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BP, which in 2020 set out its ambition to become a net zero company “by 2050 or sooner,” has drawn sharp criticism for scaling back its emission reduction targets in the wake of record profits.

Matt Cardy | Getty Images News | Getty Images

LONDON — Oil major BP on Tuesday reported stronger-than-expected first-quarter profits, rising from the previous three months but down from the exceptional levels it recorded through a blockbuster 2022 when fossil fuel prices surged following Russia’s full-scale invasion of Ukraine.

The British energy giant posted underlying replacement cost profit, used as a proxy for net profit, of $4.96 billion for the first quarter.

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That compared with a profit of $4.8 billion in the fourth quarter and $6.2 billion for the first quarter of 2022. Analysts had expected BP to report first-quarter profit of $4.3 billion, according to Refinitiv.

BP said its first-quarter earnings reflected robust oil and gas trading. It announced a further share buyback of $1.75 billion, which it expects to complete prior to announcing its second-quarter 2023 results in early August. The group said it completed its previously announced $2.75 billion share buyback on April 28.

Shares of the London-listed stock fell over 5% during morning deals, slipping toward the bottom of the pan-European Stoxx 600 index.

“This has been a quarter of strong performance and strategic delivery as we continue to focus on safe and reliable operations,” BP CEO Bernard Looney said.

“And importantly we continue to deliver for shareholders, through disciplined investment, lowering net debt and growing distributions,” he added.

BP said it expects to be able to deliver share buybacks of around $4 billion per year — which is at the lower end of its $14 billion to $18 billion capital expenditure range — and has the capacity for an annual increase in the dividend per ordinary share of roughly 4%.

BP’s dividend remained unchanged from the previous quarter at 6.61 cents per ordinary share, following a 10% increase in February.

The company reported first-quarter net debt of $21.2 billion, down from $27.5 billion when compared to the same period a year earlier.

The first-quarter results come after a year of whopping profits for Big Oil. Energy majors smashed previous annual records in 2022 during a period of volatile oil and gas prices.

For its part, BP posted annual profits of $27.7 billion last year — more than doubling profits recorded in 2021. The oil major’s previous annual profit record was $26.3 billion in 2008.

Shareholder revolt

Big Oil executives have since sought to defend their bumper profits amid a barrage of criticism, typically highlighting the importance of energy security in the transition away from fossil fuels and suggesting higher taxes could deter investment.

BP, which was one of the first energy giants to announce an ambition to reach net-zero emissions “by 2050 or sooner,” said in the wake of its annual record profits that it now plans to scale back its emission reduction targets.

The move set the scene for a contentious annual shareholder meeting last week, with analysts commenting that there was “clearly very deep frustration” among some of the U.K.’s biggest pension funds.

Indeed, a shareholder group of 17% — up from 15% last year, but down from as high as 21% in 2021 — voted in favor of a resolution put forward by Dutch group Follow This. The resolution called for the company to align its 2030 emissions reduction targets with the landmark Paris Agreement.

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

Last week, French oil major TotalEnergies kicked off Big Oil’s earnings season with first-quarter results in line with analyst expectations. The company reported a 27% drop in net income to $6.5 billion through the first three months of 2023, partly due to lower fossil fuel prices.

Britain’s Shell and Norway’s Equinor are both scheduled to report their quarterly earnings on Thursday.

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Tesla launches new Model Y in North America and Europe

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Tesla launches new Model Y in North America and Europe

Tesla has officially launched the new Model Y in North America and Europe after launching it in China earlier this month.

The difference is that Tesla is now taking orders for both the older and newer versions of its best-selling electric SUV.

That’s a unique launch for Tesla. I don’t remember the automaker doing that before.

After launching the new Model Y design refresh in China two weeks ago, Tesla is now starting to take orders for the refresh in North America and Europe.

But it looks like the design refresh is still a transitional in Tesla’s production as the automaker is still taking orders for the previous version:

For the launch in North America and Europe, Tesla has only added a new “trim” on the Model Y online configurator for a ‘Launch Series New Model Y’, which is the version unveiled in China earlier this month.

But in China, only this new version has been available for sale since the last two weeks.

Tesla estimates that the new version will have 320 miles of EPA range. Compared to 311 miles for the previous Model Y Long Range AWD, the only version of the new Model Y Launch Series available.

Here are all the other changes with the new Model Y compared to the previous version:

Feature Model Y New Model Y
Starting Price After Est. Savings $31,490 Available Now $46,490 Available Starting March
Trims Long Range RWD Long Range AWD Performance AWD Launch Series Long Range AWD
Range 277-337 miles (EPA est.) 303-320 miles (est.)
Seating First row: power recline and heated Second row: manual fold and heated First row: power recline, heated and ventilated Second row: power two-way folding and heated
Displays 15.4″ front-row touchscreen 15.4″ front-row touchscreen 8″ second-row touchscreen
Ride Comfort First-generation suspension First-generation noise reduction hardware Second-generation suspension Second-generation noise reduction hardware
Cameras 7 exterior cameras 8 exterior cameras (includes a new front-facing camera)
Audio Long Range RWD: 7 speakers Long Range AWD: 13 speakers, 1 subwoofer Performance AWD: 13 speakers, 1 subwoofer Launch Series Long Range AWD: 15 speakers, 1 subwoofer
Connectivity First-generation hardware Second-generation hardware
Trunk Power open Hands-free power open on approach
Interior Footwell and door pocket ambient lighting Wooden detailing with black interior Footwell and door pocket ambient lighting Wrap-around ambient lighting Aluminum detailing and premium textiles
Climate Tinted and laminated safety glass Power-actuated first-row air vents Manual second-row air vents Tinted and laminated safety glass with metallic infrared reflective coating Power-actuated first- and second-row air vents

For the Launch Series, Tesla is pricing the new Model Y Long Range AWD at $59,999 USD. That’s $12,000 more than the previous Model Y Long Range AWD, which is still available to order.

