Mike Wirth, CEO of Chevron and John Hess, CEO of Hess, appear on CNBC to speak about Chevron’s deal to buy Hess Corp for $53 billion all-stock deal, on the floor of the New York Stock Exchange (NYSE) in New York City, October 23, 2023.
Brendan McDermid | Reuters
Hess Corp. is reviewing the timeline for when its merger with Chevron will close after Exxon Mobil this week escalated a dispute over lucrative oil assets in Guyana.
Exxon filed for arbitration Wednesday to defend what the oil major views as its right to make a counter offer for Hess’ Guyana assets under a joint operating agreement.
“We disagree with ExxonMobil’s interpretation of the agreement and are confident that our position will prevail in arbitration,” Hess told employees in an email Wednesday.
“In light of today’s development, we are reviewing the expected timeline for legal closing and will provide further detail in our next merger update,” Hess wrote.
Chevron entered an agreement in October to purchase Hess for $53 billion, in a play to gain a foothold in Guyana’s massive offshore oil resources. The deal was originally slated to close in the first half of 2024, but the timeline has since been delayed until the middle of the year as the Federal Trade Commission scrutinizes the deal.
Chevron has said arbitration over Hess’ Guyana assets could delay the closing timeline until October 2025, according to a filing with the Securities and Exchange Commission.
Hess is part of a consortium with Exxon and China National Offshore Oil Corporation that operates the Stabroek oil block, a massive offshore resource with an estimated 11 billion barrels of oil and gas.
Hess has a 30% stake in the Stabroek block. Exxon leads the project with a 45% stake while CNOOC maintains 25% stake.
Chevron warned investors in a filing last week that the deal with Hess would terminate if an arbitration court rules that Exxon has a right of first refusal. If that scenario played out, Hess would continue to operate as an independent company and retain its stake in the Guyana assets, according to Chevron’s filing.
Chevron has maintained that the joint operating agreement does not apply to its merger with Hess.
Exxon Senior Vice President Neil Chapman said Wednesday that the oil major is “extremely confident in our position that pre-emption rights exist in this contract.” Arbitration disputes can take up to six months to resolve, Chapman said.
Chapman indicated that Exxon could make a bid for Hess’ stake in the Stabroek block.
“We believe there is opportunity value here, there is option value here,” Chapman said during an interview at a Morgan Stanley event. “If that transaction does not proceed, there is potential value down the road for Exxon Mobil — that option value is really, really important.”
“It would be incomprehensible for us to say ‘well we’re not going to look at that value, we’re just going to let the transaction proceed,'” Chapman said. “You have a responsibility to shareholders.”
Hess said in the Wednesday email that “there is no possible scenario in which Exxon or CNOOC could acquire Hess’ interest in Guyana as a result of the Chevron-Hess transaction.”
Jackery increases savings on its modular Explorer 5000 Plus offers at new lows starting from $2,483
Looking back in on Jackery’s ongoing Earth Day sale through April 25, we spotted notable price cuts across the brand’s Explorer 5000 Plus offers, starting with the power station on its own for $2,483.10 shipped, after using thepromo code EARTH10 at checkout for an additional 10% off. Normally going for $3,499 at full outside of discounts, we saw it spend most of the sale’s length at the former $2,849 low with the additional 5% savings from before. Now, you’re looking at savings increasing to 29% off, giving you $1,016 in total savings at a new all-time low. Head below to learn more about this model and check out the other low prices on its bundle options. It’s also beating out its Amazon pricing, where it’s still sitting at $2,999.
The latest release from Jackery, the Explorer 5000 Plus is the brand’s largest modular backup power solution, starting with a 5,040Wh LiFePO4 capacity that can be expanded up as high as 60,000Wh. Through its 12 output ports, it can deliver up to 7,200W of power that can double to 14,400W when connected to a second power station unit – plus, it comes rated for 4,000 life cycles, meaning you can completely discharge and “recharge it every day for nearly 11 years.”
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Jackery’s Explorer 5000 Plus comes ready to cover load demands of 120V and 240V devices alike (while also extending this versatility to solar charging for better compatibility with panels that use a MC4 connector), including the batteries in your RV and EV too, making it quite the option for folks who want a plug-and-play option that they can rely on at home while also taking it out of the house on trips. Along with the ChargeShield 2.0 protections, it also comes fireproof, shockproof, and is rated with an IPX4 water-resistant rating. You can get the full rundown on its many other capabilities in our original launch coverage here.
***Note: The extra 10% off discount has not been factored into the prices below – be sure to use the code EARTH10 at checkout for the maximum savings!
