Connect with us

Published

on

Darren Woods, chairman and chief executive officer of Exxon Mobil Corp.,

Brendan McDermid | Reuters

Exxon Mobil said Wednesday its expects earnings to more than double through 2027 relative to 2019 as the energy giant moves forward with a slew of cost-cutting measures.

Exxon said it’s on track to grow its earnings and cash flow by $14 billion over the next four years, as the company slashes costs, grows production, and increases sales of chemicals, lower emission fuels and performance lubricants.

The oil giant plans to cut structural costs by another $6 billion through the end of 2027, delivering $15 billion in total savings compared with 2019.

The announcement comes nearly two months after Exxon agreed to buy Pioneer Natural Resources for nearly $60 billion, or $235 a share. This is Exxon’s largest deal since it bought Mobil during the late 1990s. Pioneer is the largest producer in the Midland Basin, a section of the Permian.

After the merger closes — which is expected to do so in the first half of 2024 — the oil giant plans to increase its annual share repurchase program to $20 billion in 2024 through 2025, up from $17.5 billion in 2023.

Exxon anticipates capital expenditures in the range of $23 billion to $25 billion in 2024, and $22 billion to $27 billion annually from 2025 through 2027. Those expenditures should generate average returns of 30%, with more than 90% of the spending having payback periods of less than a decade, according to the company.

“We remain committed to providing the energy and products that raise living standards around the world while building a new business to reduce emissions in hard-to-decarbonize parts of the economy,” CEO Darren Woods said in a statement. “ExxonMobil is uniquely equipped to do both, and we’re confident that both present significant opportunities for profitable growth.” 

The oil giant expects oil and gas production to be about 3.8 million oil-equivalent barrels per day in 2024, and then rise to 4.2 million bpd by 2027 driven by growth in the Permian Basin and Guyana.

Exxon is also increasing its investments in lower carbon emissions projects to $20 billion through 2027, up from $17 billion previously. The company plans to slash its own upstream greenhouse gas emissions up to 50% by 2030. The oil giant said it has already achieved half of that planned reduction.

The company is focusing on carbon capture, lithium for electric vehicle batteries, hydrogen and biofuels. Its investments in these spaces are expected to generate returns of 15%, according to the company.

Exxon is standing up a lithium drilling operation in Arkansas and expects to produce battery-grade lithium for electric vehicles as soon as 2027. The goal is to supply enough of the mineral to support the manufacture of 1 million electric vehicles by 2030.

Shares of Exxon Mobil have struggled in 2023, dropping more than 9%. The bulk of those losses has come during the fourth quarter. The stock is down 14% during that time.

Stock Chart IconStock chart icon

hide content

XOM in 2023

Continue Reading

Environment

Get these 0% financing deals before Trump kills the EV tax credits [UPDATE]

Published

on

By

Get these 0% financing deals before Trump kills the EV tax credits [UPDATE]

We don’t want to sound alarmist, but it sure looks like President-elect Donald Trump and his billionaire buddies are plotting to kill federal EV tax credits somewhat sooner than later – and the tariffs they’re promising aren’t going to make cars cheaper anytime soon, either. So if you’re in the market for a new EV, the time is now to score a sweet 0% financing deal and get those tax credits (while you still can).

UPDATE: we’ve got a few new additions for the closing days of 2024, including sweet deals on the Mustang Mach-E GT (above), Toyota bZ4X, and more!

As I was putting this December list together, I realized there were plenty of ways for me to present this information. “Best EVs to park under a Christmas tree ..?” Too opinion based. “EVs with the biggest discounts ..?” Too much research. In the end, I decided to list these 0% financing deals in alphabetical order, by make.

And, trust me: they’ll all look great with a big red bow on them. Enjoy!

Acura

Acura-ZDX-Tesla
2024 Acura ZDX Type S; via Acura.

The new-for-2024 Acura ZDX uses a GM Ultium battery and drive motors, but the styling, interior, and infotainment software are all Honda. What that means is that you’ll get a solidly-built EV with GM levels of parts support and Honda levels of fit, finish, and quality control. All that plus Apple CarPlay and 0% financing for 24-72 months makes this (arguably) the best Ultium-based sporty crossover yet.

Chevrolet

Chevy-Equinox-EV-$35,000
Chevrolet Equinox EV 1LT; via Chevrolet.

All three of Chevrolet’s EVs carry 0% financing offers for the month of December – and they’re all winners. The Silverado is an incredibly capable pickup that can be spec’ed up to a 10,500 lb. GVWR, making it eligible for Class 3 incentives up to $30,000 in some markets and capable enough to tow whatever horse, boat, or RV you put behind it.

