Connect with us

Published

on

U.S. President Joe Biden has previously singled out Exxon Mobil for making “more money than God” last year.

Brandon Bell | Getty Images

Some of the world’s largest oil and gas companies are poised to report record annual profits, raking in extraordinary revenues following a year of volatile fossil fuel prices amid Russia’s onslaught in Ukraine.

Oil majors Exxon Mobil, Chevron, BP, Shell and TotalEnergies are slated to report a combined profit of $190 billion for 2022 when their final quarterly results are released in the coming days, according to estimates from analysts collated by Refinitiv.

Flush with cash, the energy giants are expected to use their windfall profits to reward shareholders with higher dividends and share buybacks.

U.S. President Joe Biden has previously accused oil companies of reaping a “windfall of war,” while simultaneously refusing to help lower gas prices at the pump for American consumers. In June last year, Biden singled out Exxon Mobil for making “more money than God.”

Exxon Mobil spokesperson Erin McGrath told CNBC higher energy prices are “largely as a result of a supply-demand imbalance” and that it is the firm’s investments over the last five years that are driving quarterly results.

McGrath said Exxon sees its success “as an ‘and’ equation, one in which we can produce the energy and products society needs — and — be a leader in reducing greenhouse gas emissions from our own operations and also those from other companies.”

Spokespeople for BP and Shell did not wish to comment ahead of full-year results, while Chevron and TotalEnergies did not respond when contacted by CNBC.

In recent quarters, Big Oil executives have said the significant disruption to global energy markets due to the war in Ukraine has reaffirmed the importance of helping to solve “the energy trilemma.” This, according to a statement to investors from BP CEO Bernard Looney late last year, refers to “secure, affordable and lower carbon energy.”

“They are profiting from the current increase in oil and gas prices, and they are betting on it. And what you see is actually increased investment in oil and gas,” Agathe Bounfour, oil campaign lead at the NGO Transport & Environment, told CNBC via telephone.

“I think given that prices of oil and gas are likely to stay up, it’s important for us to reflect on the fact that these profits are going to stay high at the same time as many households are struggling with energy prices,” Bounfour said.

“There’s not much point [in] raising revenues and subsidizing the industry at the same time,” she added.

‘The year the empire struck back’

The Big Oil profits are seen from within the industry as something of a vindication. The energy giants came under immense pressure from shareholders and activists to invest in clean energy as oil demand cratered in the peak of 2020 lockdowns.

The push toward green reform lost momentum last year, however.

The oil and gas industry has sought to underline the importance of energy security amid calls for a rapid transition to renewables, typically highlighting that demand for fossil fuels remains high.

“I have called 2022 the year the empire struck back,” Mark van Baal, founder of Dutch shareholder activist Follow This, told CNBC via telephone.

“What we saw happening in 2022 is that the oil majors used the high oil prices and the energy crisis to convince investors that the energy crisis should eclipse the climate crisis — and that has caused a setback,” van Baal said.

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.

Bloomberg | Bloomberg | Getty Images

After ultimately failing with several climate resolutions in 2022, van Baal said it was clear from discussions with oil majors that they were once again determined to fend off activist and shareholder pressure and continue with their core oil and gas businesses.

“The attitude of the oil industry is ‘we have a very handsome business model and we’re going to defend it tooth and nail,'” van Baal said. “The reason it is so handsome is because there are so many externalities not inside their costs — and, of course, the biggest one is the cost of climate change.”

Van Baal added, “My hope is not with the boards of these oil majors, my hope is that the investors will realize that we don’t have time for another round of discussion, another year of engagement and another year of the benefit of the doubt.”

‘Harming both people and the planet’

Record earnings from the West’s largest oil and gas majors have also renewed calls for higher taxes, particularly at a time when surging gas and fuel prices have boosted inflation around the world.

Alice Harrison, fossil fuels campaign leader at advocacy group Global Witness, said, “We must all call out profiteering like this.”

She described the historic revenues for energy giants as “disgraceful” given that “much of this money is being made at the expense of the millions of people who have been pushed into poverty because of the skyrocketing cost of gas.”

IEA chief Fatih Birol, Greta Thunberg and other youth activists discuss the climate crisis at Davos

“An increased windfall tax to help those struggling to pay their bills, along with a significant boost in renewable energy and home insulation, would end the fossil fuel era that is harming both people and the planet so severely,” Harrison told CNBC via email.

To be sure, burning fossil fuels, such as coal, oil and gas, is the chief driver of the climate emergency.

Continue Reading

Environment

The Kandi 4P golf-cart is an NFL fan’s dream neighborhood cruiser

Published

on

By

The Kandi 4P golf-cart is an NFL fan's dream neighborhood cruiser

Kandi has become fairly well known in the US for its electric golf carts and work-focused UTVs, but the company has teamed up with Lowe’s and the NFL on something more playful: the Kandi 4P electric golf cart. Sold through Lowe’s with official NFL team liveries, this four-seat neighborhood cruiser is aimed less at the fairway and more at cul-de-sacs, grocery runs, and game-day tailgates. I spent time with a Miami Dolphins–themed 4P in South Florida to see what it can really do.

