Oil and gas , Energy / Automotive News to April 29, 2025, Latest
Crude oil prices extend further decline
London, April 29, 2025 (Oilandgaspress) –- Crude oil inventories in China rose to the highest in almost three years in March, suggesting demand growth was lagging behind refinery processing rates, which hit a one-year high last month as Chinese oil processors took advantage of cheap Iranian and Russian crude.- . Read Related News
Ferrari ’s mid-front-engined V12 cars have won the prestigious IF Design Gold Award. The Ferrari 12Cilindri and the Ferrari 12Cilindri Spider are the only cars to have received one of the 75 prestigious Gold Awards at the 2025 iF Design Awards. The judges highlighted the “ingenious use of graphic elements that wrap the 3D surfaces” of the cars, as well as their “form that is both exciting and reassuring.” Ferrari also collected an iF Design Award for the F80. These awards further underscore the relentless pursuit of the Ferrari Design Centre, led by Flavio Manzoni, to find cutting-edge design solutions that enhance the prancing Horse’s models without ever compromising the absolute synergy between functionality and aesthetics.
The award ceremony for the 2025 edition of the iF Design Award, one of the most coveted design recognitions worldwide, was held today in Berlin. Founded in 1953 by iF International Forum Design GmbH, the competition sees judges assessing over 10,500 products and projects from around 70 nations
Porsche adjusts the forecast for the financial year 2025 For the financial year 2025, the following figures are now expected:
a sales revenue between €37 and €38 billion (previous forecast: €39 to €40 billion),
a return on sales between 6.5% and 8.5% (previous forecast: between 10% and 12%),
an automotive net cash flow margin between 4% and 6% (previous forecast: between 7% and 9%),
an automotive EBITDA margin between 16.5% and 18.5% (previous forecast: between 19% and 21%) and
an automotive BEV share between 20% and 22% (previous forecast: between 20% and 22%).
As a result of the slower ramp-up of electromobility, today the Executive Board decided a strategic realignment of battery activities with the approval of the Supervisory Board. The previous plans to expand the production of high-performance batteries by Cellforce Group GmbH, a 100% subsidiary of Porsche AG, will not be pursued independently in the future. As a result of this and due to negative impacts from other battery activities, the amount of special expenses in the financial year 2025 will in total increase from €0.8 billion to €1.3 billion, which will affect results.
In addition, Porsche AG has adjusted its value-oriented supply management worldwide due to increasing challenges caused by geopolitical conditions. This applies in particular to the Chinese market, where the continued challenging market conditions and declining demand in the all-electric luxury segment will affect development in the financial year 2025. Irrespective of this, Porsche AG remains committed to value-oriented sales with the aim of balancing supply and demand. Further additional costs with regard to suppliers also contribute to the subdued forecast, which over-proportionally affects the automotive net cash flow margin.
The introduction of US import tariffs leads to negative impacts for the months of April and May 2025 which are included in the adjusted forecast. However, the adjusted forecast does not take into account further effects of the introduction of US import tariffs. Currently it is not yet possible to make a reliable assessment of the effects for the financial year.
The quarterly statement for the first quarter of the financial year 2025 (including the figures for the first quarter and the adjusted forecast report for the financial year 2025) will be published on April 29, 2025, as announced.
Porsche Group operating profit was 0.76 billion euros Porsche AG continued to invest decisively in its future in the first quarter of 2025. The focus was on investments in the product portfolio, in software and battery activities, and in organisational adjustments. The company is accepting short-term burdens as a result.In the first three months of this year, Porsche generated a group sales revenue of 8.86 billion euros (previous year: 9.01 billion euros). Group operating profit was 0.76 billion euros (previous year: 1.28 billion euros). The group operating return on sales was 8.6 per cent (previous year: 14.2 per cent). Automotive net cash flow increased to 198 million euros (previous year: 107 million euros).
Higher share of electrified vehicles
The number of deliveries in the first three months totalled 71,470 (previous year: 77,640). Porsche has significantly increased the share of electrified vehicles delivered – to 39 per cent. Of these, 26 per cent were all-electric vehicles and 13 per cent were plug-in hybrids. The all-electric Macan accounted for a large share of the BEV quota with 14,185 examples being handed over to customers. In total, 23,555 Macan units were delivered. This corresponds to an increase of 14 per cent compared to the same quarter last year. The Panamera recorded the strongest growth among the six Porsche model lines, up 27 per cent (7,769 deliveries).