On the crossover side, both the Chevy Blazer EV and Equinox EV offer their own takes on the five-passenger SUV formula, with the cost of base model Equinox LT FWD models with 319 miles of EPA-rated range dropping to just $27,500 after you apply that $7,500 tax credit.

Ford

F-150 Lightning cold weather testing; via Ford.

The Ford F-150 Lightning is a reasonably capable half-ton truck with V2X capabilities that first proved themselves during Texas’ ice storms, and ship with a world of aftermarket support baked in. Ford Pro customers buying an F-150 Lightning for their commercial or public fleet can get even better deals on the OG electric trucks – meaning your fleet manager would be crazy not to take a look at one.

If you’re looking for something a little more sporty, you can get a killer deal on a new 2024 Ford Mustang Mach-E (shown, at top). In addition to 0% financing for 72 months, you can now stack that offer with $5,000 in bonus cash plus an extra $1,500 in conquest cash if you’re trading in a Tesla.

GMC

2025 GMC SIERRA EV DENALI
2025 GMC Sierra Denali EV AT4 shown.

The big Ultium-based EVs from GM’s dedicated truck brand are impressive beats, with lightning-quick 0-60 acceleration and on-road handling that seems to defy the laws of physics once you understand that these are, essentially, medium-duty trucks. If you’re a fan of heavy metal, you’ll definitely want to stop by your local GMC dealer and give the Hummer EV and Sierra Denali EV a test drive.

Hyundai

Hyundai-IONIQ-5-record-November
2024 Hyundai IONIQ 5.

One of my all-time favorite retro rides, this Hyundai Pony/Lancia Delta-inspired Hyundai IONIQ 5 combines practical five-passenger packaging and a light, airy interior with serious driving fun. If they sold it in bright white with Martini decals from the factory, I’d already have two.

Kia

Kia China
Kia EV6 burnout; via Kia.

If you were waiting for a three-row SUV from a mainstream brand with a great warranty and normal doors, you’ve probably already checked out the Kia EV9. You’re not alone. Kia keeps setting EV sales records, and the EV9 is helping to drive those sales forward … but the EV9 isn’t the only battery-powered Kia that’s drawing fans.

On the sportier side of the dealership, the Kia EV6 offers supercar-baiting levels of straight-line performance in the top GT trims – and even the base models offer a rewarding experience behind the steering wheel. What’s more, with an updated model coming for 2025, the ’24 models are ripe for the picking.

Nissan

Nissan Ariya EV at Chicago Drives Electric 2024
2024 Nissan Ariya at Chicago Drives Electric; by the author.

The Nissan Ariya is a victim – and, frankly, it deserves better than its status as a heavily discounted also-ran in the five passenger crossover race, if only because Nissan has been flying the flag of electrification since the launch of the original LEAF EV since 2010 two years before Tesla launched its Model S in 2012. Despite the head start, though, Nissan never gained enough momentum to stay ahead in the EV race.

I drove the car at Chicago Drives Electric a few weeks ago, and it seemed like it was well worth the (discounted) price to me. With 0% financing for 72 months like I’m seeing advertised all over my news feeds? The Ariya is a better deal than ever.

Screencap from Countryside Nissan in Countryside, IL.

Subaru

Subaru-three-row-electric-SUV
Subaru Solterra EV; via Subaru.

Despite being something of a slow seller, this mechanical twin of the Toyota bZ4X EV seems like a solid mid-size electric crossover with some outdoorsy vibes and granola style that offers more than enough utility to carry your mountain bikes to the trail or your kayaks to the river.

Toyota

Toyota-$10,000-discount-bZ4X
2024 Toyota bZ4X.

Toyota hybrids are a hot commodity right now, and we haven’t seen any newsworthy holiday discount deals from Toyota in years. That said, the bZ4X EV might be the best deal in Toyota’s end-of-the-year lineup with big discounts on both 2024 and 2025 model year bZ4X crossovers happening now. Through January 6th, you can score 0% financing for 72 months plus $2,500 in TFS bonus cash.

Volkswagen

VW-China-EV-platform
VW ID.4X in China; via SAIC-VW.

One of the most popular legacy EVs, the ID.4 offers Volkswagen build quality and (for 2024) a Chat-GPT enabled interface. Still, with a relatively affordable base price, lickety-quick charging, up to 291 miles of EPA-rated range, and a 5-star safety rating, the ID.4 offers a value proposition that’s tough to beat.

This month, the only way to beat the ID.4’s 0% financing for 72 months would be to convince the bank to pay you to buy it.

Disclaimer: the vehicle models and financing deals above were found on CarEdge and CarsDirect, and may not be available in every market, with every discount, or to every buyer (the standard “with approved credit” fine print should be considered implied). Check with your local dealer(s) for more information about discounts and rebates.