Kandi 4P NFL-edition golf cart video review

Want to see it in action? Or want to see my family decked out in head-to-toe Miami Dolphins gear?

Check out our family testing video below!

Specs, power, and hardware

Despite the “golf cart” label, the Kandi 4P is built more like a small road-going NEV. Power comes from a 5 kW motor and a big 48V 150 Ah lithium iron phosphate battery (around 7.2 kWh), giving it plenty of grunt for neighborhood speeds of around 20 mph and a lot more range than you’d expect from something this size. In practical terms, it just sips energy; I did multiple days of errands and joyrides before even thinking about plugging it in.

Advertisement – scroll for more content

Charging is refreshingly straightforward. The cart uses a J1772 inlet, so you can plug into a normal 120V wall outlet with the included cord or use a typical home EV charger if you already have one. It’s overkill for a golf cart, but in a good way.

Underneath, you’ll find single wishbone suspension in the front, rack-and-pinion steering, and four-wheel hydraulic disc brakes. There’s even a 2-inch receiver tow-hitch rated for 500 pounds of trailer weight and a mounting spot up front if you really want to bolt on a winch.

Features and practicality

Inside, the Kandi 4P feels more like a small EV than a basic cart. There’s a very large touchscreen display with multiple info pages for speed, battery, and system status (and also displays the backup camera). An NFC fob handles “key” duties, and you get proper controls for forward, neutral, and reverse, plus hazards, lighting, and a tilt-adjustable steering column with stalk-mounted turn signals and horn.

The seats are nicely upholstered and genuinely comfortable, with DOT seat belts front and rear, cup holders everywhere, grab bars for passengers, and a built-in Bluetooth speaker for rolling playlists or tailgate anthems. A flip-up windshield can be cracked for a bit of breeze or propped fully open on gas struts, and the hard roof extends enough to keep you fairly dry in the rain. I should know – I had it out driving in multiple rain storms!

Storage is better than you’d expect: a small glove box, a rear trunk, and even a front “frunk.” Between those and the flat floor, we were able to pull off a full grocery run – though we probably should have planned our bag strategy a bit better. We ended up buckling a week’s worth of grocery bags into the back seats, but a tub in the back would make a better storage area for those types of large store runs.

Is it worth it?

At $9,999 through Lowe’s with whichever NFL team’s colors you prefer, the Kandi 4P isn’t cheap in absolute terms, but it’s very much in the mix for modern, nicely equipped neighborhood carts. High-end golf carts can easily run $14,000–$15,000 these days, and they don’t always bring a 7+ kWh LiFePO4 pack, disc brakes all around, J1772 charging, and all the street-legal bits in one package. Add in official NFL team colors and logos and you’ve basically got a rolling fan-mobile that doubles as a genuine second car replacement for many households.

No, it’s not as safe as a full-size car – there are no airbags or crumple zones here. But it does have real seat belts and lights, and it encourages a more aware, less “invincible” mindset behind the wheel. For people living in communities with 25–30 mph streets, these kinds of carts make a lot of sense: lower cost to buy, dramatically less energy use, no tailpipe emissions, less wear on roads and tires, and far more smiles per mile.

Compared to an e-bike, the Kandi 4P wins on weather protection and passenger capacity. Compared to a second car, it wins on cost, efficiency, and fun. And if you’re the type of person who wants to show up to the grocery store or the stadium in a full team-liveried electric cart, this thing absolutely nails the assignment.

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

Continue Reading

Environment

Rumor: Polestar ($PSNY) planning reverse stock split to stay on NASDAQ

Published

on

By

Rumor: Polestar ($PSNY) planning reverse stock split to stay on NASDAQ

In a bid to get it above the $1.00/share NASDAQ-required minimum, fledgling EV brand Polestar ($PSNY) is rumored to be considering a 1:30 reverse stock split that could see the per-share price rocket up to nearly $16.

Geely-owned Volvo spinoff Polestar is working as hard as Tesla to prove that stock prices have little or nothing to do with traditional business fundamentals in 2025.

That’s because Polestar posted a 36.5% increase in retail sales and a heady 48.8% increase in revenue (to $2.17 billion) over the year before, Polestar’s share price has plummeted more than 35% in a matter of a few weeks – culminating in an unwelcome nastygram from NASDAQ threatening to delist the company’s shares from the NASDAQ if they didn’t climb back up above $1.

It looks bad


Via Yahoo!Finance.

To goose the share price, CarScoops is reporting that Polestar aims to move forward with the reverse stock split before the end of 2025. The expected 1:30 reverse split would boost the PSNY price to an estimated $15.90 per share at current prices, keeping the brand well out of risk of a delisting.