Lectric Lightning Deals hit XP 3.0 e-bikes with up to $365 in free gear for outdoor ventures starting from $999
Lectric has continued many of its Earth Day e-bike bundle prices while switching things up with Lightning Deals on its XP 3.0 e-bikes that are getting increased bundles with up to $365 in free gear. You’ll find the Standard models now getting $310 bundles at $999 shipped alongside the Long-Range models getting $365 bundles at $1,199 shipped. These packages would normally cost you $1,309 and $1,564, respectively. These may not be the largest bundles we’ve seen before, but they are continuing the recent trend of gearing you up with cargo-capable add-ons for greater versatility during your outdoor ventures through spring and summer. Head below to learn more about these e-bikes and the included bundles you’ll be getting when purchasing them while these deals remain.
The best-selling e-bikes in America, Lectric’s XP 3.0 e-bikes offer durability and reliability while keeping down at extremely affordable rates. The frame provides folding capabilities for easier storage and transport when not in use, with a 500W hub motor that peaks at 1,000W and can top out at either 20 or 28 MPH speeds, depending on your state’s laws. Your decision on which to buy will largely fall on how far you want it to carry you, as the Standard models provide up to 45 miles of travel with PAS activated, while the Long-Range models take things further for up to 65 miles.
There are throttles on all the models for when you want to cruise off pure electric power, though this will decrease your travel range. They also come stocked with an integrated rear cargo rack (which the basket attaches to), puncture-resistant tires, 180mm hydraulic disc brakes, and an LCD display. Of course, don’t forget about the free gear you’ll be getting, with the Standard models coming with steel-encased front and rear cargo baskets, rear-view mirrors, a phone mount, an accordion-style bike lock, and a bottle holder. The Long-Range models are getting the same cargo package, a wide comfort saddle, a phone mount, a 35L water-resistant soft cooler, and a water-resistant pannier bag.
The e-bike pricing on the brand’s other e-bike bundles have remained the same, which you can browse in full in our original sale coverage here.
Score Anker’s SOLIX C1000 1,056Wh LiFePO4 power station with $550 in savings at $449
By way of its official Amazon storefront, Anker is offering its SOLIX C1000 Portable Power Station at $449 shipped, with the price undercutting its direct flash sale pricing by $100. This model normally sits at a full $999 price tag, though we’ve been more recently seeing it start at Amazon from $799. While we have seen it go $20 low before – last time being at the top of February – it’s been spending the last two months mostly dropping to either $499 or this same rate we’re seeing today. You’ll be scoring a 55% markdown off its MSRP while this deal lasts, giving you $550 in savings at the second-lowest price we have tracked.
Anker’s SOLIX C1000 power station makes a great camping companion for those who want a little more battery size from the camping-oriented C800 models, especially considering it’s beating those smaller models’ pricing, which starts from $499. It provides you with a 1,056Wh LiFePO4 capacity (with a bundle option below that will double that amount) alongside up to 1,800W of steady power output through its 11 port options that can surge to 2,400W for larger appliance needs. You can refill the battery to 80% in just 43 minutes when plugged into a wall outlet, though this does only account for the station alone and not any expanded setup. There’s also a 600W maximum solar input that you can take advantage of to refill the entire battery in 1.8 hours with ideal sunny conditions.
Greenworks’ latest pro-tier 3,000 PSI electric pressure washer at new $349 low (Today only)
As part of its Deals of the Day, Best Buy is offering the best price yet on the newest generation of Greenworks’ Pro 3,000 PSI Electric Pressure Washer for $349 shipped. Carrying a $450 price tag outside of discounts, we’ve seen three previous drops to $360 over at Amazon, which is currently out of stock. For the rest of the day, though, you can get a better-than-ever $101 markdown that drops costs to the lowest price we have tracked. This deal is also beating out the direct Greenworks website, where stock has also run out, making this the best place to score it to cover your outdoor cleaning needs through the months ahead.
Housed within a heavy-duty steel frame, this generation’s pro-tier model adds a foldable design over its predecessor for easier storage and transport when not in use. The 14A TruBrushless motor maxes out at 3,000 PSI for your cleaning needs, with a 1.1 to 2.0 GPM flow rate as it goes. Like its previous model, you’ll also find an onboard one-gallon detergent tank here, as well as a bunch of included accessories for wider versatility, including five nozzles, 25 feet of kink-resistant hose, and a durable quick-connect metal wand/gun.
The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.
A compact car crashed into a parked Tesla Cybertruck, messing with the electric truck’s rear suspension. The experience of trying to repair the truck was so complicated and costly that it ended up as a salvage.
The Cybertruck introduces several innovations, including its partially 48-volt electronic architecture, drive-by-wire steering, and stainless steel exterior.
