Connect with us

Published

on

BP logos are seen at a BP petrol and diesel filling station southeast of London on June 15, 2020.
BEN STANSALL | AFP | Getty Images

LONDON — Oil and gas giant BP beat second-quarter earnings expectations on Tuesday, while expanding its dividend and share buyback program.

The U.K.-based energy major said it will buy back $1.4 billion of its own shares in the third quarter on the back of a $2.4 billion cash surplus accrued in the first half of the year.

It also anticipates buybacks of around $1 billion per quarter and an annual dividend increase of 4% through 2025, based on an estimated average oil price of $60 per barrel.

The energy major posted full-year underlying replacement cost profit, used as a proxy for net profit, of $2.8 billion. That compared with a loss of $6.7 billion over the same period a year earlier and $2.6 billion net profit for the first quarter of 2021.

Analysts polled by Refinitiv had expected second-quarter net profit of $2.06 billion.

The results reflect a broader trend across the oil and gas industry as energy majors seek to reassure investors they have gained a more stable footing amid the ongoing coronavirus pandemic. The British-Dutch multinational Royal Dutch Shell, France’s TotalEnergies and Norway’s Equinor all announced share buyback schemes last week.

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

Shares of BP are up almost 15% year-to-date, having collapsed roughly 47% in 2020.

BP’s financial results come after a period of stronger commodity prices. 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.

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 the year.

It comes after a 12 month period which BP has described as “a year like no other” for global energy markets.

In its benchmark Statistical Review of World Energy, published on July 8, BP said that over the past seven decades the company had borne witness to some of the most dramatic episodes in the history of the global energy system. These crises included the Suez Canal crisis in 1956, the oil embargo of 1973, the Iranian Revolution in 1979 and the Fukushima disaster in 2011.

“All moments of great turmoil in global energy,” Spencer Dale, chief economist at BP, said in the report. “But all pale in comparison to the events of last year.”

The ongoing Covid-19 crisis triggered a historic oil demand shock in 2020, with Big Oil companies enduring a brutal 12 months by virtually every measure. The pandemic coincided with falling commodity prices, evaporating profits, unprecedented write-downs and tens of thousands of job cuts.

Analysts told CNBC ahead of the latest batch of second-quarter earnings 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 long-term business models of oil and gas firms. This was predominantly a result of the deepening climate emergency and the urgent need to pivot away from fossil fuels.

Continue Reading

Environment

Aptera’s clever new community funding program prioritizes your SEV delivery the more you invest

Published

on

By

Aptera's clever new community funding program prioritizes your SEV delivery the more you invest

One week after sharing details of its Launch Edition Solar EV, Aptera Motors has announced a community funding program called Accelerate Aptera, hoping to raise between $20 and $50 million. By investing a predetermined minimum, reservation holders have a better chance at receiving delivery of one of the 2,000 Launch Edition Apteras planned. Better still, the person who invests the most on the leaderboard (yes there’s a leaderboard) locks in delivery slot #1.

It’s been a newsworthy week for Aptera Motors and solar EV companies in general. With one fellow SEV startup toiling through a bankruptcy filing and another fighting for its life, our hope in a future of EVs powered by the Sun currently rests heavily on Aptera.

Last Friday, the company’s cofounders Steve Fambro and Chris Anthony held a live streamed webinar, where they walked the public through the specifications of Aptera’s unified, preconfigured Launch Edition solar EV.

The startup’s loyal community was up in arms about the lack of DC charging capability, but it took just three days for the cofounders to take to YouTube once again and quickly makes things right. ALL Aptera solar EVs will now come equipped with DC fast charging, including the Launch Edition. Phew.

While most of last week’s Aptera news was exciting, one discouraging aspect was the fact that deliveries of the Launch Editions remain at least a year away and that the startup needs another $50 million in funding to reach its first gate of scaled production.

Well, the guys at Aptera are back with another video, this time explaining the launch of a new competitive community funding campaign called Accelerate Aptera, complete with a leaderboard.

Aptera funding
The Launch Edition Aptera

Aptera’s accelerated funding program starts at $10,000

The company shared details of its new accelerator program in a post to its website this afternoon, which also included a new video from its cofounders you can peep below. First off, Aptera’s team is working through a Series B2 funding round, but says that will take time to secure and finalize.

Aptera has received a $21.9 million grant, but it is all but guaranteed and the process will not be completed until February or March. Furthermore, the grant is a reimbursement, so Aptera must complete eligible purchases (production equipment, machines, etc.) up to $21.9 million with its own money first.

Enter #AccelerateAptera – the company’s latest community funding program intended to put money in the bank and bridge to gap toward prospective grants and series funding rounds. Per the release:

We want to deliver solar mobility to the world as quickly as possible. Our Launch Edition vehicle is only one of many future products we hope to build that will make the world a better place.  Once funded, we expect it will be 12 months until production of our first vehicle commences. Without funding, we anticipate our timelines will continue to be pushed back. Our community has always been our biggest asset and we’re asking our order holders and other supporters to now help us to accelerate our growth.  If we can raise $20-50 million to execute on the first phase of our production plan, it will help tremendously. We expect our use of proceeds to include capital expenditures such as equipment and tooling and assisting in completing the requirements for obtaining the grant.  

Here’s how the accelerated funding program works.

From now through March 26, anyone can invest a minimum of $10,000 in Aptera to join the Launch Edition leaderboard. Investments over $10k qualify you for a $100 coupon (okay?) and a 5% discount on your Aptera solar EV (up to $2,500 and does not include purchase price).

