The logo of Shell on an oil storage silo, beyond railway tanker wagons at the company’s Pernis refinery in Rotterdam, Netherlands, on Sunday, Oct. 23, 2022.
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British oil major Shell on Thursday reported that quarterly profits more than doubled from the same period last year, but lower refining and trading revenues brought an end to its run of record earnings.
Shell posted adjusted earnings of $9.45 billion for the three months through to the end of September, meeting analyst expectations of $9.5 billion according to Refinitiv. The company posted adjusted earnings of $4.1billion over the same period a year earlier and notched a whopping $11.5 billion for the second quarter of 2022.
The oil giant said it planned to increase its dividend per share by around 15% for the fourth quarter 2022, to be paid out in March 2023. It also announced a new share buyback program, which is set to result in an additional $4 billion of distributions and is expected to be completed by its next earnings release.
Shares of Shell rose 3% during morning deals in London. The firm’s stock price is up over 42% year-to-date.
The London-headquartered oil major reported consecutive quarters of record profits through the first six months of the year, benefitting from surging commodity prices following Russia’s invasion of Ukraine.
It has coincided with calls for higher taxes on the bumper profits of Britain’s biggest oil and gas companies, particularly at a time when the country faces a deepening cost-of-living crisis.
Shell warned in an update earlier this month that lower refining and chemicals margins and weaker gas trading were likely to negatively impact third-quarter earnings.
On Thursday, the company said a recovery in global product supply had contributed to lower refining margins in the third quarter, and gas trading earnings had also fallen.
“The trading and optimisation contributions were mainly impacted by a combination of seasonality and supply constraints, coupled with substantial differences between paper and physical realisations in a volatile and dislocated market,” Shell said in its earnings release.
What about renewable investments?
Shell CEO Ben van Beurden said in a statement that the firm’s “robust” results come at a time of ongoing energy market volatility.
“We continue to strengthen Shell’s portfolio through disciplined investment and transform the company for a low-carbon future. At the same time we are working closely with governments and customers to address their short and long-term energy needs,” he added.
In the first nine months of the year, Shell’s investments in its “Renewables & Energy Solutions” sector came to around $2.4 million, roughly 14% of its total cash capital expenditures of $17.5 million.
Notably, Follow This founder Mark van Baal said Shell’s renewables and energy solutions investments include natural gas, a fossil fuel.
“You can’t claim to be in transition if less than 14% of your investments is going to new, renewable energy businesses and at least 86% of your investments remain tied to old, fossil fuel businesses,” van Baal said.
“Without presenting a clear breakdown, it remains unclear how much Shell actually invests in renewable energy.”
Van Baal added, “We still don’t see Shell using this once in a lifetime opportunity to invest in diversification to ensure the long-term future of the company.”
Wael Sawan, currently Shell’s director of integrated gas, renewables and energy solutions, will become its next chief executive on Jan. 1.
A dual Lebanese-Canadian national, Sawan has held roles in downstream retail and various commercial projects during his 25-year career at Shell.
“I’m looking forward to channelling the pioneering spirit and passion of our incredible people to rise to the immense challenges, and grasp the opportunities presented by the energy transition,” Sawan said in a statement on Sept. 15, adding that it was an honor to follow van Beurden’s leadership.
“We will be disciplined and value focused, as we work with our customers and partners to deliver the reliable, affordable and cleaner energy the world needs.”
Luxury is a tough concept to pin down, but being constantly connected to work, kids, and telemarketers ain’t it. Genesis gets it, and its latest ultra-luxe off-road concept ditches screens in favor of the view out the windshield – and it’s got enough off-road chops to promise two things about those views: they’re real, and they’re spectacular!
Genesis calls its new X Gran Equator concept an elegant overlander for the modern explorer that marries on-road sophistication with off-road resilience. Whatever they call it, the 4×4’s dashboard is delightfully free from sweeping touchscreens, mood lighting, and any hint of telephonic integration.
If you zoom in, you can see screens in the instruments. High-definition roll and pitch displays, altimeters, and probably other outdoorsy, overland-y things that the sort of people who want to do that in what would surely be a verywell-appointed six-figure SUV for a similarly verywell-heeled buyer.
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And that buyer? They wouldn’t miss the screen, because the screen doesn’t matter. The real show is out the front windshield – and if someone from the office calls to interrupt the vibe, you won’t even know. I know I’d pay extra for that … and I can’t imagine I’m alone.
This is how Genesis explains it:
Inside, the X Gran Equator Concept orchestrates contrast between analog architecture and digital technologies, crafting a space that feels both functional and evocative. At the center of the cabin is a four-circle display cluster on the center stack, inspired by the vintage camera dials. The interior design features contrasting colors and shapes, with a preference for geometric over organic elements. The dashboard’s linear architecture and absence of decorations focus the driver’s attention on the journey, while swiveling front seats and modular storage solutions enhance practicality.
After the show, the company will move the concept to a display at Genesis House New York in the Meatpacking District, where it will stay “in residence” until the end of July. If you’re out that way for either event, take a picture of it and tag Electrek on Instagram!