Advertisement – scroll for more content

In a reverse stock split, each share of the company is converted into a fraction of a share – so, if a company announces a one for ten reverse stock split (1:10), every ten shares that you own will be converted into a single share. In a 1:30 reverse split like the one rumored here, every thirty shares in Polestar would become a single share.

The reverse split increases share price, but it’s not without risk:

A company may declare a reverse stock split in an effort to increase the trading price of its shares – for example, when it believes the trading price is too low to attract investors to purchase shares, or in an attempt to regain compliance with minimum bid price requirements of an exchange on which its shares trade … investors may lose money as a result of fluctuations in trading prices following reverse stock splits.

INVESTOR.ORG

That’s especially relevant because, despite the increased sales and revenue, the company is also posting increased losses. Through September, the brand posted a $1.56 billion net loss compared to an $867 million loss in the first nine months of 2024. The company is also getting hit hard by Trump-imposed tariffs in the US and increased downward pressure on pricing coming from aggressive post-tax credit discounts from rival brands like BMW and Kia.

If the split does happen, here’s hoping Polestar can make the most of their borrowed time and they don’t end up like Lordstown Motors or Faraday Future – two brands that have pulled similar reverse stock splits with dubious results.

Electrek’s Take


Make the switch to Polestar. Save up to $20,000 on a Polestar 3 lease as a Tesla owner.
Polestar showroom; via Polestar.

Product-wise, at least, Polestar’s future appears to be bright. The new 3 crossover is a viable competitor to the industry-leading Tesla Model Y, and the upcoming Polestar 4 and 5 models seem like winners, too. To drive that point home, Polestar is promoting up to $18,000 in lease incentives to lure Tesla buyers into their showrooms.

You can find out more about Polestar’s killer EV deals on the full range of Polestar models, from the 2 to the 4, below, then let us know what you think of the three-pointed star’s latest discount dash in the comments section at the bottom of the page.

SOURCE: CarScoops; images via Polestar.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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

Continue Reading

Environment

Maybe it really SHOULD have been the new Maxima: meet the Nissan N6 EREV

Published

on

By

Maybe it really SHOULD have been the new Maxima: meet the Nissan N6 EREV

With its sleek, uncluttered styling and more than 100 miles of battery-electric range before the extended range electric sedan’s gas engine kicks on, maybe the new Nissan N6 really should have been the next Maxima!

Struggling Japanese carmaker Nissan is dealing with an aging lineup and a brand identity driven more by subprime financing than any suggestion of reliability or sportiness here in the US – but overseas? The brand is rolling out hit after hit, and the latest Nissan N6 plug-in sedan promises exactly the sort of entry-level panache that could change its American fortunes.

“Under our Re:Nissan plan, we are redefining what Nissan delivers today and beyond,” explains Nissan President and CEO Ivan Espinosa. “It’s about strengthening our core, reigniting Nissan’s heartbeat, and creating products that inspire excitement and trust. It is about a sharper, more focused product strategy, a stronger brand, and a renewed commitment to our customers. Integral to this transformation is China — an essential market whose speed, technological leadership, and customer insights are setting the pace for the global auto industry.”

Developed by the Nissan Dongfeng JV in China, the new N6 is more compact that the well-received N7 BEV. In fact, the new Nissan N6, at 190.1″ long, compares nicely to the 192.8″ length of the most recent (and largest-ever) US Maxima, discontinued in 2023. Like the Maxima, the top-shelf version features modern, near-luxe features like soft, leather-like surfaces, LED mood lighting, multi-way adjustable seats, and mimosas or something.

Advertisement – scroll for more content

Mimosas or something


Mimosas; via Nissan.

The four or five passengers inside the N6 are propelled down the road exclusively by the car’s 208 hp electric motor, which is efficient enough to take you 112 miles on a full charge of its 21.1 kWh LFP battery. Once that charge is depleted, a 1.5L gas engine kicks on as a high-efficiency generator to keep the good times rolling.

Nissan says the N6′ exterior design, “features a V-Motion signature grille and expressive LED lighting at the front and rear.” And says that the car’s crisp lines give it, “a confident, dynamic presence.”

All of which sounds good on its own, but sounds absolutely miraculous when you consider the car’s Chinese price: ¥106,900 – or about $15,000 US for the base Nissan N6 180 Pro, as I type this.

Even with a nearly 100% markup to give it a $29,990 price tag in the US, I think the N6 would be a huge hit in the North American market. And – good news! – thanks to Canada’s apparent willingness to give Chinese carmakers a shot, we might find out if I’m right somewhat sooner than later.

Check out the Nissan N6 image gallery, below, then let us know what you think of the car’s US and Canadian appeal in the comments.


SOURCE | IMAGES: Nissan.


If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them. 

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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

Continue Reading

Trending