Whoever contributes the highest investment by the end of the funding round will receive the first delivery slot of 2,000 planned Launch Editions. The remaining 1,999 slots will be prioritized down the leaderboard.

Lastly, those reservation holders who already have their hard earned money invested in Aptera will have those amounts added to their leaderboard funding total… as soon as they donate an additional $10,000.

You can join the funding leaderboard by investing here, and can follow the “competition” here. If you still haven’t reserved an Aptera, you can do so here and get $30 off the $100 fee. To learn more about the Accelerate Aptera campaign, see the video below where the cofounders explain it best.

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

Continue Reading

Environment

Norway just greenlit this vertical-axis floating wind turbine

Published

on

By

Norway just greenlit this vertical-axis floating wind turbine

Swedish wind turbine maker SeaTwirl got the go-ahead to test its 1 megawatt (MW) S2X vertical-axis floating offshore prototype in Norway.

Vertical-axis floating wind turbine pilot

In March 2022, Norway’s Ministry of Energy gave approval to SeaTwirl and Norwegian offshore wind test center Marine Energy Test Centre to pilot the vertical-axis floating wind prototype for five years at a former fish farm in Boknafjorden, northeast of Lauplandsholmenoff, 700 meters (2,297 feet) from the coast.

But four groups – the Norwegian Environmental Protection Association, the Norwegian Fishermen’s Association, and two campaign groups – appealed against SeaTwirl’s permit, and so the project was put on ice.

Yesterday, the Norwegian Water Resources and Energy Directorate rejected the appeal, so SeaTwirl’s S2X pilot can now proceed, and no further appeals will be considered.

CEO Peter Laurits said:

Our main focus is the commercialization of large turbines, SX, in floating wind farms. The outcome provides freedom to choose and plan the installation of S2x in the way that best supports that goal.

How S2X works

SeaTwirl says that “multiple S2xs can be placed in a dense pattern for increased output.” The company’s reasoning for building vertical (instead of horizontal) axis floating turbines is this:

The simplicity of the design and low center of gravity are the big advantages. All moving parts and electrical systems are easily accessible [and] close to the water’s surface, lowering maintenance costs.

The S2X prototype is 55 meters (180 feet) above sea level, and it’s around 80 meters (262 feet) below sea level. The turbine diameter is 50 meters (164 feet). Its rotor blade height is around 40 meters (131 feet). Its optimal operating depth is 100 meters (328 feet) and deeper.

SeaTwirl isn’t the only company testing vertical-axis wind turbines off the Norwegian coast – earlier this month, aluminum and energy giant Hydro and floating wind specialist World Wide Wind announced that they’re going to test a vertical-axis wind turbine made out of aluminum.

Read more: These companies will build a floating wind turbine out of aluminum


UnderstandSolar is a free service that links you to top-rated solar installers in your region for personalized solar estimates. Tesla now offers price matching, so it’s important to shop for the best quotes. Click here to learn more and get your quotes. — *ad.

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

Continue Reading

Environment

Audi hints at luxury electric 4×4 to compete with Mercedes Benz and Land Rover

Published

on

By

Audi hints at luxury electric 4x4 to compete with Mercedes Benz and Land Rover

The luxury electric 4×4 you’ve been waiting for is set to emerge in 2027, and no, it’s not the Mercedes Benz G-Class or Land Rover Defender. It’s a new secret project from Audi.

A luxury electric Audi 4×4 coming in 2027

In a first from Audi, the German automaker is showing interest in the luxury 4×4 segment. The secret new electric SUV will feature a top-notch interior with the ability to perform its best on and off the road.

Audi unveiled its new activesphere concept Thursday, a four-door crossover coupe that doubles as a truck. The concept combines a luxury SUV, sports car, and off-roading pickup into one versatile EV.

Although this is a separate concept from the planned electric Audi 4×4, the off-road EV gives us an impression of where the automaker is headed.

In an interview with Autocar, Audi’s head of design, Marc Lichte, hinted at the idea of a new 4×4, saying:

I think there is space [for a rugged SUV in Audi’s lineup]. There is potential because there are only two premium players, and I think there is space for a third one.

Lichte didn’t give up details other than mentioning it will ride on one of Volkswagen’s platforms other than the Audi-Porshce co-developed PPE platform like the activesphere concept.

Since Volkswagen’s next-gen SSP platform designed for all segments has been delayed until at least 2028, there’s a good chance Audi’s new 4×4 will share technology with VW’s recently revived Scout off-road brand of vehicles.

electric-Audi-4x4-2
Audi activesphere concept, a separate project from the 4×4 (source: Audi)

Following Volkswagen’s announcement last year that it would revive the Scout brand for an all-electric lineup and bring rugged SUVs to the United States, reports surfaced VW was considering Canadian parts manufacturer Magna (which also builds the Mercedes Benz G-Class) to help build the vehicles.

The initial plans called for Audi to build Scout models in a new US facility but were later scrapped. According to Autocar, the two brands may still benefit from each other.

Audi is already working with Magna to develop electric vehicle batteries for the Scout brand. With VW reportedly leaning toward having the part supplier build 100,000 Scout EVs, there could be room for an additional 50,000 electric Audi 4×4 models to be built alongside.

Audi is already familiar with electric off-road technology with its beastly RS Q e-tron rally car (and Quattro four-wheel drive tech) and is well known for its premium luxury interior. It seems like a match made in heaven to me.

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

Continue Reading

Trending