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A Chevron gas station sign is shown on October 23, 2023 in Austin, Texas.

Brandon Bell | Getty Images

Chevron said its fourth-quarter profits fell sharply from a year ago, weighed down by a number of impairment charges, but the second largest U.S. oil company still to managed to return a record amount of cash to its shareholders in 2023.

The oil major returned $23.6 billion to investors by paying out $11.3 billion in dividends and buying back $14.9 billion in shares last year. It did so even as its profit fell about 40% to $21.3 billion from $35.5 billion in 2022.

Chevron said its board approved an 8% increase in the quarterly dividend to $1.63 beginning in March. The company’s stock rose about 1.8% in early trading.

Here’s what Chevron reported for the fourth quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:

  • Earnings per share: $3.45 adjusted vs. $3.21 expected
  • Revenue: $47.18 billion vs $51.62 billion expected

Chevron’s net income fell 65% to $2.3 billion, or $1.22 per share, during the quarter, from $6.4 billion, or $3.33 per share, a year ago. 

In the latest period, Chevron’s U.S. oil and gas assets recorded a loss of $1.35 billion due to the impact of $1.8 billion in impairment charges and a hit of $1.9 billion associated with obligations to decommission previously sold assets in the Gulf of Mexico.

Excluding the impairment charges, Chevron reported an adjusted profit of $3.45 per share to beat Wall Street’s estimate of $3.21 per share for the quarter.

Chevron’s refining operation profits fall to $1.15 billion in the quarter, down 35% compared to the same period a year ago when downstream booked earnings of $1.77 billion. The segment sagged as U.S. refining profits fell due to lower margins on product sales.

Crude oil prices were volatile in 2023, with West Texas Intermediate and Brent falling more than 10% for the year on a weakening Chinese economy and a record oil production in the U.S.

Chevron produced a record 3.1 million oil-equivalent barrels per day in 2023, led by 14% growth in the U.S as the company boosted its capital expenditures.

Chevron’s capital expenditures for the quarter rose nearly 16% to $4.4 billion compared with $3.8 billion in the same period a year ago, as the company invested in recently acquired PDC Energy assets and bought a majority stake in the hydrogen fuel project developer ACES Delta. 

Read the full release here.

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E-quipment highlight: Bobcat pitches electric telehandler concept

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E-quipment highlight: Bobcat pitches electric telehandler concept

Bobcat unveiled the all-new TL25.60e electric telehandler concept at Intermat last month, with a 2.5 ton rated capacity, three electric motors, and the promise of unmatched energy efficiency and performance that’s objectively superior to diesel.

The Bobcat TL26.60e gets its energy efficient edge from its “actively cooled” li-ion batteries, which are designed to deliver consistent performance in any weather and help fleet operators maintain low running costs while maximizing efficiency and, as a consequence, savings.

Those batteries send power to three separate electric motors, one each to power drive, the rotating superstructure/cab, and the boom/attachments. Bobcat says the arrangement helps its electric telehandler concept consume energy only when it’s needed, and claims that the setup provides immediate responsiveness for all the machine’s movements. That kind of quiet, vibration-free precision control should make the TL26.60e’s operator cab a great place to work from.

Speaking of the cab, it’s the same one found in Bobcat’s larger TLS models, despite the TL26.60e’s smaller footprint. The compact nature of the the machine’s electric components means there’s room for stuff like that – and, as a consequence, more room for operators.

“At Bobcat, we are committed to innovative design that prioritizes both cutting-edge technology and operator wellbeing,” says Vijay Nerva, Innovation Lead, Bobcat EMEA. “Our integration of ergonomics and digitization, exemplified by the transparent T-OLED screen, allows us to introduce customizable, interactive features without compromising the comfort and spacious design of our cabs.”

The TL26.60e features a top speed of 25 km/h, a 6 meter lifting height, and a 2.5 ton lifting capacity. The liquid-cooled battery has a 30 kWh capacity, which should be good for a full shift at most low-speed job sites.

