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Saudi Arabia’s state-controlled oil giant Aramco on Sunday reported a record net income of $161.1 billion for 2022 — the largest annual profit ever achieved by an oil and gas company.

Aramco said net income increased 46.5 percent over the year, from $110 billion in 2021. Free cash flow also reached a record $148.5 billion in 2022, compared with $107.5 billion in 2021. 

The results are nearly triple the profit that western oil major ExxonMobil posted for 2022, bolstered by soaring oil and gas prices through last year, along with higher sale volumes and improved margins for refined products. 

“Aramco delivered record financial performance in 2022, as oil prices strengthened due to increased demand around the world,” Aramco CEO Amin Nasser said in a press statement

Oil and gas prices surged at the start of last year, with western sanctions on Russia for its invasion of Ukraine steadily tightening access to Moscow’s supplies, particularly seaborne crude and oil products.

Oil prices have since pulled back more than 25% year-on-year, with hot inflation and rising interest rates overshadowing a more bullish demand outlook from China. Brent and WTI prices fell 6% last week alone. Brent last traded at around $80 dollars per barrel. 

Aramco raised its fourth-quarter dividend by 4% to $19.5 billion, to be paid in the first quarter of 2023. Aramco also said it would issue bonus shares to eligible shareholders as a result. 

Underinvestment risk

Nasser also used the results release to repeat his warning about “persistent underinvestment” in the hydrocarbons sector. 

“Given that we anticipate oil and gas will remain essential for the foreseeable future, the risks of underinvestment in our industry are real, including contributing to higher energy prices,” Nasser said on Sunday, echoing comments made during a recent interview with CNBC. 

At both a ministerial and Aramco level, Saudi Arabia has been a proponent of avoiding short-term fuel shortages through the dual funding of fossil fuel supplies and the green transition. CEO Amin Nasser on March 3 told CNBC that a “persistent underinvestment in oil upstream and even downstream is still there,” signaling potential growth demand from the aviation sector and the reopening of China.

Aramco said average hydrocarbon production last year was 13.6 million barrels of oil equivalent per day, including 11.5 million barrels per day of total liquids. Saudi Arabia most recently produced 10.39 million barrels per day of crude oil in January, the International Energy Agency found in the February issue of its Oil Market Report.

As chair of the influential OPEC+ producers’ alliance, Saudi Arabia has been leading by example the group’s efforts to collectively reduce their output targets by 2 million barrels per day, agreed in October and reaffirmed at technical and ministerial meetings since. The group’s move towards limiting supply availabilities has put OPEC+ at odds with some international consumers, sparking a war of words with Washington towards the end of the last year, as U.S. President Joe Biden’s administration stressed the need to easing the burden on households.

Growth horizon

The company reaffirmed it would continue to invest to increase its maximum production capacity to 13 million barrels a day by 2027.

Capital expenditure rose by 18% to $37.6 billion last year, and is expected to increase to $45 billion to $55 billion in the coming years, anticipating increases “until around the middle of the decade.”

“Our focus is not only on expanding oil, gas and chemicals production, but also investing in new lower-carbon technologies with potential to achieve additional emission reductions in our own operations and for end users of our products,” Nasser said. 

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240 ton Hitachi, ABB electric haul truck is revolutionizing Japanese mining

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240 ton Hitachi, ABB electric haul truck is revolutionizing Japanese mining

With global demand for battery minerals continuing to rise, tech giants ABB, Hitachi, Komatsu, and Sumitomo are working together, developing a clever tech strategy that’s slashed emissions across Japanese mining operations.

The collaboration between Hitachi Construction Machinery and ABB Traction to build a massive, fully electric 240 ton haul truck for extreme duty mining operations reached a critical stage last year, with the completion of their first prototype in February. Over the last year, Komatsu and Sumitomo have signed on as well, and the new haul trucks are doing their thing at the Kansanshi copper-gold mine in Zambia.

