Connect with us

Published

on

A Shell logo seen at a petrol station in London. A court in The Hague has ordered oil giant Shell to reduce its carbon emissions by 45% compared to 2019 levels by 2030, in what is widely seen as a landmark case.
SOPA Images | LightRocket | Getty Images

LONDON — Oil giant Royal Dutch Shell on Thursday reported stronger-than-expected second-quarter earnings, lending further support to the energy major’s plans to reduce net debt and reward investors.

The Anglo-Dutch company reported adjusted earnings of $5.5 billion for the three months through to the end of June. That compared with $638 million over the same period a year earlier and $3.2 billion for the first quarter of 2021.

Analysts had expected second-quarter adjusted earnings to come in at $5.1 billion, according to Refinitiv.

Shell boosted its dividend for the second consecutive quarter and announced the launch of a $2 billion share buyback program that it aims to complete by the end of the year.

The dividend rose to 24 cents in the second quarter, up 38% from the first three months of the year. It comes a year after the company moved to cut its dividend to shareholders for the first time since World War II.

“We have to make sure that our current shareholder base is pleased with what we do in terms of payouts,” Shell CEO Ben van Beurden told CNBC’s “Squawk Box Europe” on Thursday, reflecting on the firm’s plans to step up its shareholder distributions.

“We have to have a strong cash generative business that also funds the company for the future, but at the same time we have to build a business that is future-proof.”

The results reflect a broader trend across the oil and gas industry, as energy majors seek to reassure investors they have gained a stable footing amid the ongoing coronavirus pandemic. France’s TotalEnergies and Norway’s Equinor have also announced share buyback programs.

Share prices of the world’s largest oil and gas majors have not yet followed an improvement in the earnings outlook, however, and the industry still faces a host of uncertainties and challenges.

Shares of Shell were up over 3% during morning trade in London. The oil and gas company has seen its stock price rise more than 17% year-to-date, having collapsed almost 45% in 2020.

Investor skepticism

Shell’s financial results come as oil and gas prices took another step up in recent months. International benchmark Brent crude futures rose to an average of $69 a barrel in the second quarter, up from an average of $61 in the first three months of the year. The oil contract was last seen trading at $75.38.

Oil prices have rebounded to reach multi-year highs in recent months and all three of the world’s main forecasting agencies — OPEC, the International Energy Agency and the U.S. Energy Information Administration — now expect a demand-led recovery to pick up speed in the second half of 2021.

It follows a year in which the head of the IEA had suggested may come to represent the worst in the history of oil markets. The oil and gas industry was sent into a tailspin in 2020 as the spread of Covid-19 coincided with a historic fuel demand shock, plunging commodity prices, unprecedented write-downs and tens of thousands of job cuts.

Ahead of this earnings season, analysts had warned that while energy companies were likely to try to claim a clean bill of health, investors were expected to harbor a “tremendous degree” of skepticism about the business models of oil and gas firms over the long term. This was predominantly a result of the deepening climate emergency and the urgent need to pivot away from fossil fuels.

Court ruling

Earlier this month, Shell confirmed its intention to appeal a landmark Dutch court ruling ordering the company to take much more aggressive action to drive down its carbon emissions.

“We agree urgent action is needed and we will accelerate our transition to net zero,” Shell’s van Beurden said in a statement on July 20. “But we will appeal because a court judgment, against a single company, is not effective.”

“What is needed is clear, ambitious policies that will drive fundamental change across the whole energy system,” he added.

Members of the environmental group MilieuDefensie celebrate the verdict of the Dutch environmental organisation’s case against Royal Dutch Shell Plc, outside the Palace of Justice courthouse in The Hague, Netherlands, on Wednesday, May 26, 2021. Shell was ordered by a Dutch court to slash its emissions harder and faster than planned, dealing a blow to the oil giant that could have far reaching consequences for the rest of the global fossil fuel industry.
Peter Boer | Bloomberg | Getty Images

The Netherlands court ruled on May 26 that Shell must reduce its carbon emissions by 45% by 2030 from 2019 levels. That’s a much higher reduction than the company’s current aim of lowering its emissions by 20% by 2030.

The court ruling also said Shell is responsible for its own carbon emissions and those of its suppliers, known as Scope 3 emissions.

The verdict was thought to be the first time in history a company has been legally obliged to align its policies with the Paris Agreement. The accord, ratified by nearly 200 countries in 2015, is seen as critically important in averting the worst effects of climate change.

