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The Shell logo is displayed outside a petrol station in Radstock on February 17, 2024 in Somerset, England.

Matt Cardy | Getty Images News | Getty Images

British oil giant Shell on Thursday reported stronger-than-expected first-quarter profit, boosted by higher refining margins and robust oil trading.

Shell reported adjusted earnings of $7.7 billion for the first three months of the year, beating analyst expectations of $6.5 billion, according to an LSEG-compiled consensus.

A year earlier, the company posted adjusted earnings $9.6 billion over the same period and $7.3 billion for the final three months of 2023.

Shell CEO Wael Sawan described the results as “another quarter of strong operational and financial performance.”

The oil major announced a $3.5 billion share buyback program, which it expects to complete over the next three months. Its dividend remains unchanged.

Shares of the London-listed stock dipped 0.6% on Thursday morning.

“Shell has beaten expectations by a reasonable margin, despite the impact of lower gas prices during the first quarter,” Stuart Lamont, investment manager at U.K.-based wealth manager RBC Brewin Dolphin, said in a statement.

“Earnings are up, costs have fallen, and the oil and gas major has brought debt down too – all in all, it’s a solid set of numbers and underlines why the market, generally, remains bullish on Shell,” Lamont said.

“Investors were looking for reassurance on volumes and capital discipline, as these ultimately feed through to cash returns. Today’s update has delivered on both fronts, with the addition of an extension to the share buyback programme,” he added.

Shell’s chemicals and products division, which includes refining margins and oil trading, posted first-quarter adjusted earnings of $2.8 billion, reflecting a sharp increase from the previous quarter.

Shell reported first-quarter net debt of $40.5 billion, down from $43.5 billion at the end of 2023.

A broader industry trend

Shell’s first-quarter profit was down roughly 20% compared to the same period a year earlier, reflecting a broader energy industry trend. 

U.S. oil giants Exxon Mobil and Chevron, as well as France’s TotalEnergies and Norway’s Equinor, all reported a steep year-on-year fall in first-quarter profits last week.

The world’s largest oil and gas majors posted record full-year profits in 2022 following Russia’s full-scale invasion of Ukraine. More recently, however, revenues have been hit by tumbling gas prices.

Spot gas prices in Europe have fallen more than 45% over the last year, due in part to mild winter weather and an abundance of supplies.

Shell’s British rival BP is scheduled to report its first-quarter earnings on May 7.

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Tesla and Rivian are settling their battery tech theft lawsuit

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Tesla and Rivian are settling their battery tech theft lawsuit

Tesla and Rivian have been embroiled in a lawsuit in which the former accused the latter of having stolen battery technology by poaching Tesla employees.

It sounds like the two automakers are finally about to settle the lawsuit, which has been going on for 4 years.

In 2020, Tesla filed a lawsuit against Rivian over allegedly stealing trade secrets by hiring former Tesla employees and encouraging them to bring documents. Rivian has denied the allegations.

When Tesla filed the lawsuit, it wasn’t clear what trade secrets Tesla was claiming Rivian had stolen. However, we noted that the employees listed in the lawsuits were two recruiters, an EHS manager, and a manager of Tesla’s charging networks.

The automaker claimed that these employees brought “documents consisting of highly sensitive trade secret, confidential, and proprietary engineering information” when they went to work for Rivian.

A year later, Tesla expanded the lawsuitclaiming more specifically that Rivian was “stealing the core technology for its next-generation batteries.”

At first, the companies tried to settle out of court, but it didn’t work out, so the lawsuit was moved to court last year.

Over a year later, we now learn that Tesla had notified the court that it expects to file to get the lawsuit dismissed after reaching a conditional agreement with Rivian. The company didn’t disclose the details of the settlement (via Bloomberg):

Tesla didn’t disclose specifics about the agreement in a court filing, but told a California state judge that it expects to seek dismissal of the case by Dec. 24 upon satisfactory completion of the terms.

Neither Tesla nor Rivian have commented on the reported settlement.

While Tesla has claimed that it somewhat open-sourced its patents, we have previously noted that it’s not exactly the case. Tesla claims to let other companies use its patented technology as long as they themselves don’t sue them over patent rights.

And in this specific case, Tesla alleges that Rivian has specifically hired employees to steal technologies. Again, Rivian has denied the allegation.

Electrek’s Take

The terms are unknown, but in similar cases, it often involves things like some level of access to make sure that no proprietary technology is being used or has been used.

The lawsuit is not exactly clear, but based on the timeline and the allegations of “next-gen batteries”, Tesla could have been talking about its 4680 battery cells, although those are cells. It could also be the structural battery pack.

Rivian is expected to use a taller 4695 battery from LG Energy Solutions for its next-generation vehicles.

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Kempower, Proviridis partner on novel electric semi truck charging solution

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Kempower, Proviridis partner on novel electric semi truck charging solution

French infrastructure specialists Proviridis have partnered with EVSE manufacturer Kempower to deliver a novel, underground charging solution for electric semi trucks designed to easily integrate into existing truck depots.

By installing its high-powered charging cabinets underground and integrating the charging cables into a solid metal pipe, Kempower and Proviridis have been able to make room for high-powered charging points in an existing truck depot that didn’t have enough space to install either conventional EVSE or overhead “drop lines.”

