Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019.
Maxim Shemetov | Reuters
DUBAI, United Arab Emirates — Saudi Arabia’s oil giant Aramco posted a stunning 158% increase in third quarter net income to $30.4 billion dollars, as the world’s largest oil companies continue to benefit from the reopening of the global economy and soaring oil and gas prices.
The result beat expectations, with analysts expecting a median net income of $29.1 billion for the quarter. Aramco reported net income of $11.8 billion in the third quarter of 2020.
“Our exceptional third quarter performance was a result of increased economic activity in key markets and a rebound in energy demand,” Aramco President and CEO Amin Nasser said on Sunday.
“Some headwinds still exist for the global economy, partly due to supply chain bottlenecks, but we are optimistic that energy demand will remain healthy for the foreseeable future,” Nasser added.
Aramco said the increase in net income was the result of higher crude oil prices and volumes sold, and stronger refining and chemicals margins in the quarter, as the company benefits from rebounding global energy demand and increased economic activity in key markets.
Market windfall
WTI crude oil has soared above $85 USD in recent weeks, a level not seen since 2014, as the market shifts focus from demand recovery to supply scarcity. Natural gas prices are up around 130 percent this year, meaning the full extent of the global energy crisis is more likely to be felt in the fourth quarter results.
Aramco declared a significant dividend of $18.8 billion to be paid in the fourth quarter. The payout can be covered by a jump in free cash flow to $28.7 billion in the third quarter, up from $12.4 billion for the same period in 2020. Gearing, a measure of the company’s debt position, also improved to 17.2% from 23% due to higher oil prices and stronger cash flows.
Aramco also said it would “invest for the future” with capital expenditure of $7.6 billion in the third quarter, representing a 19% increase, compared with the same period in 2020. Aramco said it expected 2021 capital expenditure to be approximately $35 billion.
The results confirm a bumper quarter for “Big Oil,” a term used to refer to the world’s largest oil and gas companies. U.S. oil majors ExxonMobil and Chevron also benefited from rising prices, reporting profit that soared to multiyear highs in the quarter. Royal Dutch Shell reported record cash flow, while TotalEnergies also saw a sharp rise in performance.
Profit and pressure
The strong numbers come as the sector faces renewed scrutiny from activists and cynicism over its climate ambitions. Companies, including Aramco and the UAE oil giant Adnoc, have launched climate initiatives just days ahead of the COP26 climate summit, while simultaneously planning to invest to increase oil production in the coming years.
“I think most people would agree that climate change is one of the biggest challenges facing society,” Aramco Chairman Yasir Al-Rumayyan told CNBC via email.
“We need a transition that does not ignore that petrochemicals are essential building blocks to modern life – including the smartphones we all use and the products we rely on to fight COVID,” he added.
Aramco aims to achieve net zero emissions from its wholly-owned operations by 2050, and simultaneously plans to increase oil output to 13 million barrels a day by 2037. A separate pledge from Saudi Arabia to invest almost $190bn to achieve net zero emissions by 2060 received both praise and skepticism from oil industry observers.
“The reality is that the energy transition will be long and complex, and therefore oil and gas will continue to play a key role,” Al-Rumayyan said, while also offering commentary on the recent energy crisis and its link to the energy transition.
“Recent energy disruptions around the world are evidence of the need for a stable and inclusive energy transition,” Al-Rumayyan said. “We need a transition that provides a reliable, affordable and low-cost supply of energy that leaves no one behind,” he added.
Aramco said it would disclose further details on how it plans to navigate the energy transition and achieve its net zero strategy in its Sustainability Report due out in the second quarter of 2022.
“We fully recognize that we have a long way to go, and that the journey will not be easy,” Al-Rumayyan said. “We are confident that we can meet the challenges and provide the leadership, expertise, and tools to support global progress towards a low-emissions future.”
Mark Kay’s iconic Pink Cadillac awards are driving into the future for 2025. The company’s first-ever electric Pink Cadillac OPTIQ made its debut during the Mary Kay annual Seminar in Charlotte this weekend, symbolizing a “recharged vision” for the future of the popular brand.
Pioneers in monetizing friendships female empowerment and entrepreneurship, the Pink Cadillac is considered one the most coveted symbols of achievement for Mary Kay sales reps, signifying not just great sales (GM Authorityreported that it took ~$102,000 in annual sales to qualify back in 2001), but also leadership, a history of mentoring others, and a sustained reputation of excellence among their peers.
The women you see behind the wheel of the Pink Cadillac are the real deal, in other words, and the big Caddy really does mean something to people in the know.