Continue Reading

Environment

Tesla Semi Delivery Event news hub: Livestream and updates

Published

on

By

Tesla Semi Delivery Event news hub: Livestream and updates

Tesla is holding its “Tesla Semi Delivery Event” today at 5 p.m. PT (8 p.m. ET) to deliver the first electric truck to customers. The company is also expected to have a presentation about the production version of the truck.

Here’s our news hub for the event, where you can watch the livestream and get updates.

Three years late, but it is now here. Tesla is going to deliver the first production version of the Tesla Semi electric truck to customers – to PepsiCo, to be more specific.

The Tesla Semi was first unveiled in 2017, and it was supposed to enter production in 2020, but it was delayed several times.

Now the automaker is finally ready to make the first deliveries after having started low-volume production at a facility outside of Gigafactory Nevada in October.

Today, Tesla is expected to deliver the first few units to Pepsi. After the launch of Tesla Semi in 2017, PepsiCo placed one of the biggest orders for Tesla Semi – 100 electric trucks to add to its fleet. The company planned to use 15 of those trucks for a project to turn its Frito-Lay Modesto, California, site into a zero-emission facility. Last year, PepsiCo said that it expected to take deliveries of those 15 Tesla Semi trucks by the end of the year before it was delayed again.

On top of the first deliveries, Tesla is expected to give an update on the specs and pricing of the electric truck, which are expected to be updated from the original 2017 unveiling.

Those are the base expectations for the event, but there could also be a few surprises since Tesla used the original Tesla Semi unveiling for a surprise unveiling of the Tesla Roaster.

We never know.

Tesla Semi Delivery Event livestream

Here we are going to share posts based on the most important news coming out of the Tesla Semi Delivery Event:

Refresh the page to get the latest information.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Segway’s 40-mile range Ninebot MAX G30P electric scooter falls $150 to $600 in New Green Deals

Published

on

By

Segway's 40-mile range Ninebot MAX G30P electric scooter falls 0 to 0 in New Green Deals

Are you tired of using gas and oil for your daily commute? Well, Segway’s Ninebot MAX G30P electric scooter is a great way to get back and forth from work to home without using a single drop of fossil fuels. It’s on sale for $600 today, which is down $150 from its normal going rate and also marks a return to its all-time low that we’ve only seen once before. We also have a wide selection of Tesla and e-bike discounts in today’s New Green Deals, so you won’t want to miss that either.

Head below for other New Green Deals that we’ve found today and of course Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Cruise around on a Segway electric scooter

Through next week, Woot is offering a wide selection of Segway electric scooters and more on sale. Our top pick is the Ninebot MAX G30P Electric Kick Scooter for $599.99 Prime shipped, with non-Prime members being charged a $6 delivery fee. Normally $750 at Amazon or Best Buy, today’s deal matches the all-time low that we’ve tracked at Amazon. This electric scooter packs a 350W motor which allows it to reach speeds of 18.6 MPH. While that might not seem super fast, it’ll feel quick quick once you’re riding. The built-in rechargeable battery features a range of up to 40 miles as well, which should be more than enough to get to and from work or the store on a single charge. Once you arrive at a destination, the G30P has a one-step folding mechanism to make it easy to carry as well. There’s also a LED display, Bluetooth phone pairing, cruise control, and multiple riding modes to choose from. Oh, and the onboard display lets you know how much charge is left and what your current speed is. Of course, not a single drop of gas or oil is required for this to function either, making it a green alternative to your normal commute.

Save $650 on Segway’s Ninebot electric GoKart PRO at its second-best price of $1,650

Amazon is now offering the Segway Ninebot Electric GoKart PRO for $1,650 shipped. Normally fetching $2,300, you’re looking at the second-best price to date following a $650 discount. This is $50 under our previous mention and delivering a notable chance to save for unwrapping some electric kart action come Christmas. Geared for riders weighing up to 220 pounds, the Ninebot GoKart PRO can handle zipping you or the kids around the block at up to 23 MPH top speeds with a 15-mile range. Its durable design can also be folded down for transportation, and pairs with other features like an electric brake, integrated headlights, and taillights. You can also detach the included Ninebot S MAX which powers the experience for a self-balancing scooter ride alongside the go kart fun.

On the more affordable front of putting some gokart action underneath the Christmas tree, Amazon is also marking down the Segway Ninebot S GoKart kit to $1,239.97. This package is down to one of the best prices ever from its usual $1,550 price tag and arrives with $310 in savings attached. It isn’t going to be quite as capable of a cruising machine as the Pro version above, but can handle hitting 10 MPH top speeds with a 13.7-mile range. This Ninebot S model is geared towards riders up to 220 pounds, and can also convert between the four- and two-wheeled configurations.

