Oil and gas , Energy / Automotive News to April 30, 2025, Latest
Brent $63.12/bbl, WTI Crude $58.20/bbl,Gas $3.34/MMBtu
London, April 30, 2025 (Oilandgaspress) –- Crude oil inventories in the United States saw a decrease of 2.7 million barrels during the week ending April 25, according to new data from the U.S. Energy Information Administration released today.
Transforming Electric Vehicle Health Monitoring Published in the journal eScience, researchers from the Beijing Institute of Technology and Mälardalen University have introduced an innovative method for diagnosing the degradation of LIBs. This hybrid framework combines deep learning and physical modeling, allowing rapid and reliable degradation diagnosis using only 11 data points from a charging cycle. Unlike traditional methods, which require lengthy data collection and sophisticated tools, this approach promises a significant leap in speed and accessibility. The method’s adaptability across different battery chemistries and its potential for real-world applications make it a game-changer for the future of battery management. With the increasing reliance on lithium-ion batteries (LIBs) for electric vehicles (EVs) and energy storage systems, understanding and diagnosing battery degradation has become a critical challenge.
Dana Incorporated Reports 2025 First-quarter Financial Result Dana Incorporated Reports 2025 First-quarter Financial Results in Line with Expectations; Maintained Sales and Adjusted EBITDA Guidance Ranges
First Quarter Highlights
• Sales of $2.4 billion
• Net income attributable to Dana of $25 million, or $0.17 per share
• Net income margin of 1 percent
• Adjusted net income of $19 million, or $0.13 per share
• Adjusted EBITDA of $188 million
• Adjusted EBITDA margin of 8.0 percent
• Operating cash flow was a use of $37 million
• Cost-savings plan accelerated, targeting $225 million of savings in 2025
“Our efforts to transform the company into a stronger, more focused business are gaining momentum. The sale of our Off-Highway business is underway with a competitive process. We also continue to execute our cost-savings initiative and have taken further steps to accelerate the realization of our $300 million plan,” said R. Bruce McDonald, chairman and chief executive officer. “While the situation remains fluid, we believe the impact of tariffs are manageable based on completed mitigation actions and expected substantial recoveries from customers.”
Sales for the first quarter of 2025 totaled $2.35 billion, compared with $2.74 billion in the same period of 2024.
Net income attributable to Dana was $25 million, or $0.17 per share, compared with $3 million, or $0.02 per share, in the first quarter of 2024. As a percentage of sales, the first quarter of 2025 was 1 percent compared to 0.1 percent last year.
During the first quarter of 2024, Dana entered into a definitive agreement to sell its non-core European Off-Highway hydraulics business. This business was classified as held for sale, and a $29 million loss was recognized to adjust the carrying value of net assets to fair value less estimated costs to sell. This sale agreement was terminated and the transaction did not close.
Adjusted net income attributable to Dana was $19 million, or $0.13 per share, for the first quarter of 2025, compared with adjusted net income of $37 million, or $0.26 per share, in 2024.
Adjusted EBITDA for the first quarter of 2025 was $188 million or 8 percent of sales, compared with $223 million or 8.2 percent of sales for the same period in 2024. The company’s cost-savings program has mitigated the margin impact of lower volumes, tariffs, and cost inflation.
Operating cash flow in the first quarter of 2025 was a use of $37 million, compared with a use of $102 million in the same period of 2024. Adjusted free cash flow was a use of $101 million, compared with a use of $168 million in the first quarter of 2024.
“Our focus on managing working capital continues to show results as we have once again improved adjusted free cash flow in the first quarter. Our cost-savings actions and efficiency improvements are helping to offset the impact of tariffs until we can affect full recovery,” said Timothy Kraus, Dana senior vice president and chief financial officer. “We are maintaining our guidance ranges for most of our measures including adjusted EBITDA and we expect that sales will increase slightly due to tariff recoveries and currency translation offsetting weaker end-market demand.”