Continue Reading

Environment

NY Governor Hochul announces $28.5 million funding for DC fast chargers

Published

on

By

NY Governor Hochul announces .5 million funding for DC fast chargers

New York Governor Kathy Hochul announced $28.5 million in additional funding being made available to install DC fast chargers for private and commercial EVs driving along major travel corridors across the Empire State.

Funded by the federal National Electric Vehicle Infrastructure (NEVI) formula funding program, the State’s new competitive Downstate Direct Current Fast Charger (DCFC) program will improve consumer access to reliable electric vehicle (EV) charging.

This second round of NEVI funding will focus on installing new DC fast charging locations south of Interstate 84, including sites in the lower Hudson Valley, New York City, and Long Island.

“This critical federal NEVI funding supports New York State’s ongoing leadership to invest in a network of electric vehicle fast chargers, particularly in areas downstate that face heavy traffic,” explains Governor Hochul. “Making quick, reliable charging easily available will encourage more people to drive EVs that help to lower pollution from vehicles, provide cleaner air for New Yorkers, and improve health in our communities.”

The new chargers will meet all current NEVI requirements, which means they’ll be located within one travel mile of an AFC (alternative fuel corridor) highway exit, being publicly accessible 24 hours a day, seven days a week, and having the ability to charge at least four EVs simultaneously at speeds of at least 150 kW per vehicle.

Proposals that address gaps between existing and planned charging stations, offer amenities such as restrooms and food, or have stations that provide multiple types of charging connectors (ex.: both CCS and J3400, or Tesla/NACS), will be prioritized for the new funding.

The state of New York is investing nearly $3 billion to electrify its transportation sector, which is vital to meeting the State’s sweeping climate and clean energy plan, the Climate Leadership and Community Protection Act. Under Governor Hochul’s leadership, New York is rapidly advancing measures that all new passenger cars and trucks sold, as well as school buses, be zero emission vehicles by 2035.

SOURCE | IMAGES: Governor Kathy Hochul.

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

Continue Reading

Environment

Milestone: Motiv Electric Trucks logs its 5 millionth electric mile

Published

on

By

Milestone: Motiv Electric Trucks logs its 5 millionth electric mile

Motiv Electric Trucks may not grab all the headlines, but it’s been quietly putting electric box vans to work throughout California for the past fifteen years. And, last week, the company’s commercial EV fleet logged its five millionth all-electric mile driven.

According to Motiv’s press materials, fully 45% of the electric step vans in California today are Motive Electric Trucks. That translates to more than 370 electric vans operating daily shifts throughout the Golden State, racking up not just five million miles of all-electric driving, but racking up other big stats as well.

What kind of stats? Try these: over 300 million pounds of goods delivered, more than 15 million pounds of CO2 “saved” compared to conventional diesel, nearly a ton of PM 2.5 particulate matter, and – most crucial of all – more than 98% uptime.

That’s the kind of performance that leads to high levels of customer satisfaction, and Motiv has that, too. The company says its 200-mile range step vans lead the industry when it comes to repeat and follow-on orders, citing that since delivering its first EV in 2009, fully 64% of its new vehicle sales have been to repeat customers like Purolator, Vestis (formerly Aramark Uniform Services), Cintas, Bimbo Bakeries, and Shasta Linen Supply.

“We are very appreciative of our customers for believing in us, sharing our vision of cleaner commerce, and investing clean trucking to benefit their communities,” explains Scott Griffith, CEO of Motiv. “We’re also grateful for our employees and partners who produce such high quality and safe vehicles to make this milestone possible. We’re already looking ahead to the next 5 million miles.”

Electrek’s Take

Motiv is one of those companies that you root for. They took a huge risk when they launched in 2009, and took an even bigger risk more recently when they decided to develop their own proprietary operator cab and chassis, the Argo (prototype shown in white, above).

As much fun as all that is, though, it’s comments like these (below) that really make me hope Motiv continues to succeed – because they seem to get it.

Poor air quality caused by fossil-powered trucks disproportionally affects low-income communities and communities of color, as pollution is found in higher rates near highways, warehouses and ports, where these communities abound. Long-term exposure to poor air quality causes increased death rates attributed to cardiovascular diseases and has been linked to lung cancer.

Additionally, children who grow up in areas with high levels of pollution show reduced lung function, increased rates of asthma and lower IQ levels in their teens. Each electric mile our customers drive helps reduce these public health issues, for the benefit of everyone along the route.

MOTIVE ELECTRIC TRUCKS

When vehicle manufacturers start to look at the damage that ICEs have done, and continue to do their communities, and fess up to lasting, generational impact caused by the sort of lazy and/or corrupt government policies Americans have endured for decades, it’s hard not to think of them as “the good guys.” Here’s hoping that the good guys everywhere eventually win out.

SOURCE | IMAGES: Motive Electric Trucks.

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

Continue Reading

Trending