As a result of the slower ramp-up of electromobility, Porsche AG decided a strategic realignment of battery activities. The previous plans to expand the production of high-performance batteries by Cellforce Group GmbH, a 100% subsidiary of Porsche AG, will not be pursued independently in the future. As a result of this and due to negative impacts from other battery activities, the amount of special expenses in the financial year 2025 will in total increase from 800 million euros to 1.3 billion euros, which will affect results.
Volvo Cars starts production of EX30 electric SUV in Europe Volvo Cars and its Ghent manufacturing plant reached a crucial milestone today as the company’s factory in Belgium started production of the fully electric EX30 small SUV.
One of Europe’s best-selling electric cars in 2024, the EX30 has been a popular choice among customers from the moment it was introduced in late 2023. Today’s milestone follows a previously announced intent to produce the EX30 in the Ghent plant, which will also start production of the EX30 Cross Country later in the year. Volvo Cars continues to further diversify its global manufacturing footprint for one of its most popular models and expands production capacity to better meet local demand.
The addition of the EX30 to the Ghent production line will result in around 350 new jobs at the plant, bringing total employment to almost 6,600 people. EX30 production in Europe supports the European Union’s sustainability and competitiveness agenda, representing an investment in a future that creates jobs and embraces innovation and electrification. Between the Ghent, Belgium and Torslanda, Sweden plants, Volvo Cars now produces 10 different electric and hybrid car models in Europe.
Volvo Cars reports Q1 2025 results Volvo Cars today reports a group operating income (EBIT) of SEK 1.9 billion for the first quarter of 2025, following a drop in wholesales as part of a planned inventory reduction during Q4 last year, as well as adverse currency effects. The result also reflects the current turbulence in the world and a challenging external environment for the automotive industry.
To protect profitability and drive structural efficiencies on direct and indirect costs, as well as helping to offset external headwinds, the company has launched an accelerated cost and cash action plan totalling SEK 18 billion. The majority of the effects from this plan will be realised in 2026.
The plan includes SEK 3 billion in variable cost actions and SEK 5 billion in indirect spend efficiencies, half of which will impact EBIT already in 2026. Furthermore, SEK 10 billion will be added in additional cash actions to reduce working capital and capital expenditures during 2025 and 2026.
The reductions in investments are in addition to the already planned lower investments going forward, as previously communicated. As part of the action plan, there will be redundancies at its operations around the globe, but the company will come back with more details as soon as possible. Volvo Cars remains firm on its ambition of becoming a fully electric car company. Fully electric is the fastest growing market segment and Volvo Cars is a leader in this transition. 43 per cent of all the Volvo cars sold in the first quarter were electrified, meaning fully electric or plug-in hybrid, with almost a fifth of sales fully electric. During the first quarter, Volvo Cars also launched its next fully electric software-defined car, the ES90.
As Volvo Cars accelerates towards full electrification, its premium plug-in hybrids provide a pragmatic bridge for customers not yet ready to switch.
GM profits top estimates General Motors reported a dip in first-quarter profits but topped estimates Tuesday as the automaker said it was reexamining its 2025 outlook in light of uncertainty over US tariffs.
GM, which has been among the automakers hardest hit by President Donald Trump’s multiple tariff announcements, pushed back its earnings conference call to Thursday after The Wall Street Journal reported Monday night that Trump would ease some levies on automakers.Profits were $2.8 billion, down 6.6 percent from the year-ago level, while revenues rose 2.3 percent to $44 billion.
Operating profits in North America declined from the 2024 level, but the company notched positive China equity income as it seeks to emerge from a difficult period in the world’s second-biggest economy.
Hyundai Motor and Plus Unveil Concept for Autonomous Hydrogen Freight Ecosystem Hyundai Motor Company introduced the new XCIENT Fuel Cell Class-8 heavy-duty truck at the Advanced Clean Transportation (ACT) Expo 2025 in Anaheim, California, showcasing its ongoing commitment to expanding its hydrogen business in North America.