Revised 2025 Financial Targets
• Sales above the midpoint of the range of $9.525 to $10.025 billion;
• Adjusted EBITDA of $925 to $1,025 million;
• Implied adjusted EBITDA of 9.7% to 10.2%;
• Operating cash flow of approximately $500 to $600 million;
• Adjusted free cash flow of $175 to $275 million; and
• Diluted Adjusted EPS of $1.15 to $1.65.
Dana Earns Automotive News PACE Award Dana Incorporated (NYSE: DAN) earned a 2025 Automotive News PACE Award for its Graziano™ modular high-performance hybrid 8-speed dual clutch transmission at the annual awards ceremony held on April 15, 2025.
With this win, Dana has earned 10 PACE Awards throughout the program’s history, including two PACE Innovation Partnership Awards, and has been named a finalist 26 times. Dana’s Graziano modular high-performance hybrid 8-speed dual clutch transmission (DCT) is unparalleled in its market segment. Suitable for applications of 1,000-horsepower or more, this mid-engine, super-sportscar transmission platform includes both transversal and longitudinal variants.
The first-of-its-kind transversal layout enables class-leading power- and torque-density performance. The best-in-class package enables improved vehicle weight distribution and reduced wheelbase.
TotalEnergies confirms first interim dividend The Board of Directors meeting on April 29, 2025 under the chairmanship of Mr. Patrick Pouyanné, Chairman and Chief Executive Officer, decided the distribution of a first interim dividend of 0.85 €/share for fiscal year 2025, an increase of 7.6% compared to the three interim dividends paid for fiscal year 2024 and identical to the final ordinary dividend for fiscal year 2024. This increase is in line with the shareholder return policy announced by the Board of Directors in February 2025.
This interim dividend will be paid in cash exclusively, according to the following timetable:
Shareholders ADS holders
Ex-dividend date October 1, 2025 September 30, 2025
Payment date October 3, 2025 October 22, 2025
Just Stop Oil response to Tony Blair The former Prime Minister, Tony Blair yesterday called for the government to change course on climate suggesting that “any strategy based on either ‘phasing out’ fossil fuels in the short term or limiting consumption is a strategy doomed to fail”. He suggests that the UK government should focus less on renewables and more on technological solutions such as carbon capture.
Our response:
“Tony Blair wants your children to die. They will die of heat exhaustion. They will die of starvation. They will drown in floods. This much is certain. Carry on as we are now, consuming fossil fuels for decades to come and the result will be a rapid acceleration in global warming resulting in the death of billions. Not content with sending our young people to die in an illegal war in Iraq, he now wants future generations to die of hunger and heat exhaustion or fighting for control of ever scarcer resources.
“There is no sugar coating it. If we don’t stop burning fossil fuels the system will collapse and we will end up fighting for food. This is what the financial markets have euphemistically called a disorderly transition. We need to get ahead of this and plan an orderly transition to save what we can.
“This will mean a war time effort, involving great sacrifice and including demand reduction as well as investment in renewable technologies. Such a plan needs to be democratically led by and for citizens, not by discredited former Prime Ministers shilling for big tech and the oil industry, oligarchs like Elon Musk or hedge fund billionaires like Paul Marshall.
“Carbon capture and storage is no solution. By the oil industry’s own admission, it will at most shave only a few billion tonnes off the surface of current fossil fuel emissions, which are 37 billion tonnes and rising. Prudent risk management suggests we should not rely on speculative technologies that do not yet exist. There is no escaping the need to rapidly phase out fossil fuels.
“If you want to be part of a democratically led plan to figure out how we get out of this mess sign up to take part in the House of the People at www.HouseOfThePeople.UK.”
Hyundai IONIQ 5 N to Compete in 2025 One Lap of America Hyundai Motor America announced today that it is partnering with Grassroots Motorsports magazine to compete in the 2025 Tire Rack One Lap of America presented by Grassroots Motorsports. Hyundai Motor America has also been named Official Automaker of the 41st running of this fabled annual motorsports gauntlet, which will see teams competing in a series of racetrack challenges around the U.S. from May 3-10, 2025.