The iconic pink Cadillac was born in 1968 when Mary Kay Ash purchased a Cadillac Coupe De Ville from a Dallas dealership and promptly had it painted to match the pale pink Mary Kay lip and eye palette. General Motors later named the color Mary Kay Pink Pearl, and the shade is exclusive to Mary Kay.
“For decades, the Mary Kay pink Cadillac has symbolized accomplishment, aspiration, and the power of recognition,” said Ryan Rogers, Chief Executive Officer of Mary Kay. “With the introduction of the all-electric OPTIQ, we’re honoring that iconic legacy while driving into a transformative future—one grounded in our commitment to sustainability and dedication to inspiring and celebrating the achievements of our independent sales force for generations to come.”
Mary Kay announced its new Pink Cadillac with this video, below.
Same Legacy, New Energy
“The legacy continues with the new, all-electric (and still very pink) Cadillac Otiq [sic],” reads the official Mary Kay copy on YouTube. “The Optiq remains instantly recognizable with the pink pearl exterior, while modernizing with sleek, cutting-edge features. In addition, this vehicle showcases our commitment and dedication to sustainability by reducing our carbon footprint while continuing to inspire.”
Speaking of inspiration, I can’t hardly hear the words “Pink Cadillac” without thinking of the song. But, since “Bruce Springsteen” has become something of a trigger word for the MAGA snowflakes in the audience, I’ll post a different, but similarly great song about rose-tinted GM flagships from Dope Lemon. You can let me know what you think of it in the comments.
As ever, the Cadillac is not a “gift,” per se – but typically takes the form of a two year lease paid for by Mary Kay. No word yet on what the exact shape and form the OPTIQ deal will take.
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RBW, a British handcrafted electric car manufacturer, brought its cute little Roadster out to Santa Monica and invited us up for a drive.
RBW has built cars in the UK for a few years now, but is about to set up US manufacturing in Virginia. Along with that comes a version of its Roadster modified for the US market, and we got a sneak peek with a short drive in Santa Monica.
The RBW Roadster is a small, hand-built, retro-style EV, meant as a modern take on British classics. But it’s not an actual classic itself – it’s a newly-built vehicle, with a new body, modern safety features, and even some electronics, like CarPlay and Android Auto (but not much else – there’s no huge, cockpit-defining screen, just a 9″ one, with retro gauges in front of the driver. But it does have a backup camera!).
Our drive was short, just a quick trip up and down the most trafficky part of Pacific Coast Highway in Santa Monica, without much chance to really stretch the vehicle’s legs. So we can’t verify range or tell you how it handles on the limits, but we can tell you about the basic controls and feel of the vehicle.
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On a mostly smooth road, the car offered a comfortable ride dynamic. We didn’t get a sense of chassis noise because the top was down (which I surmised was an intentional effort by the company – I’ve used the same trick when showing off my car before).
The steering is tight and has a good weight to it, and the retro-style steering wheel felt great in my hands.
Of particular interest to me, as a long-time EV driver, is how the throttle pedal is tuned. Lots of EVs add some intentional delay or smoothing to throttle inputs, which ends up making the pedal feel mushy and indirect, reducing the control you have over the vehicle.
For reference, the cars I drive most often are the Tesla Roadster and Model 3, which both have excellent direct pedal feel.
And I’m happy to report that the RBW Roadster’s throttle pedal feels very similar to the cars I love to drive. The car feels quick, and responds exactly to what I want it to do, when I want it to do it. But it’s not excessively “punchy” like some of the more absurdly-powered EVs can be (like the Tesla Model S Plaid or the Macan Turbo S).
PCH with the top down is exactly where this car belongs. But maybe without the traffic.
It does not, however, have off-throttle regenerative braking, aka one-pedal driving. Pressing the brake pedal engages regen, but letting off the throttle lets you simply coast. I personally prefer one-pedal driving, but one consideration RBW had is that since the car does not have traction control, regenerative braking on the rear axle (where the motor is) could potentially present a safety issue on slippery roads. So, fair enough I guess, but I still do prefer one pedal.
Speaking of pedals, the brake pedal was placed quite far from the accelerator. This is a plus and a minus – a minus because it’s quite different from most vehicles these days, where the pedals are placed closer, for ease of reaching them with your right foot. A plus because higher separation might reduce the chance of “crossing the pedals” and accidentally pressing both with the same foot in an emergency situation, and because it enables left-foot braking, which is generally better for performance driving… in the hands of a trained driver, anyway.
That said, this isn’t exactly a performance car. It’s fun, it’s responsive, but it’s not powerful. The version we tested had a 0-60 time of only around 9 seconds, so it didn’t give you the “throw your head back” feeling that so many EVs on the road these days do. It’s responsive, but not fast.