Electrek’s Take

Bobcat’s electric telehandler concept is still just that, but as more and more construction companies come up agains no-drip job sites, low emissions zones, tightening noise regulations, and the ESG goals of both corporate and government clients, it seems like only a matter of time before machines like this become more the rule than the exception.

SOURCES | IMAGES: Bobcat, via Heavy Equipment Guide, Canada.

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Chevy cuts Equinox EV lease prices by nearly $140 per month

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Chevy cuts Equinox EV lease prices by nearly 0 per month

If you were looking to lease Chevy’s new all-electric Equinox, it just got a lot cheaper. Chevy cut Equinox EV lease prices by nearly $140 per month. With new offers, the Chevy Equinox EV can be leased for as little as $379 per month.

After kicking off Equinox EV deliveries last month, Chevy is already introducing significant savings opportunities.

On Chevy’s website, 2024 Equinox EV lease prices start at just $379 per month. The deal is for 36 months, with $3,198 due at signing. It includes 10,000 miles a year and is based on an MSRP of $43,295. GM included $500 off for qualified lessees.

With an effective rate of $468, the 2024 Chevy Equinox EV is nearly $100 cheaper per month to lease than the Tesla Model Y.

According to online research firm CarsDirect, Tesla Model Y lease rates went up $50 this month. The Long Range model now starts at $449 with $4,143 due at signing, or $564 per month.

Meanwhile, the RS trim is significantly discounted. The Chevy Equinox RS can be leased for $429 for 36 months. With $3,109 due at signing, that amounts to $515 per month.

Chevy-Equinox-EV-lease-prices
2024 Chevy Equinox EV 3RS (Source: GM)

Chevy Equinox EV lease prices drop to just $379/mo

Previously, the RS trim had an effective cost of $651 per month ($569 for 39 months and $3,209 due at signing), meaning it’s $136 cheaper per month to lease.

Based on CarsDirect data, GM raised the 36-month residual values on the RS model to 75% from 68%, while the lease rate dropped from 7.3% to 5.5%.

Chevy Equinox EV trim

Starting Price
1LT FWD $34,995
2LT FWD $43,295
2RS FWD $44,795
3LT FWD $45,295
3RS FWD $46,795
Chevy Equinox EV prices (including $1,395 destination fee)

Chevy’s current 2LT FWD is the cheapest model hitting dealerships, starting at $43,295. The lower-priced $34,995 will be available to order later this year. All trims are eligible for the $7,500 federal tax credit.

Although this is a significant deal, Chevy Blazer EV lease prices are even more appealing. The 2024 Chevy Blazer EV is listed at $369 per month for 24 months. With $1,679 due upfront, the effective lease rate is $439 per month, only $10 more than the gas-powered model.

Chevy-Equinox-EV-lease-prices
Chevy Equinox EV 1LT interior (Source: GM)

Chevy isn’t the only one cutting EV lease prices. Honda slashed lease prices on its first electric SUV, the Prologue. The 2024 Honda Prologue now starts at $399 per month for 36 months (with $3,999 due at signing).

If you’re in the market for a new EV, you can take advantage of significant savings opportunities. Use our links below to find deals on popular models at a dealer near you.

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Podcast: Tesla shareholders meeting, more lawsuits, ultra-fast charging, and more

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Podcast: Tesla shareholders meeting, more lawsuits, ultra-fast charging, and more

On the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss the Tesla shareholders meeting, more lawsuits coming for Tesla, ultra-fast charging by Lotus, and more.

Today’s Podcast is sponsored by the Electrek American Solar Challenge 2024.

The show is live every Friday at 4 p.m. ET on Electrek’s YouTube channel.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends at around 5 p.m. ET, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We now have a Patreon if you want to help us avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the podcast:

Here’s the live stream for today’s episode starting at 4:00 p.m. ET (or the video after 5 p.m. ET):

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