BP CEO Bernard Looney photographed in Texas on March 8, 2022. During a panel discussion on Oct. 31, 2022, Looney said his firm’s strategy was to “to invest in hydrocarbons today, because today’s energy system is a hydrocarbon system.”
F. Carter Smith | Bloomberg | Getty Images
BP’s strategy is centered around investing in hydrocarbons whilst simultaneously putting money into the planned energy transition, the oil and gas supermajor’s CEO said Monday.
“What the world needs, more than ever right now, is a conversation and a series of actions that are involved in the practicalities and realities of today and tomorrow,” Bernard Looney, who was appearing on a panel discussion moderated by CNBC’s Hadley Gamble, said.
“And by that I mean, our strategy as BP — which we’re executing in the U.K., we’re working on here in the Middle East and we’re doing it in the United States and across the world — is to invest in hydrocarbons today, because today’s energy system is a hydrocarbon system,” he added.
Speaking at the Adipec conference in Abu Dhabi, Looney said his company was “obviously trying to produce those hydrocarbons with the lowest possible emissions” whilst at the same time investing in “accelerating the energy transition.”
“And we’re doing that in Britain, we’re doing that in the United States, we’re doing it here,” he said, namechecking carbon capture, electric vehicle charging, hydrogen and offshore wind.
Read more about energy from CNBC Pro
A major producer of oil and gas, BP says it’s aiming to become a net-zero company by the year 2050 or before. It’s one of many major firms to have made a net-zero pledge in recent years.
While such commitments draw attention, actually achieving them is a huge task with significant financial and logistical hurdles. The devil is in the detail and goals can often be light on the latter.
Looney’s comments on investing in hydrocarbons come at a time when high profile figures such as U.N. Secretary General Antonio Guterres are making their feelings on fossil fuels known.
Fossil fuels’ effect on the environment is considerable. The United Nations says that, since the 19th century, “human activities have been the main driver of climate change, primarily due to burning fossil fuels like coal, oil and gas.”
More from CNBC Climate:
Back in Abu Dhabi, BP’s Looney referenced the war in Ukraine as he sought to make the case for developing a system focused on a range of sources and priorities.
“There is a saying that wars do two things: wars reveal, and wars accelerate,” he said.
“And one of the things that it has revealed is that whenever we focus on just one thing, it can end up being a problem,” he went on to say.
Expanding on his point, Looney said that if he’d “asked anybody in Europe two or three years ago what they wanted from energy they would almost exclusively have said net-zero.”
“If I ask them today what they want from energy, they will inevitably tell you they want an energy system that works.”
An energy system that worked, he argued, was “an energy system that provides the world — Europe in this example — with secure energy, affordable energy and cleaner energy.”
What the planet needed, he later added, was a plan that didn’t solely address lowering emissions but security and affordability too.
“We should be very optimistic here,” he added, going on to note that “many of the things that will help energy security, help a cleaner energy system.”
“Offshore wind is local, hydrogen can be local, EV charging, electrifying transport, is local, bioenergy is local — so the things that contribute to a lower carbon economy also contribute to energy security.”
“And if we have a more diversified system, over time, we should have a more affordable system.”
The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
Advertisement – scroll for more content
To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
enclosed cab vs. open canopy
32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
HX19e electric mini excavator; via Hyundai Construction Equipment.
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.
With the Trump Administration fully in power and Federal electric vehicle incentives apparently on the chopping block, many fleet buyers are second-guessing the push to electrify their fleets. To help ease their minds, Harbinger is launching the IRA Risk-Free Guarantee, promising to cover the cost of anticipated IRA credits if the rebate goes away.
In the case of a Harbinger S524 Class 5 chassis with a 140 kWh battery capacity with an MSRP of $103,200, the company will offer an IRA Risk-Free Guarantee credit of $12,900 at the time of purchase, bringing initial cost down to $90,300. This matches the typical selling price of an equivalent Freightliner MT-45 diesel medium-duty chassis.
“We created (the IRA Risk-Free Guarantee) program to eliminate the financial uncertainty for customers who are interested in EV adoption, but are concerned about the future of the IRA tax credit,” said John Harris, Co-founder and CEO of Harbinger. “For electric vehicles to go mainstream, they must be cost-competitive with diesel vehicles. While the IRA tax credit helps bridge that gap, we remain committed to price parity with diesel, even if the credit disappears. Our vertically integrated approach enables us to keep costs low, shields us from tariff volatility, and ensures long-term price stability for our customers.”
Advertisement – scroll for more content
Harbinger recently revealed a book of business consisting of 4,690 binding orders. Those orders are valued at approximately $500 million, and fueled a $100 million Series B raise.
Electrek’s Take
Harbinger truck charging; via Harbinger.
One of the most frequent criticisms of electric vehicle incentives is that they encourage manufacturers and dealers to artificially inflate the price of their vehicles. In their heads, I imagine the scenario goes something like this:
you looked at a used Nissan LEAF on a dealer’s lot priced at $14,995
a new bill passes and the state issues a $2500 used EV rebate
you decide to go back to the dealer and buy the car
once you arrive, you find that the price is now $16,995
While it’s commendable that Harbinger is taking action and sacrificing some of its profits to keep the business growing and the overall cause of fleet electrification moving forward, one has to wonder how they can “suddenly” afford to offer these massive discounts in lieu of government incentives – and how many other EV brands could probably afford to do the same.
Whoever is left at Nikola after the fledgling truck-maker filed for Chapter 11 bankruptcy protection last month is probably having a worse week than you – the company issued a recall with the NHTSA for 95 of its hydrogen fuel cell-powered semi trucks.
That complaint seems to have led to the posthumous recall of 95 (out of about 200) Nikola-built electric semi trucks.
The latest HFCEV recall is on top of the 2023 battery recall that impacted nearly all of Nikola’s deployed BEV fleet. Clean Trucking is citing a January 31, 2025 report from the NHTSA revealing that, as of the end of 2024, Nikola had yet to complete repairs for 98 of its affected BEVs. The ultimate fate of those vehicles remains unclear.
Advertisement – scroll for more content
Electrek’s Take
Image via Coyote Container.
I’ve received a few messages complaining that I “haven’t covered” the Nikola bankruptcy – which is bananas, since I reported that it was coming five weeks before it happened and there was no “new” information presented in the interim (he said, defensively).
Still, it’s worth looking back on Nikola’s headlong dive into the empty swimming pool of hydrogen, and remind ourselves that even its most enthusiastic early adopters were suffering.
“The truck costs five to ten times that of a standard Class 8 drayage [truck],” explained William Hall, Managing Member and Founder of Coyote Container. “On top of that, you pay five to ten times the Federal Excise Tax (FET) and local sales tax, [which comes to] roughly 22%. If you add the 10% reserve not covered by any voucher program, you are at 32%. Thirty-two percent of $500,000 is $160,000 for the trucker to somehow pay [out of pocket].”
After several failures that left his Nikola trucks stranded on the side of the road, the first such incident happening with just 900 miles on the truck’s odometer, a NHTSA complaint was filed. It’s not clear if it was Hall’s complaint, but the complaint seems to address his concerns, below.