crude Oil (Brent) | USD/bbl | $62.44 | Up |
| Bonny Light 06/05/25 CBN | USD/bbl | $63.49 | Down |
| Dubai | USD/bbl | $67.74 | — |
| Natural Gas | USD/MMBtu | $3.45 | Down |
| Murban Crude | USD/bbl | $62.59 | Up |
| OPEC basket 05/05/25 | USD/bbl | $59.86 | Down |
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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