The new-for-2025 Honda P7 electric SUV officially went on sale earlier today with 469 hp and more than 650 km (403 miles) of range from its 89.8-kWh nickel manganese cobalt (NMC) battery … and you won’t believe the price!
First shown as a concept at the launch of Honda’s Ye brand a year ago, today. Ye is a joint venture between Honda and local automakers Dongfeng, who build the brand’s S7 model, and GAC, which helped develop the mechanically similar P7 that just went on sale.
And, by “similar,” I mean really, really similar. The AWD version of the new Honda P7 offers up to 620 km (385 miles) of CLTC-rated range, while the RWD can go 650 km (403 miles), which are identical figures to the S7. Even the crossover’s dimensions, at 4,750 mm long, 1,930 mm wide, and 1,625 mm tall with a 2,930 mm wheelbase, are identical.
Even the interiors – which are fantastic, by the way, with an innovative mix of screens, buttons, and super-slick sideview monitors – are tough to tell apart.
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Honda Ye EV interior(s)
So, how can you tell the P7 apart from its S7 sibling? The P7 has C-shaped lighting elements that are distinctive from the S7’s X-shaped lights. The end result is a face that reads a bit more “Honda” to me, but that may or may not be a good thing in the Chinese market.
Pricing for the new Honda P7 starts at 199,900 yuan (about $27,200) for the two wheel drive variant, and is also offered with all-wheel drive for 249,900 yuan (about $34,000, as I type this), complete with the sort of advanced ADAS features you have to pay good money to supervise here in the US. That pricing makes both P7 models significantly less expensive that the what the company thought would be the vehicle’s main competitor, the Tesla Model Y.
Kia just pulled the cover off its all-new 2026 EV4 today at the New York International Auto Show, marking the automaker’s first global all-electric sedan.
With a sleek design and practical features, Kia is clearly aiming to offer a compelling, affordable alternative to the flood of electric SUVs on the market.
The Kia EV4, set to hit US roads in early 2026, will be available in three trims – Light, Wind, and the sportier GT-Line.
Exterior and interior
2026 EV42026 EV4
Built on Kia’s 400V Electric Global Modular Platform (E-GMP), the EV4 sedan sports a distinctive low, aerodynamic profile with a sporty fastback roofline. The front showcases vertical LED headlights paired with Kia’s signature Star Map lighting and a modernized version of Kia’s Tiger Face grille.
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Around back, vertical taillights and a two-piece spoiler emphasize the sedan’s sporty stance. Buyers can choose between standard 17-inch aero wheels or the 19-inch wheels exclusive to the GT-Line trim.
Inside, Kia’s EV4 emphasizes comfort, convenience, and spaciousness. A modern, open cockpit features high-quality materials, a two-spoke steering wheel, and an available 64-color ambient lighting system. With ample passenger room and cargo space, the EV4 balances practicality with a sleek, contemporary feel.
Powertrain and performance
2026 EV4
The EV4 comes with two battery options: a 58.3 kWh pack delivering about 235 miles of range (standard on the Light trim), or a larger 81.4 kWh pack good for around 330 miles (Wind and GT-Line trims). Both models feature a 150 kW front-mounted electric motor.
Charging won’t slow you down: Kia estimates a 10-to-80% DC fast charge takes just 29 minutes for the smaller battery and 31 minutes for the larger. The EV4 comes with a standard NACS charging port and is on the front passenger side.
This Kia sedan has a drag coefficient as low as 0.23 Cd. Its updated i-Pedal 3.0 system offers smooth one-pedal driving, even in reverse and adaptive regenerative braking. Additionally, Vehicle-to-Load (V2L) capability means your EV4 can power everyday devices like laptops or camping gear.
A tech-loaded interior
2026 EV4
The EV4 features nearly 30 inches of combined widescreen displays. Personalization is easy, including themed interfaces and standard wireless Apple CarPlay and Android Auto.
Kia’s Digital Key 2.0 lets drivers manage locks, start the climate control remotely, and access other vehicle functions via smartphone. And Kia’s built-in AI Assistant ensures natural, responsive interactions, adding another convenience layer.
Comfort isn’t an afterthought, either. Dual-zone automatic climate control, available heated and ventilated seats, a heated steering wheel, and acoustic windshield glass round out the premium feel.
Advanced driver-assist technology
2026 EV4
The EV4 is equipped with Highway Driving Assist as standard, which automatically adjusts the vehicle’s set speed to match the posted speed limit (if initially set to the speed limit) and maintains distance from the vehicle in front.
Standard Hands-On Detection helps ensure drivers stay engaged by monitoring steering-wheel grip, enhancing safety on longer trips.
Other available features include Driver Attention Warning, Forward Collision Avoidance Assist, and Lane Following Assist. Optional Remote Smart Parking Assist simplifies parking in tight spots.
Look for the Kia EV4 sedan to reach US dealers in early 2026.
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