RBW says the American version will have more motor power than the UK version, but it’s still trying to figure out exactly how to tune it. This should bring 0-60 times down by about a second. But we can’t help but think that it would be nice with even a little more power than that, which we think should be possible given the car’s 50kWh battery and ~2,900lb weight, specs that are similar to my similarly-sized Tesla Roadster (as you can see below – along with the GT version of the RBW, on the right).
Here’s an issue: all the specs we were given seem extremely fluid. While talking to the company, I got several different numbers for any given specification. It seems to me like the company is still figuring out exactly what changes it will make for its US models.
This is somewhat to be expected of a small, hand-built manufacturer, especially since buyers can ask for certain modifications or personalizations (seat height, for example, which is important in a small car like this). But it does make it tough to write an article about it.
Nevertheless, the car drives well, and RBW seems to have gotten a lot right about the dynamics of the vehicle. It executes well on its goal – a fun, small British-style roadster, a great weekend car for those who have the means.
As for the means, the RBW Roadster will start in the $140-150k range, so it’s not cheap. But if you’re looking for something like this, it’s just about the only game in town, and it’s a good execution of the feel of a nimble roadster for weekend cruising.
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Canadian startup Beachman has just unveiled its latest electric two-wheeler, the ’64, a vintage-styled electric motorcycle that looks like it rolled straight out of the 1960s. With throwback café racer design and a respectable top speed of 45 mph (72 km/h), it’s a slick little ride with a curious twist: it calls itself an e-bike.
It’s not just a casual reference, but it’s baked into the name. The full model name on Beachman’s website is the ’64 E-Bike.
While I’d generally be inclined to give them the benefit of the doubt, since many motorcyclists refer to electric motorcycles as “e-bikes” and the term has a broad definition in colloquial usage, the company is obviously casting more in the “electric bicycle” end of the spectrum. They even say on their website that it is “rideable as either a Class II E-Bike or a Registered Moped (in most states).”
Despite lacking pedals entirely – and clearly designed more like a lightweight electric motorcycle – the Beachman ’64 comes with a selectable “E-Bike Mode” that limits it to 20 mph (32 km/h). The implication? That riders can use this obvious motorcycle in bike lanes like a Class 2 e-bike. Legally speaking, that’s a stretch, to put it mildly. In fact, I’m not currently aware of any state where that’s explicitly legal, though it could probably pass in many states due to the current state of enforcement we usually see.
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According to Beachman, the ’64 has three ride modes:
E-Bike Mode: 20 mph (32 km/h) top speed, which the company says is “perfect for bike lanes.”
Moped Mode: 30 mph (48 km/h) top speed, which does match legal definitions for mopeds in some jurisdictions, even without pedals.
Off-Road Mode: 45 mph (72 km/h) top speed, no pretense – just a motorcycle.
In practice, I don’t think it’s a stretch of the imagination to assume that most riders will likely keep it in Off-Road Mode, where the bike delivers its full 3,000W performance and offers the most fun. And specced with decently large batteries, it could actually do some modest commuting, even at higher speeds. The ’64 comes with a removable 2.88 kWh battery (or optional 3.6 kWh upgrade), and range is estimated at 55–70 miles, depending on configuration. It charges to 80% in three hours and even features regenerative braking.
The company leans heavily on its “timeless design” messaging, and to their credit, the ’64 nails the aesthetic. It looks great. The frame, tank, and seat all channel classic motorcycle vibes while skipping the modern digital overload – no apps or touchscreens here. Just a clean, simple throttle and some retro charm.
But for all the cool factor, the classification confusion raises eyebrows. Calling a 45 mph, pedal-less motorcycle an “e-bike” in any meaningful legal sense is a misfire. Some states allow low-speed mopeds in bike lanes, but others draw the line at motorized vehicles without pedals. The ’64 might get away with it in limited cases, but most jurisdictions will (rightfully) require it to be registered and insured as a motor vehicle. And it’s unclear if explaining to the officer, “But I had it in 20 mph mode…” will help much on the side of the road.
Still, Beachman is aiming at a particular rider who wants motorcycle style and speed without all the baggage. With a starting price of $4,800, the ’64 could be an appealing step-up for e-bike riders looking to graduate into something faster without committing to a full-sized gas bike.
Just don’t expect to blend in on the bike path.
Electrek’s Take
Look: The bike looks fantastic and probably rides well, but come on, it’s a 230 lb (105 kg) motorcycle.
Let’s stop calling every throttle-only EV an e-bike just because it’s got two wheels, a battery, and a button that neuters it to 20 mph. This has gotten silly. You built a great-looking bike. But it’s a bike in the way a motorcycle rider refers to his “bike.” It’s not a bicycle, and it’s not a bike lane vehicle any more than a Sur Ron is. At least not if you respect your fellow two-wheel riders around you.
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