During the expo, from April 28 to May 1, the company aims to cement its leadership in the global hydrogen energy transition and bolster its market position in the North American commercial vehicle sector. This will be achieved by leveraging the extensive expertise and robust operational capabilities of Hyundai Motor Group to create a cleaner, more resilient ecosystem through its HTWO hydrogen business brand. The XCIENT Fuel Cell is the world’s first mass-produced hydrogen-powered heavy-duty truck, advancing zero-tailpipe emission commercial transportation. Launched in 2020, the XCIENT Fuel Cell has been deployed in 13 countries, logging more than 13 million kilometers of cumulative driving in Switzerland, where it was initially launched, highlighting Hyundai’s dedication to clean transportation, aided by public-private partnerships.
The new XCIENT features an upgraded hydrogen fuel cell system and since 2021 has undergone rigorous testing across diverse climates and use cases in North America. This testing, combined with continuous collaboration with fleet operators, has ensured the vehicle meets various customer driving needs, including port transportation and medium-distance logistics.
GM declares quarterly dividend General Motors Co. (NYSE: GM) announced today that its Board of Directors has declared a quarterly cash dividend on the company’s outstanding common stock of $0.15 per share, payable June 19, 2025, to holders of the Company’s common stock at the close of trading on June 6, 2025. This represents a $0.03 increase over GM’s previous quarterly dividend.
General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM’s Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry’s widest range of EVs
GM’s commitment to renewable electricity, Read More In 2024, GM’s renewable energy contracts covered 77% of our U.S. electricity usage, up from 59% a year earlier. Driving the increase: Clean-energy utility programs, like the one with DTE Energy that supplies our Global Technical Center campus in Warren, Michigan, as well as our investments in several American energy projects.
These investments have generated jobs and local tax revenue, while contributing lower-emissions sources of electricity to grids, in Michigan, Texas, Mississippi, Kentucky, Arkansas, Nebraska, Ohio, and Illinois.
NorthStar Clean Energy’s Newport Solar project is a solar energy park that contributes to our electricity portfolio. Energy produced at the 2,000-acre site matches a portion of the traditional electricity we use at our Lansing Delta Township Assembly and Lansing Grand River Assembly plants in Michigan, and the Wentzville Assembly site in Missouri. Newport Solar is also expected to provide about $133,000 a year for local schools through taxes and community funds.
Grazing sheep, sourced from local farmers, replaces traditional mowing on the Newport site, which reduces tractor use, minimizes dust, and enhances soil health.
Renault is looking to strengthen its market lead with a new generation of disruptive electric LCVs Renault has always maintained an innovative, business-oriented approach to its range dedicated to professionals.
With a comprehensive, multi-energy range for each of its utility models, the brand is able to provide a personalized solution tailored to every customer need. New Renault Master voted “International Van Of The Year 2025”, has recently redefined segment standards thanks to a disruptive approach and an “Aerovan” design offering the best efficiency on the market in both internal combustion and electric versions.
Today, the brand is going one step further with a new family of electric vans, developed by FLEXIS with a fresh approach to use, and adapted to today’s professional constraints.Trafic, Goelette and Estafette are built on a new all-electric skateboard platform, designed to optimise load capacity in relation to footprint, with a minimal front overhang and rear-mounted powertrain. This makes for a turning diameter as small as on Clio (10.3 metres). Looking beyond eco-responsibility, the most important factors for easy urban use are compact dimensions and agility.
BYD to bring two more plug-in hybrid models to Germany (Reuters) -China’s BYD will bring two more plug-in hybrid models to Germany this year, its chief for Germany and numerous other central European countries Maria Grazia Davino told Reuters on Tuesday, as the EV giant widens its product line-up to adapt to European demand.
“Not everyone is ready for electric. We need something else to convince the customer,” Davino said, speaking at the Reuters Automotive Conference in Stuttgart. “Every month, we find the best balance between what the customer wants and what makes distribution successful.”
BYD, which last year surpassed Tesla to become the world’s largest EV manufacturer, is overhauling its European operations after early stumbles in the region, including insufficient dealers, a lack of local knowledge and a line-up without plug-in hybrids, stymied sales.
The company is setting up national sales companies across Europe to support product distribution, provide customer services, and tailor its marketing to local consumers, Davino told Reuters.