“We are delighted to see our collaboration with Hitachi Construction Machinery reaching this crucial step,” Fabiana Cavalcante, Head of Mobile e-Power, ABB Traction, explained last year. “The project is not only helping to tackle the issues involved in dump truck electrification but is also contributing to enabling a low-carbon world through the reduction of greenhouse gas emissions. We look forward to seeing the prototype prove its capability in the Zambian copper-gold mine.”

The deployment at Kansanshi marks the first OEM-led pilot program of this type of electric vehicle in real-world mining conditions.

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And, as for what type of electric vehicle is “this” type of electric vehicle – that was a big topic of conversation at The Electric Mine Conference in Chile last week, where ABB, Hitachi, Komatsu, and Sumitomo discussed not just Hitach’s electrification of FQM’s heavy haul trucks, but also the “trolley-style” overhead charging system that enables the trucks to operate around the clock, without the need to stop for charging.

On level ground, the truck’s electric powertrain draws power from its high-capacity battery. During power-intensive uphill climbs, the truck connects to the overhead wires and draws additional power, minimizing the demands on the battery. On downhill runs, the trucks recharge with regenerative braking.

The mine’s clever three-part system greatly reduces (if not outright eliminates) any downtime associated with charging, and enables the truck to operate almost continuously.

Electrek’s Take


HITACHI CONSTRUCTION MACHINERY COMPLETES PROTOTYPE FULLY ELECTRIC DUMP TRUCK BASED ON ABB’S INNOVATIVE BATTERY TECHNOLOGY
Hitachi Construction Machinery prototype electric dump truck; via ABB Traction.

The International Energy Agency (IEA, a Paris-based, 31 nation organization established in 1974 that provides policy recommendations, analysis and data on the global energy sector) projects that mineral demand from EVs will see 30x growth between 2020 and 2040, with demand for lithium and nickel growing 40x as demand for diesel is dropping faster than most people predicted, reaching a 26-year low last summer.

The IEA’s projections take several battery development scenarios into considerationand include increasingly familiar terms like utility-scale battery energy storage. All of which is to say: we’re gonna be mining a whole lot more, for a whole lot longer – and decarbonizing those operations is critical to doing all this properly.

The current plan is to convert Hitachi’s fleet of 2500 HP EH4000 240-ton diesel mining trucks to electric driveYou can learn more about the ABB eMine process in the company’s conceptual (read: it’s all CGI) launch video from last year, below, then let us know what you think of the group’s collaboration in the comments.

Hitachi haul trucks + ABB eMine


SOURCES | IMAGES: ABB, Construction Equipment, EV Magazine.


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Opel Frontera GRAVEL concept previews next Jeep Renegade electric 4×4

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Opel Frontera GRAVEL concept previews next Jeep Renegade electric 4x4

Hot on the heels of the Fiat 4×4 Grande Panda Manifesto comes another subcompact Stellantis compact with electric drive and off-road ambitions. Meet the Opel Frontera GRAVEL – which might be our best look yet at the next-generation electric Jeep Renegade coming in 2027.

Based on a lifted Frontera EV and riding on a set of bespoke, 7×16″ Borbet CWE wheels wrapped in aggressive AT tires, Opel says its all-electric Frontera GRAVEL’s emissions-free driving makes it ideally suited for “soft-roading” nature drives (their words, not mine), with a rugged, adventurous 4×4 appearance.

Those rugged, Jeep-like good looks are backed up enhanced by the usual overland accessories, including a front-mounted winch, side storage boxes at the rear, and a lattice-style roof rack. A slew of accessory lights mounted on the Thule Canyon XT carrier and hood, as well, for excellent nighttime visibility off-road and (presumably) retina-searing intensity on-road.

“The new Opel Frontera is already standout,” says Rebecca Reinermann, Vice President of Marketing for Stellantis’ Opel and Vauxhall brands. “It is rugged, practical, and perfect for families and everyday adventures. But with the Frontera GRAVEL show car, we’ve pushed the limits, imagining a tougher, more daring, trailblazing version. This concept is built to fire up our fanbase and test the demand for a bolder, more rugged Frontera in the future. It’s all about freedom, adventure, excitement and pushing boundaries.”