Specifically for the Launch Series, buyers get a bunch of special badging around the car:

But they also get things called “Premium Textil Trim” and “Vegan Suede for Black Interior”:

Currently, Tesla is only offering the new Model Y in Stealth Grey, Pearl White Multi-Coat, Ultra Red, and Quicksilver, but they are all included in the Launch Series price.

The Glacier Blue that is offered in China is currently not offered in North America or Europe.

Tesla is talking about the first deliveries of this new version of the Model Y coming in March in North America.

Electrek’s Take

This came sooner than expected, as most expected the launch to be closer to March based on how Tesla launched the Model 3 refresh last year.

But this is also different since Tesla continues to take orders for the previous version.

Tesla was likely worried about the Osborne effect and this strategy of starting with this more expensive version of the Model Y, the Launch Series, is going to help sales of the much cheaper previous version.

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Rivian (RIVN) plans to roll out hands-free driving this year, eyes-free system in 2026

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Rivian (RIVN) plans to roll out hands-free driving this year, eyes-free system in 2026

Rivian (RIVN) plans to launch a new Advanced Driver Assistance System (ADAS) this year to enable hands-free driving. The new feature is expected to be similar to Tesla’s Full-Self Driving (FSD). In 2026, Rivian will up the ante with an “eyes-free” system.

Rivian plans hands-free driving in 2025, eyes-free in 2026

At the new Rivian Space opening in San Francisco on Thursday, CEO RJ Scaringe revealed a few exciting developments to look forward to.

According to the folks at RivianForums, Scaringe said during the event that the company plans to launch a hands-free ADAS feature in 2025. Next year, Rivian will follow it up with an “eyes-free” system.

The big question is, will current Rivian R1S and R1T owners gain access? It could depend on whether you drive a Gen 1 or Gen 2 model. All Rivian models built through 2024 are considered Gen 1, while models 2025 and newer are Gen 2.

Rivian introduced the second-generation R1S and R1T last summer. They were “completely reengineered” with hundreds of hardware improvements, fully redesigned software, and more.

The upgrades include its new in-house autonomy system, Rivian Autonomy Platform. It’s powered by 11 cameras, five radars, and predictive AI.

Rivian-hands-free-driving
Rivian R1T (left) and R1S (right) electric vehicles (Source: Rivian)

Rivian said the new platform is “10 times more powerful” than the old system. It also features 360-degree visibility with 8X the number of camera pixels than the previous models. Gen 2 models already include features like Blind Spot Monitoring and Highway Assist.

With the premium version, drivers gain access to Lane Change, while Rivian said Enhanced Highway Assist and other features were coming soon.

Rivian-hands-free-driving
Rivian R2 electric SUV (Source: Rivian)

Although all Rivian R1S and R1T EVs include OTA updates, some features may require additional hardware or software not included on Gen 1 models.

Rivian hands-free and attention-free autonomous highway driving will be available on the upcoming R2 model. The smaller electric SUV is due out in the first half of 2026, starting at around $45,000.

Electrek’s Take

As a Tesla Model 3 driver, I can tell you that Full-Self Driving (FSD) is fun and can be helpful at times. I’ve used it on longer trips, like through the Blue Ridge Mountains, and it makes driving or sitting in the car a little more enjoyable.

Although the system still requires you to pay attention, it enables the vehicle to drive itself almost anywhere with “minimal driver intervention.”

The new Actually Smart Summon feature is one of my favorites. Through the Tesla app, you can summon your vehicle to come to you in a parking lot. The vehicle will then move around other cars, people, and objects to find you.

Other functions, like Navigate on Autopilot, will take over while the vehicle is on the highway, changing lanes (with turn signals) and braking or accelerating as needed.

For Rivian owners, it would be like an upgraded system from Highway and Lane Change Assist. The “eyes-free” system coming next year will likely have a few regulatory hurdles to pass before it rolls out, so it should be interesting to see what that will consist of. Check back for more info soon. We’ll keep you updated with the latest.

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The world’s largest solar + storage project will deliver power 24/7

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The world's largest solar + storage project will deliver power 24/7

The United Arab Emirates is building the world’s largest solar and battery storage project that will dispatch clean energy 24/7.

Emirati Renewable energy company Masdar (Abu Dhabi Future Energy Company) and Emirates Water and Electricity Company (EWEC) are developing the trailblazing solar and battery storage project. Once it’s online, will become the largest combined solar and battery energy storage system (BESS) in the world.

Located in Abu Dhabi, the project will feature a 5.2 GW solar PV plant coupled with a 19 gigawatt-hour (GWh) BESS.

His Excellency Dr. Sultan Al Jaber, minister of industry and advanced technology and chairman of Masdar, said:

For decades, the biggest barrier facing renewable energy has been intermittency – to be able to source uninterrupted clean power day and night.

In collaboration with EWEC and our partners, we will develop a renewable energy facility capable of providing clean energy round the clock.

For the first time ever, this will transform renewable energy into a world-leading 1 GW of reliable baseload energy every day on an unprecedented scale – a first step that could become a giant leap for the world.

Masdar announced China’s JA Solar and Jinko Solar, two of the world’s largest solar panel suppliers, and Chinese battery and BESS giant CATL as preferred suppliers. JA Solar and Jinko Solar will supply 2.6 GW of solar panels each. India’s Larsen & Toubro and POWERCHINA have been selected as preferred engineering, procurement, and construction contractors.

Masdar says the project will create 10,000 jobs and doesn’t yet indicate a projected completion date.

Read more: China installed a record capacity of solar and wind in 2024 – in numbers


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