However, innovations in the auto industry often come with higher or unpredictable repair costs.
The publication bought a Cybertruck last year for long-term testing, but they disclosed this week that the truck was involved in an accident in December.
A “compact sedan” crashed into the rear wheel and bumper area on the driver’s side of the Cybertruck while it was parked. As you can see from the picture above, the damage didn’t look too bad, as you would expect for a 6,000-lb truck after an impact from a much smaller sedan.
However, before they knew it, the Cybertruck was totaled.
First off, Edmunds had to go to a Tesla Collision Center that can work on the Cybertruck and there are only two around Los Angeles, where they are based.
The first one said that it would take a month before they could estimate the repair, and another 6 months to start the repairs.
The second center, located in Ontario, California, also stated that there is a one-month wait to receive an estimate, but repairs can begin immediately after that.
Edmunds decided to go with the Tesla Collision Center in Ontario, but the repair never happened since the total cost was estimated at over $57,000.
Here’s the breakdown of repairs that the Cybertruck needed:
Stripes and moldings: $619
Motors and components: $4,191 (including $3,000 for an EV drive unit)
Motor mounts: $77
Wheels and parts: $1,758
Steering: $2,040
Rear suspension: $9,149 (including $2,500 for a new suspension crossmember)
Cab and components: $3,800 (including $3,240 for a high-strength steel frame)
Bed: $8,762.79 (including $1,595 for the outer panel, $4,280 for the aluminum rear section and $1,055 for the bed floor)
Tailgate: $2,495
Rear bumper: $2,417.73
Rear body, lamps and floor plan: $1,668.50 (including $800 for the inner taillamp assembly)
Miscellaneous parts: $357.22
Other parts: $5
Paint and materials: $610
Tax on parts and materials: $3,320.65
Labor: $16,584
Sublet repairs: $25
Needless to say, the truck was declared totaled, and it just fetched $8,000 on a salvage car auction site.
Electrek’s Take
Holy moly! That’s insane. The suspension getting screwed from the vehicle smashing directly into the rear wheel I get. That could have happened with any truck, and sure, you’d be looking at over $10,000 in damages easily.
However, $9,000 to fix the bed, $2,500 to fix the rear bumper, and $2,500 to fix the bumper, and that’s just in parts before the $16,500 of labor overall, is nuts and doesn’t scream “heavy duty” and “apocalypse proof” truck.
The Cybertruck was supposed to be a rugged, stainless steel truck that you wouldn’t mind getting dinged and scratched. I think it will be challenging to justify this with $57,000 in damages for a relatively mild crash.
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An Amazon Web Services data center in Stone Ridge, Virginia, on July 28, 2024.
Nathan Howard | Bloomberg | Getty Images
OKLAHOMA CITY — Amazon and Nvidia executives said Thursday that the construction of artificial intelligence data centers is not slowing down, as recession fears have some investors questioning whether tech companies will pull back on some of their plans.
“There’s been really no significant change,” Kevin Miller, Amazon’s vice president of global data centers, said at a conference organized by the Hamm Institute for American Energy. “We continue to see very strong demand, and we’re looking both in the next couple years as well as long term and seeing the numbers only going up.”
The comments run contrary to worrying buzz building on Wall Street about tech companies changing data center buildout plans. Wells Fargo analysts said Monday that Amazon Web Services is pausing some leases on data center commitments, citing industry sources. The magnitude of the pause was unclear, the analysts said, but the comments raised fears that Amazon was doing something similar to Microsoft’s recent move to pull back on some early stage projects.
Miller said “there’s been little tea leaf reading and extrapolating to strange results” about Amazon’s plans.
Nvidia is also not seeing signs of a slowdown, said Josh Parker, the chipmaker’s senior director of corporate sustainability.
“We haven’t seen a pullback,” Parker said. China’s artificial intelligence startup DeepSeek sparked a sell-off in power stocks earlier this year as investors worried that its artificial intelligence model is more efficient and data centers might need as much energy as originally anticipated.
But Parker said Nvidia sees compute and energy demand only rising due to AI, describing the reaction to DeepSeek as “kneejerk.” Anthropic co-founder Jack Clark said 50 gigawatts of new power capacity will be needed by 2027 to support AI. That is the equivalent of about 50 new nuclear plants.
“Anthropic and the other AI companies, what we’re seeing is tremendous growth in the need for new baseload power. We’re seeing unprecedented growth,” Clark said.
The executives were speaking at a gathering of tech and energy companies at a conference in Oklahoma City organized by the Hamm Institute to discuss how the U.S. can address the growing energy needs for AI. There is a growing consensus in both industries that natural gas will be needed to meet the power needs.