US tariffs knock $4BN off profits of British oil giants BP and Shell Britain’s biggest oil firms are set to see their profits drop by nearly $4 billion next week after Donald Trump ‘s tariff chaos caused a slump in global energy prices. Profits at BP are expected to have fallen to $1.6 billion in the first three months of 2025 from $2.7 billion in the same period the previous year, when it reports quarterly figures on Tuesday. Shell’s earnings are forecast to have dropped to $5.1 billion in the first quarter of this year from $7.7 billion in the first three months of 2024 when it delivers its results on Friday, according to estimates from market data site Refinitiv. The profit drop comes as global oil prices have steadily declined due to growing fears of a slowdown in demand from many countries but particularly from China , a major oil consumer. The price of Brent crude, the international benchmark, has fallen around 12 per cent so far this year and is trading at about $67 a barrel.
BP profit drops 70% amid pivot back to oil and gas • Profit attributable to bp shareholders in the first quarter was $0.7 billion, compared with $2.3 billion in the same period of 2024.
– After adjusting profit attributable to bp shareholders for inventory holding gains* and net impact of adjusting items, underlying replacement cost (RC) profit for the first quarter was $1.4 billion, compared with $2.7 billion for the same period of 2024. The
underlying RC profit for the first quarter compared with the same period in 2024 mainly reflects lower refining margins, a weak
gas marketing and trading result and an average oil trading contribution, partly offset by a higher customers result.
– Adjusting items in the first quarter had a net adverse pre-tax impact of $0.4 billion, compared with a net adverse pre-tax impact
of $1.2 billion in the same period of 2024.
– Adjusting items for the first quarter include a favourable pre-tax impact of fair value accounting effects*, relative to
management’s internal measure of performance, of $1.0 billion, compared with an adverse pre-tax impact of $0.2 billion
in the same period of 2024. This is primarily due to a larger decline in the forward price of LNG over the 2025 period
compared to the comparative periods of 2024 and the favourable impact of the fair value accounting effects relating to
the hybrid bonds in the first quarter 2025 compared to the adverse impact in the first quarter 2024.
– Adjusting items for the first quarter of 2025 include an adverse pre-tax impact of asset impairments of $0.4 billion,
compared with an adverse pre-tax impact of $0.6 billion in the same period of 2024.
The effective tax rate (ETR) on RC profit or loss* for the first quarter was 71%, compared with 54% for the same period in 2024.
Excluding adjusting items, the underlying ETR* for the first quarter was 50%, compared with 43% for the same period in 2024.
The higher underlying ETR for the first quarter reflects changes in the geographical mix of profits. ETR on RC profit or loss and
underlying ETR are non-IFRS measures.
Operating cash flow* for the first quarter was $2.8 billion, compared with $5.0 billion for the same period in 2024. The reduction
in operating cash flow reflects lower underlying replacement cost profit coupled with a higher working capital* build partly offset
by a reduction in tax paid.
Capital expenditure* in the first quarter was $3.6 billion, compared with $4.3 billion in the same period of 2024 largely reflecting
reduced capital expenditure on low carbon energy.
Total divestment and other proceeds for the first quarter were $0.3 billion, compared with $0.4 billion for the same period in
2024.
At the end of the first quarter, net debt* was $27.0 billion, compared with $23.0 billion at the end of the fourth quarter 2024 and
$24.0 billion at the end of the first quarter 2024 primarily due to the lower operating cash flow and timing of divestment proceeds
in the first quarter 2025. The movement over the last year was also impacted by divestment proceeds and the issuance of
additional perpetual hybrid bonds, offset partly by acquired net debt from the completion of the bp Bunge Bioenergia and
Lightsource bp transactions.
Resilient financial performance: 1Q25 underlying RC profit $1.4bn; dividend per ordinary share of 8 cents; $0.75bn share buyback.
Delivering strong operations: 1Q25 upstream plant reliability* 95.4%; 1Q25 refining availability* 96.2%.
Growing upstream: Safely started up three major projects*; six exploration discoveries.
Executing our strategy at pace: Good progress on our divestment programme, including the strategic review of Castrol, and the intentions to sell mobility & convenience businesses in Austria and the Netherlands and the Gelsenkirchen refinery.