One Lap veterans Andy Hollis and Tom Suddard will campaign No. 44, a stock 601-horsepower 2025 Hyundai IONIQ 5 N all-electric SUV in the Alternative Fuels class. Suddard is the publisher of Grassroots Motorsports, the hardcore sports car magazine, and Hollis is the publication’s tire tester and a champion racer. Hollis, a 13-time SCCA Solo national champion and professional high-performance driving instructor, has notched 10 One Lap class wins in over 14 attempts, including two teamed with Suddard. Neither has previously campaigned an EV in One Lap.
“I was smitten with the massive torque of an EV the first time I drove one. But until now, none have been truly track-capable right off the showroom floor,” said Hollis. “Hyundai’s IONIQ 5 N checks all the boxes with excellent cornering, great brakes and sophisticated battery conditioning that allows all that torque to be used for an entire session. I can’t wait to get behind the wheel on some of the country’s best tracks.”
“After winning our class in a gutted, caged race car last year, we wanted to compete in the best-of-all worlds this year: A vehicle that’s incredibly fast, incredibly comfortable on a road trip, and incredibly capable on a racetrack,” said Suddard. “Electrification means it’s finally possible to have huge power without huge compromises in a street car, and the IONIQ 5 N promises to pair that huge power with the durability and capability to survive a week of racing.”
Renault Group’s 2025 Annual General Meeting Renault Group’s Annual Shareholders’ Meeting took place today, April 30, in Boulogne-Billancourt. The 24 resolutions submitted to the vote of the shareholders were adopted.
This annual meeting was also an opportunity for Jean-Dominique Senard, Chairman of the Board of Directors, and Luca de Meo, Chief Executive Officer of Renault Group, to thank the shareholders for their loyalty and to look back on the four years of Renaulution.
More than a plan, Renaulution is a key lever for combining economic performance and value-sharing for its employees and shareholders, but also for the entire automotive ecosystem.
A dividend of €2.20 per share was proposed at the Annual Shareholders’ Meeting, up 19% compared to the previous year. Renault Group has confirmed that it is renewing its employee share plan for the 4th consecutive year.
Capital increase reserved for employees of TotalEnergies in 2025 In accordance with its policy in favor of employee shareholding, TotalEnergies SE (the “Corporation”) is implementing its annual capital increase reserved for employees and former employees of the TotalEnergies company (the “Company”). Through this operation, TotalEnergies SE intends to continue involving its employees in the Company’s growth. Employee shareholders, within the meaning of Article L. 225-102 of the French Commercial Code and article 11 par. 6 of the Articles of Association of TotalEnergies SE, held 8.4% of TotalEnergies SE’s share capital as of March 31, 2025.
The twenty-second resolution of the Shareholders’ Meeting held on May 24, 2024 granted the Board of Directors (the “Board”) the authority to decide, within a maximum period of 26 months, to carry out one or more capital increases of ordinary shares without preferential subscription rights, not to exceed 1.5% of the share capital at the date of the Board meeting deciding on the operation and reserved to members of a savings plan pursuant to the provisions of Articles L. 225-129 et seq., L. 225-138 and L. 225-138-1 of the French Commercial Code and Articles L. 3332-1 to L. 3332-9 and L. 3332-18 to L. 3332-24 of the French Labor Code.
The Board, pursuant to the above-mentioned authorization, decided during its meeting on October 30, 2024, to carry out, in 2025, a new share capital increase reserved for employees and former employees of the Company pursuant to the following conditions:
Maximum number of shares to be offered and total amount of the offer: 18 million shares with a nominal value of €2.50 each, representing a total nominal amount of €45 million, which is the equivalent of 0.75% of the share capital as of the date of the Board’s decision.