SWFT VOLT e-bike packs 32 miles of riding for $600

Best Buy is offering the SWFT VOLT E-Bike for $599.99 shipped. Down from a $900 list price, we’ve seen it fall to as low as $500 in the past, but that was way back in January. This is among the best pricing that we’ve seen since. Ready to let you get to and from work without using a single drop of gas or oil. It can travel at up to 19.8 MPH and the built-in battery can last for as long as 32 miles before it’s time to plug back in. The pedal assist mode on SWFT’s VOLT will let you balance between your legs and the built-in motor making the e-bike go forward without having to exert as much effort. This pedal assist function also means that when the terrain gets hilly, the bike can take the hard part out of biking, making it so you don’t have to change how hard you’re pedaling.

new green tesla deals

New Tesla deals

After checking out the Segway electric scooter on sale above, if you keep read, you’ll find a selection of new green deals that will make your Tesla experience better in multiple areas. From storage to keep recordings on to phone mounts, car chargers, and anything else we can find, it’ll be listed below. Each day we’ll do our best to find new and exciting deals and ways for you to save on fun accessories for your Tesla, making each trip unique. For more gift ideas and deals, check out the best Tesla shop. Keep reading on for e-bike, Greenworks, and other great deals.

New e-bike deals + electric scooter discounts

You can use an e-bike or electric scooter for fun, exercise, or even transportation to and from work or the coffee shop. We have several people here that will regularly commute to coffee shops or offices on their e-bike, as it cuts down on fossil fuel usage as well as allows them to enjoy some time outdoors on nice sunny days. Below, you’ll find a wide selection of new e-bike deals and electric scooter deal in all price ranges, so give it a look if that’s something you’d be interested in picking up. As always, the newest e-bike deal and electric scooter discounts and sales will be at the top, so shop quick as the discounts are bound to go away soon.

Additional New Green Deals

After shopping the Segway electric scooter on sale above, be sure to check out the other discounts we found today. These new green deals are wide-ranging from outdoor lawn equipment to anything else we find that could save you money in various ways, be that cutting gas and oil out of your life or just enjoying other amenities that energy-saving gear can bring. As always, the newest deals will be at the top, so shop quick as the discounts are bound to go away soon.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Environment

Tesla (TSLA) gives $3,750 discount for Model 3/Y in the US this month

Published

on

By

Tesla (TSLA) gives ,750 discount for Model 3/Y in the US this month

Tesla (TSLA) is giving a $3,750 discount, which it is calling a “price adjustment”, for every Model 3 and Model Y vehicle delivered in the US in December.

The move appears to be to encourage people to take delivery right now rather than wait for the tax credit to take effect in 2023.

Yesterday, we reported that Tesla is seeing some level of cancellation in the US right now for two main reasons:

  • Long wait times are leading to some customers’ situations changing between the time they place their order and the actual delivery – resulting in cancellation. That’s quite frequent.
  • In a more special situation, Tesla is also dealing with some customers looking to push their deliveries into next year to take advantage of the upcoming new EV tax credit. As we previously reported, Tesla is not as accommodating as other automakers when it comes to the new EV tax credit, and it is holding its customers to their order contracts – again resulting in cancellations.

We also noted that while there are signs of demand issues leading to Tesla not matching vehicles to buyers at the end of the quarter, it shouldn’t be a massive problem unless we see Tesla reduce the price of its vehicles.

Today, Electrek learned from sources familiar with the matter that it is offering “a $3,750 credit” for every customer taking delivery of a Model 3 or Model Y vehicle in the US in December.

Tesla communicated to its sales staff that the offer is temporary only for customers taking delivery this month.

This amount happens to be half of the $7,500 tax credit that is going to go into effect next month. Some automakers anticipate their electric vehicles to only be eligible for half the tax credit due to battery material and assembly origin requirements.

Tesla appears to be encouraging people to take delivery this month rather than wait for the tax credit in order not to be sitting on a lot of unsold inventory at the end of the quarter.

This is an unusual move for Tesla. CEO Elon Musk has often stated that Tesla “doesn’t offer discounts” and that its policy is to have consistent and transparent pricing across all markets.

Electrek’s Take

Well, I said not to worry about demand until Tesla starts to offer discounts. Here it is.

But again, I wouldn’t worry too much about it since it’s clearly due to special circumstances with the tax credit coming into effect.

Everything points to demand coming back in a big way next month when the tax credit comes into effect.

What do you think? Let us know in the comment section below.

FTC: We use income earning auto affiliate links. More.

Continue Reading

Trending