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Like the recent Fiat concept mentioned at the top of this post, the production Frontera EV is based on Stellantis’ “Smart Car” BEV-native platform, and features a 113 hp electric motor and more than 300 km of WLTP range (about 185 miles) standard, with the “long range” version able of traveling up to 400 km (about 250 miles) between charges.

Either version comes with the “Pure Panel” digital cockpit featuring dual 10″ displays. For a few dollars quid more, the GS trim adds automatic climate control and Intelli-Seat front seats. And, if Mopar Insider has any idea what’s up, it might actually make for a decent little Jeep Renegade replacement (below).

Electric Jeep Renegade rendering


2027 Jeep Renegade rendering; via ChatGPT.

The Opel Frontera first came to our attention last October, when it became the first new EV from Stellantis to be offered with both ICE and battery power, for the same price – making EV price parity an objectively real thing.

Jeep parent company Stellantis has already confirmed that a new Jeep Renegade that’s priced below the upcoming Jeep Compass EV would be coming to the US as a 2027 model, and it’s expected to share its mechanicals with both the Frontera and Fiat’s recently teased Grande Panda Manifesto. If that does anything for you, let us know in the comments.


SOURCES | IMAGES: Mopar Insider, Stellantis.

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First-ever production electric Honda motorcycle is here – and it’s a cafe racer!

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First-ever production electric Honda motorcycle is here – and it's a cafe racer!

Year after year, a seemingly endless raft of all-electric concept bikes wearing Honda badges have made their way across the motor show stage without ever making it onto the dealer showroom. But now, it’s here: this unmissable, cafe racer-inspired electric Honda motorcycle is the company’s first – and you can buy it!

We got our first look at this first-ever production electric motorcycle from Honda back in March, when leaked type-approval documents hinted at a 75 mph 125 cc-class motorcycle with cafe racer styling and a “WH8000D” designation first surfaced. It was clear, then, that Honda was seriously working on a for-real electric motorcycle – what wasn’t clear was when (or even if) it would ever see productions.

The wait is over


Honda E-VO 75 mph electric motorcycle; via Honda.

The new Honda E-VO is available in dual- or triple-battery versions that feature either 4.1 or 6.2 kWh of battery capacity. On the triple-pack version, riders can enjoy up to 170 km WMTC (about 105 miles) of riding. Recharging takes about 2.5 hours on a standard outlet or about 90 minutes on an L2 (like the Harley-Davidson backed Livewire or Vespa Elettrica electric bikes, DC fast charging is not available).

Both battery configurations drive a motor with a peak power of 15.3 kW, or about 20 hp. And, like all electric motors, all the torque is available at 0 rpm, giving the Honda E-VO in-town performance similar to much higher (than 125 cc) displacement bikes.

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In addition to superior stop-and-go performance, the Honda E-VO offers riders a number of other innovative (for a motorcycle) features, including a 7-inch TFT instrument display paired with a second 7-inch TFT screen for navigation, music, tire pressure, and battery SOC information. The smaller battery pack version of the E-VO includes a front dash cam, while the larger model has both a front and rear dash cam as standard equipment.

The Honda E-VO is available in the black and off-white color schemes (shown). Prices start at 29,999 yuan, or about $4500 for the 4.1 kWh version, and 36,999 yuan (about $5100) for the 6.2 kWh triple-pack version.

Electrek’s Take


Honda E-VO electric motorcycle; via Honda.

Yes, this is a Chinese-market bike built by Honda’s Chinese Wuyang venture. No, we probably won’t ever get something like this in the US, where a raucous, 113 hp 600 cc CBR600RR is somehow positioned as a “good starter bike” by cowards with 3″ wide chicken strips on their tires. That said, if the motorcycle industry as-a-whole wants to survive in North America, zippy, affordable, lightweight motorcycles are exactly what’s needed.

Here’s hoping we get something like this stateside rather sooner than later.

SOURCE | IMAGES: Wuyang Honda; via Ride Apart, the PACK.


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