Description of the newly issued shares: same category as existing TotalEnergies shares with immediate dividend rights. The rights attached to the newly issued shares are the same as the rights attached to the existing shares of the Corporation, and are described in the Articles of Association of TotalEnergies SE.
Listing of the newly issued shares on Euronext: on the same line as existing TotalEnergies shares (ISIN code FR0000120271), from their issuance. American Depositary Receipts admitted to trading on the New York Stock Exchange may be issued in exchange for the new shares.
Share subscription price: equal to price corresponding to the average of the closing prices of the TotalEnergies shares on Euronext over the 20 trading sessions preceding the date of the decision setting the opening date for the subscription period, reduced by a 20% discount, and rounded off to the highest tenth of a euro. The subscription price will be definitively fixed before the beginning of the subscription period.
iberdrola announce results for the first quarter of 2025 Record investment: €17.3 billion in the last 12 months
In the quarter, investments grew by 14% to €2.720 billion, 65% in the United States and the United Kingdom
Investment in Networks grew by 18% to €1.432 billion (53% of the total):
More than 2/3 have gone to the United States and the United Kingdom
Regulated assets grew by 14% to €49 billion after the integration of ENW, and is expected to exceed €51 billion by the end of the year
Selective investment in renewables: €1.064 billion (+7%)
The U.S. and the United Kingdom account for two-thirds of investment
More than half of the investments are allocated to offshore wind, mainly to the East Anglia 2 and 3 (UK) and Vineyard Wind (USA) wind farms
Gross Operating Profit (EBITDA) grew by 12% to €4.643 billion
Close to 50% comes from the United States and the United Kingdom, with an increase of more than 20 points in a single year, due to organic investments and the integration of Electricity North West. 83% of EBITDA comes from countries with a high credit rating (A rating)
In Networks, the larger regulated asset base boosted results by 43%, already contributing more than half of the total
2,600 MW of renewable energy installed in the last 12 months
Net profit reached €2.004 billion, with a growth of 26% in like-for-like terms
Improved cash generation and financial strength
Cash flow exceeded €3.5 billion, up 11%, helping to maintain financial strength and ratings following the consolidation of ENW
The entry into operation of offshore wind projects in the coming quarters and investments in networks will improve cash generation
Liquidity reaches €20.9 billion, covering the needs of the next 19 months without the need to resort to the market
Reaffirming full year forecasts
A double-digit increase in net profit is expected, taking into account the recognition of past costs in the US, already recorded in these Q1 results
Growth supported by new investments:
Networks: Increase of more than 10% in regulated assets with better rates
Renewables: 4,000 MW more in operation, with 100% of energy sold by 2025
No impact on results from the new tariffs, which will increase the cost of investment by less than 1% due to robust supply chain management processes:
More than 80% of purchases are made with local suppliers
100% of strategic contracts for projects under construction are guaranteed
The General Shareholders’ Meeting will be held on May 30 with the share at an all-time high: c.€100 billion in market capitalization
Iberdrola, the first electricity company in Europe to reach that threshold and one of the two in the world to exceed it today
Commitment to shareholder remuneration
The total amount of the dividend will reach €0.635 per share, an increase of 15%
Payment of an additional €0.005 per share if the quorum for the incorporation of the Meeting reaches 70%
1,000 service stations with 100% renewable Nexa Diesel Repsol has surpassed 1,000 service stations offering 100% renewable Nexa Diesel in the Iberian Peninsula, with currently 998 in Spain and 63 in Portugal. This milestone confirms the company’s commitment to renewable fuels, expanding the range of technologies available for customer mobility.
100% renewable Nexa Diesel is the highest-end premium fuel on the Spanish market. It has an exclusive formulation that optimizes performance, extends engine life, and is designed for all diesel engines. It is produced from organic waste and, using current technologies, reduces net CO2 emissions by up to 90% compared to the mineral-based fuel it replaces, thanks to the lower carbon intensity of the renewable fuel due to its organic origin.