For the pilot, the metal pipe is painted in a striking yellow color to make it easier to see while maneuvering the lot, and keeping the dispensers themselves more protected than conventional concrete bollards. The 600 kW power cabinet is positioned a few yards away – a typical space-saving Kempower solution – and connected to the charge points by underground cable.

Proviridis believes their solution provides enough of a competitive advantage that fleet buyers looking to electrify will be eager to give it a try.

“The product is durable across a wide spectrum of temperatures and conditions, requires minimal ventilation, and can cater for a wide range of customer needs,” explains Olivier Verdu, Technical Director at Proviridis. “These are features which perfectly place the Kempower solution for this type of charging configuration in a logistics environment.”

Electrek’s Take

While traditional charging equipment can cause up to 20% of an existing truck depot’s parking capacity to be lost, the Kempower products have already gained recognition for the efficient size footprint of its overground Satellites. If this underground version proves to be even better, you can expect to see a lot more Kempower installations near you.

SOURCE | IMAGES: Kempower.

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For a limited time, save $500 on a Centris folding eBike from Buzz Bicycles

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For a limited time, save 0 on a Centris folding eBike from Buzz Bicycles

In honor of Black Friday and Cyber Monday, eBike specialist Buzz Bicycles is offering an exclusive discount for Electrek readers on its Centris Class 2 Folding Bike.

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Buzz Bicycles is back with an exclusive new deal

Buzz Bicycles has been a mainstay on Electrek for a few years now, as we have covered several of its electric bikes, which suit riders of all skill levels and help them “Buzz through life.” Buzz is an omnichannel eBike brand that prioritizes direct-to-consumerism and has found success in its mission to deliver ultimate transportation solutions at an excellent value for its growing base of eBike enthusiasts.

The company strives to deliver riders a “Wow moment,” which is usually brought on as they feel the pedal assist function kick in. This feature delivers all you need to conquer hills and longer rides while enjoying new adventures with friends.

The Buzz team has utilized decades of industry experience into its portfolio of eBikes, all conceived and designed in Dayton, Ohio. The company, which operates under the United Wheels umbrella alongside brands like Huffy Bicycles, Niner Bikes, and Batch Bicycles, has adopted an ethos that the freedom of riding should be fun and accessible for everyone, no matter what adventure lies ahead.

By leveraging the global presence of its parent company, Buzz Bicycles can make good on its promise to deliver affordable eBikes that are comfortable, powerful, and safe, much like the Centris Folding eBike, which is as versatile and compact as it is fun. The exclusive deal Buzz Bicycles is offering on the Centris makes it even more fun. You can take advantage of it below.

But first, you’ll want to learn about the capabilities of this foldable eBike to truly understand its value, as well as what accessories are available to level up your purchase.

Buzz Bicycles

The Buzz Centris is an easy to ride foldable eBike for all

The Buzz Centris is a Class 2 Folding eBike built for comfort and convenience no matter where you take it. At full size, the Centris’ step-through frame offers a low step-over height of just 16 inches, perfect for riders of all sizes, enabling easy transitions from ground to saddle for its riders.

When you’re not riding, the Centris from Buzz Bicycles folds neatly to 34 inches in length and 22 inches in height, making it easy to store at home or to carry in a vehicle on the way to your next ride. Furthermore, the assembled bike only weighs 68 pounds, making it easy to transport.

You can easily navigate tougher terrain on the Centris thanks to the eBike’s 20″ x 4″ knobby tires and front suspension. The bike is powered by a 48V, 500-watt-hour (Wh) battery pack that can propel it to a top speed of 20 mph for an all-electric range of up to 40 miles on a single charge.

Additionally, this folding model from Buzz Bicycles comes equipped with both a front and rear rack, offering versatile cargo-carrying options so you can customize your ride with a variety of Buzz accessories.

Like all Buzz eBikes, the Centris is tested and deemed compliant with the UL2849 standard. This standard covers the entire electric bicycle system, including the motor, battery, controller, and charger, offering the highest safety standards for added peace of mind.

The Centris Class 2 folding bike from Buzz is available in two colors: Gloss White or Matte Black. This $1,199 eBike is currently reduced to $899 – and you can score an additional $200 off with this exclusive promo, but only for a limited time.

With the purchase of any Buzz eBike, including the Centris, you are guaranteed the following:

  • 10-year limited warranty (lightweight aluminum frame protected for full 10 years)
  • 2-year limited warranty (electrical components covered by 2-year warranty for peace of mind)
  • 6-month limited warranty (additional bike components protected by a 6-month warranty)
Buzz Bicycles

Are you interested in the Centris from Buzz Bicycles? You’ve come to the right place. Starting today, while supplies last, you can take advantage of an additional $200 off the sale price by using promo code “ELECTREK200. That’s a $500 discount in total!

Don’t wait, because this deal only runs through 11:59 PM on December 8, 2024.

We highly recommend perusing Buzz’s entire lineup of products. They are designed for commuters and casual riders, with technology and features that help you quickly feel comfortable riding. If you are new to the world of E-transportation, Buzz Bicycles is the brand for you. 

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