Oil falls as tariff concerns dampen demand outlook (Reuters) -Crude oil prices fell on Tuesday as investors lowered their demand growth expectations due to the trade war between the United States and China, the world’s two biggest economies. Brent crude futures fell by 59 cents, or 0.9%, to $65.27 per barrel by 0824 GMT. U.S. West Texas Intermediate crude futures fell 49 cents, or 0.8%, to $61.56 a barrel. Barclays on Monday cut its 2025 Brent crude price forecast by $4 to $70 a barrel, citing elevated trade tensions and a pivot in production strategy by the OPEC+ group as drivers of a 1 million barrel per day oil supply surplus this year.
Oil prices are expected to decline following reports that OPEC+ may increase output
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $61.08 | Down |
| Crude Oil (Brent) | USD/bbl | $64.71 | Down |
| Bonny Light 28/04/25 CBN | USD/bbl | $68.32 | Down |
| Dubai | USD/bbl | $65.61 | — |
| Natural Gas | USD/MMBtu | $3.37 | Up |
| Murban Crude | USD/bbl | $64.88 | Down |
| OPEC basket 28/04/25 | USD/bbl | $68.16 | Down |
OTC Markets Group Welcomes BW Energy Limited to OTCQX OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced BW Energy Limited (Oslo Bors: BWE; OTCQX: BWERY, BWEFF), a growth-focused oil and gas company, has qualified to trade on the OTCQX® Best Market. BW Energy Limited upgraded to OTCQX from the Pink® market.
BW Energy Limited begins trading today on OTCQX under the symbols “BWERY” and “BWEFF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.
Upgrading to the OTCQX Market is an important step for companies seeking to provide transparent trading for their U.S. investors. For companies listed on a qualified international exchange, streamlined market standards enable them to utilize their home market reporting to make their information available in the U.S. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance and demonstrate compliance with applicable securities laws.
“The OTCQX Market provides a platform for increased recognition and engagement with a wider base of US investors. BW Energy is a fast-growing oil and gas company with production and attractive development assets in Gabon, Namibia and Brazil. We expect cross-trading on OTCQX to create additional long-term value through a broader US investor base and increased trading volumes in our shares,” says Carl K. Arnet, the CEO of BW Energy.
Future Bourdon development cluster BW Energy is pleased to announce that second sidetrack DBM-1 ST2 well has confirmed the substantial oil discovery with good reservoir and fluid quality of the Bourdon prospect in the Dussafu Licence offshore Gabon, announced on 7 March 2025. Management estimates indicate 56 million barrels oil in place of which approximately 25 million barrels are considered recoverable.
“The appraisal well confirms the potential for establishing a new development cluster with a production facility following the MaBoMo blueprint. We expect at least four producing wells,” said Carl K. Arnet, CEO of BW Energy. “We continue to successfully expand the Dussafu reserve base which, together with multiple additional prospects yet to be to be drilled, will support long-term production and value-creation in Gabon.”
Initial data shows that oil from Bourdon field has the lowest viscosity of the Dussafu discoveries measuring an average of 3.5 centipoise (cp), compared to 5 cp and 7 cp for the Hibiscus / Tortue and Ruche fields, respectively.
Evaluation of logging data and formation pressure measurements confirm approximately 11.2 metres of pay in an overall hydrocarbon column of 35.2 metres in the Gamba formation. The well was drilled by the Norve jack-up rig to a total depth of 4,731 metres.
Bourdon is located approximately 15 kilometres west of FPSO BW Adolo and 7.5 kilometres southeast of the MaBoMo facility.
Baker Hughes Rig Count: U.S. +2 to 587 Canada -6 to 128
U.S. Rig Count is up 2 from last week to 587 with oil rigs up 2 to 483, gas rigs up 1 to 99 and miscellaneous rigs down 1 to 5.
Canada Rig Count is down 6 from last week to 128, with oil rigs down 6 to 81, gas rigs unchanged at 47 and miscellaneous rigs unchanged at 0.
| Region | Period | Rig Count | Change |
| U.S.A | 26 April 2025 | 587 | +2 |
| Canada | 26 April 2025 | 128 | – 6 |
| International | March 2025 | 899 | -6 |
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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