From tomorrow, April 29, and until July 31, 2025, individual customers, who use Waylet, the company’s payment app, when refueling 100% renewable Nexa Diesel, will enjoy a discount of €0.10 per liter in addition to the discounts already applied in the Energy Plans that each customer has contracted. This new discount, with no limit on use or minimum consumption, puts Nexa Diesel at the same price as the company’s regular diesel, Diesel e+, adding the advantages of a renewable fuel that protects, cleans, and cares for the engine.
INEOS and Covestro announce landmark LNG deal INEOS and Covestro have today announced a significant long-term agreement for the supply of natural gas for up to eight years, starting 2027. The agreement builds on INEOS’ newly established LNG supply chain, and both companies’ commitment to support European industrial competitiveness.
Covestro uses natural gas as a feedstock as well as an energy source. The partnership will enable the supply of natural gas sourced from INEOS’ global LNG portfolio, providing a stable and predictable feedstock and energy stream for Covestro’s European operations. This strategic collaboration addresses the critical need for secure and diversified energy sources in Europe.
David Bucknall, CEO of INEOS Energy said, “Our goal is to supply customers with vital energy throughout the energy transition, not just at the end. That means maintaining competitive hydrocarbon supplies as alternatives emerge and grow. This long-term LNG deal with Covestro does exactly that, providing reliable, cost-effective energy to help our industrial partners manage volatility and avoid shortages.”
Thorsten Dreier, Chief Technology Officer of Covestro, added, “Securing a stable, competitive and predictable gas supply is essential for our operations right now. This agreement with INEOS provides us with the long-term security we need to maintain our production and contribute to the European economy. We value INEOS’ commitment to supporting European industry and their proactive approach to addressing the region’s energy challenges. This contract is an important building block for our transition as a company in the energy intensive industry towards an affordable renewable energy supply.”
This agreement reinforces the shared goal of both companies to maintain a strong and competitive industrial base in Europe. By ensuring a reliable gas supply, INEOS and Covestro are taking real, tangible steps to secure the future of their European manufacturing assets.
INEOS first entered the LNG sector in June 2022, signing a 20-year agreement with US-based Sempra Infrastructure to supply 1.4 million tonnes of LNG annually from the US Gulf Coast.
Carbon tax and high energy costs are killing off manufacturing in Britain INEOS Grangemouth faces yet another tax bill for carbon dioxide emissions, this time for £15 million. If left unpaid, the cost will rise due to penalties to an extraordinary £65 million.
At a time when British industry is still finding its feet after Covid, uncertain due to US tariffs, grappling with some of the highest energy prices in the developed world, and trying to compete against far more favourable conditions in the Middle East and the United States, this is another heavy blow.
Quite simply, businesses can’t afford it.
To meet this tax obligation, we will be forced to pause vital investment in projects that were designed to make our operations more efficient and more sustainable. The irony isn’t lost on us.
This is not just INEOS, this is a reality for British manufacturers up and down the country: carbon emissions taxes and excessive energy costs are squeezing the life out of the sector. You only have to look at British Steel at Scunthorpe to see the impact of an uncompetitive energy policy forcing the Government to spend taxpayers’ money on a rescue package. We need action before we get to that stage.
We all share the goal of a greener future. But we must ask – is this the right way to achieve it?
When manufacturing is pushed offshore, the emissions don’t disappear – they’re simply relocated, often to countries with less stringent environmental regulations and requiring transport. The UK loses jobs, loses expertise, and becomes reliant on imports with a heavier environmental footprint.
A tax designed to reduce emissions is, in practice, killing manufacturing, making the UK more dependent on imports and is increasing emissions.
We are calling for a rethink. Not to walk away from climate goals, but to pursue them in a way that allows British businesses to lead the transition, not to be punished so that improvements aren’t affordable.
Give us competitive energy costs, give us the incentives to invest in new assets and to play our part in building a strong sustainable industrial future. That’s good for the environment. That’s good for the economy. And that’s good for Britain.
Statkraft has cancelled the 40 MW alkaline electrolyser contract Reference made to the announcements published November 14, 2022, and January 6, 2023, where Nel Hydrogen Electrolyser AS, a subsidiary of Nel ASA (Nel, OSE:NEL), signed a 40 MW contract with Statkraft. The client has now decided to cancel the contract. This purchase order was listed as one of the contracts with significant risk of delays or cancellation as stated in the Q1’2025 financial report. With this cancellation, the total reduction in backlog will be NOK 120 million.
“Statkraft has over several years put considerable engagement and commitment into developing and attracting funding to a hydrogen project in Mo. Despite the efforts we have not been able to create a viable commercial model for the project in the current market conditions. We therefore need to adjust the plan accordingly and cancel our order with Nel says SVP for hydrogen in Statkraft, Bjørn Holsen”.
Nel ASA: First quarter 2025 financial results Nel ASA reported revenues from contracts with customers of NOK 155 million in the first quarter of 2025, down from NOK 276 million the same quarter last year. Total revenue and income was 175 million (Q1 2024: 297). EBITDA in the quarter was NOK -115 million. As a result of the temporary production halt at Herøya, the Alkaline division contributed negatively with a reported EBITDA of NOK -52 million, while the PEM division reported an EBITDA of NOK -31 million. Order intake for the quarter was NOK 311 million, positively impacted by a record-high quarterly order intake for the PEM division of NOK 290 million. At the end of the quarter the order backlog stood at NOK 1 460 million, and the cash balance at NOK 2 059 million.
Quarterly highlights
Revenue from contracts with customers in the first quarter 2025 was NOK 155 million, a 44% reduction compared to the first quarter 2024 (Q1 2024: 276).
Total revenue and income in the first quarter 2025 was 175 million (Q1 2024: 297)
EBITDA in the quarter was NOK -115 million (Q1 2024: 32).
Net income (loss) was NOK -179 million (Q1 2024: 39). The development was mainly explained by decreased EBIT of NOK -174 million, and in addition NOK 43 million decreased net financial items.
Order intake in the quarter amounted to NOK 311 million, a 22% decrease from the corresponding quarter last year (Q1 2024: 398).
Order backlog was NOK 1 460 million at the end of the quarter, down 31% from the first quarter of 2024 and down 10% from the previous quarter.
Cash balance was NOK 2 059 million at quarter end (Q1 2024: 3 260).
Nel ASA: Notice of Extraordinary General Meeting Nel ASA calls for an Extraordinary General Meeting to be held as a digital event on May 26th 2025 at 10:00 (CET). With reference to the stock exchange notice dated March 11th 2025 where it was announced that SAMSUNG E&A were to become the biggest shareholder of Nel ASA, it was also communicated that Nel’s Board of Directors was supportive of SAMSUNG E&A nominating a member to Nel’s Board. In connection with the call for the 2025 Annual General Meeting the Nomination Committee stated that it was in principle supportive of this proposal.
The Nel ASA board has now received the proposal from SAMSUNG E&A for Gyuyeon Kang, Executive Vice President of SAMSUNG E&A, to be elected to the Board for a period until the Annual General Meeting in 2026. There are no other proposals to be voted on, and no other changes to the composition of the Board.
Oil prices continue to decline following reports OPEC+ may increase output, sanctions and Tariffs
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) | USD/bbl | $58.20 | Down |
| Crude Oil (Brent) | USD/bbl | $63.12 | Down |
| Bonny Light 30/04/25 CBN | USD/bbl | $65.10 | Down |
| Dubai | USD/bbl | $67.78 | Up |
| Natural Gas | USD/MMBtu | $3.34 | Down |
| Murban Crude | USD/bbl | $62.34 | Down |
| OPEC basket 28/04/25 | USD/bbl | $68.16 | Down |
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Segun Cole @oilandgaspress.
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